CIM Commercial Trust Corporation Reports 2018 Third Quarter Results
Third Quarter 2018 Highlights
-
Annualized rent per occupied square foot1 on a same-store
basis increased 6.8% to
$43.30 as ofSeptember 30, 2018 compared to$40.54 as ofSeptember 30, 2017 ; annualized rent per occupied square foot across all properties was$44.86 as ofSeptember 30, 2018 . -
Our same-store office portfolio was 94.2% leased as of
September 30, 2018 . - During the third quarter of 2018, we executed 40,567 square feet of leases with terms longer than 12 months, of which 34,026 square feet were recurring leases executed at our same-store office portfolio, representing same-store cash rent growth per square foot of 25.0%.
-
Net loss attributable to common stockholders was
$4,448,000 , or$0.10 per diluted share, for the third quarter of 2018. - Same-store office segment net operating income (“NOI”), excluding lease termination income,2 increased 3.9%, and same-store office cash NOI, excluding lease termination income,2 increased 3.0%, for the third quarter of 2018 from the corresponding period in 2017.
- Same-store office segment NOI2 decreased 7.0%, while same-store office cash NOI2 increased 2.7%, for the third quarter of 2018 from the corresponding period in 2017.
-
Funds from operations (“FFO”) attributable to common stockholders was
$8,862,000 , or$0.20 per diluted share, for the third quarter of 2018.
Potential Recapitalization
As previously announced, CMCT is actively exploring a potential recapitalization plan with the purpose of, among other things, unlocking embedded value, enhancing growth prospects and improving the trading liquidity of its common stock. There can be no guarantee that the potential recapitalization will occur or, if any or all of the steps of the potential recapitalization occur, that the potential recapitalization will occur in the form currently contemplated. If any or all of the potential recapitalization occurs, the financial information reported herein may not necessarily be indicative of future operating results or operating conditions.
If the potential recapitalization is consummated, CMCT's remaining
portfolio would primarily consist of approximately 725,000 rentable
square feet of office space, a 503-room hotel and ancillary parking
garage, and properties with development opportunities located in
Following the potential recapitalization, the Company would remain
principally focused on Class A and creative office assets. For the
benefit of all classes of CMCT shareholders, the Company may also
participate more actively in additional urban real estate strategies and
product types of
The Company intends to continue to maintain a highly-flexible capital structure and expects to continue to target a 45% common equity percentage of total capitalization, based on fair value.
______________________________ |
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1 | Annualized rent per occupied square foot represents gross monthly base rent under leases commenced as of the specified periods, multiplied by twelve. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Annualized rent for certain office properties includes rent attributable to retail. | |
2 | Please see our definition of "same-store" on page 10 and a reconciliation of these metrics to net income starting on page 11. | |
Financial Highlights
As of
Third Quarter 2018
Net loss attributable to common stockholders was
FFO attributable to common stockholders was
Year to Date 2018
Net loss attributable to common stockholders was
FFO attributable to common stockholders was
Segment Information
Our reportable segments during the three months ended
Office
Same-Store
Same-store office segment NOI decreased 7.0% on a GAAP basis and
increased 2.7% on a cash basis for the three months ended
At
Total
Office segment NOI decreased to
Hotel
Hotel segment NOI was
Multifamily
During the three months ended
Lending
Our lending segment primarily consists of our SBA 7(a) lending platform,
which is a national lender that primarily originates loans to small
businesses in the hospitality industry. Lending segment NOI was
Debt and Equity
During the three months ended
In
Dividends
On
In addition, the Board of Directors approved, and we declared, a
quarterly cash dividend of
About CMCT
CIM Commercial is a real estate investment trust that primarily
acquires, owns, and operates Class A and creative office assets in
vibrant and improving urban communities throughout
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 on a prospective basis. Further, statements that include words such as "may," "will," "project," "might," "expect," “target,” "believe," "anticipate," "intend," "could," "would," "estimate," "continue," "pursue," "potential", "forecast", "seek", "plan", or "should" or the negative or other words or expressions of similar meaning, may identify forward-looking statements.
