Creative Media & Community Trust Corporation (CMCT) 2026 Q1 法說會逐字稿

Good afternoon and welcome to the Creative Media & Community Trust first-quarter 2026 earnings conference call. (Operator Instructions)

下午好，歡迎參加 Creative Media & Community Trust 2026 年第一季財報電話會議。(接線員指示)

Please note, this event is being recorded.

請注意，本活動將進行錄音。

I would now like to turn the conference over to Steve Altebrando, Portfolio Oversight. Please go ahead.

現在我想把會議交給投資組合監督（Portfolio Oversight）的 Steve Altebrando。請開始。

Hello, everyone, and thank you for joining us. My name is Steve Altebrando, the Portfolio Oversight for CMCT. Also on the call today are David Thompson, our Chief Executive Officer; and Brandon Hill, our Chief Financial Officer. This call is being webcast and will be temporarily archived on the Investor Relations section of our website, where you can also find our earnings release.

各位好，感謝各位加入。我叫 Steve Altebrando，擔任 CMCT 的投資組合監督。今天同場還有我們的執行長 David Thompson，以及財務長 Brandon Hill。本次電話會議將以網路直播，並會暫時存檔於我們網站的投資人關係專區，您也可在該處找到我們的財報新聞稿。

Our earnings release includes a reconciliation of non-GAAP financial measures discussed during today's call. During this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by and information currently available to us. Our actual results will be affected by known and unknown risks, trends, and uncertainties and other factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will prove to be incorrect.

我們的財報新聞稿包含對今日電話會議中討論之非 GAAP 財務衡量指標的調節表。在本次電話會議中，我們將發表前瞻性陳述。這些前瞻性陳述係基於我們的信念、所作的假設，以及目前可得的資訊。我們的實際結果將受到已知與未知的風險、趨勢、不確定性及其他超出我們控制或預測能力之因素影響。雖然我們相信這些假設是合理的，但它們並非對未來績效的保證，且其中部分將被證明不正確。

Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material. For a more detailed description of potential risks, please refer to our SEC filings, which can be found in the Investor Relations section of our website.

因此，我們未來的實際結果預期將與我們的預期有所不同，而這些差異可能相當重大。如需更詳細的潛在風險說明，請參閱我們向 SEC 提交的文件，可於我們網站的投資人關係專區查閱。

With that, I'll turn the call over to David Thompson.

接下來，我把電話會議交給 David Thompson。

Thanks, Steve. Hello, everyone, and thank you for joining us today. I'd like to begin with an update on the strategic plan we outlined on prior calls to strengthen our balance sheet, improve liquidity and sharpen our focus on premier multifamily assets and the meaningful progress we've made against those priorities in the first quarter.

謝謝你，Steve。各位好，感謝今天加入我們。我想先更新我們在先前電話會議中所提出的策略計畫：強化資產負債表、改善流動性，並更聚焦於頂級多戶住宅資產，以及我們在第一季針對這些優先事項所取得的重大進展。

Over the past several months, we've taken actions to position CMCT for long-term stability and growth. During the quarter, we completed the redemption of $243 million of preferred stock into common stock. This was a transformational step for the company that significantly improved our balance sheet and will improve our funds from operations starting in the second quarter of 2026. We expect the redemption to increase our FFO by approximately $16 million per year and returns to the company's capital structure back in line with our long-term targets.

過去幾個月，我們採取多項行動，使 CMCT 能夠在長期上維持穩定並成長。本季我們完成將 2.43 億美元的特別股贖回並轉換為普通股。這是公司具有轉型意義的一步，顯著改善了我們的資產負債表，並將自 2026 年第二季起提升我們的營運資金（FFO）。我們預期此次贖回將使我們的 FFO 每年增加約 1,600 萬美元，並使公司資本結構的報酬回到符合我們長期目標的水準。

Since first announcing our plan to strengthen our balance sheet and improve liquidity in September 2024, the company has redeemed approximately $396 million of preferred stock into common stock. In parallel, we have also shifted our financing strategy towards an asset-based approach. We have completed financings on nine assets and have fully retired our recourse credit facility.

自 2024 年 9 月首次宣布強化資產負債表與改善流動性的計畫以來，公司已將約 3.96 億美元的特別股贖回並轉換為普通股。同時，我們也將融資策略轉向以資產為基礎的方法。我們已完成 9 項資產的融資，並已全數清償我們的追索權信用融資額度。

As a result, we now operate with minimal recourse debt significantly reducing risk and improving our flexibility. We also sold our lending division in January of 2026. After accounting for debt repayment, transaction expenses and other related items, this transaction yielded net cash proceeds to the company of approximately $31 million. In summary, we believe that we have restored the company to a position of financial health. With a stronger balance sheet, improved liquidity and a more focused portfolio, we are now well positioned for growth.

