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CIM Real Estate Finance Trust will sell 185 net-leased properties to Realty Income for $894 million

CIM Credit REIT Selling $900M Net Lease Portfolio to Realty Income 

CIM Real Estate Finance Trust, Inc. (CMFT), a credit-focused REIT managed by affiliates of CIM Group, has agreed to sell 185 non-core, net lease properties to Realty Income Corporation for $894 million in cash. The transaction is expected to close during the first quarter of 2023. 

Net proceeds from the sale will be deployed into senior secured loans and other similar credit investments. It’s the fourth portfolio transaction between CMFT and Realty Income since 2019.

“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, 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 includes retail and industrial properties totaling 4.6 million square feet with a 9.3 year weighted average remaining lease term. 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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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