SUMMARY

The following summary highlights some of the information contained in this proxy statement/prospectus. This summary may not contain all of the information that is important to you. For a more complete description of the CCIT IIIII Merger Agreement, CCIT IIIII Merger and the CCIT IIIII Charter Amendment, CCIT IIIII and CMFT encourage you to read carefully this entire proxy statement/prospectus, including the attached Annexes and the other documents to which we have referred you because this section does not provide all the information that might be important to you with respect to the CCIT IIIII Merger. See also the section entitled “Where You Can Find More Information” on page [    ]. We have included page references to direct you to a more complete description of the topics presented in this summary.

The Parties to the CCIT IIIII Merger

CIM Real Estate Finance Trust, Inc. and its Subsidiaries (See page [    ])

CMFT is a public, non-traded REIT that was formed as a Maryland corporation on July 27, 2010, and elected to be taxed as a REIT for U.S. federal income tax purposes for the year ended December 31, 2012, and each year thereafter.

CMFT owns and operates a diversified portfolio of core commercial real estate assets primarily consisting of net leased properties located throughout the United States and commercial mortgage loans and other credit investments in which CMFT’s Sponsor and its affiliates have expertise. As of June 30, 2020, CMFT owned 381 properties, comprising 18.1 million rentable square feet of commercial space located in 42 states, and CMFT’s loan portfolio consisted of 143 loans with a net book value of $598.4 million. Substantially all of CMFT’s business is conducted through its operating partnership, CIM Real Estate Finance Operating Partnership, LP (“CMFT OP”), of which CMFT is the sole general partner and owns, directly or indirectly, 100% of the partnership interests, and its subsidiaries. CMFT is externally managed by CMFT Management. CMFT has no paid employees and relies upon CMFT Management and its affiliates to provide substantially all of its day-to-day management. CMFT Management is an affiliate of CIM, a community-focused real estate and infrastructure owner, operator, developer and lender with multi-disciplinary expertise, including acquisitions, management, development, leasing, research and capital markets. CIM is headquartered in Los Angeles, California and has offices in Oakland, California; Bethesda, Maryland; Dallas, Texas; New York, New York; Chicago, Illinois; Phoenix, Arizona; Orlando, Florida; Tokyo, Japan; and Atlanta, Georgia. CCO Group, LLC owns and controls CMFT Management and CCI IIIII Management and is the indirect owner of CCO Capital, CMFT and CCIT III’sII’s dealer manager, and CREI Advisors, LLC (“CREI Advisors”), CMFT and CCIT III’sII’s property manager. CCO Group serves as CMFT’s sponsor and as sponsor to CCIT III,II, CCIT II,III, CCPT V and CIM Income NAV. The principal executive offices of CMFT are located at 2398 East Camelback Road, 4^th Floor, Phoenix, Arizona 85016 and its telephone number is (602) 778-8700.

Thor IIIII Merger Sub, LLC (See page [    ])

Merger Sub is a Maryland limited liability company and an indirect, wholly owned subsidiary of CMFT formed solely for the purpose of entering into the CCIT IIIII Merger Agreement and effecting the CCIT IIIII Merger. Upon completion of the CCIT IIIII Merger, CCIT IIIII will be merged with and into Merger Sub, with Merger Sub continuing as the surviving entity and an indirect, wholly owned subsidiary of CMFT. Merger Sub has not conducted any activities other than those incidental to its formation and the matters contemplated by the CCIT IIIII Merger Agreement.

Cole Office & Industrial REIT (CCIT III)II), Inc. (See page [    ])

CCIT IIIII is a public, non-traded REIT that was formed as a Maryland corporation on May 22, 2014,February 26, 2013, that elected to be taxed as a REIT for U.S. federal income tax purposes for the year ended December 31, 2017,2014, and each year thereafter.

