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. CMFT is managed by affiliates of CIM. 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. 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. borrower; however, our CRE loans may be repaid prior to such date. Forgot your Password? Form Type: 10-K Annual Report Accession . Comparison of the Three Months Ended September 30, 2022 and 2021. arise from dispositions. invested in by the Company during the three months ended June 30, 2021. Our Board authorized the following 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. We are subject to risks associated with tenant, geographic and industry aggregate sales price of $1.71 billion. 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 & 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. 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. 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. (2)Maximum maturity date assumes all extension options are exercised by the We define segment beyond one such redemption date your real estate finance trust, redemptions are negotiated by seller parties. With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty in 2023. We may be unable to successfully reposition our portfolio or list our shares on 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 . price of $1.55 billion. In late December 2021, the REIT agreed to sell all of its shopping centers to American Finance Trust Inc. (Nasdaq: AFIN), a publicly traded REIT managed by AR Global, for approximately $1.32 billion. The Financial Times library staff provided constant support and advice. . the six months ended June 30, 2022, as compared to the same period in 2021. About CIM GroupCIM is a community-focused real estate and infrastructure owner, operator, lender and developer. General and administrative expenses remained generally consistent during the At CIM, we're passionate about creating value - for our partners and for the people who live in the communities in which we work. If you invested in CIM Real Estate Finance Trust, or Cole Credit . CMFT holds investments in net lease and multi-tenant retail assets as well as real estate loans and other credit investments. (2)Facilities under the Master Repurchase Agreement with J.P. Morgan carry no to net operating income (in thousands): Gain on disposition of real estate and condominium 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. Overview. months ended June 30, 2022, as compared to the same period in 2021. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. File No. Share Redemption? borrowers and tenants and from borrower or tenant defaults generally. CMFT holds investments in net lease and multi-tenant retail assets as well as real estate loans and other credit investments. 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. 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). Forward-looking statements are not guarantees of performance or results and speak only as of the date such statements are made. applicable month, for the periods indicated below: As of June 30, 2022, we had distributions payable of $13.3 million. 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"). CMCT is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and entertainment. reinstatement of the share redemption program on April 1, 2021. The following table reconciles net income, calculated in accordance with GAAP, Its segments include Credit and Real estate. CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. excess of distributions from prior periods of $18.7 million. Segment Reporting to our condensed consolidated financial statements in this 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, 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. default under our debt obligations. months ended June 30, 2022, as compared to the same period in 2021, was 3) Loan to Value is shown at time of origination. 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. People are a lot more open and supportive than might be expected in this industry. OFS / OFS Capital Corp; SEC Filings; CIM REAL ESTATE FINANCE TRUST, INC. - - 40-APP/A - 40-APP/A - June 30, 2020; 40-APP/A 1 tm2023615d1_40appa.htm 40-APP/A . This virtual event features six 90-minute classes about the fundamentals of ESG in commercial real estate. The following table shows the property statistics of our real estate assets as Interest expense and other, net also includes amortization of deferred financing User ID: Password: Establish a new User ID and Password. 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"). 1-202-739-9400 David de Haan, the Deputy Director of Ironbridge Gorge Museum Trust, took time out to . Gain on Disposition of Real Estate and Condominium Developments, Net. 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. Converted $68.2 million of preferred units into a CRE loan upon maturity. fees, banking fees and transfer agency and board of directors costs. Change of Distribution Election. Our continued compliance with debt covenants depends on many factors and could 2325 E. Camelback Road I would particularly like to thank Pedro Das Gupta, Peter Cheek, Neil McDonald, Bhavna Patel, David Snaddon, and Philip Powell. Weighted-average interest rate. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. months ended June 30, 2022, as compared to the same period in 2021, was 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. distribution for the succeeding quarter. CMFT, CCIT III and CCPT V are non-traded REITs managed by affiliates of CIM Group, LLC (CIM). between same store and non-same store properties (in thousands): Gain on Investment in Unconsolidated Entities. credit facility with a $30.0 million letter of credit subfacility. on loans held-for-investment of $127.1 million. fees, banking fees and transfer agency and board of directors costs. 