News: CIM Real Estate Finance Trust, Inc. to sell 185 Properties for $894 Million
Net proceeds from the transaction, will be deployed into senior secured loans and other similar credit investments.
"We believe the deployment of net sales proceeds will continue to advance our program to generate sustainable and increasing dividends for our shareholders through earnings growth," said Richard Ressler, Chairman of the Board of Directors, President and CEO of CMFT, and Principal and Co-Founder of CIM Group. "Additionally, this transaction increases our flexibility as we seek to capitalize on investment opportunities resulting from the current market environment."
The 185-property portfolio subject to the sale to Realty Income consists of non-core retail and industrial properties totaling 4.6 million square feet with a 9.3 year weighted average remaining lease term (WALT). Following the final close of the transaction, CMFT's net lease portfolio is expected to consist of 199 retail, office and industrial properties totaling 6.4 million square feet with 99.7% occupancy and a WALT of 11.5 years2. The remaining net lease portfolio is primarily financed with a long-term, fixed rate asset-backed securitization. CMFT's senior loan portfolio totals $4.6 billion.
Source: BusinessWire