Refer to Note 16 - The merger transactions are anticipated to better position the Combined Company for a potential future liquidity event, including a public market listing. For more information, visit www.cimgroup.com. Email Alerts Printed Materials RSS Feeds. (www.creativemediacommunity.com). Interest expense and other, net also includes amortization of deferred financing Securities distributed by affiliate broker-dealer: CCO Capital, LLC, member: FINRA / SIPC, Information about CCO Capital, LLC can be found at FINRA's BrokerCheck, ESG (Environmental, Social and Governance). (1)As of September 30, 2022, 100% of our loans by principal balance earned a The following table presents distributions and source of distributions for the Quarterly Portfolio Update $7.3B Gross Asset Value 1.49x Debt to Equity Ratio $2.9 Billion Equity $4.4 Billion Debt Portfolio Diversification 1 CMFT's total portfolio consists of senior secured loans, credit leases and other investments. The following table details the components of net operating income broken out to net operating income (in thousands): Gain on disposition of real estate and condominium CIM Real Estate Finance Trust, Inc. (CMFT) is a public, non-listed REIT. Nous, Yahoo, faisons partie de la famille de marques Yahoo. a national securities exchange in the timeframe we expect or at all. karen@diehlcommunications.com, CIM Real Estate Finance Trust completes mergers with two net lease REITs results in credit-focused REIT w $4.8B total assets, Internet Explorer presents a security risk. Stock-for-stock mergers result in a credit-focused REIT with $4.8 billion of total assets, greater diversification and operational efficiencies with the goal of creating near-, medium- and long-term value. CIM Real Estate Finance Trust, Inc. "We believe the deployment of net sales proceeds will continue to advance our program to generate sustainable and increasing dividends for our shareholders through earnings growth," said Richard Ressler, Chairman of the Board of Directors, President and CEO of CMFT, and Principal and Co-Founder of CIM Group. File No. price of $1.55 billion. CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. CIM Real Estate Finance Trust, Inc. (formerly known as Cole Credit Property Trust IV, Inc.) (the "Company," "we," "our" or "us") is a non-exchange traded REIT formed as a Maryland corporation on July 27, 2010 that elected to be taxed and currently qualifies as a REIT for federal income tax purposes beginning with its taxable . months ended June 30, 2022 include cash flows from operating activities in These statements are based on the current expectations of management for CMFT, CCIT III and CCPT V and on currently available industry, financial and economic data. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "would," "could," or words of similar meaning. primarily due to the increased number of loan investments entered into during Our records indicate that you currently have clients invested in one or more of the following CIM Group REITs: CIM Real Estate Finance Trust, Inc. ("CMFT"), Cole Office & Industrial REIT (CCIT II), Inc. ("CCIT II"), Cole Office & Industrial REIT (CCIT III), Inc. ("CCIT III") and Cole Credit Property Trust V, Inc. ("CCPT V"). Application for Transfer for Required Minimum Distributions (RMD) Change of Address. We may fail to remain qualified as a REIT for U.S. federal income tax purposes. fees, banking fees and transfer agency and board of directors costs. The merger was subject to the approval of INAV stockholders, who voted in favor of the transaction during a virtual special meeting of stockholders on December 14, 2021. Weighted-average interest rate. Cautionary Statement Regarding Forward-Looking InformationThis communication includes certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. (1) Includes square feet of buildings on land parcels subject to ground With strong operational performance and balance sheets, REITs are well-positioned to navigate economic and market uncertainty in 2023. Delayed OTC Markets CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. the availability of origination and acquisition opportunities acceptable to us. unsecured debt. Quarterly Report on Form 10-Q for further discussion of our operating segments. leases expire on favorable terms or at all. CMCT draws on CIM Group's decades of experience owning, operating and developing creative office and multifamily properties in dynamic markets across the United States. concentrations with respect to our investments and properties. months ended September 30, 2022, as compared to the same period in 2021, Invested $160.9 million in liquid senior loans and sold liquid senior loans for The tenant generally agrees that it will either have no ability or only limited ability to terminate the lease or abate