December 23, 2020
CIM Real Estate Finance Trust, Inc. Completes Merger with Two CIM Net Lease REITs
The combined CMFT, CCIT III and CCPT V has approximately $4.8 billion in total asset value and a net asset value of $2.6 billion

CIM Real Estate Finance Trust, Inc. (“CMFT”), Cole Office & Industrial REIT (CCIT III), Inc. (“CCIT III”) and Cole Credit Property Trust V, Inc. (“CCPT V”) today announced that CMFT has acquired each of CCIT III and CCPT V in separate stock-for-stock, tax-free merger transactions pursuant to definitive agreements executed in August 2020 and amended in October and November 2020. CMFT, CCIT III and CCPT V are non-traded REITs managed by affiliates of CIM Group, LLC (“CIM”).

The combined CMFT, CCIT III and CCPT V (“Combined Company”) has approximately $4.8 billion in total asset value and a net asset value (“NAV”) of $2.6 billion, based upon the companies’ respective June 30, 2020 NAVs, creating a leading commercial real estate credit-focused REIT with scale, primarily invested in net lease assets and commercial real estate debt. The immediate benefits of the transaction include increased scale along with asset and tenant diversity, while maintaining a flexible balance sheet. The Combined Company’s greater size and improved portfolio diversification should provide it with greater access to debt and equity capital markets. The merger transactions are anticipated to better position the Combined Company for a potential future liquidity event, including a public market listing.

“The Combined Company will provide several benefits for stockholders and will be well-positioned to navigate the post-COVID economic environment with enhanced financial and operational flexibility and efficiency, making the Combined Company more valuable,” said Richard Ressler, Principal and Co-Founder of CIM Group.

The transactions were subject to the approval of the respective mergers and certain other matters by stockholders of CCIT III and CCPT V. Both CCIT III and CCPT V stockholders voted in favor of the respective mergers during virtual special meetings of stockholders held on December 17, 2020. CCIT III stockholders will receive 1.098 shares of CMFT stock for each CCIT III share and CCPT V stockholders will receive 2.892 shares of CMFT stock for each CCPT V share.

Source:  SEC

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