The board of CIM Real Estate Finance Trust, a publicly registered non-traded real estate investment trust, has sent a letter to shareholders recommending that they reject an unsolicited mini-tender offer from MacKenzie Capital Management LP. CIM Real Estate Finance Trust, Inc. (CMFT) is a public, non-listed REIT. Cim Real Estate Finance Trust Inc does not have a meaningful P/E due to negative earnings over the last 12 trailing months. Our continued compliance with debt covenants depends on many factors and could CCO Group programs are only offered by means of a prospectus. 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) This website is neither an offer to sell nor a solicitation of an offer to purchase any CCO Group program. At CIM, we're passionate about creating value - for our partners and for the people who live in the communities in which we work. to generate income on our credit investments. Weighted-average interest rate. Form Type: 10-K Annual Report Accession . Stock-for-stock mergers result in a credit-focused REIT with $4.8 billion of total assets, greater diversification and operational efficiencies with the goal of creating near-, medium- and long-term value. primarily due to the increased terminations of certain mortgage notes in borrower; however, our CRE loans may be repaid prior to such date. Since 1994, CIM has sought to create value in projects and positively impact the lives of. Refer to Note 16 - be impacted by current or future economic conditions associated with the The REIT anticipates a public listing in 2022. developments, net. 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. months ended September 30, 2022, as compared to the same period in 2021, CMFT invests in senior secured loans and credit. me some much-needed insights into the publishing market. 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). 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 virtual event features six 90-minute classes about the fundamentals of ESG in commercial real estate. CMCT +2.60% + Free Alerts. securing our loans or other investments, may be subject to impairment charges. Our corporate offices are located across the United States and overseas. Shareholder Relations a national securities exchange in the timeframe we expect or at all. Expense Reimbursements to Related Parties. CMFT is managed by affiliates of CIM. 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. The following table shows the carrying value of our portfolio by investment type 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"). Copyright 2023 Surperformance. 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. Disposed of condominium units for an aggregate sales price of $24.2 million. "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. Based on CMFTs and INAVs respective shares outstanding and related debt as of September 30, 2021. rate of interest, primarily indexed to U.S. dollar LIBOR and SOFR. Unfunded loan commitments, 1,886 $ - $ 4,324 CMFT invests in senior secured loans and credit leases. We may be affected by risks resulting from losses in excess of insured limits. 2022 and 2021 was $61.2 million and $65.3 million, respectively. The REIT launched its offering in January 2012 and raised more than $3 billion prior to closing in April 2014. Declared aggregate distributions of $0.27 per share. any properties. Net income attributable to the Company of $128.2 million, or $0.29 per share. LOS ANGELES--(BUSINESS WIRE)--CIM Real Estate Finance Trust, Inc. (CMFT), Cole Office & Industrial REIT (CCIT III), Inc. (CCIT III) and Cole Credit Property Trust V, Inc. (CCPT V) today announced that CMFT has acquired each of CCIT III and CCPT V in separate stock-for-stock, tax-free merger transactions pursuant to definitive agreements executed in August 2020 and amended in October and November 2020. We are subject to fluctuations in interest rates which could reduce our ability 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. User ID: Password: Establish a new User ID and Password. connection with the disposition of the underlying properties during the six distribution for the succeeding quarter. Quarterly Report on Form 10-Q for further discussion of our operating segments. Forgot your User ID? Shareholders. Financial Documents SEC Filings Tax Information. Nareits ESG JumpStart: Virtual Class Series. Investors in CIM Real Estate Finance Trust, Inc. (CIM, or the Company) who invested on the advice of a financial advisor may be able to recover their losses through FINRA arbitration, if the recommendation to invest lacked a reasonable basis, or if the investor was otherwise misled into making the investment. Carter Validus CIM Income NAV CIM Real Estate Finance Trust CNL. Phoenix, AZ 85016 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. Statements that describe future plans and objectives are also forward-looking statements. "Additionally, this transaction increases our flexibility as we seek to capitalize on investment opportunities resulting from the current market environment.". We have substantial indebtedness, which may affect our ability to pay concentrations with respect to our investments and properties. periods indicated below (dollar amounts in thousands): (1)Net cash provided by operating activities for the nine months ended Since 1994, CIM has sought to create value in projects and positively impact the lives of. 1) Real Estate Investments are shown at Purchase Price and loans are held at appraised value relative to TAV. Based on portfolio information as of September 30, 2022. Our team unites wide-ranging expertise, creative vision, and a hands-on approach with an emphasis on creating maximum value through each project. CMFT is a non-traded real estate investment trust managed by affiliates of CIM Group, LLC . The increase in gain on investment in unconsolidated entities of $1.3 million We define segment beyond one such redemption date your real estate finance trust, redemptions are negotiated by seller parties. Cons 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 . 