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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission file number 000-54939
CIM REAL ESTATE FINANCE TRUST, INC.
(Exact name of registrant as specified in its charter)
Maryland27-3148022
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
2398 East Camelback Road, 4th Floor
Phoenix,Arizona85016
(Address of principal executive offices)(Zip code)
(602)778-8700
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report) 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
NoneNoneNone
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  
As of November 8, 2022, there were approximately 436.9 million shares of common stock, par value $0.01 per share, of CIM Real Estate Finance Trust, Inc. outstanding.


CIM REAL ESTATE FINANCE TRUST, INC.
INDEX
 
2

PART I — FINANCIAL INFORMATION
Item 1.    Financial Statements
CIM REAL ESTATE FINANCE TRUST, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 (in thousands, except share and per share amounts) (Unaudited)
September 30, 2022December 31, 2021
ASSETS
Real estate assets:
Land$585,100 $655,273 
Buildings, fixtures and improvements1,479,525 1,706,902 
Intangible lease assets279,806 314,832 
Condominium developments153,569 171,080 
Total real estate assets, at cost2,498,000 2,848,087 
Less: accumulated depreciation and amortization(258,216)(235,481)
Total real estate assets, net2,239,784 2,612,606 
Investment in unconsolidated entities132,375 109,547 
Real estate-related securities ($470,121 and $41,981 held at fair value as of September 30, 2022 and December 31, 2021, respectively)
470,121 105,471 
Loans held-for-investment and related receivables, net4,022,726 2,624,101 
Less: Current expected credit losses(29,584)(15,201)
Total loans held-for-investment and related receivables, net3,993,142 2,608,900 
Cash and cash equivalents124,836 107,381 
Restricted cash62,941 36,792 
Rents and tenant receivables, net32,957 58,948 
Prepaid expenses, derivative assets and other assets52,410 16,279 
Deferred costs, net16,212 7,214 
Assets held for sale 1,299,638 
Total assets$7,124,778 $6,962,776 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Repurchase facilities, notes payable and credit facilities, net$4,358,187 $4,143,205 
Accrued expenses and accounts payable29,390 45,872 
Due to affiliates14,556 14,594 
Intangible lease liabilities, net19,512 24,896 
Distributions payable13,337 13,252 
Deferred rental income, derivative liabilities and other liabilities8,436 21,282 
Total liabilities4,443,418 4,263,101 
Commitments and contingencies (Note 11)
Redeemable common stock169,748 170,714 
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized, none issued and outstanding
  
Common stock, $0.01 par value per share; 490,000,000 shares authorized, 437,262,738 and 437,373,981 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
4,373 4,374 
Capital in excess of par value3,529,404 3,529,126 
Accumulated distributions in excess of earnings(1,000,420)(1,008,561)
Accumulated other comprehensive (loss) income(21,737)2,949 
Total stockholders’ equity2,511,620 2,527,888 
Non-controlling interests(8)1,073 
Total equity2,511,612 2,528,961 
Total liabilities, redeemable common stock, non-controlling interests and stockholders’ equity$7,124,778 $6,962,776 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

CIM REAL ESTATE FINANCE TRUST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (in thousands, except share and per share amounts) (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Revenues:
Rental and other property income$43,559 $70,794 $170,803 $223,026 
Interest income66,222 19,755 142,669 48,168 
Total revenues109,781 90,549 313,472 271,194 
Operating expenses:
General and administrative3,435 3,076 10,590 11,109 
Property operating4,432 11,157 17,408 32,632 
Real estate tax1,793 7,591 10,530 27,516 
Expense reimbursements to related parties3,428 2,516 10,899 8,387 
Management fees12,915 11,703 39,613 35,035 
Transaction-related9 6 462 37 
Depreciation and amortization16,948 22,801 54,104 73,186 
Real estate impairment527 891 19,814 5,268 
Increase (decrease) in provision for credit losses 5,664 (1,792)15,315 (1,101)
Total operating expenses49,151 57,949 178,735 192,069 
Gain on disposition of real estate and condominium developments, net4,454 34,033 118,135 80,502 
Merger-related expenses, net (398) (398)
Operating income65,084 66,235 252,872 159,229 
Other expense:
Gain on investment in unconsolidated entities2,195  8,858  
Unrealized loss on equity security(9,030) (15,440) 
Interest expense and other, net(39,366)(20,381)(98,453)(56,863)
Loss on extinguishment of debt(3,344)(3,251)(19,584)(4,729)
Total other expense(49,545)(23,632)(124,619)(61,592)
Net income$15,539 $42,603 $128,253 $97,637 
Net income allocated to noncontrolling interest129  66  
Net income attributable to the Company$15,410 $42,603 $128,187 $97,637 
Weighted average number of common shares outstanding:
Basic and diluted437,298,345 362,705,253 437,339,348 362,387,909 
Net income per common share:
Basic and diluted$0.04 $0.12 $0.29 $0.27 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

