CIM Commercial Trust declares dividends in common and preferred shares
CIM Commercial Trust Corporation (NASDAQ: CMCT and TASE: CMCT-L), a real estate investment trust (REIT) that primarily acquires, owns and operates Class A assets and creative offices in vibrant and improving metropolitan communities across 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 shareholders of record at the close of business on June 17, 2021.
In addition, the Board of Directors declared a quarterly cash dividend of $ 0.34375 per share of the Series A preferred shares of CMCT for the third quarter of 2021. The dividend will be payable as follows: $ 114,583 per share payable July 15, 2021 to Series A Preferred Shareholders of July 5, 2021; $ 114,583 per share payable on August 16, 2021 to Series A preferred shareholders of record on August 5, 2021; and $ 0.114583 per share payable on September 15, 2021 to Series A preferred shareholders of record on September 5, 2021. The Board of Directors also declared a quarterly cash dividend of $ 0.353125 per preferred share share of Series D of CMCT for the third quarter of 2021. The dividend will be payable as follows: $ 0.117708 per share payable on July 15, 2021 to Series D preferred shareholders of record on July 5, 2021; $ 0.117708 per share payable on August 16, 2021 to Series D preferred shareholders of record on August 5, 2021; and $ 0.117708 per share payable on September 15, 2021 to Series D preferred shareholders of record on September 5, 2021. For Series A preferred shares and Series D preferred shares issued during the third quarter of 2021, the dividend will be prorated from the date of issue, and monthly dividend payments will reflect this pro rata, if 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 across 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, LP, a vertically integrated owner and operator of real estate assets with multidisciplinary expertise and in-house capabilities for research, acquisition, credit analysis, development, financing, rental and property management on site. . (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”), which are intended to be covered by the Ports thus created. These forward-looking statements are based on specific assumptions that CMCT’s management has made in light of its experience, as well as its perception of expected future developments and other factors it deems appropriate in the circumstances. Forward-looking statements are necessarily estimates reflecting the judgment of CMCT’s management and involve a number of risks and uncertainties which could cause actual results to differ materially from those suggested by forward-looking statements. These risks and uncertainties include those associated with (i) the extent, severity and duration of the current COVID-19 pandemic, and measures taken to contain the pandemic or mitigate its impact, (ii) the negative effect of COVID-19 on the financial condition, results of operations, cash flow 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) CMCT’s ability to increase rents in place relative to existing market rents and to maintain or increase occupancy levels, (v ) fluctuations in market rents, including due to COVID-19, and (vi) general economy, market and other conditions. Other important factors that could cause CMCT’s actual results to differ materially from CMCT’s expectations are discussed in the “Risk Factors” section 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 in this document are based on current expectations and there can be no assurance that these expectations will be achieved. Assumptions relating to the foregoing involve judgments regarding, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict 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 correct. In light of the material uncertainties inherent in the forward-looking statements included in this document, the inclusion of such information should not be construed as a representation by CMCT or any other person that the objectives and plans of CMCT will be achieved. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date on which they are made. CMCT does not undertake to update them to reflect changes that have occurred after the date they were made.
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