padding-bottom: 10px; /*font-weight: bold;*/ margin-bottom: 4px; e.gw = Array.isArray(e.gw) ? Information on this website should be regarded as opinion based on publicly available information and not as fact. Lastly, its important to evaluate a stock by comparing it against others in the same industry. Registered in England and Wales. } For example, Cox Capital does not make unsolicited offers. Often, surprises beget further surprises‐or at least continued sales growth (the exact opposite is generally true, too). before a liquidity event transpires allowing for an exit on the investment. As of March 31, 2021, CIM had total assets of over $5 billion and total liabilities of nearly $2.5 billion, as compared to total assets of approximately $4 billion and liabilities of nearly $1.8 billion as of June 30, 2020. 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. Cim Real Estate Finance Trust Inc does not have a meaningful P/E due to negative earnings over the last 12 trailing months. } LOS ANGELES--CIM Real Estate Finance Trust, Inc. ("CMFT") announced today it has entered into a definitive merger agreement to acquire CIM Income NAV, Inc. ("INAV") in a stock-for-stock, tax-free merger transaction. @media (max-width: 767px) { You can count on AAII for timeless articles on financial planning and stock-picking, unbiased research and actionable analysis that makes you a better investor. The pro forma combined company (CC CMFT) would have approximately $6.0 billion in total enterprise value, creating a leading commercial credit-focused real estate investment trust (REIT) with greater tenant, industry, and asset type diversity, financial strength, and improved access to capital markets. Contacting us does not guarantee that the firm will undertake representation of you. I have previously needed to prioritise taking senior short term roles as they arose, in order to afford me financial stability. .ewd-ufaq-post-margin-symbol span { } THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. The merger transactions are anticipated to better position the Combined Company for a potential future liquidity event, including a public market listing. Another significant risk associated with investing in non-traded REITs is the potential for any distributions paid to consist substantially of return of capital. Theme Real Estate. What are trust services? e.thumbw = e.thumbhide>=pw ? 0 : e.tabh; Announces Merger Agreement with CIM Income NAV, Inc. ESG (Environmental, Social and Governance). The combined CMFT, CCIT III and CCPT V (Combined Company) has approximately $4.8billion in total asset value and a net asset value (NAV) of $2.6billion, based upon the companies respective June30, 2020 NAVs, creating a leading commercial real estate credit-focused REIT with scale, primarily invested in net lease assets and commercial real estate debt. 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. The merger transactions could also better position it for a future liquidity event, including a public listing. e.thumbhide = e.thumbhide===undefined ? document.documentElement.classList.add( background-color: transparent; } Stockholders of INAV will be able to obtain such documents free of charge at the SECs website,www.sec.gov, or through CIM Group LLCs website athttps://www.cimgroup.com/announcements, as they become available. MacKenzie Capital could not be reached for comment. CIMs board recently announced a post-merger net asset value (NAV) of $7.20 per share for the Companys common stock, valued as of March 31, 2021. CIM Real Estate Finance Trust Inc. on Dec. 21 finalized its stock-for-stock mergers with Cole Office & Industrial REIT (CCIT III) Inc., or CCIT III, and Cole Credit Property Trust V Inc., or CCPT V. All three nontraded real estate investment trusts are managed by CIM Group LLC affiliates. The immediate benefits of the transaction include increased scale along with asset and tenant diversity, while maintaining a flexible balance sheet. Full-Cycle (Date): Shareholders received cash or listed stock for all common shares of the previously non-traded investment program as of the given date. #menu-item-2870, #menu-item-1147, #menu-item-1149, #menu-item-1150, #menu-item-1152, #menu-item-1153, #menu-item-2871, #menu-item-1136, #menu-item-1139, #menu-item-1133, #menu-item-1137, #menu-item-1135, #menu-item-1142, #menu-item-1141, #menu-item-2974, #menu-item-2975, #menu-item-3343, #menu-item-3344, #menu-item-4916, #menu-item-4917, #menu-item-4918, #menu-item-4920, #menu-item-4921, #menu-item-9450, #menu-item-12309, #menu-item-12303, #menu-item-13384, #menu-item-13383, #menu-item-16055,#menu-item-23904,#menu-item-23735, #menu-item-1126, #menu-item-1127, #menu-item-9849, #menu-item-14285 { margin-left: 15px; The immediate benefits of the transaction include increased scale along with asset and tenant diversity, while maintaining a flexible balance sheet. When initially contacting us via the websites contact form, e-mail, telephone, or by any other means, do not include any confidential or sensitive information. 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. The Company expects to provide an updated 5-year outlook in Q1 2023 upon completion of ongoing Project Honeypot . .site-header { In the same vein, the interest rate on savings accounts was . 