CMFT to sell 185 net lease properties to Realty Income for $894M cash

CIM REAL ESTATE FINANCE TRUST, INC.

Total consideration $894M cash; expected closing Q1 2023 subject to due diligence and conditions.
Buyer is Realty Income Corporation (NYSE: O); $20M non-refundable deposit after Feb 17, 2023.
Net proceeds to be redeployed into senior secured loans and credit investments.
After sale, remaining net lease portfolio: 199 properties, 6.4M sq ft, 99.7% leased, 11.5 yr WALT.
CEO states transaction advances program to generate sustainable and increasing dividends.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CIM REAL ESTATE FINANCE TRUST, INC. entered into Agreement of Purchase and Sale with certain subsidiaries of Realty Income Corporation (NYSE: O) valued at approximately $894 million in total consideration (effective 2022-12-29).

Action: entry
Agreement: asset purchase
Counterparty: certain subsidiaries of Realty Income Corporation (NYSE: O)
Value: approximately $894 million in total consideration
Effective: 2022-12-29

Exact text from the filing

On December 29, 2022 (the “Effective Date”), certain subsidiaries (collectively, the “Seller”) of CIM Real Estate Finance Trust, Inc. (the “Company”) entered into an Agreement of Purchase and Sale (the “Purchase and Sale Agreement”) with certain subsidiaries of Realty Income Corporation (NYSE: O) (the “Purchaser”), to sell to the Purchaser 185 single-tenant net lease properties, for which the Seller will receive, in the aggregate, approximately $894 million in total consideration at closing.

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Source: SEC EDGAR

accession 0001498547-22-000129

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