CIM Commercial Trust Announces Private Repurchase of 14,090,909 Shares and Declares Special Dividend on Common Stock
December 18 2017 - 8:15PM
Business Wire
CIM Commercial Trust Corporation (NASDAQ: 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., today announced
that it has repurchased, in a privately negotiated transaction,
14,090,909 shares of its common stock from a fund (the "Fund")
managed by an affiliate of CIM Group, the manager of CMCT. The
aggregate purchase price was $310,000,000 or $22.00 per share.
In order for all common shareholders to participate in the
economic benefit of the share repurchase in an equitable manner,
CMCT's Board of Directors has declared a special cash dividend of
$0.73 per common share. The amount of the special cash dividend per
common share was calculated based on the spread between $22.00, the
repurchase price, and the volume-weighted average price per common
share for the 20 trailing trading days through December 15, 2017 of
$19.12 per common share. The dividend will be paid on January 11,
2018 to common shareholders of record as of December 29, 2017. The
Fund has informed CMCT that it waived its right to receive this
special cash dividend on the common shares that it owns.
The repurchase and special cash dividend are part of CMCT's
previously stated goal of focusing on increasing the net asset
value and cash flows per share of common stock while providing
liquidity to common shareholders at prices reflecting the
underlying fundamentals of CMCT's portfolio.
ABOUT CIM COMMERCIAL TRUST CORPORATION
CIM Commercial Trust Corporation is a real estate investment
trust (REIT) that principally invests, owns, and operates
stabilized Class A and creative office investments located in
vibrant and improving urban communities throughout the U.S.
Properties are primarily located in Los Angeles, the San Francisco
Bay Area 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/20171218006242/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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