About Cole Net-Lease Assets

About Cole Net-Lease Assets

Through various economic cycles, Cole REITs have employed a clearly defined and disciplined investment strategy, offering shareholders opportunities oriented toward minimizing credit risk and providing long-term value as part of a diversified portfolio. Since 2004, nine Cole REITs have collectively acquired more than $22 billion in assets, while four of the REITs have achieved liquidity events.1 In 2011, Cole Real Estate Income Strategy (Daily NAV), Inc. — the industry’s first continuously-offered non-listed REIT — was launched, providing daily valuations and share redemption flexibility for shareholders.

Vertically-Integrated Owner

CIM brings decades of in-house acquisition, investment, development, finance, leasing and asset management experience. Throughout its more than 20-year history, CIM has acquired approximately $55 billion of assets on behalf of various real asset programs.2 CIM’s multi-sector investment expertise includes retail, office, industrial, residential, entertainment and more.

CIM has more than 80 institutional partners and co-investors globally, including some of the world’s largest pension funds, sovereign wealth funds and corporations, which in aggregate have committed more than $13 billion since inception.2

Management Team

  • Bill Miller

    Bill Miller

    President and Chief Executive Officer, CCO Capital
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    Bill Miller serves as President and Chief Executive Officer of CCO Capital, LLC, the dealer-manager subsidiary of CIM Group®. In this role, Mr. Miller provides strategic direction and oversees all aspects of the management of CIM’s retail distribution channel, including external and internal sales, product development and due diligence, broker-dealer relationship management, securities operations and capital markets.

    Mr. Miller has served in the financial services business for more than 20 years with extensive leadership experience in capital markets, real estate and distribution. Prior to joining CIM, he served in a similar capacity as President and Chief Executive Officer at Cole Capital. Additionally, he served as Senior Vice President and Director of National Accounts for American Funds, where he was responsible for leading business development, strategy and relationship management efforts for the retail wire/regional broker-dealers, as well as the global banking channel in the United States. Mr. Miller has also held REIT product management positions, as well as sales and wholesale distribution leadership positions, with Realty Capital Securities, AXA Equitable Distributors and Lincoln Financial Distributors.

    Mr. Miller is a graduate of Hobart College. He holds FINRA Series 7 and 24 licenses.

  • Nathan DeBacker

    Nathan DeBacker

    Senior Vice President, Chief Financial Officer, CCO Capital
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    Nathan DeBacker serves as Senior Vice President and Chief Financial Officer at CCO Capital, LLC, the dealer-manager subsidiary of CIM Group®. In this role, his responsibilities include investment management oversight as well as overall management of accounting, external reporting, financial planning, analysis and treasury for CIM’s retail distribution channel.

    Before joining CIM, Mr. DeBacker was Senior Vice President and Chief Financial Officer for Cole Capital. He also served as the Principal at CFO Financial Services, a certified public accounting firm that provided accounting, payroll, tax, forecasting and planning, business valuation and investment advisory services to individuals and business organizations. Mr. DeBacker served as Vice President of Real Estate Planning and Analysis at Cole Real Estate Investments where he was responsible for financial planning and analysis for Cole and the Cole REITs. Additionally, Mr. DeBacker held key leadership roles in the accounting and financial reporting department. He was instrumental in Cole’s initial public listing and CCPT II’s merger with Spirit Realty Capital (NYSE: SRC). Mr. DeBacker started his career as an auditor with Ernst & Young LLP.

    Mr. DeBacker earned a Bachelor of Science degree in Accounting from the University of Arizona and is a Certified Public Accountant in Arizona.

  • Michael Komenda

    Michael Komenda

    General Counsel, CCO Capital
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    Michael Komenda serves as General Counsel at CCO Capital, LLC, the dealer-manager subsidiary of CIM Group®. In this role, he is responsible for providing legal advice supporting CIM’s retail capital markets business relationships, various corporate transactional matters and regulatory compliance of CCO Capital.

    Previously, Mr. Komenda served as Head of Product Strategy at Cole Capital, as well as VEREIT’s Assistant General Counsel and Counsel to Cole. In this role, he advised on new and ongoing product offerings and provided legal advice supporting Cole Capital, in addition to assisting on various VEREIT corporate transaction matters. Prior to joining VEREIT in 2013, he worked as a corporate attorney at Cleary Gottlieb Steen & Hamilton in New York, where he provided advice to buyers and sellers in mergers and acquisitions, and assisted companies with capital markets and corporate governance matters. Prior to joining Cleary Gottlieb, Mr. Komenda clerked on the Delaware Court of Chancery, the country’s principal court for hearing corporate governance and other corporate law disputes. Before attending law school, Mr. Komenda worked as a financial analyst.

