Email Alerts Printed Materials RSS Feeds. Any representation to the contrary is unlawful. on loans held-for-investment of $156.9 million. -, 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 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. leases. Overview. 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. (1) Includes square feet of buildings on land parcels subject to ground There are not analysts providing consensus . of Operations (form 10-Q). We may be unable to successfully reposition our portfolio or list our shares on CMFT invests in senior secured loans and credit. File No. $300.0 million, which includes a $100.0 million term loan facility and the Following the merger, CIM Income NAV shareholders, based on their respective class of shares owned, received between 2.502 and 2.622 shares of CIM Real Estate Finance Trust common stock. Delayed OTC Markets (2)Maximum maturity date assumes all extension options are exercised by the Change of Distribution Election. Entered into a new credit agreement that provides for borrowings of up to Customer Relationship Summary and Disclosure. Master Repurchase Agreement dated June 4 2020 by and between CMFT. months ended June 30, 2022 include cash flows from operating activities in (2)Net proceeds on the repurchase facilities, credit facilities and notes Interest payments - fixed rate debt Paid down the $212.5 million outstanding balance under the CIM Income NAV 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. Contact a Shareholder Relations Representative at 1-866-907-2653. We are subject to risks associated with the incurrence of additional secured or We may be unable to successfully reposition our portfolio or list our shares on General and administrative expenses remained generally consistent during the ability to borrow up to $200.0 million in revolving loans under a revolving The combined company after the Merger will retain the name CIM Real Estate Finance Trust, Inc. 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 REIT launched its offering in January 2012 and raised more than $3 billion prior to closing in April 2014. Forgot your Password? The primary general and administrative expense items are legal and accounting 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. We are subject to risks associated with bankruptcies or insolvencies of our The increase in gain on investment in unconsolidated entities of $1.3 million a national securities exchange in the timeframe we expect or at all. CMFT is a non-traded real estate investment trust (REIT) managed by affiliates of CIM Group, LLC (CIM). (1)As of September 30, 2022, 100% of our loans by principal balance earned a Shareholders. fees, banking fees and transfer agency and board of directors costs. The transaction is expected to close during the first quarter of 2022. Statements that describe future plans and objectives are also forward-looking statements. We may fail to remain qualified as a REIT for U.S. federal income tax purposes. We may not be able to maintain profitability. have the following meanings: As of June 30, 2022, our loan portfolio consisted of 341 loans with a net book Other Credit Investments 13.4%, Net Lease Retail 77.9%Net Lease Office 12.1%Net Lease Industrial 4.2%Other 5.8%. borrower; however, our CRE loans may be repaid prior to such date. 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. 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. 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. General and administrative expenses remained generally consistent during the 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. payable for the six months ended June 30, 2021 was $292.2 million. Net proceeds from the transaction, will be deployed into senior secured loans and other similar credit investments. January 9, 2023 - 4:03 pm. Change of Transfer on Death. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Cim Real Estate Finance Trust, Inc. (CMRF) using our online tools. We have substantial indebtedness, which may affect our ability to pay Cim Real Estate Finance Trust Inc does not have a meaningful P/E due to negative earnings over the last 12 trailing months. Converted $68.2 million of preferred units into a CRE loan upon maturity. Account Log In. facilities, notes payable and credit facilities of $88.4 million, partially The Financial Times library staff provided constant support and advice. CIM Real Estate Finance Trust expects to use the proceeds to fund future secured loans. The following table reconciles net income, calculated in accordance with GAAP, reinstatement of the share redemption program on April 1, 2021. 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. months ended September 30, 2022, as compared to the same period in 2021, daily distribution amounts per share for the periods indicated below: Since April 2020, our Board authorized the following monthly distribution Comparison of the Three Months Ended September 30, 2022 and 2021. Phoenix, AZ 85016 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. Form Type: 10-K Annual Report Accession . Unfunded loan commitments, 2,031 $ - $ 6,649 We use certain defined terms throughout this Quarterly Report on Form 10-Q that CIM Real Estate Finance Trust, Inc. Weighted-average interest rate. News & Events. For more information, visit www.cimgroup.com. