SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

19. SUBSEQUENT EVENTS

On January 21, 2021, we issued to the Operator an aggregate of 96,740 shares of our Series A Preferred Stock as payment, in lieu of cash, for $2.4 million of asset management fees owed to the Operator under the Investment Management Agreement in respect of the fourth fiscal quarter of the year ended December 31, 2020. Such securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. It is likely that we will seek to pay some or part of the asset management fees for part of the year ending December 31, 2021 in shares of Series A Preferred Stock.

On March 5, 2021, we declared a cash dividend of $0.075 per share of our Common Stock, to be paid on March 30, 2021 to stockholders of record at the close of business on March 15, 2021.

On March 5, 2021, we declared a quarterly cash dividend of $0.34375 per share of CMCT's Series A Preferred Stock for the second quarter of 2021. The dividend will be payable as follows: $0.114583 per share to be paid on May 17, 2021 to Series A Preferred Stockholders of record on May 5, 2021; $0.114583 per share to be paid on June 15, 2021 to Series A Preferred Stockholders of record on June 5, 2021; and $0.114583 per share to be paid on July 15, 2021 to Series A Preferred Stockholders of record on July 5, 2021. For shares of Series A Preferred Stock issued during the second quarter of 2021, the dividend will be prorated from the date of issuance, and the monthly dividend payments will reflect such proration, as applicable.

On March 5, 2021, we declared a quarterly cash dividend of $0.353125 per share of CMCT’s Series D Preferred Stock for the second quarter of 2021. The dividend will be payable as follows: $0.117708 per share to be paid on May 17, 2021 to Series D Preferred Stockholders of record on May 5, 2021; $0.117708 per share to be paid on June 15, 2021 to Series D Preferred Stockholders of record on June 5, 2021; and $0.117708 per share to be paid on July 15, 2021 to Series D Preferred Stockholders of record on July 5, 2021. For shares of Series D Preferred Stock issued during the second quarter of 2021, the dividend will be prorated from the date of issuance, and the monthly dividend payments will reflect such proration, as applicable.