CIM Commercial Trust Declares Common and Preferred Stock Dividends
DALLAS – (BUSINESS WIRE) – CIM Commercial Trust Corporation (NASDAQ: CMCT and TASE: CMCT-L), a real estate investment trust (REIT) that primarily acquires Class A and creative office assets in dynamic, emerging cities in the United States and operates States, announced today that its board of directors has approved a quarterly cash dividend of $ 0.075 per common share. The dividend will be paid out to registered shareholders on September 29, 2021 with the close of business on September 17, 2021.
In addition, the board of directors has resolved a quarterly cash dividend of $ 0.34375 per share of CMCT Series A preferred stock for the fourth quarter of 2021. The dividend will be payable as follows: $ 0.114583 per share due on October 15, 2021 to Series A registered preferred stockholders on October 5, 2021; $ 0.114583 per share paid on November 15, 2021 to Series A preferred shareholders of record on November 5, 2021; and $ 0.114583 per share paid on December 15, 2021 to Series A preferred shareholders of record on December 5, 2021. The Board of Directors has also approved a quarterly cash dividend of $ 0.353125 per share of Series D Preferred Stock of CMCT for the fourth quarter of 2021. The dividend will be payable as follows: $ 0.117708 per share on October 15, 2021 paid to Series D preferred shareholders of record on October 5, 2021; $ 0.117708 per share paid on November 15, 2021 to Series D preferred shareholders of record on November 5, 2021; and $ 0.117708 per share paid on December 15, 2021 to Series D preferred shareholders of record on December 5, 2021 from the date of issue, and the monthly dividend payments will reflect those pro-rata dividends, if any.
ABOUT CIM COMMERCIAL TRUST CORPORATION
CIM Commercial Trust is a real estate investment trust that primarily owns and operates Class A real estate and creative office properties in dynamic and emerging major cities in the United States. CIM Commercial Trust, supported by the broad real estate capabilities of the CIM Group, seeks to become skilled in acquiring, owning, operating and developing cash flow creative offices, apartment buildings, retail, park, infill industrial and hospitality properties Congregations concentrate from the CIM group. CIM Commercial Trust is operated by affiliates of the CIM Group, LP, a vertically integrated property owner and operator with multidisciplinary expertise and internal research, acquisition, credit analysis, development, financing, leasing and on-site property management. (www.cimcommercial.com).
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”) that are intended to fall under the safe haven created by it. Such forward-looking statements are based on certain assumptions that the management of CMCT has made in the light of its experience and its perception of expected future developments and other factors that it considers appropriate under the given circumstances. Forward-looking statements are necessarily estimates that reflect the judgment of the management of CMCT and involve a number of risks and uncertainties that could cause actual results to differ materially from those proposed in the forward-looking statements. These risks and uncertainties include those related to (i) the scope, severity and duration of the current COVID-19 pandemic and measures taken to contain the pandemic or mitigate its effects; (ii) the adverse financial impact of COVID-19 , Earnings, cash flow and performance of CMCT and its tenants and business partners, the real estate market and the global economy and financial markets, including (iii) the timing, form and operational impact of CMCT’s development activities, (iv) the ability of CMCT to Raise existing rents to the existing market rents and maintain or increase the occupancy level, (v) fluctuations in market rents, including as a result of COVID-19, and (vi) general economic, market-related and other conditions. Additional important factors that could cause actual results from CMCT to differ materially from CMCT’s expectations are discussed in the “Risk Factors” section of CMCT’s Annual Report on Form 10-K for the year ended December 31, 2020. The forward-looking statements contained herein are based on current expectations and there can be no guarantee that these expectations will be met. Assumptions relating to the foregoing include judgments relating 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 the control of CMCT. Although CMCT believes that the assumptions underlying any of the forward-looking statements are reasonable, all assumptions may be inaccurate and no assurance can be given that the forward-looking statements contained herein will prove to be correct. Given the significant uncertainties inherent in the forward-looking statements contained herein, inclusion of such information should not be taken as a representation by CMCT or any other person that CMCT’s goals and plans will be achieved. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements only apply at the time of their publication. CMCT makes no commitment to update it to reflect changes that occur after the date of its creation.