CIM Income NAV – $20.9 Million share redemption requests left unfilled
The White Law Group continues to investigate potential claims against brokerage firms who may have unsuitably recommended CIM Income NAV to investors.
CIM Income NAV Inc., formerly known as Cole Real Estate Income Strategy Inc., is a non-traded real estate investment trust that invests in anchored shopping centers, retail, industrial and distribution, and office properties.
The REIT reportedly declared a monthly net asset value for four classes of its common stock on February 28, 2021 and shares were originally sold for $15 per share.
According to filings with the SEC, all four classes had a decline in value from the previous month:
Class D shares had a net asset value per share of $16.31, down from $16.91 the previous month.
Class T shares had an NAV per share of approximately $15.87, down from $16.46 each the previous month.
Class S shares had an NAV per share of approximately $15.86 down from $16.44 each the previous month.
Class I shares had an NAV per share of approximately $16.60, down from $17.20 each the previous month.
Unfortunately for investors, less than 20% of the share redemption requests were filled in February. The REIT reportedly received approximately $24.9 million in redemption requests, while the current limit is just $4 million. The company said that the remaining redemption requests received went unfulfilled.
Filing a Complaint against your Brokerage Firm
The trouble with non-traded REITs is that they are complex and inherently risky products.
Broker dealers are required to inform clients of the risks associated with investment recommendations and to ensure that those recommendations are suitable for the investor in light of the investor’s age, risk tolerance, net worth, and investment experience. Firms that fail to do so, may be held responsible for any losses.
Lack of liquidity is often problematic for many investors. Investors looking to sell often have difficulty finding a buyer, and can suffer significant losses on the sale.
If you are concerned about your investment losses in CIM Income NAV, please call the securities attorneys of The White Law Group at (888) 637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit https://www.whitesecuritieslaw.com.