424B3 1 d860984d424b3.htm 424B3 424B3

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-273828

CANTOR FITZGERALD INCOME TRUST, INC.

SUPPLEMENT NO. 11 DATED DECEMBER 18, 2024

TO THE PROSPECTUS DATED FEBRUARY 7, 2024

This Supplement No. 11 supplements, and should be read in conjunction with our prospectus dated February 7, 2024, Supplement No. 1 dated February 15, 2024, Supplement No. 2 dated March 19, 2024, Supplement No. 3 dated April 17, 2024, Supplement No. 4 dated May 16, 2024, Supplement No. 5 dated June 18, 2024, Supplement No. 6 dated July 16, 2024, Supplement No. 7 dated August 19, 2024, Supplement No. 8 dated September 18, 2024, Supplement No. 9 dated October 18, 2024, and Supplement No. 10 dated November 19, 2024. Defined terms used in this Supplement No. 11 shall have the meaning given to them in the prospectus unless the context otherwise requires. The purposes of this Supplement are as follows:

 

   

to disclose the transaction price for each class our common stock as of January 1, 2025;

 

   

to disclose the calculation of our November 30, 2024 net asset value (“NAV”) per share, as determined in accordance with our valuation procedures, for each of our share classes;

 

   

to update our portfolio disclosure; and

 

   

to provide an update on the status of our current public offering (the “Offering”).

January 1, 2025 Transaction Price

The transaction price for each share class of our common stock for subscriptions accepted as of January 1, 2025 (and repurchases as of December 31, 2024) is as follows:

 

     Transaction Price
(per share)
 

Class S

   $ 20.10  

Class I

   $ 20.12  

Class T

   $ 20.10  

Class D

   $ 20.11  

A detailed calculation of the NAV per share is set forth below. The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees. Subject to certain specific limitations and holding period requirements defined in our share repurchase program, the repurchase price for each share class will be based upon the transaction price of such class.

November 30, 2024 NAV per Share

We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of directors. Our NAV per share, which is updated as of the last calendar day of each month, is posted on our website at www.cfincometrust.com and is made available on our toll-free, automated telephone line at 855-9-CANTOR. Please refer to “Net Asset Value Calculation and Valuation Guidelines” in the prospectus for how our NAV is determined. We have engaged Robert A. Stanger & Co., Inc. to serve as our independent valuation firm (“Independent Valuation Firm”). Our advisor is ultimately responsible for determining our NAV.


The following table provides a breakdown of the major components of our NAV pursuant to our valuation guidelines: 

 

Components of NAV

   November 30, 2024      October 31, 2024  

Investment in real estate

   $ 1,040,005,000      $ 1,039,980,000  

Investments in real estate-related assets

     9,784,385        9,814,855  

Cash and cash equivalents

     38,414,669        41,218,707  

Other assets

     22,090,616        10,890,993  

Debt obligations (at fair market value)

     (500,075,551      (498,682,137

Due to related parties(1)

     (12,537,148      (12,269,091

Accounts payable and other liabilities

     (22,015,368      (21,888,376

Accrued performance participation allocation

     —         —   

Distribution fee payable the following month(2)

     (23,323      (24,327

Non-controlling interests in subsidiaries

     (305,258,136      (292,355,441

Sponsor Support repayment / special unit holder interest in liquidation

     —         —   
  

 

 

    

 

 

 

Net Asset Value

   $ 270,385,144      $ 276,685,183  
  

 

 

    

 

 

 

Number of outstanding shares and OP units(3)

     13,441,900        13,669,157  
  

 

 

    

 

 

 

 

(1)

Distribution fee only relates to Class TX, Class T, Class S and Class D shares of common stock.

(2)

The distribution fee that is payable as of November 30, 2024 related to Class TX, Class T, Class S and Class D shares of common stock is shown in the table below.

(3)

Includes Class AX, Class TX, Class IX, Class T, Class D, Class I, Class S shares of common stock and Class I OP units issued in connection with the exercise of fair market value option of CF WAG Portfolio.

Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.


The following table provides a breakdown of our total NAV and NAV per share/OP unit by class as of November 30, 2024.

