DALLAS–(BUSINESS WIRE)–CIM Commercial Trust Corporation (NASDAQ: CMCT and TASE: CMCT-L) (“we,” “our,” “CMCT,” “CIM Commercial,” or the “Company”), a real estate investment trust (“REIT”) that primarily acquires, owns, and operates Class A and creative office assets in vibrant and improving metropolitan communities throughout the United States (including improving and developing such assets), today reported operating results for the three months and year ended December 31, 2020.
Fourth Quarter 2020 Highlights
• Annualized rent per occupied square foot(1) on a same-store(2) basis increased 5.8% to $50.96 as of December 31, 2020 compared to $48.18 as of December 31, 2019.
• Our same-store(2) office portfolio was 80.3% leased as of December 31, 2020 compared to 87.0% as of December 31, 2019. In December 2020, we executed a lease for the entire newly constructed two-story office building of approximately 44,000 square feet, located at our Penn Field office campus located at 3601 South Congress Avenue in Austin.
• During the fourth quarter of 2020, we executed 67,112 square feet of leases with terms longer than 12 months, of which 22,941 square feet were recurring leases executed at our same-store(2) office portfolio, representing same-store(2) cash rent growth per square foot of 3.9%.
• Net loss attributable to common stockholders was $8.9 million, or $(0.60) per diluted share, for the fourth quarter of 2020 compared to $11.6 million, or $(0.79) per diluted share, for the fourth quarter of 2019.
• Same-store(2) office segment net operating income(3) (“NOI”) decreased 8.9%, while same-store(2) office cash NOI(4) increased 2.2%, for the fourth quarter of 2020 as compared to the corresponding period in 2019. The increase in same-store(2) office cash NOI(4) is primarily due to the expiration of a free rent period during the year ended December 31, 2020 at an office property in Los Angeles, California.
• Funds from operations (“FFO”) attributable to common stockholders(5) was $(3.2) million, or $(0.21) per diluted share, for the fourth quarter of 2020 compared to $(6.2) million, or $(0.42) per diluted share, for the fourth quarter of 2019.
• Core FFO attributable to common stockholders(6) was $(3.1) million, or $(0.21) per diluted share, for the fourth quarter of 2020 compared to $(346,000), or $(0.02) per diluted share, for the fourth quarter of 2019.
