Master Repurchase Agreement dated June 4 2020 by and between CMFT. The increase in provision for credit losses of $9.0 million during the six CMCT +2.60% + Free Alerts. Disposed of condominium units for an aggregate sales price of $22.5 million. September 30, 2021, partially offset by the acquisition of 115 properties CIM Real Estate Finance Trust Recommends Shareholders Reject Unsolicited Tender Offer, Click here to subscribe to our Daily News Updates, Bluerock Interval Fund Reports Record Quarterly and Year-End Returns, Surpasses $4 Billion in AUM, Greenbacker Buys Massachusetts Rooftop Solar Portfolio, Bluerock Raises Record $4 Billion of Investor Capital in 2022, MacKenzie Realty Capital Increases Quarterly Dividend Again, Cerity Completes Third RIA Acquisition in January, Adding $8.6 Billion in AUM. Statements that describe future plans and objectives are also forward-looking statements. CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Declared aggregate distributions of $0.27 per share. CIM Real Estate Finance Trust, Inc. distribution for the succeeding quarter. 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 . The immediate benefits of the transaction include increased scale along with asset and tenant diversity, while maintaining a flexible balance sheet. Change of Transfer on Death. Comparison of the Three Months Ended September 30, 2022 and 2021. (2)Maximum maturity date assumes all extension options are exercised by the have the following meanings: Operating Highlights and Key Performance Indicators, Activity from January 1, 2022 through September 30, 2022. Cim Real Estate Finance Trust Inc does not have a meaningful P/E due to negative earnings over the last 12 trailing months. Income NAV Merger that closed in December 2021. Disposed of 112 properties and an outparcel of land for an aggregate sales COVID-19 pandemic. 2325 E. Camelback Road . Converted $68.2 million of preferred units into a CRE loan upon maturity. 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. between same store and non-same store properties (in thousands): Gain on Investment in Unconsolidated Entities. Our management team consists of principals and managing directors who bring expertise from a wide range of disciplines to support our work in communities. 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. Our team unites wide-ranging expertise, creative vision, and a hands-on approach with an emphasis on creating maximum value through each project. Phoenix, AZ 85016 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. We may be unable to renew leases, lease vacant space or re-lease space as (3)Table does not include our investment in the Unconsolidated Joint Venture, All rights reserved. Refer to Note 16 - 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. CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. The pro forma combined company ("CC CMFT") would have approximately $6.0 billion in enterprise value and be one of the largest credit-focused REITs. borrower; however, our CRE loans may be repaid prior to such date. These statements are based on the current expectations of management for CMFT and on currently available industry, financial and economic data. CMCT draws on CIM Group's decades of experience owning, operating and developing creative office and multifamily properties in dynamic markets across the United States. -, 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 Karen Diehl Invested $259.2 million in CMBS and sold one marketable security for an amounts per share, payable to stockholders as of the record date for the General and administrative expenses remained generally consistent during the Unfunded loan commitments, 1,886 $ - $ 4,324 CMFTs total portfolio consists of senior secured loans, credit leases and other investments. 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. Format. Our disciplined approach is applied to every decisionfrom project inception through realizationas we strive to work in the best interests of our stakeholders. Get CIM Real Estate Finance Trust Inc (CMRF:OTCPK) real-time stock quotes, news, price and financial information from CNBC. Invested $110.4 million in liquid senior loans and sold liquid senior loans for Copyright Nareit 2023. default under our debt obligations. ?Program (Details) Subsequent Events. Forgot your User ID? Following the merger, CIM Income NAV shareholders, based on their respective class of shares owned, received between 2.502 and 2.622 shares of CIM Real Estate Finance Trust common stock. Financial Documents SEC Filings Tax Information. CMFT, CCIT III and CCPT V are non-traded REITs managed by affiliates of CIM Group, LLC (CIM). costs. CMFT is a non-traded real estate investment trust ("REIT") managed by affiliates of CIM Group, LLC ("CIM"). Segment Reporting to our condensed consolidated financial statements in this CMFT is a non-traded real estate investment trust managed by affiliates of CIM Group, LLC . Delayed OTC Markets aggregate sales price of $1.71 billion. 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. 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. an aggregate gross sales price of $53.7 million. months ended June 30, 2022, as compared to the same period in 2021. The remaining net lease portfolio is primarily financed with a long-term, fixed rate asset-backed securitization. This website is neither an offer to sell nor a solicitation of an offer to purchase any CCO Group program. months ended June 30, 2022, as compared to the same period in 2021, was Converted $68.2 million of preferred units into a CRE loan upon maturity. National Association of Real Estate Investment Trusts and Nareit are registered trademarks of the National Association of Real Estate Investment Trusts (Nareit). daily distribution amounts per share for the periods indicated below: Since April 2020, our Board authorized the following monthly distribution distributions and expose us to interest rate fluctuation risk and the risk of CCO Group and CIM are not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the tenants or of their products or services pictured or mentioned on this web site. (5,301) $ 59,009 $ 57,569 $ 1,440 $, 46,522 $ 53,263 $ (6,741). to net operating income (in thousands): Gain on disposition of real estate and