The board of CIM Real Estate Finance Trust, a publicly registered non-traded real estate investment trust formerly known as Cole Credit Property Trust IV, has declared a $7.20 net asset value per share for the company’s common stock as of March 31, 2021.
In December 2020, CIM Real Estate Finance Trust completed stock-for-stock merger transactions with two affiliated non-traded REITs, Cole Office & Industrial REIT and Cole Credit Property Trust V.
CIM Real Estate Finance Trust’s previous NAV per share was $7.31 as of June 30, 2020, and shares were originally priced at $10.00.
The valuation is based on the estimated market value of the REIT’s assets less the estimated market value of its liabilities, divided by the total number of shares outstanding, all as of as of March 31, 2021. Duff & Phelps LLC, a third-party valuation firm, assisted with the process and estimated a $6.88 to $7.55 per share valuation range with a midpoint of $7.20 per share.
As of March 31, 2021, the REIT had total assets of more than $5.1 billion, total liabilities of nearly $2.5 billion, and 362 million shares outstanding.
For comparison, as of June 30, 2020, the REIT had total assets of approximately $4 billion, total liabilities of nearly $1.8 billion, and 310 million shares outstanding.
CIM Real Estate Finance Trust primarily owns and operates a portfolio of core commercial real estate assets consisting of net leased properties and a portfolio of commercial mortgage loans. The REIT launched its offering in January 2012 and raised more than $3 billion prior to closing in April 2014.
As of March 31, 2021, the REIT’s investments included a loan portfolio with 227 loans at a net book value of $1 billion, investments in real estate-related securities totaling $67.2 million, and a $3.7 billion property portfolio with 515 properties.