CIM REAL ESTATE FINANCE TRUST, INC. (CMRF): M&A transaction — CMFT sells 151 net-lease properties to Realty Income for $779M; remaining 34 expected Q2 2023

CIM REAL ESTATE FINANCE TRUST, INC.

Closed sale of 151 of 185 single-tenant net-lease properties to Realty Income (NYSE: O) for $779M in cash; total deal consideration $894M.
Repaid approximately $369.4M of debt and incurred $4.2M in transaction costs from proceeds.
Net proceeds will be redeployed into senior secured loans and credit leases, consistent with CMFT's core credit-focused REIT strategy.
Remaining 34 properties are expected to close in Q2 2023, but no assurance is given.
Pro forma financials reflect reduced rental income and interest expense; net income would have been $111M vs $128M for nine months ended Sep 2022.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

CIM REAL ESTATE FINANCE TRUST, INC. completed a disposition involving Realty Income Corporation (subsidiaries) for $779.0 million (closed 2023-03-22).

Action: disposition
Counterparty: Realty Income Corporation (subsidiaries)
Consideration: $779.0 million
Closing: 2023-03-22

Exact text from the filing

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.

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Source: SEC EDGAR

accession 0001498547-23-000012

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