Press release·03/25/2026 04:10:59

Overview

Cantor Fitzgerald Income Trust, Inc. is a commercial real estate company that invests in and manages a diversified portfolio of income-producing properties and other real estate-related assets. The company was originally incorporated in 2016 and has elected to be taxed as a real estate investment trust (REIT) since 2017.

The company is externally managed by Cantor Fitzgerald Investment Advisors, L.P. (the Advisor), a subsidiary of Cantor Fitzgerald & Co. (CFI), the company’s sponsor. Cantor Fitzgerald Income Trust does not have any employees and relies on the Advisor to handle its day-to-day operations and investment decisions.

The company has registered multiple public offerings to raise capital, including an initial $1.25 billion offering that commenced in 2017, a $1.25 billion follow-on offering that began in 2020, and a $1.25 billion third offering that started in 2024. As of November 2025, the company has raised over $493 million in gross proceeds from these offerings.

Portfolio and Investments

Cantor Fitzgerald Income Trust has built a diverse portfolio of 43 real estate properties and one land parcel across the United States. The properties include:

• 7 single-tenant net lease properties (retail, office, industrial)
• 9 multifamily residential properties
• 1 life sciences property
• 1 data center investment

The company’s portfolio is concentrated in the Midwest and East Coast, with the largest exposures in Ohio, Maryland, and Texas. The property types are also concentrated, with 32.8% in multifamily, 25.6% in single-tenant office, and 21.7% in single-tenant industrial.

All of the company’s real estate investments are held as common equity, with no debt investments or preferred equity at this time. The weighted average remaining lease term for the net lease properties is 6.8 years, and the overall portfolio occupancy rate is 95%.

The company has financed its real estate acquisitions through a combination of equity raised from the public offerings and debt, including a $150 million revolving credit facility. As of September 2025, the company’s debt to tangible assets ratio was 56%.

Financial Performance

For the first nine months of 2025, Cantor Fitzgerald Income Trust reported:

• Rental revenues of $59.5 million, up from $54.4 million in the prior year period
• Net loss of $5.6 million, compared to a $6.5 million net loss in the prior year
• Modified funds from operations (MFFO) of $7.1 million, up from $6.7 million in the prior year

The increase in rental revenues was driven by the acquisition of new properties, including the WAG Portfolio and WAG MH Portfolio. However, the company continued to operate at a net loss, though the loss narrowed compared to the prior year.

MFFO, which is a non-GAAP metric that adjusts for certain items not reflective of ongoing operations, improved year-over-year. This indicates the company’s operating performance is gradually strengthening, even as it reports an overall net loss.

The company paid total distributions of $14.1 million to shareholders during the first nine months of 2025, which exceeded its MFFO for the period. This means a portion of the distributions were funded from sources other than current operating cash flows, such as offering proceeds or debt financing.

Net Asset Value

In September 2025, the company’s board of directors approved an estimated net asset value (NAV) per share of $19.73 for its Class AX, IX, I, and D shares, and $19.72 for its Class TX, T, and S shares.

The NAV is calculated monthly by the company’s independent valuation firm, Stanger, in accordance with the company’s valuation policies. Key inputs include property appraisals, debt fair values, and adjustments for organization and offering costs.

The NAV provides an estimate of the value of the company’s shares, which is important for investors since the shares are not traded on a public exchange. The NAV is used to determine the price at which the company issues new shares and repurchases existing shares.

Risks and Uncertainties

Cantor Fitzgerald Income Trust faces a variety of risks that could impact its financial performance and ability to achieve its investment objectives, including:

• Changes in economic and real estate market conditions
• Tenant defaults or failure to renew leases
• Increased operating costs and capital expenditures
• Difficulties in securing financing or refinancing debt
• Regulatory changes affecting non-traded REITs
• Reliance on the Advisor and potential conflicts of interest

The report outlines these and other risk factors in detail. Investors should carefully consider these risks when evaluating an investment in Cantor Fitzgerald Income Trust.

Outlook

Despite the challenges, Cantor Fitzgerald Income Trust appears to be making progress in building out its real estate portfolio and improving its operating performance. The company’s diversified property holdings, high occupancy rates, and gradual increase in MFFO suggest the business model is gaining traction.

However, the company’s continued net losses and need to fund distributions from sources other than operating cash flow indicate there is still work to be done to achieve consistent profitability. Navigating the competitive real estate investment market and managing the complexities of a non-traded REIT structure will be critical going forward.

Investors should monitor the company’s ability to grow its asset base, control costs, and generate sufficient cash flow to cover its distribution obligations. The company’s success in executing its investment strategy and mitigating the various risks it faces will be key determinants of its long-term viability and shareholder returns.