CMCT Declares Preferred Stock Dividends
January 02 2024 - 8:00AM
Business Wire
CMCT (NASDAQ: CMCT and TASE: CMCT) announced today that its
Board of Directors has declared preferred stock dividends on its
Series A, Series A1 and Series D Preferred Stock.
Series A Preferred Stock
The Board of Directors has declared a quarterly cash dividend of
$0.34375 per share of CMCT's Series A Preferred Stock for the first
quarter of 2024. The dividend will be payable monthly as follows:
$0.114583 per share to be paid on February 15, 2024 to Series A
Preferred Stockholders of record on February 5, 2024; $0.114583 per
share to be paid on March 15, 2024 to Series A Preferred
Stockholders of record on March 5, 2024; and $0.114583 per share to
be paid on April 15, 2024 to Series A Preferred Stockholders of
record on April 5, 2024.
Series A1 Preferred Stock
The Board of Directors has declared a quarterly cash dividend of
$0.489375 per share of CMCT's Series A1 Preferred Stock for the
first quarter of 2024. The quarterly cash dividend of $0.489375 per
share represents an annualized dividend rate of 7.83% (2.5% plus
the federal funds rate of 5.33% on the applicable determination
date).
The terms of the Series A1 Preferred Stock provide for
cumulative cash dividends (if, as and when authorized by the Board
of Directors) on each share of Series A1 Preferred Stock at a
quarterly rate of the greater of (i) 6.00% of the Series A1 Stated
Value, divided by four (4) and (ii) the Federal Funds (Effective)
Rate on the applicable determination date, plus 2.50%, of the
Series A1 Stated Value, divided by four (4), up to a maximum of
2.50% of the Series A1 Stated Value per quarter.
The dividend will be payable monthly as follows: $0.163125 per
share to be paid on February 15, 2024 to Series A1 Preferred
Stockholders of record on February 5, 2024; $0.163125 per share to
be paid on March 15, 2024 to Series A1 Preferred Stockholders of
record on March 5, 2024; and $0.163125 per share to be paid on
April 15, 2024 to Series A1 Preferred Stockholders of record on
April 5, 2024. For shares of Series A1 Preferred Stock issued in
the first quarter of 2024, the dividend will be prorated from the
date of issuance, and the monthly dividend payments will reflect
such proration.
Series D Preferred Stock
The Board of Directors has declared a quarterly cash dividend of
$0.353125 per share of CMCT’s Series D Preferred Stock for the
first quarter of 2024. The dividend will be payable monthly as
follows: $0.117708 per share to be paid on February 15, 2024 to
Series D Preferred Stockholders of record on February 5, 2024;
$0.117708 per share to be paid on March 15, 2024 to Series D
Preferred Stockholders of record on March 5, 2024; and $0.117708
per share to be paid on April 15, 2024 to Series D Preferred
Stockholders of record on April 5, 2024.
ABOUT CMCT
Creative Media & Community Trust Corporation (“CMCT”) is a
real estate investment trust that seeks to own, operate and develop
premier multifamily and creative office assets in vibrant and
emerging communities throughout the United States. CMCT is a leader
in creative office, acquiring and developing properties catering to
rapidly growing industries such as technology, media and
entertainment. CMCT seeks to apply the expertise of CIM to the
acquisition, development, and operation of top-tier multifamily
properties situated in dynamic markets with similar business and
employment characteristics to its creative office investments. CMCT
also owns one hotel in Northern California and a lending platform
that originates loans under the Small Business Administration
(“SBA”)’s 7(a) loan program. CMCT is operated by affiliates of CIM
Group, L.P., a vertically-integrated owner and operator of real
assets with multi-disciplinary expertise and in-house research,
acquisition, credit analysis, development, finance, leasing, and
onsite property management capabilities.
(www.creativemediacommunity.com).
FORWARD-LOOKING STATEMENTS
This press release contains certain “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 (the “Exchange
Act”), which are intended to be covered by the safe harbors created
thereby. These statements include the plans and objectives of
management for future operations, including plans and objectives
relating to future growth of our business and availability of
funds. Such forward-looking statements can be identified by the use
of forward-looking terminology such as “may,” “will,” “project,”
“target,” “expect,” “intend,” “might,” “believe,” “anticipate,”
“estimate,” “could,” “would,” “continue,” “pursue,” “potential,”
“forecast,” “seek,” “plan,” or “should,” or “goal” or the negative
thereof or other variations or similar words or phrases. Such
forward-looking statements also include, among others, statements
about CMCT’s plans and objectives relating to future growth and
outlook. Such forward-looking statements are based on particular
assumptions that management of CMCT 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. Forward-looking statements are necessarily
estimates reflecting the judgment of CMCT’s management 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 risks and uncertainties include those associated
with (i) the timing, form, and operational effects of CMCT’s
development activities, (ii) the ability of CMCT to raise in place
rents to existing market rents and to maintain or increase
occupancy levels, (iii) fluctuations in market rents, (iv) the
effects of inflation and higher interest rates on the operations
and profitability of CMCT and (v) general economic, market and
other conditions. Additional important factors that could cause
CMCT’s actual results to differ materially from CMCT’s expectations
are discussed under the section “Risk Factors” in CMCT’s Annual
Report on Form 10-K for the year ended December 31, 2022. The
forward-looking statements included herein are based on current
expectations and there can be no assurance that these expectations
will be attained. Assumptions relating to the foregoing involve
judgments with respect to, among other things, future economic,
competitive and market conditions and future business decisions,
all of which are difficult or impossible to predict accurately and
many of which are beyond CMCT’s control. Although we believe that
the assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could be inaccurate and,
therefore, there can be no assurance that the forward-looking
statements expressed or implied herein will prove to be accurate.
In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by CMCT or
any other person that CMCT’s objectives and plans will be achieved.
Readers are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date they are made. CMCT does not undertake to update
them to reflect changes that occur after the date they are made, ,
except as may be required by applicable securities law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240102577337/en/
Media Relations: Karen Diehl Diehl Communications
310-741-9097 karen@diehlcommunications.com or Investor
Relations: Steve Altebrando, 646-652-8473
shareholders@creativemediacommunity.com
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