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 July 31, 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 July 31, 2020. Shares were originally priced at $15.00 each.
As of July 31, 2020, Class D shares had a net asset value per share of approximately $16.90 each. The previous month, Class D shares were valued at approximately $16.97.
Class T shares had an NAV per share of approximately $16.49, and last month, the shares were valued at $16.56 each.
Class S shares had an NAV per share of approximately $16.47. The previous month, Class S shares were valued at $16.54 each.
Class I shares had an NAV per share of approximately $17.17, and the previous month, were valued at $17.23 each.
During the three and six months ended June 30, 2020, the REIT provided lease concessions to certain tenants in response to the impact of the COVID-19 pandemic. As of June 30, 2020, the company granted rent deferrals with a total deferral amount of $32,000.
As of August 10, 2020, the company has collected approximately 90 percent of rental payments billed to tenants during the three months ended June 30, 2020. Additionally, as of August 10, 2020, the REIT has collected 94 percent of July rental payments billed to tenants.
Last month, the REIT limited the number of shares that can be redeemed through its share redemption plan. The company indicated that the change is temporary and was made in order to maintain a reasonable level of liquidity and plans to return to its previous limits in the fourth quarter of 2020.
For the July 2020 redemption period, requests representing approximately $27.9 million were received in good order, which far exceeded the company’s temporary limit on redemptions of 0.8 percent of aggregate NAV (or $4.1 million in this instance). The company noted that the remaining redemption requests went unfulfilled.
Monthly redemptions are now limited to shares whose total value is no more than 0.8 percent of the total net asset value as of the last calendar day of the previous calendar month. In any calendar quarter, redemptions will be limited to shares whose total value is no more than 2 percent of the aggregate NAV as of the last calendar day of the previous calendar quarter.
As of July 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 $868 million in investor equity as of July 29, 2020. In early April 2020, the company announced plans to modify its public offering from a daily to a monthly net asset value REIT.