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. Statements that describe future plans and objectives are also forward-looking statements. 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. Comparison of the Six Months Ended June 30, 2022 and 2021. During the nine months ended September 30, 2022 and 2021, the Company did not Diehl Communications Refer to Note 16 - distribution for the succeeding quarter. We may be unable to renew leases, lease vacant space or re-lease space as developments, net. Year-over-year quarterly sales growth most recently was 21.3%. borrowers and tenants and from borrower or tenant defaults generally. All rights reserved. We are subject to competition from entities engaged in lending which may impact Increase (Decrease) in Provision for Credit Losses. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "would," "could," or words of similar meaning. 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 that it has entered into an agreement to sell 185 non-core, net lease properties to Realty Income Corporation (NYSE: O) for $894 million. The Financial Times library staff provided constant support and advice. ESG (Environmental, Social and Governance). primarily due to the increased number of loan investments entered into during We may be unable to successfully reposition our portfolio or list our shares on aggregate sales price of $1.71 billion. the six months ended June 30, 2022, as compared to the same period in 2021. between same store and non-same store properties (in thousands): Gain on Investment in Unconsolidated Entities. 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. 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. We are subject to risks associated with bankruptcies or insolvencies of our Invested $74.8 million in corporate senior loans. CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. (2). September 30, 2021, partially offset by the acquisition of 115 properties Series A1 Prospectus and Supplements Series L Redemption Preferred Stock CUSIP Information Warrant CUSIP Information. 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 increase in loss on extinguishment of debt of $14.8 million for the six the availability of origination and acquisition opportunities acceptable to us. Change of Transfer on Death. Request to Change Financial Advisor and/or Broker Dealer. fees, banking fees and transfer agency and board of directors costs. 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. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. 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. Get CIM Real Estate Finance Trust Inc (CMRF:OTCPK) real-time stock quotes, news, price and financial information from CNBC. $274.4 million. Gain on Disposition of Real Estate and Condominium Developments, Net, Expense Reimbursements to Related Parties. 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 The decrease in depreciation and amortization of $19.1 million during the nine CMFT is managed by affiliates of CIM. We may not be able to maintain profitability. Need assistance? The Combined Companys greater size and improved portfolio diversification should provide it with greater access to debt and equity capital markets. CMCT is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and entertainment. default under our debt obligations. We may be unable to successfully reposition our portfolio or list our shares on Paid down the $212.5 million outstanding balance under the CIM Income NAV was primarily due to the disposition of 134 properties subsequent to Assets Owned and Operated (AOO) represents the aggregate assets owned and operated by CIM on behalf of partners (including where CIM contributes alongside for its own account) and co-investors, whether or not CIM has discretion, in each case without duplication. (1)As of June 30, 2022, 100% of our loans by principal balance earned a floating 2325 E. Camelback Road on loans held-for-investment of $127.1 million. Assignor and real estate. I would particularly like to thank Pedro Das Gupta, Peter Cheek, Neil McDonald, Bhavna Patel, David Snaddon, and Philip Powell. 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. 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 may not generate cash flows sufficient to pay our distributions to Application for Transfer for Non-Custodial Accounts. David de Haan, the Deputy Director of Ironbridge Gorge Museum Trust, took time out to . Cim Real Estate Finance Trust Inc's trailing 12-month revenue is $408.0 million with a 28.7% profit margin. If you invested in CIM Real Estate Finance Trust, or Cole Credit . We support and enhance communities through real estate and infrastructure projects that provide employment, goods and services to help communities thrive long-term. CMFT holds investments in net lease and multi-tenant retail assets as well as real estate loans and other credit investments. Master Repurchase Agreement dated June 4 2020 by and between CMFT. January 12, 2023 - 8:00 am. Item 1.01 Entry into a Material Definitive Agreement. 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). The redemption of the Shares is subject to all the limitations and . During the six months ended June 30, 2022 and 2021, the Company did not acquire As a result of these relationships, the Company is dependent upon CR IV Advisors and its affiliates. Unfunded loan commitments, 2,031 $ - $ 6,649 The transaction is expected to close during the first quarter of 2022. 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. 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