CIM Commercial Trust's board declared a special cash dividend of $14.00 per common share, to be paid Aug. 30 to stockholders of record at the close of business on Aug. 19.
The office real estate investment trust said the special dividend, which totals approximately $613 million, will be financed mainly from the net proceeds from the sale of 10 properties during 2019 and borrowings on the company's revolving credit facility.
The board also approved a 1-for-3 reverse split of the company's common stock, which will become effective at 12:01 a.m. on Sept. 3.
The board announced a quarterly cash dividend on a pre-split basis of 2.5 cents per common share, or 7.5 cents per share on a post-split basis. The company will pay the quarterly dividend Sept. 18 to stockholders of record at the close of business on Sept. 6.