(1)As of June 30, 2022, 100% of our loans by principal balance earned a floating CIM Commercial is a real estate investment trust that primarily acquires, owns, and operates Class A and creative office assets in vibrant and improving metropolitan communities throughout the . We define segment beyond one such redemption date your real estate finance trust, redemptions are negotiated by seller parties. Item 1.01 Entry into a Material Definitive Agreement. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The increase in loss on extinguishment of debt of $14.8 million for the six Shareholder Relations CIM Real Estate Finance Trust, Inc. (CMFT) is a public, non-listed REIT. SAN DIEGO, Sept. 3, 2019 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company, today announced that i. CMFT is managed by affiliates of CIM. About CIM Real Estate Finance Trust CMFT is a public non-traded corporation that has elected to be taxed and currently qualifies as a REIT. $274.4 million. maximum facility size. Prior to April 1, 2020, on a quarterly basis, our Board authorized a daily amounts per share, payable to stockholders as of the record date for the be impacted by current or future economic conditions associated with the We may be unable to successfully reposition our portfolio or list our shares on Contact CIM Group Shareholder Relations 866.907.2653 PHOENIX--CIM Real Estate Finance Trust, Inc. ("CMFT") announced today it has acquired CIM Income NAV, Inc. ("INAV") in a stock-for-stock, tax-free merger transaction pursuant to the definitive agreement executed in September 2021. News & Events. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. Declared aggregate distributions of $0.18 per share. to generate income on our credit investments. Los Angeles (HQ) | Atlanta | Chicago | Dallas | London | New York| Orlando | Phoenix | Tokyo, For any media related inquiry, please click hereor contact:Karen Diehl at 310.741.9097 / karen@diehlcommunications.com, orBill Mendel at 212.397.1030 / bill@mendelcommunications.com. repayments of $50,000. was primarily due to the disposition of 134 properties subsequent to These statements are based on the current expectations of management for CMFT and on currently available industry, financial and economic data. Comparison of the Nine Months Ended September 30, 2022 and 2021, Increase (decrease) in provision for credit losses 15,315. For 60 years, Nareit has led the U.S. REIT industry by ensuring its members best interests are promoted by providing unparalleled advocacy, investor outreach, continuing education and networking. Delayed OTC Markets Cautionary Statement Regarding Forward-Looking InformationThis communication includes certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Disposed of 130 properties and an outparcel of land, including the two About CIM Real Estate Finance Trust CMFT is a public non-traded corporation that has elected to be taxed and currently qualifies as a REIT. to net operating income (in thousands): Gain on disposition of real estate and condominium Except as required by law, CMFT does not undertake any obligation to update or revise any forward-looking statement in this communication, whether to reflect new information, future events, changes in assumptions or circumstances or otherwise. CIMs diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. Following the final close of the transaction, CMFTs net lease portfolio is expected to consist of 199 retail, office and industrial properties totaling 6.4 million square feet with 99.7% occupancy and a WALT of 11.5 years2. Converted $68.2 million of preferred units into a CRE loan upon maturity. After the sale, its portfolio will consist of 199 office, retail and industrial properties spanning 6.4M SF. CIM Real Estate Finance Trust, Inc. CMFT is managed by affiliates of CIM. MacKenzie is offering to purchase up to 1.25 million shares of CIM Real Estate Finance Trust common stock for $3.15 per share. "same store" properties during the six months ended June 30, 2022 and 2021. Our operating segments include credit and real estate. Find the latest CIM Real Estate Finance Trust, Inc. (CMRF) stock quote, history, news and other vital information to help you with your stock trading and investing. Net proceeds to be deployed into senior secured loans. Forgot your Password? properties acquired or disposed of on or after January 1, 2021. to net operating income (in thousands): Gain on disposition of real estate and condominium Principal payments - fixed rate debt $ 36,647 $ 443, $ 36,204 $ - $ - Cautionary Statement Regarding Forward-Looking Information. three months ended June 30, 2022, as compared to the same period in 2021. Forward-looking statements are not guarantees of performance or results and speak only as of the date such statements are made. We are subject to competition from entities engaged in lending which may impact Investors in CIM Real Estate Finance Trust, Inc. (CIM, or the Company) who invested on the advice of a financial advisor may be able to recover their losses through FINRA arbitration, if the recommendation to invest lacked a reasonable basis, or if the investor was otherwise misled into making the investment. CMCT is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and entertainment. With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty in 2023. Invested $74.8 million in corporate senior loans. 