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CIM Real Estate Finance Trust Raises Quarterly Net Asset Value Per Share

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 net asset value per share for the company’s common stock as of June 30, 2020.

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 $7.31 net asset value per share for the company’s common stock as of June 30, 2020.

The REIT’s previous NAV per share was $7.26 as of March 31, 2020, and shares originally sold for $10.00 each.

The company said that it plans to publish an updated valuation on a quarterly, rather than an annual basis going forward, until it has “greater visibility into the impact of the COVID-19 pandemic on [its] property valuations.”

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 June 30, 2020. Duff & Phelps LLC, a third-party valuation firm, assisted with the process and estimated a $7.05 to $7.61 per share per share valuation range with a midpoint of $7.31 per share.

As of June 30, 2020, the company had total assets of approximately $4 billion, total liabilities of nearly $1.8 billion, and 310 million shares outstanding.

For comparison, as of March 31, 2020, the company had total assets of approximately $3.9 billion, total liabilities of nearly $1.7 billion, and 311.2 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 June 30, 2020, the company’s loan portfolio consisted of 143 loans with a net book value of $598.4 million, and investments in real estate-related securities of $16.1 million. The company’s $3.1 billion property portfolio consisted of 381 properties.

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