Board Authorizes Efforts to Deconsolidate Lending Platform
DALLAS -- (Business Wire)
CIM Commercial Trust Corporation (NASDAQ:CMCT), a real estate investment
trust (REIT) focused on office properties in dynamic urban markets,
announced today that its Board of Directors has approved CIM Group’s
recommended nominee, Charles E. Garner II, as Chief Executive Officer,
effective today. Mr. Garner is a Principal at CIM Group, the manager of
CIM Commercial Trust Corporation. Mr. Garner is one of CIM Group’s most
senior Principals with a leadership role in sourcing, acquiring, and
managing investments for its varied investment platforms.
“I am excited to harness the full power of CIM’s broad capabilities to
grow CMCT’s office portfolio and generate value for our shareholders,”
said Mr. Garner. “I am very familiar with CMCT’s assets having been
involved in their acquisitions, repositioning and management.”
“Charlie’s 30 years of experience in the real estate industry and more
than 11 years as a member on CIM’s Investment and Asset Management
Committees position him well to leverage CIM Group’s broad array of
resources in support of CMCT’s plans for the future,” said Richard
Ressler, Chairman of CMCT.
CMCT also announced today that it is exploring strategic alternatives
for its lending business. The likely result will be the deconsolidation
of the lending business, allowing CMCT to increase its focus as an urban
office REIT while independently expanding, diversifying and growing the
lending business.
“I am extremely pleased with the actions taken today to focus and
accelerate CMCT’s strategy of acquiring and owning stabilized office
properties in communities CIM Group has qualified for transformative
opportunistic investments,” Mr. Ressler said.
ABOUT CIM COMMERCIAL TRUST CORPORATION
CIM Commercial Trust Corporation is a real estate investment trust that
invests principally in stabilized office properties located in high
density, high barrier-to-entry urban markets in the U.S. such as New
York City, the Washington, D.C. metro area, Los Angeles, and the San
Francisco Bay Area. CIM Group, the manager of CIM Commercial Trust, is
comprised of a seasoned team of real estate and investment professionals
with extensive expertise including in-house research, acquisition,
investment, development, finance, leasing, and asset management
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.
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 the definitive proxy statement / prospectus
of PMC Commercial Trust dated December 30, 2013 under the heading "Risk
Factors", the supplement to proxy statement/prospectus of PMC Commercial
Trust dated January 31, 2014 under the heading "Update to Risk Factors"
and other risks detailed in PMC Commercial Trust's filings with the SEC,
including but not limited to PMC Commercial Trust's Annual Report on
Form 10-K for the fiscal year ended December 31, 2013.
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.
Contacts:
For CIM Commercial Trust Corporation
Media Relations:
Bill
Mendel, 212-397-1030
bill@mendelcommunications.com
or
Investor
Relations:
investors@cimcommercial.com
Source: CIM Commercial Trust Corporation
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