CIM Income NAV Inc., a publicly registered non-traded real estate investment trust formerly known as Cole Real Estate Income Strategy Inc., has declared a net asset value per share for each of its four classes of common stock, as of June 30, 2021.
Class D shares had a net asset value per share of $16.71. The previous month, Class D shares were valued at approximately $16.39.
Class T shares had an NAV per share of approximately $16.29, and the previous month, the shares were valued at $15.92 each.
Class S shares had an NAV per share of approximately $16.27. The previous month, Class S shares were valued at $15.91 each.
Class I shares had an NAV per share of approximately $17.02, and the previous month, were valued at $16.69 each.
The NAV per share is based on the estimated value of the company’s assets, less the estimated value of its liabilities divided by the number of outstanding shares, all as of June 30, 2021. Shares were originally priced at $15.00 each.
Class T and Class S shares are available to the general public, Class D shares are generally available for purchase through fee-based programs known as wrap accounts, and Class I shares are sold to institutional investors.
Investments in real estate decreased from $865.6 million to $854.1 million month-over month. Acquisition expenses and deferred financing costs decreased from $7.2 million in May to $6.8 million in June. Cash, marketable securities and other assets increased from $24.6 million in May to $29.1 million in June.
Outstanding debt decreased from ($455.7 million) to ($441.3 million) month-over-month, and subscriptions received in advance decreased from ($3.8 million) to nearly ($1.9 million). Accrued liabilities decreased from ($6.9 million) to ($5.7 million) month-over-month. The REIT had 29.54 million shares outstanding as of June 2021, compared to nearly 29.56 million as of May 2021.
Under the share redemption plan for June, the REIT received redemption requests totaling approximately $26.6 million, which was in excess of the temporarily reduced redemption limit of $1.9 million. The company said that the remaining redemption requests received went unfulfilled.
As of June 30, 2021, CIM Income NAV owned a portfolio of 121 properties in 33 states purchased for $853.9 million. The portfolio is comprised of three anchored shopping centers, 96 retail, 11 industrial and distribution, and 11 office properties, totaling approximately 5.2 million gross rentable square feet. The REIT launched in December 2011 and has raised approximately $887.2 million in investor equity as of July 22, 2021.