CIM Commercial 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. These forward-looking
statements are necessarily estimates reflecting the judgment of CIM
Commercial 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, but not limited
to, those associated with (i) the approval of the potential sale by the
Board of Directors and, if required, the stockholders of CIM Commercial,
(ii) CIM Commercial's ability to consummate the Potential
Recapitalization, including the potential sale and the potential return
of capital event, (iii) the extent to which directors and officers
reinvest proceeds from the potential sale into newly issued shares of
the Company's common stock, (iv) the terms and timing of the potential
sale, including the price at which assets are sold, (v) the development
and redevelopment of properties of CIM Commercial and (vi) changes in
market rental rates. For a further list and description of the risks and
uncertainties inherent in the forward looking statements, see CIM
Commercial's filings with the
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 to predict all of them. Nor can CIM Commercial 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 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.
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited and in thousands, except share and per share amounts) |
|||||||||||
September 30, 2018 | December 31, 2017 | ||||||||||
ASSETS | |||||||||||
Investments in real estate, net | $ | 1,066,971 | $ | 957,725 | |||||||
Cash and cash equivalents | 97,040 | 129,310 | |||||||||
Restricted cash | 21,524 | 27,008 | |||||||||
Loans receivable, net | 81,898 | 81,056 | |||||||||
Accounts receivable, net | 8,085 | 13,627 | |||||||||
Deferred rent receivable and charges, net | 86,337 | 84,748 | |||||||||
Other intangible assets, net | 10,684 | 6,381 | |||||||||
Other assets | 19,176 | 36,533 | |||||||||
TOTAL ASSETS | $ | 1,391,715 | $ | 1,336,388 | |||||||
LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY | |||||||||||
LIABILITIES: | |||||||||||
Debt, net | $ | 664,400 | $ | 630,852 | |||||||
Accounts payable and accrued expenses | 30,886 | 26,394 | |||||||||
Intangible liabilities, net | 3,351 | 1,070 | |||||||||
Due to related parties | 10,838 | 8,814 | |||||||||
Other liabilities | 15,657 | 14,629 | |||||||||
Total liabilities | 725,132 | 681,759 | |||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||||
REDEEMABLE PREFERRED STOCK: Series A, $0.001 par value; 36,000,000 |
43,145 | 27,924 | |||||||||
EQUITY: | |||||||||||
Series A cumulative redeemable preferred stock, $0.001 par value;
36,000,000 |
14,062 | 1,508 | |||||||||
Series L cumulative redeemable preferred stock, $0.001 par value;
9,000,000 |
229,251 | 229,251 | |||||||||
Common stock, $0.001 par value; 900,000,000 shares authorized;
43,795,073 and |
44 | 44 | |||||||||
Additional paid-in capital | 791,773 | 792,631 | |||||||||
Accumulated other comprehensive income | 3,038 | 1,631 | |||||||||
Distributions in excess of earnings | (415,568 | ) | (399,250 | ) | |||||||
Total stockholders' equity | 622,600 | 625,815 | |||||||||
Noncontrolling interests | 838 | 890 | |||||||||
Total equity | 623,438 | 626,705 | |||||||||
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY | $ | 1,391,715 | $ | 1,336,388 | |||||||
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited and in thousands, except per share amounts) |
|||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
REVENUES: | |||||||||||||||||||||
Rental and other property income | $ | 34,782 | $ | 37,299 | $ | 103,479 | $ | 134,482 | |||||||||||||
Hotel income | 7,715 | 7,749 | 27,564 | 27,331 | |||||||||||||||||
Expense reimbursements | 2,129 | 4,717 | 7,089 | 10,273 | |||||||||||||||||
Interest and other income | 3,014 | 5,619 | 9,465 | 11,546 | |||||||||||||||||
47,640 | 55,384 | 147,597 | 183,632 | ||||||||||||||||||
EXPENSES: | |||||||||||||||||||||
Rental and other property operating | 20,438 | 26,058 | 59,238 | 76,267 | |||||||||||||||||
Asset management and other fees to related parties | 6,121 | 6,896 | 18,475 | 23,459 | |||||||||||||||||
Interest | 6,965 | 9,359 | 20,409 | 28,645 | |||||||||||||||||
General and administrative | 1,205 | 1,342 | 6,496 | 4,668 | |||||||||||||||||
Transaction costs | 15 | 242 | 359 | 11,870 | |||||||||||||||||
