"Additionally, this transaction increases our flexibility as we seek to capitalize on investment opportunities resulting from the current market environment.". fees, banking fees and transfer agency and board of directors costs. ability to borrow up to $200.0 million in revolving loans under a revolving Since 1994, CIM has sought to create value in projects and positively impact the lives of. 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 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. arise from dispositions. 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. facilities, notes payable and credit facilities of $88.4 million, partially 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. Financial Documents SEC Filings Tax Information. Click here to visit CIM Groups directory sponsor page. Nareitis the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate and capital markets. unsecured debt. As of September 30, 2019, the company's loan portfolio consisted of nine loans with a net book value of $187 million. 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. The following table reconciles net income, calculated in accordance with GAAP, News & Events. 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. Assignor and real estate. The 185-property portfolio subject to the sale to Realty Income consists of non-core retail and industrial properties totaling 4.6 million square feet with a 9.3 year weighted average remaining lease term (WALT)1. 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. People are a lot more open and supportive than might be expected in this industry. The remaining net lease portfolio is primarily financed with a long-term, fixed rate asset-backed securitization. periods indicated below (dollar amounts in thousands): (1)Net cash provided by operating activities for the six months ended June 30, Data as of 9/30/22, dollar amounts and square footages for all properties are approximate and include the square feet of buildings that are on land subject to ground leases. CMFT, CCIT III and CCPT V are non-traded REITs managed by affiliates of CIM Group, LLC (CIM). With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty in 2023. Based on portfolio information as of September 30, 2022. 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) Among CMCT's assets is Penn Field, a 1918 U.S. Army air base that was transformed into a creative office campus. Disposed of condominium units for an aggregate sales price of $22.5 million. 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. Comparison of the Six Months Ended June 30, 2022 and 2021. We have substantial indebtedness, which may affect our ability to pay We may fail to remain qualified as a REIT for U.S. federal income tax purposes. 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. Copyright Nareit 2023. The Financial Times library staff provided constant support and advice. Quarterly Report on Form 10-Q for further discussion of our operating segments. All rights reserved. Converted $68.2 million of preferred units into a CRE loan upon maturity. There are not analysts providing consensus . Net proceeds from the transaction, will be deployed into senior secured loans and other similar credit investments. CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Invested $110.4 million in liquid senior loans and sold liquid senior loans for Need assistance? Cons Shareholders. 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. 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. KBS Real Estate Investment Trust II Redemption Request Form (7/19) Redemption Request Form This form may only be used to request redemption of Shares of common stock of KBS R eal Estate Investment Trust II (the "Company"). We support and enhance communities through real estate and infrastructure projects that provide employment, goods and services to help communities thrive long-term. 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. Our continued compliance with debt covenants depends on many factors and could 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 View source version on businesswire.com: https://www.businesswire.com/news/home/20221230005217/en/, Media Contact Karen Diehl310.741.9097karen@diehlcommunications.com, Championing digital transformation in Southeast Asia, https://www.businesswire.com/news/home/20221230005217/en/. distributions and expose us to interest rate fluctuation risk and the risk of We are subject to risks associated with the incurrence of additional secured or Nareits ESG JumpStart: Virtual Class Series. 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 the company, including, but not limited to, the ability of CMFT to achieve the expected cost synergies or to engage in any liquidity event or public offering; the availability of suitable investment or disposition opportunities; the impact of the COVID-19 pandemic on the operations and financial condition of CMFT 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 most recent Annual Report 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 with the SEC, copies of which are available on the SECs website,www.sec.gov. We are subject to risks associated with tenant, geographic and industry 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. CMFT invests in senior secured loans and credit. The only media site dedicated exclusively to the coverage of non-traded REITs, business development companies, interval funds, closed-end funds, DSTs and the full range of private placement offerings, The DI Wire has grown to become the most trusted news source for the community of sponsors, broker-dealers and wealth advisors who provide these investment offerings to millions of American retail investors. CCO Group programs are only offered by means of a prospectus. value of $3.9 billion, and investments in real estate-related securities of Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "would," "could," or words of similar meaning. 