CIM REAL ESTATE FINANCE TRUST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 (in thousands) (Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net income$15,539 $42,603 $128,253 $97,637 
Other comprehensive (loss) income
Unrealized (loss) gain on real estate-related securities(8,709)(813)(24,496)1,239 
Reclassification adjustment for realized gain included in income as other income   (648)
Unrealized gain (loss) on interest rate swaps78 (84)2,361 (13)
Amount of (gain) loss reclassified from other comprehensive (loss) income into income as interest expense and other, net(2,613)(170)(2,551)3,033 
Total other comprehensive (loss) income(11,244)(1,067)(24,686)3,611 
Comprehensive income4,295 41,536 103,567 101,248 
Comprehensive income attributable to noncontrolling interest129  66  
Comprehensive income attributable to the Company$4,166 $41,536 $103,501 $101,248 
The accompanying notes are an integral part of these condensed consolidated financial statements.

5

CIM REAL ESTATE FINANCE TRUST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
 (in thousands, except share amounts) (Unaudited)
 Common StockCapital in  Excess
of Par Value
Accumulated
Distributions in Excess of Earnings
Accumulated Other Comprehensive Income (Loss)Total
Stockholders’
Equity
Non-Controlling InterestsTotal Equity
 Number of
Shares
Par Value
Balance as of January 1, 2022437,373,981 $4,374 $3,529,126 $(1,008,561)$2,949 $2,527,888 $1,073 $2,528,961 
Issuance of common stock1,329,825 13 9,561 — — 9,574 — 9,574 
Equity-based compensation— — 37 — — 37 — 37 
Distributions declared on common stock — $0.09 per common share
— — — (40,018)— (40,018)— (40,018)
Redemptions of common stock(1,345,814)(13)(9,676)— — (9,689)— (9,689)
Changes in redeemable common stock— — 115 — — 115 — 115 
Distributions to non-controlling interests— — — — — — (14)(14)
Comprehensive income (loss)— — — 39,092 (3,397)35,695 9 35,704 
Balance as of March 31, 2022437,357,992 $4,374 $3,529,163 $(1,009,487)$(448)$2,523,602 $1,068 $2,524,670 
Issuance of common stock1,325,282 13 9,529 — — 9,542 — 9,542 
Equity-based compensation22,892 — 120 — — 120 — 120 
Distributions declared on common stock — $0.09 per common share
— — — (40,018)— (40,018)— (40,018)
Redemptions of common stock(1,395,095)(14)(10,030)— — (10,044)— (10,044)
Changes in redeemable common stock— — 503 — — 503 — 503 
Distributions to non-controlling interests— — — — — — (16)(16)
Comprehensive income (loss)— — — 73,685 (10,045)63,640 (72)63,568 
Balance as of June 30, 2022437,311,071 $4,373 $3,529,285 $(975,820)$(10,493)$2,547,345 $980 $2,548,325 
Issuance of common stock1,326,177 13 9,535 — — 9,548 — 9,548 
Equity-based compensation — 120 — — 120 — 120 
Distributions declared on common stock — $0.09 per common share
— — — (40,010)— (40,010)— (40,010)
Redemptions of common stock(1,374,510)(13)(9,884)— — (9,897)— (9,897)
Changes in redeemable common stock— — 348 — — 348 — 348 
Distributions to non-controlling interests— — — — — — (1,117)(1,117)
Comprehensive income (loss)— — — 15,410 (11,244)4,166 129 4,295 
Balance as of September 30, 2022437,262,738 $4,373 $3,529,404 $(1,000,420)$(21,737)$2,511,620 $(8)$2,511,612 












