Company Quick10K Filing
CIM Commercial Trust
Price16.21 EPS22
Shares16 P/E1
MCap257 P/FCF8
Net Debt206 EBIT358
TEV463 TEV/EBIT1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-16
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-13
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-13
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-12
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-10
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-09
10-K 2012-12-31 Filed 2013-03-18
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-16
8-K 2021-02-11 Officers, Other Events
8-K 2020-12-24 Other Events
8-K 2020-12-22 Other Events
8-K 2020-11-03
8-K 2020-09-02
8-K 2020-08-10
8-K 2020-07-13
8-K 2020-05-26
8-K 2020-05-07
8-K 2020-04-09
8-K 2020-03-16
8-K 2020-01-28
8-K 2019-12-20
8-K 2019-11-08
8-K 2019-09-03
8-K 2019-08-12
8-K 2019-08-08
8-K 2019-07-30
8-K 2019-06-18
8-K 2019-06-04
8-K 2019-05-24
8-K 2019-05-13
8-K 2019-05-01
8-K 2019-03-29
8-K 2019-03-18
8-K 2019-03-01
8-K 2019-01-17
8-K 2018-12-17
8-K 2018-11-13
8-K 2018-10-05
8-K 2018-08-09
8-K 2018-05-10
8-K 2018-05-03
8-K 2018-03-28
8-K 2018-01-30

CMCT 10Q Quarterly Report

Part I
Item 1.
Item 2.
Item 3.
Item 4.
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 exhibit311q32020nextgen.htm
EX-31.2 exhibit312q32020nextgen.htm
EX-32.1 exhibit321q32020nextgen.htm
EX-32.2 exhibit322q32020nextgen.htm

CIM Commercial Trust Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2.21.81.30.90.40.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.70.40.1-0.1-0.4-0.72012201420172020
Ops, Inv, Fin

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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
     FORM
10-Q
(Mark One):  
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                             to                            
Commission File Number 1-13610
CIM COMMERCIAL TRUST CORPORATION
(Exact name of registrant as specified in its charter)
Maryland75-6446078
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
17950 Preston Road,Suite 600,Dallas,Texas75252
(Address of Principal Executive Offices)(Zip Code)
(972)
349-3200
(Registrant’s telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
Common Stock, $0.001 Par ValueCMCT
Nasdaq Global Market
Common Stock, $0.001 Par ValueCMCT-L
Tel Aviv Stock Exchange
Series L Preferred Stock, $0.001 Par ValueCMCTP
Nasdaq Global Market
Series L Preferred Stock, $0.001 Par ValueCMCTP
Tel Aviv Stock Exchange
(Title of each class)(Trading symbol)(Name of each exchange on which registered)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filerNon-accelerated filer 
Smaller reporting company Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 
As of November 4, 2020, the Registrant had outstanding 14,827,410 shares of common stock, par value $0.001 per share.


Table of Contents
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
INDEX
   PAGE NO.
PART I.Financial Information
Financial Statements
 
 
 
 
 
 
PART II.Other Information



Table of Contents
PART I
Financial Information

Item 1.
Financial Statements

CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
 September 30, 2020December 31, 2019
 (Unaudited)
ASSETS  
Investments in real estate, net$504,341 $508,707 
Cash and cash equivalents32,111 23,801 
Restricted cash9,877 12,146 
Loans receivable, net89,314 68,079 
Accounts receivable, net1,634 3,520 
Deferred rent receivable and charges, net35,330 34,857 
Other intangible assets, net6,205 7,260 
Other assets9,301 9,222 
TOTAL ASSETS$688,113 $667,592 
LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY  
LIABILITIES:  
Debt, net$326,546 $307,421 
Accounts payable and accrued expenses14,220 24,309 
Intangible liabilities, net730 1,282 
Due to related parties8,119 9,431 
Other liabilities9,137 10,113 
Total liabilities358,752 352,556 
COMMITMENTS AND CONTINGENCIES (Note 14)
REDEEMABLE PREFERRED STOCK: Series A cumulative redeemable preferred stock, $0.001 par value; 36,000,000 shares authorized; 1,898,187 and 1,875,387 shares issued and outstanding, respectively, as of September 30, 2020 and 1,630,821 and 1,630,421 shares issued and outstanding, respectively, as of December 31, 2019; liquidation preference of $25.00 per share, subject to adjustment
42,642 36,841 
EQUITY:  
Series A cumulative redeemable preferred stock, $0.001 par value; 36,000,000 shares authorized; 4,104,867 and 4,040,429 shares issued and outstanding, respectively, as of September 30, 2020 and 2,853,555 and 2,837,094 shares issued and outstanding, respectively, as of December 31, 2019; liquidation preference of $25.00 per share, subject to adjustment
100,386 70,633 
Series D cumulative redeemable preferred stock, $0.001 par value; 32,000,000 shares authorized; 18,737 shares issued and outstanding as of September 30, 2020 and no shares issued and outstanding as of December 31, 2019; liquidation preference of $25.00 per share, subject to adjustment
463  
Series L cumulative redeemable preferred stock, $0.001 par value; 9,000,000 shares authorized; 8,080,740 and 5,387,160 shares issued and outstanding, respectively, as of September 30, 2020 and December 31, 2019; liquidation preference of $28.37 per share, subject to adjustment
152,834 152,834 
Common stock, $0.001 par value; 900,000,000 shares authorized; 14,827,410 shares issued and outstanding as of September 30, 2020 and 14,602,149 shares issued and outstanding as of December 31, 2019.
15 15 
Additional paid-in capital794,807 794,825 
Distributions in excess of earnings(762,245)(740,617)
Total stockholders’ equity286,260 277,690 
Noncontrolling interests459 505 
Total equity286,719 278,195 
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK, AND EQUITY$688,113 $667,592 
           The accompanying notes are an integral part of these consolidated financial statements.
1

