Creative Media · NASDAQ:CMCT
Creative Media — CIM Commercial Trust — IPO Roadshow (August 2020)
32 slides from Creative Media's IPO roadshow presentation, Aug 10, 2020
Slide 1: Important Disclosures
Important Disclosures Free Writing Prospectus | CIM Commercial Trust Corporation Investor Presentation Q2 2020 Filed Pursuant to Rule 433 | Dated August 10, 2020 | Registration Statement No. 333-233255 CIM Commercial Trust Corporation (“CMCT”) has filed a registration statement (including a base pro
Slide 2: Important Disclosures: Forward-looking Statements
Important Disclosures CMCT Forward-looking Statements The information set forth herein contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), which are intended to be c
Slide 3: CIM Commercial Trust
CIM Commercial Trust CMCT NASDAQ: CMCT | TASE: CMCT-L Owner and operator of Class A and creative office assets in vibrant and improving metropolitan communities Eight office properties, one hotel and two ancillary properties’ 1.3 million rentable square feet of office and 503 hotel rooms! $416 milli
Slide 4: COVID-19 Update - Taking Proactive Steps
COVID-19 Update - Taking Proactive Steps CMCT + Maximize rent collections & occupancy - CMCT received ~95.9% of rent collections payable in Q2 2020 excluding parking through August 5, 2020 - Help tenants better understand the government programs that are available to them + Reduce costs and capital
Slide 5: Maximizing Returns For Stockholders
Maximizing Returns For Stockholders CMCT + Active and strategic portfolio management to maximize returns to stockholders * CMCT has sold $2.3 billion of assets since going public in 2014! Total Returns Based on NAV22 Cumulative Cash Distributions Per Share of a ‘4 NAV per Share + Dividends. Common S
Slide 6: CIM Commercial Trust - Key Investment Highlights
CIM Commercial Trust - Key Investment Highlights CMCT Deep Commercial Property Expertise Through Relationship with CIM Group; Insiders’ own ~20.7% of CMCT common stock” High Quality Class A and Creative Office Portfolio Significant Embedded Organic Growth Opportunity From Outsized Growth In Key Gate
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Slide 8: Overview of CIM
@ Overview of CIM CMCT Established Established in 1994 as an integrated owner and operator of real assets Real assets (infrastructure and real estate) focused in communities qualified by CIM Strategies as well as national credit (net-lease and debt) platforms Multi-disciplinary expertise and in-hous
Slide 9: CIM Competitive Advantages
@ CIM Competitive Advantages Diverse Team of In-House Professionals * Led by 15 principals (including the three original founders) with average CIM tenure of 17 years * Vertically-integrated, real assets owner and operator with expertise across in-house research, acquisition, credit analysis, develo
Slide 10: Community Focused Real Assets Strategy
@ Community Focused Real Assets Strategy CMCT CIM believes that its community qualification process provides it with a significant competitive advantage when acquiring real assets ° Since 1994, CIM has qualified 135 communities in high barrier-to-entry markets and has owned and operated real assets
Slide 11: Community Focused Strategy-CIM Qualified Communities
@ Community Focused Strategy-CIM Qualified Communities CMCT CIM qualifies communities for acquisition (135 qualified as of June 30, 2020, 75 deployed capital). CIM Qualified Communities exhibit strong growth trends, which CIM believes will lead to outsized rental growth and/or capital appreciation.
Slide 12: Resources & Expertise of Institutional Owner Operator
@ Resources & Expertise of Institutional Owner Operator CMCT CMCT Management CIM Group Co-Founders it David Thompson Jan Salit Nathan DeBacker Richard Ressler Avi Shemesh Shaul Kuba MCT CEO CMCT President MCT CFO CIM Group Principal CIM Group Principal CIM Group Principal CMCT Chairman of CMCT Board
Slide 13: Alignment of Interests
&D Alignment of Interests CIM Group Commitment to CMCT Management and Corporate Governance Strong Market Knowledge and Sourcing Management Agreement / Master Services Agreement CMCT Insiders’ own ~20.7% of CMCT common stock* CMCT's Board includes CIM Group's three co-founders (Richard Ressler, Avi S
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Slide 15: CMCT History
@ CMC History CMCT Transition from Private Fund to High-Quality Public REIT August 2019 — September 2019 © Paid $613 million special dividend ($42.00° October 2018 per share) to common stockholders » Announced Program to Unlock * Effectuated 1:3 Reverse Stock Split on the Embedded Value in Our Portf
Slide 16: High Quality Class A & Creative Office Portfolio
@ High Quality Class A & Creative Office Portfolio Growth-Focused Portfolio (As of June 30, 2020) Office: Rentable Annualized Square Feet % % Rent Per Location Sub-Market ("SE") Occupied Leased Occupied SF ' Oakland, CA 1 Kaiser Plaza Lake Merritt 537,811 91.6 % 916% $ 45.33 San Francisco, CA 1130 H
