Tue, May 14, 9:28 PM (73 days ago)
CIM Opportunity Zone Fund, L.P. reported financial results for the quarter ended March 31, 2024. Key highlights include: 1. **Revenue and Income**: Total revenues increased to $36.0 million, driven by $27.2 million in solar revenue and $8.8 million in rental and other property income. Net income was $6.1 million, a significant improvement from a net loss of $10.3 million in the prior year, primarily due to the commencement of solar operations. 2. **Expenses**: Total expenses rose to $39.0 million, with notable increases in management fees, interest expenses, and depreciation and amortization due to new property acquisitions and solar assets being placed into service. 3. **Cash Flow**: The Fund used $18.5 million in operating activities and $34.4 million in investing activities, while financing activities provided $28.6 million, resulting in a net decrease in cash and cash equivalents to $379.4 million. 4. **Restatement**: Financial statements for the prior periods were restated to correct the application of accounting standards, shifting from fair value to historical cost basis. 5. **Investments and Debt**: The Fund acquired interests in two properties for $8.1 million and reported total notes payable of $280.7 million at fair value. 6. **Future Outlook**: The Fund anticipates sufficient liquidity from operations and capital contributions to meet its needs over the next 12 months. This summary provides an overview of the Fund's financial health, highlighting improved earnings, increased expenses due to asset expansion, and a strategic shift in accounting practices.