CCIT III generally acquiresII owns and operates a diverse portfolio of commercial real estate assets primarily consisting of single-tenant, income-producing necessity office and industrial properties, which are leased to creditworthy tenants under long-term leases.“net leases”, including distribution facilities, warehouses, manufacturing plants and corporate or regional headquarters in strategic locations. As of June 30, 2020, CCIT IIIII owned two office and industrial26 properties, comprising approximately 391,0003.9 million rentable square feet of 99.6% leased commercial space located in two12 states. As of June 30, 2020, the rentable square feet at these properties was 100% leased. Substantially all of CCIT III’sII’s business is conducted through its operating partnership, Cole Corporate Income Operating Partnership III,II, LP (“CCI IIIII OP”), of which CCIT IIIII is the sole general partner and owns, directly or indirectly, 100% of the partnership interests. CCIT IIIII is externally managed by CCI IIIII Management. CCIT IIIII has no paid employees and relies upon CCI IIIII Management and its affiliates to provide substantially all of its day-to-day management. CCI IIIII Management is an affiliate of CIM. The principal executive offices of CCIT IIIII are located at 2398 East Camelback Road, 4^th Floor, Phoenix, Arizona 85016 and its telephone number is (602) 778-8700.

The Combined Company ( (SeeSee page [    ]])

References to the “CCIT III/II/CMFT Combined Company” are to CCIT IIIII and CMFT after the effective time of the CCIT IIIII Merger. References to the “Fully Combined Company” are to CCIT II, CCIT III, CCPT V and CMFT after the effective times of each of the CCIT II Merger, the CCIT III Merger and the CCPT V Merger, the closings of which are not cross-contingent. References to the “Combined Company” are to CMFT after the effective time of one or more of the CCIT II Merger, the CCIT III Merger and/or the CCPT V Merger.

The Combined Company will be named “CIM Real Estate Finance Trust, Inc.” and will continue to be a Maryland corporation with principal executive offices at 2398 East Camelback Road, 4^th Floor, Phoenix, Arizona 85016, and a telephone number of (602) 778-8700.

The business of the Combined Company will be operated through CMFT OP and its subsidiaries. CMFT will continue to have the full, exclusive and complete responsibility for and discretion in the day-to-day management and control of CMFT OP.

The CCIT III/II/CMFT Combined Company after the completion of the CCIT IIIII Merger is expected to have a total asset value of approximately $4.08$5.1 billion, consisting of 383407 properties in 42 states (based on data as of June 30, 2020).

The Fully Combined Company after the completion of the Mergers is expected to have a total asset value of approximately $5.9 billion, consisting of 559 properties in [    ]45 states (based on data as of June 30, 2020).

The CCIT IIIII Merger

The CCIT IIIII Merger Agreement (See page [    ])

On August 30, 2020, CCIT III,II, CMFT and Merger Sub entered into the CCIT IIIII Merger Agreement, which is attached as Annex A to this proxy statement/prospectus, and incorporated herein by reference. CCIT IIIII and CMFT encourage you to carefully read the CCIT IIIII Merger Agreement in its entirety because it is the principal document governing the CCIT IIIII Merger and the other transactions contemplated by the CCIT IIIII Merger Agreement.

closing of the CCIT IIIII Merger have been satisfied or waived, or at such other place and date as may be agreed to in writing by CCIT IIIII and CMFT.

The CCIT IIIII Merger (See page [    ])

Subject to the terms and conditions of the CCIT IIIII Merger Agreement, at the completion of the CCIT IIIII Merger, CCIT IIIII will merge with and into Merger Sub, with Merger Sub surviving the CCIT IIIII Merger as the surviving entity, such that following the CCIT IIIII Merger, the surviving entity will continue as an indirect, wholly owned subsidiary of CMFT. The CCIT IIIII Merger is intended to qualify as a “reorganization” under, and within the meaning of, Section 368(a) of the Code.

The Merger Consideration (See page [    ])

At the effective time of the CCIT IIIII Merger and by virtue of the CCIT IIIII Merger, each share of CCIT IIIII Common Stock, or fraction thereof, issued and outstanding immediately prior to the effective time of the CCIT IIIII Merger (other than Excluded Shares) will be cancelled and converted into the right to receive 1.0931.501 shares of CMFT Common Stock, subject to the treatment of fractional shares in accordance with the CCIT IIIII Merger Agreement.

