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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
     FORM
10-Q
(Mark One):  
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                             to                            
Commission File Number 1-13610
CIM COMMERCIAL TRUST CORPORATION
(Exact name of registrant as specified in its charter)
Maryland75-6446078
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
17950 Preston Road,Suite 600,Dallas,Texas75252
(Address of Principal Executive Offices)(Zip Code)
(972)
349-3200
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Common Stock, $0.001 Par ValueCMCT
Nasdaq Global Market
Common Stock, $0.001 Par ValueCMCT-L
Tel Aviv Stock Exchange
Series L Preferred Stock, $0.001 Par ValueCMCTP
Nasdaq Global Market
Series L Preferred Stock, $0.001 Par ValueCMCTP
Tel Aviv Stock Exchange
(Title of each class)(Trading symbol)(Name of each exchange on which registered)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filerNon-accelerated filer 
Smaller reporting company Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 
As of November 4, 2021, the Registrant had outstanding 23,369,331 shares of common stock, par value $0.001 per share.


Table of Contents
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
INDEX
   PAGE NO.
PART I.Financial Information
Financial Statements
 
 
 
 
 
PART II.Other Information



Table of Contents
PART I
Financial Information
Item 1.
Financial Statements
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share and per share amounts) (Unaudited)
 September 30, 2021December 31, 2020
ASSETS  
Investments in real estate, net$498,878 $506,040 
Cash and cash equivalents14,552 33,636 
Restricted cash11,593 10,013 
Loans receivable, net94,816 83,135 
Accounts receivable, net2,569 1,737 
Deferred rent receivable and charges, net35,754 35,956 
Other intangible assets, net5,498 6,313 
Loan servicing asset, net and other assets11,360 8,787 
TOTAL ASSETS$675,020 $685,617 
LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY  
LIABILITIES:  
Debt, net$222,206 $324,313 
Accounts payable and accrued expenses17,027 20,327 
Intangible liabilities, net309 587 
Due to related parties9,423 6,706 
Other liabilities14,918 9,733 
Total liabilities263,883 361,666 
COMMITMENTS AND CONTINGENCIES (Note 13)
REDEEMABLE PREFERRED STOCK: Series A cumulative redeemable preferred stock, $0.001 par value; 36,000,000 shares authorized; 1,550,884 and 1,548,884 shares issued and outstanding, respectively, as of September 30, 2021 and 2,008,256 and 2,007,856 shares issued and outstanding, respectively, as of December 31, 2020; liquidation preference of $25.00 per share, subject to adjustment
35,632 45,837 
EQUITY:  
Series A cumulative redeemable preferred stock, $0.001 par value; 36,000,000 shares authorized; 6,003,054 and 5,821,113 shares issued and outstanding, respectively, as of September 30, 2021 and 4,484,376 and 4,377,762 shares issued and outstanding, respectively, as of December 31, 2020; liquidation preference of $25.00 per share, subject to adjustment
145,093 108,729 
Series D cumulative redeemable preferred stock, $0.001 par value; 32,000,000 shares authorized; 56,857 shares issued and outstanding as of September 30, 2021 and 19,145 shares issued and outstanding as of December 31, 2020; liquidation preference of $25.00 per share, subject to adjustment
1,396 473 
Series L cumulative redeemable preferred stock, $0.001 par value; 9,000,000 shares authorized; 8,080,740 and 5,387,160 shares issued and outstanding, respectively, as of September 30, 2021 and December 31, 2020; liquidation preference of $28.37 per share, subject to adjustment
152,834 152,834 
Common stock, $0.001 par value; 900,000,000 shares authorized; 23,369,331 shares issued and outstanding as of September 30, 2021 and 14,827,410 shares issued and outstanding as of December 31, 2020.
24 15 
Additional paid-in capital867,636 794,127 
Distributions in excess of earnings(791,820)(778,519)
Total stockholders’ equity375,163 277,659 
Noncontrolling interests342 455 
Total equity375,505 278,114 
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY$675,020 $685,617 
           The accompanying notes are an integral part of these consolidated financial statements.
1

