Revenue contraction remains a primary headwind, with a 8.9% year-over-year decline reported in 2026Q1 alongside persistent property-level profitability challenges.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 113.79M | 116.67M | 124.51M | 119.26M | 101.91M | 90.93M | 77.21M | 139.99M | 197.72M | 236.38M | 265.93M | 268.43M | 256.15M | 14.55M | 13.53M | 16.08M | 15.46M | 16.27M | 23.12M | 27.3M | 30.68M | 25.58M | 25.36M | 14.59M | 16.04M | 17.17M | 19.77M | 22M | 19.31M | 13.81M | 10.15M |
| Revenue Growth % | -7.34% | -6.3% | 4.41% | 17.03% | 12.08% | 17.77% | -44.85% | -29.2% | -16.35% | -11.11% | -0.93% | 4.79% | 1659.9% | 7.6% | -15.86% | 3.96% | -4.94% | -29.63% | -15.31% | -11.02% | 19.91% | 0.89% | 73.86% | -9.04% | -6.63% | -13.15% | -10.11% | 13.94% | 39.78% | 36.12% | 62.88% |
| Property Operating Expenses | 113.79M | 128.65M | 72.81M | 67.41M | 54.38M | 43.24M | 43.28M | 68.11M | 80.17M | 101.58M | 124.7M | 133.18M | 126.87M | 2.79M | -3.54M | 0 | 0 | 0 | 0 | 239K | 2.54M | 1.25M | 0 | 283K | 663K | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | -3K | -11.98M | 51.7M | 51.84M | 47.53M | 47.68M | 33.93M | 71.88M | 117.55M | 134.79M | 141.23M | 135.25M | 129.28M | 11.77M | 17.07M | 16.08M | 15.46M | 16.27M | 23.12M | 27.06M | 28.14M | 24.33M | 25.36M | 14.3M | 15.37M | 17.17M | 19.77M | 22M | 19.31M | 13.81M | 10.15M |
| NOI Margin % | -0% | -10.27% | 41.52% | 43.47% | 46.64% | 52.44% | 43.95% | 51.35% | 59.45% | 57.02% | 53.11% | 50.39% | 50.47% | 80.84% | 126.16% | 100% | 100% | 100% | 100% | 99.12% | 91.72% | 95.09% | 100% | 98.06% | 95.87% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | -5.15M | -20.25M | 36.17M | 63.23M | 30.79M | 35.99M | 37.97M | 46.85M | 86.85M | 94.09M | 113.81M | 110.05M | 101.6M | 10.93M | 14.32M | 7.58M | 6.74M | 6.96M | 9.26M | 9.22M | 10.81M | 20.66M | 17.46M | 5.26M | 11.65M | 15.32M | 20.03M | 18.76M | 12.23M | 5.15M | 4.78M |
| G&A Expenses | 5.21M | 5.36M | 8.8M | 10.75M | 10.44M | 15.87M | 16.57M | 19.48M | 33.62M | 35.73M | 41.84M | 37.69M | 32.55M | 6.9M | 6.4M | 6.34M | 6.09M | 5.97M | 8.82M | 2.72M | 2.65M | 3.3M | 1.88M | 526K | 255K | 226K | 146K | 185K | 182K | 134K | 117K |
| EBITDA | 33.42M | 35.35M | 43.26M | 41.28M | 37.24M | 31.89M | 16M | 51.64M | 193.78M | 187.28M | 229.28M | 73.39M | 76.09M | 3.27M | -944K | 8.36M | 8.96M | 8.93M | 13.55M | 18.38M | 19.58M | 8.14M | 11.68M | 11.98M | 6.85M | 6.73M | 3.41M | 5.45M | 8.06M | 8.76M | 5.47M |
| EBITDA Margin % | 29.37% | 30.3% | 34.74% | 34.62% | 36.54% | 35.07% | 20.72% | 36.89% | 98% | 79.23% | 86.22% | 27.34% | 29.7% | 22.44% | -6.98% | 52.03% | 57.93% | 54.92% | 58.63% | 67.35% | 63.84% | 31.8% | 46.07% | 82.14% | 42.74% | 39.2% | 17.25% | 24.79% | 41.73% | 63.44% | 53.92% |
| Depreciation & Amortization | 28.28M | 27.08M | 27.73M | 52.67M | 20.5M | 20.19M | 20.04M | 26.61M | 163.07M | 194.78M | 236.58M | 72.36M | 69.05M | -360K | -153K | -135K | 231K | -377K | -308K | 313K | 325K | 3.21M | 3.79M | 1.95M | 1.9M | 2.1M | 2.25M | 2.21M | 976K | 100K | 100K |
| D&A / Revenue % | 24.85% | 23.21% | 22.27% | 44.16% | 20.11% | 22.2% | 25.96% | 19.01% | 82.47% | 82.4% | 88.96% | 26.96% | 26.96% | -2.47% | -1.13% | -0.84% | 1.49% | -2.32% | -1.33% | 1.15% | 1.06% | 12.56% | 14.94% | 13.34% | 11.87% | 12.23% | 11.38% | 10.06% | 5.05% | 0.72% | 0.99% |
