Creative Media · NASDAQ:CMCT
Creative Media — CIM Commercial Trust — Q1 2015 Earnings Presentation
19 slides from Creative Media's earnings presentation, Jul 2, 2015
Slide 1: CIM Commercial Trust Corporation First Quarter 2015
CIM COMMERCIAL TRUST CORPORATION FIRST QUARTER 2015 1
Slide 2: Important Disclosures: Forward-Looking Statements
IMPORTANT DISCLOSURES FORWARD-LOOKING STATEMENTS The information set forth herein contains "forward-looking statements." You can identify these statements by the fact that they do not relate strictly to historical or current facts or discuss the business and affairs of CIM Commercial Trust Corporati
Slide 3: CIM Commercial Trust (NASDAQ: CMCT)
Cim Commercial trust CIM COMMERCIAL TRUST (NASDAQ: CMCT) Portfolio Quality real estate portfolio in high density, high barrier–to-entry urban markets including: San Francisco Bay Area Washington, DC Los Angeles 21 Office properties, 5.6 million rentable square feet1 Class A and creative office in vi
Slide 4: Key Events in CMCT's History
KEY EVENTS IN CMCT’s HISTORY 2005 CIM Group formed CIM Urban REIT with an institutional investor base Pre-merger As a private closed-end fund1, CIM Urban REIT generated an annualized total return of 8.2%, with average leverage of 18.6%, versus a 5.7% return, with average leverage of 24.3%, for the N
Slide 5: CMCT Investment Thesis
CMCT Investment thesis 5 Urban Office Focus + Expertise of Large Scale Platform + Ability To Move Growth Needle Premier Institutional Manager Acquisition Pipeline Coastal Urban Class A and Creative Office Portfolio Same Store Growth Opportunity Conservative Capital Structure Impressive track record
Slide 6: CMCT Portfolio Overview
CMCT PORTFOLIO OVERVIEW 6 Cash Office NOI by Region, 1Q’15 CMCT Office Buildings Note: All NOI figures contained herein are based on Cash NOI unless otherwise noted. Cash NOI is defined as property level GAAP basis NOI adjusted to exclude straight line rent revenue/expense and amortization of intang
Slide 7: Accomplished Leadership
Accomplished leadership Charles Garner CMCT Chief Executive Officer and CIM Group Principal CEO of CMCT and serves on CIM Group’s Investment and Asset Management Committees Prior to joining CIM, worked closely with the firm in various capacities since 1996, including originating and managing Federal
Slide 8: CIM Group Overview – The Manager
Platforms Opportunistic Equity Value-Add Equity Core/Stabilized Equity Debt Infrastructure Co-Investments and Strategic Partnerships CIM GROUP OVERVIEW – THE MANAGER Established Established in 1994 as a partner for investors seeking to capitalize on U.S. urbanization Office Locations Headquartered i
Slide 9: CIM Group Competitive Advantages
CIM GROUP COMPETITIVE ADVANTAGES 9 Seasoned, Vertically-Integrated Team Full-service investment manager Research, investment, acquisition and finance Development, leasing and management “Qualified Community” Approach Sector-agnostic focus: Market values that are below long-term intrinsic values; or
Slide 10: Summary
summary 10 Urban Office Focus + Expertise of Large Scale Platform + Ability To Move Growth Needle Premier Institutional Manager Acquisition Pipeline Coastal Urban Class A and Creative Office Portfolio Same Store Growth Opportunity Conservative Capital Structure Impressive track record of capital all
Slide 11: Appendix
11 appendix
Slide 12: CMCT Portfolio Overview
CMct Portfolio overview 12 Property Market Office Square Footage Multi-family Units Hotel Rooms BB&T Center Charlotte, NC 567,578 1 Kaiser Plaza Oakland, CA 531,477 2101 Webster Street Oakland, CA 472,636 980 9th Street & 1010 8th Street Sacramento, CA 481,134 211 Main Street San Francisco, CA 415,1
Slide 13: CIM Group – Qualified Communities
CIM GROUP – QUALIFIED COMMUNITIES 13 Improving demographic trends Public commitment consistent with CIM Group’s views Demonstrated other private investment Underserved niches in the community’s real estate infrastructure Potential to invest a minimum of $100 million of opportunistic equity Primary Q
Slide 14: CIM Qualified Communities
CIM QUALIFIED COMMUNITIES CMCT Properties Areas with CIM Group Investment(s) Areas Approved for Investment CIM Headquarters CIM Group Corporate Offices 14
Slide 15: Consolidated Statements of Operations and Funds From Operations
CONSOLIDATED STATEMENTS OF OPERATIONS and funds from operations 15 Three Months Ended March 31, 2015 2014 (In thousands, except per share amounts) REVENUES: (Unaudited) Rental and other property income $ 63,398 $ 59,822 Expense reimbursements 3,181 2,351 Interest and other income 660 424 67,239 62,5
Slide 16: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS 16 March 31, 2015 December 31, 2014 (In thousands) ASSETS (Unaudited) Investments in real estate—net $ 1,704,408 $ 1,715,937 Cash and cash equivalents 20,382 17,615 Restricted cash 6,820 8,861 Accounts receivable —net 12,049 10,754 Deferred rent receivable and charges—net
Slide 17: Debt Summary
Debt summary 17 Outstanding Principal Balance Interest Maturity Balance Due At As of March 31, 2015 Rate Date Maturity Date Penn Field $ 12,364 5.56% 7/1/2015 (1) $ 12,288 11620 Wilshire Boulevard 33,508 5.06% 09/01/2015 33,068 370 L’Enfant Promenade 26,395 7.66% 12/01/2015 25,324 211 Main Street 31
Slide 18: CMCT Multifamily and Hotel Overview
CMCT multifamily and hotel OVERVIEW 18 Gross Asset Value (GAV) represents the property’s third-party appraised value as of such date. Cash NOI is defined as property level GAAP basis NOI adjusted to exclude straight line rent revenue/expense and amortization of intangible assets/liabilities. Include
Slide 19: Important Disclosures
Important Disclosures 19 Annualized Total Returns are quarterly time-weighted total returns that have been geometrically linked then annualized. CIM IV quarterly total returns are leveraged investment-level gross returns (defined below), without taking into account organizational expenses and other