Creative Media & Community Trust Corporation ("CMCT”')
(NASDAQ : CMCT and TASE: CMCT-L), formerly known as CIM Commercial
Trust Corporation, announced today the Company's new name.
"CMCT will be investing in and developing the next generation of
creative offices and residential, executing on a significant
opportunity presented by a transition in the office and multifamily
market as businesses have accelerated the adoption of a hybrid
workplace," said David Thompson, Chief Executive Officer of CMCT.
"Creative Media & Community Trust reflects the Company's
movement to build on demand for highly amenitized multifamily
properties and creative and inspiring office in vibrant markets
where tenants are seeking a modern design aesthetic that emphasizes
comfort, collaboration and flexibility--the type of environment
that supports the recruitment and retention of talented
professionals."
According to a recent national study, creative office leasing
has reached 96 percent of prepandemic levels yet it represents
only 5 percent of the U.S. office inventory. In addition, creative
office assets command an approximately 43 percent rent premium over
traditional office space.
CMCT is focused on building on its deep experience in the office
sector to become a leader in acquiring and developing well-located,
next generation, creative offices that have the attributes that
appeal to rapidly growing industries such as technology, media and
entertainment. CMCT is pursuing opportunities in major markets
across the U.S., such as Los Angeles and Austin, that are hubs for
these flourishing industries.
On February 22, 2022, CMCT and a co-investor announced the $51
million acquisition of a 99,000-square-foot building in the Echo
Park neighborhood of Los Angeles, advancing the creative office
focus of CMCT. The Company will invest in repositioning the asset
as a creative office property, building on its unparalleled
location in a bustling, walkable neighborhood that is home to
boutique retail, galleries and innovative dining. "Echo Park is a
largely untapped office market that is ideal for a CMCT creative
office," Mr. Thompson noted.
Among CMCT's creative office assets is Penn Field, an
approximately 228,000-square-foot, 16-acre campus in Austin,
originally developed in 1918 as an air base for the U.S. Army and
transformed over time into an inviting creative office campus. In
2020, CMCT completed a new $15 million, 44,000-square-foot,
two-story office building at Penn Field and leased the entire
building to F45 Training for its new corporate headquarters. After
signing a lease with a premier technology company, the Penn Field
office campus is expected to reach 99 percent leased.
To realize CMCT's business objectives, the Company will continue
to draw on CIM Group's experience in developing, owning and
operating premier creative office and multifamily properties in top
markets across the U.S.
CMCT will continue to trade on the NASDAQ under "CMCT" and the
Tel Aviv Stock exchange under "CMCT-L".
ABOUT CREATIVE MEDIA & COMMUNITY TRUST COMPANY
Creative Media and Trust Company (“CMCT”) is a real estate
investment trust that seeks to own, operate and develop premier
multifamily and creative office assets in vibrant and emerging
communities throughout the United States. CMCT is a leader in
creative office, acquiring and developing properties catering to
rapidly growing industries such as technology, media and
entertainment. CMCT seeks to apply the expertise of CIM to the
acquisition development and operation of top-tier multifamily
properties situated in dynamic markets with similar business and
employment characteristics to its creative office investments. 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 onsite property
management capabilities. (www.creativemediacommunity.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 can be identified by the use of forward-looking
terminology such as “may,” “will,” “project,” “target,” “expect,”
“intend,” “might,” “believe,” “anticipate,” “estimate,” “could,”
“would,” “continue,” “pursue,” “potential,” “forecast,” “seek,”
“plan,” “should,” “goal” or the negative thereof or other
variations or similar words or phrases. Such forward-looking
statements include, among others, statements about CMCT’s plans and
objectives relating to future growth. 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, and the
winding-down or termination of governmental assistance programs
implemented to address the pandemic, (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, (vii) the effects
of inflation and higher interest rate on the operations and
profitability of CMCT and (vii) 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, 2020 filed with the
Securities and Exchange Commission (“SEC”) on March 16, 2021 and
amended on April 30, 2021 (the “2020. Form 10-K”). 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, except as may be
required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220310005602/en/
Karen Diehl Diehl Communications 310-741-9097
karen@diehlcommunications.com
Shareholder Relations CIM Group 646-652-8473
shareholderrelations@cimgroup.com
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