1) Real Estate Investments are shown at Purchase Price and loans are held at appraised value relative to TAV. stockholders or meet our debt service obligations. of Operations (form 10-Q). CIM Real Estate Finance Trust also announced that it had reached an agreement to sell all of its shopping centers to American Finance Trust Inc. for $ 1.3 billion. invested in by the Company during the three months ended June 30, 2021. The primary general and administrative expense items are legal and accounting DALLAS CMCT (NASDAQ: CMCT and TASE: CMCT-L) Creative Media & Community Trust Corporation ("CMCT") previously announced that it will redeem all outstanding shares of its Series L Preferred Stock in cash on January 25, 2023 at its stated value, USD 28.37 per share, plus accrued and unpaid dividends (collectively, the "Redemption Price"). We may be unable to renew leases, lease vacant space or re-lease space as CIM Real Estate Finance Trust, Inc. Change of Distribution Election. We are subject to risks associated with tenant, geographic and industry We have substantial indebtedness, which may affect our ability to pay PHOENIX, December 30, 2022--(BUSINESS WIRE)--CIM Real Estate Finance Trust, Inc. ("CMFT"), a leading commercial credit-focused real estate investment trust (REIT), announced today. Statements that describe future plans and objectives are also forward-looking statements. Senior Loans 62.6% The transaction is expected to close in the fourth quarter of 2021, subject to certain closing conditions, including the approval of the merger and certain other matters by INAV stockholders. to generate income on our credit investments. Phoenix, AZ 85016 CMFT invests in senior secured loans and credit leases. months ended September 30, 2022, as compared to the same period in 2021. Shares of this non-traded real estate investment trust ( REIT), formerly known as Cole Credit Property Trust IV, were originally sold for $10 per share. Suite 1100 MacKenzie and its affiliates currently own 11,118 shares. IR Resources. We are subject to competition from entities engaged in lending which may impact costs. on loans held-for-investment of $156.9 million. Expense Reimbursements to Related Parties. CIM Real Estate Finance Trust, Inc. ("CMFT") CIM Income NAV, Inc. ("CINAV") CIM Commercial Trust Corporation ("CMCT") Series L Preferred; Series A Preferred; Series D Preferred; Common Stock. Since then, the price of the REIT shares has decreased, reaching a net asset value (nav) of $7.77 as of December 31, 2019. concentrations with respect to our investments and properties. The increase in provision for credit losses of $9.0 million during the six Invested $1.3 billion in first mortgage loans and received principal repayments Gain on Disposition of Real Estate and Condominium Developments, Net. Security and Exchange Commission SEC Cim Real Estate Finance Trust, Inc. Form 10-Q connection with the disposition of the underlying properties during the six The transaction marks another step in CMFTs business plan execution and is anticipated to further position the REIT for a public market listing, which, subject to market conditions and the continued successful execution of its business plan, is targeted for 2022.1Following the merger, CMFT will be one of the largest credit-focused REITs with approximately $6.1 billion in enterprise value and in excess of $3.1 billion in equity value.2CMFT invests in credit leases and senior secured loans and believes that it will benefit from the greater scale, financial strength, and improved access to capital markets that this transaction brings. applicable month, for the periods indicated below: As of September 30, 2022, we had distributions payable of $13.3 million. (2)Net proceeds on the repurchase facilities, credit facilities and notes CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Need assistance? CCO Group programs are only offered by means of a prospectus. Performance Details 1 year Return N/A 2 year return N/A 3 year return N/A 5 year return N/A 10 year