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. Following the onset of the COVID-19 pandemic and the related economic impact of shutdowns, each of CMFT, CCIT II, CCIT III, and CCPT V undertook comprehensive reviews of their businesses and prospects and concluded that greater scale, tenant diversity, asset type diversity, financial strength and fund raising flexibility would best position each of them to thrive in a post-pandemic economic environment, said Richard Ressler, principal and co-founder of CIM Group. CMFT invests in senior secured loans and credit leases. We believe combining INAV and CMFT will benefit stockholders of both companies by creating a larger, more diversified and valuable company, positioning the company for a public market listing, said Richard Ressler, Principal and Co-Founder of CIM Group. The Combined Companys greater size and improved portfolio diversification should provide it with greater access to debt and equity capital markets. Oftentimes, they are thrilled to take any available offer because there are no other options to access quick liquidity, even if they feel that the offer doesnt represent a fair price, notes Cox. CMFT and INAV are non-traded REITs managed by affiliates of CIM Group, LLC (CIM). LOS ANGELES--CIM Real Estate Finance Trust, Inc. (CMFT) announced today it has entered into a definitive merger agreement to acquire CIM Income NAV, Inc. (INAV) in a stock-for-stock, tax-free merger transaction. for (var i in e.rl) if (e.gw[i]===undefined || e.gw[i]===0) e.gw[i] = e.gw[i-1]; color: #093463; var advadsCfpQueue = []; console.log("Failure at Presize of Slider:" + e) The transactions are expected to close in the fourth quarter of 2020, pending stockholders approval. Six years ago, the firm shifted its model to offer loans secured by minority interest positions in real estate partnerships. CMFT is managed by affiliates of CIM. Contacting us, by itself, does not create an attorney-client relationship. Headquartered in Phoenix, Arizona, CIM is a publicly registered non-traded real estate investment trust (REIT) that primarily owns and operates a portfolio of commercial real estate assets and a portfolio of commercial mortgage loans. or has yet to provide common shareholders with full liquidity for their shares with cash and/or listed stock. Path to Liquidity:The merger transaction is one more step in the execution of CMFTs business plan and is anticipated to better position CC CMFT for a public market listing, which, subject to market conditions, is expected to occur in 2022.2. 228 | Cell: 613-798-3804. 0 : parseInt(e.tabhide); color: #f79320; text-transform: uppercase !important; sl; Four CIM REITs Plan to Merge to Create $5.9 Billion REIT, Click here to subscribe to our Daily News Updates, Capital Square Expands Executive Team with Two New Hires, Go Store It Buys Vacant Sams Club in South Carolina OZ for Self-Storage Conversion, 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. As a non-traded REIT, CIM is an illiquid investment product, meaning that shares cannot readily be sold on a national securities exchange. the ability of CMFT to achieve the expected cost synergies or to engage in any liquidity event or . Generally, we think the model, or, more specifically, the discounts MacKenzie tends to offer while leveraging the third-party tender offer model, are predatory, agrees John Cox, founder and CEO of Cox Capital Partners, an investment management firm specializing in alternative asset management strategies and secondary market liquidity solutions. We encourage investors to do their own due diligence and research through programs of education that teach you to invest for yourself. As a publicly registered non-traded REIT, various third-party brokerage firms and their financial advisors recommended an investment in CIM to retail investors nationwide. Traditionally, shareholders seeking liquidityhave been limited to options that include: However, groups such as Cox Capital and QuickLiquidity are working to educate stakeholders about alternatives for liquidity. PHOENIX, December 30, 2022--CIM Real Estate Finance Trust, Inc. agrees to sell 185 non-core, net lease properties to Realty Income Corporation (NYSE: O) for $894 M The DI Wire is the definitive news source for the illiquid alternative investment industry. INAVis managed by affiliates of CIM. Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company, today announced that it has signed a definitive agreement to acquire up to 185 single-tenant retail and industrial properties from subsidiaries of CIM Real Estate Finance Trust, Inc. (CMFT), a non-listed REIT which is sponsored by an affiliate of CIM Group, for approximately $894 million in cash. January 18, 2023. color: #f98e11; 0 : e.rl[i]; 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. CIM Real Estate Finance Trust was launched in January 2012, raising more than $3 billion in investor capital prior to its offering closing in April 2014. The frequency, price, and limitations vary by investment . CIM Real Estate Finance Trust, Inc. Visited more than 50,000 times per month by wealth advisors and industry leaders, www.TheDIWire.com is an invaluable resource for anyone interested in the illiquid alternative investment industry. CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. All of such REITs are managed by affiliates of CIM, a Los Angeles, California-based real estate and infrastructure owner, operator, lender and developer that was founded in 1994 and has . Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans . Cim Real Estate Finance Trust Inc does not currently pay a dividend. These three rank figures are added together, and the sum is ranked against the entire stock universe to arrive at a companys Growth Score to create an equal distribution of grades. 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. LOS ANGELES--CIM Real Estate Finance Trust, Inc. ("CMFT") announced today it has entered into a definitive merger agreement to acquire CIM Income NAV, Inc. ("INAV") in a stock-for-stock, tax-free merger transaction. Following a big year of fundraising last year, real estate alternative investment vehicles, such as nontraded REITs and business development companies (BDCs), have been posting more record inflows in 2022. INAV is a public, non-traded corporation that has elected to be taxed and currently qualifies as a REIT. Unfortunately, some investors in CIM Real Estate Finance Trust may have been induced into making an unsuitable investment in the Company, or otherwise misled into investing without being adequately advised as to the investments risk components. MacKenzie and its affiliates currently own 11,118 shares. However, there is a bigger ecosystem that is being built to facilitate liquidity in a very