    Mr. Komenda earned Bachelor of Arts and Bachelor of Science degrees from Arizona State University and a Juris Doctor degree from Harvard Law School.

  • Bill Miller serves as President and Chief Executive Officer of CCO Capital, LLC, the dealer-manager subsidiary of CIM Group®. In this role, Mr. Miller provides strategic direction and oversees all aspects of the management of CIM’s retail distribution channel, including external and internal sales, product development and due diligence, broker-dealer relationship management, securities operations and capital markets.

    Mr. Miller has served in the financial services business for more than 20 years with extensive leadership experience in capital markets, real estate and distribution. Prior to joining CIM, he served in a similar capacity as President and Chief Executive Officer at Cole Capital. Additionally, he served as Senior Vice President and Director of National Accounts for American Funds, where he was responsible for leading business development, strategy and relationship management efforts for the retail wire/regional broker-dealers, as well as the global banking channel in the United States. Mr. Miller has also held REIT product management positions, as well as sales and wholesale distribution leadership positions, with Realty Capital Securities, AXA Equitable Distributors and Lincoln Financial Distributors.

    Mr. Miller is a graduate of Hobart College. He holds FINRA Series 7 and 24 licenses.

  • Nathan DeBacker serves as Senior Vice President and Chief Financial Officer at CCO Capital, LLC, the dealer-manager subsidiary of CIM Group®. In this role, his responsibilities include investment management oversight as well as overall management of accounting, external reporting, financial planning, analysis and treasury for CIM’s retail distribution channel.

    Before joining CIM, Mr. DeBacker was Senior Vice President and Chief Financial Officer for Cole Capital. He also served as the Principal at CFO Financial Services, a certified public accounting firm that provided accounting, payroll, tax, forecasting and planning, business valuation and investment advisory services to individuals and business organizations. Mr. DeBacker served as Vice President of Real Estate Planning and Analysis at Cole Real Estate Investments where he was responsible for financial planning and analysis for Cole and the Cole REITs. Additionally, Mr. DeBacker held key leadership roles in the accounting and financial reporting department. He was instrumental in Cole’s initial public listing and CCPT II’s merger with Spirit Realty Capital (NYSE: SRC). Mr. DeBacker started his career as an auditor with Ernst & Young LLP.

    Mr. DeBacker earned a Bachelor of Science degree in Accounting from the University of Arizona and is a Certified Public Accountant in Arizona.

  • Michael Komenda serves as General Counsel at CCO Capital, LLC, the dealer-manager subsidiary of CIM Group®. In this role, he is responsible for providing legal advice supporting CIM’s retail capital markets business relationships, various corporate transactional matters and regulatory compliance of CCO Capital.

    Previously, Mr. Komenda served as Head of Product Strategy at Cole Capital, as well as VEREIT’s Assistant General Counsel and Counsel to Cole. In this role, he advised on new and ongoing product offerings and provided legal advice supporting Cole Capital, in addition to assisting on various VEREIT corporate transaction matters. Prior to joining VEREIT in 2013, he worked as a corporate attorney at Cleary Gottlieb Steen & Hamilton in New York, where he provided advice to buyers and sellers in mergers and acquisitions, and assisted companies with capital markets and corporate governance matters. Prior to joining Cleary Gottlieb, Mr. Komenda clerked on the Delaware Court of Chancery, the country’s principal court for hearing corporate governance and other corporate law disputes. Before attending law school, Mr. Komenda worked as a financial analyst.

    Mr. Komenda earned Bachelor of Arts and Bachelor of Science degrees from Arizona State University and a Juris Doctor degree from Harvard Law School.

  • Todd Lockwood

    Todd Lockwood

    Senior Vice President, Operations & Shareholder Relations
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    Todd Lockwood serves as Senior Vice President of Operations & Shareholder Relations at CIM Group®. In this role, he is responsible for the operations processing, client services and reporting functional areas, as well as project management and oversight of various service providers, including CIM’s transfer agent.

