CIM Commercial Trust Provides Update On Plan To Maximize Returns For Shareholders
March 07 2019 - 4:53PM
Business Wire
Sale of Five Properties
CIM Commercial Trust Corporation (NASDAQ & TASE: CMCT)
announced today that it has sold five properties as part of its
previously announced plan of unlocking embedded value in its
portfolio and improving the trading liquidity of its common stock.
The properties are located in Oakland, California and Washington,
D.C. and represent more than 50% of the properties that CMCT
targeted for sale as part of such plan. Of the remaining properties
targeted for sale, one property in San Francisco, California is
expected to be sold in March and three additional properties are
being actively marketed for sale.
After the completion of the sales, CMCT intends to provide
liquidity to its common stockholders by returning a significant
portion of the net proceeds to them. Further, CMCT expects that
shares of CMCT common stock held by its majority stockholder will
be distributed to a diverse group of holders, which CMCT expects to
be comprised of some of the current investors of such majority
stockholder. CMCT believes that these actions will improve the
trading liquidity of its common stock and that the price of CMCT
common stock will better reflect the strength of CMCT’s underlying
portfolio.
ABOUT CIM COMMERCIAL TRUST CORPORATION
CIM Commercial Trust Corporation is a real estate
investment trust that primarily acquires, owns, and operates
Class A and creative office assets in vibrant and improving
metropolitan communities throughout the United States. Its
properties are primarily located in Los Angeles, the San
Francisco Bay Area and Washington, D.C. CMCT 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 property
management 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," "expect," ”target,” "believe,"
"intend," or "could," or the negative or other words or expressions
of similar meaning, may identify forward-looking statements.
CMCT 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 CMCT 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 associated with (i) CMCT’s ability to
consummate sales with respect to the properties targeted for sale,
(ii) the extent to which capital is returned to stockholders, if at
all, and the timing thereof, (iii) the decision of CMCT’s majority
stockholder to distribute shares of CMCT common stock to its
investors and (iv) general economic, market and other conditions.
For a further list and description of the risks and uncertainties
inherent in forward-looking statements, see CMCT’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2017 and the
Registration Statement on Form S-11 (Reg. No. 333-210880)
relating to the Series A Preferred Stock.
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 CMCT to
predict all of them. Nor can CMCT 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. CMCT 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190307005854/en/
Media Relations:Bill Mendel, 212-397-1030bill@mendelcommunications.com
Investor Relations:Steve Altebrando,
646-652-8473investors@cimcommercial.com
Creative Media and Commu... (NASDAQ:CMCT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Creative Media and Commu... (NASDAQ:CMCT)
Historical Stock Chart
From Jul 2023 to Jul 2024