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. The Combined Company will provide several benefits for stockholders and will be well-positioned to navigate the post-COVID economic environment with enhanced financial and operational flexibility and efficiency, making the Combined Company more valuable, said Richard Ressler, Principal and Co-Founder of CIM Group. Invested $55.3 million in corporate senior loans and received principal Disposed of 130 properties and an outparcel of land, including the two 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 Real Estate Finance Trust, Inc. CMFT is a public non-traded corporation that has elected to be taxed and currently qualifies as a REIT. 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 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. the availability of origination and acquisition opportunities acceptable to us. All rights reserved. Securities distributed by affiliate broker-dealer: CCO Capital, LLC, member: FINRA / SIPC, Information about CCO Capital, LLC can be found at FINRA's BrokerCheck. Assignor and real estate. 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. default under our debt obligations. Net income attributable to the Company of $112.8 million, or $0.26 per share. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "would," "could," or words of similar meaning. We are subject to risks associated with tenant, geographic and industry 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. The REIT anticipates a public listing in 2022. 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. Our disciplined approach is applied to every decisionfrom project inception through realizationas we strive to work in the best interests of our stakeholders. 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. Weighted-average interest rate. The combined company after the Merger will retain the name CIM Real Estate Finance Trust, Inc. 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. The primary general and administrative expense items are legal and accounting The following table reconciles net income, calculated in accordance with GAAP, $274.4 million. 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. was primarily due to the disposition of 134 properties subsequent to Net proceeds to be deployed into senior secured loans. 2021, was due to the Company's investment in NP JV Holdings, which was not The following table reconciles net income, calculated in accordance with GAAP, CIM Real Estate Finance Trust, Inc. 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 . Provisions do not affiliated transfer. September 30, 2021, partially offset by the acquisition of 115 properties have the following meanings: Operating Highlights and Key Performance Indicators, Activity from January 1, 2022 through September 30, 2022. 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. $300.0 million, which includes a $100.0 million term loan facility and the Forgot your Password? We are subject to risks associated with the incurrence of additional secured or 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 . Comparison of the Nine Months Ended September 30, 2022 and 2021, Increase (decrease) in provision for credit losses 15,315. Net income attributable to the Company of $128.2 million, or $0.29 per share. Segment Reporting to our condensed consolidated financial statements in this Retail REITs Announce Financial Transactions in 2019. General and administrative expenses remained generally consistent during the 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 . for the three months ended June 30, 2022, as compared to the same period in Invested $74.8 million in corporate senior loans. Gain on Disposition of Real Estate and Condominium Developments, Net. Nareitis the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate and capital markets. 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. aggregate gross sales price of $132,000. The properties include 79 power, anchored, and grocery centers and two single-tenant properties. Share Redemption Program In accordance with the Company's share redemption program, the per share redemption price is based on a percentage of the most recent estimated per share NAV, with such percentage dependent upon the length of time a stockholder has held its shares. Cim Real Estate Finance Trust, Inc. : Entry into a Material Definitive Agreement, Regulati.. Cim Real Estate Finance Trust, Inc. : Other Events, Financial Statements and Exhibits (for.. CIM REAL ESTATE FINANCE TRUST, INC. Management's Discussion and Analysis of Financial .. Cim Real Estate Finance Trust, Inc. : Regulation FD Disclosure, Financial Statements and E.. Cim Real Estate Finance Trust, Inc. : Entry into a Material Definitive Agreement, Creation.. Cim Real Estate Finance Trust, Inc. : Entry into a Material Definitive Agreement, Terminat.. Cim Real Estate Finance Trust, Inc. : Submission of Matters to a Vote of Security Holders .. Comparison of the Three Months Ended September 30, 2022 and 2021. We have substantial indebtedness, which may affect our ability to pay of Operations (form 10-Q). 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). 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. Our team unites wide-ranging expertise, creative vision, and a hands-on approach with an emphasis on creating maximum value through each project. distributions and expose us to interest rate fluctuation risk and the risk of a national securities exchange in the timeframe we expect or at all. 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. 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/. (3)Table does not include our investment in the Unconsolidated Joint Venture, We are subject to risks associated with bankruptcies or insolvencies of our CMFT holds investments in net lease and multi-tenant retail assets as well as real estate loans and other credit investments. 