    Mr. Lockwood has worked in the financial services industry for more than 20 years. Before joining CIM, he served at Cole Capital for more than six years. He also previously served as Vice President of Operations for ING Funds (now Voya Financial), where he was responsible for ING Funds’ U.S. Mutual Fund Operations, including oversight of two transfer agents, trade processing, reporting, and broker dealer contracts for mutual fund products as well as ING’s closed-end interval fund, and U.S.-based trading into ING’s Offshore Fund unit in Luxembourg.

    Mr. Lockwood is also active with various industry groups and initiatives, including The Investment Program Association (IPA) Operations Committee and the DTCC’s Steering Committee for their Alternative Investment Platform, an industry-wide initiative to develop automated processing. He was awarded the Outstanding Service Award in 2016 from the IPA.

    Mr. Lockwood earned a BSBA in Finance from the University of Arizona and currently holds a FINRA Series 99 license.

  • Christina Mayo

    Christina Mayo

    1st Vice President, Asset Management
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    Christina Mayo serves as 1st Vice President of Asset Management at CIM Group®. In this role, she is instrumental in overseeing the Cole REITs’ portfolios of assets. Ms. Mayo’s responsibilities include overseeing regional asset management, property management, leasing and construction teams, handling primary management responsibilities for all Cole REIT properties and providing recommendations on portfolio-wide initiatives.

    Ms. Mayo has more than 25 years of asset management, accounting and operations experience. Prior to joining CIM, Ms. Mayo served as Senior Vice President of Asset/Property Management for Anchored Shopping Center Properties at VEREIT. Prior to VEREIT, Ms. Mayo served in various property management roles at Kitchell, Vestar and ZELL, handling accounting, cash flow forecasting, due diligence, marketing, reporting, budgeting and tenant relations for a variety of commercial properties.

    Ms. Mayo earned a Bachelor of Accountancy degree from the University of San Diego. She is a Certified Property Manager (CPM) and a Certified Commercial Investment Member (CCIM).

  • Brian McGlynn

    Brian McGlynn

    Managing Director, Investments
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    Brian McGlynn serves as a Managing Director of Investments at CIM Group®. In this role, he is responsible for overseeing the real estate acquisition and disposition activities for the various Cole REITs, ensuring all transactions meet the investment objectives of the various funds and implementing value enhancement strategies for the owned assets.

    Mr. McGlynn has worked in the commercial real estate industry for more than 20 years. Prior to joining CIM, Mr. McGlynn served as Senior Vice President of Underwriting & Retail Asset Management at VEREIT and Cole Capital. Mr. McGlynn’s key accomplishments at VEREIT and Cole included founding the company’s underwriting department, implementing transaction and credit review procedures and formulating a new deal review process. Prior to joining VEREIT and Cole in November 2005, Mr. McGlynn was Vice President of Operations for Lowe Enterprises Real Estate Group in Phoenix and was responsible for all property management, leasing and construction management duties for Lowe's portfolio of commercial real estate assets in the Phoenix metropolitan area. Prior to that, Mr. McGlynn was an auditor with E&Y Kenneth Leventhal (the real estate division of Ernst & Young).

    Mr. McGlynn earned three Bachelor of Science degrees from Northern Arizona University — accounting, corporate finance and business administration.

  • Todd Lockwood serves as Senior Vice President of Operations & Shareholder Relations at CIM Group®. In this role, he is responsible for the operations processing, client services and reporting functional areas, as well as project management and oversight of various service providers, including CIM’s transfer agent.

    Mr. Lockwood has worked in the financial services industry for more than 20 years. Before joining CIM, he served at Cole Capital for more than six years. He also previously served as Vice President of Operations for ING Funds (now Voya Financial), where he was responsible for ING Funds’ U.S. Mutual Fund Operations, including oversight of two transfer agents, trade processing, reporting, and broker dealer contracts for mutual fund products as well as ING’s closed-end interval fund, and U.S.-based trading into ING’s Offshore Fund unit in Luxembourg.

    Mr. Lockwood is also active with various industry groups and initiatives, including The Investment Program Association (IPA) Operations Committee and the DTCC’s Steering Committee for their Alternative Investment Platform, an industry-wide initiative to develop automated processing. He was awarded the Outstanding Service Award in 2016 from the IPA.

    Mr. Lockwood earned a BSBA in Finance from the University of Arizona and currently holds a FINRA Series 99 license.

