2021 Q4 Form 10-Q Financial Statement

#000090831121000118 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $25.13M $24.25M $17.33M
YoY Change 40.92% 39.89% -40.67%
Cost Of Revenue $15.32M $12.81M $12.75M
YoY Change 25.66% 0.45% -26.17%
Gross Profit $9.807M $11.44M $4.590M
YoY Change 73.88% 149.26% -61.59%
Gross Profit Margin 39.03% 47.18% 26.48%
Selling, General & Admin $1.594M $1.625M $1.740M
YoY Change -2.21% -6.61% 1.16%
% of Gross Profit 16.25% 14.2% 37.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.977M $5.116M $5.270M
YoY Change -7.15% -2.92% 1.74%
% of Gross Profit 50.75% 44.72% 114.81%
Operating Expenses $6.539M $6.686M $7.010M
YoY Change -10.55% -4.62% 1.59%
Operating Profit $3.268M $4.755M -$2.420M
YoY Change -295.69% -296.49% -182.23%
Interest Expense -$1.923M $2.185M $2.643M
YoY Change -29.04% -17.33% 9.99%
% of Operating Profit -58.84% 45.95%
Other Income/Expense, Net
YoY Change
Pretax Income $1.345M $2.570M -$5.348M
YoY Change -130.71% -148.06% -281.72%
Income Tax $676.0K $946.0K -$18.00K
% Of Pretax Income 50.26% 36.81%
Net Earnings $666.0K $1.624M -$5.323M
YoY Change -115.17% -130.51% -286.9%
Net Earnings / Revenue 2.65% 6.7% -30.71%
Basic Earnings Per Share -$0.14 -$0.65
Diluted Earnings Per Share $28.47K -$0.14 -$0.65
COMMON SHARES
Basic Shares Outstanding 23.37M shares 23.35M shares 14.81M shares
Diluted Shares Outstanding 23.35M shares 14.81M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.31M $14.55M $32.10M
YoY Change -33.6% -54.67% 119.86%
Cash & Equivalents $22.31M $14.55M $32.11M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $3.396M $2.569M $1.600M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $25.71M $17.12M $33.70M
YoY Change -27.18% -49.2% 71.07%
LONG-TERM ASSETS
Property, Plant & Equipment $498.0M $498.9M $504.3M
YoY Change -1.58% -1.08% -0.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $47.44M $47.35M $45.20M
YoY Change 3.12% 4.75% -1.31%
Total Long-Term Assets $635.2M $657.9M $654.4M
YoY Change -2.33% 0.53% 2.23%
TOTAL ASSETS
Total Short-Term Assets $25.71M $17.12M $33.70M
Total Long-Term Assets $635.2M $657.9M $654.4M
Total Assets $660.9M $675.0M $688.1M
YoY Change -3.61% -1.9% 4.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.75M $17.03M $14.20M
YoY Change 31.78% 19.91% -16.47%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $31.29M $26.45M $22.30M
YoY Change 15.9% 18.61% -6.69%
LONG-TERM LIABILITIES
Long-Term Debt $201.1M $222.2M $326.5M
YoY Change -37.98% -31.94% 43.39%
Other Long-Term Liabilities $17.10M $15.23M $9.900M
YoY Change 66.0% 53.81% -4.81%
Total Long-Term Liabilities $218.2M $237.4M $336.4M
YoY Change -34.77% -29.42% 41.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.29M $26.45M $22.30M
Total Long-Term Liabilities $218.2M $237.4M $336.4M
Total Liabilities $249.5M $263.9M $358.8M
YoY Change -31.0% -26.44% 36.91%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $24.00K $24.00K $15.00K
YoY Change 60.0% 60.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $373.2M $375.2M $286.3M
YoY Change
Total Liabilities & Shareholders Equity $660.9M $675.0M $688.1M
YoY Change -3.61% -1.9% 4.28%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $666.0K $1.624M -$5.323M
YoY Change -115.17% -130.51% -286.9%
Depreciation, Depletion And Amortization $4.977M $5.116M $5.270M
YoY Change -7.15% -2.92% 1.74%
Cash From Operating Activities $32.39M -$3.946M $1.930M
YoY Change 472.21% -304.46% -80.06%
INVESTING ACTIVITIES
Capital Expenditures -$2.266M -$3.891M -$3.660M
YoY Change -70.38% 6.31% -4.94%
Acquisitions
YoY Change
Other Investing Activities -$4.706M $2.990M -$4.880M
YoY Change -485.74% -161.27% -102.78%
Cash From Investing Activities -$6.972M -$901.0K -$8.550M
YoY Change 8.43% -89.46% -104.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.91M -38.54M -37.54M
YoY Change -837.0% 2.67% -93.04%
NET CHANGE
Cash From Operating Activities 32.39M -3.946M 1.930M
Cash From Investing Activities -6.972M -901.0K -8.550M
Cash From Financing Activities -17.91M -38.54M -37.54M
Net Change In Cash 7.506M -43.39M -44.16M
YoY Change 352.17% -1.75% -87.67%
FREE CASH FLOW
Cash From Operating Activities $32.39M -$3.946M $1.930M
Capital Expenditures -$2.266M -$3.891M -$3.660M
Free Cash Flow $34.65M -$55.00K $5.590M
YoY Change 160.35% -100.98% -58.68%

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us-gaap Net Cash Provided By Used In Financing Activities
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cmct Common Stock Issuance Costs Incurred But Not Yet Paid
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us-gaap Nature Of Operations