Table of Contents
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share amounts) (Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
REVENUES:    
Rental and other property income$12,838 $12,897 $39,496 $41,416 
Hotel income5,212 1,525 10,074 10,153 
Interest and other income6,199 2,912 16,231 7,810 
Total Revenues24,249 17,334 65,801 59,379 
EXPENSES:    
Rental and other property operating9,958 8,822 27,363 28,829 
Asset management and other fees to related parties          2,262 2,387 6,781 7,408 
Expense reimbursements to related parties—corporate533 639 1,592 2,066 
Expense reimbursements to related parties—lending segment55 901 1,219 2,581 
Interest2,185 2,643 7,490 8,706 
General and administrative1,625 1,736 5,393 5,138 
Depreciation and amortization5,061 5,273 15,167 15,728 
Loss on early extinguishment of debt (Note 6) 281  281 
21,679 22,682 65,005 70,737 
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES2,570 (5,348)796 (11,358)
Provision (benefit) for income taxes946 (18)2,316 (731)
NET INCOME (LOSS)1,624 (5,330)(1,520)(10,627)
Net (income) loss attributable to noncontrolling interests 7 4 1 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY1,624 (5,323)(1,516)(10,626)
Redeemable preferred stock dividends declared or accumulated (Note 9)(4,723)(4,267)(13,810)(13,613)
Redeemable preferred stock deemed dividends (Note 9)(90)(87)(253)(300)
Redeemable preferred stock redemptions (Note 9)(27)(1)(53)(67)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS$(3,216)$(9,678)$(15,632)$(24,606)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE:    
Basic$(0.14)$(0.65)$(0.88)$(1.67)
Diluted$(0.14)$(0.65)$(0.88)$(1.67)
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Basic23,349 14,805 17,784 14,729 
Diluted23,350 14,805 17,784 14,729 
   The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Consolidated Statements of Equity
(In thousands, except share and per share amounts) (Unaudited)
 Nine Months Ended September 30, 2021
Common StockPreferred Stock
 SharesPar
Value
SharesPar
Value
Additional
Paid-in
Capital
Distributions
in Excess of Earnings
Total Stockholders’ EquityNon-controlling
Interests
Total Equity
Balances, December 31, 202014,827,410 $15 9,784,067 $262,036 $794,127 $(778,519)$277,659 $455 $278,114 
Distributions to noncontrolling interests— — — — — — — (114)(114)
Stock-based compensation expense— — — — 60 — 60 — 60 
Common dividends ($0.075 per share)
— — — — — (1,112)(1,112)— (1,112)
Dividends to holders of Series A Preferred Stock ($0.34375 per share)
— — — — — (2,350)(2,350)— (2,350)
Issuance of Series D Preferred Stock— — 4,045 99 (3)— 96 — 96 
Dividends to holders of Series D Preferred Stock ($0.35313 per share)
— — — — — (9)(9)— (9)
Reclassification of Series A Preferred Stock to permanent equity— — 366,991 9,144 (901)— 8,243 — 8,243 
Redeemable Preferred Stock deemed dividends— — — — — (57)(57)— (57)
Redemption of Series A Preferred Stock— — (29,462)(733)61 (13)(685)— (685)
Net loss— — — — — (3,670)(3,670)(1)(3,671)
Balances, March 31, 202114,827,410 $15 10,125,641 $270,546 $793,344 $(785,730)$278,175 $340 $278,515 
Stock-based compensation expense20,332 — — — 50 — 50 — 50 
Common dividends ($0.075 per share)
— — — — — (1,114)(1,114)— (1,114)
Dividends to holders of Series A Preferred Stock ($0.34375 per share)
— — — — — (2,511)(2,511)— (2,511)
Issuance of Series D Preferred Stock— — 7,835 192 (7)— 185 — 185 
Dividends to holders of Series D Preferred Stock ($0.35313 per share)
— — — — — (13)(13)— (13)
Reclassification of Series A Preferred Stock to permanent equity— — 556,587 13,915 (1,434)— 12,481 — 12,481 
Redeemable Preferred Stock deemed dividends— — — — — (106)(106)— (106)
Redemption of Series A Preferred Stock— — (18,501)(460)42 (13)(431)— (431)
Issuance of Common Stock8,521,589 9 — — 76,934 — 76,943 — 76,943 
Net (loss) income— — — — — 530 530 (3)527 
Balances, June 30, 202123,369,331 $24 10,671,562 $284,193 $868,929 $(788,957)$364,189 $337 $364,526 
Contributions to noncontrolling interests— — — — — — — 9 9 
Distributions to noncontrolling interests— — — — — — — (4)(4)
Stock-based compensation expense— — — — 55 — 55 — 55 
Common dividends ($0.075 per share)
— — — — — (1,753)(1,753)— (1,753)
Dividends to holders of Series A Preferred Stock ($0.34375 per share)
— — — — — (2,597)(2,597)— (2,597)
Issuance of Series D Preferred Stock— — 25,832 632 (20)— 612 — 612 
Dividends to holders of Series D Preferred Stock ($0.35313 per share)
— — — — — (20)(20)— (20)
Reclassification of Series A Preferred Stock to permanent equity— — 593,300 15,132 (1,304)— 13,828 — 13,828 
Redeemable Preferred Stock deemed dividends— — — — — (90)(90)— (90)
Redemption of Series A Preferred Stock— — (25,564)(634)54 (27)(607)— (607)
Rights Offering costs— — — — (78)— (78)— (78)
Net income— — — — — 1,624 1,624 — 1,624 
Balances, September 30, 202123,369,331 $24 11,265,130 $299,323 $867,636 $(791,820)$375,163 $342 $375,505 
(Continued)