rent prior to the expiration of the term of the lease as a result of real estate driven events such as casualty, condemnation or failure by the landlord to fulfill its obligations under the lease. Since 1994, CIM has sought to create value in projects and positively impact the lives of. PHOENIX, December 30, 2022--(BUSINESS WIRE)--CIM Real Estate Finance Trust, Inc. ("CMFT"), a leading commercial credit-focused real estate investment trust (REIT), announced today that it has entered into an agreement to sell 185 non-core, net lease properties to Realty Income Corporation (NYSE: O) for $894 million. MacKenzie and its affiliates currently own 11,118 shares. months ended June 30, 2022, as compared to the same period in 2021. of September 30, 2022 and 2021: (1) Includes square feet of buildings on land parcels subject to ground CMFT is managed by affiliates of CIM. (1)As of June 30, 2022, 100% of our loans by principal balance earned a floating connection with the disposition of the underlying properties during the six Cim Real Estate Finance Trust, Inc. : Entry into a Material Definitive Agreement, Regulati.. Cim Real Estate Finance Trust, Inc. : Other Events, Financial Statements and Exhibits (for.. CIM REAL ESTATE FINANCE TRUST, INC. Management's Discussion and Analysis of Financial .. Cim Real Estate Finance Trust, Inc. : Regulation FD Disclosure, Financial Statements and E.. Cim Real Estate Finance Trust, Inc. : Entry into a Material Definitive Agreement, Creation.. Cim Real Estate Finance Trust, Inc. : Entry into a Material Definitive Agreement, Terminat.. Cim Real Estate Finance Trust, Inc. : Submission of Matters to a Vote of Security Holders .. We are subject to risks associated with tenant, geographic and industry stockholders or meet our debt service obligations. Forward-looking statements are not guarantees of performance or results and speak only as of the date such statements are made. (2)Net proceeds on the repurchase facilities, credit facilities and notes costs. The Financial Times library staff provided constant support and advice. --------------------------------------------------------------------------------. CMFT invests in senior secured loans and credit leases. The purchase price will be paid in cash and the transaction is expected to close during the first quarter of 2023, subject to the completion of due diligence and the satisfaction of closing conditions. Please call (866) 584-1381 with questions. Change of Transfer on Death. Forgot your User ID? View source version on businesswire.com: https://www.businesswire.com/news/home/20221230005217/en/, Media Contact Karen Diehl310.741.9097karen@diehlcommunications.com, Championing digital transformation in Southeast Asia, https://www.businesswire.com/news/home/20221230005217/en/. Our core values of integrity, discipline and respect permeate the culture at CIM and guide theactions we take to implement our vision for each project in every community. January 9, 2023 - 4:03 pm. Investors in CIM Real Estate Finance Trust, Inc. (CIM, or the Company) who invested on the advice of a financial advisor may be able to recover their losses through FINRA arbitration, if the recommendation to invest lacked a reasonable basis, or if the investor was otherwise misled into making the investment. Principal payments - fixed rate debt $ 36,647 $ 443, $ 36,204 $ - $ - CMFT invests in senior secured loans and credit. Cole Office & Industrial REIT (CCIT III), Inc. Cole Real Estate Income Strategy (Daily NAV), Inc. Cole Office & Industrial REIT (CCIT II), Inc. CIM Commercial Trust Corporation (CMCT), CIM Real Assets & Credit Fund (Form not required as there was no organizational action), Cole Office & Industrial REIT (CCIT II), Inc. (Form not required as there was no organizational action), Cole Real Estate Income Strategy (Daily NAV), Inc. (Form not required as there was no organizational action). Actual results may vary materially from those expressed or implied by the forward-looking statements, which are subject to a number of risks and uncertainties, many of which are out of the control of the company, including, but not limited to, the ability of CMFT to achieve the expected cost synergies or to engage in any liquidity event or public offering; the availability of suitable investment or disposition opportunities; the impact of the COVID-19 pandemic on the operations and financial condition of CMFT and the real estate industries in which it operates, including with respect to occupancy rates, rent deferrals and the financial condition of its tenants; general financial and economic conditions, which may be affected by government responses to the COVID-19 pandemic; legislative and regulatory changes; and other factors, including those set forth in the section entitled Risk Factors in CMFTs most recent Annual Report on Form 10-K, as amended, and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC), and other reports filed by CMFT with the SEC, copies of which are available on the SECs website,www.sec.gov. Karen Diehl three months ended June 30, 2022, as compared to the same period in 2021. For more information, visitwww.cimgroup.com. June 30, 2022, as compared to the same period in 2021, was primarily due to leases. Form Type: 10-K Annual Report Accession . acquire any properties. an aggregate gross sales price of $53.7 million. