Creative Media · NASDAQ:CMCT
Creative Media — CIM Commercial Trust — IPO Roadshow (December 2016)
25 slides from Creative Media's IPO roadshow presentation, Dec 8, 2016
Slide 1: Free Writing Prospectus - CIM Commercial Trust Investor Presentation Q3 2016
Free Writing Prospectus Filed Pursuant to Rule 433 Dated December 8, 2016 Registration Statement No. 333-210880 Relating to Prospectus Dated July 1, 2016 FREE WRITING PROSPECTUS CIM Commercial Trust Corporation Investor Presentation Q3 2016 CIM Commercial Trust Corporation (the "Company") has filed
Slide 2: CIM Commercial Trust Corporation Third Quarter 2016 Investor Presentation
C I M C O M M E R C I A L T R U S T C O R P O R A T I O N T h i r d Q u a r t e r 2 0 1 6 I n v e s t o r P r e s e n t a t i o n 1
Slide 3: 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 they discuss the business and affairs of CIM Commercial Trust Corp
Slide 4: CIM Commercial Overview
CIM COMMERCIAL CIM COMMERCIAL (NASDAQ: CMCT) Portfolio Primarily Class A and creative urban office REIT with NAV and cash flow per share upside Shares Outstanding1 84.0 million Share Price1,2 $15.36 CIM Group Manager of CMCT Focused on increasing NAV and cash flow per share and providing l
Slide 5: Key Events in CMCT's History
KEY EVENTS IN CMCT’S HISTORY 2005 CIM Group formed CIM Urban REIT, LLC (“CIM REIT”) with 24 private institutional investors 2005-Present Acquired a high- quality urban real estate portfolio of properties July 2016 Registration statement for redeemable preferred stock offering up to $900 million beca
Slide 6: Net Asset Value and Cash Flow per Share / Liquidity
NET ASSET VALUE AND CASH FLOW PER SHARE / LIQUIDITY 5 Class A & Creative Office Superior office investments in vibrant and improving urban communities Strong embedded growth through mark-to-market and lease-up Targeting same store office and multifamily NOI CAGR of 6% - 8% through 20201 Creati
Slide 7: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION 6 Acquisitions $75 million for two Los Angeles office buildings and development lot in Oakland Seek to opportunistically create value for stockholders in all market cycles and environments Sales1 Share repurchase $189 million from mortgage loan portfolio, non-core
Slide 8: CMCT Investment Thesis
CMCT INVESTMENT THESIS Resources & Expertise of Premier Institutional Manager Coastal Urban Class A and Creative Office Investments Same Store Growth Opportunity Prudent Capital Structure 310+ professionals2 Large scale platform with vertically-integrated team Proprietary “Qualified Community”
Slide 9: Coastal Urban Class A and Creative Office Portfolio
COASTAL URBAN CLASS A AND CREATIVE OFFICE PORTFOLIO 8 Segment NOI by Real Estate Segment, TTM CMCT Office CMCT Multifamily CMCT Hotels AS OF SEPTEMBER 30, 2016 1 As of or through 12-months ended September 30, 2016. 2 For office, represents gross monthly base rent per square foot under leases commenc
Slide 10: Same Store Growth Opportunity
2015 Office and Multifamily NOI SAME STORE GROWTH OPPORTUNITY Targeting Same Store Office and Multifamily NOI1 CAGR of 6% - 8% Through 2020 9 Additional 1%-2% CAGR potential from development on already owned sites. 2020 Mark-to-market + Rent increase Lease-up + Rent increase 2015 Office and Multifam
Slide 11: Resources & Expertise of Premier Institutional Manager - CIM Group
Strategies Core/Stabilized Equity Value-Add Equity Opportunistic Equity Debt Infrastructure RESOURCES & EXPERTISE OF PREMIER INSTITUTIONAL MANAGER - CIM GROUP Established Established in 1994 as a partner for investors seeking to capitalize on U.S. urbanization Office Locations Headquar
Slide 12: CIM Group: Vertically-Integrated Team and Competitive Advantages
RESOURCES & EXPERTISE OF PREMIER INSTITUTIONAL MANAGER - CIM GROUP Seasoned, Vertically- Integrated Team Full-service investment manager Research, investment, acquisition and finance Development, leasing and management “Qualified Community” Methodology Sector-agnostic focus Market values t