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Table of Contents
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Consolidated Statements of Equity (Continued)
(In thousands, except share and per share amounts) (Unaudited)
 Nine Months Ended September 30, 2020
Common StockPreferred Stock
 SharesPar
Value
SharesPar
Value
Additional
Paid-in
Capital
Distributions
in Excess of Earnings
Total Stockholders’ EquityNon-controlling
Interests
Total Equity
Balances, December 31, 201914,602,149 $15 8,224,254 $223,467 $794,825 $(740,617)$277,690 $505 $278,195 
Stock-based compensation expense— — — — 56 — 56 — 56 
Common dividends ($0.075 per share)
— — — — — (1,095)(1,095)— (1,095)
Issuance of Series A Preferred Warrants— — — — 28 — 28 — 28 
Dividends to holders of Series A Preferred Stock ($0.68750 per share)
— — — — — (3,252)(3,252)— (3,252)
Issuance of Series D Preferred Stock— — 5,980 150 (5)— 145 — 145 
Dividends to holders of Series D Preferred Stock ($0.588542 per share)
— — — — — (3)(3)— (3)
Reclassification of Series A Preferred Stock to permanent equity— — 304,274 7,588 (640)— 6,948 — 6,948 
Redeemable Preferred Stock deemed dividends— — — — — (161)(161)— (161)
Redemption of Series A Preferred Stock— — (2,452)(61)5 (10)(66)— (66)
Net (loss) income— — — — — (1,260)(1,260)4 (1,256)
Balances, March 31, 202014,602,149 $15 8,532,056 231,144 $794,269 $(746,398)$279,030 $509 $279,539 
Distributions to noncontrolling interests— — — — — — — (45)(45)
Stock-based compensation expense21,912 — — — 56 — 56 — 56 
Issuance of shares of Common Stock in exchange for asset management fees203,349 — — — 2,359 — 2,359 — 2,359 
Common dividends ($0.075 per share)
— — — — — (1,112)(1,112)— (1,112)
Issuance of Series D Preferred Stock— — 920 23 (1)— 22 — 22 
Dividends to holders of Series D Preferred Stock ($0.35313 per share)
— — — — — (3)(3)— (3)
Dividends to holders of Series A Preferred Stock ($0.34375 per share)
— — — — — (1,886)(1,886)— (1,886)
Reclassification of Series A Preferred Stock to permanent equity— — 427,064 10,638 (899)— 9,739 — 9,739 
Redeemable Preferred Stock deemed dividends— — — — — (52)(52)— (52)
Redemption of Series A Preferred Stock— — (5,532)(138)11 (56)(183)— (183)
Net (loss) income— — — — — (4,043)(4,043)2 (4,041)
Balances, June 30, 202014,827,410 $15 8,954,508 241,667 $795,795 $(753,550)$283,927 $466 $284,393 
Stock-based compensation expense— — — — 55 — 55 — 55 
Common dividends ($0.075 per share)
— — — — — (