Company Reports Q1 EPS of $70.52
Reports Q1 EPS ($70.52) vs. (1,983.00) last year. Reports Q1 revenue $29.4M vs. $32.3M last year. The company said, "The Company made significant progress on its plan to accelerate its focus towards premier multifamily assets, strengthen the balance sheet and improve liquidity. Operating trends continue to improve across the multifamily portfolio, the Los Angeles and Austin office assets and the company's one hotel. Since announcing this plan in September 2024, the Company has significantly improved its balance sheet having completed financings on nine assets, fully retired its recourse credit facility, sold its lending business and redeemed approximately $396.2 million of Preferred Stock, into shares of the Company's Common Stock, including $242.8 million of redemptions in the first quarter of 2026. The March Redemption is expected to improve CMCT's FFO by approximately $16.0 million per year and returns the Company's capital structure back to its long-term target, on a fair value basis. Given the company's significantly improved financial position, the company does not currently intend to redeem, at the Company's election, additional Preferred Stock in shares of Common Stock. However, the Company will evaluate redemption requests submitted by holders of Preferred Stock at the time it receives such requests and may elect to redeem those Preferred Shares in Common Stock or cash, at the Company's discretion."
