CMCT Declares Preferred Stock Dividends

Rhea-AI Summary

CMCT (NASDAQ: CMCT, TASE: CMCT) announced its Board of Directors has declared dividends on its Series A, Series A1, and Series D Preferred Stock for Q3 2024. The declared dividends are as follows:

For Series A: $0.34375 per share per quarter ($0.114583 monthly) with record dates on August 5, September 5, and October 5, 2024, and payment dates on August 15, September 16, and October 15, 2024.

For Series A1: $0.489375 per share per quarter ($0.163125 monthly), reflecting a 7.83% annualized rate, with the same record and payment dates.

For Series D: $0.353125 per share per quarter ($0.117708 monthly), with the same record and payment dates.

This quarterly dividend reflects steady income for shareholders.

Positive

• Declared dividends provide stable income for shareholders.
• Series A1 Preferred Stock offers a 7.83% annualized dividend rate.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- CMCT (NASDAQ: CMCT and TASE: CMCT) announced today that its Board of Directors has declared preferred stock dividends on its Series A, Series A1 and Series D Preferred Stock for the third quarter of 2024.

The dividend amount, the record date and the payment date are as follows:

	Monthly Dividend Amount (per share)	Record Date	Payment Date
Series A Preferred Stock ($0.34375 per share for the quarter)	$0.114583	August 5, 2024 September 5,2024 October 5, 2024	August 15, 2024 September 16, 2024 October 15, 2024
Series A1 Preferred Stock ($0.489375 per share for the quarter)*	$0.163125
Series D Preferred Stock ($0.353125 per share for the quarter)	$0.117708

*The quarterly cash dividend of $0.489375 per share represents an annualized dividend rate of 7.83% (2.5% plus the federal funds rate of 5.33% on the applicable determination date). 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 applicable 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. For shares of Series A1 Preferred Stock issued in the third quarter of 2024, the dividend will be prorated from the date of issuance, and the monthly dividend payments will reflect such proration.

ABOUT CMCT

Creative Media & Community Trust Corporation (“CMCT”) is a real estate investment trust that owns, operates and develops premier multifamily and creative office assets in vibrant 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 applies 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,” “should,” or “goal” or the negative thereof or other variations or similar words or phrases. Such forward-looking statements also 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 timing, form, and operational effects of CMCT’s development activities, (ii) the ability of CMCT to raise in place rents to existing market rents and to maintain or increase occupancy levels, (iii) fluctuations in market rents, (iv) the effects of inflation and continuing higher interest rates on the operations and profitability of CMCT and (v) 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 in “Item 1A—Risk Factors” of CMCT’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 29, 2024. 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 expressed or implied herein will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements expressed or implied 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, except as may be required by applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240709112137/en/

Media Relations:

Karen Diehl

Diehl Communications

310-741-9097

karen@diehlcommunications.com

or

Investor Relations:

Steve Altebrando, 646-652-8473

shareholders@creativemediacommunity.com

Source: Creative Media & Community Trust Corporation

FAQ

What is the dividend amount for CMCT's Series A Preferred Stock for Q3 2024?

The dividend amount for CMCT's Series A Preferred Stock for Q3 2024 is $0.34375 per share, paid monthly at $0.114583.

When are the record dates for CMCT's Series A1 Preferred Stock dividends?

The record dates for CMCT's Series A1 Preferred Stock dividends are August 5, September 5, and October 5, 2024.

What is the annualized dividend rate for CMCT's Series A1 Preferred Stock?

The annualized dividend rate for CMCT's Series A1 Preferred Stock is 7.83%.

What are the payment dates for CMCT's Series D Preferred Stock dividends?

The payment dates for CMCT's Series D Preferred Stock dividends are August 15, September 16, and October 15, 2024.

How is the dividend rate for CMCT's Series A1 Preferred Stock calculated?

The dividend rate for CMCT's Series A1 Preferred Stock is calculated as the greater of 6.00% of the Stated Value divided quarterly or the Federal Funds Rate plus 2.50%, capped at 2.50% quarterly.