Company: CMCT
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0000908311-25-000017
Chunk: 156

Company: Creative Media & Community Trust Corp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 7
Chunk 156
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O attributable to common stockholders, which is a non-GAAP measure, was $(46.3) million for the year ended December 31, 2024, a decrease of $19.8 million compared to $(26.4) million for the year ended December 31, 2023. The decrease in FFO was primarily attributable to an increase in redeemable preferred stock redemptions of $16.2 million, an increase in redeemable preferred stock dividends of $4.0 million, an increase in interest expense not allocated to our operating segments of $2.2 million and a loss on extinguishment of debt of $1.4 million, these were partially offset by a decrease in transaction costs of $3.0 million. 

Summary Segment Results

During the years ended December 31, 2024 and 2023, we operated in four segments: office, hotel and multifamily properties and lending. Set forth and described below are summary segment results for our operating segments.

Year EndedDecember 31,Change20242023$%(dollars in thousands)Revenues:Office$54,283 $55,033 $(750)(1.4)%Hotel$39,407 $41,096 $(1,689)(4.1)%Multifamily$19,515 $11,224 $8,291 73.9 %Lending$10,756 $11,458 $(702)(6.1)%Expenses:Office$27,327 $26,075 $1,252 4.8 %Hotel$27,955 $27,992 $(37)(0.1)%Multifamily$13,715 $9,464 $4,251 44.9 %Lending$7,556 $7,899 $(343)(4.3)%Income (Loss) From Unconsolidated EntitiesOffice$462 $(582)$1,044 NM*Multifamily$(1,268)$155 $(1,423)NM*Non-Segment Revenue and Expenses:Interest and other income$551 $447 $104 23.3 %Asset management and other fees to related parties$(1,797)$(2,627)$830 (31.6)%Expense reimbursements to related parties—corporate$(2,281)$(2,342)$61 (2.6)%Interest expense$(33,589)$(31