CIM Real Estate Finance Trust, Inc. (CMFT) is a public, non-listed REIT. In late December 2021, the REIT agreed to sell all of its shopping centers to American Finance Trust Inc. (Nasdaq: AFIN), a publicly traded REIT managed by AR Global, for approximately $1.32 billion. payable for the six months ended June 30, 2021 was $292.2 million. "Additionally, this transaction increases our flexibility as we seek to capitalize on investment opportunities resulting from the current market environment.". The remaining net lease portfolio is primarily financed with a long-term, fixed rate asset-backed securitization. CIM Real Estate Finance Trust recently completed its merger with affiliated non-traded REIT, CIM Income NAV Inc., creating a credit-focused REIT with approximately $6.1 billion in enterprise value and more than $3.1 billion in equity value. "same store" properties during the six months ended June 30, 2022 and 2021. 1) Real Estate Investments are shown at Purchase Price and loans are held at appraised value relative to TAV. 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 . About CIM Real Estate Finance Trust, Inc. CMFT is a public non-traded corporation that has elected to be taxed and currently qualifies as a REIT. As a result of these relationships, the Company is dependent upon CR IV Advisors and its affiliates. Declared aggregate distributions of $0.18 per share. Any representation to the contrary is unlawful. User ID: Password: Establish a new User ID and Password. This virtual event features six 90-minute classes about the fundamentals of ESG in commercial real estate. default under our debt obligations. About CIM Real Estate Finance Trust, Inc. CMFT is a public non-traded corporation that has elected to be taxed and currently qualifies as a REIT. through the CIM Income NAV Merger that closed in December 2021. Nareitis the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate and capital markets. The following table presents distributions and source of distributions for the All rights reserved. We support and enhance communities through real estate and infrastructure projects that provide employment, goods and services to help communities thrive long-term. concentrations with respect to our investments and properties. periods indicated below (dollar amounts in thousands): (1)Net cash provided by operating activities for the six months ended June 30, Diehl Communications Transaction-related expenses remained generally consistent during the three 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. Shareholder Relations 1-202-739-9400 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. 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. About CIM GroupCIM is a community-focused real estate and infrastructure owner, operator, lender and developer. September 30, 2021, partially offset by the acquisition of 115 properties Forward-looking statements are not guarantees of performance or results and speak only as of the date such statements are made. For more information, visit www.cimgroup.com. These statements are based on the current expectations of management for CMFT and on currently available industry, financial and economic data. offset by an increase in redemptions of common stock of $19.7 million due to the 1-202-739-9401 (fax). The following table shows the carrying value of our portfolio by investment type 2325 E. Camelback Road CIM truly does still have an entrepreneurial spirit, despite having grown significantly in the past few years. We may fail to remain qualified as a REIT for U.S. federal income tax purposes. 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. credit facility with a $30.0 million letter of credit subfacility. About CIM Real Estate Finance TrustCMFT is a public non-traded corporation that has elected to be taxed and currently qualifies as a REIT. payable for the nine months ended September 30, 2021 was $584.1 million. 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. CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. 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 . ?Program (Details) Subsequent Events. Other Credit Investments 13.4%, Net Lease Retail 77.9%Net Lease Office 12.1%Net Lease Industrial 4.2%Other 5.8%. 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. 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. Prior to April 1, 2020, on a quarterly basis, our Board authorized a daily 2) Reflects total net asset value as of 9/30/22. 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. Contact a Shareholder Relations Representative at 1-866-907-2653. as of September 30, 2022 and 2021 (dollar amounts in thousands): The following table details overall statistics for our credit portfolio as of The increase in provision for credit losses of $9.0 million during the six Account Log In. developments, net. 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. CMCT +2.60% + Free Alerts. arise from dispositions. 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 . acquire any properties. 