illiquid marketplace, he adds. Prior results do not guarantee similar outcomes. Even the SEC acknowledges that mini-tender offers are often aimed at catching investors off guard and offers a list of tips to shareholders. In some instances, investors seeking liquidity may be able to redeem their shares directly with the investment sponsor, or perhaps sell shares on a fragmented and inefficient secondary market. The combined company will have approximately $5.9 billion in total asset value, primarily invested in net lease assets and commercial real estate debt. BREIT's S shares, with a minimum investment of $2,500, cost 2.1% per year (a 1.25% management fee plus a 0.85% stockholder servicing fee), in . There are not analysts providing consensus earnings estimates for the current fiscal year. Subject to the terms and conditions of the merger agreement, INAV stockholders would receive an approximate 10.6% premium3for each share of INAV common stock based upon the receipt of the following consideration: Additionally, CMFT intends to increase its distribution rate, subject to approval by the CMFT Board of Directors, so that INAV stockholders will receive aggregate per annum distributions in an amount equal to or greater than INAVs current annualized distributions after the closing of the proposed merger. This information is not intended to create, and receipt of this information does not constitute, an attorney-client relationship between you and Giarrusso Law Group LLC or any of its attorneys. Although the firm will present buyout offers for investors who reach out wanting liquidity, the majority of its business focuses on providing loans with the partnership shares as collateral. Cadre Horizon Fund, Inc. (the "Initial Fund") is a newly organized Maryland corporation that will operate as a registered non-diversified, closed-end management investment company that provides periodic liquidity with respect to its shares ("Shares") pursuant to Rule 13e-4 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 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. INAV holds investments in office, industrial and retail assets. This gathering of the Broker Dealer and Sponsor communities provided insightful and open discussion from several vantage points. Companies similar to Cim Real Estate Finance Trust Inc in the REITs - Commercial industry. Upon closing, the board of CIM Real Estate Finance Trust will be increased so that all independent directors of CCIT II, CCIT III and CCPT V that are not currently independent directors of the combined company will be added to the board. Ultimately, what we want to do is do away with these third-party tender offer firms that are really taking advantage and providing unfair values, says Stephan. For each share of common stock, CCIT II, CCIT III and CCPT V stockholders would receive, 1.501,1.093 and 2.691 shares of CIM Real Estate Finance Trust common stock, respectively, which is valued at approximately $10.97 per CCIT II share, $7.99 per CCIT III share and $19.67 per CCPT V share, based on CIM Real Estate Finance Trusts most recently estimated net asset value per share of $7.31. } 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 frequency, price, and limitations vary by investment program. Shares were initially offered at $10 per share. background: url(https://bluevaultpartners.com/wp-content/themes/bvp/images/headers/circle.png) no-repeat scroll top; Events. 3) Premium is approximate, based on the average exchange ratio. This information is not an offer to create such an attorney-client relationship. Last year, the Company announced its intention to transition to a mortgage REIT. The Earnings Estimate Revisions Grade takes into account the magnitude of a companys earnings surprise in its last two reported fiscal quarters. #primary-menu .nav-link{ CMFT, CCIT III and CCPT V are non-traded REITs managed by affiliates of CIM Group, LLC (CIM). The attorneys at Giarrusso Law Group LLC have considerable experience in handling claims on behalf of investors in non-traded REITs such as CIM Real Estate Finance Trust, Inc., as well as other complex and illiquid financial products. 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. window.rs_init_css.innerHTML += "#"+e.c+"_wrapper { height: "+newh+"px }"; .ewd-ufaq-post-margin-symbol span{ This represents a decrease from the previous NAV of $7.31 per share. var advadsCfpAd = function( adID ){ REITs are a way to invest in real estate without buying a property outright. The company expects to use the available cash and leverage capacity to fund future investments. 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. This communication does not constitute an offer to sell or the solicitation of an offer to buy or sell any securities or a solicitation of a proxy or of any vote or approval. overflow: hidden; @media (max-width: 359px) { Bruce Ewen, MBA, CIM, CFP 150 Isabella Street Suite 1205 Ottawa, Ontario K1S 5P7 Phone: 613-755-2061 ext. Giarrusso Law Group LLC is a national law firm that accepts cases throughout the United States, subject to individual state bar rules. Investors who wish to discuss a possible claim may contact us at (201) 771-1115 or info@gialawgroup.com for a no-cost, confidential consultation. display: block; Big names such as Blackstone and Starwood are attracting more capital, and JP Morgan recently completed a filing for its plan to launch a $5 billion nontraded REIT. for (var i in nl) if (sl>nl[i] && nl[i]>0) { sl = nl[i]; ix=i;} CIM investors who require immediate liquidity through participation in Comrits current tender offer may suffer considerable losses, excluding any distributions to date. CIM Real Estate Finance Trust, Inc. May 10, 2022. The tender offer expires on March 7th. The pro forma combined . This transaction is expected to close in the fourth quarter of 2021, subject to certain closing conditions, including INAV stockholder approval. Cautionary Statement Regarding Forward-Looking Information. 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