CIM Commercial Trust Announces Repurchase of 3.6 Million Shares
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 3,628,116 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 $79,818,551, or $22 per share.
These repurchases are part of CMCT’s previously stated goal of providing liquidity to common shareholders at prices reflecting
net asset value and cash flow prospects. In furtherance of this goal, CMCT intends to engage in additional repurchases within the
next twelve months that would allow its other shareholders to participate in an equitable manner.
ABOUT CIM COMMERCIAL TRUST CORPORATION
CIM Commercial Trust Corporation is a real estate investment trust (REIT) that principally invests in, 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, Sacramento, 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. In addition, CIM Commercial Trust continues to deploy a portion of its capital to its real estate lending platform
through its wholly owned subsidiary (d/b/a PMC Commercial Trust) that originates and services loans under the U.S. Small Business
Administration 7(a) Guaranteed Loan Program as well as through other lending programs. 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.
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, 2015.
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.
Media Relations:
Mendel Communications
Bill Mendel, 212-397-1030
bill@mendelcommunications.com
or
Investor Relations:
CIM Commercial Trust Corporation
Steve Altebrando, 646-652-8473
investors@cimcommercial.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160914006434/en/