Upon completion of the CCIT IIIII Merger, based on the number of shares of CMFT Common Stock and CCIT IIIII Common Stock outstanding on [                    ], 2020, continuing CMFT stockholders will own approximately [    ]% of the issued and outstanding shares of the common stock of the CCIT III/II/CMFT Combined Company and former CCIT IIIII stockholders will own approximately [    ]% of the issued and outstanding shares of common stock of the CCIT III/II/CMFT Combined Company. Upon completion of the Mergers, continuing CMFT stockholders will own approximately [    ]% of the issued and outstanding shares of common stock of the Fully Combined Company, former CCIT IIIII stockholders will own approximately [    ]% of the issued and outstanding shares of common stock of the Fully Combined Company, former CCIT IIIII stockholders will own approximately [    ]% of the issued and outstanding shares of common stock of the Fully Combined Company and former CCPT V stockholders will own approximately [    ]% of the issued and outstanding shares of common stock of the Fully Combined Company.

Reasons for the CCIT IIIII Merger (See page [    ])

In evaluating the CCIT IIIII Merger Agreement, the CCIT IIIII Merger and the other transactions contemplated by the CCIT IIIII Merger Agreement, the CCIT IIIII Board considered the recommendation of the CCIT IIIII Special Committee. The CCIT IIIII Special Committee, prior to making its unanimous recommendation, consulted with its independent legal and financial advisors. In reaching their respective determinations, the CCIT IIIII Board and the CCIT IIIII Special Committee considered a number of factors, including the factors that the CCIT IIIII Board and the CCIT IIIII Special Committee viewed as supporting their respective decisions with respect to the CCIT IIIII Merger Agreement, the CCIT IIIII Merger and the other transactions contemplated by the CCIT IIIII Merger Agreement. The CCIT IIIII Board and the CCIT IIIII Special Committee also considered a variety of risks and other potentially negative factors in considering the CCIT IIIII Merger Agreement, the CCIT IIIII Merger and the other transactions contemplated by the CCIT IIIII Merger Agreement.

The CCIT IIIII Special Committee also considered the fact that CCIT IIIII would be entitled to a 38-day “go shop” period during which CCIT IIIII could actively solicit additional acquisition proposals from third parties and would be entitled to terminate the CCIT IIIII Merger Agreement after complying with applicable provisions to enter into an agreement for a Superior Proposal (as defined in “The CCIT IIIII Merger Agreement—Covenants and

For a discussion of certain material factors considered by the CCIT IIIII Special Committee and the CCIT IIIII Board in reaching their decisions to approve the CCIT IIIII Merger Agreement, the CCIT IIIII Merger and the other transactions contemplated by the CCIT IIIII Merger Agreement, see the section “The CCIT IIIII Merger—Recommendation of the CCIT IIIII Board and Its Reasons for the CCIT IIIII Merger” in this proxy statement/prospectus.

Recommendation of the CCIT IIIII Board (See(See page [])     ])

On [                    ], 2020, after careful consideration, members of the CCIT IIIII Board, based on the unanimous recommendation of the CCIT IIIII Special Committee, (i) determined that the CCIT IIIII Merger, the CCIT IIIII Charter Amendment and the other transactions contemplated by the CCIT IIIII Merger Agreement are advisable and in the best interests of CCIT IIIII and, with respect to the CCIT IIIII Merger Agreement and the CCIT IIIII Merger, are fair and reasonable to CCIT IIIII and on terms and conditions no less favorable to CCIT IIIII than those available from third parties, and (ii) approved the CCIT IIIII Merger Agreement, the CCIT IIIII Merger, the CCIT IIIII Charter Amendment and the other transactions contemplated by the CCIT IIIII Merger Agreement. Certain factors considered by the CCIT IIIII Board in reaching its decision to approve the CCIT IIIII Merger Agreement, the CCIT IIIII Merger, the CCIT IIIII Charter Amendment and the other transactions contemplated by the CCIT IIIII Merger Agreement can be found in the section entitled “The CCIT IIIII Merger—Recommendation of the CCIT IIIII Board and Its Reasons for the CCIT IIIII Merger” beginning on page [    ].