因此，我們目前僅有極少量的追索權負債，顯著降低風險並提升彈性。我們也在 2026 年 1 月出售了放貸事業部門。在扣除償債、交易費用及其他相關項目後，該交易為公司帶來約 3,100 萬美元的淨現金收入。總結而言，我們相信公司已恢復至財務健全的狀態。在更強健的資產負債表、更佳的流動性以及更聚焦的投資組合之下，我們已具備良好的成長定位。

Going forward, our primary focus is on improving FFO in 2026 and 2027. We believe there are two key levers that will enable us to achieve this. First, we are focused on improving property level performance across our portfolio. And second, we expect a substantial reduction in preferred dividend obligations. As a reminder, we completed the redemption near the end of the first quarter, so the impact of that action was only minimally reflected in our first quarter FFO. The full benefit of that redemption will begin in the second quarter.

展望未來，我們的主要重點是於 2026 年與 2027 年提升 FFO。我們相信有兩個關鍵槓桿可協助達成此目標。第一，我們專注於提升整體投資組合各物業層級的營運表現。第二，我們預期特別股股利義務將大幅降低。提醒各位，我們在第一季接近季末時完成贖回，因此該行動對第一季 FFO 的影響僅有極小部分反映。贖回的完整效益將自第二季開始顯現。

In addition, we are continuing to take proactive steps to further strengthen our financial profile. We are actively working to extend debt maturities on a handful of assets. And at the same time, we will continue to evaluate selective asset sales where we see opportunities to unlock value, improve portfolio quality or redeploy capital more efficiently.

此外，我們持續採取積極措施，進一步強化我們的財務體質。我們正積極延長少數資產的債務到期日。同時，我們也將持續評估選擇性資產出售，在我們看到可釋放價值、提升投資組合品質或更有效率重新配置資本的機會時採取行動。

We believe that executing on these priorities is critical to reducing what we believe is a substantial gap between our current share price and the intrinsic value of the portfolio. To put that in perspective, on a cost basis, our undepreciated book value was approximately $147 per share at the end of the first quarter. We believe this highlights the underlying value of our assets and reinforces the opportunity ahead as we translate operational improvements and capital structure efficiencies into stronger financial performance.

我們相信，落實這些優先事項對於縮小我們認為目前股價與投資組合內在價值之間的顯著落差至關重要。作為參考，以成本基礎計算，我們在第一季末的未折舊帳面價值約為每股 147 美元。我們認為這凸顯了資產的內在價值，並強化了未來機會：我們將把營運改善與資本結構效率轉化為更強勁的財務表現。

Now turning to net operating income and trends for the first quarter. Starting with Office, NOI declined approximately $600,000 year over year. This was primarily driven by a onetime benefit in the prior year period related to a tax appeal we won and which should not recur this year. Excluding our Oakland office asset, our office lease percentage was approximately 85.7% at the end of the first quarter, representing a 470 basis point increase year over year.

接著談第一季的淨營運收入（NOI）與趨勢。先從辦公室資產來看，NOI 年減約 60 萬美元。主要原因是去年同期因我們勝訴的一項稅務申訴而有一次性利益，今年不會再發生。若排除我們在奧克蘭的辦公室資產，第一季末我們的辦公室出租率約為 85.7%，較去年同期提高 470 個基點。

In our Multifamily segment, performance was notably stronger. Excluding our joint venture properties, NOI increased 64% year over year. When including our JV properties, NOI increased modestly, primarily due to noncash changes in appraised values. Occupancy across the multifamily portfolio improved to 89.6% at quarter end, an increase of 940 basis points compared to the prior year. Importantly, after several very challenging years in Oakland, we are beginning to see early signs of recovery supported by improving fundamentals in that market.

在多戶住宅（Multifamily）部門，表現明顯更強。若排除合資（JV）物業，NOI 年增 64%。若納入 JV 物業，NOI 僅小幅增加，主要是由於估值變動所致的非現金影響。多戶住宅投資組合的入住率於季末提升至 89.6%，較去年同期增加 940 個基點。重要的是，在奧克蘭經歷數年極具挑戰的時期後，我們開始看到復甦的早期跡象，並受該市場基本面改善所支撐。

Turning to our Hotel asset. NOI declined by approximately $700,000 year over year. This was largely attributable to temporary factors, including renovation-related disruptions early in the quarter and an issue in one of the mechanical systems that temporarily removed the number of rooms from service in March. However, I'm pleased to report that the renovation was substantially completed during the first quarter. Over the past two years, we have renovated all 505 guest rooms along with the property's common areas, positioning the asset for improved performance going forward.

