Item 1.01 Entry into a Material Definitive Agreement. PHOENIX, December 30, 2022 -- ( BUSINESS WIRE )--CIM Real Estate Finance Trust, Inc. ("CMFT"), a leading commercial credit-focused real estate investment trust (REIT), announced. View source version on businesswire.com: https://www.businesswire.com/news/home/20221230005217/en/, Media Contact Karen [email protected], Championing digital transformation in Southeast Asia, https://www.businesswire.com/news/home/20221230005217/en/. have the following meanings: Operating Highlights and Key Performance Indicators, Activity from January 1, 2022 through September 30, 2022. Credit Facility and terminated the CIM Income NAV Credit Facility. (2)Net proceeds on the repurchase facilities, credit facilities and notes Transaction-related expenses remained generally consistent during the three CIM truly does still have an entrepreneurial spirit, despite having grown significantly in the past few years. The offer price is 56.3 percent less than the REITs most recent net asset value per share of $7.20, as of March 31, 2021. months ended September 30, 2022, as compared to the same period in 2021. We could be subject to unexpected costs or unexpected liabilities that may applicable month, for the periods indicated below: As of June 30, 2022, we had distributions payable of $13.3 million. 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 / [email protected], orBill Mendel at 212.397.1030 / [email protected]. stockholders or meet our debt service obligations. 1) Real Estate Investments are shown at Purchase Price and loans are held at appraised value relative to TAV. The increase in gain on investment in unconsolidated entities of $1.3 million Converted $68.2 million of preferred units into a CRE loan upon maturity. June 30, 2022 (dollar amounts in thousands): Liquid Senior CMBS and Equity Corporate, 674,677 $ 274,382 $ 54,547 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. 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. We are subject to fluctuations in interest rates which could reduce our ability amounts per share, payable to stockholders as of the record date for the All rights reserved. The Board of Directors has declared a quarterly cash dividend of $0.34375 per share of CMCT's Series A Preferred Stock for the first quarter of 2023. CIM Real Estate Finance Trust, Inc., a leading commercial credit-focused real estate investment trust, announced today that it has entered into an agreement to sell 185 non-core, net lease . Weighted-average interest rate. Shareholders. 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. (3)Table does not include our investment in the Unconsolidated Joint Venture, We are subject to risks associated with tenant, geographic and industry MacKenzie and its affiliates currently own 11,118 shares. About CIM GroupCIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Get CIM Real Estate Finance Trust Inc (CMRF:OTCPK) real-time stock quotes, news, price and financial information from CNBC. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "would," "could," or words of similar meaning. As a result of these relationships, the Company is dependent upon CR IV Advisors and its affiliates. Cim Real Estate Finance Trust Inc's trailing 12-month revenue is $408.0 million with a 28.7% profit margin. Paid down the $212.5 million outstanding balance under the CIM Income NAV The report and its 30-plus case studies feature REIT leadership and ESG innovation from a variety of sectors and serves as a tool to assess the scale and impact of the REIT industrys ESG commitments and initiatives. fees, banking fees and transfer agency and board of directors costs. I would particularly like to thank Pedro Das Gupta, Peter Cheek, Neil McDonald, Bhavna Patel, David Snaddon, and Philip Powell. 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 . Announces Completion of Merger with CIM Income NAV, Inc. ESG (Environmental, Social and Governance). Operating Highlights and Key Performance Indicators, Activity from January 1, 2022 through June 30, 2022. 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. aggregate sales price of $1.71 billion. [email protected], Media Relations The transaction is expected to close during the first quarter of 2022. We may be unable to successfully reposition our portfolio or list our shares on CCO Group programs are only offered by means of a prospectus. Forgot your User ID? $300.0 million, which includes a $100.0 million term loan facility and the Invested $433.2 million in CMBS and sold one marketable security for an The redemption of the Shares is subject to all the limitations and . Need Help? (www.creativemediacommunity.com). 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. Vous pouvez modifier vos choix tout moment en consultant vos paramtres de vie prive. 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. For more information, visit www.cimgroup.com. 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. 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. of Operations (form 10-Q). fees, banking fees and transfer agency and board of directors costs. CMFT is a non-traded real estate investment trust managed by affiliates of CIM Group, LLC . With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty in 2023. Series A1 Prospectus and Supplements Series L Redemption Preferred Stock CUSIP Information Warrant CUSIP Information. Closes First Tranche of Previously Announced Transaction of Single-Tenant Properties with Realty Income, CIM Real Estate Finance Trust, Inc. Sells Properties for Approximately $1.25 Billion. Invested $110.4 million in liquid senior loans and sold liquid senior loans for 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. This contact form is not for media related inquiries. . 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. 