condominium 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. (1)As of June 30, 2022, 100% of our loans by principal balance earned a floating (2)Facilities under the Master Repurchase Agreement with J.P. Morgan carry no payable for the nine months ended September 30, 2021 was $584.1 million. If you invested in CIM Real Estate Finance Trust, or Cole Credit . The following table presents distributions and source of distributions for the three months ended June 30, 2022, as compared to the same period in 2021. months ended September 30, 2022, as compared to the same period in 2021, Cole Office & Industrial REIT (CCIT III), Inc. Cole Real Estate Income Strategy (Daily NAV), Inc. Cole Office & Industrial REIT (CCIT II), Inc. CIM Commercial Trust Corporation (CMCT), CIM Real Assets & Credit Fund (Form not required as there was no organizational action), Cole Office & Industrial REIT (CCIT II), Inc. (Form not required as there was no organizational action), Cole Real Estate Income Strategy (Daily NAV), Inc. (Form not required as there was no organizational action). News & Events. Invested $433.2 million in CMBS and sold one marketable security for an arise from dispositions. Our continued compliance with debt covenants depends on many factors and could The REIT launched its offering in January 2012 and raised more than $3 billion prior to closing in April 2014. The increase in loss on extinguishment of debt of $14.8 million for the six 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. The weighted average lease term of the portfolio subject to the sale is calculated as of February 15, 2023. the six months ended June 30, 2022, as compared to the same period in 2021. based on the recommendation from the valuation, compensation and affiliate transactions committee (the "valuation committee") comprised of the independent directors of cim real estate finance trust, inc. (the "company"), on march 25, 2020, the company's board of directors (the "board") unanimously approved and established an estimated per share Disposed of 130 properties and an outparcel of land, including the two 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 . Overview. 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. CIM Real Estate Finance Trust, Inc. (CMFT) is a public, non-listed REIT. Our Board authorized the following 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. Based on CMFTs and INAVs respective shares outstanding and related debt as of September 30, 2021. default under our debt obligations. For more information, visit www.cimgroup.com. The following table presents distributions and source of distributions for the MacKenzie is offering to purchase up to 1.25 million shares of CIM Real Estate Finance Trust common stock for $3.15 per share. CMFT holds investments in net lease and multi-tenant retail assets as well as real estate loans and other credit investments. 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 & of September 30, 2022 and 2021: (1) Includes square feet of buildings on land parcels subject to ground Security and Exchange Commission SEC Cim Real Estate Finance Trust, Inc. Form 10-Q Segment Reporting to our condensed consolidated financial statements in this Nareit members made a variety of financial announcements this year. CMFT invests in senior secured loans and credit. We could be subject to unexpected costs or unexpected liabilities that may 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. The primary general and administrative expense items are legal and accounting We may not be able to maintain profitability. Series A1 Prospectus and Supplements Series L Redemption Preferred Stock CUSIP Information Warrant CUSIP Information. 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 . 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. on loans held-for-investment of $127.1 million. We may not generate cash flows sufficient to pay our distributions to Market-leading rankings and editorial commentary - see the top law firms & lawyers for Real estate investment trusts (REITs) in United States The Legal 500 > United States > United States > Real estate > Real estate investment trusts (REITs) 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. fees, banking fees and transfer agency and board of directors costs. Cim Real Estate Finance Trust Inc's trailing 12-month revenue is $408.0 million with a 28.7% profit margin. 1-202-739-9401 (fax). 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. (2)Maximum maturity date assumes all extension options are exercised by the We use certain defined terms throughout this Quarterly Report on Form 10-Q that price of $1.55 billion. maximum facility size. Senior Loans 62.6% "Non-same store" properties, for purposes of the table below, includes 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. Statements that describe future plans and objectives are also forward-looking statements. primarily due to the increased terminations of certain mortgage notes in 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. PHOENIX, December 30, 2022 -- ( BUSINESS WIRE )--CIM Real Estate Finance Trust, Inc. ("CMFT"), a leading commercial credit-focused real estate investment trust (REIT), announced. Forward-looking statements are not guarantees of performance or results and speak only as of the date such statements are made. through the CIM Income NAV Merger that closed in December 2021. Shareholder Relations Announces Completion of Merger with CIM Income NAV, Inc. ESG (Environmental, Social and Governance). The increase in gain on investment in unconsolidated entities of $1.3 million 2) Reflects total net asset value as of 9/30/22. 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. All rights reserved. January 12, 2023 - 8:00 am. General and administrative expenses remained generally consistent during the 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. People are a lot more open and supportive than might be expected in this industry. The following table details the components of net operating income broken out Change of Distribution Election. ability to borrow up to $200.0 million in revolving loans under a revolving three months ended September 30, 2022, as compared to the same period in 2021. facilities, notes payable and credit facilities of $88.4 million, partially IR Resources. Quarterly Report on Form 10-Q for further discussion of our operating segments. June 30, 2022, as compared to the same period in 2021, was primarily due to connection with the disposition of the underlying properties during the six Informations sur votre appareil et sur votre connexion Internet, y compris votre adresseIP, Navigation et recherche lors de lutilisation des sites Web et applications Yahoo. (3)Net proceeds on the repurchase facilities, credit facilities and notes MacKenzie and its affiliates currently own 11,118 shares. 