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 December 31, 2020.
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 December 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 December 31, 2020. Shares were originally priced at $15.00 each.
As of December 31, 2020, Class D shares had a net asset value per share of approximately $16.75 each. The previous month, Class D shares were valued at approximately $16.84.
Class T shares had an NAV per share of approximately $16.32, and last month, the shares were valued at $16.41 each.
Class S shares had an NAV per share of approximately $16.30. The previous month, Class S shares were valued at $16.39 each.
Class I shares had an NAV per share of approximately $17.04, and the previous month, were valued at $17.13 each.
Real estate investments remained flat at $885.2 million month-over month. Acquisition expenses and deferred financing costs decreased from $931,800 in November to $731,800 in December.
Cash, marketable securities and other assets decreased from $35 million in November to $27.8 million in December. Outstanding debt decreased from ($455.2 million) to nearly ($451 million) month-over-month.
Subscriptions received in advance decreased from $3.8 million in November to nearly $2 million in December. Accrued liabilities increased from ($6.3 million) to ($8.5 million).
As of January 8, 2021, the REIT collected approximately 98 percent of rental payments billed to tenants during the month of December 2020. Additionally, it collected 92 percent of rental payments billed to tenants during the month of January 2021.
Under the share redemption plan for December, the REIT received redemption requests representing approximately $23.4 million, which was in excess of the temporarily reduced quarterly redemption limit of $2.1 million. The company said that the remaining redemption requests received went unfulfilled.
As of December 31, 2020, CIM Income NAV owned a portfolio of 123 properties in 34 states purchased for $880.4 million. The portfolio is comprised of four anchored shopping centers, 97 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 $878.2 million in investor equity as of mid-January 2020.
