DALLAS--(BUSINESS WIRE)--First paragraph, second sentence of release dated March 8, 2017 should read: The dividend will be paid on March 27, 2017 to shareholders of record as of March 20, 2017 (instead of: The dividend will be paid on March 27, 2016 to shareholders of record as of March 20, 2017).
The corrected release reads:
CIM COMMERCIAL TRUST DECLARES COMMON AND PREFERRED STOCK DIVIDENDS AND GIVES UPDATE ON PROVIDING LIQUIDITY TO SHAREHOLDERS
CIM Commercial Trust Corporation (NASDAQ:CMCT), 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., announced today that its Board of Directors has declared a quarterly cash dividend of $0.21875 per common share. The dividend will be paid on March 27, 2017 to shareholders of record as of March 20, 2017.
In addition, the Board of Directors has declared a quarterly cash dividend of $0.34375 per share of CMCT's Series A Preferred Stock. The dividend will be prorated for each share for the period beginning on the date of issuance through the end of March and will be payable on April 17, 2017 to shareholders of record at the close of business on April 5, 2017.
In furtherance of CMCT’s two primary goals of (a) consistently growing its net asset value (NAV) and cash flows per common share and (b) providing liquidity to its stockholders at prices reflecting its NAV and cash flow prospects, CMCT anticipates additional repurchases of its common shares, as previously announced. CMCT is also exploring alternative means of providing liquidity to stockholders that did not participate in the September 2016 and any subsequent private repurchases to allow such stockholders to receive the economic benefit of such private repurchase(s).
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, Sacramento, 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, 2015.
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.