Depreciation and amortization | 13,310 | 13,472 | 39,783 | 45,464 | |||||||||||||||||
Impairment of real estate | — | — | — | 13,100 | |||||||||||||||||
48,054 | 57,369 | 144,760 | 203,473 | ||||||||||||||||||
Gain on sale of real estate | — | 74,715 | — | 378,732 | |||||||||||||||||
(LOSS) INCOME BEFORE PROVISION FOR INCOME TAXES | (414 | ) | 72,730 | 2,837 | 358,891 | ||||||||||||||||
Provision for income taxes | 115 | 339 | 795 | 1,193 | |||||||||||||||||
NET (LOSS) INCOME | (529 | ) | 72,391 | 2,042 | 357,698 | ||||||||||||||||
Net loss (income) attributable to noncontrolling interests | 1 | 4 | (15 | ) | (10 | ) | |||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY | (528 | ) | 72,395 | 2,027 | 357,688 | ||||||||||||||||
Redeemable preferred stock dividends accumulated | (3,152 | ) | — | (9,456 | ) | — | |||||||||||||||
Redeemable preferred stock dividends declared | (769 | ) | (138 | ) | (1,924 | ) | (241 | ) | |||||||||||||
Redeemable preferred stock redemptions | 1 | — | 3 | — | |||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (4,448 | ) | $ | 72,257 | $ | (9,350 | ) | $ | 357,447 | |||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE: | |||||||||||||||||||||
Basic | $ | (0.10 | ) | $ | 1.25 | $ | (0.21 | ) | $ | 4.86 | |||||||||||
Diluted | $ | (0.10 | ) | $ | 1.25 | $ | (0.21 | ) | $ | 4.86 | |||||||||||
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | |||||||||||||||||||||
Basic | 43,795 | 57,876 | 43,791 | 73,503 | |||||||||||||||||
Diluted | 43,795 | 57,876 | 43,791 | 73,503 | |||||||||||||||||
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Funds
from Operations
(Unaudited and in thousands, except per
share amounts)
We believe that FFO is a widely recognized and appropriate measure of
the performance of a REIT and that it is frequently used by securities
analysts, investors and other interested parties in the evaluation of
REITs, many of which present FFO when reporting their results. FFO
represents net income (loss) attributable to common stockholders,
computed in accordance with generally accepted accounting principles
("GAAP"), which reflects the deduction of redeemable preferred stock
dividends accumulated, excluding gains (or losses) from sales of real
estate, impairment of real estate, and real estate depreciation and
amortization. We calculate FFO in accordance with the standards
established by the
Like any metric, FFO should not be used as the only measure of our performance because it excludes depreciation and amortization and captures neither the changes in the value of our real estate properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our operating results. Other REITs may not calculate FFO in accordance with the standards established by the NAREIT; accordingly, our FFO may not be comparable to the FFOs of other REITs. Therefore, FFO should be considered only as a supplement to net income (loss) as a measure of our performance and should not be used as a supplement to or substitute measure for cash flows from operating activities computed in accordance with GAAP. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends.
The following table sets forth a reconciliation of net (loss) income attributable to common stockholders to FFO attributable to common stockholders:
Three Months Ended |
Nine Months Ended |
||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Net (loss) income attributable to common stockholders | $ | (4,448 | ) | $ | 72,257 | $ | (9,350 | ) | $ | 357,447 | |||||||||||
Depreciation and amortization | 13,310 | 13,472 | 39,783 | 45,464 | |||||||||||||||||
Impairment of real estate | — | — | — | 13,100 | |||||||||||||||||
Gain on sale of depreciable assets | — | (74,715 | ) | — | (378,732 | ) | |||||||||||||||
FFO attributable to common stockholders | $ | 8,862 | $ | 11,014 | $ | 30,433 | $ | 37,279 | |||||||||||||
FFO attributable to common stockholders per diluted share | $ | 0.20 | $ | 0.19 | $ | 0.69 | $ | 0.51 | |||||||||||||
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Earnings
Per Share
(Unaudited and in thousands, except per share
amounts)
Earnings per share ("EPS") for the year-to-date period may differ from the sum of quarterly EPS amounts due to the required method for computing EPS for the respective periods. In addition, EPS is calculated independently for each component and may not be additive due to rounding.
