Overview

• US real estate trust's Q1 revenue fell yr/yr

• Company completed sale of lending business and redeemed $242.8 mln in preferred stock

Outlook

• Company expects to improve multifamily net operating income by increasing occupancy and renewing leases at higher rents

• CMCT does not currently intend to redeem additional Preferred Stock at its own election

• Company is seeking to extend the maturity of the Oakland office mortgage, but outcome is uncertain

Result Drivers

• PREFERRED STOCK REDEMPTIONS - Higher preferred stock redemptions increased net loss and reduced FFO, per company

• HOTEL NOI IMPACTED BY RENOVATION - Hotel segment NOI decreased due to renovation-related disruption and mechanical issues removing rooms from service

Company press release: ID:nBw678L4Xa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$29.42 mln
Q1 EPS		-$70.52

Analyst Coverage

• The one available analyst rating on the shares is "hold"

• The average consensus recommendation for the commercial reits peer group is "hold"

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