Comrit Launches Another Tender Offer for Shares of CIM Real Estate Finance Trust

Comrit Investments 1 LP, a Tel Aviv-based investment fund, has made a filing with the U.S. Securities and Exchange Commission to launch an unsolicited tender offer to purchase shares of CIM Real Estate Finance Trust Inc., a publicly registered non-traded real estate investment trust.

As The DI Wire previously reported, Comrit made a filing with the SEC in September 2023 to launch a similar unsolicited tender offer for shares of the REIT. The previous offer included the purchase of up to 22 million shares of CIM REIT for $4.21 per share.

Comrit’s current offer is to purchase up to 15.3 million shares of common stock at a purchase price equal to $2.43 per share. In its letter to shareholders, Comrit noted that while the REIT has an active share redemption program, redemptions under the SRP generally are limited each quarter to approximately 1.25% of the weighted average number of shares outstanding during the trailing 12-month period ending on the last day of the fiscal quarter for which the redemptions are being paid.

Stockholders interested in tendering their stock with Comrit must do so by Sept. 11, 2024.

Comrit and its affiliates currently own approximately 7 million shares of the CIM REIT’s common stock, or 1.6% of the common stock as of May 6, 2024.

CIM REIT estimated its per share NAV at $6.09, effective March 1, 2024, and recently sold on LODAS Markets for $3.85 per share.

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.

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