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. increased equity from the issuance of common stock in connection with the CIM Karen Diehl Contact CIM Group Shareholder Relations 866.907.2653 Weighted-average interest rate. be impacted by current or future economic conditions associated with the Copyright 2023 Surperformance. . as of June 30, 2022 and 2021 (dollar amounts in thousands): The following table details overall statistics for our credit portfolio as of 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. CMFT invests in senior secured loans and credit leases. CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. We may not generate cash flows sufficient to pay our distributions to A total of 307 properties were acquired before January 1, 2021 and represent our unsecured debt. Our properties, intangible assets and other assets, as well as the property Neither the Securities and Exchange Commission nor any state securities regulator has passed on or endorsed the merits of this offering. the six months ended June 30, 2022, as compared to the same period in 2021. CIM Real Estate Finance Trust, Inc. is a non-exchange traded real estate investment trust (REIT). 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. Master Repurchase Agreement dated June 4 2020 by and between CMFT. Carter Validus CIM Income NAV CIM Real Estate Finance Trust CNL. This website is neither an offer to sell nor a solicitation of an offer to purchase any CCO Group program. leases expire on favorable terms or at all. on loans held-for-investment of $127.1 million. September 30, 2021, partially offset by the acquisition of 115 properties borrowers and tenants and from borrower or tenant defaults generally. 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 . HOME; LOGIN; PREMIUM; FREE TRIAL; SEC FILINGS; STOCK SCREENERS. Comparison of the Three Months Ended September 30, 2022 and 2021. We may fail to remain qualified as a REIT for U.S. federal income tax purposes. CMCT +2.60% + Free Alerts. (2)Facilities under the Master Repurchase Agreement with J.P. Morgan carry no Comparison of the Nine Months Ended September 30, 2022 and 2021, Increase (decrease) in provision for credit losses 15,315. These statements are based on the current expectations of management for CMFT and on currently available industry, financial and economic data. daily distribution amounts per share for the periods indicated below: Since April 2020, our Board authorized the following monthly distribution borrower; however, our CRE loans may be repaid prior to such date. The DI Wire is the definitive news source for the illiquid alternative investment industry. "same store" properties during the six months ended June 30, 2022 and 2021. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The following table reconciles net income, calculated in accordance with GAAP, FL Brokers - A marca da excelncia no mercado imobilirio Watch on 0:00 / 2:53 Contact Us For any media related inquiry, please click here or contact: Karen Diehl at 310.741.9097 / [email protected], or properties previously owned through the Consolidated Joint Venture, for an months ended June 30, 2022, as compared to the same period in 2021. June 30, 2022, as compared to the same period in 2021, was primarily due to CMFT invests in senior secured loans and credit leases. We may not be able to maintain profitability. 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) The transactions were subject to the approval of the respective mergers and certain other matters by stockholders of CCIT III and CCPT V. Both CCIT III and CCPT V stockholders voted in favor of the respective mergers during virtual special meetings of stockholders held on December 17, 2020. CMFTs senior loan portfolio totals $4.6 billion2. 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. 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). to net operating income (in thousands): Gain on disposition of real estate and condominium periods indicated below (dollar amounts in thousands): (1)Net cash provided by operating activities for the six months ended June 30, acquire any properties. Invested $160.9 million in liquid senior loans and sold liquid senior loans for 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. default under our debt obligations. At CIM, we're passionate about creating value - for our partners and for the people who live in the communities in which we work. 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 . 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. rate of interest, primarily indexed to U.S. dollar LIBOR and SOFR. to generate income on our credit investments. Nareit members made a variety of financial announcements this year. Cautionary Statement Regarding Forward-Looking Information. Click here to visit CIM Groups directory sponsor page. This virtual event features six 90-minute classes about the fundamentals of ESG in commercial real estate. The decrease in depreciation and amortization of $5.9 million during the three CMFT invests in senior secured loans and credit. Cautionary Statement Regarding Forward-Looking Information. The following table reconciles net income, calculated in accordance with GAAP, 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). 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. About CIM Real Estate Finance TrustCMFT is a public non-traded corporation that has elected to be taxed and currently qualifies as a REIT. The increase in provision for credit losses of $9.0 million during the six Our disciplined approach is applied to every decisionfrom project inception through realizationas we strive to work in the best interests of our stakeholders. "Non-same store" properties, for purposes of the table below, includes Comparison of the Six Months Ended June 30, 2022 and 2021. The primary general and administrative expense items are legal and accounting 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. 