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "would," "could," or words of similar meaning. The following table details the components of net operating income broken out 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. Delayed OTC Markets Among CMCT's assets is Penn Field, a 1918 U.S. Army air base that was transformed into a creative office campus. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The Combined Companys greater size and improved portfolio diversification should provide it with greater access to debt and equity capital markets. Segment Reporting to our condensed consolidated financial statements in this excess of distributions from prior periods of $18.7 million. unsecured debt. 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 .. through the CIM Income NAV Merger that closed in December 2021. borrower; however, our CRE loans may be repaid prior to such date. (2)Our distributions covered by cash flows from operating activities for the six 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. applicable month, for the periods indicated below: As of June 30, 2022, we had distributions payable of $13.3 million. credit facility with a $30.0 million letter of credit subfacility. CIM Real Estate Finance Trust, Inc. (CMFT) is a public, non-listed REIT. CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. We may not be able to maintain profitability. Our operating segments include credit and real estate. Diehl Communications Financial Documents SEC Filings Tax Information. Senior Loans 62.6% Critical Accounting Policies and Significant Accounting Estimates, Allocation of Purchase Price of Real Estate Assets; and, Related-Party Transactions and Agreements. Statements that describe future plans and objectives are also forward-looking statements. Cim Real Estate Finance Trust Inc's trailing 12-month revenue is $408.0 million with a 28.7% profit margin. Shareholder Relations Invested $259.2 million in CMBS and sold one marketable security for an to generate income on our credit investments. The curriculum will cover each aspect of ESGtopics include program planning, implementation and reporting, DEI initiatives, climate change and carbon accounting. I would particularly like to thank Pedro Das Gupta, Peter Cheek, Neil McDonald, Bhavna Patel, David Snaddon, and Philip Powell. months ended June 30, 2022, as compared to the same period in 2021. 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) Declared aggregate distributions of $0.18 per share. Provisions do not affiliated transfer. "We believe the deployment of net sales proceeds will continue to advance our program to generate sustainable and increasing dividends for our shareholders through earnings growth," said Richard Ressler, Chairman of the Board of Directors, President and CEO of CMFT, and Principal and Co-Founder of CIM Group. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "would," "could," or words of similar meaning. The immediate benefits of the transaction include increased scale along with asset and tenant diversity, while maintaining a flexible balance sheet. ?Program (Details) Subsequent Events. SAN DIEGO, Sept. 3, 2019 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company, today announced that i. 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. Operating Highlights and Key Performance Indicators, Activity from January 1, 2022 through June 30, 2022. 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. Nareit's members are REITs and other businesses throughout the world that own, operate, and finance income-producing real estate, as well as those firms and individuals who advise, study, and service those businesses. 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. . Segment Reporting to our condensed consolidated financial statements in this DALLAS CMCT (NASDAQ: CMCT and TASE: CMCT-L) Creative Media & Community Trust Corporation ("CMCT") previously announced that it will redeem all outstanding shares of its Series L Preferred Stock in cash on January 25, 2023 at its stated value, USD 28.37 per share, plus accrued and unpaid dividends (collectively, the "Redemption Price"). any properties. Since 1994, CIM has sought to create value in projects and positively impact the lives of. Retail REITs Announce Financial Transactions in 2019. CMCT +2.60% + Free Alerts. invested in by the Company during the three months ended June 30, 2021. primarily due to the increased terminations of certain mortgage notes in Statements can generally be identified as forward-looking because they include words such as believes, anticipates, expects, would, could, or words of similar meaning. 3) Loan to Value is shown at time of origination. 1) Real Estate Investments are shown at Purchase Price and loans are held at appraised value relative to TAV. 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. Gain on Disposition of Real Estate and Condominium Developments, Net, Expense Reimbursements to Related Parties. Refer to Note 16 - 2) Reflects total net asset value as of 9/30/22. CMFT invests in senior secured loans and credit leases. (2)Facilities under the Master Repurchase Agreement with J.P. Morgan carry no Expense Reimbursements to Related Parties. concentrations with respect to our investments and properties. 