The following table reconciles the numerator and denominator used in
computing our basic and diluted per-share amounts for net (loss) income
attributable to common stockholders for the three and nine months ended
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||
Numerator: | ||||||||||||||||||||
Net (loss) income attributable to common stockholders | $ | (4,448 | ) | $ | 72,257 | $ | (9,350 | ) | $ | 357,447 | ||||||||||
Redeemable preferred stock dividends declared on dilutive shares | — | — | — | — | ||||||||||||||||
Numerator for dilutive net (loss) income attributable to common stockholders | $ | (4,448 | ) | $ | 72,257 | $ | (9,350 | ) | $ | 357,447 | ||||||||||
Denominator: | ||||||||||||||||||||
Basic weighted average shares of common stock outstanding | 43,795 | 57,876 | 43,791 | 73,503 | ||||||||||||||||
Effect of dilutive securities—contingently issuable shares | — | — | — | — | ||||||||||||||||
Diluted weighted average shares and common stock equivalents outstanding | 43,795 | 57,876 | 43,791 | 73,503 | ||||||||||||||||
Net (loss) income attributable to common stockholders per share: | ||||||||||||||||||||
Basic | $ | (0.10 | ) | $ | 1.25 | $ | (0.21 | ) | $ | 4.86 | ||||||||||
Diluted | $ | (0.10 | ) | $ | 1.25 | $ | (0.21 | ) | $ | 4.86 | ||||||||||
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Reconciliation
of Net Operating Income
(Unaudited and in thousands)
We internally evaluate the operating performance and financial results of our real estate segments based on segment NOI, which is defined as rental and other property income and expense reimbursements less property related expenses and excludes non-property income and expenses, interest expense, depreciation and amortization, corporate related general and administrative expenses, gain (loss) on sale of real estate, impairment of real estate, transaction costs, and provision for income taxes. For our lending segment, we define NOI as interest income net of interest expense and general overhead expenses. We also evaluate the operating performance and financial results of our operating segments using cash basis NOI, or "cash NOI". We define cash NOI as segment NOI adjusted to exclude the effect of the straight lining of rents, acquired above/below market lease amortization and other adjustments required by GAAP.
Segment NOI and cash NOI are not measures of operating results or cash flows from operating activities as measured by GAAP and should not be considered alternatives to income from continuing operations, or to cash flows as a measure of liquidity, or as an indication of our performance or of our ability to pay dividends. Companies may not calculate segment NOI or cash NOI in the same manner. We consider segment NOI and cash NOI to be useful performance measures to investors and management because, when compared across periods, they reflect the revenues and expenses directly associated with owning and operating our properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing a perspective not immediately apparent from income from continuing operations. Additionally, we believe that cash NOI is helpful to investors because it eliminates straight line rent and other non-cash adjustments to revenue and expenses.
