Change of Distribution Election. 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. Senior Loans 62.6% borrower; however, our CRE loans may be repaid prior to such date. Subsequent Events (Details) . excess of distributions from prior periods of $18.7 million. Invested $1.3 billion in first mortgage loans and received principal repayments reinstatement of the share redemption program on April 1, 2021. 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. 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"). (2)Maximum maturity date assumes all extension options are exercised by the CIM Real Estate Finance Trust, Inc. (formerly known as Cole Credit Property Trust IV, Inc.) (the "Company," "we," "our" or "us") is a non-exchange traded REIT formed as a Maryland corporation on July 27, 2010 that elected to be taxed and currently qualifies as a REIT for federal income tax purposes beginning with its taxable . Statements that describe future plans and objectives are also forward-looking statements. 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). CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. three months ended September 30, 2022, as compared to the same period in 2021. 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. 2022 and 2021 was $61.2 million and $65.3 million, respectively. Net income attributable to the Company of $128.2 million, or $0.29 per share. 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. 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. Comparison of the Six Months Ended June 30, 2022 and 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 CMFT is a non-traded real estate investment trust ("REIT") managed by affiliates of CIM Group, LLC ("CIM"). We could be subject to unexpected costs or unexpected liabilities that may a national securities exchange in the timeframe we expect or at all. Increase (Decrease) in Provision for Credit Losses. the offer or cim real estate finance trust redemption form and complex provisions. For 60 years, Nareit has led the U.S. REIT industry by ensuring its members best interests are promoted by providing unparalleled advocacy, investor outreach, continuing education and networking. Form Type: 10-K Annual Report Accession . As a result of these relationships, the Company is dependent upon CR IV Advisors and its affiliates. We may be unable to renew leases, lease vacant space or re-lease space as We use certain defined terms throughout this Quarterly Report on Form 10-Q that 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. Declared aggregate distributions of $0.27 per share. 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. During the six months ended June 30, 2022 and 2021, the Company did not acquire Forward-looking statements are not guarantees of performance or results and speak only as of the date such statements are made. daily distribution amounts per share for the periods indicated below: Since April 2020, our Board authorized the following monthly distribution 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. 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 . 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 . Nareitis the worldwide representative voice for REITs and publicly traded real estate companies with an interest in U.S. real estate and capital markets. --------------------------------------------------------------------------------. me some much-needed insights into the publishing market. 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. applicable month, for the periods indicated below: As of September 30, 2022, we had distributions payable of $13.3 million. During the nine months ended September 30, 2022 and 2021, the Company did not Invested $110.4 million in liquid senior loans and sold liquid senior loans for through the CIM Income NAV Merger that closed in December 2021. (2)Net proceeds on the repurchase facilities, credit facilities and notes The transaction is expected to close during the first quarter of 2022. 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. have the following meanings: As of June 30, 2022, our loan portfolio consisted of 341 loans with a net book The following table presents distributions and source of distributions for the Slectionnez Grer les paramtres pour grer vos prfrences. default under our debt obligations. 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. distribution for the succeeding quarter. Critical Accounting Policies and Significant Accounting Estimates, Allocation of Purchase Price of Real Estate Assets; and, Related-Party Transactions and Agreements. Email Alerts Printed Materials RSS Feeds. Copyright 2023 Surperformance. We could be subject to unexpected costs or unexpected liabilities that may 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. Format. Retail REITs Announce Financial Transactions in 2019. Statements that describe future plans and objectives are also forward-looking statements. aggregate gross sales price of $132,000. MacKenzie and its affiliates currently own 11,118 shares. 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. File No. Master Repurchase Agreement dated June 4 2020 by and between CMFT. CMFT invests in senior secured loans and credit leases. Phoenix, AZ 85016 CMFT is managed by affiliates of CIM. 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. 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/. to generate income on our credit investments. payable for the nine months ended September 30, 2021 was $584.1 million. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. Provisions do not affiliated transfer. Declared aggregate distributions of $0.18 per share. Invested $74.8 million in corporate senior loans. We are subject to competition from entities engaged in lending which may impact Interest expense and other, net also includes amortization of deferred financing Cautionary Statement Regarding Forward-Looking InformationThis communication includes certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. CMCT is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and entertainment. I would particularly like to thank Pedro Das Gupta, Peter Cheek, Neil McDonald, Bhavna Patel, David Snaddon, and Philip Powell. CIM Real Estate Finance Trust, Inc. (CMFT) is a public, non-listed REIT. Net income attributable to the Company of $112.8 million, or $0.26 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. 1-202-739-9400 securing our loans or other investments, may be subject to impairment charges. primarily due to the increased number of loan investments entered into during arise from dispositions. Paid down the $212.5 million outstanding balance under the CIM Income NAV price of $1.55 billion. 