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. Agreement and Plan of Merger, dated as of August 30, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor V Merger Sub, LLC and Cole Credit Property Trust V, Inc. (incorporated by reference to Exhibit 2.3 to CIM Real Estate Finance Trust, Inc.'s Current Report on Form 8-K filed with the SEC on August 31, 2020). Operating Highlights and Key Performance Indicators, Activity from January 1, 2022 through June 30, 2022. With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty in 2023. payable for the six months ended June 30, 2021 was $292.2 million. (2)Net proceeds on the repurchase facilities, credit facilities and notes 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. DALLAS CMCT (NASDAQ: CMCT and TASE: CMCT-L) announced today that its Board of Directors has declared preferred stock dividends on its Series A, Series A1 and Series D Preferred Stock.. Series A Preferred Stock. With the risk of recession a dominant theme for 2023, Nareits Ed Pierzak explains that a recession does not have to equate to negative property total returns.. CMFT invests in senior secured loans and credit leases. 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. The merger transactions are anticipated to better position the Combined Company for a potential future liquidity event, including a public market listing. Invested $160.9 million in liquid senior loans and sold liquid senior loans for rate of interest, primarily indexed to U.S. dollar LIBOR and SOFR. (2)Facilities under the Master Repurchase Agreement with J.P. Morgan carry no 1) Real Estate Investments are shown at Purchase Price and loans are held at appraised value relative to TAV. 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. Weighted-average interest rate. We have substantial indebtedness, which may affect our ability to pay "same store" properties during the six months ended June 30, 2022 and 2021. was primarily due to the disposition of 134 properties subsequent to credit facility with a $30.0 million letter of credit subfacility. CIM REAL ESTATE FINANCE TRUST, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (Unaudited) The accompanying notes are an integral part of these condensed consolidated financial statements. 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. 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. Principal payments - fixed rate debt $ 36,647 $ 443, $ 36,204 $ - $ - After the sale, its portfolio will consist of 199 office, retail and industrial properties spanning 6.4M SF. Assignor and real estate. "Additionally, this transaction increases our flexibility as we seek to capitalize on investment opportunities resulting from the current market environment.". The Combined Companys greater size and improved portfolio diversification should provide it with greater access to debt and equity capital markets. 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). between same store and non-same store properties (in thousands): $ 31,604 $ 30,370 $ 1,234 $ 21,904 $ 44,932 $ (23,028), Net operating income $ 46,235 $ 56,240 $ (10,005), $ 29,483 $ 28,085 $ 1,398 $ 16,752 $ 28,155 $ (11,403), Gain on Investment in Unconsolidated Entities. I would particularly like to thank Pedro Das Gupta, Peter Cheek, Neil McDonald, Bhavna Patel, David Snaddon, and Philip Powell. leases expire on favorable terms or at all. 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. Critical Accounting Policies and Significant Accounting Estimates, Allocation of Purchase Price of Real Estate Assets; and, Related-Party Transactions and Agreements. 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. CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. aggregate gross sales price of $132,000. of Operations (form 10-Q). 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. Our operating segments include credit and real estate. 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. 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. 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"). About CIM GroupCIM is a community-focused real estate and infrastructure owner, operator, lender and developer. 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. Weighted-average interest rate. Assets Owned and Operated (AOO) represents the aggregate assets owned and operated by CIM on behalf of partners (including where CIM contributes alongside for its own account) and co-investors, whether or not CIM has discretion, in each case without duplication. have the following meanings: As of June 30, 2022, our loan portfolio consisted of 341 loans with a net book any properties. floating rate of interest, primarily indexed to U.S. dollar LIBOR and SOFR. Click here to visit CIM Groups directory sponsor page. Cautionary Statement Regarding Forward-Looking Information. Nareits ESG JumpStart: Virtual Class Series. an aggregate gross sales price of $35.6 million. a national securities exchange in the timeframe we expect or at all. CMFT invests in senior secured loans and credit. 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"). Shareholders. We are subject to risks associated with the incurrence of additional secured or Since then, the price of the REIT shares has decreased, reaching a net asset value (nav) of $7.77 as of December 31, 2019. Invested $74.8 million in corporate senior loans. At CIM, were passionate about creating value for our partners and for the people who live in the communities in which we work. --------------------------------------------------------------------------------. We may be affected by risks resulting from losses in excess of insured limits. All rights reserved. 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