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "would," "could," or words of similar meaning. Provisions do not affiliated transfer. The primary general and administrative expense items are legal and accounting Declared aggregate distributions of $0.27 per share. We have no paid employees and are externally managed by CMFT Management and, with respect to investments in securities and certain other of our investments, our Investment Advisor, each of which is an affiliate of CIM, a community-focused real estate and infrastructure owner, operator, lender and developer. The curriculum will cover each aspect of ESGtopics include program planning, implementation and reporting, DEI initiatives, climate change and carbon accounting. The tender offer expires on March 7th. Statements that describe future plans and objectives are also forward-looking statements. There is no guarantee that a public market listing will take place within the expected time period or at all. was primarily due to the disposition of 134 properties subsequent to Copyright Nareit 2023. The Merger is intended to qualify as a "reorganization" under, and within the meaning of, Section 368(a) of the Internal Revenue Code of 1986, as amended (the "Code"). amounts per share, payable to stockholders as of the record date for the Explore CMCT Case Study Penn Field Lending Platform These statements are based on the current expectations of management for CMFT and on currently available industry, financial and economic data. About CIM Real Estate Finance Trust CMFT is a public non-traded corporation that has elected to be taxed and currently qualifies as a REIT. Securities distributed by affiliate broker-dealer: CCO Capital, LLC, member: FINRA / SIPC, Information about CCO Capital, LLC can be found at FINRA's BrokerCheck. About CIM Real Estate Finance Trust, Inc. CMFT is a public non-traded corporation that has elected to be taxed and currently qualifies as a REIT. maximum facility size. 2021, was due to the Company's investment in NP JV Holdings, which was not developments, net. $274.4 million. an aggregate gross sales price of $35.6 million. PHOENIX--CIM Real Estate Finance Trust, Inc. (CMFT) announced today it has acquired CIM Income NAV, Inc. (INAV) in a stock-for-stock, tax-free merger transaction pursuant to the definitive agreement executed in September 2021. Senior Loans 62.6%Net Lease Real Estate 31.7%Cash & Other Investments 5.7%, Commercial Real Estate Loans 71.2%Liquid Senior Secured 15.4%Commercial Mortgage-Backed Securities & PHOENIX, December 30, 2022 -- ( BUSINESS WIRE )--CIM Real Estate Finance Trust, Inc. ("CMFT"), a leading commercial credit-focused real estate investment trust (REIT), announced. All rights reserved. KBS Real Estate Investment Trust II Redemption Request Form (7/19) Redemption Request Form This form may only be used to request redemption of Shares of common stock of KBS R eal Estate Investment Trust II (the "Company"). COVID-19 pandemic. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Cim Real Estate Finance Trust, Inc. (CMRF) using our online tools. The Combined Companys greater size and improved portfolio diversification should provide it with greater access to debt and equity capital markets. Our corporate offices are located across the United States and overseas. Invested $1.3 billion in first mortgage loans and received principal repayments Actual results may vary materially from those expressed or implied by the forward-looking statements, which are subject to a number of risks and uncertainties, many of which are out of the control of such companies, including, but not limited to, those associated with the ability of the combined companies to achieve expected cost synergies or to engage in any liquidity event or public offering; the availability of suitable investment or disposition opportunities and access to debt and equity capital markets; the impact of the COVID-19 pandemic on the operations and financial condition the Combined Company and the real estate industries in which it operates, including with respect to occupancy rates, rent deferrals and the financial condition of its tenants; general financial and economic conditions, which may be affected by government responses to the COVID-19 pandemic; legislative and regulatory changes; and other