The CCIT IIIII Board recommends that CCIT IIIII stockholders vote (i) FOR the CCIT IIIII Merger Proposal, (ii) FOR the CCIT IIIII Charter Amendment Proposal and (iii) FOR the CCIT  IIIII Adjournment Proposal.

Summary of Risks Related to the CCIT IIIII Merger (See(See page [])     ])

You should consider carefully the risk factors described below together with all of the other information included in this proxy statement/prospectus before deciding how to vote. The risks related to the CCIT IIIII Merger are described under the section “Risk Factors—Risks Related to the CCIT IIIII Merger.” Certain of the risks related to the CCIT IIIII Merger, include, among others, the following:

The CCIT IIIII Special Meeting (See(See page [])    ])

The CCIT IIIII Special Meeting will be a virtual meeting conducted exclusively via live webcast at [                    ], commencing at [        ] a.m. Pacific Time on [        ].

At the CCIT IIIII Special Meeting, CCIT IIIII stockholders will be asked to consider and vote upon the following matters:

Approval of each of the CCIT IIIII Merger Proposal and the CCIT IIIII Charter Amendment Proposal requires the affirmative vote of a majority of all of the votes entitled to be cast on each proposal.

Approval of the CCIT IIIII Adjournment Proposal requires the affirmative vote of a majority of all of the votes cast on such proposal.

Opinion of the CCIT IIIII Special Committee’s Financial Advisor

On August 30, 2020, StangerTruist Securities rendered its oral opinion to the CCIT IIIII Special Committee its oral opinion,(which was subsequently confirmed in writing that, based upon and subject to the limitations and assumptions set forth in itsby delivery of Truist Securities’ written opinion dated August 30, 2020) that, as of such date, the CCIT IIIII Exchange Ratio and the aggregate shares of CMFT Common Stock represented thereby, to be received by CCIT III stockholders pursuant toin the CCIT IIIII Merger Agreement iswas fair, to CCIT III stockholders, from a financial point of view.view, to the holders of CCIT II Common Stock, other than CMFT, CCIT III, CCPT V, CCI II Management and their respective affiliates.

The full textTruist Securities’ opinion was directed to the CCIT II Special Committee (in its capacity as such) and only addressed the fairness, from a financial point of Stanger’s written opinion, dated August 30, 2020, which sets forthview, to the assumptions made, procedures followed, matters considered, qualificationsholders of CCIT II Common Stock, other than CMFT, CCIT III, CCPT V, CCI II Management and limitations ontheir respective affiliates, of the review undertakenCCIT II Exchange Ratio in the CCIT II Merger pursuant to the CCIT II Merger Agreement and did not address any other aspect or implication of the CCIT II Merger or any agreement, arrangement or understanding entered into in connection with its opinion, is attached to this proxy statement/prospectus as Annex C.therewith or otherwise. The summary of the StangerTruist Securities’ opinion provided in this proxy statement/prospectus is qualified in its entirety by reference to the full text of its written opinion, which is included as Annex C to this proxy statement/prospectus and sets forth the procedures followed, assumptions made, qualifications and limitations on the review undertaken and other matters considered by Truist Securities in preparing its opinion. However, neither Truist Securities’ written opinion. Stanger’s advisory services and opinion were provided fornor the information and assistancesummary of the CCIT III Special Committee in connection with its consideration of the CCIT III Merger,opinion and the opinion doesrelated analyses set forth in this proxy statement/prospectus is intended to be, and they do not constitute, advice or a recommendation as to, or otherwise address, how the CCIT II Special Committee, the CCIT II Board or any CCIT IIIII stockholder should act or vote with respect to any matter relating to the CCIT IIIII Merger or any other matter.otherwise.

See “The CCIT IIIII Merger—Opinion of the CCIT IIIII Special Committee’s Financial Advisor” beginning on page [    ].

