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), a REIT focused on Class A office assets, has declared a quarterly cash dividend of $0.075 per common share, payable on March 30, 2021, to stockholders of record as of March 15, 2021. Additionally, the Board announced dividends for Series A and Series D Preferred Stocks, totaling $0.34375 and $0.353125 respectively for Q2 2021. Payments for preferred stock will occur in three installments starting on May 17, 2021.
Lionbridge Capital, LP and Robotti & Company Advisors LLC, owning approximately 5.0% of CIM Commercial Trust Corporation (CMCT), announced the nomination of six candidates for the CMCT Board of Directors for the 2021 Annual Meeting. The nominees include Thomas D. Ferguson, Mark C. Gelnaw, and others. The Nominating Stockholders expressed concerns over CMCT's persistent undervaluation, poor corporate governance, and conflicts of interest with its external advisor, CIM Group. They emphasize that board changes are essential to protect shareholder interests and realize CMCT's intrinsic value.
CIM Commercial Trust Corporation (NASDAQ: CMCT, TASE: CMCT-L) has secured an eight-year lease for an entire 44,000-square-foot office building at the Penn Field office campus in Austin. The building is part of a 228,000-square-foot mixed-use property and aims to exceed a return on cost of 8%. With the lease-up of the new building, the property is now 86% leased. The development reflects the historical character of the site, originally an air base built in 1918. CIM Group, the operator, has developed over 2.2 million square feet in Austin, enhancing the local real estate market.
Engine Capital, L.P., a significant shareholder of CIM Commercial Trust Corporation (CMCT), has nominated six director candidates for CMCT's 2021 Annual Meeting. Engine, owning 6.1% of CMCT, expresses concerns over the company's stock trading 57.7% below its Net Asset Value of $28.49. They highlight conflicts of interest between CMCT's board and its external operator, CIM Group, which receives over 5% of the company's market cap as management fees. Engine argues for a board aligned with shareholders' interests and emphasizes the need for corporate governance reform at CMCT.
CIM Commercial Trust Corporation (NASDAQ: CMCT) declared a quarterly cash dividend of $0.075 per common share, payable on December 29, 2020, to stockholders of record by December 14, 2020. Additionally, the Board announced cash dividends for Series A Preferred Stock, totaling $0.34375 per share, and Series D Preferred Stock at $0.353125 per share, with payments scheduled from February 16, 2021 to April 15, 2021. An annual dividend of $1.56035 for Series L Preferred Stock will be paid on January 19, 2021.
CIM Commercial Trust Corporation (NASDAQ: CMCT) reported a net loss of $9.68 million, or $(0.65) per diluted share, for Q3 2020, a significant increase from a $1.62 million loss in Q3 2019. The company’s same-store office portfolio was 80.2% leased, down from 87.8% year-over-year, largely due to decreased occupancy in Beverly Hills and new developments. Funds from operations (FFO) were $(4.41 million) versus $3.26 million in Q3 2019. Despite challenges, 97% of rents were collected. Management aims for long-term growth in net operating income through cost reductions and improved property performance.