Creative Media · NASDAQ:CMCT
Creative Media — CIM Commercial Trust — IPO Roadshow (November 2018)
26 slides from Creative Media's IPO roadshow presentation, Nov 13, 2018
Slide 1: Important Disclosures
Important Disclosures
Slide 2: Performance Since Launch of CMCT
Performance Since Launch of CMCT 3 Return based on cumulative regular and special dividends since March 31, 2014, divided by initial net asset value (“NAV”), from March 31, 2014 to September 30, 2018. Please see “Net Asset Value” under “Important Disclosures” with respect to the methodology of the c
Slide 3: Performance Since Launch of CMCT
Performance Since Launch of CMCT 4 Total return includes changes in stock price or net asset value (“NAV”) per share, as applicable, and includes all dividends declared and paid with respect to the Company’s common stock from March 31, 2014 to September 30, 2018. Please see “Net Asset Value” under “
Slide 4: Performance Since Launch of CMCT
Performance Since Launch of CMCT Total Returns Based on NAV! ‘A NAV per Share + Dividends usomee * os) on re a emer on oy EE OO a oe CMCT Total Returns Based on Stock Price’ {A Stock Price + Dividends. mer Ss gp gt st ” 1, Toalrou tes charge in slock pc et ast vali (NAV) por sar, ae aplcabl, nd nue
Slide 5: CIM Summary
CIM Summary Established Established in 1994 as an integrated owner and operator of real assets Strategies Community-focused urban real assets (real estate and infrastructure) in communities qualified by CIM and national credit (net-lease and debt) platforms Vertically-Integrated Multi-disciplinary e
Slide 6: CIM Strategies
CIM Strategies 7 Urban Real Assets Infrastructure & Real Estate Stabilized Equity Opportunistic Equity Debt Value-add Equity CIM Commercial Trust Publicly Listed REIT NASDAQ: CMCT TASE: CMCT Predecessor formed in 2005 Net-lease Debt National Credit Real Estate Community Focused Strategies Following
Slide 7: CIM Competitive Advantages
Diverse Team of In-House Professionals Commitment to Community Disciplined Approach CIM Competitive Advantages 8 Led by 15 principals (including the three original founders) with average CIM tenure of 15 years Vertically-integrated, real asset owner and operator with expertise across in-house resear
Slide 8: CIM Qualified Communities
CIM Qualified Communities 9 1. Based on growth of Class A office rents, sourced from CBRE Outlook Dashboard, accessed September 2018. Rent Growth in CIM Qualified Communities vs. National Downtowns vs. National Suburbs CIM qualifies communities for acquisition (114 qualified to date, 68 with deploye
Slide 9: CIM Qualified Communities
CIM Qualified Communities CMCT CIM qualifies communities for acquisition (114 qualified to date, 68 with deployed capital). CIM Qualified Communities exhibit strong growth trends, which CIM believes will lead to outsized rental growth and/or capital appreciation. » Since initial acquisition in a CIM
Slide 10: Maximizing Returns for Shareholders: Unlock Embedded Value Through Targeted Asset Sales
Maximizing Returns for Shareholders Unlock Embedded Value Through Targeted Asset Sales Monetize stabilized assets in Oakland, San Francisco and Washington DC to unlock embedded value that has been created since 2006 (10 assets totaling 2.7 million square feet) Use net proceeds from asset sales (afte
Slide 11: Maximizing Returns for Shareholders: Improve Trading Liquidity
Maximizing Returns for Shareholders Improve Trading Liquidity CIM Group has expressed an intent to dissolve CIM REIT1 (which holds ~95% of CMCT’s outstanding Common Stock2) as part of the potential recapitalization of CMCT and distribute any shares of CMCT Common Stock then held by it to CIM REIT’s
Slide 12: Active and Strategic Portfolio Management to Maximize Returns
Maximizing Returns for Shareholders Active and strategic portfolio management to maximize returns to shareholders 13 Providing Liquidity to Shareholders1 In September 2016, June 2017 and December 2017, CMCT repurchased $80 million, $576 million and $310 million, respectively, of common shares in pri
Slide 13: Assets Targeted For Sale
Assets Targeted For Sale 14 Represents gross monthly base rent, as of September 30, 2018, multiplied by twelve. The amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Annualized rent for c
Slide 14: Post-Potential Recap: Growth Focused in Gateway Markets
