CIM Commercial Trust Declares Common and Preferred Stock Dividends
June 03 2020 - 5:30PM
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 June 29, 2020 to shareholders
of record at the close of business on June 15, 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 third quarter of 2020. The dividend will be payable
as follows: $0.114583 per share to be paid on August 17, 2020 to
Series A Preferred Stockholders of record at the close of business
on August 5, 2020; $0.114583 per share to be paid on September 15,
2020 to Series A Preferred Stockholders of record at the close of
business on September 5, 2020; and $0.114583 per share to be paid
on October 15, 2020 to Series A Preferred Stockholders of record at
the close of business on October 5, 2020. For shares issued during
the third 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 of $0.353125 per share of CMCT’s Series D Preferred Stock
for the third quarter of 2020. The dividend will be payable as
follows: $0.117708 per share to be paid on August 17, 2020 to
Series D Preferred Stockholders of record at the close of business
on August 5, 2020; $0.117708 per share to be paid on September 15,
2020 to Series D Preferred Stockholders of record at the close of
business on September 5, 2020; and $0.117708 per share to be paid
on October 15, 2020 to Series D Preferred Stockholders of record at
the close of business on October 5, 2020. For shares issued during
the third 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's management
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 scope, severity and duration of the
current pandemic of the novel coronavirus, or COVID-19, and actions
taken to contain the pandemic or mitigate its impact, (ii) the
potential adverse effect of the COVID-19 pandemic on the financial
condition, results of operations, cash flows and performance of CIM
Commercial and its tenants and business partners, the real estate
market and the global economy and financial markets, (iii) the
timing, form, and operational effects of CIM Commercial's
development activities, (iv) the ability of CIM Commercial to raise
in place rents to existing market rents, (v) fluctuations in market
rents, including as a result of COVID-19, and (vi) general
economic, market and other conditions. The forward-looking
statements included herein are based on current expectations and
there can be no assurance that these expectations will be attained.
Assumptions relating to the foregoing involve judgments with
respect to, among other things, future economic, competitive and
market conditions and future business decisions, all of which are
difficult or impossible to predict accurately and many of which are
beyond our control. Although we believe that the assumptions
underlying the forward-looking statements are reasonable, any of
the assumptions could be inaccurate and, therefore, there can be no
assurance that any forward-looking statements included in this
release will prove to be accurate. In light of the significant
uncertainties inherent in the forward-looking statements included
herein, the inclusion of such information should not be regarded as
a representation by us or any other person that our objectives and
plans will be achieved. 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, 2019 and Quarterly Report on Form 10-Q for the
quarter ended March 31, 2020. 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/20200603005871/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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