Stock Ownership of Directors and Executive Officers of CCIT IIIII ( (SeeSee page [    ]])

At the close of business on the CCIT IIIII record date, the executive officers and directors of CCIT IIIII and their affiliates collectively held [            ] shares of CCIT IIIII Common Stock, representing approximately [    ]% of all the shares of CCIT IIIII Common Stock outstanding and entitled to vote. See “Parties to the CCIT IIIII Merger—Cole Office & Industrial REIT (CCIT III)II), Inc.” beginning on page [    ].

Pursuant to the CCIT IIIII Charter and in accordance with the CCIT IIIII Merger Agreement, CCI IIIII Management, directors of CCIT IIIII and certain affiliates of such persons and CCIT IIIII are not entitled to vote their shares of CCIT IIIII Common Stock in respect of the CCIT IIIII Merger Proposal, and will not be considered in determining the number of shares entitled to vote on such proposal. See “The CCIT IIIII Special Meeting—Voting by CCI IIIII Management, CCIT IIIII Directors and Affiliates” beginning on page [    ].

Directors and Management of the Combined Company (See(See page [])     ])

Following the CCIT IIIII Merger, the CMFT Board will take or cause to be taken such action as may be necessary, in each case, to cause those “Independent Directors” (as defined in the CCIT IIIII Charter) serving as members of the CCIT IIIII Board who do not otherwise serve on the CMFT Board to be elected to the CMFT Board effective as of the effective time of the CCIT IIIII Merger to serve until the next annual meeting of stockholders of CMFT, together with the then members of the CMFT Board (and any members of the CCIT IIIII board of directors or the CCPT V board of directors appointed to the CMFT Board in connection with the CCIT IIIII Merger and the CCPT V Merger).

Pursuant to the CCIT IIIII Merger Agreement, the Nominating and Corporate Governance Committee of CMFT will recommend to the CMFT Board, after consultation with the Chairman of the CMFT Board, five to seven

independent directors for election to the CMFT Board at the first annual meeting of stockholders of CMFT following the effective time of the CCIT IIIII Merger and, if applicable, the other Mergers.

Following the Mergers, the Combined Company will continue to be managed by CMFT Management and certain of its affiliates pursuant to various agreements, the material terms of which are summarized in “Parties to the CCIT IIIII Merger—CIM Real Estate Finance Trust, Inc.—Certain Transactions with Related Parties” beginning on page [    ] of this proxy statement/prospectus.

Executive Officers of the Combined Company (See(See page [])     ])

Following the Mergers, the existing executive officers of CMFT, Richard S. Ressler and Nathan D. DeBacker, will continue as the executive officers of the Combined Company.

Interests of CCIT III’sII’s and CMFT’s Directors and Executive Officers in the CCIT IIIII Merger (Beginning on pages [    ] and [    ])

In addition to their interests in the CCIT IIIII Merger as stockholders, some of the CCIT IIIII and CMFT directors and executive officers have interests in the CCIT IIIII Merger that differ from, or are in addition to, the interests of CCIT IIIII stockholders. The CCIT IIIII Special Committee and the CCIT IIIII Board were each aware of these interests and considered them, among other things, in reaching its decision to approve the CCIT IIIII Merger, the CCIT IIIII Merger Agreement, and the other transactions contemplated by the CCIT IIIII Merger Agreement. These interests include, among other things:

For more information see “The CCIT IIIII Merger—Interests of CCIT III’sII’s Directors and Executive Officers in the CCIT IIIII Merger” and “The CCIT IIIII Merger—Interests of CMFT’s Directors and Executive Officers in the CCIT IIIII Merger.”

No Rights of Dissenting Stockholders (See(See page [])     ])

Pursuant to the CCIT IIIII Charter, no dissenters’ or appraisal rights or rights of objecting stockholders will be available with respect to the CCIT IIIII Merger.

