Creative Media & Community Trust Corporation - CMCT STOCK NEWS

The shareholder group, led by Lionbridge Capital and including Robotti & Company and Winthrop Realty Partners, which owns approximately 6.0% of CIM Commercial Trust Corporation (CMCT), has raised concerns over significant SEC disclosure violations by CMCT. The group alleges that CMCT failed to properly disclose a purported amendment to its Charter that reduced beneficial ownership limits from 9.8% to 6.25%. This lack of disclosure has led to CMCT's ineligibility to utilize Form S-3 for its Rights Offering, raising serious governance issues and concerns over shareholder rights.

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.

CIM Commercial Trust Corporation (NASDAQ: CMCT) announced a rights offering aimed at raising approximately $137.3 million through newly issued common stock. The record date for shareholders is set for June 11, 2021, with subscriptions priced at $9.25 per share. This offering aims to enhance the company's capital structure and financial flexibility while allowing existing shareholders to maintain their ownership percentage. The offering is expected to expire on June 23, 2021.

The company also noted intentions of its affiliates to fully exercise their subscription rights.

CIM Commercial Trust Corporation (NASDAQ: CMCT) reported its Q1 2021 results, showing a net loss of $8.2 million, or $(0.55) per share. The same-store office portfolio was 78.6% leased, with a cash rent growth of 22.8%. Total segment net operating income decreased to $9.1 million from $11.5 million year-over-year. Hotel segment NOI fell sharply to $(0.8) million, largely due to COVID-19 impacts, while lending segment NOI improved to $2.1 million. The company declared a quarterly cash dividend of $0.0750 per share of common stock.

CIM Commercial Trust Corporation (NASDAQ: CMCT) reported its operating results for Q4 and year-end December 31, 2020. Net loss for Q4 was $8.9 million, improving from $11.6 million in Q4 2019. Annualized rent per occupied square foot increased 5.8% to $50.96. However, the same-store office portfolio was 80.3% leased, down from 87.0% a year earlier. Same-store net operating income decreased 8.9%, while cash NOI increased by 2.2%. Management anticipates growth opportunities in Austin and a recovery in Sacramento and lending operations.

On March 15, 2021, Lionbridge Capital and Robotti & Company Advisors, owning approximately 5% of CIM Commercial Trust Corporation (CMCT), sent an open letter to the Board of Directors. They urged the Board to explore strategic alternatives to maximize stockholder value, including potentially selling CMCT's assets or conducting a market check for acquisition proposals. The Stockholder Group emphasized the need for independent directors to lead the strategic review, citing conflicts of interest. They also called for an early Annual Meeting to allow stockholders to elect a Board that prioritizes their interests.

CIM Commercial Trust Corporation (CMCT), a REIT focused on Class A office assets, has declared a quarterly cash dividend of $0.075 per common share, payable on March 30, 2021, to stockholders of record as of March 15, 2021. Additionally, the Board announced dividends for Series A and Series D Preferred Stocks, totaling $0.34375 and $0.353125 respectively for Q2 2021. Payments for preferred stock will occur in three installments starting on May 17, 2021.

Lionbridge Capital, LP and Robotti & Company Advisors LLC, owning approximately 5.0% of CIM Commercial Trust Corporation (CMCT), announced the nomination of six candidates for the CMCT Board of Directors for the 2021 Annual Meeting. The nominees include Thomas D. Ferguson, Mark C. Gelnaw, and others. The Nominating Stockholders expressed concerns over CMCT's persistent undervaluation, poor corporate governance, and conflicts of interest with its external advisor, CIM Group. They emphasize that board changes are essential to protect shareholder interests and realize CMCT's intrinsic value.

CIM Commercial Trust Corporation (NASDAQ: CMCT, TASE: CMCT-L) has secured an eight-year lease for an entire 44,000-square-foot office building at the Penn Field office campus in Austin. The building is part of a 228,000-square-foot mixed-use property and aims to exceed a return on cost of 8%. With the lease-up of the new building, the property is now 86% leased. The development reflects the historical character of the site, originally an air base built in 1918. CIM Group, the operator, has developed over 2.2 million square feet in Austin, enhancing the local real estate market.