CIM Commercial Trust Corporation Announces Estimated Net Asset Value Per Share of $23.96
March 28 2018 - 8:45AM
Business Wire
CIM Commercial Trust Corporation (NASDAQ|TASE: CMCT), a
real estate investment trust (REIT) that principally acquires,
owns, and operates Class A and creative office assets in vibrant
and improving urban communities throughout the U.S., has announced
that the estimated net asset value per share of common stock of CIM
Commercial Trust Corporation increased to $23.96 as of December 31,
2017, as compared to $23.14 as of December 31, 2016. In addition to
the increase in estimated net asset value per share, CIM Commercial
Trust Corporation declared a total of $3.58 in regular and special
dividends per share of common stock in 2017.
“Our high-quality Class A and creative office portfolio is well
situated in high barrier to entry, gateway markets and was 95.3%
leased at the end of 2017,” said Charles Garner, CEO
of CIM Commercial Trust Corporation. “We are targeting 4% to
6% annualized same-store NOI growth through 2022 driven by
contractual rent increases as well as anticipated increases to
below market in-place rents.”
The estimated net asset value per share of $23.96 was calculated
by the operator of CIM Commercial Trust Corporation, an affiliate
of CIM Group, L.P., relying in part on appraisals of CIM Commercial
Trust Corporation’s real estate assets and the assets of its
lending segment.
CIM Commercial Trust Corporation posted an investor presentation
with additional information to its website at
http://shareholders.cimcommercial.com/.
ABOUT CIM COMMERCIAL TRUST CORPORATION
CIM Commercial Trust Corporation is a real estate
investment trust (REIT) that principally acquires, owns, and
operates Class A and creative office assets located in vibrant and
improving urban communities throughout the U.S. Its
properties are primarily located in Los Angeles,
the San Francisco Bay Area and Washington, D.C. CIM
Commercial Trust Corporation is operated by affiliates of CIM
Group, L.P., a vertically-integrated owner and operator of real
assets with multi-disciplinary expertise and in-house research,
acquisition, credit analysis, development, finance, leasing, and
asset management capabilities. www.cimcommercial.com
FORWARD-LOOKING STATEMENTS
This press release 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," "target," "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. Statements
relating to estimated net asset value are also forward-looking
statements, as they involve the implied assessment, based on
certain valuations, estimates and assumptions, that the assets
owned by CIM Commercial Trust Corporation can be profitably
developed, operated and/or sold in the future.
These forward-looking statements are necessarily estimates
reflecting the judgment of CIM Commercial Trust Corporation. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors, including those described in CIM
Commercial Trust Corporation’s public filings with the Securities
and Exchange Commission, which may cause CIM Commercial Trust
Corporation’s future results, performance or achievements to
materially differ from those expressed in, or implied or projected
by, the forward-looking statements.
As you read and consider the information herein, you are
cautioned to not place undue reliance on these forward-looking
statements. These forward-looking statements are not guarantees of
performance or results and speak only as of the date hereof. CIM
Commercial Trust Corporation 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.
FREE WRITING PROSPECTUS
Filed Pursuant to Rule 433Dated March 28, 2018Registration
Statement No. 333-210880
CIM Commercial Trust Corporation has filed a registration
statement (including a prospectus and prospectus supplements) with
the Securities and Exchange Commission for the offering to which
this communication relates. Before you invest, you should read the
prospectus and the prospectus supplements in that registration
statement and other documents CIM Commercial Trust Corporation has
filed with the Securities and Exchange Commission for more complete
information about CIM Commercial Trust Corporation and the
offering. You may get these documents for free by visiting CIM
Commercial Trust Corporation’s website at
http://shareholders.cimcommercial.com/ . Alternatively, you may
request to receive a prospectus by calling toll-free at
1-866-341-2653. You may also access the prospectus for free on the
Securities and Exchange Commission website at:
https://www.sec.gov/Archives/edgar/data/908311/000162828018003261/a424b3supplement11-seriesa.htm
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version on businesswire.com: https://www.businesswire.com/news/home/20180328005561/en/
For CIM Commercial Trust CorporationMedia
Relations:Bill Mendel,
212-397-1030bill@mendelcommunications.comorShareholder
Relations:Steve Altebrando,
646-652-8473investors@cimcommercial.com
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