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Formed in 2010, INAV is the industry’s first perpetual-life non-listed REIT and primarily owns and operates income-producing, single-tenant necessity retail and corporate office and industrial properties subject to long-term net leases with national or regional creditworthy tenants. INAV seeks to provide access to high-quality commercial real estate assets, providing current income, reduced overall portfolio volatility and the potential for capital appreciation for its shareholders. INAV is sponsored by an affiliate of CIM.

Company profile

Employees
Incorporated
Location
Fiscal year end
Former names
Cole Advisor Corporate Income REIT, Inc., COLE REAL ESTATE INCOME STRATEGY (DAILY NAV), INC., COLE REAL ESTATE INCOME TRUST, INC.
SEC CIK
Subsidiaries
ARCP AA Ravenswood WV, LLC • ARCP AZ Vandalia OH, LLC • ARCP BK Midwest City OK, LLC • ARCP DD Austell GA, LLC • ARCP DG Ocala FL, LLC • ARCP DG Redfield SD, LLC • ARCP DG Stacy MN, LLC • ARCP DG Topeka (43rd) KS, LLC • ARCP FD Centreville AL, LLC • ARCP FD Danville VA, LLC ...
IRS number
273147801

Calendar

15 Nov 21
3 Oct 22
31 Dec 22
Quarter (USD) Sep 21 Jun 21 Mar 21 Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 9.35M 9.35M 9.35M 9.35M 9.35M 9.35M
Cash burn (monthly) 596K 2.05M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 7.23M 24.84M n/a n/a n/a n/a
Cash remaining 2.12M -15.49M n/a n/a n/a n/a
Runway (months of cash) 3.6 -7.6 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Dec 21 Richard J Lehmann Common Stock (Class D) Sale back to company Dispose D No No 0 11,885.61 0 0
16 Dec 21 Ressler Richard S Common Stock (Class I) Sale back to company Dispose D Yes No 0 196,264.566 0 0
16 Dec 21 Ressler Richard S Common Stock (Class D) Sale back to company Dispose D Yes No 0 13,333 0 0
16 Dec 21 George N Fugelsang Common Stock (Class D) Sale back to company Dispose D No No 0 12,440.756 0 0
16 Dec 21 Kretzmer W Brian Common Stock (Class D) Sale back to company Dispose D No No 0 10,971.336 0 0
16 Dec 21 Avraham Shemesh Common Stock (Class I) Sale back to company Dispose D Yes No 0 196,264.566 0 0
16 Dec 21 Avraham Shemesh Common Stock (Class D) Sale back to company Dispose D Yes No 0 13,333 0 0

Financial report summary

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Risks
  • Failure to complete the Merger could negatively impact the future of our business and financial results.
  • The pendency of the Merger, including as a result of the restrictions on the operation of our and CMFT’s business during the period between signing the Merger Agreement and the completion of the Merger, could adversely affect the business and operations of our Company, CMFT or both.
  • The Merger Agreement and our Advisory Agreement contain provisions that could discourage a potential competing acquiror of us or could result in a competing acquisition proposal being at a lower price than it might otherwise be.
  • In certain circumstances, either we or CMFT may terminate the Merger Agreement.
  • We and CMFT each expect to incur substantial expenses related to the Merger.
  • The Merger may be dilutive to estimated net income for our stockholders.
  • The market value ascribed to the shares of common stock of our Company upon a liquidity event may be significantly lower than the estimated per share NAV of CMFT Common Stock considered by our Board in approving and recommending the Merger.
  • If the Merger does not qualify as a tax-free reorganization, there may be adverse tax consequences.
Management Discussion
  • We are not aware of any material trends or uncertainties, other than those listed in the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020, the effects of the COVID-19 pandemic, and national economic conditions affecting real estate in general, that may reasonably be expected to have a material impact on our results from the acquisition, management and operations of properties. Currently, we are unable to predict the impact that the COVID-19 pandemic will have on our financial condition, results of operations and cash flows in future periods due to numerous uncertainties.
  • Our results of operations are influenced by the timing of acquisitions and the operating performance of our real estate assets. We review our stabilized operating results, measured by net operating income (“NOI”), from properties that we owned for the entirety of both the current and prior year reporting periods, referred to as “same store” properties, and we believe that the presentation of operating results for same store properties provides useful information to stockholders. NOI is a supplemental non-GAAP financial measure of a real estate company’s operating performance. NOI is considered by management to be a helpful supplemental performance measure, as it enables management to evaluate the impact of occupancy, rents, leasing activity, and other controllable property operating results at our real estate properties, and it provides a consistent method for the comparison of our properties. We define NOI as operating revenues less operating expenses, which exclude (i) depreciation and amortization, (ii) interest expense and other non-property related revenue and expense items such as (a) general and administrative expenses, (b) expense reimbursements to related parties, (c) advisory and performance fees, (d) transaction-related expenses, (e) real estate impairment, (f) gain on disposition or real estate, net , (g) merger-related expenses and (h) income from marketable securities. Our NOI may not be comparable to that of other REITs and should not be considered to be more relevant or accurate in evaluating our operating performance than the current GAAP methodology used in calculating net income. In determining the same store property pool, we include all properties that were owned for the entirety of both the current and prior reporting periods, except for properties during the current or prior year that were under development or redevelopment.
  • The decrease in interest expense and other, net of $374,000 during the three months ended September 30, 2021, as compared to the same period in 2020, was primarily due to a decrease in the average aggregate amount of debt outstanding from $473.0 million for the three months ended September 30, 2020 to $443.4 million for the three months ended September 30, 2021, as a result of debt repayments in connection with the disposition of the underlying properties and repayments on the credit facility.

Content analysis

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