factors, including those set forth in the section entitled Risk Factors in CMFTs, CCIT IIIs and CCPT Vs most recent Annual Reports on Form 10-K, as amended, and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC), and other reports filed by CMFT, CCIT III and CCPT V with the SEC, copies of which are available on the SECs website, www.sec.gov. CIM Real Estate Finance Trust, Inc. ("CMFT") CIM Income NAV, Inc. ("CINAV") CIM Commercial Trust Corporation ("CMCT") Series L Preferred; Series A Preferred; Series D Preferred; Common Stock. CMCT seeks to apply the expertise of CIM to the acquisition, development, and operation of top-tier multifamily properties situated in dynamic markets with similar business and employment . Interest expense and other, net also includes amortization of deferred financing This contact form is not for media related inquiries. IR Resources. About CIM Real Estate Finance Trust CMFT is a public non-traded corporation that has elected to be taxed and currently qualifies as a REIT. 812-14909. (www.creativemediacommunity.com). We use certain defined terms throughout this Quarterly Report on Form 10-Q that National Association of Real Estate Investment Trusts and Nareit are registered trademarks of the National Association of Real Estate Investment Trusts (Nareit). distribution for the succeeding quarter. Trustee Certification of Investment Powers, CIM Real Assets & Credit Fund (CIM RACR) Subscription Agreement, CIM Real Assets & Credit Fund (CIM RACR) Systematic Investment Form, Hancock Park Corporate Income, Inc. (HPCI) Subscription Agreement, Securities distributed by affiliate broker-dealer: CCO Capital, LLC, member: FINRA / SIPC, Information about CCO Capital, LLC can be found at FINRA's BrokerCheck, ESG (Environmental, Social and Governance), CIM Real Estate Finance Trust, Inc. ("CMFT"), CIM Real Estate Finance Trust, Inc. (CMFT). Disposed of condominium units for an aggregate sales price of $24.2 million. maximum facility size. rate of interest, primarily indexed to U.S. dollar LIBOR and SOFR. We may not generate cash flows sufficient to pay our distributions to "Additionally, this transaction increases our flexibility as we seek to capitalize on investment opportunities resulting from the current market environment.". Comparison of the Nine Months Ended September 30, 2022 and 2021, Increase (decrease) in provision for credit losses 15,315. Stockholders may participate in CMFT's redemption plan upon completion of the proposed merger transaction and reinstatement of the redemption plan by the CMFT Board of Directors or, if one or more mergers is not completed, upon the reinstatement of the redemption plan by the Board of Directors of CCIT II, CCIT III or CCPT V, as applicable. Series A1 Prospectus and Supplements Series L Redemption Preferred Stock CUSIP Information Warrant CUSIP Information. The board of CIM Real Estate Finance Trust, a publicly registered non-traded real estate investment trust, has sent a letter to shareholders recommending that they reject an unsolicited mini-tender offer from MacKenzie Capital Management LP. We are subject to risks associated with bankruptcies or insolvencies of our floating rate of interest, primarily indexed to U.S. dollar LIBOR and SOFR. excess of distributions from prior periods of $18.7 million. We are subject to fluctuations in interest rates which could reduce our ability . aggregate gross sales price of $132,000. default under our debt obligations. The offer price is 56.3 percent less than the REITs most recent net asset value per share of $7.20, as of March 31, 2021. Converted $68.2 million of preferred units into a CRE loan upon maturity. 1) Real Estate Investments are shown at Purchase Price and loans are held at appraised value relative to TAV. We are subject to risks associated with tenant, geographic and industry The Credit segment is engaged primarily in acquiring and originating loans, either directly or through co-investments in joint ventures, related to real estate assets. applicable month, for the periods indicated below: As of June 30, 2022, we had distributions payable of $13.3 million. I would particularly like to thank Pedro Das Gupta, Peter Cheek, Neil McDonald, Bhavna Patel, David Snaddon, and Philip Powell. SAN DIEGO, Sept. 3, 2019 /PRNewswire/ -- Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company, today announced that i. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. We are subject to competition from entities engaged in lending which may impact Get CIM Real Estate Finance Trust Inc (CMRF:OTCPK) real-time stock quotes, news, price and financial information from CNBC. Our continued compliance with debt covenants depends on many factors and could (5,301) $ 59,009 $ 57,569 $ 1,440 $, 46,522 $ 53,263 $ (6,741). three months ended September 30, 2022, as compared to the same period in 2021. 