接著談我們的飯店資產。NOI 年減約 70 萬美元。這主要歸因於暫時性因素，包括本季初因整修造成的干擾，以及其中一套機械系統的問題，導致 3 月部分客房暫時停止營運。不過，我很高興報告，整修工程在第一季已大致完成。過去兩年，我們已翻新全部 505 間客房以及物業的公共區域，使該資產在未來具備更佳的營運表現條件。

In summary, we continue to see encouraging operating trends across the multifamily portfolio as well as in our Los Angeles and Austin office assets and at the company's hotel property in Sacramento.

總結而言，我們持續看到多戶住宅投資組合、洛杉磯與奧斯汀的辦公室資產，以及公司位於沙加緬度的飯店資產，均呈現令人鼓舞的營運趨勢。

With that, I'll turn the call over to Steve to provide additional color on our refinancing activities and property level performance.

接下來，我把電話會議交給 Steve，請他就我們的再融資活動與物業層級表現提供更多說明。

Thanks, David. The actions we've taken over the past several quarters have significantly improved our balance sheet and will strengthen our funds from operations, and we are now well positioned to benefit from improving fundamentals, particularly in our Multifamily assets in the Bay Area.

謝謝你，David。我們在過去幾季採取的行動已顯著改善資產負債表，並將強化我們的營運資金（FFO）；我們現在也已具備良好條件，可受惠於基本面改善，尤其是灣區的多戶住宅資產。

Today, CMCT owns 621 residential units across two premier Class A assets in the market. After several challenging years, we're beginning to see the recovery gain momentum supported by a strengthening San Francisco residential market with demand increasingly bolstered by growth in AI-related employment and investment. At the end of the first quarter, our Oakland multifamily occupancy increased to 91.9%, representing an improvement of 860 basis points compared to the end of the first quarter last year. In addition, we are also seeing concessions ease in the market, particularly at our 1150 Clay asset.

目前，CMCT 在該市場擁有兩項頂級 A 級資產，共計 621 戶住宅單位。在經歷數年挑戰後，我們開始看到復甦動能增強，並受舊金山住宅市場走強所支撐；需求也日益受到 AI 相關就業與投資成長的帶動。第一季末，我們奧克蘭多戶住宅的入住率提升至 91.9%，較去年第一季末改善 860 個基點。此外，我們也看到市場讓利（concessions）正在減少，尤其是在我們的 1150 Clay 資產。

More broadly, in the adjacent downtown San Francisco market, multifamily fundamentals have rebounded significantly. In 2025, rent growth reached 7.6%, the highest growth rate in 25 years, followed by an additional 7% increase in the first quarter of 2026. Vacancy has declined to 4.3%, the lowest level in nearly 20 years.

更廣泛而言，在鄰近的舊金山市中心市場，多戶住宅的基本面已顯著回升。2025年，租金成長達7.6%，為25年來最高增幅，且2026年第一季再增加7%。空置率已降至4.3%，為近20年來最低水準。

In Oakland, we are also seeing encouraging signs of recovery. Vacancy has declined to 7.8% at the end of the first quarter, down from a peak of approximately 18% in 2021. Importantly, rent growth turned positive in 2025 after three consecutive years of decline and increased by 2.9% in the first quarter of 2026.

在奧克蘭，我們也看到令人鼓舞的復甦跡象。截至第一季末，空置率已降至7.8%，較2021年約18%的高峰大幅下降。重要的是，在連續三年下滑後，租金成長於2025年轉為正成長，並於2026年第一季成長2.9%。

Turning to Los Angeles. We have made solid progress across our two new LA multifamily assets. At 701 South Hudson, our partial conversion of office to residential is now 88.2% occupied. As we mentioned on our last call, we received entitlements in the first quarter of 2026 to build an additional 50 units on the back surface lot of the property. We are currently working on predevelopment and anticipate having the option to start that project later this year.

接著談洛杉磯。我們在兩項新的洛杉磯多戶住宅資產上都取得了扎實進展。在701 South Hudson，我們將部分辦公空間改為住宅的項目，目前入住率達88.2%。如同我們在上次電話會議中提到的，我們於2026年第一季取得核准，可在該物業後方的地面停車場加建50個單位。我們目前正進行前期開發工作，並預期今年稍晚將可選擇啟動該專案。

At 1915 Park, our ground-up development in Echo Park, we achieved 52.8% leased at quarter end. This 36-unit project delivered in the fourth quarter is located in a highly desirable walkable submarket with significant dining and entertainment options. The development is a joint venture with an international pension fund who was built on land adjacent to our office property at 1910 West Sunset. Including our joint ventures, we now have five operating multifamily assets.

