Cim Group, Inc 10-Q for FY2020 Q3

Cim Group, Inc. (CMRF)

10-Q 2020-11-13 For: 2020-09-30

Added on April 04, 2026

About this 10-Q

Cim Group, Inc filed this 10-Q on November 13, 2020, covering the quarter ended September 30, 2020 (FY2020 Q3).

Headline figures

Quarter ended September 30, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $72.64M; down 31.1% from $105.48M a year earlier
Net income: $4.18M; up 64.5% from net income of $2.54M a year earlier

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PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019			3

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019			4

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2020 and 2019			5

Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended Sept em ber 30, 2020 and 2019			6

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019			8

Notes to Condensed Consolidated Financial Statements			9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			41

Item 3. Quantitative and Qualitative Disclosures About Market Risk			57

Item 4. Controls and Procedures			58

PART II — OTHER INFORMATION

Item 1. Legal Proceedings			59

Item 1A. Risk Factors			59

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			62

Item 3. Defaults Upon Senior Securities			63

Item 4. Mine Safety Disclosures			63

Item 5. Other Information			63

Item 6. Exhibits			64

Signature			66


	September 30, 2020		December 31, 2019
ASSETS
Real estate assets:
Land	$	730,912	$	700,210
Buildings, fixtures and improvements	1,979,787		1,830,101
Intangible lease assets	322,221		313,127
Total real estate assets, at cost	3,032,920		2,843,438
Less: accumulated depreciation and amortization	(446,821)		(374,103)
Total real estate assets, net	2,586,099		2,469,335
Real estate-related securities	75,212		—

Loans held-for-investment and related receivables, net	892,895		301,630
Less: Allowance for credit losses	(35,039)		—
Total loans held-for-investment and related receivables, net	857,856		301,630
Cash and cash equivalents	175,224		466,024
Restricted cash	5,925		7,331
Rents and tenant receivables, net	70,141		58,374


Prepaid expenses and other assets	10,137		11,731
Deferred costs, net	3,374		2,301
Assets held for sale	—		351,897
Total assets	$	3,783,968	$	3,668,623
LIABILITIES AND STOCKHOLDERS’ EQUITY
Credit facilities, notes payable and repurchase facilities, net	$	1,849,099	$	1,604,860
Accrued expenses and accounts payable	26,833		22,038

Due to affiliates	12,718		14,458
Intangible lease liabilities, net	17,257		20,523
Distributions payable	9,375		16,510
Derivative liabilities, deferred rental income and other liabilities	18,268		19,448
Total liabilities	1,933,550		1,697,837
Commitments and contingencies
Redeemable common stock	—		180,838
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, 309,405,505 and 311,207,725 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	3,094		3,112
Capital in excess of par value	2,774,027		2,606,925
Accumulated distributions in excess of earnings	(919,510)		(816,181)
Accumulated other comprehensive loss	(7,193)		(3,908)
Total stockholders’ equity	1,850,418		1,789,948
Total liabilities, redeemable common stock and stockholders’ equity	$	3,783,968	$	3,668,623


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenues:
Rental and other property income	$	66,011	$	99,552	$	194,550	$	304,764
Interest income	6,631		5,927		19,395		15,504
Total revenues	72,642		105,479		213,945		320,268
Operating expenses:
General and administrative	3,762		3,634		11,679		10,374
Property operating	5,214		7,199		16,890		23,383
Real estate tax	6,566		8,933		20,292		27,795
Management and advisory fees and expenses	10,934		10,852		33,422		31,062
Merger-related	1,207		—		1,207		—
Transaction-related	148		383		730		2,091
Depreciation and amortization	19,967		26,766		60,486		88,900
Impairment	476		24,008		15,983		57,163
Provision for credit losses	7,355		—		33,037		—
Total operating expenses	55,629		81,775		193,726		240,768
Gain on disposition of real estate, net	3,219		5,790		20,120		19,190
Operating income	20,232		29,494		40,339		98,690
Other expense:
Interest expense and other, net	(15,964)		(24,619)		(47,240)		(75,958)
Loss on extinguishment of debt	(89)		(2,302)		(4,841)		(2,302)
Total other expense	(16,053)		(26,921)		(52,081)		(78,260)
Net income (loss)	4,179		2,573		(11,742)		20,430
Net income allocated to noncontrolling interest	—		32		—		99
Net income (loss) attributable to the Company	$	4,179	$	2,541	$	(11,742)	$	20,331
Weighted average number of common shares outstanding:
Basic and diluted	309,694,214		311,267,395		310,497,436		311,322,003
Net income (loss) per common share
Basic and diluted	$	0.01	$	0.01	$	(0.04)	$	0.07


