CIM Commercial Trust Declares Common and Preferred Stock Dividends
September 02 2020 - 5:22PM
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 September 29, 2020 to
shareholders of record at the close of business on September 14,
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 fourth quarter of 2020. The dividend will be payable
as follows: $0.114583 per share to be paid on November 16, 2020 to
Series A Preferred Stockholders of record on November 5, 2020;
$0.114583 per share to be paid on December 15, 2020 to Series A
Preferred Stockholders of record on December 5, 2020; and $0.114583
per share to be paid on January 15, 2021 to Series A Preferred
Stockholders of record on January 5, 2021. For shares issued during
the fourth 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 fourth quarter of 2020. The dividend will be payable as
follows: $0.117708 per share to be paid on November 16, 2020 to
Series D Preferred Stockholders of record on November 5, 2020;
$0.117708 per share to be paid on December 15, 2020 to Series D
Preferred Stockholders of record on December 5, 2020; and $0.117708
per share to be paid on January 15, 2021 to Series D Preferred
Stockholders of record on January 5, 2021. For shares issued during
the fourth 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 certain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 (the "Exchange
Act"), which are intended to be covered by the safe harbors created
thereby. Forward-looking statements are necessarily estimates
reflecting the judgment of CMCT'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 COVID-19, and actions taken to contain the pandemic or mitigate
its impact, (ii) the adverse effect of COVID-19 on the financial
condition, results of operations, cash flows and performance of
CMCT and its tenants and business partners, the real estate market
and the global economy and financial markets, among others, (iii)
the timing, form, and operational effects of CMCT's development
activities, (iv) the ability of CMCT to raise in place rents to
existing market rents and to maintain or increase occupancy levels,
(v) fluctuations in market rents, including as a result of
COVID-19, and (vi) general economic, market and other conditions.
Additional important factors that could cause CMCT's actual results
to differ materially from CMCT's expectations are discussed under
the section "Risk Factors" in CMCT's Annual Report on Form 10-K for
the year ended December 31, 2019, Quarterly Report on Form 10-Q for
the quarter ended March 31, 2020, and elsewhere in CMCT's Quarterly
Report on Form 10-Q for the quarter ended June 30, 2020. 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 CMCT's 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 the forward-looking
statements included herein 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 CMCT or any other
person that CMCT's objectives and plans will be achieved. Readers
are cautioned not to place undue reliance on forward-looking
statements. Forward-looking statements speak only as of the date
they are made. CMCT does not undertake to update them to reflect
changes that occur after the date they are made.
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version on businesswire.com: https://www.businesswire.com/news/home/20200902005947/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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