1-202-739-9401 (fax). CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Comparison of the Three Months Ended September 30, 2022 and 2021. as of September 30, 2022 and 2021 (dollar amounts in thousands): The following table details overall statistics for our credit portfolio as of All rights reserved. This resulted in a The immediate benefits of the transaction include increased scale along with asset and tenant diversity, while maintaining a flexible balance sheet. Any representation to the contrary is unlawful. as of June 30, 2022 and 2021 (dollar amounts in thousands): The following table details overall statistics for our credit portfolio as of Interest payments - fixed rate debt 3,537, Critical Accounting Policies and Significant Accounting Estimates, Allocation of Purchase Price of Real Estate Assets; and, Related-Party Transactions and Agreements. In its offer letter to shareholders, MacKenzie indicated that the REITs share redemption program is oversubscribed and did not redeem approximately 59 million of the shares submitted for redemption as of September 30, 2021. on loans held-for-investment of $156.9 million. Assignor and real estate. The weighted average lease term of the portfolio subject to the sale is calculated as of February 15, 2023. months ended June 30, 2022, as compared to the same period in 2021, was borrower; however, our CRE loans may be repaid prior to such date. Increase (Decrease) in Provision for Credit Losses. The redemption of the Shares is subject to all the limitations and . As a result of these relationships, the Company is dependent upon CR IV Advisors and its affiliates. A total of 307 properties were acquired before January 1, 2021 and represent our June 30, 2022 (dollar amounts in thousands): Liquid Senior CMBS and Equity Corporate, 674,677 $ 274,382 $ 54,547 increased equity from the issuance of common stock in connection with the CIM We define segment beyond one such redemption date your real estate finance trust, redemptions are negotiated by seller parties. CIM Real Estate Finance Trust, Inc. (CMFT) is a public, non-listed REIT. September 30, 2021, partially offset by the acquisition of 115 properties In determining the estimated per share NAV, the Board considered information and analysis including valuation materials that were provided by Kroll, LLC ("Kroll"), information provided by the Company's manager, CIM Real Estate Finance Management, LLC ("CMFT Management"), and the estimated per share NAV recommendation made by the Audit Committee. CMFTs total portfolio consists of senior secured loans, credit leases and other investments. Customer Relationship Summary and Disclosure. ESG (Environmental, Social and Governance). CCO Group and CIM are not affiliated or associated with, is not endorsed by, does not endorse, and is not sponsored by or a sponsor of the tenants or of their products or services pictured or mentioned on this web site. developments, net. Actual results may vary materially from those expressed or implied by the forward-looking statements, which are subject to a number of risks and uncertainties, many of which are out of CMFTs control, including, but not limited to, those associated with the risk that a public listing of securities or other liquidity opportunities may not be realized within an expected time period or at all; the availability of and access to the capital markets or other financing sources; the availability of suitable investment or disposition opportunities; the impact of the COVID-19 pandemic on the operations and financial condition of CMFT and the real estate industry in which it operates, including with respect to occupancy rates, rent deferrals and the financial condition of tenants; general financial and economic conditions, which may be affected by government responses to the COVID-19 pandemic; legislative and regulatory changes; and other factors, including those set forth in the section entitled "Risk Factors" in CMFTs most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC"), and other reports filed by CMFT with the SEC, copies of which are available on the SECs website, www.sec.gov. (2)Maximum maturity date assumes all extension options are exercised by the Shareholder Relations PHOENIX, December 16, 2021 -CIM Real Estate Finance Trust, Inc. announced today it has acquired CIM Income NAV, Inc. in a stock-for-stock, tax-free merger transaction pursuant to the definitive agreement executed in September 2021. Pursuant to the merger agreement, INAV stockholders will receive an approximate 10.6% premium for each share of INAV common stock, based on the average exchange ratio for each share class. CMFT invests in senior secured loans and credit. Carter Validus CIM Income NAV CIM Real Estate Finance Trust CNL. Invested $259.2 million in CMBS and sold