To facilitate a comparison of our segments and portfolio between
reporting periods, we calculate comparable amounts for a subset of our
segments and portfolio referred to as our “same-store properties.” Our
same-store properties are ones which we have owned and operated in a
consistent manner and reported in our consolidated results during the
entire span of the periods being reported. We excluded from our
same-store property set this quarter any properties (i) acquired on or
after
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Reconciliation
of Net Operating Income (Continued)
(Unaudited and in
thousands)
Below is a reconciliation of cash NOI excluding lease termination income
to net income (loss) for the three months ended
Three Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||
Same- |
Non- |
Total |
Hotel |
Multi- |
Lending | Total | ||||||||||||||||||||||||||||||
Cash net operating income |
||||||||||||||||||||||||||||||||||||
excluding lease termination income |
$ | 19,981 | $ | 1,427 | $ | 21,408 | $ | 2,590 | $ | — | $ | 838 | $ | 24,836 | ||||||||||||||||||||||
Cash lease termination income | 57 | — | 57 | — | — | — | 57 | |||||||||||||||||||||||||||||
Cash net operating income | 20,038 | 1,427 | 21,465 | 2,590 | — | 838 | 24,893 | |||||||||||||||||||||||||||||
Deferred rent and amortization of |
||||||||||||||||||||||||||||||||||||
intangible assets, liabilities, and |
||||||||||||||||||||||||||||||||||||
lease inducements |
(277 | ) | 710 | 433 | 6 | — | — | 439 | ||||||||||||||||||||||||||||
Straight line rent, below-market |
||||||||||||||||||||||||||||||||||||
ground lease and amortization of |
||||||||||||||||||||||||||||||||||||
intangible assets |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Straight line lease termination income | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Segment net operating income | $ | 19,761 | $ | 2,137 | $ | 21,898 | $ | 2,596 | $ | — | $ | 838 | $ | 25,332 | ||||||||||||||||||||||
Asset management and other fees |
||||||||||||||||||||||||||||||||||||
to related parties |
(5,381 | ) | ||||||||||||||||||||||||||||||||||
Interest expense | (6,332 | ) | ||||||||||||||||||||||||||||||||||
General and administrative | (708 | ) | ||||||||||||||||||||||||||||||||||
Transaction costs | (15 | ) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | (13,310 | ) | ||||||||||||||||||||||||||||||||||
Loss before provision for income taxes | (414 | ) | ||||||||||||||||||||||||||||||||||
Provision for income taxes | (115 | ) | ||||||||||||||||||||||||||||||||||
Net loss | (529 | ) | ||||||||||||||||||||||||||||||||||
Net loss attributable to |
||||||||||||||||||||||||||||||||||||
noncontrolling interests |
1 | |||||||||||||||||||||||||||||||||||
Net loss attributable to the Company | $ | (528 | ) | |||||||||||||||||||||||||||||||||
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Reconciliation
of Net Operating Income (Continued)
(Unaudited and in
thousands)
Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||
Same- |
Non- |
Total |
Hotel |
Multi- |
Lending | Total | ||||||||||||||||||||||||||||||
Cash net operating income |
||||||||||||||||||||||||||||||||||||
excluding lease termination income |
$ | 19,390 | $ | 1,159 | $ | 20,549 | $ | 2,433 | 1,356 | $ | 1,602 | $ | 25,940 | |||||||||||||||||||||||
Cash lease termination income | 122 | — | 122 | — | 10 | — | 132 | |||||||||||||||||||||||||||||
Cash net operating income | 19,512 | 1,159 | 20,671 | 2,433 | 1,366 | 1,602 | 26,072 | |||||||||||||||||||||||||||||
Deferred rent and amortization of |
||||||||||||||||||||||||||||||||||||
intangible assets, liabilities, and |
||||||||||||||||||||||||||||||||||||
lease inducements |
(421 | ) | 360 | (61 | ) | — | (73 | ) | — | (134 | ) | |||||||||||||||||||||||||
Straight line rent, below-market |
||||||||||||||||||||||||||||||||||||
ground lease and amortization of |
||||||||||||||||||||||||||||||||||||
intangible assets |
— | (209 | ) | (209 | ) | — | — | 11 | (198 | ) | ||||||||||||||||||||||||||
Straight line lease termination income | 2,159 | — | 2,159 | — | — | — | 2,159 | |||||||||||||||||||||||||||||
Segment net operating income | $ | 21,250 | $ | 1,310 | $ | 22,560 | $ | 2,433 | $ | 1,293 | $ | 1,613 | $ | 27,899 | ||||||||||||||||||||||
Asset management and other fees |
||||||||||||||||||||||||||||||||||||
to related parties |
(6,051 | ) | ||||||||||||||||||||||||||||||||||
