CMCT (NASDAQ: CMCT and TASE: CMCT-L) announced today that its
Board of Directors has declared a quarterly cash dividend of $0.085
per share of common stock. The dividend will be paid on July 5,
2022 to stockholders of record at the close of business on June 20,
2022.
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 2022. The dividend will be payable
as follows: $0.114583 per share to be paid on August 15, 2022 to
Series A Preferred Stockholders of record on August 5, 2022;
$0.114583 per share to be paid on September 15, 2022 to Series A
Preferred Stockholders of record on September 5, 2022; and
$0.114583 per share to be paid on October 17, 2022 to Series A
Preferred Stockholders of record on October 5, 2022.
Further, the Board of Directors has declared a quarterly cash
dividend of $0.375 per share of CMCT's Series A1 Preferred Stock
for the second and third quarter of 2022 (assuming there will be
shares of Series A1 Preferred Stock issued in June). The dividend
will be payable as follows: (1) with respect to the second quarter,
$0.125 per share to be paid on July 15, 2022 to Series A1 Preferred
Stockholders of record on July 5, 2022 and (2) with respect to the
third quarter, $0.125 per share to be paid on August 15, 2022 to
Series A1 Preferred Stockholders of record on August 5, 2022;
$0.125 per share to be paid on September 15, 2022 to Series A1
Preferred Stockholders of record on September 5, 2022; and $0.125
per share to be paid on October 17, 2022 to Series A1 Preferred
Stockholders of record on October 5, 2022.
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 2022. The dividend will be payable as
follows: $0.117708 per share to be paid on August 15, 2022 to
Series D Preferred Stockholders of record on August 5, 2022;
$0.117708 per share to be paid on September 15, 2022 to Series D
Preferred Stockholders of record on September 5, 2022; and
$0.117708 per share to be paid on October 17, 2022 to Series D
Preferred Stockholders of record on October 5, 2022.
For shares of Series A1 Preferred stock issued during the second
quarter of 2022, the dividend will be prorated from the date of
issuance, and the monthly dividend payments will reflect such
proration, as applicable. For shares of Series A Preferred Stock,
Series A1 Preferred Stock and Series D Preferred Stock issued
during the third quarter of 2022, as the case may be, the dividend
will be prorated from the date of issuance, and the monthly
dividend payments will reflect such proration, as applicable.
ABOUT CMCT
Creative Media & Community Trust Corporation (“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
also owns one hotel in Northern California and a lending platform
that originates loans under the Small Business Administration
(“SBA”)’s 7(a) loan program. 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,” or “should,” or “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 and outlook. 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, (vi) the effects of inflation and higher interest rates
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, 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 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/20220610005103/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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