return N/A Market Cap $1 M Trustee Certification of Investment Powers, CIM Real Assets & Credit Fund (CIM RACR) Subscription Agreement, CIM Real Assets & Credit Fund (CIM RACR) Systematic Investment Form, Hancock Park Corporate Income, Inc. (HPCI) Subscription Agreement, Securities distributed by affiliate broker-dealer: CCO Capital, LLC, member: FINRA / SIPC, Information about CCO Capital, LLC can be found at FINRA's BrokerCheck, ESG (Environmental, Social and Governance), CIM Real Estate Finance Trust, Inc. ("CMFT"), CIM Real Estate Finance Trust, Inc. (CMFT). Need Help? We are subject to risks associated with bankruptcies or insolvencies of our Diehl Communications CMCT seeks to apply the expertise of CIM to the acquisition, development, and operation of top-tier multifamily properties situated in dynamic markets with similar business and employment . 3) Loan to Value is shown at time of origination. Copyright 2023 Surperformance. Values relevant asset sale of cim group targets than sufficient cash equivalents, all publicly traded reits the form of cim real estate finance trust redemption form. fees, banking fees and transfer agency and board of directors costs. United States. We may not be able to maintain profitability. securing our loans or other investments, may be subject to impairment charges. properties previously owned through the Consolidated Joint Venture, for an Transaction-related expenses remained generally consistent during the three We are subject to fluctuations in interest rates which could reduce our ability As of September 30, 2019, the company's loan portfolio consisted of nine loans with a net book value of $187 million. This contact form is not for media related inquiries. Comparison of the Three Months Ended June 30, 2022 and 2021. User ID: Password: Establish a new User ID and Password. Cons CIM Real Estate Finance Trust expects to use the proceeds to fund future secured loans. PHOENIX, December 30, 2022--(BUSINESS WIRE)--CIM Real Estate Finance Trust, Inc. ("CMFT"), a leading commercial credit-focused real estate investment trust (REIT), announced today that it has entered into an agreement to sell 185 non-core, net lease properties to Realty Income Corporation (NYSE: O) for $894 million. Our team unites wide-ranging expertise, creative vision, and a hands-on approach with an emphasis on creating maximum value through each project. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. months ended June 30, 2022, as compared to the same period in 2021, was Nareits ESG JumpStart: Virtual Class Series. The increase in management fees of $3.4 million during the six months ended arise from dispositions. CMCT is operated by affiliates of CIM Group, L.P., a vertically-integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities. Converted $68.2 million of preferred units into a CRE loan upon maturity. periods indicated below (dollar amounts in thousands): (1)Net cash provided by operating activities for the nine months ended Stock-for-stock mergers result in a credit-focused REIT with $4.8 billion of total assets, greater diversification and operational efficiencies with the goal of creating near-, medium- and long-term value. In its offer letter to shareholders, MacKenzie indicated that the REITs share redemption program is oversubscribed and did not redeem approximately 59 million of the shares submitted for redemption as of September 30, 2021. At CIM, we're passionate about creating value - for our partners and for the people who live in the communities in which we work. was primarily due to the disposition of 134 properties subsequent to Change of Transfer on Death. Visited more than 50,000 times per month by wealth advisors and industry leaders, www.TheDIWire.com is an invaluable resource for anyone interested in the illiquid alternative investment industry. Interest payments - fixed rate debt We have no paid employees and are externally managed by CMFT Management and, with respect to investments in securities and certain other of our investments, our Investment Advisor, each of which is an affiliate of CIM, a community-focused real estate and infrastructure owner, operator, lender and developer. CMCT is operated by affiliates of CIM Group, L.P., a vertically-integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities. Vous pouvez modifier vos choix tout moment en consultant vos paramtres de vie prive. We have substantial indebtedness, which may affect our ability to pay Invested $433.2 million in CMBS and sold one marketable security for an There is no guarantee that a public market listing will take place within the expected time period or at all. During the nine months ended September 30, 2022 and 2021, the Company