CIM Commercial Trust Declares Common and Preferred Stock Dividends
March 02 2020 - 11:00PM
Business Wire
CIM Commercial Trust Corporation (NASDAQ: CMCT and TASE:
CMCT-L), a real estate investment trust (REIT) that primarily
acquires, owns, and operates Class A and creative office assets in
vibrant and improving metropolitan communities throughout the
United States, announced today that its Board of Directors has
declared a quarterly cash dividend of $0.075 per share of Common
Stock. The dividend will be paid on March 25, 2020 to shareholders
of record at the close of business on March 13, 2020.
In addition, the Board of Directors has declared a quarterly
cash dividend of $0.34375 per share of CMCT's Series A Preferred
Stock for the second quarter of 2020. The dividend will be payable
as follows: $0.114583 per share to be paid on May 15, 2020 to
Series A Preferred Stockholders of record at the close of business
on May 5, 2020; $0.114583 per share to be paid on June 15, 2020 to
Series A Preferred Stockholders of record at the close of business
on June 5, 2020; and $0.114583 per share to be paid on July 15,
2020 to Series A Preferred Stockholders of record at the close of
business on July 5, 2020. For shares issued during the second
quarter of 2020, the dividend will be prorated from the date of
issuance, and the monthly dividend payments will reflect such
proration, as applicable.
Further, the Board of Directors has declared a quarterly cash
dividend for CMCT’s Series D Preferred Stock for the first and
second quarters of 2020. For the first quarter of 2020, the
quarterly dividend per share will be $0.235417; for the second
quarter of 2020, the quarterly dividend per share will be
$0.353125. The quarterly dividend per share is lower in the first
quarter as it covers a two-month period, whereas the second quarter
covers a three-month period because the first issuance of the
Series D Preferred Stock occurred in February 2020. These dividends
will be payable as follows: $0.117708 per share to be paid on March
16, 2020 to Series D Preferred Stockholders of record at the close
of business on March 5, 2020; $0.117708 per share to be paid on
April 15, 2020 to Series D Preferred Stockholders of record at the
close of business on April 5, 2020; $0.117708 per share to be paid
on May 15, 2020 to Series D Preferred Stockholders of record at the
close of business on May 5, 2020; $0.117708 per share to be paid on
June 15, 2020 to Series D Preferred Stockholders of record at the
close of business on June 5, 2020; and $0.117708 per share to be
paid on July 15, 2020 to Series D Preferred Stockholders of record
at the close of business on July 5, 2020. For shares issued during
the first quarter and the second quarter of 2020, the dividend will
be prorated from the date of issuance, and the monthly dividend
payments will reflect such proration, as applicable.
ABOUT CIM COMMERCIAL TRUST CORPORATION
CIM Commercial Trust 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 and the San Francisco Bay Area. CIM Commercial Trust 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 onsite property management capabilities.
www.cimcommercial.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are based on particular
assumptions that management of CIM Commercial 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. Forward-looking statements are necessarily
estimates reflecting the judgment of CIM Commercial 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 risks and uncertainties include those associated
with (i) the timing, form and operational effects of CIM
Commercial's development activities, (ii) the ability of CIM
Commercial to raise in place rents to existing market rents, and
(iii) general economic, market and other conditions. For a further
list and description of the risks and uncertainties inherent in
forward-looking statements, see CIM Commercial's Annual Report on
Form 10-K for the fiscal year ended December 31, 2018 and the
Prospectus Supplement dated January 28, 2020 relating to the Series
A Preferred Stock and the Series D Preferred Stock.
Forward-looking statements are not guarantees of performance or
results and speak only as of the date such statements are made. CIM
Commercial undertakes no obligation to publicly update or release
any revisions to its forward-looking statements, whether to reflect
new information, future events, changes in assumptions or
circumstances or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200302006090/en/
Media Relations: Bill Mendel, 212-397-1030
bill@mendelcommunications.com
or
Investor Relations: Steve Altebrando, 646-652-8473
shareholders@cimcommercial.com
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