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income (loss)	$	4,179	$	2,573	$	(11,742)	$	20,430
Other comprehensive income (loss)
Unrealized gain on real estate-related securities	41		—		61		—
Unrealized loss on interest rate swaps	(35)		(600)		(11,645)		(12,401)
Amount of loss (gain) reclassified from other comprehensive income (loss) into income as interest expense and other, net	3,979		(783)		8,299		(3,534)
Total other comprehensive income (loss)	3,985		(1,383)		(3,285)		(15,935)

Comprehensive income (loss)	8,164		1,190		(15,027)		4,495
Comprehensive income allocated to noncontrolling interest	—		32		—		99
Comprehensive income (loss) attributable to the Company	$	8,164	$	1,158	$	(15,027)	$	4,396


	Common Stock			Capital in Excess of Par Value		Accumulated Distributions in Excess of Earnings		Accumulated Other Comprehensive (Loss) Income		Total Stockholders’ Equity
	Number of Shares	Par Value














Balance as of January 1, 2020	311,207,725	$	3,112	$	2,606,925	$	(816,181)	$	(3,908)	$	1,789,948
Cumulative effect of accounting changes	—	—		—		(2,002)		—		(2,002)
Issuance of common stock	2,223,298	22		19,209		—		—		19,231
Equity-based compensation	—	—		40		—		—		40
Distributions declared on common stock — $0.15 per common share	—	—		—		(48,332)		—		(48,332)
Redemptions of common stock	(2,256,037)	(22)		(19,492)		—		—		(19,514)
Changes in redeemable common stock	—	—		283		—		—		283
Comprehensive loss	—	—		—		(12,175)		(9,828)		(22,003)
Balance as of March 31, 2020	311,174,986	$	3,112	$	2,606,965	$	(878,690)	$	(13,736)	$	1,717,651
Issuance of common stock	1,242,475	12		9,531		—		—		9,543
Equity-based compensation	—	—		40		—		—		40
Distributions declared on common stock — $0.04 per common share	—	—		—		(13,072)		—		(13,072)
Redemptions of common stock	(2,468,754)	(25)		(19,166)		—		—		(19,191)
Changes in redeemable common stock	—	—		9,643		—		—		9,643
Comprehensive (loss) income	—	—		—		(3,746)		2,558		(1,188)
Balance as of June 30, 2020	309,948,707	$	3,099	$	2,607,013	$	(895,508)	$	(11,178)	$	1,703,426

Issuance of common stock	746,001	8		5,409		—		—		5,417
Equity-based compensation	—	—		40		—		—		40
Distributions declared on common stock — $0.09 per common share	—	—		—		(28,181)		—		(28,181)
Redemptions of common stock	(1,289,203)	(13)		(9,347)		—		—		(9,360)
Changes in redeemable common stock	—	—		170,912		—		—		170,912
Comprehensive income	—	—		—		4,179		3,985		8,164
Balance as of September 30, 2020	309,405,505	$	3,094	$	2,774,027	$	(919,510)	$	(7,193)	$	1,850,418


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Buildings			40 years
Site improvements			15 years
Tenant improvements			Lesser of useful life or lease term
Intangible lease assets			Lease term


	Balance as of September 30, 2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
CMBS	$	75,212	$	—	$	65,491	$	9,721
Total financial assets	$	75,212	$	—	$	65,491	$	9,721
Financial liabilities:
Interest rate swaps	$	(7,255)	$	—	$	(7,255)	$	—