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<div style="margin-bottom:8pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1. ORGANIZATION AND OPERATIONS</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CIM Commercial Trust Corporation (“CIM Commercial” or the “Company”), a Maryland corporation and real estate investment trust (“REIT”), together with its wholly-owned subsidiaries, primarily owns and operates Class A and creative office real assets in vibrant and improving metropolitan communities throughout the United States. The Company, supported by the broad real estate capabilities of CIM Group, L.P. (“CIM Group”), seeks to focus on the acquisition, ownership, operation and development of cash flowing creative office, multifamily, retail, parking, infill industrial and limited service hospitality real assets in communities qualified by CIM Group. These communities are located in areas that include traditional downtown areas and suburban main streets, which have high barriers to entry, high population density, positive population trends and a propensity for growth. The Company was originally organized in 1993 as PMC Commercial Trust (“PMC Commercial”), a Texas real estate investment trust.</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 8, 2013, PMC Commercial entered into a merger agreement with CIM Urban REIT, LLC (“CIM REIT”), an affiliate of CIM Group, and subsidiaries of the respective parties. CIM REIT was a private commercial REIT and was the owner of CIM Urban Partners, L.P. (“CIM Urban”). The merger was completed on March 11, 2014 (the “Acquisition Date”). </span></div><div style="margin-bottom:8pt;margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s common stock, $0.001 par value per share (“Common Stock”), is currently traded on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “CMCT”, and on the Tel Aviv Stock Exchange (the “TASE”) under the ticker symbol “CMCT-L.” The Company’s Series L preferred stock, $0.001 par value per share (“Series L Preferred Stock”), is currently traded on Nasdaq and on the TASE, in each case under the ticker symbol “CMCTP.” The Company has authorized for issuance 900,000,000 shares of common stock and 100,000,000 shares of preferred stock (“Preferred Stock”).</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company filed Articles of Amendment (the “Reverse Stock Split Amendment”) to effectuate a one-for-three reverse stock split of the Company’s Common Stock, effective on September 3, 2019 (the “Reverse Stock Split”). Pursuant to the Reverse Stock Split Amendment, every three shares of Common Stock issued and outstanding immediately prior to the effective time of the Reverse Stock Split were converted into one share of Common Stock, par value $0.003 per share. In connection with the Reverse Split Amendment, the Company filed Articles of Amendment to revert the par value of the Common Stock issued and outstanding from $0.003 per share to $0.001 per share, effective as of September 3, 2019, following the effective time of the Reverse Split Amendment. All Common Stock and per share of Common Stock amounts set forth in this Quarterly Report on Form 10-Q have been adjusted to give retroactive effect to the Reverse Stock Split, unless otherwise stated.</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company conducted a continuous public offering of Series A Preferred Units from October 2016 through January 2020, where each Series A Preferred Unit consisted of one share of Series A Preferred Stock, par value $0.001 per share, of the Company (collectively, the “Series A Preferred Stock”) with an initial stated value of $25.00 per share, subject to adjustment (the “Series A Preferred Stock Stated Value”), and one warrant (collectively, the “Series A Preferred Warrants”) to purchase 0.25 of a share of Common Stock, subject to adjustment (Note 10). Proceeds and expenses from the sale of the Series A Preferred Units were allocated to the Series A Preferred Stock and Series A Preferred Warrants using their relative fair values on the date of issuance.</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since February 2020, the Company has been conducting a continuous public offering of Series A Preferred Stock and Series</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> D preferred stock, par value $0.001 per share (the “Series D Preferred Stock”), with an initial stated value of $25.00 per share, subject to adjustment (the “Series D Preferred Stock Stated Value”). The selling price of the Series A Preferred Stock in the offering has been, and is expected to continue to be, $25.00 per share and the selling price of the Series D Preferred Stock was $25.00 per share for all sales that occurred from the beginning of the offering to and including June 28, 2020 and is expected to be, and since June 29, 2020, has been, $24.50 per share through the end of the life of the offering.</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">During the nine months ended September 30, 2021, the Company conducted a rights offering (the “Rights Offering”) pursuant to which the Company issued an aggregate of 8,521,589 shares of Common Stock at a subscription price of $9.25 per share for aggregate gross proceeds of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">$78.8 million before issuance costs of $2.0 million</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">.</span></div><div style="margin-top:9pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CIM Commercial has qualified and intends to continue to qualify as a REIT, as defined in the Internal Revenue Code of 1986, as amended.</span></div>