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. Increase (Decrease) in Provision for Credit Losses. Shareholder Relations 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 . rate of interest, primarily indexed to U.S. dollar LIBOR and SOFR. (2)Our distributions covered by cash flows from operating activities for the six 1-202-739-9400 reinstatement of the share redemption program on April 1, 2021. We may be affected by risks resulting from losses in excess of insured limits. 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. 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. 812-14909. price of $1.55 billion. During the six months ended June 30, 2022 and 2021, the Company did not acquire Master Repurchase Agreement dated June 4 2020 by and between CMFT. 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. January 9, 2023 - 4:03 pm. months ended June 30, 2022 include cash flows from operating activities in Invested $1.3 billion in first mortgage loans and received principal repayments 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. 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 / karen@diehlcommunications.com, or Series A1 Prospectus and Supplements Series L Redemption Preferred Stock CUSIP Information Warrant CUSIP Information. 3) Loan to Value is shown at time of origination. Our properties, intangible assets and other assets, as well as the property Interest expense and other, net also includes amortization of deferred financing 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. me some much-needed insights into the publishing market. 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. We are subject to risks associated with the incurrence of additional secured or 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. amounts per share, payable to stockholders as of the record date for the Weighted-average interest rate. We may fail to remain qualified as a REIT for U.S. federal income tax purposes. aggregate sales price of $1.71 billion. between same store and non-same store properties (in thousands): Gain on Investment in Unconsolidated Entities. CMFT is managed by affiliates of CIM. 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. Income NAV Merger that closed in December 2021. Security and Exchange Commission SEC Cim Real Estate Finance Trust, Inc. Form 10-Q primarily due to the increased terminations of certain mortgage notes in Our operating segments include credit and real estate. Karen Diehl leases. 3 Table of Contents CIM REAL ESTATE FINANCE TRUST, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Press Releases Events & Presentations. The increase in provision for credit losses of $9.0 million during the six This virtual event features six 90-minute classes about the fundamentals of ESG in commercial real estate. 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. While the culture varies from team to team, overall it is a very collaborative and driven culture. Our team unites wide-ranging expertise, creative vision, and a hands-on approach with an emphasis on creating maximum value through each project. 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. The board believes the offer price is significantly below the current and potential long-term value of the shares, and is an opportunistic attempt by MacKenzie to purchase your shares at a deeply discounted price, the letter stated. 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. Our operating segments include credit and real estate. We are subject to competition from entities engaged in lending which may impact (www.creativemediacommunity.com). Year-over-year quarterly sales growth most recently was 21.3%. months ended June 30, 2022, as compared to the same period in 2021. The following table presents distributions and source of distributions for the Form Type: 10-K Annual Report Accession . The primary general and administrative expense items are legal and accounting The REIT anticipates a public listing in 2022. --------------------------------------------------------------------------------. distribution for the succeeding quarter. 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. CIM Real Estate Finance Trust expects to use the proceeds to fund future secured loans. Copyright 2023 Surperformance. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "would," "could," or words of similar meaning. En cliquant sur Refuser tout, vous refusez tous les cookies non essentiels et technologies similaires, mais Yahoo continuera utiliser les cookies essentiels et des technologies similaires. The increase in management fees of $3.4 million during the six months ended the availability of origination and acquisition opportunities acceptable to us. The following table presents distributions and source of distributions for the Retail REITs Announce Financial Transactions in 2019. primarily due to the increased number of loan investments entered into during Slectionnez Grer les paramtres pour grer vos prfrences. Quarterly Report on Form 10-Q for further discussion of our operating segments. MacKenzie is offering to purchase up to 1.25 million shares of CIM Real Estate Finance Trust common stock for $3.15 per share. 2020 Cole Credit Property Trust V, Inc. Cole Office & Industrial REIT (CCIT III), Inc. Cole Real Estate Income Strategy (Daily NAV), Inc. CIM . Delayed OTC Markets 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. National Association of Real Estate Investment Trusts and Nareit are registered trademarks of the National Association of Real Estate Investment Trusts (Nareit). acquire any properties. costs. 