Total financial liabilities	$	(7,255)	$	—	$	(7,255)	$	—

	Balance as of December 31, 2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets:
Interest rate swaps	$	261	$	—	$	261	$	—
Total financial assets	$	261	$	—	$	261	$	—
Financial liability:
Interest rate swap	$	(4,181)	$	—	$	(4,181)	$	—

Total financial liability	$	(4,181)	$	—	$	(4,181)	$	—


	CMBS
Beginning Balance, January 1, 2020	$	—
Total gains and losses:
Unrealized gain included in other comprehensive income, net	—
Purchases and payments received:
Purchases	26,883
Premiums (discounts), net	(17,150)
Principal payments received	(12)
Ending Balance, September 30, 2020	$	9,721


	2020 Property Acquisitions
Land	$	4,677
Buildings, fixtures and improvements	8,415
Acquired in-place leases and other intangibles (1)	1,418



Total purchase price	$	14,510


	2019 Property Acquisition
Land	$	1,501
Buildings, fixtures and improvements	3,804
Acquired in-place leases and other intangibles (1)	860



Total purchase price	$	6,165


	September 30, 2020		December 31, 2019
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $131,018 and $111,670, respectively (with a weighted average life remaining of 9.8 years and 10.4 years, respectively)
	$	152,991	$	164,724
Acquired above-market leases, net of accumulated amortization of $22,065 and $19,310, respectively (with a weighted average life remaining of 7.5 years and 7.9 years, respectively)
	16,147		17,423
Total intangible lease assets, net	$	169,138	$	182,147
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $31,445 and $25,800, respectively (with a weighted average life remaining of 6.6 years and 7.3 years, respectively)
	$	17,257	$	20,523


	Amortization
	In-Place Leases and Other Intangibles		Above-Market Leases		Below-Market Leases
Remainder of 2020	$	5,365	$	691	$	1,204
2021	19,287		2,287		3,001
2022	18,014		2,133		2,509
2023	15,981		1,872		2,160
2024	14,174		1,411		1,645
Thereafter	80,170		7,753		6,738
Total	$	152,991	$	16,147	$	17,257


	Real Estate-Related Securities
	Amortized Cost Basis		Unrealized Gain		Fair Value
CMBS	$	75,151	$	61	$	75,212
Total real estate-related securities	$	75,151	$	61	$	75,212


	CRE Loans (1) (2)						Broadly Syndicated Loans
	September 30, 2020			December 31, 2019			September 30, 2020			December 31, 2019
Number of loans	12			11			161			1
Principal balance	$	473,834		$	297,357		$	422,771		$	2,750
Net book value	$	447,008		$	298,880		$	410,848		$	2,750
Weighted-average interest rate	7.6		%	8.9		%	3.8		%	4.5		%

Weighted-average maximum years to maturity	2.5			2.9			4.8			5.2


			During the Nine Months Ended September 30, 2020
	Balance as of December 31, 2019		Debt Issuances & Assumptions (1)		Repayments & Modifications (2)			Accretion and (Amortization)		Balance as of September 30, 2020
Fixed rate debt	$	726,261	$	—	$	(219,143)		$	—	$	507,118

Credit facilities	885,000		286,500		—			—		1,171,500
Repurchase facilities	—		174,694		—			—		174,694
Total debt	1,611,261		461,194		(219,143)			—		1,853,312
Net premiums (3)	241		—		—			(70)		171
Deferred costs – credit facility (4)	(3,933)		—		—			1,336		(2,597)
Deferred costs – fixed rate debt	(2,709)		—		186		(5)	736		(1,787)
Total debt, net	$	1,604,860	$	461,194	$	(218,957)		$	2,002	$	1,849,099


