2023 Q4 Form 10-Q Financial Statement

#000090831123000076 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $29.47M $28.12M
YoY Change 13.92% 13.14%
Cost Of Revenue $16.36M $17.41M
YoY Change 12.34% 13.79%
Gross Profit $13.11M $10.71M
YoY Change 15.95% 12.11%
Gross Profit Margin 44.48% 38.09%
Selling, General & Admin $3.391M $2.180M
YoY Change 76.98% 3.42%
% of Gross Profit 25.87% 20.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.519M $16.09M
YoY Change 22.63% 213.83%
% of Gross Profit 49.74% 150.23%
Operating Expenses $9.819M $18.26M
YoY Change 36.51% 153.58%
Operating Profit $3.287M -$7.550M
YoY Change -20.02% -421.0%
Interest Expense -$11.90M $9.733M
YoY Change 317.54% 343.82%
% of Operating Profit -362.03%
Other Income/Expense, Net
YoY Change
Pretax Income -$8.613M -$16.09M
YoY Change -783.57% 35662.22%
Income Tax $259.0K $554.0K
% Of Pretax Income
Net Earnings -$16.26M -$15.77M
YoY Change 81.89% 6555.27%
Net Earnings / Revenue -55.19% -56.1%
Basic Earnings Per Share -$1.01
Diluted Earnings Per Share -$0.72 -$1.01
COMMON SHARES
Basic Shares Outstanding 22.79M shares 22.79M shares
Diluted Shares Outstanding 22.74M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.29M $19.30M
YoY Change -58.24% 30.46%
Cash & Equivalents $19.29M $19.26M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $5.347M $2.800M
Other Receivables $0.00 $0.00
Total Short-Term Assets $24.64M $22.10M
YoY Change -50.7% 18.03%
LONG-TERM ASSETS
Property, Plant & Equipment $704.8M $708.2M
YoY Change 40.39% 40.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $33.51M $29.30M
YoY Change 170.62% 142.15%
Other Assets $53.16M $54.80M
YoY Change 8.86% 13.19%
Total Long-Term Assets $866.6M $876.0M
YoY Change 35.34% 35.41%
TOTAL ASSETS
Total Short-Term Assets $24.64M $22.10M
Total Long-Term Assets $866.6M $876.0M
Total Assets $891.2M $898.1M
YoY Change 29.11% 34.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.43M $34.30M
YoY Change -75.35% 40.93%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $29.89M $39.00M
YoY Change -72.92% 37.7%
LONG-TERM LIABILITIES
Long-Term Debt $471.6M $470.3M
YoY Change 155.91% 117.29%
Other Long-Term Liabilities $12.98M $13.40M
YoY Change -27.38% -31.68%
Total Long-Term Liabilities $484.5M $483.7M
YoY Change 139.7% 104.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.89M $39.00M
Total Long-Term Liabilities $484.5M $483.7M
Total Liabilities $516.8M $522.8M
YoY Change 65.37% 97.74%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $23.00K $23.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $374.4M $372.4M
YoY Change
Total Liabilities & Shareholders Equity $891.2M $898.1M
YoY Change 29.11% 34.92%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$16.26M -$15.77M
YoY Change 81.89% 6555.27%
Depreciation, Depletion And Amortization $6.519M $16.09M
YoY Change 22.63% 213.83%
Cash From Operating Activities -$4.763M $7.340M
YoY Change -215.63% 144.42%
INVESTING ACTIVITIES
Capital Expenditures $2.427M $4.440M
YoY Change -0.25% -199.69%
Acquisitions
YoY Change
Other Investing Activities -$3.398M -$740.0K
YoY Change -189.59% -104.47%
Cash From Investing Activities -$5.825M -$5.180M
YoY Change -528.31% -142.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.61M -7.290M
YoY Change -53.95% -54.45%
NET CHANGE
Cash From Operating Activities -4.763M 7.340M
Cash From Investing Activities -5.825M -5.180M
Cash From Financing Activities 11.61M -7.290M
Net Change In Cash 1.018M -5.130M
YoY Change -96.68% 477.7%
FREE CASH FLOW
Cash From Operating Activities -$4.763M $7.340M
Capital Expenditures $2.427M $4.440M
Free Cash Flow -$7.190M $2.900M
YoY Change -526.45% -61.11%

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PaymentsForRepurchaseOfRedeemablePreferredStock
99031000 usd
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
4781000 usd
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
38000 usd
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
3000 usd
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 usd
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
5000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
51836000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-11508000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-14269000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6851000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
57480000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26800000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19261000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
14794000 usd
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
23950000 usd
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
12006000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
