Welcome to our dedicated page for Creative Media & Community Trust news (Ticker: CMCT), a resource for investors and traders seeking the latest updates and insights on Creative Media & Community Trust stock.
Creative Media & Community Trust Corporation is a REIT that owns, operates and develops multifamily and creative office assets in U.S. communities, with one hotel in Northern California. Its news commonly covers quarterly operating results, office leasing trends, multifamily development activity, asset sales, balance-sheet actions and preferred stock dividends or redemptions.
CMCT updates also address capital-structure changes, including reverse stock splits and exchanges of preferred stock into common stock, as well as shareholder voting and governance matters. The company is operated by affiliates of CIM Group, L.P., which provides real estate acquisition, development, leasing, finance and property-management capabilities.
CIM Commercial Trust Corporation (CMCT) has signed a long-term lease with Lisson Gallery for a 5,000-square-foot building at 1037 N. Sycamore Ave, Los Angeles. This will be Lisson's first location in L.A., expected to open in Autumn 2022. CMCT acquired the property in July 2021 and has made renovations to enhance its appeal. The Sycamore District, where the space is located, is emerging as a cultural hub, attracting media and art-focused businesses. The long-term lease symbolizes confidence in this revitalized area.
CIM Commercial Trust Corporation (NASDAQ: CMCT) announced significant leasing progress at its Penn Field property in Austin, Texas, now approximately 97% leased, up from 85% in Q3 2021. This improvement includes a recent 10-year lease with a major tech firm, which has increased occupancy to 99%. CMCT acquired the 228,000-square-foot property in 2007, with in-place rents rising over threefold. Additionally, a new $15 million office building is projected to add $0.03 per share in annualized funds from operations.
CIM Commercial Trust Corporation (NASDAQ: CMCT) announced a significant management fee reduction of approximately 55%, leading to an annualized cost savings of $0.21 per share. Effective January 1, 2022, this fee waiver aims to align the interests of management with stockholders. Additionally, management plans to recommend a dividend increase starting in the first quarter of 2022. CEO David Thompson emphasized the company's focus on growth and leveraging CIM Group's resources for acquisition opportunities.
CIM Commercial Trust Corporation (NASDAQ: CMCT) declared a quarterly cash dividend of $0.075 per common share, payable on January 5, 2022. Shareholders of record by December 20, 2021 will receive this dividend. Additionally, a cash dividend of $0.114583 for Series A Preferred Stock will be disbursed monthly through April 2022. A Series D Preferred Stock dividend of $0.117708 is also set for December, with further payments scheduled for the next three months. Finally, a yearly dividend of $1.56035 per share for Series L Preferred Stock will be paid on January 25, 2022.
CIM Commercial Trust Corporation (NASDAQ: CMCT) reported Q3 2021 results, noting a net loss of $3.2 million or $0.14 per diluted share. Core Funds From Operations (FFO) improved to $2.0 million, presenting a positive turn from previous quarters. The office portfolio was 78.2% leased, while hotel occupancy rose significantly to 66.6%, indicating recovery from pandemic impacts. The company plans to leverage its balance sheet for future acquisitions and reported a total segment NOI of $13.3 million, a significant increase year-over-year.
CIM Commercial Trust Corporation (NASDAQ: CMCT) has declared a quarterly cash dividend of $0.075 per common share, payable on September 29, 2021 to stockholders of record as of September 17, 2021. Additionally, the Board announced dividends for the Series A and Series D Preferred Stocks: $0.34375 per Series A share, and $0.353125 per Series D share, to be distributed in three installments from October 15 to December 15, 2021. These dividends reflect the company’s commitment to return value to its shareholders.
CIM Commercial Trust Corporation (CMCT) reported its Q2 2021 results with a net loss of $4.2 million, or $0.28 per diluted share, an improvement from a loss of $8.1 million the previous year. Funds from operations (FFO) were $859,000, up from a loss of $2.9 million in Q2 2020. The office portfolio was 78.5% leased, with hotel occupancy rising to 59% in June. The company completed a rights offering, raising $76.9 million, enhancing its balance sheet. Management is focused on acquiring cash-flowing assets while maintaining a strategy to improve portfolio quality.
CIM Commercial Trust Corporation (CMCT) announced the successful completion of its rights offering, which concluded on June 23, 2021. The offering attracted subscription requests for 8,521,589 shares at a price of $9.25 each, raising approximately $78.8 million in gross proceeds. The shares are expected to be issued by June 28, 2021. CMCT focuses on acquiring and operating Class A office assets in major U.S. metropolitan areas, primarily in Los Angeles and the San Francisco Bay Area.
CIM Commercial Trust Corporation (NASDAQ: CMCT) announced that subsidiaries of CIM Group plan to increase their participation in the previously announced rights offering. Initially subscribing for approximately three million shares, they now intend to purchase up to an additional three million shares if allotted. This move will potentially double their total subscription to approximately six million shares.
This press release is not an offer to sell or buy any securities. It contains forward-looking statements, and the company undertakes no obligation to update these statements.
CIM Commercial Trust Corporation (NASDAQ: CMCT) announced that subsidiaries of CIM Group intend to increase their participation in the company's rights offering. Initially, they subscribed for approximately three million shares and now plan to subscribe for an additional three million shares, potentially totaling six million shares. This move indicates strong confidence in the rights offering and aims to bolster CMCT's capital structure, although details regarding the subscription rights exercise period remain uncertain.