| Operating Income | 5.14M | 8.27M | 15.52M | -11.39M | 16.74M | 11.7M | -4.04M | 25.03M | 30.71M | -7.5M | -7.31M | 1.03M | 7.04M | 3.63M | -791K | 8.5M | 8.73M | 9.31M | 13.86M | 18.07M | 19.26M | 4.92M | 7.89M | 10.04M | 4.95M | 4.63M | 1.16M | 3.24M | 7.08M | 8.66M | 5.37M |
| Operating Margin % | 4.52% | 7.09% | 12.47% | -9.55% | 16.43% | 12.86% | -5.23% | 17.88% | 15.53% | -3.17% | -2.75% | 0.38% | 2.75% | 24.91% | -5.85% | 52.87% | 56.44% | 57.24% | 59.96% | 66.21% | 62.78% | 19.24% | 31.13% | 68.8% | 30.87% | 26.97% | 5.88% | 14.73% | 36.68% | 62.72% | 52.94% |
| Interest Expense | 4M | 40.19M | 36.87M | 35.1M | 9.6M | 9.41M | 11.41M | 12.18M | 27.7M | 36.34M | 34.38M | 22.79M | 19.07M | 3.35M | 3.54M | 3.69M | 4.02M | 2.87M | 3.91M | 5.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 0.03x | 0.32x | -0.43x | 1.74x | 1.23x | -0.35x | 29.45x | 1.05x | 11.44x | 1.94x | 1.34x | 1.78x | 9.73x | 0.78x | 2.30x | 2.17x | 3.05x | 3.41x | 3.34x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 6.93M | 7.16M | 3.6M | 3.74M | 59K | 143K | 0 | -333.55M | -27.82M | -35.86M | -36.03M | -3.09M | -5.62M | -28.98M | -4.1M | 0 | 0 | 552K | 521K | 0 | -5.28M | -6.47M | -8M | 705K | -6.58M | -14.68M | -21.44M | 0 | 0 | -6.74M | -5.83M |
| Pretax Income | -41.34M | -39.08M | -24.95M | -50.23M | 7.08M | 2.14M | -15.74M | 346.4M | 2.07M | 381.13M | 32.36M | 4.12M | 11.96M | 3.63M | -791K | 4.81M | 4.71M | 5.89M | 9.43M | 12.67M | 14.39M | 9.73M | 12.44M | 349K | 315K | 11.44M | 3.23M | 4.16M | 0 | 0 | 5.76M |
| Pretax Margin % | -36.33% | -33.49% | -20.04% | -42.12% | 6.94% | 2.35% | -20.38% | 247.45% | 1.05% | 161.24% | 12.17% | 1.54% | 4.67% | 24.91% | -5.85% | 29.9% | 30.47% | 36.21% | 40.8% | 46.41% | 46.9% | 38.02% | 49.07% | 2.39% | 1.96% | 66.58% | 16.35% | 18.91% | 0% | 0% | 56.73% |
| Income Tax | 376K | 497K | 798K | 1.23M | 1.13M | 2.99M | -722K | 882K | 925K | 1.38M | 1.65M | 2.52M | 6.66M | 1.21M | 565K | 114K | -131K | -167K | 319K | 484K | 649K | 658K | 116K | 1.15M | -5.55M | -9.59M | -9.62M | -7.02M | -4.29M | -1.73M | -1.8M |
| Effective Tax Rate % | -0.91% | -1.27% | -3.2% | -2.44% | 15.98% | 139.75% | 4.59% | 0.25% | 44.75% | 0.36% | 5.09% | 61.03% | 55.64% | 33.43% | -71.43% | 2.37% | -2.78% | -2.84% | 3.38% | 3.82% | 4.51% | 6.76% | 0.93% | 329.51% | -1760.95% | -83.83% | -297.68% | -168.82% | - | - | -31.35% |
| Net Income | -41.2M | -39M | -25.18M | -48.48M | 5.92M | -850K | -15.02M | 345.67M | 1.12M | 379.74M | 34.55M | 24.39M | 24.38M | 2.07M | -2.18M | 3.65M | 4.3M | 6.76M | 9.81M | 13.13M | 15.68M | 11.3M | 24.78M | 8.17M | 9.94M | 11.44M | 9.37M | 10.26M | 11.37M | 10.39M | 7.18M |
| Net Margin % | -36.2% | -33.43% | -20.22% | -40.66% | 5.81% | -0.93% | -19.45% | 246.93% | 0.57% | 160.65% | 12.99% | 9.09% | 9.52% | 14.2% | -16.11% | 22.69% | 27.79% | 41.56% | 42.42% | 48.12% | 51.13% | 44.16% | 97.72% | 56.04% | 61.96% | 66.58% | 47.36% | 46.65% | 58.89% | 75.21% | 70.72% |
| Net Income Growth % | -49.49% | -54.92% | 48.08% | -919.28% | 796.24% | 94.34% | -104.34% | 30736.13% | -99.7% | 999.19% | 41.63% | 0.06% | 1079.39% | 194.86% | -159.75% | -15.13% | -36.44% | -31.05% | -25.34% | -16.25% | 38.83% | -54.41% | 203.17% | -17.73% | -13.11% | 22.1% | -8.76% | -9.74% | 9.45% | 44.75% | 46.59% |