CY2020Q4 cmct Incentive To Lessee Accumulated Amortization
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us-gaap Fiscal Period
FiscalPeriod
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interim Financial Information</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—The accompanying interim consolidated financial statements of CIM Commercial have been prepared by the Company’s management in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of the Company’s management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 given, among other things, the uncertain impact of the novel coronavirus (“COVID-19”) on the Company’s operations during the remainder of the year. The accompanying interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto, included in the 2020 Form 10-K.</span>
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1900000 USD
CY2021Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
9747000 USD
CY2020Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
12382000 USD
CY2021Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
CY2020Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
CY2021Q3 us-gaap Incentive To Lessee
IncentiveToLessee
4000000 USD
CY2020Q4 us-gaap Incentive To Lessee
IncentiveToLessee
4000000 USD
CY2021Q3 cmct Incentive To Lessee Accumulated Amortization
IncentiveToLesseeAccumulatedAmortization
2600000 USD
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
34257000 USD
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
38294000 USD
CY2021Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
3091000 USD
CY2020Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
515000 USD
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
5239000 USD
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
3122000 USD
CY2021Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
12838000 USD
CY2020Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
12897000 USD
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
39496000 USD
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
41416000 USD
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1700000 USD
cmct Tenant Reimbursements Excluding Lease Agreements
TenantReimbursementsExcludingLeaseAgreements
0 USD
cmct Tenant Reimbursements Excluding Lease Agreements
TenantReimbursementsExcludingLeaseAgreements
0 USD
CY2020Q3 cmct Tenant Reimbursements Excluding Lease Agreements
TenantReimbursementsExcludingLeaseAgreements
0 USD
CY2021Q3 cmct Tenant Reimbursements Excluding Lease Agreements
TenantReimbursementsExcludingLeaseAgreements
0 USD
CY2021Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0 USD
CY2021Q3 us-gaap Financing Receivable Unamortized Purchase Premium Discount
FinancingReceivableUnamortizedPurchasePremiumDiscount
-9400000 USD
CY2020Q4 us-gaap Financing Receivable Unamortized Purchase Premium Discount
FinancingReceivableUnamortizedPurchasePremiumDiscount
-7800000 USD
cmct Loan And Leases Receivable Nonaccrual Loan And Lease Status Past Due Period
LoanAndLeasesReceivableNonaccrualLoanAndLeaseStatusPastDuePeriod
P60D
CY2021Q3 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
8687000 USD
us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
Loan Loss Reserves—On a quarterly basis, and more frequently if indicators exist, the Company evaluates the collectability of its loans receivable. The Company’s evaluation of collectability involves significant judgment, estimates, and a review of the ability of the borrower to make principal and interest payments, the underlying collateral and the borrowers’ business models and future operations. For the three and nine months ended September 30, 2021, the Company recorded a net impairment of $7,000 and $11,000, respectively, on its loans receivable. For the three and nine months ended September 30, 2020, the Company recorded a net impairment of $1,000 and a net recovery of $15,000, respectively, on its loans receivable. There were no material loans receivable subject to credit risk which were considered to be impaired as of September 30, 2021 or December 31, 2020. The Company considers a