10-Q - CIM REAL ESTATE FINANCE TRUST, INC. (0001498547) (Filer)

Wed, May 15, 10:38 AM (304 days ago)

For the quarter ended March 31, 2024, CIM Real Estate Finance Trust, Inc. reported a net loss of $38.5 million, a significant decline from the net income of $54.2 million in the same period in 2023. The decrease in revenues to $134.4 million from $146.9 million was driven by lower rental income due to property dispositions. Expenses surged to $168.4 million from $110.5 million, primarily due to a $65.7 million increase in provision for credit losses. Interest expense also rose due to higher average index rates. The company’s credit portfolio included 254 loans with a net book value of $4.1 billion, and investments in real estate-related securities and other of $513.5 million. Real estate assets were valued at $1.1 billion. Future operations may be impacted by economic conditions and interest rate fluctuations.