STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

Dividends

Dividends per share of Common Stock declared during the three months ended March 31, 2017 and 2016 consist of the following:

Declaration Date	Payment Date	Dividend Per Common Share
March 8, 2017	March 27, 2017	$	0.21875
March 8, 2016	March 29, 2016	$	0.21875

On April 5, 2017, we declared a special cash dividend of $0.28 per share of Common Stock, or $601,000 in the aggregate, that was paid on April 24, 2017 to stockholders of record on April 17, 2017. This special cash dividend allowed common stockholders that did not participate in the September 14, 2016 private repurchase to receive the economic benefit of such repurchase. The September 14, 2016 private repurchase consisted of the Company's repurchasing, in a privately negotiated transaction, canceling and retiring 3,628,116 shares of Common Stock from Urban Partners II, LLC ("Urban II"), a fund managed by an affiliate of CIM Group, the Manager and Advisor of CIM Commercial, and an affiliate of CIM REIT and CIM Urban, for an aggregate purchase price of $79,819,000, or $22.00 per share. Urban II waived its right to receive this special cash dividend.

Warrants

Each Unit consists of (i) one share of Series A Preferred Stock (Note 11) and (ii) one Warrant which allows the holder to purchase 0.25 of a share of Common Stock. The Warrants are exercisable beginning on the first anniversary of the date of original issuance until and including the fifth anniversary of the date of such issuance. The exercise price of each Warrant is at a 15.0% premium to the per share estimated net asset value of our Common Stock (as most recently published by us at the time of each issuance).

Proceeds and expenses from the sale of the Units are allocated to the Series A Preferred Stock and Warrants using their relative fair values on the date of issuance. As of March 31, 2017, we had issued 144,698 Warrants in connection with our offering of Units and allocated net proceeds of $9,000, after specifically identifiable offering costs and allocated general offering costs, to the Warrants in permanent equity.