loan to be impaired when the Company does not expect to collect all of the contractual interest and principal payments as scheduled in the loan agreements. The Company also establishes a general loan loss reserve when available information indicates that it is probable a loss has occurred based on the carrying value of the portfolio and the amount of the loss can be reasonably estimated. Significant judgment is required in determining the general loan loss reserve, including estimates of the likelihood of default and the estimated fair value of the collateral. The general loan loss reserve includes those loans, which may have negative characteristics which have not yet become known to the Company. In addition to the reserves established on loans not considered impaired that have been evaluated under a specific evaluation, the Company establishes the general loan loss reserve using a consistent methodology to determine a loss percentage to be applied to loan balances. These loss percentages are based on many factors, primarily cumulative and recent loss history and general economic conditions.
CY2021Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
7000 USD
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
11000 USD
CY2020Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
1000 USD
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-15000 USD
CY2021Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
959000 USD
CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
885000 USD
CY2021Q3 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
20858000 USD
CY2020Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
20470000 USD
CY2021Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
6296000 USD
CY2020Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
6046000 USD
CY2021Q3 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
492000 USD
CY2020Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
7742000 USD
CY2021Q3 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
8108000 USD
CY2020Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
8950000 USD
CY2020Q4 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
490000 USD
CY2021Q3 cmct Deferred Rent Receivable And Charges Net
DeferredRentReceivableAndChargesNet
35754000 USD
CY2020Q4 cmct Deferred Rent Receivable And Charges Net
DeferredRentReceivableAndChargesNet
35956000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
Reclassifications—Certain prior period amounts have been reclassified to conform with the current period presentation. These reclassifications had no effect on previously reported totals or subtotals.
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15461000 USD
cmct Deferred Rent And Amortization Of Intangible Assets Liabilities And Lease Inducements
DeferredRentAndAmortizationOfIntangibleAssetsLiabilitiesAndLeaseInducements
0 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-413000 USD
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
55159000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
cmct Repayments Of Lines Of Credit And Term Notes
RepaymentsOfLinesOfCreditAndTermNotes
0 USD
us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
77516000 USD
cmct Proceeds From Lines Of Credit And Term Notes
ProceedsFromLinesOfCreditAndTermNotes
0 USD
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0 USD
cmct Paymentof Other Deferred Costs
PaymentofOtherDeferredCosts
740000 USD
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
0 USD
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
32912000 USD
cmct Loan Costs Incurred During Noncash Or Partial Noncash Transaction
LoanCostsIncurredDuringNoncashOrPartialNoncashTransaction
0 USD
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
361000 USD
cmct Offering Costs Offset Against Redeemable Preferred Stock Temporary Equity
OfferingCostsOffsetAgainstRedeemablePreferredStockTemporaryEquity
455000 USD
cmct Offering Costs Offset Against Redeemable Preferred Stock Equity
OfferingCostsOffsetAgainstRedeemablePreferredStockEquity
0 USD
cmct Redeemable Preferred Stock Fees Incurred But Not Yet Paid
RedeemablePreferredStockFeesIncurredButNotYetPaid
392000 USD
us-gaap Stock Issued1
StockIssued1
5022000 USD
cmct Preferred Stock Management And Base Service Fee Noncash
PreferredStockManagementAndBaseServiceFeeNoncash
0 USD
us-gaap Use Of Estimates
UseOfEstimates
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">—The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company bases such estimates on historical experience, information available at the </span>time, and assumptions the Company believes to be reasonable under the circumstances and at such time, including the impact of extraordinary events such as COVID-19. Actual results could differ from those estimates.