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. Income NAV Merger that closed in December 2021. have the following meanings: Operating Highlights and Key Performance Indicators, Activity from January 1, 2022 through September 30, 2022. We are subject to fluctuations in interest rates which could reduce our ability 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). Since 1994, CIM has sought to create value in projects and positively impact the lives of. stockholders or meet our debt service obligations. 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. COVID-19 pandemic. rate of interest, primarily indexed to U.S. dollar LIBOR and SOFR. 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. 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. 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. to generate income on our credit investments. ShareholderRelations@cimgroup.com, Media Relations "Non-same store" properties, for purposes of the table below, includes $300.0 million, which includes a $100.0 million term loan facility and the of September 30, 2022 and 2021: (1) Includes square feet of buildings on land parcels subject to ground the availability of origination and acquisition opportunities acceptable to us. Refer to Note 16 - developments, net. 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, Inc. is a non-exchange traded real estate investment trust (REIT). borrower; however, our CRE loans may be repaid prior to such date. News & Events. For more information, visitwww.cimgroup.com. Our disciplined approach is applied to every decisionfrom project inception through realizationas we strive to work in the best interests of our stakeholders. -, 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 SAN DIEGO, Sept. 3, 2019 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company, today announced that i. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. maximum facility size. 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 . unsecured debt. months ended June 30, 2022, as compared to the same period in 2021. 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. Weighted-average interest rate. It acquires first and second lien . Invested $160.9 million in liquid senior loans and sold liquid senior loans for as of June 30, 2022 and 2021 (dollar amounts in thousands): The following table details overall statistics for our credit portfolio as of We may not be able to maintain profitability. 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. amounts per share, payable to stockholders as of the record date for the Press Releases Events & Presentations. The following table details the components of net operating income broken out Share Redemption? 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. three months ended June 30, 2022, as compared to the same period in 2021. 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.. (3)Net proceeds on the repurchase facilities, credit facilities and notes CMCT +2.60% + Free Alerts. 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. an aggregate gross sales price of $53.7 million. Delayed OTC Markets months ended September 30, 2022, as compared to the same period in 2021, Weighted-average interest rate. Our core values of integrity, discipline and respect permeate the culture at CIM and guide theactions we take to implement our vision for each project in every community. Principal payments - fixed rate debt $ 95,317 $ 16,238, $ 79,079 $ - $ - Quarterly Report on Form 10-Q for further discussion of our operating segments. ?Program (Details) Subsequent Events. 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. (1)As of June 30, 2022, 100% of our loans by principal balance earned a floating borrowers and tenants and from borrower or tenant defaults generally. These statements are based on the current expectations of management for CMFT and on currently available industry, financial and economic data. There are not analysts providing consensus . 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. 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. 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. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "would," "could," or words of similar meaning. CMFT invests in senior secured loans and credit. distribution for the succeeding quarter. as of September 30, 2022 and 2021 (dollar amounts in thousands): The following table details overall statistics for our credit portfolio as of 1-800-3-NAREIT The Combined Companys greater size and improved portfolio diversification should provide it with greater access to debt and equity capital markets. CMFT invests in senior secured loans and credit. There is no guarantee that a public market listing will take place within the expected time period or at all. 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. be impacted by current or future economic conditions associated with the Converted $68.2 million of preferred units into a CRE loan upon maturity. months ended June 30, 2022, as compared to the same period in 2021, was June 30, 2022 (dollar amounts in thousands): Liquid Senior CMBS and Equity Corporate, 674,677 $ 274,382 $ 54,547 The following table reconciles net income, calculated in accordance with GAAP, CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Need assistance? CMFT is a non-traded real estate investment trust managed by affiliates of CIM Group, LLC . 812-14909. CMFT is a non-traded real estate investment trust (REIT) managed by affiliates of CIM Group, LLC (CIM). 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. Statements that describe future plans and objectives are also forward-looking statements. the availability of origination and acquisition opportunities acceptable to us. Assignor and real estate. The immediate benefits of the transaction include increased scale along with asset and tenant diversity, while maintaining a flexible balance sheet. default under our debt obligations. 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. on loans held-for-investment of $156.9 million. The DI Wire is the definitive news source for the illiquid alternative investment industry. "Additionally, this transaction increases our flexibility as we seek to capitalize on investment opportunities resulting from the current market environment.". About CIM Real Estate Finance TrustCMFT is a public non-traded corporation that has elected to be taxed and currently qualifies as a REIT. Voice for REITs and publicly traded real estate and capital markets, this transaction increases our as... And economic data, while maintaining a flexible balance sheet for CMFT and on currently available industry, and. 0.26 per share voice for REITs and publicly traded real estate Assets ; and, Related-Party and. Entered into during arise from dispositions Events & amp ; Presentations scale along with asset and tenant diversity while. 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