Creative Media · NASDAQ:CMCT
Creative Media — CIM Commercial Trust — Investor Presentation (June 2016)
21 slides from Creative Media's investor presentation, Jun 1, 2016
Slide 1: 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 2: CIM Commercial Trust (NASDAQ: CMCT)
CIM COMMERCIAL TRUST CIM COMMERCIAL TRUST (NASDAQ: CMCT) Portfolio Class A and creative urban office with NAV and cash flow per share upside Diluted Shares Outstanding1 97.7 million Share Price1,2 $18.06 CIM Group Manager of CMCT Focused on increasing NAV and cash flow per share and providing liquid
Slide 3: 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 April 2016 Filed registration statement for redeemable preferred stock offering up to $900 millio
Slide 4: 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 cash NOI CAGR of 6% - 8% through 2020 Creative
Slide 5: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION Acquisitions $75 million for two Los Angeles office buildings and development lot in Oakland Sales $137 million for mortgage loan portfolio, non-core office and hotel Share repurchase Up to $210 million tender offer commenced in May 2016 @ $21/share 6 Seek to opportuni
Slide 6: 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 290+ professionals Large scale platform with vertically-integrated team Proprietary “Qualified Community” method
Slide 7: Coastal Urban Class A and Creative Office Portfolio
COASTAL URBAN CLASS A AND CREATIVE OFFICE PORTFOLIO Note: All NOI figures contained herein are based on Cash NOI unless otherwise noted. Cash NOI is defined as segment net operating income adjusted to exclude straight line rent revenue/expense and amortization of intangible assets/liabilities. See n
Slide 8: Same Store Growth Opportunity
SAME STORE GROWTH OPPORTUNITY Same Store NOI CAGR 6%-8% 1/3 Lease-up 2/3 Mark-to-market Targeting Same Store Office and Multifamily Cash NOI CAGR of 6% - 8% Through 2020 9 Additional 1%-2% CAGR potential from development on already owned sites. Please see Important Disclosures on page 2. See net ope
Slide 9: 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 Headquartered in Los A
Slide 10: Seasoned, Vertically-Integrated Team
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 that are be
Slide 11: CIM Group Management: Charles Garner and David Thompson
RESOURCES & EXPERTISE OF PREMIER INSTITUTIONAL MANAGER- CIM GROUP 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,
Slide 12: CIM Group Principals
RESOURCES & EXPERTISE OF PREMIER INSTITUTIONAL MANAGER- CIM GROUP CMCT * Co-founder of CiM Group in 1994 and chats the fe’ Investment and Asset Management Committees Founder and President of Orchard Capital Cor. fem that provides consuling and advisory services fo companies in ‘which Orchard Capital
Slide 13: CMCT Real Estate Portfolio
CMCT REAL ESTATE PORTFOLIO 14 As of March 31, 2016 Property Market Office and Retail Rentable Square Footage Multi-family Units Hotel Rooms 1 Kaiser Plaza Oakland, CA 531,611 2101 Webster Street Oakland, CA 472,636 1901 Harrison Street Oakland, CA 272,294 1333 Broadway Oakland, CA 239,835 2100 Frank
Slide 14: CIM Qualified Community Methodology
CIM QUALIFIED COMMUNITY METHODOLOGY 15 Qualification Criteria Transitional Urban Districts Improving demographics Broad public support for CIM’s investment approach Evidence of private investment from other institutional investors Underserved niches in the community’s real estate infrastructure Pote
Slide 15: CIM Group Qualified Communities
CIM GROUP QUALIFIED COMMUNITIES 16 Areas with Investment(s) Areas Approved for Investment(s) CIM Headquarters Investment Office CMCT Investments
Slide 16: Consolidated Statements of Operations and Funds from Operations
CONSOLIDATED STATEMENTS OF OPERATIONS AND FUNDS FROM OPERATIONS 17 CIM Commercial Trust CIM Commercial Trust Corp Income Statement 3 and 6 Months Ended June 30, 2015 and 2014 in $000s Three Months Ended March 31, 2016 2015 (In thousands, except per share amounts) (Unaudited) REVENUES: Rental and oth
Slide 17: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS 18 CIM Commercial Trust March 31, 2016 December 31, 2015 ASSETS Investments in real estate, net $ 1,665,457 $ 1,691,711 Cash and cash equivalents 92,877 124,636 Restricted cash 48,782 7,267 Accounts receivable, net 11,680 10,726 Deferred rent receivable and charges, net 1
Slide 18: Debt Summary - Continuing Operations
DEBT SUMMARY- CONTINUING OPERATIONS 19 CMCT's Unsecured Credit Facility is comprised of a revolving credit facility, a term loan, and a delayed draw term loan. At March 31, 2016, the interest rates applicable to the components of CMCT's Senior Unsecured Credit Facility were based on LIBOR plus an ap
Slide 19: 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 Group
Slide 20: Net Operating Income Reconciliation
NET OPERATING INCOME RECONCILIATION 21 CMCT internally evaluates the operating performance and financial results of its segments based on net operating income which is defined as rental and other property income and expense reimbursements less property and related expenses, and excludes non property
Slide 21: Net Operating Income Reconciliation
NET OPERATING INCOME RECONCILIATION CMCT CCMCT intematy evavates the operating performance and financial resis ofits segments based on net operating income which is defined as rental and other property income and expense reimbursements lss propery and related expenses. and excludes non propery Incom
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