Creative Media & Community Trust Corp Files 2023 Annual Report

TL;DR

<b>Creative Media & Community Trust Corp has filed its 2023 10-K report detailing financial data and corporate history.</b>

AI Summary

Creative Media & Community Trust Corp (CMCT) filed a Annual Report (10-K) with the SEC on March 29, 2024. Creative Media & Community Trust Corp filed its 10-K for the fiscal year ending December 31, 2023. The company was formerly known as CIM Commercial Trust Corp and PMC COMMERCIAL TRUST /TX. The filing includes data for the fiscal years 2021, 2022, and 2023. Key financial data points such as common stock, preferred stock, additional paid-in capital, retained earnings, and noncontrolling interest are detailed for these years. The company is incorporated in Maryland and operates under the Real Estate Investment Trusts SIC code.

Why It Matters

For investors and stakeholders tracking Creative Media & Community Trust Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Creative Media & Community Trust Corp's financial performance and position for the fiscal year 2023, including historical data from prior years. Understanding the company's historical financial structure and its former identities (CIM Commercial Trust Corp, PMC COMMERCIAL TRUST /TX) is crucial for assessing its long-term trajectory and potential risks.

Risk Assessment

Risk Level: low — Creative Media & Community Trust Corp shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains historical financial data and disclosures, and does not indicate any immediate or significant new risks.

Analyst Insight

Review the detailed financial statements and segment information within the 10-K to understand the company's performance and asset allocation.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-29 — Filing Date (Date the 10-K was filed)
• 136 — Public Document Count (Number of documents in the filing)
• 6798 — SIC Code (Standard Industrial Classification for Real Estate Investment Trusts)

Key Players & Entities

• Creative Media & Community Trust Corp (company) — Filer name
• CIM Commercial Trust Corp (company) — Former company name
• PMC COMMERCIAL TRUST /TX (company) — Former company name
• Maryland (location) — State of incorporation
• Dallas (location) — Business and mailing address city
• TX (location) — Business and mailing address state
• 972-349-3200 (phone) — Business phone number

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the core financial and operational data for Creative Media & Community Trust Corp for the fiscal year 2023.)

SIC Code

Standard Industrial Classification code used to categorize businesses based on their primary activity. (Indicates Creative Media & Community Trust Corp operates within the Real Estate Investment Trusts sector.)

Key Financial Figures

• $0.001 — ection 12(b) of the Act: Common Stock, $0.001 Par Value CMCT Nasdaq Global Market C
• $145.80 — has a total of 503 rooms, had RevPAR of $145.80 for the year ended December 31, 2023 an

Filing Documents

• cmct-20231231.htm (10-K) — 3596KB
• cmct-xex41descriptionofcap.htm (EX-4.1) — 96KB
• cmct-xexhhibit1023upreitpa.htm (EX-10.23) — 728KB
• cmct-ex1024exchangeagreeme.htm (EX-10.24) — 77KB
• exhibit211202310-k.htm (EX-21.1) — 73KB
• exhibit231202310-k.htm (EX-23.1) — 2KB
• exhibit311202310-k.htm (EX-31.1) — 11KB
• exhibit312202310-k.htm (EX-31.2) — 11KB
• exhibit321202310-k.htm (EX-32.1) — 6KB
• exhibit322202310-k.htm (EX-32.2) — 5KB
• cmct-xex971clawbackpolicyo.htm (EX-97.1) — 28KB
• 0000908311-24-000011.txt (&nbsp;) — 18145KB
• cmct-20231231.xsd (EX-101.SCH) — 117KB
• cmct-20231231_cal.xml (EX-101.CAL) — 123KB
• cmct-20231231_def.xml (EX-101.DEF) — 735KB
• cmct-20231231_lab.xml (EX-101.LAB) — 1164KB
• cmct-20231231_pre.xml (EX-101.PRE) — 979KB
• cmct-20231231_htm.xml (XML) — 2701KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 47 Item 2.

Properties

Properties 50 Item 3.

Legal Proceedings

Legal Proceedings 54 Item 4. Mine Safety Disclosures 55 PART II Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 56 Item 6. Reserved 56 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 56 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 68 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 69 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 69 Item 9A.

Controls and Procedures

Controls and Procedures 69 Item 9B. Other Information 71 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 71 PART III Item 10. Directors, Executive Officers and Corporate Governance 1 Item 11.

Executive Compensation

Executive Compensation 1 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 1 Item 13. Certain Relationships and Related Transactions, and Director Independence 1 Item 14. Principal Accountant Fees and Services 1 PART IV Item 15. Exhibits and Financial Statement Schedules 95 Item 16. Form 10-K Summary 97 i Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are intended to be covered by the safe harbors created thereby. These statements include the plans and objectives of management for future operations, including plans and objectives relating to future growth of our business and availability of funds. Such forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "project," "target," "expect," "intend," "might," "believe," "anticipate," "estimate," "could," "would" "continue," "pursue," "potential," "forecast," "seek," "plan," "should" or "goal" or the negative thereof or other variations or similar words or phrases. Such forward-looking statements also include, among others, statements about our plans and objectives relating to future growth and outlook. Such forward-looking statements are based on particular assumptions that our management has made in light of its experience, as well as its perception of expected future developments and other factors that it believes are appropriate under the circumstances. Forward-looking statements are necessarily estimates reflecting the judgment of our management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include those associated with (i) the timing, form, and operational effects of our development activities, (ii) our ability to raise in place rents to existing market rents and to maintain or increase occupancy levels, (iii) fluctuations in market rents, (iv) the effects of inflation and continuing higher interest rates on our operations and profitability and (v) general economic, market and

Business

Item 1. Business Business Overview Creative Media & Community Trust Corporation and its subsidiaries (which may be referred to in this Annual Report on Form 10-K as "we," "us," "our," "our company" or the "Company") are operated by affiliates of CIM Group Management, LLC (collectively, "CIM Group" or "CIM"). CIM is a vertically-integrated community-focused real estate and infrastructure owner, operator, lender and developer. CIM is headquartered in Los Angeles, CA, with offices in Atlanta, GA, Chicago, IL, Dallas, TX, London, UK, New York, NY, Orlando, FL, Phoenix, AZ, and Tokyo, Japan. CIM also maintains additional offices across the United States and in South Korea to support its platform. See the sections "Overview and History of CIM Group", "CIM Urban Partnership Agreement" and "Investment Management Agreement" in "Item 1—Business" of this Annual Report on Form 10-K. Creative Media & Community Trust Corporation is a Maryland corporation and REIT. We primarily acquire, develop, own and operate 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 our multifamily investments. We seek to apply the expertise of CIM Group 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. All of our real estate assets are and will generally be located in communities qualified by CIM Group as described further below. 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. We believe that the critical mass of redevelopment in such areas creates positive externalities, which enhance the value of real estate assets in the area. We

View Full Filing

View this 10-K filing on SEC EDGAR