Creative Media Q2 net loss widens to $14.3 mln
Overview
Creative Media Q2 net loss attributable to shareholders widens to $14.3 mln from $9.67 mln
FFO for Q2 declines to $7.9 mln, driven by lower segment NOI
Company executes significant office leases in Austin and Los Angeles
Outlook
Company plans upgrades to hotel public spaces later this year
CMCT expects improved multifamily net operating income as occupancy rises
Company sees increased office leasing activity in Los Angeles and Austin
CMCT working to upsize mortgage at Penn Field after new lease
Result Drivers
OFFICE LEASING - Increased leasing activity in Los Angeles and Austin markets, with significant square footage leased
MULTIFAMILY CHALLENGES - Decline in multifamily segment income due to lower occupancy and rent in Oakland properties
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue |
| $29.69 mln |
|
Q2 EPS |
| -$18.94 |
|
Q2 Net Income Attributable to Shareholders |
| -$14.30 mln |
|
Q2 FFO |
| -$7.90 mln |
|
Press Release: ID:nBw7fC52Ca
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