43211000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26800000 usd
us-gaap Interest Paid Net
InterestPaidNet
21525000 usd
us-gaap Interest Paid Net
InterestPaidNet
5995000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
575000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
905000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1555000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3561000 usd
cmct Proceeds From The Sale Of Real Estate Committed But Not Yet Paid
ProceedsFromTheSaleOfRealEstateCommittedButNotYetPaid
2981000 usd
cmct Proceeds From The Sale Of Real Estate Committed But Not Yet Paid
ProceedsFromTheSaleOfRealEstateCommittedButNotYetPaid
0 usd
cmct Other Amounts Due From Unconsolidated Joint Venture Partners Included In Other Assets
OtherAmountsDueFromUnconsolidatedJointVenturePartnersIncludedInOtherAssets
1445000 usd
cmct Other Amounts Due From Unconsolidated Joint Venture Partners Included In Other Assets
OtherAmountsDueFromUnconsolidatedJointVenturePartnersIncludedInOtherAssets
0 usd
cmct Non Cash Contributions To Unconsolidated Joint Venture
NonCashContributionsToUnconsolidatedJointVenture
8600000 usd
cmct Non Cash Contributions To Unconsolidated Joint Venture
NonCashContributionsToUnconsolidatedJointVenture
0 usd
cmct Stock Offering Costs Not Yet Paid
StockOfferingCostsNotYetPaid
166000 usd
cmct Stock Offering Costs Not Yet Paid
StockOfferingCostsNotYetPaid
477000 usd
CY2023Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
1937000 usd
CY2022Q3 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0 usd
cmct Accrual Of Dividends Payable To Preferred Stockholders
AccrualOfDividendsPayableToPreferredStockholders
2307000 usd
cmct Accrual Of Dividends Payable To Preferred Stockholders
AccrualOfDividendsPayableToPreferredStockholders
5285000 usd
cmct Offering Costs Offset Against Redeemable Preferred Stock Temporary Equity
OfferingCostsOffsetAgainstRedeemablePreferredStockTemporaryEquity
1242000 usd
cmct Offering Costs Offset Against Redeemable Preferred Stock Temporary Equity
OfferingCostsOffsetAgainstRedeemablePreferredStockTemporaryEquity
1029000 usd
us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
15616000 usd
us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
24373000 usd
us-gaap Notes Assumed1
NotesAssumed1
181318000 usd
us-gaap Notes Assumed1
NotesAssumed1
0 usd
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
0 usd
CY2023Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
2482000 usd
CY2022Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
2545000 usd
cmct Redeemable Preferred Stock Fees Incurred But Not Yet Paid
RedeemablePreferredStockFeesIncurredButNotYetPaid
369000 usd
cmct Redeemable Preferred Stock Fees Incurred But Not Yet Paid
RedeemablePreferredStockFeesIncurredButNotYetPaid
509000 usd
cmct Noncash Financing And Investing Activities Acquisition To Noncontrolling Interests
NoncashFinancingAndInvestingActivitiesAcquisitionToNoncontrollingInterests
5002000 usd
cmct Noncash Financing And Investing Activities Acquisition To Noncontrolling Interests
NoncashFinancingAndInvestingActivitiesAcquisitionToNoncontrollingInterests
0 usd
us-gaap Stock Issued1
StockIssued1
0 usd
us-gaap Stock Issued1
StockIssued1
4083000 usd
us-gaap Nature Of Operations
NatureOfOperations
<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%">Creative Media &amp; Community Trust Corporation (formerly known as CIM Commercial Trust Corporation) (the “Company”), is a Maryland corporation and real estate investment trust (“REIT”). The Company primarily acquires, develops, owns and operates both premier multifamily properties situated in vibrant communities throughout the United States and Class A and creative office real assets in markets with similar business and employment characteristics to its multifamily investments.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also owns one hotel in northern California and a lending platform that originates loans under the Small Business Administration (“SBA”) 7(a) loan program. The Company seeks to apply the expertise of CIM Group Management, LLC (“CIM Group”) and its affiliates to the acquisition, development and operation of premier multifamily properties and creative office assets that cater to rapidly growing industries such as technology, media and entertainment in vibrant and emerging communities throughout the United States.</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.” 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><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">June 2022, the Company has</span> been conducting a continuous public offering with respect to shares of its Series A1 Preferred Stock, par value $0.001 per share with an initial stated value of $25.00 per share, subject to adjustment (Note 11).
