CIM Real Estate Finance Trust, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>CIM Real Estate Finance Trust, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

CIM REAL ESTATE FINANCE TRUST, INC. (CMRF) filed a Annual Report (10-K) with the SEC on March 28, 2024. CIM Real Estate Finance Trust, Inc. filed its 2023 Form 10-K on March 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is in Phoenix, Arizona. CIM Real Estate Finance Trust, Inc. was formerly known as Cole Credit Property Trust IV, Inc. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking CIM REAL ESTATE FINANCE TRUST, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of CIM Real Estate Finance Trust's financial performance and operational status for the fiscal year 2023, crucial for investors assessing the REIT's health and future prospects. The detailed financial statements and risk factors within the 10-K offer insights into the company's asset management, debt levels, and potential challenges in the real estate market.

Risk Assessment

Risk Level: — CIM REAL ESTATE FINANCE TRUST, INC. shows moderate risk based on this filing. The company operates in the real estate sector, which is subject to market fluctuations, interest rate changes, and economic downturns, as detailed in the risk factors section of the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand CIM Real Estate Finance Trust's performance and potential risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Fiscal year end date)
• 2024-03-28 — Filing Date (Date the 10-K was filed)
• 2023 — Reporting Period (Fiscal year covered by the report)

Key Players & Entities

• CIM REAL ESTATE FINANCE TRUST, INC. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240328 (date) — Filed as of date
• Phoenix, AZ (location) — Business address city and state
• COLE CREDIT PROPERTY TRUST IV, INC. (company) — Former company name

FAQ

Industry Context

CIM Real Estate Finance Trust, Inc. operates as a real estate investment trust (REIT). REITs are companies that own, operate, or finance income-generating real estate.

Regulatory Implications

As a publicly traded company, CIM Real Estate Finance Trust, Inc. is subject to the regulations of the U.S. Securities and Exchange Commission (SEC), including the requirement to file annual reports on Form 10-K.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers.
3. Examine the Risk Factors section for potential challenges and uncertainties affecting the company.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — Section 12(g) of the Act: Common Stock, $0.01 par value per share Indicate by check
• $6.57 — uming a market value as of that date of $6.57 per share, the most recent estimated pe
• $0 — of common stock, par value per share of $0.01, of CIM Real Estate Finance Trust, I
• $4.3 b — d of 291 loans with a net book value of $4.3 billion, and investments in real estate-r
• $519.7 million — ts in real estate-related securities of $519.7 million as of December 31, 2023. The Company ex
• $1.6 billion — diversified portfolio of approximately $1.6 billion of the Company's senior secured mortgag
• $200 m — in excess of 78%, and (ii) in excess of $200 million, without the approval of a majori

Filing Documents

• cmft-20231231.htm (10-K) — 4716KB
• ex1022-citixcimsequoiafina.htm (EX-10.22) — 636KB
• ex1023-barclays_cimxsequoi.htm (EX-10.23) — 712KB
• ex10252-dbxcimxfirstamendm.htm (EX-10.25 2) — 31KB
• ex10281-loanandsecurityagr.htm (EX-10.28 1) — 1441KB
• cmft1231202310kex211.htm (EX-21.1) — 281KB
• cmft1231202310kex231.htm (EX-23.1) — 2KB
• cmft1231202310kex311.htm (EX-31.1) — 10KB
• cmft1231202310kex312.htm (EX-31.2) — 11KB
• cmft1231202310kex321.htm (EX-32.1) — 8KB
• 0001498547-24-000027.txt (&nbsp;) — 26772KB
• cmft-20231231.xsd (EX-101.SCH) — 186KB
• cmft-20231231_cal.xml (EX-101.CAL) — 136KB
• cmft-20231231_def.xml (EX-101.DEF) — 919KB
• cmft-20231231_lab.xml (EX-101.LAB) — 1552KB
• cmft-20231231_pre.xml (EX-101.PRE) — 1225KB
• cmft-20231231_htm.xml (XML) — 4235KB

RISK FACTORS

ITEM 1A. RISK FACTORS 13

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 51 ITEM 1C. C YBERSE CURITY 51

PROPERTIES

ITEM 2. PROPERTIES 53

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 53

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 53 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 54

RESERVED

ITEM 6. RESERVED 57

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 57

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 74

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 75

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 75

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 75

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 76

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 76 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 77

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 77

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 77

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 77

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 77 PART IV

EXHIBIT AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 78

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 78

SIGNATURES

SIGNATURES 79 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F- 1 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Annual Report on Form 10-K of CIM Real Estate Finance Trust, Inc., other than historical facts, may be considered forward-looking statements within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable by law. Such statements include, in particular, statements about our plans, strategies, and prospects and are subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "would," "could," "should," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. These forward-looking statements are based on information currently available to us and are subject to a number of known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, among other things, those discussed below. In addition, these risks and uncertainties include those associated with ge

BUSINESS

ITEM 1. BUSINESS Our Company CIM Real Estate Finance Trust, Inc. (together with our subsidiaries unless the context requires otherwise, the "Company," "we," "our" or "us") is a non-exchange traded REIT formed as a Maryland corporation on July 27, 2010. We are primarily focused on originating, acquiring, financing and managing shorter duration senior secured loans, other related credit investments and core commercial real estate. We have two reportable business segments as of December 31, 2023 and we refer to the investments within these segments as our target assets: Credit — engages primarily in acquiring and originating primarily floating rate first and second lien mortgage loans, either directly or through co-investments in joint ventures, related to real estate assets. This segment also includes investments in real estate-related securities, liquid corporate senior loans and corporate senior loans. Real estate — engages primarily in acquiring and managing geographically diversified income-producing retail, industrial and office properties that are primarily single-tenant properties, which are leased to creditworthy tenants under long-term net leases. As of December 31, 2023, our credit portfolio consisted of 291 loans with a net book value of $4.3 billion, and investments in real estate-related securities of $519.7 million as of December 31, 2023. The Company expects to conduct its commercial real estate lending business through CIM Commercial Lending REIT ("CLR"), a Maryland statutory trust and currently wholly owned subsidiary of the Company which we expect to be taxed as a REIT for U.S. federal income tax purposes. As of February 29, 2024, CLR holds a diversified portfolio of approximately $1.6 billion of the Company's senior secured mortgage loans and commercial mortgage-backed securities. In addition, we owned 192 properties, comprising approximately 6.2 million rentable square feet of commercial space located in 37 states. As of December 31, 2023, th

View Full Filing

View this 10-K filing on SEC EDGAR