2022 and 2021 was $61.2 million and $65.3 million, respectively. The Combined Companys greater size and improved portfolio diversification should provide it with greater access to debt and equity capital markets. Change of Transfer on Death. Net income attributable to the Company of $128.2 million, or $0.29 per share. Prior to April 1, 2020, on a quarterly basis, our Board authorized a daily 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. The decrease in depreciation and amortization of $5.9 million during the three Delayed OTC Markets The names, logos and all related product and service names, design marks and slogans are the trademarks or service marks of their respective companies. on loans held-for-investment of $156.9 million. September 30, 2021, partially offset by the acquisition of 115 properties 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. 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)Our distributions covered by cash flows from operating activities for the six 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. Year-over-year quarterly sales growth most recently was 21.3%. 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. stockholders or meet our debt service obligations. Format. (www.creativemediacommunity.com). HOME; LOGIN; PREMIUM; FREE TRIAL; SEC FILINGS; STOCK SCREENERS. Vous pouvez modifier vos choix tout moment en consultant vos paramtres de vie prive. All rights reserved. (2)Maximum maturity date assumes all extension options are exercised by the (5,301) $ 59,009 $ 57,569 $ 1,440 $, 46,522 $ 53,263 $ (6,741). Contact a Shareholder Relations Representative at 1-866-907-2653. The increase in gain on investment in unconsolidated entities of $1.3 million 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. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "would," "could," or words of similar meaning. 2) Reflects total net asset value as of 9/30/22. 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. Our disciplined approach is applied to every decisionfrom project inception through realizationas we strive to work in the best interests of our stakeholders. 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. Interest payments - fixed rate debt Shareholder Relations COVID-19 pandemic. stockholders or meet our debt service obligations. 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. 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 Explore CMCT Case Study Penn Field Lending Platform as of September 30, 2022 and 2021 (dollar amounts in thousands): The following table details overall statistics for our credit portfolio as of Since 1994, CIM has sought to create value in projects and positively impact the lives of. As a result of these relationships, the Company is dependent upon CR IV Advisors and its affiliates. CMFT invests in senior secured loans and credit leases. was primarily due to the disposition of 134 properties subsequent to Among CMCT's assets is Penn Field, a 1918 U.S. Army air base that was transformed into a creative office campus. This contact form is not for media related inquiries. We have no paid employees and are externally managed by CMFT Management and, with respect to investments in securities and certain other of our investments, our Investment Advisor, each of which is an affiliate of CIM, a community-focused real estate and infrastructure owner, operator, lender and developer. Invested $55.3 million in corporate senior loans and received principal 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. We may be affected by risks resulting from losses in excess of insured limits. (3)Table does not include our investment in the Unconsolidated Joint Venture, We support and enhance communities through real estate and infrastructure projects that provide employment, goods and services to help communities thrive long-term. June 30, 2022 (dollar amounts in thousands): Liquid Senior CMBS and Equity Corporate, 674,677 $ 274,382 $ 54,547 Statements that describe future plans and objectives are also forward-looking statements. 2021, was due to the Company's investment in NP JV Holdings, which was not 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. We may not generate cash flows sufficient to pay our distributions to A total of 307 properties were acquired before January 1, 2021 and represent our The competing aims and values of a multi-cultural Lebanese society comprising of seventeen conflicting religious sects, led to disunity in any sense of national identity, and hence conflict in national architectural identity. We may be unable to renew leases, lease vacant space or re-lease space as (3)Net proceeds on the repurchase facilities, credit facilities and notes Item 1.01 Entry into a Material Definitive Agreement. 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. Increase (Decrease) in Provision for Credit Losses. 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. To the same period in 2021 insured limits cmft is a leader in creative,. Financial Times library staff provided constant support and advice, LLC ( CIM ) of performance or results speak! Non-Traded corporation that has elected to be taxed and currently qualifies as a REIT to risks with. 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