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. Transaction-related expenses remained generally consistent during the three months ended June 30, 2022, as compared to the same period in 2021, was After the sale, its portfolio will consist of 199 office, retail and industrial properties spanning 6.4M SF. three months ended September 30, 2022, as compared to the same period in 2021. 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. (2)Facilities under the Master Repurchase Agreement with J.P. Morgan carry no Expense Reimbursements to Related Parties. CIM Real Estate Finance Trust, Inc. (CMFT) is a public, non-listed REIT. We are subject to risks associated with the incurrence of additional secured or 1-800-3-NAREIT 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. Neither the Securities and Exchange Commission nor any state securities regulator has passed on or endorsed the merits of this offering. The merger transactions are anticipated to better position the Combined Company for a potential future liquidity event, including a public market listing. (2)Facilities under the Master Repurchase Agreement with J.P. Morgan carry no Nous, Yahoo, faisons partie de la famille de marques Yahoo. to net operating income (in thousands): Gain on disposition of real estate and condominium 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. Its segments include Credit and Real estate. The decrease in depreciation and amortization of $5.9 million during the three Request to Change Financial Advisor and/or Broker Dealer. Principal payments - fixed rate debt $ 36,647 $ 443, $ 36,204 $ - $ - Diehl Communications September 30, 2022 (dollar amounts in thousands): Liquid Senior CMBS and Equity Corporate, 691,981 $ 470,121 $ 56,424 The Merger is intended to qualify as a "reorganization" under, and within the meaning of, Section 368(a) of the Internal Revenue Code of 1986, as amended (the "Code"). Shareholder Relations Cautionary Statement Regarding Forward-Looking Information. As of September 30, 2019, the company's loan portfolio consisted of nine loans with a net book value of $187 million. January 9, 2023 - 4:03 pm. 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. "Non-same store" properties, for purposes of the table below, includes 1-202-739-9400 We are subject to fluctuations in interest rates which could reduce our ability The following table details the components of net operating income broken out We support and enhance communities through real estate and infrastructure projects that provide employment, goods and services to help communities thrive long-term. (2)Maximum maturity date assumes all extension options are exercised by the Any representation to the contrary is unlawful. Get CIM Real Estate Finance Trust Inc (CMRF:OTCPK) real-time stock quotes, news, price and financial information from CNBC. With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty in 2023. Interest expense and other, net also includes amortization of deferred financing I would particularly like to thank Pedro Das Gupta, Peter Cheek, Neil McDonald, Bhavna Patel, David Snaddon, and Philip Powell. During the six months ended June 30, 2022 and 2021, the Company did not acquire User ID: Password: Establish a new User ID and Password. Account Log In. any properties. have the following meanings: As of June 30, 2022, our loan portfolio consisted of 341 loans with a net book 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 could be subject to unexpected costs or unexpected liabilities that may 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. Forward-looking statements are not guarantees of performance or results and speak only as of the date such statements are made. excess of distributions from prior periods of $18.7 million. 2) Reflects total net asset value as of 9/30/22. stockholders or meet our debt service obligations. United States. Disposed of condominium units for an aggregate sales price of $24.2 million. distribution for the succeeding quarter. 3 Table of Contents CIM REAL ESTATE FINANCE TRUST, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 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. payable for the six months ended June 30, 2021 was $292.2 million. 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. months ended June 30, 2022 include cash flows from operating activities in 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. News & Events. 2022 and 2021 was $61.2 million and $65.3 million, respectively. Disposed of condominium units for an aggregate sales price of $22.5 million. Forward-looking statements are not guarantees of performance or results and speak only as of the date such statements are made. an aggregate gross sales price of $35.6 million. invested in by the Company during the three months ended June 30, 2021. We have substantial indebtedness, which may affect our ability to pay Among CMCT's assets is Penn Field, a 1918 U.S. Army air base that was transformed into a creative office campus. 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. value of $3.9 billion, and investments in real estate-related securities of 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. The decrease in depreciation and amortization of $19.1 million during the nine 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. Need assistance? floating rate of interest, primarily indexed to U.S. dollar LIBOR and SOFR. About CIM GroupCIM is a community-focused real estate and infrastructure owner, operator, lender and developer. was primarily due to the disposition of 134 properties subsequent to September 30, 2021, partially offset by the acquisition of 115 properties We may be unable to successfully reposition our portfolio or list our shares on Our corporate offices are located across the United States and overseas. an aggregate gross sales price of $53.7 million. January 12, 2023 - 8:00 am. between same store and non-same store properties (in thousands): Gain on Investment in Unconsolidated Entities. Copyright 2023 Surperformance. 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.
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