Creative Media & Community Trust reports multifamily growth amid strategic restructuring

Creative Media & Community Trust (NASDAQ:CMCT) reported operating results for the first quarter of 2026, characterized by a dual focus on operational improvement in residential assets and a sweeping overhaul of its capital structure.

The Los Angeles-based REIT posted total revenue of $29.4 million and a net loss attributable to common stockholders of $34.7 million, or $(70.52) per diluted share.

The quarterly results reflect the retroactive impact of two 1-for-10 reverse stock splits executed in March and April 2026 to maintain compliance with exchange listing requirements.

Funds from operations (FFO) attributable to common stockholders was a loss of $28.8 million, while Core FFO stood at a loss of $5.9 million.

Operational performance in the company's real estate portfolio provided a silver lining, particularly within its multifamily holdings.

Same-store multifamily occupancy reached 91.4% as of March 31, 2026—a massive 1,120 basis point improvement compared to the first quarter of 2025.

In the office segment, the portfolio was 73.1% leased overall.

However, management noted that excluding a single "challenged" office building in Oakland, the office portfolio occupancy stood at a much healthier 85.7%.

The company continues to evaluate the best path forward for its Oakland assets amidst broader market headwinds in Northern California.