	Nine Months Ended September 30,
	2020		2019
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Distributions declared and unpaid	$	9,375	$	15,979
Accrued capital expenditures	$	365	$	919
Accrued deferred financing costs	$	251	$	—
Interest income capitalized to loans held-for-investment	$	539	$	7,428
Common stock issued through distribution reinvestment plan	$	34,191	$	62,745
Change in fair value of interest rate swaps	$	(3,335)	$	(15,921)
Supplemental Cash Flow Disclosures:
Interest paid	$	45,297	$	74,127
Cash paid for taxes	$	1,555	$	414


	Available-for-sale securities
	Amortized Cost		Estimated Fair Value
Due within one year	$	—	$	—
Due after one year through five years	65,430		65,491
Due after five years through ten years	—		—
Due after ten years	9,721		9,721
Total	$	75,151	$	75,212


	As of September 30,		As of December 31,
	2020		2019
Mezzanine loans	$	146,516	$	146,060
Senior loans	327,244		152,820
Total CRE loans-held-for-investment and related receivables, net	473,760		298,880
Broadly syndicated loans	419,135		2,750
Loans-held-for-investment and related receivables, net	$	892,895	$	301,630

Less: Allowance for credit losses	$	(35,039)	$	—
Total loans-held-for-investment and related receivables, net	$	857,856	$	301,630


	Principal Balance		Deferred Fees / Other Items (1)		Loan Fees Receivable		Net Book Value
Balance, December 31, 2019	$	300,135	$	(6,047)	$	7,542	$	301,630
Loan originations and acquisitions	697,127		(5)		5		697,127
Cure payments receivable (2)	6,411		—		—		6,411
Sale of loans	(27,344)		945		—		(26,399)
Principal repayments received (3)	(80,263)		—		—		(80,263)
Capitalized interest (4)	539		—		—		539
Deferred fees and other items	—		(7,760)		(380)		(8,140)
Accretion and amortization of fees and other items	—		1,990		—		1,990
Allowance for credit losses (5)	—		(35,039)		—		(35,039)
Balance, September 30, 2020	$	896,605	$	(45,916)	$	7,167	$	857,856


	Amortized Cost of Loans Held-For-Investment by Year of Origination (1)
	As of September 30, 2020
	2020		2019		2018		Total
Mezzanine loans by internal risk rating:
1	$	—	$	—	$	—	$	—
2	—		—		—		—
3	—		—		—		—
4	—		—		—		—
5	—		57,045		89,471		146,516
Total mezzanine loans	—		57,045		89,471		146,516
Senior loans by internal risk rating:
1	—		—		—		—
2	—		—		—		—
3	212,385		114,859		—		327,244
4	—		—		—		—
5	—		—		—		—
Total senior loans	212,385		114,859		—		327,244
Broadly syndicated loans by internal risk rating:
1	—		—		—		—
2	5,957		—		—		5,957
3	403,158		2,739		—		405,897
4	7,281		—		—		7,281
5	—		—		—		—
Total broadly syndicated loans	416,396		2,739		—		419,135
Less: Allowance for credit losses							(35,039)
Total loans-held-for-investment and related receivables, net							$	857,856
Weighted Average Risk Rating (2)							3.3


	Principal Repayments
Remainder of 2020	$	134
2021	201,301
2022	913,963
2023	493,649
2024	244,265
Thereafter	—
Total	$	1,853,312


	Future Minimum Rental Income
Remainder of 2020	$	59,603
2021	209,891
2022	199,840
2023	182,714
2024	164,376
Thereafter	1,098,230
Total	$	1,914,654


	For the Three Months Ended September 30,
	2020		2019		Change
Net income	$	4,179	$	2,573	$	1,606
Loss on extinguishment of debt	89		2,302		(2,213)
Interest expense and other, net	15,964		24,619		(8,655)
Operating income	20,232		29,494		(9,262)

Gain on disposition of real estate, net	(3,219)		(5,790)		2,571
Provision for credit losses	7,355		—		7,355
Impairment	476		24,008		(23,532)
Depreciation and amortization	19,967		26,766		(6,799)
Transaction-related expenses	148		383		(235)
Merger-related expenses	1,207		—		1,207
Management and advisory fees and expenses	10,934		10,852		82
General and administrative expenses	3,762		3,634		128
Interest income	(6,631)		(5,927)		(704)
Net operating income	$	54,231	$	83,420	$	(29,189)


