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 April 30, 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 April 30, 2021. Shares were originally priced at $15.00 each.
As of April 30, 2021, Class D shares had a net asset value per share of $16.35. The previous month, Class D shares were valued at approximately $16.35.
Class T shares had an NAV per share of approximately $15.90, and the previous month, the shares were valued at $15.91 each.
Class S shares had an NAV per share of approximately $15.89. The previous month, Class S shares were valued at $15.89 each.
Class I shares had an NAV per share of approximately $16.66, and the previous month, were valued at $16.65 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 declined slightly from approximately $865 million to $864.8 million month-over month. Acquisition expenses and deferred financing costs decreased from $7.8 million in March to $7.4 million in April.
Cash, marketable securities and other assets totaled nearly $27 million in March, compared to $26.5 million in April. Outstanding debt totaled ($455.8 million) in March compared to ($455.7 million) in April.
Subscriptions received in advance totaled nearly ($3.8 million) in April, compared to ($1.9 million) in March. Accrued liabilities decreased from ($7.4 million) to ($6.6 million) month-over-month. The REIT had 29.7 million shares outstanding as of April 2021 and 29.8 million as of March 2021.
Under the share redemption plan for April, the REIT received redemption requests totaling approximately $26.3 million, which was in excess of the temporarily reduced redemption limit of $3.9 million. The company said that the remaining redemption requests received went unfulfilled.
As of April 30, 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 $884.8 million in investor equity.