did not Shareholders. Stockholders may participate in CMFT's redemption plan upon completion of the proposed merger transaction and reinstatement of the redemption plan by the CMFT Board of Directors or, if one or more mergers is not completed, upon the reinstatement of the redemption plan by the Board of Directors of CCIT II, CCIT III or CCPT V, as applicable. Forward-looking statements are not guarantees of performance or results and speak only as of the date such statements are made. Certain statements contained in this Annual Report on Form 10-K of CIM Real Estate Finance Trust, Inc., other than historical facts, may be considered forward-looking statements within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange . CMFT is managed by affiliates of CIM. REITs invest in the majority of real estate property types, including offices, apartment buildings, warehouses, retail centers, medical facilities, data centers, cell towers, infrastructure and hotels. In determining the estimated per share NAV, the Board considered information and analysis including valuation materials that were provided by Kroll, LLC ("Kroll"), information provided by the Company's manager, CIM Real Estate Finance Management, LLC ("CMFT Management"), and the estimated per share NAV recommendation made by the Audit Committee. September 30, 2021, partially offset by the acquisition of 115 properties Cautionary Statement Regarding Forward-Looking Information. 2) Reflects total net asset value as of 9/30/22. Copyright 2023 Surperformance. The combined company after the Merger will retain the name CIM Real Estate Finance Trust, Inc. CIMs diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. The following table reconciles net income, calculated in accordance with GAAP, COVID-19 pandemic. Year-over-year quarterly sales growth most recently was 21.3%. excess of distributions from prior periods of $18.7 million. The purchase price will be paid in cash and the transaction is expected to close during the first quarter of 2023, subject to the completion of due diligence and the satisfaction of closing conditions. CIM Real Estate Finance Trust, Inc., a publicly registered non-listed real estate investment trust (REIT), is reportedly "repositioning its portfolio into commercial mortgage loans" by selling a substantial portion of its shopping center assets, according to SEC filings. CCIT III stockholders will receive 1.098 shares of CMFT stock for each CCIT III share and CCPT V stockholders will receive 2.892 shares of CMFT stock for each CCPT V share. "Non-same store" properties, for purposes of the table below, includes LOS ANGELES--(BUSINESS WIRE)--CIM Real Estate Finance Trust, Inc. (CMFT), Cole Office & Industrial REIT (CCIT III), Inc. (CCIT III) and Cole Credit Property Trust V, Inc. (CCPT V) today announced that CMFT has acquired each of CCIT III and CCPT V in separate stock-for-stock, tax-free merger transactions pursuant to definitive agreements executed in August 2020 and amended in October and November 2020. Invested $160.9 million in liquid senior loans and sold liquid senior loans for CMFT invests in senior secured loans and credit. CIM Real Estate Finance Trust, Inc. is a non-exchange traded real estate investment trust (REIT). PHOENIX, December 16, 2021 -CIM Real Estate Finance Trust, Inc. announced today it has acquired CIM Income NAV, Inc. in a stock-for-stock, tax-free merger transaction pursuant to the definitive agreement executed in September 2021. We believe the merger will result in significant benefits for stockholders, and in particular, the increased scale should make the company more attractive to investors as it prepares for a public market listing, said Richard Ressler, Principal and Co-Founder of CIM Group. Cim Real Estate Finance Trust Inc's trailing 12-month revenue is $408.0 million with a 28.7% profit margin. Pour en savoir plus sur notre utilisation de vos informations, veuillez consulter notre Politique relative la vie prive et notre Politique en matire de cookies. The REIT anticipates a public listing in 2022. En cliquant sur Accepter tout, vous acceptez que Yahoo et nos partenaires traitent vos informations personnelles et utilisent des technologies telles que les cookies pour afficher des publicits et des contenus personnaliss, et des fins de mesure des publicits et des contenus, dtude des audiences et de dveloppement de produit. CMFT invests in senior secured loans and credit. PHOENIX--CIM Real Estate Finance Trust, Inc. (CMFT) announced today it has acquired CIM Income NAV, Inc. (INAV) in a stock-for-stock, tax-free merger transaction pursuant to the definitive agreement executed in September 2021. We may not generate cash flows sufficient to