Slide 13: Richard Ressler, CIM Group Principal and CMCT Chairman
RESOURCES & EXPERTISE OF PREMIER INSTITUTIONAL MANAGER- CIM GROUP Richard Ressler CIM Group Principal, CMCT Chairman of the Board Founder and President of Orchard Capital Corp., a firm that provides consulting and advisory services to companies in which Orchard Capital or its affiliates invest C
Slide 14: David Thompson and Terry Wachsner
RESOURCES & EXPERTISE OF PREMIER INSTITUTIONAL MANAGER- CIM GROUP David Thompson CMCT Chief Financial Officer, CIM Group Principal Prior to joining CIM Group in 2009, spent 15 years with Hilton Hotels Corporation, most recently as Senior Vice President and Controller responsible for worldwide fina
Slide 15: Appendix
APPENDIX
Slide 16: CMCT Real Estate Portfolio as of September 30, 2016
CMCT REAL ESTATE PORTFOLIO 15 AS OF SEPTEMBER 30, 2016 Property Market Square Footage Multi-family Units Hotel Rooms 1 Kaiser Plaza Oakland, CA 532,059 2101 Webster Street Oakland, CA 472,636 1901 Harrison Street Oakland, CA 272,737 1333 Broadway Oakland, CA 239,835 2100 Franklin Street Oakland, CA
Slide 17: CIM Qualified Community Methodology
CIM QUALIFIED COMMUNITY METHODOLOGY 16 Qualification Criteria Transitional Urban Districts Positive demographic trends Public support for investment Opportunities below intrinsic value Potential to invest a minimum of $100 million of opportunistic equity within five years Thriving Urban Area
Slide 18: CIM Group Qualified Communities
CIM GROUP QUALIFIED COMMUNITIES 17 Areas with Investment(s) Areas Approved for Investment(s) CIM Headquarters Investment Office CMCT Investments CMCT Office Portfolio Concentrations
Slide 19: Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS 18 2016 2015 2016 2015 REVENUES: Rental and other property income $ 57,414 $ 62,623 $ 181,886 $ 189,192 Expense reimbursements 3,884 3,336 10,128 9,780 Interest and other income 3,034 2,501 9,295 7,974 64,332 68,460 201,309 206,946 EXPENSES: Rental and other pro
Slide 20: Funds from Operations
FUNDS FROM OPERATIONS 19 CIM COMMERCIAL We believe that FFO is a widely recognized and appropriate measure of the performance of a REIT and that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting t
Slide 21: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS 20 September 30, 2016 December 31, 2015 ASSETS Investments in real estate, net $ 1,615,415 $ 1,691,711 Cash and cash equivalents 133,846 139,101 Restricted cash 40,039 8,086 Accounts receivable, net 10,629 11,164 Deferred rent receivable and charges, net 104,539 97,225 Ot
Slide 22: Debt Summary
DEBT SUMMARY1 21 As of September 30, 2016 Oustanding Principal Balance2 Interest Rate Maturity Date (In thousands) 211 Main Street $ 26,924 6.65% 07/15/2018 4649 Cole Avenue 23,671 5.39% 03/01/2021 3636 McKinney Avenue 9,408 5.39% 03/01/2021 3839 McKinney Avenue 6,240 5.39% 03/01/2021 4200 Scotland
Slide 23: Net Operating Income Reconciliations
NET OPERATING INCOME RECONCILIATIONS 22 CIM Commercial internally evaluates the operating performance and financial results of its segments based on segment net operating income which is defined as rental and other property income and expense reimbursements less property related expenses, and exclud
Slide 24: Net Operating Income Reconciliations (TTM)
NET OPERATING INCOME RECONCILIATIONS 23 As CIM Commercial’s year end is December 31, and CIM Commercial does not present TTM cash and segment NOI ended September 30, 2016 in its GAAP reporting, CIM Commercial reconciled the TTM cash and segment NOI using the NOI reconciliations above and on the prio
Slide 25: Important Disclosures: Assets and Equity Under Management
IMPORTANT DISCLOSURES Assets and Equity Under Management Assets Under Management (“AUM”), or Gross AUM, represents (i)(a) for real assets, the aggregate total gross assets (GAV) at fair value, including the shares of such assets owned by joint venture partners and co-investments, of all of CIM’s adv