CMCT Announces Redemption in Full of Series L Preferred Stock

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[{"type":"text","content":" DALLAS--(BUSINESS WIRE)--\nCreative Media & Community Trust Corporation (NASDAQ: CMCT and TASE: CMCT-L) announced today that, pursuant to the terms and conditions of its Series L Preferred Stock, it will redeem in cash all outstanding shares of its 5.5% Series L Preferred Stock at a redemption price equal to 100% of the Series L Stated Value ($28.37 per share), plus any accrued and unpaid dividends through December 31, 2022. The redemption date will be January 25, 2023, the date previously announced as the dividend payment date for the 2022 annual dividend on the Series L Preferred Stock.\n\nABOUT CMCT\n\nCreative 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).\n\nFORWARD-LOOKING STATEMENTS\n\nThis 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. 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 var...

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