Realty Earnings has signed a definitive settlement to amass as much as 185 single-tenant retail and industrial properties from subsidiaries of CIM Actual Property Finance Belief for $894 million in money. CIM Actual Property Finance Belief is a non-listed REIT which is sponsored by an affiliate of CIM Group.
The portfolio has a weighted common remaining lease time period of roughly 9.2 years with roughly 48% of complete portfolio annualized contractual lease coming from investment-grade rated purchasers.
That is Realty Earnings’s fourth portfolio transaction with CIM, in line with CEO Sumit Roy.
The portfolio consists of 4.6 million sq. ft, leased to 55 retail purchasers who symbolize 95% of the annualized contractual lease and 4 industrial purchasers who symbolize the remaining 5%. Lowe’s House Enchancment and Walgreens are the highest two purchasers by projected complete portfolio annualized contractual lease, at 11.9% and seven.6%, respectively.
Drug shops, dwelling enchancment, and the grocery classes are anticipated to symbolize the highest three industries at 12.1%, 12.1%, and 11.9% of portfolio lease, respectively. Texas and Illinois are the highest two states at 10.2% and 9.0%, respectively.
The transaction is predicted to shut within the first quarter of 2023, topic to customary closing circumstances, approvals and the completion of due diligence.
A Sturdy Yr for Acquisitions
Realty Earnings had a robust 2022 for offers, in line with its most up-to-date earnings report, buying $1.9 billion within the third quarter for about $5.1 billion in acquisitions 12 months so far, Roy mentioned throughout the Nov. 3 earnings name.
“A good portion of the properties bought in Q3 have been a part of portfolio offers or giant transactions,” he mentioned. “We imagine these offers have been accessible to us due to our dimension, scale, relationships, capability to shut, entry to and price of capital along with our analysis and technology-driven analytic capabilities.”
