CIM Commercial Trust Declares Common and Preferred Stock Dividends
June 07 2021 - 6:30PM
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 common share. The
dividend will be paid on June 30, 2021 to stockholders of record at
the close of business on June 17, 2021.
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 2021. The dividend will be payable
as follows: $0.114583 per share to be paid on July 15, 2021 to
Series A Preferred Stockholders of record on July 5, 2021;
$0.114583 per share to be paid on August 16, 2021 to Series A
Preferred Stockholders of record on August 5, 2021; and $0.114583
per share to be paid on September 15, 2021 to Series A Preferred
Stockholders of record on September 5, 2021. The Board of Directors
has also declared a quarterly cash dividend of $0.353125 per share
of CMCT’s Series D Preferred Stock for the third quarter of 2021.
The dividend will be payable as follows: $0.117708 per share to be
paid on July 15, 2021 to Series D Preferred Stockholders of record
on July 5, 2021; $0.117708 per share to be paid on August 16, 2021
to Series D Preferred Stockholders of record on August 5, 2021; and
$0.117708 per share to be paid on September 15, 2021 to Series D
Preferred Stockholders of record on September 5, 2021. For shares
of Series A Preferred Stock and Series D Preferred Stock issued
during the third quarter of 2021, 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. Such forward-looking statements are based on particular
assumptions that management of CMCT 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 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 and the Quarterly Report on Form
10-Q for the quarter ended March 31, 2021. 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 CMCT believes 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/20210607005758/en/
Media Relations: Karen Diehl Diehl Communications
310-741-9097 karen@diehlcommunications.com or Investor
Relations: Steve Altebrando, 646-652-8473
investors@cimcommercial.com
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