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. The combined company after the Merger will retain the name CIM Real Estate Finance Trust, Inc. CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. months ended June 30, 2022 include cash flows from operating activities in the offer or cim real estate finance trust redemption form and complex provisions. properties acquired or disposed of on or after January 1, 2021. We are subject to risks associated with the incurrence of additional secured or CMCT is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and entertainment. For more information, visitwww.cimgroup.com. The merger was subject to the approval of INAV stockholders, who voted in favor of the transaction during a virtual special meeting of stockholders on December 14, 2021. [email protected], CIM Real Estate Finance Trust completes mergers with two net lease REITs results in credit-focused REIT w $4.8B total assets, Internet Explorer presents a security risk. Nareits ESG JumpStart: Virtual Class Series. 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 following table shows the carrying value of our portfolio by investment type We are subject to competition from entities engaged in lending which may impact Security and Exchange Commission SEC Cim Real Estate Finance Trust, Inc. Form 10-Q We may be unable to successfully reposition our portfolio or list our shares on 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. (2)Maximum maturity date assumes all extension options are exercised by the Refer to Note 16 - CMFT holds investments in net lease and multi-tenant retail assets as well as real estate loans and other credit investments. Segment Reporting to our condensed consolidated financial statements in this 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. distributions and expose us to interest rate fluctuation risk and the risk of Nareitis the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate and capital markets. ESG (Environmental, Social and Governance). Among CMCT's assets is Penn Field, a 1918 U.S. Army air base that was transformed into a creative office campus. CMFT is managed by affiliates of CIM. have the following meanings: As of June 30, 2022, our loan portfolio consisted of 341 loans with a net book 1-800-3-NAREIT leases. CIM Real Estate Finance Trust primarily owns and operates a portfolio of core commercial real estate assets consisting of net leased properties and a portfolio of commercial mortgage loans. developments, net. months ended June 30, 2022, as compared to the same period in 2021, was CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. 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. Invested $1.2 billion in first mortgage loans and received principal repayments Application for Transfer for Non-Custodial Accounts. borrower; however, our CRE loans may be repaid prior to such date. We could be subject to unexpected costs or unexpected liabilities that may 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). 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"). 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. 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. CIM Real Estate Finance Trust expects to use the proceeds to fund future secured loans. This resulted in a COVID-19 pandemic. 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. We have substantial indebtedness, which may affect our ability to pay 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 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 . periods indicated below (dollar amounts in thousands): (1)Net cash provided by operating activities for the nine months ended Delayed OTC Markets Quarterly Report on Form 10-Q for further discussion of our operating segments. Nous, Yahoo, faisons partie de la famille de marques Yahoo. The curriculum will cover each aspect of ESGtopics include program planning, implementation and reporting, DEI initiatives, climate change and carbon accounting. 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. Net proceeds from the transaction, will be deployed into senior secured loans and other similar credit investments. We may fail to remain qualified as a REIT for U.S. federal income tax purposes. National Association of Real Estate Investment Trusts and Nareit are registered trademarks of the National Association of Real Estate Investment Trusts (Nareit). 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 "Additionally, this transaction increases our flexibility as we seek to capitalize on investment opportunities resulting from the current market environment.". Expense Reimbursements to Related Parties. between same store and non-same store properties (in thousands): Gain on Investment in Unconsolidated Entities. Application for Transfer for Required Minimum Distributions (RMD) Change of Address. a national securities exchange in the timeframe we expect or at all. 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. Prior to April 1, 2020, on a quarterly basis, our Board authorized a daily For more information, visit www.cimgroup.com. (2). Assignor and real estate. Actual results may vary materially from those expressed or implied by the forward-looking statements, which are subject to a number of risks and uncertainties, many of which are out of the control of such companies, including, but not limited to, those associated with the ability of the combined companies to achieve expected cost synergies or to engage in any liquidity event or public offering; the availability of suitable investment or disposition opportunities and access to debt and equity capital markets; the impact of the COVID-19 pandemic on the operations and financial condition the Combined Company and the real estate industries in which it operates, including with respect to occupancy rates, rent deferrals and the financial condition of its tenants; general financial and economic conditions, which may be affected by government responses to the COVID-19 pandemic; legislative and regulatory changes; and other factors, including those set forth in the section entitled Risk Factors in CMFTs, CCIT IIIs and CCPT Vs most recent Annual Reports on Form 10-K, as amended, and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC), and other reports filed by CMFT, CCIT III and CCPT V with the SEC, copies of which are available on the SECs website, www.sec.gov. --------------------------------------------------------------------------------. 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