Table of Contents
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share amounts)
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
 (Unaudited)
REVENUES:    
Rental and other property income$12,897 $17,306 $41,416 $73,306 
Hotel income1,525 7,734 10,153 27,087 
Interest and other income2,912 4,175 7,810 12,955 
17,334 29,215 59,379 113,348 
EXPENSES:    
Rental and other property operating8,822 13,286 28,829 49,197 
Asset management and other fees to related parties          2,387 2,699 7,408 10,496 
Expense reimbursements to related parties—corporate639 630 2,066 1,819 
Expense reimbursements to related parties—lending segment901 652 2,581 1,840 
Interest2,643 2,403 8,706 8,998 
General and administrative1,736 1,384 5,138 4,793 
Transaction costs 340  600 
Depreciation and amortization5,273 5,180 15,728 21,995 
Loss on early extinguishment of debt (Note 6)281  281 29,982 
Impairment of real estate (Note 3)   69,000 
22,682 26,574 70,737 198,720 
Gain on sale of real estate (Note 3) 302  433,104 
(LOSS) INCOME BEFORE (BENEFIT) PROVISION FOR INCOME TAXES(5,348)2,943 (11,358)347,732 
(Benefit) provision for income taxes(18)87 (731)686 
NET (LOSS) INCOME(5,330)2,856 (10,627)347,046 
Net loss (income) attributable to noncontrolling interests7 (8)1 165 
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY(5,323)2,848 (10,626)347,211 
Redeemable preferred stock dividends declared or accumulated (Note 9)(4,267)(4,470)(13,613)(12,934)
Redeemable preferred stock deemed dividends (Note 9)(87) (300) 
Redeemable preferred stock redemptions (Note 9)(1) (67)(8)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$(9,678)$(1,622)$(24,606)$334,269 
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE: (1)    
Basic$(0.65)$(0.11)$(1.67)$22.90 
Diluted$(0.65)$(0.11)$(1.67)$21.24 
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: (1)    
Basic14,805 14,598 14,729 14,598 
Diluted14,805 14,599 14,729 15,825 
(1)All share and per share amounts have been adjusted to give retroactive effect to the one-for-three reverse stock split of our common stock effected on September 3, 2019.
   The accompanying notes are an integral part of these consolidated financial statements.
2

Table of Contents
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
(In thousands)
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
 (Unaudited)
NET (LOSS) INCOME$(5,330)$2,856 $(10,627)$347,046 
Other comprehensive loss: cash flow hedges   (1,806)
COMPREHENSIVE (LOSS) INCOME(5,330)2,856 (10,627)345,240 
Comprehensive loss (income) attributable to noncontrolling interests7 (8)1 165 
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY$(5,323)$2,848 $(10,626)$345,405 
The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Consolidated Statements of Equity
(In thousands, except share and per share amounts)
 Nine Months Ended September 30, 2020
Common StockPreferred Stock
Series ASeries DSeries L
 SharesPar
Value
SharesAmountSharesAmountSharesAmountAdditional
Paid-in
Capital
Distributions
in Excess of Earnings
Non-controlling
Interests
Total
Equity
 (Unaudited)
Balances, December 31, 201914,602,149 $15 2,837,094 $70,633  $ 5,387,160 $152,834 $794,825 $(740,617)$505 $278,195 
Stock-based compensation expense— — — — — — — — 56 — — 56 
Common dividends ($0.075 per share)
— — — — — — — — — (1,095)— (1,095)
Issuance of Series A Preferred Warrants— — — — — — — — 28 — — 28 
Dividends to holders of Series A Preferred Stock ($0.68750 per share)
— — — — — — — — — (3,252)— (3,252)
Issuance of Series D Preferred Stock— — — — 5,980 150 — — (5)— — 145 
Dividends to holders of Series D Preferred Stock ($0.588542 per share)
— — — — — — — — — (3)— (3)
Reclassification of Series A Preferred Stock to permanent equity— — 304,274 7,588 — — — — (640)— — 6,948 
Redeemable Preferred Stock deemed dividends— — — — — — — — — (161)— (161)
Redemption of Series A Preferred Stock— — (2,452)(61)— — — — 5 (10)— (66)
Net (loss) income— — — — — — — — — (1,260)4 (1,256)
Balances, March 31, 202014,602,149 $15 3,138,916 $78,160 5,980 $150 5,387,160 $152,834 $794,269 $(746,398)$509 $279,539 

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Table of Contents
CIM COMMERCIAL TRUST CORPORATION AND SUBSIDIARIES
Consolidated Statements of Equity (Continued)
(In thousands, except share and per share amounts)
 Nine Months Ended September 30, 2020
Common StockPreferred Stock
Series ASeries DSeries L
 SharesPar
Value
SharesAmountSharesAmountSharesAmountAdditional
Paid-in
Capital
Distributions
in Excess of Earnings
Non-controlling
Interests
Total
Equity
 (Unaudited)
Balances, March 31, 202014,602,149 $15 3,138,916 $78,160 5,980 $150 5,387,160 $152,834 $794,269 $(746,398)$509 $279,539 
Distributions to noncontrolling interests— — — — — — — — — — (45)(45)
Stock-based compensation expense21,912 — — — — — — — 56 —