6

CIM REAL ESTATE FINANCE TRUST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
 (in thousands, except share amounts) (Unaudited) — Continued
 Common StockCapital in  Excess
of Par Value
Accumulated
Distributions in Excess of Earnings
Accumulated
Other Comprehensive (Loss) Income
Total
Stockholders’
Equity
Non-Controlling InterestsTotal Equity
 Number of
Shares
Par Value
Balance as of January 1, 2021362,001,968 $3,620 $3,157,859 $(961,006)$(2,047)$2,198,426 $ $2,198,426 
Equity-based compensation— — 40 — — 40 — 40 
Distributions declared on common stock — $0.09 per common share
— — — (32,906)— (32,906)— (32,906)
Comprehensive (loss) income— — — (2,753)3,377 624  624 
Balance as of March 31, 2021362,001,968 $3,620 $3,157,899 $(996,665)$1,330 $2,166,184 $ $2,166,184 
Issuance of common stock917,769 9 6,651 — — 6,660 — 6,660 
Equity-based compensation4,104 — 49 — — 49 — 49 
Distributions declared on common stock — $0.09 per common share
— — — (32,948)— (32,948)— (32,948)
Changes in redeemable common stock— — (173,628)— — (173,628)— (173,628)
Comprehensive income— — — 57,787 1,301 59,088  59,088 
Balance as of June 30, 2021362,923,841 $3,629 $2,990,971 $(971,826)$2,631 $2,025,405 $ $2,025,405 
Issuance of common stock1,334,145 13 9,591 — — 9,604 — 9,604 
Equity-based compensation — 62 — — 62 — 62 
Distributions declared on common stock — $0.09 per common share
— — — (32,967)— (32,967)— (32,967)
Redemptions of common stock(1,712,796)(17)(12,315)— — (12,332)— (12,332)
Changes in redeemable common stock— — 2,999 — — 2,999 — 2,999 
Comprehensive income (loss)— — — 42,603 (1,067)41,536  41,536 
Balance as of September 30, 2021362,545,190 $3,625 $2,991,308 $(962,190)$1,564 $2,034,307 $ $2,034,307 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

CIM REAL ESTATE FINANCE TRUST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands) (Unaudited)
Nine Months Ended September 30,
20222021
Cash flows from operating activities:
Net income$128,253 $97,637 
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization, net54,155 71,535 
Amortization of deferred financing costs9,130 6,616 
Amortization of fair value adjustment of mortgage notes payable assumed (149)
Amortization and accretion on deferred loan fees(7,337)(1,945)
Amortization of premiums and discounts on credit investments(2,762)(6,368)
Capitalized interest income on real estate-related securities and loans held-for-investment(888)(703)
Equity-based compensation277 151 
Straight-line rental income(4,855)(4,398)
Write-offs for uncollectible lease-related receivables(1,088)109 
Gain on disposition of real estate assets and condominium developments, net(118,135)(80,502)
Loss (gain) on sale of credit investments, net464 (902)
Gain on investment in unconsolidated entities(8,858) 
Gain on sale of marketable security(22) 
Unrealized loss on equity security15,462  
Amortization of fair value adjustment and gain on interest rate swaps(2,417)(2,887)
(Gain) loss on interest rate caps(4,252)171 
Impairment of real estate assets19,814 5,268 
Increase (decrease) in provision for credit losses15,315 (1,101)
Write-off of deferred financing costs8,092 2,951 
Return on investment in unconsolidated entities4,217  
Changes in assets and liabilities:
Rents and tenant receivables, net66,914 18,228 
Prepaid expenses and other assets(32,224)(10,247)
Accrued expenses and accounts payable(3,466)7,040 
Deferred rental income and other liabilities(10,380)(3,387)
Due to affiliates(38)401 
Net cash provided by operating activities125,371 97,518 
Cash flows from investing activities:
Investment in unconsolidated entities(79,475) 
Return of investment in unconsolidated entities625  
Investment in real estate-related securities(433,219)(171,880)
Investment in liquid senior loans(160,928)(266,978)
Investment in real estate assets and capital expenditures(16,524)(23,391)
Investment in corporate senior loans(74,801) 
Origination and acquisition of loans held-for-investment(1,310,406)(720,134)
Origination and exit fees received on loans held-for-investment13,977 7,320 
Principal payments received on loans held-for-investment156,920 285,104 
Principal payments received on real estate-related securities16,157 31 
Net proceeds from sale of real estate-related securities132 27,625 
Net proceeds from disposition of real estate assets and condominium developments1,278,609 459,705 
Net proceeds from sale of liquid senior loans52,868 55,224 
Redemption of investment in unconsolidated entities60,663  
Proceeds from the settlement of insurance claims619 58 
Net cash used in investing activities$(494,783)$(347,316)

8

CIM REAL ESTATE FINANCE TRUST, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands) (Unaudited) — Continued

Nine Months Ended September 30,
20222021
Cash flows from financing activities:
Redemptions of common stock</