在1915 Park（位於Echo Park）的從零開始開發案，我們於季末達成52.8%的出租率。此36戶專案於第四季交付，位於高度受歡迎、步行便利的次市場，周邊餐飲與娛樂選擇豐富。該開發案為與一個國際退休金基金的合資案，建於我們位於1910 West Sunset的辦公物業旁的土地上。包含合資案在內，我們目前共有五項營運中的多戶住宅資產。

Turning to the Office segment. We executed approximately 20,562 square feet of leases in the first quarter and continuing to see an active pipeline of activity, particularly in LA and Austin. Excluding the company's one Oakland office asset, our lease percentage stood at 85.7% at the end of the first quarter, representing an improvement of 470 basis points year over year.

接著談辦公室事業部門。我們在第一季簽訂約20,562平方英尺的租約，並持續看到活躍的案源管線，尤其是在洛杉磯與奧斯汀。排除公司在奧克蘭的單一辦公資產後，截至第一季末，我們的出租率為85.7%，較去年同期提升470個基點。

At 11620 Wilshire Boulevard, we recently commenced the renovation program focused on several small suites. We believe this targeted investment will enhance leasing activity and tenant demand. This project is expected to be completed over the next few months.

在11620 Wilshire Boulevard，我們近期啟動了針對數個小型套間的整修計畫。我們相信這項精準投資將提升招租活動與租戶需求。預期該專案將在未來幾個月內完成。

Finally, in our Hotel segment, we have substantially completed the renovation of the property's public spaces following the full renovation of all 505 guest rooms. This marks the first comprehensive renovation of the asset since its acquisition in 2008 and positions the hotel well for improved performance in 2026 and beyond. We are also evaluating the opportunity to add eight new guest rooms by converting currently underutilized space, which we believe would be highly accretive.

最後，在飯店事業部門，在完成全部505間客房的全面翻新後，我們已大致完成該物業公共空間的整修。這是該資產自2008年收購以來首次全面性翻新，並使飯店在2026年及之後具備更佳的營運表現條件。我們也在評估透過將目前使用率偏低的空間改建，新增8間客房的機會；我們認為這將具有高度增益性。

Turning to financing. We are actively engaged in three initiatives: At the Sheraton Grand with the renovation now substantially complete, we believe there's an opportunity to both increase the loan balance and reduce the borrowing spread. At 1150 Clay, we are in active discussions with the lender and anticipate securing a one-year extension on the mortgage as we continue to work to improve the asset's NOI.

接著談融資。我們正積極推進三項措施：在Sheraton Grand，隨著整修現已大致完成，我們認為有機會同時提高貸款額度並降低借款利差。在1150 Clay，我們正與貸方積極洽談，並預期可在我們持續改善該資產NOI的同時，取得抵押貸款一年期展延。

Finally, at our Oakland office property, we are seeking extension of the loan maturity. However, we cannot guarantee we will reach an agreement with the lender. For context, in the first quarter of 2025, this asset generated approximately $800,000 of cash flow after debt service.

最後，在我們的奧克蘭辦公物業，我們正尋求延長貸款到期日。然而，我們無法保證能與貸方達成協議。作為背景說明，於2025年第一季，該資產在支付債務本息後約產生80萬美元的現金流。

With that, I'll turn the call over to Brandon.

接下來，我把電話交給Brandon。

Thank you, Steve. Good afternoon. I'm going to spend a few minutes going over the comparative financial highlights for the first quarter of 2026 versus the first quarter of 2025, starting with our segment NOI, which was $9.8 million in the first quarter of 2026, compared to $11.8 million in the prior year comparable period. Broken down by segment, the decrease of approximately $1.9 million was driven by decreases of $728,000 from our hotel property, $602,000 from our office properties, and $590,000 from our lending business.

謝謝你，Steve。下午好。我將用幾分鐘說明2026年第一季相較於2025年第一季的比較財務重點，先從我們的分部NOI開始：2026年第一季為980萬美元，較去年同期的1,180萬美元下降。按分部拆分，約190萬美元的下降主要來自：飯店資產減少72.8萬美元、辦公資產減少60.2萬美元，以及放款業務減少59.0萬美元。

Our Hotel segment NOI for Q1 2026 was $4 million versus $4.7 million in Q1 2025. This decrease was largely attributable to temporary factors including a renovation-related disruption early in the quarter and an issue in one of the mechanical systems that temporarily removed a number of rooms from service in March.

