CMCT Declares Preferred Stock Dividends

CMCT (NASDAQ: CMCT and TASE: CMCT) announced today that its Board of Directors has declared preferred stock dividends on its Series A, Series A1 and Series D Preferred Stock.

Series A Preferred Stock

The Board of Directors has declared a quarterly cash dividend of $0.34375 per share of CMCT's Series A Preferred Stock for the first quarter of 2024. The dividend will be payable monthly as follows: $0.114583 per share to be paid on February 15, 2024 to Series A Preferred Stockholders of record on February 5, 2024; $0.114583 per share to be paid on March 15, 2024 to Series A Preferred Stockholders of record on March 5, 2024; and $0.114583 per share to be paid on April 15, 2024 to Series A Preferred Stockholders of record on April 5, 2024.

Series A1 Preferred Stock

The Board of Directors has declared a quarterly cash dividend of $0.489375 per share of CMCT's Series A1 Preferred Stock for the first quarter of 2024. The quarterly cash dividend of $0.489375 per share represents an annualized dividend rate of 7.83% (2.5% plus the federal funds rate of 5.33% on the applicable determination date).

The terms of the Series A1 Preferred Stock provide for cumulative cash dividends (if, as and when authorized by the Board of Directors) on each share of Series A1 Preferred Stock at a quarterly rate of the greater of (i) 6.00% of the Series A1 Stated Value, divided by four (4) and (ii) the Federal Funds (Effective) Rate on the applicable determination date, plus 2.50%, of the Series A1 Stated Value, divided by four (4), up to a maximum of 2.50% of the Series A1 Stated Value per quarter.

The dividend will be payable monthly as follows: $0.163125 per share to be paid on February 15, 2024 to Series A1 Preferred Stockholders of record on February 5, 2024; $0.163125 per share to be paid on March 15, 2024 to Series A1 Preferred Stockholders of record on March 5, 2024; and $0.163125 per share to be paid on April 15, 2024 to Series A1 Preferred Stockholders of record on April 5, 2024. For shares of Series A1 Preferred Stock issued in the first quarter of 2024, the dividend will be prorated from the date of issuance, and the monthly dividend payments will reflect such proration.