Conditions to Completion of the CCIT IIIII Merger ( (BeginningBeginning on page [    ]])

As more fully described in this proxy statement/prospectus and the CCIT IIIII Merger Agreement, the obligation of each of CCIT IIIII and CMFT to complete the CCIT IIIII Merger and the other transactions contemplated by the

party, at or prior to the effective time of the CCIT IIIII Merger, of a number of closing conditions. These conditions include, among other things:

Neither CCIT IIIII nor CMFT can give any assurance as to when or if all of the conditions to the consummation of the CCIT IIIII Merger will be satisfied or waived or that the CCIT IIIII Merger will occur.

The completion of the CCIT IIIII Merger is not contingent upon the completion of the CCIT IIIII Merger or theCCPTthe CCPT V Merger.

See “The CCIT IIIII Merger Agreement—Conditions to Completion of the CCIT IIIII Merger” beginning on page [    ] for more information.

Regulatory Approvals Required for the CCIT IIIII Merger (See page [])    ])

Other than compliance with applicable federal and state securities laws, CCIT IIIII and CMFT are not aware of any material federal or state regulatory requirements that must be complied with, or regulatory approvals that must be obtained, in connection with the CCIT IIIII Merger or the other transactions contemplated by the CCIT IIIII Merger Agreement.

Alternative Acquisition Proposals; Change in Recommendation (Beginning on page [])    ])

As more fully described in this proxy statement/prospectus and the CCIT IIIII Merger Agreement, following signing of the CCIT IIIII Merger Agreement until 11:59 p.m. (New York City time) on October 7, 2020 (the “Go Shop Period End Time”), CCIT IIIII has a “go shop” right that allows CCIT IIIII and its subsidiaries to, among other things, solicit and encourage inquiries or proposals that might reasonably be expected to lead to a competing Acquisition Proposal with respect to CCIT IIIII and negotiate with other potential acquirors.

Beginning at the Go Shop Period End Time, except as described below, the CCIT IIIII Merger Agreement provides that CCIT IIIII may not, and will cause its subsidiaries and direct each of its and their respective directors, officers, affiliates and representatives not to, initiate, solicit, knowingly encourage or facilitate any inquiries, proposals or

At any time after the Go Shop Period End Time and prior to obtaining the necessary approvals of CCIT IIIII stockholders, CCIT IIIII may, if and only to the extent that the CCIT IIIII Special Committee has either determined that an Acquisition Proposal constitutes a Superior Proposal (as defined under the heading “The CCIT IIIII Merger Agreement—Covenants and Agreements—Alternative Acquisition Proposals; Change in Recommendation”) or determined in good faith after consultation with outside legal counsel and outside financial advisors that an Acquisition Proposal could reasonably be expected to lead to a Superior Proposal:

At any time prior to obtaining the necessary approvals of CCIT IIIII stockholders, CCIT IIIII has the right, upon receipt of a written Acquisition Proposal that constitutes a Superior Proposal that did not result from a material breach of the non-solicitation provisions of the CCIT IIIII Merger Agreement, to give notice of its intention to terminate the CCIT IIIII Merger Agreement to enter into an Alternative Acquisition Agreement for such Superior Proposal and/or effect an Adverse Recommendation Change (as such terms are defined under the heading “The CCIT IIIII Merger Agreement—Covenants and Agreements—Alternative Acquisition Proposals; Change in Recommendation”), subject to the following conditions:

For more information regarding the limitations on CCIT III,II, the CCIT IIIII Board and the CCIT IIIII Special Committee to consider other proposals, see “The CCIT IIIII Merger Agreement—Covenants and Agreements—Alternative Acquisition Proposals; Change in Recommendation” beginning on page [    ].

Termination of the CCIT IIIII Merger Agreement (Beginning on page [])    ])

CCIT IIIII and CMFT may, by written consent, mutually agree to terminate the CCIT IIIII Merger Agreement before completing the CCIT IIIII Merger, even after obtaining the required approval of CCIT IIIII stockholders.