我們飯店事業部門2026年第一季NOI為400萬美元，對比2025年第一季為470萬美元。此下降主要歸因於暫時性因素，包括本季初與整修相關的干擾，以及其中一套機械系統的問題，於3月期間使部分房間暫時停止提供服務。

Our Office segment NOI for Q1 2026 was $6.5 million versus $7.1 million in Q1 2025. The decrease was primarily driven by a decrease in tenant reimbursement revenue at an office property in Oakland, California and an increase in real estate tax expense at an office property in Beverly Hills, California, driven by a tax refund recorded in the prior year period.

我們辦公室事業部門2026年第一季NOI為650萬美元，對比2025年第一季為710萬美元。下降主要由兩項因素驅動：加州奧克蘭一處辦公物業的租戶費用補償收入下降，以及加州比佛利山一處辦公物業的不動產稅費用增加；後者係因去年同期認列了一筆退稅所致。

In January 2026, we completed the sale of our lending business, First Western, for a purchase price of approximately $44.9 million. As the lending segment activity was de minimis during the period, it remained in our ownership during Q1 2026, the related amounts were excluded from segment level activity. Our lending division NOI was $590,000 in the prior year comparable period. Our multifamily segment net operating loss of $613,000 remained fairly consistent compared to the prior year comparable period.

2026年1月，我們完成出售放款業務First Western，購買價格約4,490萬美元。由於該期間放款分部的活動量極小，且其於2026年第一季仍在我們名下，因此相關金額已自分部層級活動中排除。去年同期，我們放款事業部門NOI為59.0萬美元。我們多戶住宅分部的淨營運損失為61.3萬美元，與去年同期大致一致。

Below the segment NOI line, we had an increase in depreciation and amortization expense of $1.2 million, primarily due to an increase in tenant improvement amortization at an office property located in Beverly Hills, California, as well as an increase at our hotel property due to renovation projects, which have increased depreciable assets.

在分部NOI之下，我們的折舊與攤銷費用增加120萬美元，主要由於加州比佛利山一處辦公物業的租戶裝修攤銷增加，以及飯店因整修專案使可折舊資產增加所致。

We also had an increase in loss on early extinguishment of debt of $705,000, which was incurred in connection with the full payoff of our Lending division revolving credit facility during the first quarter of 2026. These were partially offset by a gain on sale of $1.7 million as a result of our sale of First Western during Q1 2026.

我們也因提前清償債務而產生損失增加70.5萬美元，係與2026年第一季全額清償我們放款事業部門的循環信用額度相關。上述部分被出售收益170萬美元所抵銷，該收益來自我們於2026年第一季出售First Western。

Our FFO was negative $28.8 million or negative $58.47 per diluted share compared to negative $5.4 million or negative $900.83 per diluted share in the prior year comparable period. The decrease in our FFO was primarily driven by an increase in preferred stock redemptions of $21.9 million, a decrease of approximately $1.9 million in total segment NOI, and an increase of $705,000 in loss on early extinguishment of debt, partially offset by a decrease of $1.3 million in redeemable preferred stock dividends.

我們的FFO為負2,880萬美元，或每股稀釋後為負58.47美元；相較之下，去年同期為負540萬美元，或每股稀釋後為負900.83美元。FFO下降主要由以下因素驅動：優先股贖回增加2,190萬美元、總分部NOI約減少190萬美元，以及提前清償債務損失增加70.5萬美元；部分被可贖回優先股股利減少130萬美元所抵銷。

Our core FFO was negative $5.9 million or negative $11.89 per diluted share compared to negative $5.1 million or a negative $846.50 per diluted share in the prior year comparable period. This decrease in core FFO is attributable to the previously discussed changes in FFO while not impacted by the increase in loss on early extinguishment of debt or the increase in redeemable preferred stock redemptions as these are excluded from our core FFO calculation.

我們的核心FFO為負590萬美元，或每股稀釋後為負11.89美元；相較之下，去年同期為負510萬美元，或每股稀釋後為負846.50美元。核心FFO的下降歸因於前述FFO的變動，但不受提前清償債務損失增加或可贖回優先股贖回增加的影響，因為這些項目在核心FFO計算中被排除。

With that, we can open the line for questions.

接下來，我們可以開放提問。

(Operator Instructions)

（接線員指示）

Showing no questions, this concludes our question-and-answer session, and the conference has also now concluded. Thank you for attending today's presentation. You may now disconnect.

目前沒有提問，本次問答環節到此結束，會議也已結束。感謝各位參加今天的簡報。您現在可以掛線。