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 May 31, 2020.
CIM Income NAV 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 May 31, 2020. Shares were originally priced at $15.00 each.
As of May 31, 2020, Class D shares had a net asset value per share of approximately $17.13 each. The previous month, Class D shares were valued at approximately $17.11.
Class T shares had an NAV per share of approximately $16.73, and in April, the shares were valued at $16.71 each.
Class S shares had an NAV per share of approximately $16.71. The previous month, Class S shares were valued at $16.71 each.
Class I shares had an NAV per share of approximately $17.39, and the previous month, were valued at $17.38 each.
“We are continuing to monitor and assess the impacts that the outbreak of COVID-19 may have on our business, tenants and operating partners,” the company said in a filing with the Securities and Exchange Commission. “The impact of the COVID-19 outbreak on the value of our assets may be significant and will largely depend on future developments, which are highly uncertain and cannot be predicted…”
As of June 16, 2020, CIM Income NAV received approximately 81.4 percent of the total base rent due for June 2020. The company collected 84.6 percent and 83.7 percent of base rent due in April and May 2020, respectively. For rent that has not been collected, the company indicated that it is working with tenants on rent deferral arrangements.
During the month of May 2020, the REIT issued approximately 66,000 shares of common stock, resulting in proceeds of approximately $1.2 million.
The registration statement for the REIT’s initial public offering of $4 billion in shares was declared effective by the SEC in December 2011 and was superseded by registration statements declared effective in August 2013 and February 2017. In February 2020, the REIT registered a follow-on offering with the Securities and Exchange Commission.
As of May 31, 2020, CIM Income NAV owned a portfolio of 126 properties in 34 states purchased for $894 million. The portfolio is comprised of five anchored shopping centers, 99 retail, 11 industrial and distribution, and 11 office properties, totaling approximately 5.4 million gross rentable square feet.
The REIT raised approximately $866.9 million in investor equity as of June 2020. In early April 2020, the company announced plans to modify its public offering from a daily to a monthly net asset value REIT.