CIM Commercial Trust Provides Update On Plan To Maximize Returns For Shareholders
After the completion of the sales, CMCT intends to provide liquidity to its common stockholders by returning a significant portion of the net proceeds to them. Further, CMCT expects that shares of CMCT common stock held by its majority stockholder will be distributed to a diverse group of holders, which CMCT expects to be comprised of some of the current investors of such majority stockholder. CMCT believes that these actions will improve the trading liquidity of its common stock and that the price of CMCT common stock will better reflect the strength of CMCT’s underlying portfolio.
ABOUT CIM COMMERCIAL TRUST CORPORATION
CIM Commercial Trust Corporation 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
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
CMCT 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 CMCT 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 associated with
(i) CMCT’s ability to consummate sales with respect to the properties
targeted for sale, (ii) the extent to which capital is returned to
stockholders, if at all, and the timing thereof, (iii) the decision of
CMCT’s majority stockholder to distribute shares of CMCT common stock to
its investors and (iv) general economic, market and other conditions.
For a further list and description of the risks and uncertainties
inherent in forward-looking statements, see CMCT’s Annual Report on Form
10-K for the fiscal year ended
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 CMCT to predict all of them. Nor can CMCT 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. CMCT 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.
Bill Mendel, 212-397-1030
Steve Altebrando, 646-652-8473