  • Christina Mayo serves as 1st Vice President of Asset Management at CIM Group®. In this role, she is instrumental in overseeing the Cole REITs’ portfolios of assets. Ms. Mayo’s responsibilities include overseeing regional asset management, property management, leasing and construction teams, handling primary management responsibilities for all Cole REIT properties and providing recommendations on portfolio-wide initiatives.

    Ms. Mayo has more than 25 years of asset management, accounting and operations experience. Prior to joining CIM, Ms. Mayo served as Senior Vice President of Asset/Property Management for Anchored Shopping Center Properties at VEREIT. Prior to VEREIT, Ms. Mayo served in various property management roles at Kitchell, Vestar and ZELL, handling accounting, cash flow forecasting, due diligence, marketing, reporting, budgeting and tenant relations for a variety of commercial properties.

    Ms. Mayo earned a Bachelor of Accountancy degree from the University of San Diego. She is a Certified Property Manager (CPM) and a Certified Commercial Investment Member (CCIM).

  • Brian McGlynn serves as a Managing Director of Investments at CIM Group®. In this role, he is responsible for overseeing the real estate acquisition and disposition activities for the various Cole REITs, ensuring all transactions meet the investment objectives of the various funds and implementing value enhancement strategies for the owned assets.

    Mr. McGlynn has worked in the commercial real estate industry for more than 20 years. Prior to joining CIM, Mr. McGlynn served as Senior Vice President of Underwriting & Retail Asset Management at VEREIT and Cole Capital. Mr. McGlynn’s key accomplishments at VEREIT and Cole included founding the company’s underwriting department, implementing transaction and credit review procedures and formulating a new deal review process. Prior to joining VEREIT and Cole in November 2005, Mr. McGlynn was Vice President of Operations for Lowe Enterprises Real Estate Group in Phoenix and was responsible for all property management, leasing and construction management duties for Lowe's portfolio of commercial real estate assets in the Phoenix metropolitan area. Prior to that, Mr. McGlynn was an auditor with E&Y Kenneth Leventhal (the real estate division of Ernst & Young).

    Mr. McGlynn earned three Bachelor of Science degrees from Northern Arizona University — accounting, corporate finance and business administration.

  • Sean Morris

    Sean Morris

    Senior Vice President, National Sales Director
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    Sean Morris serves as a Senior Vice President, National Sales Director of External Sales at CIM Group®. In this role, he manages the external sales team, maintains relationships with advisors, and is a key speaker for due diligence and industry events.

    Mr. Morris has more than 15 years of sales and marketing experience in the financial services sector. Prior to joining CIM, he was with Cole Capital for more than five years. Mr. Morris also served as Senior Vice President and National Sales Manager at Sun Life Financial, running the firm’s independent broker-dealer channel. He also held management and sales positions at Lincoln Financial and AIG SunAmerica.

    Mr. Morris earned a Bachelor of Science in Management from Villanova University. He holds FINRA Series 7, 24 and 63 licenses.

  • Brian Rivera

    Brian Rivera

    Senior Vice President, National Sales Director
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    Brian Rivera serves as a Senior Vice President and National Sales Director of External Sales at CIM Group®. In this role, he manages the external sales team, maintains relationships with advisors and assists advisors with their real estate needs.

    Mr. Rivera has worked in the financial services industry for 22 years. Prior to joining CIM, he served at Cole Capital for more than seven years. Mr. Rivera was also a Regional Vice President for the Central California territory at KBS Capital Markets. He moved to that territory after serving the Ohio Valley region and developing it into one of the top three producing territories. Prior to joining KBS Capital Markets Group, Mr. Rivera was a Regional Vice President at MetLife Investors where he was responsible for the distribution of fixed and variable annuities, as well as long term care products. During two of his four years at MetLife Investors, Mr. Rivera was recognized as one of the top three producing wholesalers.

    Mr. Rivera earned a Bachelor of Arts degree from Franklin and Marshall College. He holds FINRA Series 7, 24 and 63 licenses.

  • Mark Selman

    Mark Selman

    Managing Director, Investments
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    Mark Selman serves as a Managing Director of Investments at CIM Group®. In this role, Mr. Selman is responsible for portfolio management, property re-positioning and yield maintenance for the Cole REITs.