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
900000000 shares
CY2023Q3 cmct Preferred Stock Including Temporary Equity Shares Authorized
PreferredStockIncludingTemporaryEquitySharesAuthorized
100000000 shares
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 the Company 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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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 2022 Form 10-K.</span>
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
7748000 usd
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
7651000 usd
CY2023Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
17061000 usd
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
CY2022Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
CY2023Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 usd
CY2023Q3 us-gaap Incentive To Lessee
IncentiveToLessee
3900000 usd
CY2022Q4 us-gaap Incentive To Lessee
IncentiveToLessee
3900000 usd
CY2023Q3 cmct Incentive To Lessee Accumulated Amortization
IncentiveToLesseeAccumulatedAmortization
3200000 usd
CY2022Q4 cmct Incentive To Lessee Accumulated Amortization
IncentiveToLesseeAccumulatedAmortization
3000000 usd
CY2023Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
14579000 usd
CY2022Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
11649000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
42251000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
34833000 usd
CY2022Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
14194000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
49999000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
42484000 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
703000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
387000 usd
CY2023Q3 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
579000 usd
CY2022Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
30000 usd
CY2023Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1614000 usd
CY2022Q3 cmct Tenant Reimbursements Excluding Lease Agreements
TenantReimbursementsExcludingLeaseAgreements
0 usd
cmct Tenant Reimbursements Excluding Lease Agreements
TenantReimbursementsExcludingLeaseAgreements
0 usd
CY2023Q3 cmct Tenant Reimbursements Excluding Lease Agreements
TenantReimbursementsExcludingLeaseAgreements
0 usd
cmct Tenant Reimbursements Excluding Lease Agreements
TenantReimbursementsExcludingLeaseAgreements
0 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0 usd
CY2023Q3 us-gaap Financing Receivable Unamortized Purchase Premium Discount
FinancingReceivableUnamortizedPurchasePremiumDiscount
-8300000 usd
CY2022Q4 us-gaap Financing Receivable Unamortized Purchase Premium Discount
FinancingReceivableUnamortizedPurchasePremiumDiscount
-9000000 usd
cmct Loan And Leases Receivable Nonaccrual Loan And Lease Status Past Due Period
LoanAndLeasesReceivableNonaccrualLoanAndLeaseStatusPastDuePeriod
P60D
CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
1100000 usd
CY2023Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
1700000 usd
CY2023Q3 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
16771000 usd
CY2022Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
20949000 usd
CY2023Q3 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
10100000 usd
CY2022Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
9637000 usd
CY2023Q3 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
6829000 usd
CY2022Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
8319000 usd
CY2023Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
5185000 usd
CY2022Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
5664000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2120000 usd
CY2023Q3 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
491000 usd
CY2022Q4 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
491000 usd
CY2023Q3 cmct Deferred Rent Receivable And Charges Net
DeferredRentReceivableAndChargesNet
30890000 usd
CY2022Q4 cmct Deferred Rent Receivable And Charges Net
DeferredRentReceivableAndChargesNet
37543000 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 time, and assumptions the Company believes to be reasonable under the circumstances at such time. Actual results could differ from those estimates.</span>
CY2023Q3 us-gaap Land
Land
175709000 usd
CY2022Q4 us-gaap Land
Land
151727000 usd
CY2023Q3 us-gaap Land Improvements
LandImprovements
5863000 usd
CY2022Q4 us-gaap Land Improvements
LandImprovements
1837000 usd
CY2023Q3 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
633129000 usd
CY2022Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
455275000 usd
CY2023Q3 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
11585000 usd
CY2022Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
4339000 usd
CY2023Q3 us-gaap Tenant Improvements
TenantImprovements
25114000 usd
CY2022Q4 us-gaap Tenant Improvements
TenantImprovements
34372000 usd
CY2023Q3 us-gaap Development In Process
DevelopmentInProcess
15437000 usd
CY2022Q4 us-gaap Development In Process
DevelopmentInProcess
12863000 usd
CY2023Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
866837000 usd
CY2022Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
660413000 usd
CY2023Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
158659000 usd
CY2022Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
158407000 usd