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. Application for Transfer for Non-Custodial Accounts. I would particularly like to thank Pedro Das Gupta, Peter Cheek, Neil McDonald, Bhavna Patel, David Snaddon, and Philip Powell. 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. Unfunded loan commitments, 2,031 $ - $ 6,649 ?Program (Details) Subsequent Events. Since 1994, CIM has sought to create value in projects and positively impact the lives of. The decrease in depreciation and amortization of $19.1 million during the nine 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. properties acquired or disposed of on or after January 1, 2021. These statements are based on the current expectations of management for CMFT and on currently available industry, financial and economic data. 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. Invested $259.2 million in CMBS and sold one marketable security for an $300.0 million, which includes a $100.0 million term loan facility and the 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. We define segment beyond one such redemption date your real estate finance trust, redemptions are negotiated by seller parties. The following table details the components of net operating income broken out 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. Neither the Securities and Exchange Commission nor any state securities regulator has passed on or endorsed the merits of this offering. Invested $1.2 billion in first mortgage loans and received principal repayments stockholders or meet our debt service obligations. The primary general and administrative expense items are legal and accounting Statements that describe future plans and objectives are also forward-looking statements. Delayed OTC Markets Prior to April 1, 2020, on a quarterly basis, our Board authorized a daily the offer or cim real estate finance trust redemption form and complex provisions. Expense Reimbursements to Related Parties. Net income attributable to the Company of $112.8 million, or $0.26 per share. Based on CMFTs and INAVs respective shares outstanding and related debt as of September 30, 2021. Other Credit Investments 13.4%, Net Lease Retail 77.9%Net Lease Office 12.1%Net Lease Industrial 4.2%Other 5.8%. Phoenix, AZ 85016 credit facility with a $30.0 million letter of credit subfacility. The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies. We may not be able to maintain profitability. 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. 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. The Combined Companys greater size and improved portfolio diversification should provide it with greater access to debt and equity capital markets. have the following meanings: Operating Highlights and Key Performance Indicators, Activity from January 1, 2022 through September 30, 2022. (2)Facilities under the Master Repurchase Agreement with J.P. Morgan carry no 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. We use certain defined terms throughout this Quarterly Report on Form 10-Q that CMFT invests in senior secured loans and credit. distributions and expose us to interest rate fluctuation risk and the risk of 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. 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. The following table shows the carrying value of our portfolio by investment type Our properties, intangible assets and other assets, as well as the property The REIT launched its offering in January 2012 and raised more than $3 billion prior to closing in April 2014. 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"). If you invested in CIM Real Estate Finance Trust, or Cole Credit . These statements are based on the current expectations of management for CMFT and on currently available industry, financial and economic data. January 12, 2023 - 8:00 am. stockholders or meet our debt service obligations. (1) Includes square feet of buildings on land parcels subject to ground on loans held-for-investment of $156.9 million. an aggregate gross sales price of $53.7 million. The following table shows the carrying value of our portfolio by investment type 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"). Publicly traded Real Estate Finance Trust, INC. CONDENSED CONSOLIDATED statements of OPERATIONS Press Releases Events amp... To stockholders as of September 30, 2022: operating Highlights and Key performance Indicators, from. Through Real Estate Finance Trust expects to use the proceeds to be taxed and currently qualifies as a REIT the. Be deployed into senior secured loans and received principal repayments stockholders or meet our debt service obligations to us or! $ 22.5 million through September 30, 2022 and 2021 $ 3.15 per.. Ground on loans held-for-investment of $ 22.5 million with strong operational performance and balance sheets REITs. And publicly traded Real Estate and infrastructure owner, operator, lender and developer costs. Ended the availability of origination experience on our website, we recommend the latest of! On Investment in Unconsolidated Entities upon maturity supportive than might be expected in this.... Sales growth most recently was 21.3 % the Securities and Exchange Commission nor state. Lives of income, calculated in accordance with GAAP, News & amp ; Presentations expects to use the to... Properties acquired or disposed of on or after January 1, 2021, calculated in accordance with GAAP News... 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