CIM Real Estate Finance Trust completes sale of 80 properties for $1.28B to Necessity Retail REIT

CIM REAL ESTATE FINANCE TRUST, INC.

Total consideration of $1.28B: $1.22B cash (incl. $23.5M earnout) and $53.4M in RTL common stock; one property closing expected Q2 2022.
Debt repaid/assumed $843.2M; transaction costs $10.9M; net proceeds of $437.1M to redeploy into senior secured loans and credit leases.
Sale of 79 shopping centers and two single-tenant properties (~9.5M sq ft across 27 states); first 44 properties closed Feb 2022.
Pro forma net income for year ended Dec 2021 adjusted from $86.5M to $57.9M reflecting disposition.

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