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CIM Commercial Trust Corporation Reports 2020 Second Quarter Results
DALLAS--(BUSINESS WIRE)-- CIM Commercial Trust Corporation (NASDAQ: CMCT and TASE: CMCT-L) ("we," "our," “CMCT,” “CIM Commercial,” or the "Company"), a real
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[{"type":"text","content":" DALLAS--(BUSINESS WIRE)--\nCIM Commercial Trust Corporation (NASDAQ: CMCT and TASE: CMCT-L) (\"we,\" \"our,\" “CMCT,” “CIM Commercial,” or the \"Company\"), a real estate investment trust (\"REIT\") that primarily acquires, owns, and operates Class A and creative office assets in vibrant and improving metropolitan communities throughout the United States (including improving and developing such assets), today reported operating results for the three and six months ended June 30, 2020.\n\n\nSecond Quarter 2020 Highlights\n\n\n\nAnnualized rent per occupied square foot(1) on a same-store(2) basis increased 5.6% to $50.29 as of June 30, 2020 compared to $47.62 as of June 30, 2019.\n\n\n\n\nOur same-store(2) office portfolio was 81.0% leased as of June 30, 2020 compared to 88.3% as of June 30, 2019. The decrease is primarily due to the completion of the development of a former surface parking lot at 3601 S Congress Avenue into approximately 44,000 square feet of additional office space during the second quarter of 2020.\n\n\n\n\nDuring the second quarter of 2020, we executed 26,245 square feet of leases with terms longer than 12 months, of which 23,503 square feet were recurring leases executed at our same-store(2) office portfolio, representing same-store(2) cash rent growth per square foot of 27.8% as compared to the prior lease.\n\n\n\n\nNet loss attributable to common stockholders was $8,141,000, or $0.55 per diluted share, for the second quarter of 2020 compared to net income attributable to common stockholders of $48,260,000, or $3.20 per diluted share, for the second quarter of 2019.\n\n\n\n\nSame-store(2) office segment net operating income(3) (\"NOI\") decreased 4.0%, while same-store(2) office cash NOI(4) increased 5.1%, for the second quarter of 2020 as compared to the corresponding period in 2019.\n\n\n\n\nFunds from operations (“FFO”) attributable to common stockholders(5) was $(2,944,000), or $(0.20) per diluted share, for the second quarter of 2020 compared to $3,024,000, or $0.21 per diluted share, for the second quarter of 2019.\n\n\n\n\nCore FFO attributable to common stockholders(6) was $(2,836,000), or $(0.19) per diluted share, for the second quarter of 2020 compared to $8,155,000, or $0.53 per diluted share, for the second quarter of 2019.\n\n\n\nManagement Commentary\n\n\n\"We are focused on maximizing collec...