CIM Commercial Trust Corporation Announces Successful Offering of Series L Preferred Stock
November 27 2017 - 5:21PM
Business Wire
CIM Commercial Trust Corporation (NASDAQ / TASE: CMCT), a real
estate investment trust (REIT) that principally invests in, owns,
and operates Class A and creative office investments in vibrant and
improving urban communities throughout the U.S., announced today
that last week it completed a successful offering of its Series L
Preferred Stock in Israel. The offering resulted in net proceeds of
approximately $207 million, which will be used by the Company
primarily for acquisitions and additional investments consistent
with its acquisition and asset management strategies and repayment
of debt as well as other general corporate purposes. Following the
closing of the offering, the Series L Preferred Stock and the
Company’s Common Stock have been listed for trading on the Tel Aviv
Stock Exchange (“TASE”) and NASDAQ.
ABOUT CIM COMMERCIAL TRUST CORPORATION
CIM Commercial Trust Corporation is a real estate investment
trust (REIT) that principally invests in, owns, and operates Class
A and creative office investments in vibrant and improving urban
communities throughout the U.S. Properties are primarily located in
Los Angeles, the San Francisco Bay Area, Sacramento, and
Washington, D.C. CIM Investment Advisors, LLC, the manager of CIM
Commercial Trust, is comprised of a seasoned team of real estate
investment professionals with extensive expertise in acquisitions,
investments, development, finance, leasing, asset management as
well as in-house research capabilities. www.cimcommercial.com
FORWARD-LOOKING STATEMENTS
The information set forth herein contains "forward-looking
statements." You can identify these statements by the fact that
they do not relate strictly to historical or current facts or
discuss the business and affairs of CIM Commercial Trust
Corporation on a prospective basis. Further, statements that
include words such as "may," "will," "project," "might," "expect,"
"believe," "anticipate," "intend," "could," "would," "estimate,"
"continue," "pursue," or "should" or the negative or other words or
expressions of similar meaning, may identify forward-looking
statements.
CIM Commercial Trust bases these forward-looking statements
on particular assumptions that it has made in light of its
experience, as well as its perception of expected future
developments and other factors that it believes are appropriate
under the circumstances. The forward-looking statements are
necessarily estimates reflecting the judgment of CIM
Commercial Trust and involve a number of risks and
uncertainties that could cause actual results to differ materially
from those suggested by the forward-looking statements. These
forward-looking statements are subject to risks, uncertainties and
other factors, including those set forth in CIM Commercial
Trust's Annual Report on Form 10-K for the fiscal year
ended December 31, 2016.
As you read and consider the information herein, you are
cautioned to not place undue reliance on these forward-looking
statements. These statements are not guarantees of performance or
results and speak only as of the date hereof. These forward-looking
statements involve risks, uncertainties and assumptions. In light
of these risks and uncertainties, there can be no assurance that
the results and events contemplated by the forward-looking
statements contained herein will in fact transpire. New factors
emerge from time to time, and it is not possible for CIM
Commercial Trust to predict all of them. Nor can CIM
Commercial Trust assess the impact of each such factor or the
extent to which any factor, or combination of factors may cause
results to differ materially from those contained in any
forward-looking statement. CIM Commercial
Trust undertakes no obligation to publicly update or release
any revisions to these forward-looking statements to reflect events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events, except as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20171127006034/en/
For CIM Commercial Trust CorporationMedia
Relations:Bill Mendel,
212-397-1030bill@mendelcommunications.comorInvestor Relations:Steve
Altebrando, 646-652-8473investors@cimcommercial.com
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