| Funds From Operations (FFO) | -12.92M | -11.92M | 2.56M | 4.18M | 26.41M | 19.34M | 5.03M | 372.28M | 164.19M | 574.51M | 271.13M | 96.75M | 93.42M | 1.71M | -2.33M | 3.51M | 4.53M | 6.38M | 9.5M | 13.45M | 16.01M | 14.51M | 28.57M | 10.12M | 11.84M | 13.54M | 11.62M | 12.48M | 12.35M | 10.49M | 7.28M |
| FFO Margin % | -11.35% | -10.22% | 2.05% | 3.51% | 25.92% | 21.27% | 6.51% | 265.94% | 83.04% | 243.05% | 101.95% | 36.04% | 36.47% | 11.73% | -17.24% | 21.85% | 29.28% | 39.25% | 41.09% | 49.27% | 52.19% | 56.72% | 112.66% | 69.38% | 73.83% | 78.82% | 58.74% | 56.71% | 63.95% | 75.94% | 71.71% |
| FFO Growth % | -501.62% | -566.21% | -38.89% | -84.16% | 36.6% | 284.68% | -98.65% | 126.73% | -71.42% | 111.9% | 180.23% | 3.56% | 5373.05% | 173.2% | -166.4% | -22.44% | -29.07% | -32.79% | -29.37% | -16% | 10.33% | -49.21% | 182.3% | -14.52% | -12.54% | 16.54% | -6.91% | 1.05% | 17.71% | 44.14% | 58.17% |
| FFO per Share | -26.26 | -12.97 | 150.02 | 428.51 | 2795.77 | 2469.92 | 790.93 | 52376.40 | 26100.50 | 57903.14 | 20666.18 | 6901.66 | 6692.53 | 124.50 | -7668.53 | 11552.63 | 14914.36 | 21020.74 | 30708.05 | 43492.88 | 51842.62 | 46432.00 | 98141.53 | 54584.68 | 63822.10 | 73167.57 | 61847.71 | 66437.70 | 66097.43 | 58272.22 | 59114.54 |
| FFO Payout Ratio % | 0% | 0% | 227.26% | 184.8% | 28.99% | 20.58% | 88.14% | 168.27% | 14.29% | 7.52% | 28.52% | 88.25% | 154.49% | 6094.61% | -289.54% | 193.25% | 149.65% | 151.64% | 107.75% | 104.01% | 80.6% | 96.74% | 45.06% | 100.66% | 87.09% | 70.63% | 103.53% | 94.25% | 89.81% | 92.48% | 86.57% |
| EPS (Diluted) | -83.73 | -67.08 | -4302.50 | -7755.00 | -2720.20 | -2548.60 | -5267.30 | 45804.60 | -2297.20 | 38077.70 | 2645.30 | 1740.30 | 1740.30 | 1044.20 | -7309.20 | 11834.00 | 14270.40 | 22275.80 | 31673.40 | 42463.20 | 50816.70 | 36198.20 | 84926.50 | 44203.50 | 53601.20 | 61954.60 | 50120.60 | 54645.30 | 60872.60 | 57777.90 | 52557.00 |
| EPS Growth % | 97.28% | 98.44% | 44.52% | -185.09% | -6.73% | 51.61% | -111.5% | 2093.93% | -106.03% | 1339.45% | 52% | 0% | 66.66% | 114.29% | -161.76% | -17.07% | -35.94% | -29.67% | -25.41% | -16.44% | 40.38% | -57.38% | 92.13% | -17.53% | -13.48% | 23.61% | -8.28% | -10.23% | 5.36% | 9.93% | 7.67% |
| EPS (Basic) | - | -67.08 | -4302.50 | -7755.00 | -2720.20 | -2548.60 | -5267.30 | 51303.90 | -2297.20 | 38077.70 | 2645.30 | 1740.30 | 1740.30 | 1044.20 | -7309.20 | 11834.00 | 14270.40 | 22275.80 | 31673.40 | 42463.20 | 50816.70 | 36198.20 | 84926.50 | 44203.50 | 53601.20 | 61954.60 | 50120.60 | 54645.30 | 60910.40 | 57777.90 | 52557.00 |
| Diluted Shares Outstanding | 492K | 919K | 17.04K | 9.76K | 9.45K | 7.83K | 6.36K | 7.11K | 6.29K | 9.92K | 13.12K | 14.02K | 13.96K | 13.71K | 304 | 304 | 304 | 304 | 309 | 309 | 309 | 313 | 291 | 185 | 186 | 185 | 188 | 188 | 187 | 180 | 123 |
Persistent negative operating margins
As reported in recent financial filings, CMCT experienced a 6.30% year-over-year revenue decline, reflecting significant challenges in maintaining occupancy and effective rental rates across its core Los Angeles and San Francisco creative office clusters, which appear to be struggling under current market conditions.
