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CIM Commercial Trust Corporation Reports 2021 Third 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”), today reported operating results for the three and nine months ended September 30, 2021.\n\nThird Quarter 2021 Highlights\n\nPortfolio\n\n\nSame-store(1) office portfolio was 78.2% leased.\n\n\nExecuted 32,646 square feet of leases with terms longer than 12 months.\n\n\nFinancial Results\n\n\nNet loss attributable to common stockholders of $3.2 million, or $0.14 per diluted share.\n\n\nFunds from operations (“FFO”) attributable to common stockholders(2) was $1.8 million, or $0.08 per diluted share.\n\n\nCore FFO attributable to common stockholders(3) was $2.0 million, or $0.08 per diluted share.\n\n\nManagement Commentary\n\n“We are pleased that our core funds from operations improved to $0.08 per share during the third quarter of 2021, compared to $0.06 per share in the second quarter and a loss of $0.21 per share in the first quarter. The increase from last quarter was primarily driven by improving operating results at our hotel,” said David Thompson, Chief Executive Officer of CIM Commercial.\n\n“As the quarter progressed, we continued to see improved office leasing activity, hotel occupancy and average daily rate. Our hotel occupancy improved to 67% for the quarter, from 48% in the prior quarter. For the full quarter, the property generated net operating income for the first time since the first quarter of 2020. The positive trends continued into October, with occupancy increasing to 77% in the month.\n\n“We have improved our balance sheet and believe we have an opportunity to significantly increase our funds from operations as we evaluate ways to further reduce costs and increase our cash flows on invested capital. We intend to grow the company by leveraging the strength of CIM Group’s platform to acquire cash flowing true creative office, multifamily, retail, parking, in-fill industrial and limited-service hospitality assets in vibrant and improving metropolitan communities. It is our intention that no acquisition will exceed more than 10% of the Company’s gross asset value. We intend to finance these acquisitions with a balance of common equity, preferred equity and debt and we will continue to build the quality of our balance sheet...