Company: CMCT
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000908311-25-000038
Chunk: 47

Company: Creative Media & Community Trust Corp
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 47
---
4-03”). ASU 2024-03 requires that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating whether the adoption of ASU 2024-03 will have a material impact on its consolidated financial statements and disclosures.

3. INVESTMENTS IN REAL ESTATEInvestments in real estate consist of the following (in thousands): March 31, 2025December 31, 2024Land$175,682 $175,682 Land improvements5,863 5,863 Buildings and improvements651,193 636,525 Furniture, fixtures, and equipment12,234 12,844 Tenant improvements16,116 26,942 Work in progress24,983 36,929 Investments in real estate886,071 894,785 Accumulated depreciation(179,534)(185,591)Net investments in real estate$706,537 $709,194 For the three months ended March 31, 2025 and 2024, the Company recorded depreciation expense of $5.9 million and $5.8 million, respectively. 

2025 and 2024 Transactions and Assets Held for Sale—There were no acquisitions or dispositions during the three months ended March 31, 2025 and 2024. 

13

Table of ContentsCREATIVE MEDIA & COMMUNITY TRUST CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSMarch 31, 2025 (Unaudited) – (Continued)

4. INVESTMENT IN UNCONSOLIDATED ENTITIESThe following table details the Company’s equity method investments in its Unconsolidated Joint Ventures. See Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (dollars in thousands):Ownership InterestCarrying ValueJoint VentureAsset TypeLocationAcquisition DateMarch 31, 2025March 31, 2025December 31, 20241910 Sunset Boulevard (1)Office / Multifamily (Development)Los Angeles, CAFebruary 11, 202244.2%$13,260 $12