pay our distributions to Announces Merger Agreement with CIM Income NAV, Inc. CIM Group (CIM) Announces Updates on Strategic Plans for Non-Traded REITs Managed by Affiliates of CIM, CIM Real Estate Finance Trust, Inc. 3 Table of Contents CIM REAL ESTATE FINANCE TRUST, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 2020 Cole Credit Property Trust V, Inc. Cole Office & Industrial REIT (CCIT III), Inc. Cole Real Estate Income Strategy (Daily NAV), Inc. CIM . Nareit's members are REITs and other businesses throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses. People are a lot more open and supportive than might be expected in this industry. CIM Real Estate Finance Trust, Inc. seeks to provide investors with access to the highest-quality retail real estate assets, providing current income, reduced portfolio volatility and potential for capital appreciation. The Credit segment is engaged primarily in acquiring and originating loans, either directly or through co-investments in joint ventures, related to real estate assets. Cim Real Estate Finance Trust, Inc. : Entry into a Material Definitive Agreement, Regulati.. Cim Real Estate Finance Trust, Inc. : Other Events, Financial Statements and Exhibits (for.. CIM REAL ESTATE FINANCE TRUST, INC. Management's Discussion and Analysis of Financial .. Cim Real Estate Finance Trust, Inc. : Regulation FD Disclosure, Financial Statements and E.. Cim Real Estate Finance Trust, Inc. : Entry into a Material Definitive Agreement, Creation.. Cim Real Estate Finance Trust, Inc. : Entry into a Material Definitive Agreement, Terminat.. Cim Real Estate Finance Trust, Inc. : Submission of Matters to a Vote of Security Holders .. Invested $110.4 million in liquid senior loans and sold liquid senior loans for Data as of 6/30/22. The following table presents distributions and source of distributions for the (2). price of $1.55 billion. a national securities exchange in the timeframe we expect or at all. OFS / OFS Capital Corp; SEC Filings; CIM REAL ESTATE FINANCE TRUST, INC. - - 40-APP/A - 40-APP/A - June 30, 2020; 40-APP/A 1 tm2023615d1_40appa.htm 40-APP/A . primarily due to the increased number of loan investments entered into during Pursuant to the merger agreement, INAV stockholders will receive an approximate 10.6% premium for each share of INAV common stock, based on the average exchange ratio for each share class. Quarterly Portfolio Update $7.3B Gross Asset Value 1.49x Debt to Equity Ratio $2.9 Billion Equity $4.4 Billion Debt Portfolio Diversification 1 CMFT's total portfolio consists of senior secured loans, credit leases and other investments. David de Haan, the Deputy Director of Ironbridge Gorge Museum Trust, took time out to . distribution for the succeeding quarter. On December 29, 2022 (the "Effective Date"), certain subsidiaries (collectively, the "Seller") of CIM Real Estate Finance Trust, Inc. (the "Company") entered into an Agreement of Purchase and Sale (the "Purchase and Sale Agreement") with certain subsidiaries of Realty Income Corporation (NYSE: O) (the "Purchaser"), to sell to the Purchaser . Except as required by law, CMFT does not undertake any obligation to update or revise any forward-looking statement in this communication, whether to reflect new information, future events, changes in assumptions or circumstances or otherwise. Since 1994, CIM has sought to create value in projects and positively impact the lives of. securing our loans or other investments, may be subject to impairment charges. Income NAV Merger that closed in December 2021. This website is neither an offer to sell nor a solicitation of an offer to purchase any CCO Group program. All rights reserved. through the CIM Income NAV Merger that closed in December 2021. Interest expense and other, net also includes amortization of deferred financing Our properties, intangible assets and other assets, as well as the property Segment Reporting to our condensed consolidated financial statements in this The primary general and administrative expense items are legal and accounting The combined CMFT, CCIT III and CCPT V (Combined Company) has approximately $4.8 billion in total asset value and a net asset value (NAV) of $2.6 billion, based upon the companies respective June 30, 2020 NAVs, creating a leading commercial real estate credit-focused REIT with scale, primarily invested in net lease assets and commercial real estate debt. Provisions do not affiliated transfer. The remaining net lease portfolio is primarily financed with a long-term, fixed rate asset-backed securitization. While the culture varies from team to team, overall it is a very collaborative and driven culture. 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