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CIM Income NAV Updates Monthly NAV Per Share

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 February 28, 2021.

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 February 28, 2021.

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 February 28, 2021. Shares were originally priced at $15.00 each.

As of February 28, 2021, Class D shares had a net asset value per share of $16.31. The previous month, Class D shares were valued at approximately $16.91.

Class T shares had an NAV per share of approximately $15.87, and the previous month, the shares were valued at $16.46 each.

Class S shares had an NAV per share of approximately $15.86. The previous month, Class S shares were valued at $16.44 each.

Class I shares had an NAV per share of approximately $16.60, and the previous month, were valued at $17.20 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.

Real estate investments decline from approximately $882.2 million to $865.1 million month-over month. Acquisition expenses and deferred financing costs decreased from $8.4 million in January to $8.2 million in December.

Cash, marketable securities and other assets increased from nearly $27.3 million in January to $28.9 million in February. Outstanding debt increased from ($450.9 million) to nearly ($455.9 million) month-over-month.

Subscriptions received in advance remained relatively flat at ($3.86 million) in January to nearly ($3.91 million) in February. Accrued liabilities decreased from ($7.8 million) to ($7.3 million) month-over-month. The REIT had 30 million shares outstanding as of January 2021 and 29.9 million as of February 2021.

Under the share redemption plan for February, the REIT received redemption requests representing approximately $24.9 million, which was in excess of the temporarily reduced redemption limit of $4 million. The company said that the remaining redemption requests received went unfulfilled.

As of February 28, 2021, CIM Income NAV owned a portfolio of 122 properties in 33 states purchased for $876.9 million. The portfolio is comprised of four anchored shopping centers, 96 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 has raised approximately $881.8 million in investor equity as of mid-March 2020.

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