CY2021Q3 us-gaap Land
Land
141237000 USD
CY2020Q4 us-gaap Land
Land
139397000 USD
CY2021Q3 us-gaap Land Improvements
LandImprovements
2645000 USD
CY2020Q4 us-gaap Land Improvements
LandImprovements
2611000 USD
CY2021Q3 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
453555000 USD
CY2020Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
450741000 USD
CY2021Q3 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
4627000 USD
CY2020Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
4969000 USD
CY2021Q3 us-gaap Tenant Improvements
TenantImprovements
29293000 USD
CY2020Q4 us-gaap Tenant Improvements
TenantImprovements
31414000 USD
CY2021Q3 us-gaap Development In Process
DevelopmentInProcess
8623000 USD
CY2020Q4 us-gaap Development In Process
DevelopmentInProcess
8073000 USD
CY2021Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
639980000 USD
CY2020Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
637205000 USD
CY2021Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
141102000 USD
CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
131165000 USD
CY2021Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
498878000 USD
CY2020Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
506040000 USD
CY2021Q3 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
4300000 USD
CY2020Q3 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
4400000 USD
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
12700000 USD
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
13000000 USD
us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
0 property
cmct Number Of Businesses Disposed
NumberOfBusinessesDisposed
0 property
CY2021Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
94308000 USD
CY2020Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
83136000 USD
CY2021Q3 cmct Financing Receivables Deferred Capitalized Costs
FinancingReceivablesDeferredCapitalizedCosts
1467000 USD
CY2020Q4 cmct Financing Receivables Deferred Capitalized Costs
FinancingReceivablesDeferredCapitalizedCosts
884000 USD
CY2021Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
959000 USD
CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
885000 USD
CY2021Q3 us-gaap Notes Receivable Net
NotesReceivableNet
94816000 USD
CY2020Q4 us-gaap Notes Receivable Net
NotesReceivableNet
83135000 USD
CY2021Q3 cmct Financing Receivable Percent Current
FinancingReceivablePercentCurrent
0.999
CY2020Q4 cmct Financing Receivable Percent Current
FinancingReceivablePercentCurrent
0.988
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
552000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
5498000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6313000 USD
CY2021Q3 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
1063000 USD
CY2020Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
1786000 USD
cmct Acquired Finite Lived Intangible Liabilities Weighted Average Useful Life
AcquiredFiniteLivedIntangibleLiabilitiesWeightedAverageUsefulLife
P5Y
CY2020 cmct Acquired Finite Lived Intangible Liabilities Weighted Average Useful Life
AcquiredFiniteLivedIntangibleLiabilitiesWeightedAverageUsefulLife
P4Y
CY2021Q3 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
79000 USD
CY2020Q3 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
150000 USD
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
278000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
2607000 USD
CY2020Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
324313000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
30396000 USD
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-133285000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
782000 USD
CY2021Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
222206000 USD
CY2021Q3 cmct Line Of Credit Facility Accrued Interest And Unused Commitment Fee Payable
LineOfCreditFacilityAccruedInterestAndUnusedCommitmentFeePayable
529000 USD
CY2020Q4 cmct Line Of Credit Facility Accrued Interest And Unused Commitment Fee Payable
LineOfCreditFacilityAccruedInterestAndUnusedCommitmentFeePayable
564000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1675000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
77848000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
2745000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2880000 USD
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
224827000 USD
CY2020Q3 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
87000 USD
CY2021Q3 cmct Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
137072000 USD
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3216000 USD
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9678000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15632000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24606000 USD
CY2021Q3 cmct Dilutive Securities Effect On Basic Earnings Per Share Redeemable Preferred Stock Dividends
DilutiveSecuritiesEffectOnBasicEarningsPerShareRedeemablePreferredStockDividends
0 USD
CY2020Q3 cmct Dilutive Securities Effect On Basic Earnings Per Share Redeemable Preferred Stock Dividends
DilutiveSecuritiesEffectOnBasicEarningsPerShareRedeemablePreferredStockDividends
0 USD
cmct Dilutive Securities Effect On Basic Earnings Per Share Redeemable Preferred Stock Dividends
DilutiveSecuritiesEffectOnBasicEarningsPerShareRedeemablePreferredStockDividends
0 USD
cmct Dilutive Securities Effect On Basic Earnings Per Share Redeemable Preferred Stock Dividends
DilutiveSecuritiesEffectOnBasicEarningsPerShareRedeemablePreferredStockDividends
-1000 USD
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
300000 USD
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-3216000 USD