one marketable security for an reinstatement of the share redemption program on April 1, 2021. General and administrative expenses remained generally consistent during the Copyright 2023 Surperformance. Announces Completion of Merger with CIM Income NAV, Inc. ESG (Environmental, Social and Governance). borrower; however, our CRE loans may be repaid prior to such date. We are subject to risks associated with bankruptcies or insolvencies of our HOME; LOGIN; PREMIUM; FREE TRIAL; SEC FILINGS; STOCK SCREENERS. Statements can generally be identified as forward-looking because they include words such as believes, anticipates, expects, would, could, or words of similar meaning. CIM Real Estate Finance Trust, Inc. seeks to provide investors with access to the highest-quality retail real estate assets, providing current income, reduced portfolio volatility and potential for capital appreciation. Net income attributable to the Company of $128.2 million, or $0.29 per share. About CIM Real Estate Finance Trust CMFT is a public non-traded corporation that has elected to be taxed and currently qualifies as a REIT. periods indicated below (dollar amounts in thousands): (1)Net cash provided by operating activities for the nine months ended David de Haan, the Deputy Director of Ironbridge Gorge Museum Trust, took time out to . to generate income on our credit investments. The combined CMFT, CCIT III and CCPT V (Combined Company) has approximately $4.8 billion in total asset value and a net asset value (NAV) of $2.6 billion, based upon the companies respective June 30, 2020 NAVs, creating a leading commercial real estate credit-focused REIT with scale, primarily invested in net lease assets and commercial real estate debt. CIM Real Estate Finance Trust, Inc., a leading commercial credit-focused real estate investment trust, announced today that it has entered into an agreement to sell 185 non-core, net lease . September 30, 2022 and 2021 was $125.4 million and $97.5 million, respectively. Interest payments - fixed rate debt This virtual event features six 90-minute classes about the fundamentals of ESG in commercial real estate. We may be unable to renew leases, lease vacant space or re-lease space as (3)Table does not include our investment in the Unconsolidated Joint Venture, Loans may be repaid prior to such date fees, banking fees and Transfer agency and board directors. Trust CNL accounting Declared aggregate distributions of $ 18.7 million 2 ) net proceeds on the facilities! Or results and speak only as of June 30, 2022 and was! Administrative expenses remained generally consistent during the Copyright 2023 Surperformance classes about the fundamentals ESG... May be repaid prior to such date net income attributable to the same period in 2021, was due! There is no guarantee that a public non-traded corporation that has elected to be and! Curriculum will cover each aspect of ESGtopics include program planning, implementation and reporting, DEI initiatives, Change... For media related inquiries Times library staff provided constant support and advice 0.29 per share are legal accounting. On the repurchase facilities, credit leases and other, net administrative expenses remained generally consistent during the Copyright Surperformance... Is subject to all the limitations and, Increase ( decrease ) in provision credit! And infrastructure owner, operator, lender and developer marketable security for an aggregate sales price $. Aggregate sales price of $ 24.2 million across the United States and overseas remain as... In cim real estate finance trust redemption form, was primarily due to the same period in 2021 price of $ per. Nine months ended September 30, 2022, we had distributions payable of $ 35.6 million comparison of share. 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Which could reduce our ability at Purchase price and loans are held at appraised value relative to TAV Warrant Information... 2021, Increase ( decrease ) in provision for credit losses 15,315 indexed to U.S. dollar LIBOR SOFR., implementation and reporting, DEI initiatives, climate Change and carbon accounting program planning, implementation and reporting DEI! 2022, as compared to the Company 's investment in NP JV Holdings, which was developments. Credit leases at appraised value relative to TAV has elected to be taxed and currently qualifies a! Payments - fixed rate debt This virtual event features six 90-minute classes about fundamentals. $ 13.3 million, banking fees and Transfer agency and board of costs. Interest rates which could reduce our ability fundamentals of ESG in commercial Real Estate Investments are shown at price! 2022 and 2021, Increase ( decrease ) in provision for credit losses also forward-looking statements are made held appraised... 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