Creative Media · NASDAQ:CMCT
Creative Media — CIM Commercial Trust — IPO Roadshow (May 2020)
30 slides from Creative Media's IPO roadshow presentation, May 11, 2020
Slide 1: CIM Commercial Trust Corporation
CIM Commercial Trust Corporation NASDAQ: CMCT TASE: CMCT-L May 2020 www.cimcommercial.com ©2020 CMCT CMCT CIM Commercial Trust Corporation Securities distributed by affiliate broker-dealer: CCO Capital, LLC, member: FINRA / SIPC Important Disclosures Forward-looking Statements The information set fo
Slide 2: CIM Commercial Trust
CIM Commercial Trust As of March 31, 2020. As of December 31, 2019. See NAV estimate table on page 28. See Important Information on page 31. As of December 31, 2019. See Important Information on page 31. Includes CIM Group and its affiliates, as well as officers and directors of CMCT. Eight office p
Slide 3: COVID-19 Update – Taking Proactive Steps
COVID-19 Update – Taking Proactive Steps 4 Maximize rent collections & occupancy CMCT received ~90% of rent collections in April 2020 excluding parking Offer eligible tenants access to Paycheck Protection Program through CMCT’s lending division Help tenants better understand the government programs
Slide 4: Total Returns Based on NAV
Total Returns Based on NAV2,3 NAV per Share + Dividends Maximizing Returns For Stockholders As of March 31, 2020. Total returns includes changes in stock price or NAV per share, as applicable, and includes all dividends declared and paid. With respect to CMCT, includes dividends paid on common stock
Slide 5: CIM Commercial Trust – Key Investment Highlights
Significant Embedded Organic Growth Opportunity From Outsized Growth In Key Gateway Markets CIM Commercial Trust – Key Investment Highlights High Quality Class A and Creative Office Portfolio 2 Deep Commercial Property Expertise Through Relationship with CIM Group; Insiders1 own ~20.5% of CMCT commo
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 ~20.5% of CMCT ‘common stock? High Quality Class A and Creative Office Portfolio Significant Embedded Organic Growth Opportunity From Outsized Growth In Key Gat
Slide 7: Overview of CIM
Established Established in 1994 as an integrated owner and operator of real assets As of March 31, 2020. As of December 31, 2019. See Important Information on page 31. Strategies Real assets (infrastructure and real estate) focused in communities qualified by CIM as well as national credit (net-leas
Slide 8: CIM Competitive Advantages
CIM Competitive Advantages Diverse Team of In-House Professionals Commitment to Community Disciplined Approach Led by 14 principals (including the three original founders) with average CIM tenure of 14 years Vertically-integrated, real assets owner and operator with expertise across in-house researc
Slide 9: CIM Qualified Communities Process
Since 1994, CIM has qualified 135 communities in high barrier-to-entry markets and has owned and operated real assets in 75 of those communities1. The qualification process generally takes between six months and five years and is a critical component of CIM’s asset evaluation CIM believes that its c
Slide 10: Community Focused Strategy – CIM Qualified Communities
Growth in CIM Qualified Communities vs. National Downtowns vs. National Suburbs CIM qualifies communities for acquisition (135 qualified as of May 7, 2020, 75 deployed capital). CIM Qualified Communities exhibit strong growth trends, which CIM believes will lead to outsized rental growth and/or capi
Slide 11: Resources & Expertise of Institutional Owner Operator
Resources & Expertise of Institutional Owner Operator Richard Ressler CIM Group Principal CMCT Chairman of the Board 26th Year at CIM Avi Shemesh CIM Group Principal CMCT Board Member 26th Year at CIM Shaul Kuba CIM Group Principal CMCT Board Member 26th Year at CIM David Thompson CMCT CEO 10th Year
Slide 12: CIM Group Commitment to CMCT
CIM Group Commitment to CMCT Insiders1 own ~20.5% of CMCT common stock2 Management and Corporate Governance CMCT’s Board includes CIM Group’s three co-founders (Richard Ressler, Avi Shemesh, and Shaul Kuba) Strong Market Knowledge and Sourcing CMCT benefits from CIM Group’s identification of Qualifi
Slide 13: Alignment of interests
@ 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 20.5% of CMT common stock? CMCT's Board includes CIM Group's three co-founders (Richard Ressler, Avi Shem
Slide 14: CMCT History
CMCT History Transition from Private Fund to High-Quality Public REIT October 2018 Announced Program to Unlock Embedded Value in Our Portfolio and Improve Trading Liquidity of Our Common Stock3 August 2019 – September 2019 Paid $613 million special dividend ($42.002 per share) to common stockholders
