CIM Real Estate Finance Trust, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in interest income from $113.8 million to $98.4 million year-over-year, attributed to the suspension of interest income on certain nonaccrual loans.
Rental and other property income decreased to $22.9 million from $25.1 million in the same quarter of the previous year, primarily due to property dispositions.
Total expenses for the quarter were $121.3 million, down from $161.0 million in the previous year, mainly due to a decrease in the provision for credit losses.
The company reported a net income of $7.3 million for the quarter, compared to a net loss of $11.0 million in the previous year, reflecting improved expense management.
Net cash provided by operating activities was $130.7 million, while cash used in investing and financing activities was $620.5 million and $814.1 million, respectively.
CIM Real Estate Finance Trust had total assets of $5.4 billion as of September 30, 2024, with a decrease in total liabilities to $3.3 billion.
The filing also details various financial activities, including the disposition of three properties and the acquisition of two properties during the quarter.
The company continues to focus on managing its loan and real estate portfolios to optimize returns and manage risks associated with market conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CIM Real Estate Finance Trust Inc Com quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.