    Mr. Selman has more than 25 years of experience in real estate and capital markets. Prior to joining the CIM, he served as Senior Vice President of Portfolio Management at VEREIT. Mr. Selman was also Vice President with McMillin Commercial, where his responsibilities included raising equity, acquisitions and asset management. He also held the position of Senior Vice President of Portfolio Management at Realty Income Corporation, a publicly traded REIT, where he was responsible for managing its portfolio. Prior to joining Realty Income, Mr. Selman was a Senior Manager with KPMG Peat Marwick’s Real Estate Consulting Group.

    Mr. Selman earned a Master of Business Administration, a Bachelor of Science in Business Administration (Finance) and a Bachelor of Arts in Psychology from San Diego State University.

  • Sean Morris serves as a Senior Vice President, National Sales Director of External Sales at CIM Group®. In this role, he manages the external sales team, maintains relationships with advisors, and is a key speaker for due diligence and industry events.

    Mr. Morris has more than 15 years of sales and marketing experience in the financial services sector. Prior to joining CIM, he was with Cole Capital for more than five years. Mr. Morris also served as Senior Vice President and National Sales Manager at Sun Life Financial, running the firm’s independent broker-dealer channel. He also held management and sales positions at Lincoln Financial and AIG SunAmerica.

    Mr. Morris earned a Bachelor of Science in Management from Villanova University. He holds FINRA Series 7, 24 and 63 licenses.

  • Brian Rivera serves as a Senior Vice President and National Sales Director of External Sales at CIM Group®. In this role, he manages the external sales team, maintains relationships with advisors and assists advisors with their real estate needs.

    Mr. Rivera has worked in the financial services industry for 22 years. Prior to joining CIM, he served at Cole Capital for more than seven years. Mr. Rivera was also a Regional Vice President for the Central California territory at KBS Capital Markets. He moved to that territory after serving the Ohio Valley region and developing it into one of the top three producing territories. Prior to joining KBS Capital Markets Group, Mr. Rivera was a Regional Vice President at MetLife Investors where he was responsible for the distribution of fixed and variable annuities, as well as long term care products. During two of his four years at MetLife Investors, Mr. Rivera was recognized as one of the top three producing wholesalers.

    Mr. Rivera earned a Bachelor of Arts degree from Franklin and Marshall College. He holds FINRA Series 7, 24 and 63 licenses.

  • Mark Selman serves as a Managing Director of Investments at CIM Group®. In this role, Mr. Selman is responsible for portfolio management, property re-positioning and yield maintenance for the Cole REITs.

    Mr. Selman has more than 25 years of experience in real estate and capital markets. Prior to joining the CIM, he served as Senior Vice President of Portfolio Management at VEREIT. Mr. Selman was also Vice President with McMillin Commercial, where his responsibilities included raising equity, acquisitions and asset management. He also held the position of Senior Vice President of Portfolio Management at Realty Income Corporation, a publicly traded REIT, where he was responsible for managing its portfolio. Prior to joining Realty Income, Mr. Selman was a Senior Manager with KPMG Peat Marwick’s Real Estate Consulting Group.

    Mr. Selman earned a Master of Business Administration, a Bachelor of Science in Business Administration (Finance) and a Bachelor of Arts in Psychology from San Diego State University.

  • Jeff Smith

    Jeff Smith

    Vice President, Accounting
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    Jeff Smith serves as Vice President of Accounting at CIM Group®. In this role, he oversees the accounting responsibilities for each of the Cole REITs®.

    Mr. Smith has more than nine years of experience in the accounting and finance industry. Prior to joining CIM, Mr. Smith served as the Vice President of Accounting and Principal Accounting Officer at Cole Capital. Before joining Cole Capital, Mr. Smith worked with KPMG and specialized in audit for eight years.

    Mr. Smith earned a bachelor’s degree and a master’s degree in accounting from Brigham Young University. In addition, he is a Certified Public Accountant, licensed in the state of Arizona.

  • Emily Vande Krol

    Emily Vande Krol

    Senior Vice President, Internal Sales
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    Emily Vande Krol serves as Senior Vice President of Internal Sales at CIM Group®. In this position, she is responsible for managing the internal sales team, which supports the daily needs of financial advisors and external wholesalers.

    Ms. Vande Krol has worked in the financial services industry for more than nine years. Prior to joining CIM, Ms. Vande Krol served in various capacities within the internal sales desk and service and operations teams at Cole Capital, most recently as the Senior Vice President of Internal Sales. Ms. Vande Krol’s experience also includes a role as a financial associate for Thrivent Financial for Lutherans.