CY2023Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
708178000 usd
CY2022Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
502006000 usd
CY2023Q3 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
5900000 usd
CY2022Q3 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
4300000 usd
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
16600000 usd
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
12800000 usd
cmct Percentage Of Ownership Acquired
PercentageOfOwnershipAcquired
1
cmct Number Of Properties Sold
NumberOfPropertiesSold
0 property
CY2023Q3 cmct Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Below Market Leases
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBelowMarketLeases
223000 usd
CY2022Q3 cmct Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Below Market Leases
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBelowMarketLeases
37000 usd
CY2023Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
283051000 usd
CY2022Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
10776000 usd
cmct Acquired Finite Lived Intangible Liabilities Useful Life
AcquiredFiniteLivedIntangibleLiabilitiesUsefulLife
P5M
CY2023Q3 us-gaap Equity Method Investments Fair Value Disclosure
EquityMethodInvestmentsFairValueDisclosure
29252000 usd
CY2022Q4 us-gaap Equity Method Investments Fair Value Disclosure
EquityMethodInvestmentsFairValueDisclosure
12381000 usd
CY2022Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-204000 usd
CY2023Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
60932000 usd
CY2022Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
62360000 usd
CY2023Q3 cmct Financing Receivables Deferred Capitalized Costs Net
FinancingReceivablesDeferredCapitalizedCostsNet
1176000 usd
CY2022Q4 cmct Financing Receivables Deferred Capitalized Costs Net
FinancingReceivablesDeferredCapitalizedCostsNet
1293000 usd
CY2023Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
1704000 usd
CY2023Q3 us-gaap Notes Receivable Net
NotesReceivableNet
60404000 usd
CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
62547000 usd
us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
199600000 usd
cmct Preferred Stock And Warrants Offering Costs Non Issuance Specific Costs
PreferredStockAndWarrantsOfferingCostsNonIssuanceSpecificCosts
10200000 usd
CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
1106000 usd
CY2023Q1 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
51000 usd
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
1940000 usd
CY2023Q2 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
85000 usd
CY2023Q2 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-142000 usd
CY2023Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
1713000 usd
CY2023Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-9000 usd
CY2023Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
1704000 usd
us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
FinancingReceivableAllowanceForCreditLossesPeriodIncreaseDecrease
-100000 usd
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
85000 usd
CY2023Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
1700000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4043000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
4461000 usd
CY2023Q3 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
5000 usd
CY2022Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
22000 usd
CY2022 cmct Acquired Finite Lived Intangible Liabilities Weighted Average Useful Life
AcquiredFiniteLivedIntangibleLiabilitiesWeightedAverageUsefulLife
P1Y
CY2023Q3 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
93000 usd
CY2022Q3 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
67000 usd
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
243000 usd
us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
196000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
184267000 usd
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
480577000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
195673000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1154000 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
470325000 usd
CY2023Q3 cmct Line Of Credit Facility Accrued Interest And Unused Commitment Fee Payable
LineOfCreditFacilityAccruedInterestAndUnusedCommitmentFeePayable
1600000 usd
CY2022Q4 cmct Line Of Credit Facility Accrued Interest And Unused Commitment Fee Payable
LineOfCreditFacilityAccruedInterestAndUnusedCommitmentFeePayable
562000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
852000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
88405000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
228245000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
104392000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
6725000 usd
CY2023Q3 cmct Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
45828000 usd
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
474447000 usd
cmct Number Of Mortgage Loans Assumed
NumberOfMortgageLoansAssumed
2 mortgage_loan
cmct Preferred Stock And Warrants Offering Costs Non Issuance Specific Costs
PreferredStockAndWarrantsOfferingCostsNonIssuanceSpecificCosts
10200000 usd
CY2020Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
0.25 shares
cmct Preferred Stock And Warrants Offering Costs Non Issuance Specific Costs
PreferredStockAndWarrantsOfferingCostsNonIssuanceSpecificCosts