3 Table of Contents CIM REAL ESTATE FINANCE TRUST, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS the availability of origination and acquisition opportunities acceptable to us. Net proceeds from the transaction, will be deployed into senior secured loans and other similar credit investments. Invested $433.2 million in CMBS and sold one marketable security for an Net proceeds to be deployed into senior secured loans. Interest payments - fixed rate debt We may be unable to successfully reposition our portfolio or list our shares on The following table details the components of net operating income broken out Our team unites wide-ranging expertise, creative vision, and a hands-on approach with an emphasis on creating maximum value through each project. September 30, 2022 (dollar amounts in thousands): Liquid Senior CMBS and Equity Corporate, 691,981 $ 470,121 $ 56,424 Expense Reimbursements to Related Parties. The following table reconciles net income, calculated in accordance with GAAP, maximum facility size. daily distribution amounts per share for the periods indicated below: Since April 2020, our Board authorized the following monthly distribution Click here to visit CIM Groups directory sponsor page. Interest expense and other, net also includes amortization of deferred financing Segment Reporting to our condensed consolidated financial statements in this We may be affected by risks resulting from losses in excess of insured limits. Entered into a new credit agreement that provides for borrowings of up to 3) Loan to Value is shown at time of origination. ESG (Environmental, Social and Governance). Since 1994, CIM has sought to create value in projects and positively impact the lives of. CMFT invests in senior secured loans and credit. We are subject to fluctuations in interest rates which could reduce our ability There is no guarantee that a public market listing will take place within the expected time period or at all. amounts per share, payable to stockholders as of the record date for the We may not be able to maintain profitability. Among CMCT's assets is Penn Field, a 1918 U.S. Army air base that was transformed into a creative office campus. 2022 and 2021 was $61.2 million and $65.3 million, respectively. 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. Prior to April 1, 2020, on a quarterly basis, our Board authorized a daily January 12, 2023 - 8:00 am. fees, banking fees and transfer agency and board of directors costs. Interest expense and other, net also includes amortization of deferred financing This communication includes certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that describe future plans and objectives are also forward-looking statements. leases expire on favorable terms or at all. I would particularly like to thank Pedro Das Gupta, Peter Cheek, Neil McDonald, Bhavna Patel, David Snaddon, and Philip Powell. Except as required by law, none of CMFT, CCIT III or CCPT V undertakes 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. The tenant generally agrees that it will either have no ability or only limited ability to terminate the lease or abate rent prior to the expiration of the term of the lease as a result of real estate driven events such as casualty, condemnation or failure by the landlord to fulfill its obligations under the lease. PHOENIX, December 30, 2022 -- ( BUSINESS WIRE )--CIM Real Estate Finance Trust, Inc. ("CMFT"), a leading commercial credit-focused real estate investment trust (REIT), announced. Operating Highlights and Key Performance Indicators, Activity from January 1, 2022 through June 30, 2022. We are subject to competition from entities engaged in lending which may impact The increase in loss on extinguishment of debt of $14.8 million for the six 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. 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. Disposed of condominium units for an aggregate sales price of $22.5 million. 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. be impacted by current or future economic conditions associated with the 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. Application for Transfer for Required Minimum Distributions (RMD) Change of Address. leases. 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 . Converted $68.2 million of preferred units into a CRE loan upon maturity. If you invested in CIM Real Estate Finance Trust, or Cole Credit . on loans held-for-investment of $156.9 million. We have substantial indebtedness, which may affect our ability to pay stockholders or meet our debt service obligations. the availability of origination and acquisition opportunities acceptable to us. periods indicated below (dollar amounts in thousands): (1)Net cash provided by operating activities for the nine months ended Request to Change Financial Advisor and/or Broker Dealer. Senior Loans 62.6%Net Lease Real Estate 31.7%Cash & Other Investments 5.7%, Commercial Real Estate Loans 71.2%Liquid Senior Secured 15.4%Commercial Mortgage-Backed Securities & CMFT is managed by affiliates of CIM. a national securities exchange in the timeframe we expect or at all. Our continued compliance with debt covenants depends on many factors and could -, Cim Real Estate Finance Trust, Inc. : Entry into a Material Definitive Agreement, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K), Cim Real Estate Finance Trust, Inc. : Other Events, Financial Statements and Exhibits (form 8-K), CIM REAL ESTATE FINANCE TRUST, INC. Management's Discussion and Analysis of Financial Condition and Results COVID-19 pandemic. Phoenix, AZ 85016 Our properties, intangible assets and other assets, as well as the property The Combined Companys greater size and improved portfolio diversification should provide it with greater access to debt and equity capital markets. These statements are based on the current expectations of management for CMFT, CCIT III and CCPT V and on currently available industry, financial and economic data. Declared aggregate distributions of $0.27 per share. Quarterly Report on Form 10-Q for further discussion of our operating segments. We may be unable to renew leases, lease vacant space or re-lease space as Announces Completion of Merger with CIM Income NAV, Inc. ESG (Environmental, Social and Governance). We may not generate cash flows sufficient to pay our distributions to Our Board authorized the following months ended June 30, 2022, as compared to the same period in 2021, was 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 General and administrative expenses remained generally consistent during the The following table reconciles net income, calculated in accordance with GAAP, developments, net. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "would," "could," or words of similar meaning. Senior Loans 62.6% have the following meanings: As of June 30, 2022, our loan portfolio consisted of 341 loans with a net book Cim Real Estate Finance Trust Inc does not have a meaningful P/E due to negative earnings over the last 12 trailing months. 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. We define segment beyond one such redemption date your real estate finance trust, redemptions are negotiated by seller parties. We use certain defined terms throughout this Quarterly Report on Form 10-Q that CMFT invests in senior secured loans and credit. The competing aims and values of a multi-cultural Lebanese society comprising of seventeen conflicting religious sects, led to disunity in any sense of national identity, and hence conflict in national architectural identity. The REIT launched its offering in January 2012 and raised more than $3 billion prior to closing in April 2014. borrowers and tenants and from borrower or tenant defaults generally. CMFT is managed by affiliates of CIM. June 30, 2022, as compared to the same period in 2021, was primarily due to to net operating income (in thousands): Gain on disposition of real estate and condominium excess of distributions from prior periods of $18.7 million. to net operating income (in thousands): Gain on disposition of real estate and condominium Interest payments - fixed rate debt 3,537, Critical Accounting Policies and Significant Accounting Estimates, Allocation of Purchase Price of Real Estate Assets; and, Related-Party Transactions and Agreements. Comparison of the Nine Months Ended September 30, 2022 and 2021, Increase (decrease) in provision for credit losses 15,315. Subsequent to September 30, 2021, the REIT redeemed roughly 1.3 million shares at $7.20 per share, and of the remaining requests received during the three month ended September 30, 2021, 27.7 million shares went unfulfilled, MacKenzie said. 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). Application for Transfer for Non-Custodial Accounts. Since then, the price of the REIT shares has decreased, reaching a net asset value (nav) of $7.77 as of December 31, 2019. CMFT invests in senior secured loans and credit leases. CMFT holds investments in net lease and multi-tenant retail assets as well as real estate loans and other credit investments. Our records indicate that you currently have clients invested in one or more of the following CIM Group REITs: CIM Real Estate Finance Trust, Inc. ("CMFT"), Cole Office & Industrial REIT (CCIT II), Inc. ("CCIT II"), Cole Office & Industrial REIT (CCIT III), Inc. ("CCIT III") and Cole Credit Property Trust V, Inc. ("CCPT V"). Invested $55.3 million in corporate senior loans and received principal Email Alerts Printed Materials RSS Feeds. (1)As of September 30, 2022, 100% of our loans by principal balance earned a The transaction is expected to close during the first quarter of 2022. Forward-looking statements are not guarantees of performance or results and speak only as of the date such statements are made. Security and Exchange Commission SEC Cim Real Estate Finance Trust, Inc. Form 10-Q This material must be read in conjunction with a prospectus in order to understand fully all the implications and risks of an offering of securities to which it relates. After the sale, its portfolio will consist of 199 office, retail and industrial properties spanning 6.4M SF. (www.creativemediacommunity.com). Credit Facility and terminated the CIM Income NAV Credit Facility. Its segments include Credit and Real estate. Copyright Nareit 2023. The properties include 79 power, anchored, and grocery centers and two single-tenant properties. between same store and non-same store properties (in thousands): Gain on Investment in Unconsolidated Entities. CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. 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. Need Help? Segment Reporting to our condensed consolidated financial statements in this The following table shows the property statistics of our real estate assets as Cautionary Statement Regarding Forward-Looking Information. We are subject to risks associated with tenant, geographic and industry ability to borrow up to $200.0 million in revolving loans under a revolving We are subject to fluctuations in interest rates which could reduce our ability CIM Real Estate Finance Trust, Inc. is a non-exchange traded real estate investment trust (REIT). Principal payments - fixed rate debt $ 95,317 $ 16,238, $ 79,079 $ - $ -
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