The CCIT IIIII Merger Agreement may also be terminated prior to the effective time of the CCIT IIIII Merger by either CCIT IIIII or CMFT if any of the following occur, each subject to certain exceptions:

The CCIT IIIII Merger Agreement may also be terminated prior to the effective time of the CCIT IIIII Merger by CMFT upon either of the following, each subject to certain exceptions:

The CCIT IIIII Merger Agreement may also be terminated prior to the effective time of the CCIT IIIII Merger by CCIT IIIII upon any of the following, each subject to certain exceptions:

For more information regarding the rights of CCIT IIIII and CMFT to terminate the CCIT IIIII Merger Agreement, see “The CCIT IIIII Merger Agreement—Termination of the CCIT IIIII Merger Agreement” beginning on page [    ].

Termination Fee and Expense Reimbursement (See page [])    ])

Upon termination of the CCIT IIIII Merger Agreement in certain circumstances, the CCIT IIIII Merger Agreement provides for the payment of a termination fee to CMFT by CCIT IIIII of $710,000 (other than certain terminations

See “The CCIT IIIII Merger Agreement—Termination of the CCIT IIIII Merger Agreement—Termination Fee and Expense Reimbursement” beginning on page [    ] for more information on the termination fees that could be payable by CCIT IIIII to CMFT.

Material U.S. Federal Income Tax Consequences of the CCIT IIIII Merger (Beginning on page [])    ])

CCIT IIIII and CMFT intend that the CCIT IIIII Merger will qualify as a “reorganization” within the meaning of Section 368(a) of the Code. The closing of the CCIT IIIII Merger is conditioned on the receipt by each of CMFT and CCIT IIIII of an opinion of counsel to that effect. Assuming that the CCIT IIIII Merger qualifies as a “reorganization” within the meaning of Section 368(a) of the Code, a holder of shares of CCIT IIIII Common Stock generally will not recognize gain or loss for U.S. federal income tax purposes upon the receipt of CMFT Common Stock in exchange for shares of CCIT IIIII Common Stock in connection with the CCIT IIIII Merger.

For further discussion of certain U.S. federal income tax consequences of the CCIT IIIII Merger and the ownership and disposition of CMFT Common Stock, see “U.S. Federal Income Tax Considerations” beginning on page [    ]. CCIT IIIII stockholders should consult their tax advisors to determine the tax consequences to them (including the application and effect of any state, local or non-U.S. income and other tax laws) of the CCIT IIIII Merger and the ownership and disposition of CMFT Common Stock.

Accounting Treatment of the CCIT IIIII Merger (See page [])    ])

CMFT prepares its financial statements in accordance with U.S. generally accepted accounting principles, which we refer to herein as “GAAP.” The CCIT IIIII Merger will be treated as an asset acquisition under GAAP. See “The CCIT IIIII Merger—Accounting Treatment” on page [    ] for more information.

Comparison of Rights of CCIT IIIII Stockholders and CMFT Stockholders (Beginning(Beginning on page [])     ])

At the effective time of the CCIT IIIII Merger, CCIT IIIII stockholders will become CMFT stockholders and, accordingly, their rights will be governed by the CMFT Charter and CMFT Bylaws and the laws of the State of Maryland. The CMFT Charter and CMFT Bylaws contain certain provisions that are different from the CCIT IIIII Charter and CCIT IIIII Bylaws.

For a summary of certain differences between the rights of CCIT IIIII stockholders and CMFT stockholders, see “Comparison of Rights of CCIT IIIII Stockholders and CMFT Stockholders” beginning on page [    ].

Selected Historical Financial Information of CCIT IIIII

Presented below is the selected historical consolidated financial data of CCIT IIIII as of and for the periods indicated. The selected historical consolidated financial data of CCIT IIIII for each of the years during the five-year period ended December 31, 2019 has been derived from CCIT III’sII’s historical audited consolidated financial statements for such periods. The selected historical financial information for the six months ended June 30, 2020, has been derived from CCIT III’sII’s unaudited consolidated financial statements for such period.

You should read this selected historical financial information together with the financial statements and accompanying notes included in this proxy statement/prospectus beginning on page F-116F-114 and CCIT III

statements for such periods. The selected historical financial information for the six months ended June 30, 2020, has been derived from CMFT’s unaudited consolidated financial statements for such period.