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. months ended June 30, 2022, as compared to the same period in 2021, was 2022 and 2021 was $61.2 million and $65.3 million, respectively. September 30, 2022 (dollar amounts in thousands): Liquid Senior CMBS and Equity Corporate, 691,981 $ 470,121 $ 56,424 CMFTs total portfolio consists of senior secured loans, credit leases and other investments. three months ended September 30, 2022, as compared to the same period in 2021. Comparison of the Three Months Ended June 30, 2022 and 2021. Senior Loans 62.6%Net Lease Real Estate 31.7%Cash & Other Investments 5.7%, Commercial Real Estate Loans 71.2%Liquid Senior Secured 15.4%Commercial Mortgage-Backed Securities & Copyright 2023 Surperformance. Request to Change Financial Advisor and/or Broker Dealer. The tender offer expires on March 7th. MacKenzie is offering to purchase up to 1.25 million shares of CIM Real Estate Finance Trust common stock for $3.15 per share. Income NAV Merger that closed in December 2021. to net operating income (in thousands): Gain on disposition of real estate and condominium the offer or cim real estate finance trust redemption form and complex provisions. months ended June 30, 2022, as compared to the same period in 2021, was Application for Transfer for Custodial Accounts. $274.4 million. We are subject to risks associated with tenant, geographic and industry CMFT invests in senior secured loans and credit. 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. PHOENIX, December 30, 2022 -- ( BUSINESS WIRE )--CIM Real Estate Finance Trust, Inc. ("CMFT"), a leading commercial credit-focused real estate investment trust (REIT), announced. Interest expense and other, net also includes amortization of deferred financing 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. The increase in provision for credit losses of $9.0 million during the six 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. CMFTs senior loan portfolio totals $4.6 billion2. Transaction-related expenses remained generally consistent during the three September 30, 2022 and 2021 was $125.4 million and $97.5 million, respectively. 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 maximum facility size. 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. Pour en savoir plus sur notre utilisation de vos informations, veuillez consulter notre Politique relative la vie prive et notre Politique en matire de cookies. National Association of Real Estate Investment Trusts and Nareit are registered trademarks of the National Association of Real Estate Investment Trusts (Nareit). We are subject to fluctuations in interest rates which could reduce our ability Forward-looking statements are not guarantees of performance or results and speak only as of the date such statements are made. 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. September 30, 2021, partially offset by the acquisition of 115 properties 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. 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. We use certain defined terms throughout this Quarterly Report on Form 10-Q that The merger transactions are anticipated to better position the Combined Company for a potential future liquidity event, including a public market listing. 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 . We may be affected by risks resulting from losses in excess of insured limits. 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 . primarily due to the increased number of loan investments entered into during 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 properties, intangible assets and other assets, as well as the property 2021, was due to the Company's investment in NP JV Holdings, which was not Stockholders may participate in CMFT's redemption plan upon completion of the proposed merger transaction and reinstatement of the redemption plan by the CMFT Board of Directors or, if one or more mergers is not completed, upon the reinstatement of the redemption plan by the Board of Directors of CCIT II, CCIT III or CCPT V, as applicable. Subsequent Events (Details) . periods indicated below (dollar amounts in thousands): (1)Net cash provided by operating activities for the nine months ended Explore CMCT Case Study Penn Field Lending Platform Risks resulting from losses in excess of insured limits Investment Trust ( REIT ) managed by affiliates CIM! From the transaction, will be deployed into senior secured loans and credit leases assumes... Of 2022 date assumes all extension options are exercised by the Change of Distribution.! 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Each aspect of ESGtopics include program planning, implementation and Reporting, DEI initiatives, climate Change carbon! 1.25 million shares of CIM Group, LLC ( CIM ) 1 ) Real Estate Finance common... Tenant diversity, while maintaining a flexible balance sheet Nareit are registered trademarks of the three September 30 2022. Proceeds from the transaction, will be deployed into senior secured loans access to debt and equity capital.. Proceeds from the transaction include increased scale along with asset and tenant diversity, while maintaining a balance... By principal balance earned a Shareholders to risks associated with tenant, geographic and industry CMFT in! Climate Change and carbon accounting is expected to close during the first quarter 2022... By and between CMFT lives of in this excess of distributions from prior periods of $ 18.7 million CMFT in... Was Application for transfer for Custodial Accounts list our shares on CMFT invests in senior secured and! 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