 

NAV Per Share/Unit

  Class AX, IX
and I Shares
    Class TX
Shares
    Class T Shares     Class D Shares     Class S
Shares
    Class I OP
Units
    Total  

Total Gross Assets at Fair Value

  $ 878,888,021     $ 499,727     $ 119,184,517     $ 48,198,975     $ 584,970     $ 62,938,460     $ 1,110,294,670  

Distribution fees due and payable

    —        (101     (20,685     (2,437     (100     —        (23,323

Debt obligations (at fair market value)

    (395,850,239     (225,077     (53,680,581     (21,708,768     (263,470     (28,347,416     (500,075,551

Due to related parties

    (9,924,167     (5,643     (1,345,799     (544,250     (6,605     (710,684     (12,537,148

Accounts payable and other liabilities

    (17,426,944     (9,908     (2,363,238     (955,709     (11,599     (1,247,970     (22,015,368

Accrued performance participation allocation

    —        —        —        —        —        —        —   

Non-controlling interests in subsidiaries

    (241,636,501     (137,392     (32,767,917     (13,251,554     (160,828     (17,303,944     (305,258,136
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Quarterly NAV

  $ 214,050,170     $ 121,606     $ 29,006,297     $ 11,736,257     $ 142,368     $ 15,328,446     $ 270,385,144  

Number of outstanding shares/units

    10,640,351       6,050       1,442,920       583,526       7,082       761,971       13,441,900  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

NAV per share/unit

  $ 20.12     $ 20.10   $ 20.10   $ 20.11   $ 20.10   $ 20.12  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   


The following table reconciles stockholders’ equity per our unaudited consolidated balance sheet to our NAV:

 

Reconciliation of Stockholders’ Equity to NAV

   November 30, 2024  

Stockholders’ equity under U.S. GAAP

   $ 514,802,871  

Adjustments:

  

Unrealized depreciation of real estate

     (84,908,938

Unrealized appreciation of real estate-related assets

     4,142,352  

Organization and offering costs

     —   

Acquisition costs

     (8,910,913

Deferred financing costs, net

     (5,083,312

Accrued distribution fee(1)

     (100

Accumulated depreciation and amortization

     121,600,526  

Fair value adjustment of debt obligations

     54,706,753  

Deferred rent receivable

     (13,241,907

Derivative assets, at fair value

     (7,464,052

Non-controlling interests in subsidiaries

     (305,258,136
  

 

 

 

NAV

   $ 270,385,144  
  

 

 

 

Note: (1) Accrued distribution fee only relates to Class TX, Class T, Class S and Class D shares of common stock.

The valuations of our real properties as of November 30, 2024 were provided by the Independent Valuation Advisor or third-party appraisal firms in accordance with our valuation procedures. Certain key assumptions that were used by the Independent Valuation Advisor or third-party appraisal firms in the discounted cash flow analysis are set forth in the following table based on weighted-averages by property type at ownership interest.

 

     Single Tenant
Office
    Single Tenant
Industrial
    Multifamily     Single Tenant Life
Sciences
    Weighted-Average
Basis
 

Exit Capitalization Rate

     6.5     6.1     5.7     6.0     6.2

Residual Discount Rate

     7.6     7.0     7.0     6.8     7.3

Average Holding Period (Yrs)

     8.6       8.2       10.0       12.0       8.8  


A change in the exit capitalization and discount rates used would impact the calculation of the value of our real property. For example, assuming all other factors remain constant, the changes listed below would result in the following effects on the value of our real properties.

 

    

Hypothetical

Change

   Single
Tenant
Office
    Single Tenant
Industrial
    Multifamily     Single Tenant
Life Sciences
    Weighted-
Average Values
 

Exit Capitalization Rate

   0.25% Increase      -2.5     -2.8     -2.5     -2.1     -2.6
   0.25% Decrease      2.7     3.1     2.8     2.3     2.8

Discount Rates

   0.25% Increase      -1.6     -1.6     -1.9     -2.0     -1.6
   0.25% Decrease      1.6     1.6     1.9     2.1     1.7

November 30, 2024 Portfolio

As of November 30, 2024, lease expirations related to our net lease portfolio of real estate assets (excluding the SF Property), based on each asset’s fair value used in determining our NAV, were as follows:

 

   

2024 – 0.0%

 

   

2025 – 0.0%

 

   

2026 – 0.0%

 

   

2027 – 16.6%

 

   

2028 – 15.3%

 

   

2029 – 0.0%

 

   

2030 – 0.0%

 

   

2031 – 26.7%

 

   

2032 – 20.4%

 

   

2033 – 0.0%

 

   