Post-Potential Recap: Growth Focused in Gateway Markets 15 Represents gross monthly base rent, as of September 30, 2018, multiplied by twelve. The amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to b
Slide 15: Post-Potential Recap: Growth Focused in Gateway Markets
Post-Potential Recap: Growth Focused in Gateway Markets Targeting same-store NOI CAGR of 4% - 6% through 20231 Excludes potential development opportunities in Oakland, Austin, Washington DC and Sacramento as well as anticipated accretive acquisitions 16 Illustrative NAV3,4 (Same-Store Target NOI CAG
Slide 16: Post-Potential Recap: Attractive, Flexible Capital Structure
Post-Potential Recap: Attractive, Flexible Capital Structure 17 Prudent and Flexible Target Capital Structure Pro Forma Capital Structure (at fair value) ($ in millions)1 As of June 30, 2018. Debt is taken at face value and excludes secured borrowings, SBA 7(a) loan-backed notes, deferred financing
Slide 17: Post-Potential Recap: Attractive, Flexible Capital Structure
Post-Potential Recap: Attractive, Flexible Capital Structure CMCT Pro Forma Capital Structure (at fair value) ($ in millions)’ Prudent and Flexible Target Capital Structure Fal estate asin, ol s s0 Loans recsable a? 158 Debt and Proceed mney sad coneon shares squad by eau Common enim CMT oes and dec
Slide 18: Resources & Expertise of Institutional Owner Operator: CIM Group Co-Founders
Resources & Expertise of Institutional Owner Operator CIM Group Co-Founders 19 Richard Ressler CIM Group Principal, CMCT Chairman of the Board Founder and President of Orchard Capital Corp., a firm through which Mr. Ressler oversees companies in which Orchard Capital or its affiliates invest Co-Foun
Slide 19: Resources & Expertise of Institutional Owner Operator: CMCT Management
Resources & Expertise of Institutional Owner Operator CMCT Management 20 Charles Garner CMCT Chief Executive Officer, CIM Group Principal CEO of CMCT and serves on CIM Group’s Investment Committee Prior to joining CIM Group, worked closely with the firm in various capacities since 1996, including or
Slide 20: Community Focused Urban Real Assets Strategy
Community Focused Urban Real Assets Strategy1 Since 1994, CIM has qualified 114 communities in high barrier-to-entry markets and has owned and operated assets in 68 of those communities1. The qualification process generally takes between six months and five years and is a critical component of CIM’s
Slide 21: Recent CMCT Transactions
Recent CMCT Transactions 22 The examples below have been selected to generally illustrate CIM’s philosophy and may not be representative of future acquisitions. 1130 Howard Street 9460 Wilshire Boulevard Location Acquisition Date SoMa District of San Francisco, CA December 2017 Location Acquisition
Slide 22: Estimated Net Asset Value & NOI Forecast Reconciliation
Estimated Net Asset Value & NOI Forecast Reconciliation 23 See “Net Asset Value” under “Important Disclosures” on page 25. Excludes secured borrowings on government guaranteed loans, which are included with cash and other assets net of other liabilities. Represents transaction costs expected to be i
Slide 23: Reconciliations and Important Disclosures
Reconciliations and Important Disclosures
Slide 24: Important Disclosures
Important Disclosures 25 Assets Owned and Operated Assets Owned and Operated (AOO) represents the aggregate assets owned and operated by CIM on behalf of partners (including where CIM contributes alongside for its own account) and co-investors, whether or not CIM has discretion, in each case without
Slide 25: Important Disclosures: CMCT Pro Forma Capital Structure and Portfolio
Important Disclosures 26 CMCT Pro Forma Capital Structure and CMCT Pro Forma Portfolio The following assumptions were used: Targeted Sales of Properties. CMCT is actively exploring the potential sale (the “Potential Sale”) of a portfolio of properties, including five office properties and a parking
Slide 26: Important Disclosures
Important Disclosures MCT Pro Forma Capital Structure and CMCT Pro Forma Portfolio “The flonng assumgtons wer sed Trgeted Sas of Properties. CCT acta expr the poral sale (he Poel ‘Soto porto of propertes eng fe fie popes ena prhg wegen nin Calloma, tee oles poertesin Washglon 9, an oe len rer San Fr