    Ms. Vande Krol earned a Bachelor of Science in Accounting from Arizona State University. She holds FINRA Series 7 and 63 licenses.

  • Robert Varga

    Robert Varga

    Senior Vice President, National Accounts & Due Diligence
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    Robert Varga serves as Senior Vice President of National Accounts and Due Diligence at CIM Group®. In this role, Mr. Varga is responsible for managing teams that develop broker-dealer relationships while expanding selling group agreements, increasing brand awareness, opening new distribution channels, developing new offerings and managing due diligence operations.

    Mr. Varga has worked in the financial services industry for more than 15 years. Prior to joining CIM, he was Senior Vice President of National Accounts and Due Diligence at Cole Capital. Mr. Varga also served as Head of National Accounts at RS Investments, where he managed the relationship management team for the $17 billion global asset management firm. Additionally, he worked in National Accounts for Planco Financial Services and was responsible for developing and maintaining relationships with Independent broker-dealers.

    Mr. Varga holds FINRA Series 7, 24 and 63 licenses.

  • Jeff Smith serves as Vice President of Accounting at CIM Group®. In this role, he oversees the accounting responsibilities for each of the Cole REITs®.

    Mr. Smith has more than nine years of experience in the accounting and finance industry. Prior to joining CIM, Mr. Smith served as the Vice President of Accounting and Principal Accounting Officer at Cole Capital. Before joining Cole Capital, Mr. Smith worked with KPMG and specialized in audit for eight years.

    Mr. Smith earned a bachelor’s degree and a master’s degree in accounting from Brigham Young University. In addition, he is a Certified Public Accountant, licensed in the state of Arizona.

  • Emily Vande Krol serves as Senior Vice President of Internal Sales at CIM Group®. In this position, she is responsible for managing the internal sales team, which supports the daily needs of financial advisors and external wholesalers.

    Ms. Vande Krol has worked in the financial services industry for more than nine years. Prior to joining CIM, Ms. Vande Krol served in various capacities within the internal sales desk and service and operations teams at Cole Capital, most recently as the Senior Vice President of Internal Sales. Ms. Vande Krol’s experience also includes a role as a financial associate for Thrivent Financial for Lutherans.

    Ms. Vande Krol earned a Bachelor of Science in Accounting from Arizona State University. She holds FINRA Series 7 and 63 licenses.

  • Robert Varga serves as Senior Vice President of National Accounts and Due Diligence at CIM Group®. In this role, Mr. Varga is responsible for managing teams that develop broker-dealer relationships while expanding selling group agreements, increasing brand awareness, opening new distribution channels, developing new offerings and managing due diligence operations.

    Mr. Varga has worked in the financial services industry for more than 15 years. Prior to joining CIM, he was Senior Vice President of National Accounts and Due Diligence at Cole Capital. Mr. Varga also served as Head of National Accounts at RS Investments, where he managed the relationship management team for the $17 billion global asset management firm. Additionally, he worked in National Accounts for Planco Financial Services and was responsible for developing and maintaining relationships with Independent broker-dealers.

    Mr. Varga holds FINRA Series 7, 24 and 63 licenses.

The Cole Net-Lease Assets Advantage
CIM Leadership Team

1) Past performance does not guarantee future results. There is no guarantee that any CCO Group program will replicate these types of liquidity events, if at all, and the programs are not required to effect a liquidity event at any time. The programs have limited liquidity as there is no public market and one may never exist, for shares of common stock. Please consult the Prior Performance Summary and Appendix A - Prior Performance Tables sections of the Cole REITs’ prospectuses for a further discussion as certain Cole REITs have experienced adverse business developments. There is no guarantee that shareholders will receive a distribution, and distributions have been paid from proceeds from the offering, from borrowings or from the sale of assets. Fees and expenses associated with the management of the REIT will impact the ability to pay distributions and the effects of any capital appreciation. There is no guarantee that the shares of the REIT and the underlying properties will appreciate in value. Commercial real estate performs differently than other asset classes such as stocks or bonds. An investment in a non-listed REIT is not a direct investment in commercial real estate. See program prospectus for more information, including program risks. 2) As of 02/01/2018 and includes both CIM's Urban Real Assets and Cole Net-Lease Assets.