The consistent downward pressure on top-line figures suggests that the company's creative office strategy is facing secular headwinds that may be difficult to reverse in the near term. Investors should monitor whether this revenue erosion is a result of intentional asset rationalization or a broader inability to compete for high-quality tenants in these specific urban submarkets.
Based on the provided quarterly data, the company's NOI margin has exhibited extreme volatility, including a notable dip to -103.8% in 2025Q4, which indicates that property-level operating expenses are currently outpacing rental income and threatening the fundamental viability of the existing asset base.
The negative gross margin profile is highly unusual for a REIT and suggests that the cost of maintaining these creative spaces may be structurally misaligned with current market rents. This warrants further investigation into whether the company is incurring excessive non-recurring maintenance costs or if the San Francisco portfolio is suffering from severe vacancy-related expense drag.
According to the company's reported figures, FFO per share has remained consistently negative or negligible over the last several quarters, with 2026Q1 showing a loss of $1.20 per share, which raises significant concerns regarding the long-term safety of the dividend and overall cash flow generation.
The persistent inability to generate positive FFO suggests that the company's current capital structure and operating expenses are not supported by its rental income. Analysts should be cautious, as the reliance on non-operating income to mask operational losses may be reaching a limit, potentially necessitating a fundamental shift in capital allocation.
As evidenced by the wide disparity between GAAP net income and FFO metrics, the company's earnings quality appears compromised by significant non-cash charges and potential impairments, which may be masking the true extent of the portfolio's underperformance in the current high-interest rate environment.
The extreme volatility in EPS and FFO per share figures suggests that the company's accounting may be subject to significant adjustments that obscure underlying cash flow trends. Investors should look past headline figures to determine if the company is effectively managing its debt service obligations or if it is increasingly reliant on external financing to cover operational shortfalls.
Quick answers to the most common questions about buying CMCT stock.
For fiscal year 2025, Creative Media & Community Trust Corporation (CMCT) reported total revenue of $116.7M. This represents a 1049.7% increase compared to $10.1M in 1996.
Creative Media & Community Trust Corporation (CMCT) reported a net loss of $39.0M for the fiscal year ending 2025.
Creative Media & Community Trust Corporation (CMCT) reported an operating income of $8.3M, resulting in an operating profit margin of 7.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Creative Media & Community Trust Corporation (CMCT) generated $-12.0M in gross profit for the year, representing a gross profit margin of -10.3%. This demonstrates the company's core pricing power and production efficiency.