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 September 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 September 30, 2020. Shares were originally priced at $15.00 each.
As of September 30, 2020, Class D shares had a net asset value per share of approximately $16.86 each. The previous month, Class D shares were valued at approximately $16.88.
Class T shares had an NAV per share of approximately $16.44, and last month, the shares were valued at $16.47 each.
Class S shares had an NAV per share of approximately $16.42. The previous month, Class S shares were valued at $16.45 each.
Class I shares had an NAV per share of approximately $17.13, and the previous month, were valued at $17.16 each.
CIM Income NAV had $887.3 million in real estate investments as of September 30, 2020, compared to $896 million last month. Outstanding debt remained flat at approximately ($473.3 million) month-over-month.
The REIT sold one grocery-anchored shopping center in September for $8.1 million, resulting in net proceeds of $7.7 million after closing costs and a net gain of nearly $400,000.
As of October 14, 2020, the REIT collected approximately 97 percent of rental payments billed to tenants in September and 93 percent of rental payments in October.
As of September 30, 2020, CIM Income NAV owned a portfolio of 125 properties in 34 states purchased for $884.6 million. The portfolio is comprised of four anchored shopping centers, 99 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 $873.3 million in investor equity as of October 2020.