After 2034 – 21.0%


As of November 30, 2024, the industry concentration of our portfolio of real estate assets, based on each asset’s fair value used in determining our NAV, was as follows:

 

   

Multifamily – 25.1%

 

   

Single Tenant Office – 34.0%

 

   

Single Tenant Industrial – 28.0%

 

   

Single Tenant Life Sciences – 1.9%

 

   

Single Tenant Necessity Retail – 11.1%

As of November 30, 2024, the geographic concentration of our portfolio of real estate assets, based on each asset’s fair value used in determining our NAV, was as follows:

 

   

Ohio – 30.5%

 

   

Texas – 19.5%

 

   

California – 16.0%

 

   

South Carolina – 7.4%

 

   

Wisconsin -7.1%

 

   

Maryland – 6.5%

 

   

Arizona – 6.1%

 

   

Other – 5.7%

As of November 30, 2024, the investment type concentration of our portfolio of real estate assets, based on each asset’s fair value used in determining our NAV, was as follows:

 

   

Common Equity – 100.0%

 

   

Mezzanine Loan – 0.0%

 

   

Preferred Equity – 0.0%


As of November 30, 2024, the maturity concentration of debt secured by our portfolio of real estate assets (including our credit facility, which makes up all debt maturing in 2024 - 2025, and has a one-year extension option), based on principal balances and adjusted for ownership percentage, was as follows:

 

   

2024 – 0.0%

 

   

2025 – 28.8%

 

   

2026 – 13.1%

 

   

2027 – 1.3%

 

   

2028 – 10.3%

 

   

2029 – 0.0%

 

   

2030 – 4.3%

 

   

2031 – 16.1%

 

   

2032 – 25.6%

 

   

2033 – 0.6%

 

   

After 2034 – 0.0%

As of November 30, 2024, the weighted average lease term remaining of our portfolio of real estate assets (excluding multifamily, mezzanine and preferred equity investments), based on each asset’s fair value used in determining our NAV, was 6.9 years.

As of November 30, 2024, the weighted average occupancy of our portfolio of real estate assets, based on each asset’s fair value used in determining our NAV, was 96.4%. For our industrial, retail and office investments, occupancy includes all leased square footage as of the date indicated. For our multifamily investments, occupancy is defined as the percentage of units occupied on the date indicated.

As of November 30, 2024, the total value of real estate assets (investment in real estate, investments in real estate- related assets, and investment in debt securities) used in determining our NAV was $1.1 billion. The total value of real estate assets, as adjusted for ownership percentage amounts to $450 million.

As of November 30, 2024, we held $9.0 million of cash and cash equivalents excluding restricted cash and a lender required cash reserve and have $49.5 million of available capacity to draw on our credit facility.


Exercise of the Fair Market Value Option

On October 25, 2024, our operating partnership, provided notice of its election to exercise its fair market value option of CF Summerfield Multifamily DST (the “Summerfield DST”) to acquire the remaining 75% of the outstanding equity interests in the Summerfield DST in exchange for operating partnership units and cash. The Summerfield DST owns a multifamily residential property located in Landover, MD. In connection with the same, on December 1, 2024, the operating partnership issued 792,073 of the Class I operating partnership units, 580,787 of the Class T operating partnership units and $2,090,808 in cash in exchange for 75% of the outstanding equity interests of the Summerfield DST.

Status of Our Offerings

We are currently offering on a continuous basis up to $1.25 billion in shares of common stock, consisting of up to $1.0 billion in shares in our primary offering and up to $250 million in shares pursuant to our distribution reinvestment plan. As of the date of this Supplement, aggregate issuance pursuant to the Offering consisted of (i) 293,571 shares of our common stock in the primary offering for total proceeds of $6.3 million and (ii) 127,963 shares of our common stock pursuant to our distribution reinvestment plan for a total value of $2.9 million. On December 2, 2024, pursuant to the Offering, we issued and sold (i) 12,824 shares of our common stock in the primary offering for total proceeds of $0.3 million and (ii) 12,932 shares of our common stock pursuant to our distribution reinvestment plan for a total value of $0.262 million. As of November 30, 2024, our aggregate NAV was $270 million. On November 30, 2024, we repurchased 273,957 shares of common stock pursuant to our share repurchase program for aggregate consideration of $5.5 million, which represents 100% of repurchase requests. We intend to continue selling shares on a monthly basis.