Interest expense | (9,243 | ) | ||||||||||||||||||||||||||||||||||
General and administrative | (876 | ) | ||||||||||||||||||||||||||||||||||
Transaction costs | (242 | ) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | (13,472 | ) | ||||||||||||||||||||||||||||||||||
Gain on sale of real estate | 74,715 | |||||||||||||||||||||||||||||||||||
Income before provision for |
||||||||||||||||||||||||||||||||||||
income taxes |
72,730 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | (339 | ) | ||||||||||||||||||||||||||||||||||
Net income | 72,391 | |||||||||||||||||||||||||||||||||||
Net loss attributable to |
||||||||||||||||||||||||||||||||||||
noncontrolling interests |
4 | |||||||||||||||||||||||||||||||||||
Net income attributable to the Company | $ | 72,395 | ||||||||||||||||||||||||||||||||||
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Reconciliation
of Net Operating Income (Continued)
(Unaudited and in
thousands)
Below is a reconciliation of segment NOI excluding lease termination
income to net income (loss) for the three months ended
Three Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||
Same- |
Non- |
Total |
Hotel |
Multi- |
Lending | Total | ||||||||||||||||||||||||||||||
Segment net operating income |
||||||||||||||||||||||||||||||||||||
excluding lease termination income |
$ | 19,704 | $ | 2,137 | $ | 21,841 | $ | 2,596 | $ | — | $ | 838 | $ | 25,275 | ||||||||||||||||||||||
Cash lease termination income | 57 | — | 57 | — | — | — | 57 | |||||||||||||||||||||||||||||
Segment net operating income | $ | 19,761 | $ | 2,137 | $ | 21,898 | $ | 2,596 | $ | — | $ | 838 | $ | 25,332 | ||||||||||||||||||||||
Asset management and other |
||||||||||||||||||||||||||||||||||||
fees to related parties |
(5,381 | ) | ||||||||||||||||||||||||||||||||||
Interest expense | (6,332 | ) | ||||||||||||||||||||||||||||||||||
General and administrative | (708 | ) | ||||||||||||||||||||||||||||||||||
Transaction costs | (15 | ) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | (13,310 | ) | ||||||||||||||||||||||||||||||||||
Loss before provision for income taxes | (414 | ) | ||||||||||||||||||||||||||||||||||
Provision for income taxes | (115 | ) | ||||||||||||||||||||||||||||||||||
Net loss | (529 | ) | ||||||||||||||||||||||||||||||||||
Net loss attributable to |
||||||||||||||||||||||||||||||||||||
noncontrolling interests |
1 | |||||||||||||||||||||||||||||||||||
Net loss attributable to the Company | $ | (528 | ) | |||||||||||||||||||||||||||||||||
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Reconciliation
of Net Operating Income (Continued)
(Unaudited and in
thousands)
Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||
Same- |
Non- |
Total |
Hotel |
Multi- |
Lending | Total | ||||||||||||||||||||||||||||||
Segment net operating income |
||||||||||||||||||||||||||||||||||||
excluding lease termination income |
$ | 18,969 | $ | 1,310 | $ | 20,279 | $ | 2,433 | $ | 1,283 | $ | 1,613 | $ | 25,608 | ||||||||||||||||||||||
Cash lease termination income | 2,281 | — | 2,281 | — | 10 | — | 2,291 | |||||||||||||||||||||||||||||
Segment net operating income | $ | 21,250 | $ | 1,310 | $ | 22,560 | $ | 2,433 | $ | 1,293 | $ | 1,613 | $ | 27,899 | ||||||||||||||||||||||
Asset management and other |
||||||||||||||||||||||||||||||||||||
fees to related parties |
(6,051 | ) | ||||||||||||||||||||||||||||||||||
Interest expense | (9,243 | ) | ||||||||||||||||||||||||||||||||||
General and administrative | (876 | ) | ||||||||||||||||||||||||||||||||||
Transaction costs | (242 | ) | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | (13,472 | ) | ||||||||||||||||||||||||||||||||||
Gain on sale of real estate | 74,715 | |||||||||||||||||||||||||||||||||||
Income before provision for |
||||||||||||||||||||||||||||||||||||
income taxes |
72,730 | |||||||||||||||||||||||||||||||||||
Provision for income taxes | (339 | ) | ||||||||||||||||||||||||||||||||||
Net income | 72,391 | |||||||||||||||||||||||||||||||||||
Net loss attributable to |
||||||||||||||||||||||||||||||||||||
noncontrolling interests |
4 | |||||||||||||||||||||||||||||||||||
Net income attributable to the Company | $ | 72,395 | ||||||||||||||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20181113006223/en/
Source:
For CIM Commercial Trust Corporation
Media Relations:
Bill
Mendel, 212-397-1030
bill@mendelcommunications.com
or
Shareholder
Relations:
Steve Altebrando, 646-652-8473
shareholders@cimcommercial.com