Slide 15: High Quality Class A & Creative Office Portfolio
High Quality Class A & Creative Office Portfolio Represents gross monthly base rent, as of March 31, 2020, multiplied by 12. The amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Represen
Slide 16: Embedded Growth Opportunity: Oakland
Embedded Growth Opportunity: Oakland Relative Value vs. San Francisco Central Business District (“CBD”) (Class A asking rents)1: San Francisco - $82.05 Oakland - $56.60 Office building development has been tempered in the East Bay, with current under construction office space equivalent to 0.3% of t
Slide 17: Embedded Growth Opportunity: Austin
Embedded Growth Opportunity: Austin Diverse Employment Sources – government, education and tech Austin is home to many large U.S. corporations including Amazon, Facebook, Apple, Cisco, eBay, GM, Google, IBM, Intel, Oracle, Paypal, 3M and Whole Foods Sustained, rapid market office rent growth Five ye
Slide 18: Redevelopment In Progress: Austin
Redevelopment In Progress: Austin 4 Rendering of “Building L” – Expansion to Existing Campus 3601 South Congress- Existing Buildings 3601 S. Congress Avenue Expansion - Mid-2020 Expected Completion Approximately 42,000 SF add-on building to existing 183,885 SF office complex (existing property is 98
Slide 19: Redevelopment: Los Angeles
Redevelopment: Los Angeles 4 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 ~$14.5 million redevelopment ($1.6 million spent as of March 31, 2020)1 Centrally loca
Slide 20: Redevelopment: Sacramento Sheraton Grand
Redevelopment: Sacramento 4 Sheraton Grand Sheraton Grand Renovation Simultaneous With Expansion/Renovation of Adjacent Sacramento Convention Center $340 million renovation/expansion of the Sacramento Convention Center Adds new meeting rooms and exhibit halls Scheduled to be completed in late 20201,
Slide 21: Growth Pipeline: Oakland Potential Build-to-Suit
Growth Pipeline: Oakland Potential Build-to-Suit Rendering of Proposed 2 Kaiser Plaza (Beacon Tower), Oakland, CA 4 1 Kaiser Plaza – Existing Building Bay Area 2 Kaiser Plaza (Beacon Tower) Build-to-suit opportunity Currently marketing development to potential anchor tenants Entitled for 425,000-800
Slide 22: Equity-Enhancing, Growth-Oriented Capital Structure
Equity-Enhancing, Growth-Oriented Capital Structure Series A and Series D Perpetual Preferred Stock (Series A: 5.5% coupon; Series D: 5.65% coupon) Continuously offered – bi-monthly issuance CMCT and investor option to call/redeem five years from issuance at $25 per share, plus accrued and unpaid di
Slide 23: Debt & Preferred Summary
Corporate Debt Revolving Credit Facility3 Variable LIBOR+ 1.55%3 10/31/2022 $ 159.5 Junior Subordinated Notes Variable LIBOR+ 3.25% 3/30/2035 27.1 Total Corporate Debt $ 186.6 Total Debt $ 301.7 Debt & Preferred Summary (March 31, 2020)1 Debt Maturity Schedule (March 31, 2020)1 (in millions) Exclude
Slide 24: CIM Commercial Trust – Key Investment Highlights
Significant Embedded Organic Growth Opportunity From Outsized Growth In Key Gateway Markets CIM Commercial Trust – Key Investment Highlights High Quality Class A and Creative Office Portfolio 2 Deep Commercial Property Expertise Through Relationship with CIM Group; Insiders1 own ~20.5% of CMCT commo
Slide 25: CIM Commercial Trust - Key Investment Highlights
CIM Commercial Trust - Key Investment Highlights CMCT Deep Commercial Property Expertise Through Relationship with CIM Group; Insiders* own ~20.5% of CMCT common stock? High Quality Class A and Creative Office Portfolio Significant Embedded Organic Growth Opportunity From Outsized Growth In Key Gate
Slide 26: Estimated Net Asset Value
Estimated Net Asset Value Estimated Net Asset Value (As of December 31, 2019) ($ in millions, except for shares and per share amounts) (Unaudited) Represents outstanding mortgage debt, junior subordinated notes, SBA 7(a) loan-backed notes, and borrowings on our revolving credit facility, at face val
Slide 27: Key Metrics
Key Metrics Lease Expirations as a % of Annualized Office Rent (March 31, 2020)1 Top Five Tenants (March 31, 2020) Represents gross monthly base rent, as of March 31, 2020, multiplied by 12. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up
Slide 28: Key Metrics
Key Metrics CMCT Top Five Tenants (March 31, 2020) [Kier Foundation Heath Pang Kaer Pam Jurs union Bank, NA 460 Wire Boulevard jp asntenainment ne S460 Wii Boulevard |rvetno0d One io, Undbide Media Centar Jom croup. LP. Various [Tota for Top Five Tenants Ja cree tenants Fotalofice Lease Expirations
Slide 29: Important Information
Important Information 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 includes to
Slide 30: 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