	Total						Same Store						Non-Same Store
	For the Three Months Ended September 30,						For the Three Months Ended September 30,						For the Three Months Ended September 30,
	2020		2019		Change		2020		2019		Change		2020		2019		Change


Rental and other property income	$	66,011	$	99,552	$	(33,541)	$	64,524	$	64,544	$	(20)	$	1,487	$	35,008	$	(33,521)

Property operating expenses	5,214		7,199		(1,985)		5,045		5,227		(182)		169		1,972		(1,803)
Real estate tax expenses	6,566		8,933		(2,367)		6,466		6,398		68		100		2,535		(2,435)
Total property operating expenses	11,780		16,132		(4,352)		11,511		11,625		(114)		269		4,507		(4,238)

Net operating income	$	54,231	$	83,420	$	(29,189)	$	53,013	$	52,919	$	94	$	1,218	$	30,501	$	(29,283)


	For the Nine Months Ended September 30,
	2020		2019		Change
Net (loss) income	$	(11,742)	$	20,430	$	(32,172)
Loss on extinguishment of debt	4,841		2,302		2,539
Interest expense and other, net	47,240		75,958		(28,718)
Operating income	40,339		98,690		(58,351)

Gain on disposition of real estate, net	(20,120)		(19,190)		(930)
Provision for credit losses	33,037		—		33,037
Impairment	15,983		57,163		(41,180)
Depreciation and amortization	60,486		88,900		(28,414)
Transaction-related expenses	730		2,091		(1,361)
Merger-related expenses	1,207		—		1,207
Management and advisory fees and expenses	33,422		31,062		2,360
General and administrative expenses	11,679		10,374		1,305
Interest income	(19,395)		(15,504)		(3,891)
Net operating income	$	157,368	$	253,586	$	(96,218)


Record Date						Distribution Amount
April 30, 2020						$0.0130
May 31, 2020						$0.0130
June 30, 2020						$0.0161
July 30, 2020						$0.0304
August 28, 2020						$0.0303
September 29, 2020						$0.0303
October 29, 2020						$0.0303
November 27, 2020						$0.0303


	Payments due by period (1)
	Total		Less Than 1 Year		1-3 Years		3-5 Years		More Than 5 Years
Principal payments — fixed rate debt (2)	$	507,118	$	90,727	$	348,626	$	67,765	$	—
Interest payments — fixed rate debt (3)	47,289		18,556		27,278		1,455		—


Principal payments — credit facilities (4)	1,171,500		110,000		885,000		176,500		—
Interest payments — credit facilities (4)	61,429		35,681		21,319		4,429		—
Principal payments — repurchase facilities (5)	174,694		—		174,694		—		—
Interest payments — repurchase facilities (5)	12,915		4,532		8,383		—		—
Total	$	1,974,945	$	259,496	$	1,465,300	$	250,149	$	—


	Balance as of
	September 30, 2020
Credit facilities, notes payable and repurchase facilities, net	$	1,849,099
Deferred costs and net premiums (1)	4,213

Less: Cash and cash equivalents	(175,224)
Net debt	$	1,678,088
Gross real estate and related assets, net (2)	$	3,935,775
Net debt leverage ratio	42.6		%


	Nine Months Ended September 30, 2020					Year Ended December 31, 2019
	Amount			Percent		Amount		Percent
Distributions paid in cash	$	62,529		65	%	$	112,083	58	%
Distributions reinvested	34,191			35	%	82,388		42	%
Total distributions	$	96,720		100	%	$	194,471	100	%
Sources of distributions:
Net cash provided by operating activities (1) (2)	$	77,182		80	%	$	194,471	100	%
Proceeds from the issuance of common stock	8,308		(3)	9	%	—		—	%
Proceeds from the issuance of debt	11,230		(4)	11	%	—		—	%
Total sources	$	96,720		100	%	$	194,471	100	%


