CMCT (NASDAQ: CMCT and TASE: CMCT-L) announced today that its
Board of Directors has declared preferred stock dividends on its
Series A, Series A1 and Series D Preferred Stock.
Series A Preferred Stock
The Board of Directors has declared a quarterly cash dividend of
$0.34375 per share of CMCT's Series A Preferred Stock for the first
quarter of 2023. The dividend will be payable monthly as follows:
$0.114583 per share to be paid on February 15, 2023 to Series A
Preferred Stockholders of record on February 5, 2023; $0.114583 per
share to be paid on March 15, 2023 to Series A Preferred
Stockholders of record on March 5, 2023; and $0.114583 per share to
be paid on April 17, 2023 to Series A Preferred Stockholders of
record on April 5, 2023.
Series A1 Preferred Stock
The Board of Directors has declared a quarterly cash dividend of
$0.395625 per share of CMCT's Series A1 Preferred Stock for the
first quarter of 2023. The quarterly cash dividend of $0.395625 per
share represents an annualized dividend rate of 6.33% (2.5% plus
the Federal Fund rate of 3.83% on the dividend determination date,
which was December 1, 2022). The dividend determination date for
the second quarter of 2023 will be March 1, 2023.
The terms of the Series A1 Preferred Stock provide for
cumulative cash dividends (if, as and when authorized by the Board
of Directors) on each share of Series A1 Preferred Stock at a
quarterly rate of the greater of (i) 6.00% of the Series A1 Stated
Value, divided by four (4) and (ii) the Federal Funds (Effective)
Rate on the dividend determination date, plus 2.50%, of the Series
A1 Stated Value, divided by four (4), up to a maximum of 2.50% of
the Series A1 Stated Value per quarter.
The dividend will be payable monthly as follows: $0.131875 per
share to be paid on February 15, 2023 to Series A1 Preferred
Stockholders of record on February 5, 2023; $0.131875 per share to
be paid on March 15, 2023 to Series A1 Preferred Stockholders of
record on March 5, 2023; and $0.131875 per share to be paid on
April 17, 2023 to Series A1 Preferred Stockholders of record on
April 5, 2023. For shares of Series A1 Preferred Stock issued in
the first quarter of 2023, the dividend will be prorated from the
date of issuance, and the monthly dividend payments will reflect
such proration.
Series D Preferred Stock
The Board of Directors has declared a quarterly cash dividend of
$0.353125 per share of CMCT’s Series D Preferred Stock for the
first quarter of 2023. The dividend will be payable monthly as
follows: $0.117708 per share to be paid on February 15, 2023 to
Series D Preferred Stockholders of record on February 5, 2023;
$0.117708 per share to be paid on March 15, 2023 to Series D
Preferred Stockholders of record on March 5, 2023; and $0.117708
per share to be paid on April 17, 2023 to Series D Preferred
Stockholders of record on April 5, 2023.
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 and in CMCT’s Quarterly Report on Form 10-Q for the period
ended September 30, 2022. 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/20230112005294/en/
Media Relations: Karen Diehl Diehl Communications
310-741-9097 karen@diehlcommunications.com or Investor
Relations: Steve Altebrando, 646-652-8473
shareholders@creativemediacommunity.com
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