DALLAS--(BUSINESS WIRE)--Dec. 18, 2017--
CIM Commercial Trust Corporation (NASDAQ: CMCT), a real estate
investment trust (REIT) that principally invests in, owns, and operates
Class A and creative office investments in vibrant and improving urban
communities throughout the U.S., today announced that it has
repurchased, in a privately negotiated transaction, 14,090,909 shares of
its common stock from a fund (the "Fund") managed by an affiliate of CIM
Group, the manager of CMCT. The aggregate purchase price was
$310,000,000 or $22.00 per share.
In order for all common shareholders to participate in the economic
benefit of the share repurchase in an equitable manner, CMCT's Board of
Directors has declared a special cash dividend of $0.73 per common
share. The amount of the special cash dividend per common share was
calculated based on the spread between $22.00, the repurchase price, and
the volume-weighted average price per common share for the 20 trailing
trading days through December 15, 2017 of $19.12 per common share. The
dividend will be paid on January 11, 2018 to common shareholders of
record as of December 29, 2017. The Fund has informed CMCT that it
waived its right to receive this special cash dividend on the common
shares that it owns.
The repurchase and special cash dividend are part of CMCT's previously
stated goal of focusing on increasing the net asset value and cash flows
per share of common stock while providing liquidity to common
shareholders at prices reflecting the underlying fundamentals of CMCT's
portfolio.
ABOUT CIM COMMERCIAL TRUST CORPORATION
CIM Commercial Trust Corporation is a real estate investment trust
(REIT) that principally invests, owns, and operates stabilized Class A
and creative office investments located in vibrant and improving urban
communities throughout the U.S. Properties are primarily located in Los
Angeles, the San Francisco Bay Area and Washington, D.C. CIM Investment
Advisors, LLC, the manager of CIM Commercial Trust, is comprised of a
seasoned team of real estate investment professionals with extensive
expertise in acquisitions, investments, development, finance, leasing,
asset management as well as in-house research capabilities. www.cimcommercial.com
FORWARD-LOOKING STATEMENTS
The information set forth herein contains "forward-looking statements."
You can identify these statements by the fact that they do not relate
strictly to historical or current facts or discuss the business and
affairs of CIM Commercial Trust Corporation on a prospective basis.
Further, statements that include words such as "may," "will," "project,"
"might," "expect," "believe," "anticipate," "intend," "could," "would,"
"estimate," "continue," "pursue," or "should" or the negative or other
words or expressions of similar meaning, may identify forward-looking
statements.
CIM Commercial Trust bases these forward-looking statements on
particular assumptions that it 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. The
forward-looking statements are necessarily estimates reflecting the
judgment of CIM Commercial Trust 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 forward-looking
statements are subject to risks, uncertainties and other factors,
including those set forth in CIM Commercial Trust's Annual Report on
Form 10-K for the fiscal year ended December 31, 2016.
As you read and consider the information herein, you are cautioned to
not place undue reliance on these forward-looking statements. These
statements are not guarantees of performance or results and speak only
as of the date hereof. These forward-looking statements involve risks,
uncertainties and assumptions. In light of these risks and
uncertainties, there can be no assurance that the results and events
contemplated by the forward-looking statements contained herein will in
fact transpire. New factors emerge from time to time, and it is not
possible for CIM Commercial Trust to predict all of them. Nor can CIM
Commercial Trust assess the impact of each such factor or the extent to
which any factor, or combination of factors may cause results to differ
materially from those contained in any forward-looking statement. CIM
Commercial Trust undertakes no obligation to publicly update or release
any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events, except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171218006242/en/
Source: CIM Commercial Trust Corporation
For CIM Commercial Trust Corporation
Media Relations:
Bill
Mendel, 212-397-1030
bill@mendelcommunications.com
or
Investor
Relations:
Steve Altebrando, 646-652-8473
investors@cimcommercial.com
