CIM Real Estate Finance Trust Inc., a publicly registered non-traded real estate investment trust, announced that the company has increased its monthly dividend rate beginning in the first quarter of 2024. during the first quarter of 2024.
The dividend will increase to $0.0375 per share, representing a 2.18% increase from the prior quarter. Inclusive of this increase, CMFT says it has raised its dividend 10.6% since the fourth quarter of 2022. The annualized dividend is equal to approximately 7.1% based on the company’s latest declared net asset value per share.
Effective Nov. 14, 2023, CIM Real Estate Finance Trust updated its net asset value to $6.31 per share as of Sept. 30, 2023, representing a 3.96% decrease from the previous year’s NAV per share as of Sept. 30, 2022.
As of Sept. 30, 2023, the company’s $6.6 billion portfolio consisted of 73.7% credit investments, 18.9% real estate investments and 7.4% cash and other investments.
“We are extremely proud of how our balance sheet has strengthened in a marketplace where many balance sheets have weakened in this challenging environment.” said Richard Ressler, chairman of the board of directors, president and chief executive officer of the REIT, as well as co-founder and principal of CIM Group. “We continue to focus on creating value for shareholders by providing sustainable and increasing dividends as we grow earnings while maintaining financial discipline.”
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.