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-9678000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-15632000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-24607000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23349000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14805000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17784000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14729000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23350000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14805000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17784000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14729000 shares
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.65
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.65
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.88
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.88
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.67
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.67
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.65
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.88
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.88
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.67
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.67
us-gaap Proceeds From Issuance Of Preferred Stock Preference Stock And Warrants
ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants
180500000 USD
cmct Preferred Stock And Warrants Offering Costs Issuance Specific Offering Costs
PreferredStockAndWarrantsOfferingCostsIssuanceSpecificOfferingCosts
15100000 USD
cmct Preferred Stock And Warrants Offering Costs Non Issuance Specific Costs
PreferredStockAndWarrantsOfferingCostsNonIssuanceSpecificCosts
7900000 USD
CY2021Q3 us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
90000 USD
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
253000 USD
us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
134700000 USD
CY2020Q4 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4448223 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
3979000 USD
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
2000000 USD
CY2021Q3 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
9423000 USD
CY2020Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
6706000 USD
CY2021Q3 cmct Outstanding Loan Commitments And Approvals To Fund Loans
OutstandingLoanCommitmentsAndApprovalsToFundLoans
24400000 USD
CY2021Q3 cmct Tenant Improvements Obligations
TenantImprovementsObligations
8100000 USD
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
11286000 USD
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
43934000 USD
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
41201000 USD
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
38697000 USD
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
22759000 USD
CY2021Q3 cmct Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
42256000 USD
CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
200133000 USD
CY2020Q3 cmct Number Of Types Of Commercial Real Estate Properties
NumberOfTypesOfCommercialRealEstateProperties
2 property
CY2021Q3 cmct Number Of Types Of Commercial Real Estate Properties
NumberOfTypesOfCommercialRealEstateProperties
2 property
cmct Number Of Types Of Commercial Real Estate Properties
NumberOfTypesOfCommercialRealEstateProperties
2 property
cmct Number Of Types Of Commercial Real Estate Properties
NumberOfTypesOfCommercialRealEstateProperties
2 property
CY2021Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
5061000 USD
CY2020Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
5273000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
15167000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
15728000 USD
CY2021Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2020Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-281000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-281000 USD
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2570000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5348000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
796000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-11358000 USD
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
946000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-18000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2316000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-731000 USD
CY2021Q3 us-gaap Profit Loss
ProfitLoss
1624000 USD
CY2020Q3 us-gaap Profit Loss
ProfitLoss
-5330000 USD
us-gaap Profit Loss
ProfitLoss
-1520000 USD
us-gaap Profit Loss
ProfitLoss
-10627000 USD
CY2021Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2020Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-7000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-4000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1000 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
1624000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-5323000 USD
us-gaap Net Income Loss
NetIncomeLoss
-1516000 USD
us-gaap Net Income Loss
NetIncomeLoss
-10626000 USD
CY2021Q3 us-gaap Assets
Assets
675020000 USD
CY2020Q4 us-gaap Assets
Assets
685617000 USD
cmct Capital Expenditures
CapitalExpenditures
2632000 USD
cmct Capital Expenditures
CapitalExpenditures
8594000 USD
cmct Disposal Group Including Discontinued Operation New Mortgage Loans
DisposalGroupIncludingDiscontinuedOperationNewMortgageLoans
119479000 USD
cmct Disposal Group Including Discontinued Operation New Mortgage Loans
DisposalGroupIncludingDiscontinuedOperationNewMortgageLoans
48179000 USD
cmct Capital Expenditures And Disposal Group Originations Cost
CapitalExpendituresAndDisposalGroupOriginationsCost
122111000 USD
cmct Capital Expenditures And Disposal Group Originations Cost
CapitalExpendituresAndDisposalGroupOriginationsCost
56773000 USD

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