Slide 17: Key Los Angeles Office Themes
Key Los Angeles Office Themes @ _ Tech, media and entertainment demand driving growth Major content creators such as Netflix, Google, Apple, and Amazon Studios lease 3.1+ million SF of office and production space across West Los Angeles and Hollywood! environment © High barrier-to-entry/supply const
Slide 18: Embedded Growth Opportunity: Oakland
3) Embedded Growth Opportunity: Oakland CMCT Favorable Office Dynamics C1) Relative Value vs. San Francisco Central Business District (“CBD”) (Class A asking rents)': e San Francisco - $80.61 ° Oakland - $56.63 @ Office building development has been tempered in the East Bay, with current under const
Slide 19: Embedded Growth Opportunity: Austin
@ Embedded Growth Opportunity: Austin CMCT Compelling Growth Market i f (1) Diverse Employment Sources - government, education and tech Pr } 4 e Austin is home to many large U.S. corporations including Amazon, ii 2 = Facebook, Apple, Cisco, eBay, GM, Google, IBM, Intel, Oracle, Paypal, 3M Aarngecot
Slide 20: 3601 S. Congress Avenue Expansion
Location Sub-Market Potential Rentable SF_— Product Austin, TX South 44,000 Office 3601 S. Congress Avenue Expansion - Received Temporary Certificate of Occupancy in late Q2 2020 + Approximately 44,000 SF add-on building to pre-existing 183,885 SF office complex (pre- existing property is 96.2% leas
Slide 21: Redevelopment: Los Angeles
© Redevelopment: Los Angeles Location Sub-Market _Rentable SF Product Los Angeles, CA Mid-Wilshire 141,311 Office 4750 Wilshire Boulevard - Repositioning + Being repositioned into vibrant, collaborative office space following the expiration of a lease agreement for 100% of the property in April 2019
Slide 22: Downtown/Midtown Hotel Room Renovations
Location Sub-Market Product Downtown/Midtown Hotel Room Renovations * ~$26.3 million renovation of existing hotel to drive average daily rate and increase group bookings ($2.2 million spent as of June 30, 2020) * Target 15%+ return on cost + Expecting to renegotiate Marriott Hotel Management Agreeme
Slide 23: Growth Pipeline: Oakland
© Growth Pipeline: Oakland Opportunity to Generate Value Through Co-Investment, Sale or Build-to-Suit Potential Build-to-Suit ; 1 KAISER Location Sub-Market _ Potential Rentable SF Product Oakland, CA Lake Merritt 425,000 - 800,000 Office 7X 1901 HARRISON 2 Kaiser Plaza (Beacon Tower) * Build-to-sui
Slide 24: Equity-Enhancing, Growth-Oriented Capital Structure
@ Equity-Enhancing, Growth-Oriented Capital Structure CMCT Preferred Stock Program 5 Historical Preferred Stock Issuance * ‘ in milli Series A and Series D (inmilions) + Perpetual Preferred Stock (Series A: 5.5% coupon; Series D: 5.65% coupon) * Continuously offered - bi-monthly issuance + CMCT and
Slide 25: Equity-Enhancing, Growth-Oriented Capital Structure
@ Equity-Enhancing, Growth-Oriented Capital Structure CMCT Debt & Preferred Summary (une 30, 2020)' Interest structure Maturity/ (fixed/variable Expiration Debt Maturity Schedule (june 30, 2020)' Mortgage Payable etc.) Interest Rate Date (venilions) 1 Kaiser Plaza Fixed 4.14% 71112026 $214.5 Total M
Slide 26: CIM Commercial Trust - Key Investment Highlights
CIM Commercial Trust - Key Investment Highlights CMCT Deep Commercial Property Expertise Through Relationship with CIM Group; Insiders’ own ~20.7% of CMCT common stock” High Quality Class A and Creative Office Portfolio Significant Embedded Organic Growth Opportunity From Outsized Growth In Key Gate
Slide 27: Appendix
Slide 28: Estimated Net Asset Value
Estimated Net Asset Value CMCT Estimated Net Asset Value (As of December 31, 2019) ($ in millions, except for shares and per share amounts) (Unaudited) Investments in real estate - at fair value $ 912.8 Loans receivable - at fair value 72.7 Debt ' (299.5) Cash and other assets, net of other liabilit
Slide 29: Key Metrics
Key Metrics CMCT Top Five Tenants (june 30, 2020) Kaiser Foundation Health Plan, Inc. 1 Kaiser Plaza 2025-20277 $ 15,973 30.1% 366,777 28.0% MUFG Union Bank, N.A. 9460 Wilshire Boulevard 2029 3,617 6.8% 27,569 2.1% 3 Arts Entertainment, Inc. 9460 Wilshire Boulevard 2026 2,151 4.0% 27,112 2.1% CIM Gr
Slide 30: Important Information
Important Information
Slide 31: Important Information
Important Information CMCT 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 duplication. AOO includ
Slide 32: Important Information - Debt and Preferred Summary
Important Information - Debt and Preferred Summary CMCT Excludes: (a) $9,539,000 of secured borrowings - government guaranteed loans, which represent sold loans that are treated as secured borrowing because the loan sales did not meet the derecognition criteria provided for in ASC 860-30, Secured Bo