CIM Commercial Trust Declares Common and Preferred Stock Dividends

Rhea-AI Summary

CIM Commercial Trust Corporation (CMCT) announced a quarterly cash dividend of $0.075 per common share, payable on June 30, 2021, to shareholders as of June 17, 2021. Additionally, the company declared a $0.34375 per share dividend for its Series A Preferred Stock, with payments scheduled on July 15, August 16, and September 15, 2021. For Series D Preferred Stock, the dividend is $0.353125, also payable in three installments during the same period. These dividends reflect CMCT's ongoing commitment to returning value to its shareholders.

Positive

• Quarterly cash dividend of $0.075 per common share enhances shareholder income.
• Series A Preferred Stock dividend of $0.34375 per share indicates significant returns for preferred shareholders.
• Series D Preferred Stock dividend of $0.353125 per share enhances attractiveness for investors.

Negative

• None.

CIM Commercial Trust Corporation (NASDAQ: CMCT and TASE: CMCT-L), a real estate investment trust (REIT) that primarily acquires, owns, and operates Class A and creative office assets in vibrant and improving metropolitan communities throughout 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 stockholders of record at the close of business on June 17, 2021.

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 2021. The dividend will be payable as follows: $0.114583 per share to be paid on July 15, 2021 to Series A Preferred Stockholders of record on July 5, 2021; $0.114583 per share to be paid on August 16, 2021 to Series A Preferred Stockholders of record on August 5, 2021; and $0.114583 per share to be paid on September 15, 2021 to Series A Preferred Stockholders of record on September 5, 2021. 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 2021. The dividend will be payable as follows: $0.117708 per share to be paid on July 15, 2021 to Series D Preferred Stockholders of record on July 5, 2021; $0.117708 per share to be paid on August 16, 2021 to Series D Preferred Stockholders of record on August 5, 2021; and $0.117708 per share to be paid on September 15, 2021 to Series D Preferred Stockholders of record on September 5, 2021. For shares of Series A Preferred Stock and Series D Preferred Stock issued during the third quarter of 2021, the dividend will be prorated from the date of issuance, and the monthly dividend payments will reflect such proration, as 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 throughout 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, 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.cimcommercial.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 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, and (vi) 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, 2019 and the Quarterly Report on Form 10-Q for the quarter ended March 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 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210607005758/en/

FAQ

What is the dividend amount for CMCT's common shares?

CMCT has declared a quarterly cash dividend of $0.075 per common share.

When will CMCT's preferred stock dividends be paid?

The Series A Preferred Stock dividend will be paid on July 15, August 16, and September 15, 2021. The Series D Preferred Stock dividend will be paid on the same dates.

What is the record date for CMCT's common share dividend?

The record date for CMCT's common share dividend is June 17, 2021.

How does CMCT's dividend strategy affect shareholders?

CMCT’s dividend strategy reflects the company’s commitment to returning value to shareholders, providing consistent income through dividends.