CIM Income NAV Declares NAV Per Share for November

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 November 30, 2020.

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 November 30, 2020.

The REIT offers four share classes: Class D, Class T, Class S and Class I shares. 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.

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 November 30, 2020. Shares were originally priced at $15.00 each.

As of November 30, 2020, Class D shares had a net asset value per share of approximately $16.84 each. The previous month, Class D shares were valued at approximately $16.83.

Class T shares had an NAV per share of approximately $16.41, and last month, the shares were valued at $16.40 each.

Class S shares had an NAV per share of approximately $16.39. The previous month, Class S shares were valued at $16.38 each.

Class I shares had an NAV per share of approximately $17.13, and the previous month, were valued at $17.11 each.

CIM Income NAV had $885.2 million in real estate investments as of November 30, 2020, a decrease from last month’s total of $887.3 million. Acquisition expenses and deferred financing costs decreased from $1.4 million to $931,800 month-over-month.

Cash, marketable securities and other assets increased from $34.6 million in October to $35 million in November. Outstanding debt remained flat at ($455.2 million) month-over-month.

As of December 11, 2020, the REIT collected approximately 100 percent of rental payments billed to tenants during the month of November 2020. Additionally, the REIT collected 94 percent of rental payments billed to tenants during the month of December 2020.

During the month of November, the REIT issued 95,000 shares of common stock in the offering, resulting in gross proceeds of approximately $1.6 million.

Under the share redemption plan for November, the REIT received redemption requests representing approximately $25.7 million, which was in excess of the temporarily reduced quarterly redemption limit of $4 million. The company said that the remaining redemption requests received went unfulfilled.

As of October 31, 2020, CIM Income NAV owned a portfolio of 123 properties in 34 states purchased for $880.4 million. The portfolio is comprised of four anchored shopping centers, 97 retail, 11 industrial and distribution, and 11 office properties, totaling approximately 5.3 million gross rentable square feet. The REIT launched in December 2011 and raised approximately $876.8 million in investor equity as of mid-December 2020.

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