10200000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-22934000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11684000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-59464000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-16844000 usd
CY2023Q3 cmct Dilutive Securities Effect On Basic Earnings Per Share Redeemable Preferred Stock Dividends
DilutiveSecuritiesEffectOnBasicEarningsPerShareRedeemablePreferredStockDividends
0 usd
CY2022Q3 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
0 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-22934000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-11684000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-59464000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-16844000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22738000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23209000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22717000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23303000 shares
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22738000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23209000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22717000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23303000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.01
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.50
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.62
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.72
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.01
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.50
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.62
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.72
CY2020Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
0.25 shares
CY2022Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2023Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
662462 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
4700000 usd
CY2022Q1 us-gaap Incentive Fee Expense
IncentiveFeeExpense
0 usd
CY2023Q3 cmct Outstanding Loan Commitments And Approvals To Fund Loans
OutstandingLoanCommitmentsAndApprovalsToFundLoans
25900000 usd
CY2023Q3 cmct Tenant Improvements Obligations
TenantImprovementsObligations
5800000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
15362000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
55767000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
31305000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
22781000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
15202000 usd
CY2023Q3 cmct Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
49118000 usd
CY2023Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
189535000 usd
CY2023Q3 cmct Number Of Types Of Commercial Real Estate Properties
NumberOfTypesOfCommercialRealEstateProperties
3 property
cmct Number Of Types Of Commercial Real Estate Properties
NumberOfTypesOfCommercialRealEstateProperties
3 property
cmct Number Of Types Of Commercial Real Estate Properties
NumberOfTypesOfCommercialRealEstateProperties
2 property
CY2022Q3 cmct Number Of Types Of Commercial Real Estate Properties
NumberOfTypesOfCommercialRealEstateProperties
2 property
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
1104000 usd
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
0 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-16093000 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-45000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-41615000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5816000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
554000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
187000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
969000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
815000 usd
CY2023Q3 us-gaap Profit Loss
ProfitLoss
-16647000 usd
CY2022Q3 us-gaap Profit Loss
ProfitLoss
-232000 usd
us-gaap Profit Loss
ProfitLoss
-42584000 usd
us-gaap Profit Loss
ProfitLoss
5001000 usd
CY2023Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-874000 usd
CY2022Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
5000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-2501000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
19000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-15773000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-237000 usd
us-gaap Net Income Loss
NetIncomeLoss
-40083000 usd
us-gaap Net Income Loss
NetIncomeLoss
4982000 usd
CY2023Q3 us-gaap Assets
Assets
898056000 usd
CY2022Q4 us-gaap Assets
Assets
690248000 usd
cmct Capital Expenditures
CapitalExpenditures
13250000 usd
cmct Capital Expenditures
CapitalExpenditures
7205000 usd
cmct Disposal Group Including Discontinued Operation New Mortgage Loans
DisposalGroupIncludingDiscontinuedOperationNewMortgageLoans
22018000 usd
cmct Disposal Group Including Discontinued Operation New Mortgage Loans
DisposalGroupIncludingDiscontinuedOperationNewMortgageLoans
35956000 usd
cmct Capital Expenditures And Disposal Group Originations Cost
CapitalExpendituresAndDisposalGroupOriginationsCost
35268000 usd
cmct Capital Expenditures And Disposal Group Originations Cost
CapitalExpendituresAndDisposalGroupOriginationsCost
43161000 usd
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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exhibit311q32023.htm Edgar Link pending
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