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, 2016.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.
CIM Commercial Trust Corporation (NASDAQ: CMCT), a real estate investment trust (REIT) that principally invests in, owns, and operates Class A and creative office investments in vibrant and improving urban communities throughout the U.S., today announced that it has repurchased, in a privately negotiated transaction, 14,090,909 shares of its common stock from a fund (the "Fund") managed by an affiliate of CIM Group, the manager of CMCT. The aggregate purchase price was $310,000,000 or $22.00 per share. In order for all common shareholders to participate in the economic benefit of the share repurchase in an equitable manner, CMCT's Board of Directors has declared a special cash dividend of $0.73 per common share. The amount of the special cash dividend per common share was calculated based on the spread between $22.00, the repurchase price, and the volume-weighted average price per common share for the 20 trailing trading days through December 15, 2017 of $19.12 per common share. The dividend will be paid on January 11, 2018 to common shareholders of record as of December 29, 2017. The Fund has informed CMCT that it waived its right to receive this special cash dividend on the common shares that it owns. The repurchase and special cash dividend are part of CMCT's previously stated goal of focusing on increasing the net asset value and cash flows per share of common stock while providing liquidity to common shareholders at prices reflecting the underlying fundamentals of CMCT's portfolio. 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 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.