James Sprow | Blue Vault |
As previously reported, on December 29, 2022, certain subsidiaries of CIM Real Estate Finance Trust, Inc. entered into an Agreement of Purchase and Sale, as amended, with certain subsidiaries of Realty Income Corporation (NYSE: O). Under the terms of the Purchase and Sale Agreement, the Seller agreed to sell to the Purchaser 185 single-tenant net lease properties encompassing approximately 4.6 million gross rentable square feet of commercial space across 34 states for total consideration of $894.0 million, to be paid in cash.
The sale of 151 properties under contract for sale pursuant to the Purchase and Sale Agreement closed on March 22, 2023 for total consideration of $779.0 million. The sale of the remaining properties pursuant to the Purchase and Sale Agreement is expected to close during the second quarter of 2023, although no assurance can be made that the Company will complete the sale of the remaining properties within that timeframe, or at all.
After the total repayment and defeasance of approximately $369.4 million of debt and $4.2 million of transaction costs, the Company will redeploy the net sale proceeds into investments in senior secured loans and credit leases, consistent with its core business strategy as a credit-focused real estate investment trust.
Source: SEC
