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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
June 22, 1999
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Date of Report (Date of earliest event reported)
Imperial Credit Commercial Mortgage Investment Corp.
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Maryland 000-23089 95-4648345
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State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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11601 Wilshire Blvd., Suite 2080, Los Angeles, CA 90025
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(Address of principal executive offices) (Zip Code)
(310) 231-1280
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(Registrant's telephone number)
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Item 5. Other Events.
On June 22, 1999, Imperial Credit Commercial Mortgage Investment Corp. (the
"Registrant") issued a press release reporting the declaration of a $0.30
dividend for the quarter ending June 30, 1999. A copy of the press release is
attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by
reference.
Item 7. Exhibit
Exhibit 99.1 Press release of the Registrant, dated June 22, 1999
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP.
By: /s/ MICHAEL MELTZER
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Michael Meltzer, Chief Financial Officer and Treasurer
Dated: June 22, 1999
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EXHIBIT INDEX
Exhibit
No. Description
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99.1 Press release of the Registrant dated June 22, 1999
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(LOGO OF IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP.)
FOR IMMEDIATE RELEASE EXHIBIT 99.1
IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP.
ANNOUNCES QUARTERLY DIVIDEND
LOS ANGELES, CALIFORNIA, June 22, 1999. Imperial Credit Commercial Mortgage
Investment Corp. (Nasdaq: ICMI) today announced that its Board of Directors has
declared a cash dividend of $0.30 per share of common stock for the quarter
ending June 30, 1999. The dividend will be payable on July 15, 1999 to
shareholders of record at the close of business on June 30, 1999.
In its recent Form 10-Q filing, the Company disclosed the termination of a
commitment to fund a mortgage loan secured by real property in the United
Kingdom and the repayment of amounts previously advanced under that mortgage
loan. The Company estimates that it will recognize in the second quarter
approximately $4.0 million of taxable income in connection with the termination
of that commitment. The Company also will recognize an offsetting taxable loss
in the second quarter in connection with the Company's recent sale of
substantially all of its non-performing and sub-performing small balance
mortgage loans. The Company sold 72 non-performing and sub-performing small
balance mortgage loans for approximately 83% of their outstanding principal
balance totaling approximately $13.6 million. The estimated tax loss on the
sale of the loans includes the write-off of unamortized loan premiums and
accrued interest, as well as transaction costs.
Imperial Credit Commercial Mortgage Investment Corp. is a publicly traded real
estate investment trust that invests primarily in multifamily and commercial
mortgage loans, real property and commercial mortgage-backed securities. The
Company is managed by Imperial Credit Commercial Asset Management Corp., a
wholly-owned subsidiary of Imperial Credit Industries, Inc. (Nasdaq: ICII).
Certain statements contained herein are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities Act of
1934, as amended. These forward-looking statements may be identified by
reference to a future period(s) or by the use of forward-looking terminology,
such as "may," "will," "intend," "should," "expect," "anticipate," "estimate" or
"continue" or the negatives thereof or other comparable terminology. The
Company's actual results could differ materially from those anticipated in such
forward-looking statements due to a variety of factors, including, but not
limited to, changes in national, regional or local economic environments,
competitive products and pricing, government fiscal and monetary policies,
changes in prevailing interest rates, the course of negotiations, the
fulfillment
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of contractual conditions, factors inherent to the valuation and pricing of
interests in commercial mortgage-backed securities, other factors generally
understood to affect the real estate acquisition, mortgage and leasing markets
and security investments, and the other risks detailed in the Company's
Registration Statement on Form S-11, as amended, filed with the Securities and
Exchange Commission (the "SEC"), periodic reports on Forms 10-Q, 8-K and 10-K
and any amendments with respect thereto filed with the SEC and other filings
made by the Company with the SEC.
For further information, please contact Michael Meltzer, Chief Financial
Officer, at (310) 231-5906 or Karen Montandon, Investor Relations, at (310) 791-
8022.
