Creative Media & Stock Price, News & Analysis

CMCT (NASDAQ: CMCT) has declared a quarterly cash dividend of $0.085 per share, marking a 13% increase from the previous quarter, equating to a 4.6% annual yield. Payment is set for April 1, 2022, to shareholders recorded by March 19, 2022. Additionally, dividends for Series A and Series D Preferred Stock are also declared, with payments scheduled from May 16, 2022 through July 15, 2022. This growth aligns with reduced management fees and a favorable leasing environment.

CMCT (NASDAQ: CMCT) has announced a $51 million investment to acquire a 44% stake in the 1910 W. Sunset Blvd. property, transforming it into a premier creative office space in Echo Park, Los Angeles. This eight-story building, the tallest in the area, spans approximately 99,000 square feet and features on-site parking and retail amenities. CMCT plans a capital improvement program to modernize the facility, catering to tech, media, and entertainment tenants.

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.