Period	Total Number of Shares Redeemed	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
July 1, 2020 - July 31, 2020	255	$	7.77	255	(1)
August 1, 2020 - August 31, 2020	1,288,948	$	7.26	1,288,948	(1)
September 1, 2020 - September 30, 2020	—	$	—	—	(1)
Total	1,289,203			1,289,203	(1)


Exhibit No.			Description







2.1*			Agreement and Plan of Merger, dated as of August 30, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor II Merger Sub, LLC and Cole Office & Industrial REIT (CCIT II), Inc. (Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed August 31, 2020).
2.2*			Agreement and Plan of Merger, dated as of August 30, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor III Merger Sub, LLC and Cole Office & Industrial REIT (CCIT III), Inc. (Incorporated by reference to Exhibit 2.2 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed August 31, 2020).
2.3*			Agreement and Plan of Merger, dated as of August 30, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor V Merger Sub, LLC and Cole Credit Property Trust V, Inc. (Incorporated by reference to Exhibit 2.3 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed August 31, 2020).
2.4			Amendment to Agreement and Plan of Merger, dated as of October 22, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor II Merger Sub, LLC and Cole Office & Industrial REIT (CCIT II), Inc. (Incorporated by reference to Exhibit 2.3 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed October 28, 2020).
2.5			Amendment No. 1 to Agreement and Plan of Merger, dated as of November 3, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor III Merger Sub, LLC and Cole Office & Industrial REIT (CCIT III), Inc. (Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed on November 4, 2020).
2.6			Amendment to Agreement and Plan of Merger, dated as of October 22, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor V Merger Sub, LLC and Cole Credit Property Trust V, Inc. (Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed October 28, 2020).
2.7			Amendment to Agreement and Plan of Merger, dated as of October 24, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor V Merger Sub, LLC and Cole Credit Property Trust V, Inc. (Incorporated by reference to Exhibit 2.2 to the Company’s Current Report on Form 8-K (File No. 000-54939 ), filed October 28, 2020).
2.8			Amendment No. 3 to Agreement and Plan of Merger, dated as of October 29, 2020, by and among CIM Real Estate Finance Trust, Inc., Thor V Merger Sub, LLC and Cole Credit Property Trust V, Inc. (Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed November 2, 2020).
3.1			Articles of Amendment and Restatement of CIM Real Estate Finance Trust, Inc. (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed August 20, 2019).
3.2			Amended and Restated Bylaws of CIM Real Estate Finance Trust, Inc. (Incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed August 20, 2019).
4.1			Second Amended and Restated Distribution Reinvestment Plan (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed May 1, 2020).














10.1			Form of Indemnification Agreement (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed August 14, 2020).
10.2			Master Repurchase Agreement, dated September 21, 2020, by and between CMFT RE Lending RF Sub BB, LLC and Barclays Bank PLC (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed September 24, 2020).
10.3			Guaranty, dated as of September 21, 2020, by CIM Real Estate Finance Trust, Inc. for the benefit of Barclays Bank PLC (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed September 24, 2020 ).
10.4			Termination Notice, dated as of October 29, 2020, by and by and between CIM Real Estate Finance Trust, Inc. and Cole Office & Industrial REIT (CCIT II), Inc. (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 000-54939), filed November 2, 2020).
31.1**			Certifications of the Principal Executive Officer of the Company pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2**			Certifications of the Principal Financial Officer of the Company pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1***			Certifications of the Principal Executive Officer and Principal Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS**			XBRL Instance Document.
101.SCH**			XBRL Taxonomy Extension Schema Document.
101.CAL**			XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF**			XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB**			XBRL Taxonomy Extension Label Linkbase Document.
101.PRE**			XBRL Taxonomy Extension Presentation Linkbase Document.


*			Schedules omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish a supplemental copy of any omitted schedule to the SEC upon request.
**			Filed herewith.
***			In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.


	CIM Real Estate Finance Trust, Inc. (Registrant)

By:		/s/ Nathan D. DeBacker
Name:		Nathan D. DeBacker
Title:		Chief Financial Officer and Treasurer (Principal Financial Officer)