Creative Media · NASDAQ:CMCT
Creative Media — CIM Commercial Trust — IPO Roadshow (November 2020)
33 slides from Creative Media's IPO roadshow presentation, Nov 9, 2020
Slide 1: Important Disclosures
Important Disclosures Free Writing Prospectus | CIM Commercial Trust Corporation Investor Presentation Q3 2020 Filed Pursuant to Rule 433 | Dated November 9, 2020 | Registration Statement No. 333-233255 CIM Commercial Trust Corporation (“CMCT”) has filed a registration statement (including a base pr
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’ oe "ae One Ae 1.3 million rentable square feet of office and 503 hotel roo
Slide 4: COVID-19 Update - Taking Proactive Steps
COVID-19 Update - Taking Proactive Steps CMCT 97% Strong Collections ' Q2 2020 97% Q3 2020 - Property Level - Corporate Reduced Costs - Realigned support functions and reduced - compensation - - Eliminated $1.1 million base management fee” Bolstered Liquidity Amended bank facility Arranged new $10 m
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 NAV23 Cumulative Cash Distributions Per Share of con {A NAV per Share + Dividends Common
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: CIM Group: Established 1994, $28.4B Assets Owned and Operated
1994 Established $28.4B Assets Owned and Operated 875+ Real Assets Owned & Operated Competitive Advantages Diverse Team of In-House Professionals Commitment to Community Disciplined Approach | ©2020 emer | 10 Corporate Offices Worldwide Corporate & Affiliated Offices 1,000+ Employees Community- Focu
Slide 9: Creating Value. Enhancing Communities.
@ Creating Value. Enhancing Communities. CMCT Through the execution of transformative projects over 25+ years, CIM has established a track record of creating value for stakeholders while making a positive difference in communities. Team Community Discipline Trusted Partner Experience 1,000+ employee
Slide 10: Community Based Investment Approach
@ Community Based Investment Approach CMCT CIM pre-qualifies specific transitional and thriving communities through a bottoms-up, research-driven approval process prior to making any real estate or infrastructure investments on behalf of its funds or partners. 8/5+ 135 Assets Across the Americas Qua
Slide 11: Established Track Record
@ Established Track Record CMCT For more than 25 years, CIM has demonstrated the ability to realize strong investment-level returns across various market cycles. Real Estate Credit 12.8% o% 15.5% -77/0 Total Realized Investment-Level Total Realized Investment-Level Returns Since Inception Total Real
Slide 12: Commitment to ESG
@ Commitment to ESG CMCT CIM is committed to Sustainable & Environmental Initiatives incorporating Environmental, + For more than 25 years, CIM has developed and operated sustainable infrastructure needed to support growing communities. Key projects include renewable energy, water storage and waste-
Slide 13: Resources & Expertise of Institutional Owner Operator
@ Resources & Expertise of Institutional Owner Operator CMCT CMCT Management CIM Group Co-Founders ae , ih David Thompson Nathan DeBacker Richard Ressler Avi Shemesh shwur tuba CMCT CEO MCT CFO CIM Group Principal CIM Group Principal CMCT Chairman of MCT Board SIM Group Ponce) the Board Member MBinb
Slide 14: 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
Slide 15: CMCT Overview
Slide 16: 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 17: High Quality Class A & Creative Office Portfolio
@ High Quality Class A & Creative Office Portfolio CMCT Growth-Focused Portfolio (As of September 30, 2020) a ra) Gifices Geographic Diversification = Annualized Rent by Location (Excludes Hotel fete % % Annwalce’ and Ancillary Properties) Location Sub-Market ("SF") Occupied Leased Occupied SF‘ Oakl
Slide 18: Embedded Growth Opportunity: Los Angeles
@ Embedded Growth Opportunity: Los Angeles Key Los Angeles Office Themes =e F @ _ Tech, media and entertainment demand driving growth ‘ “or erent 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
Slide 19: Embedded Growth Opportunity: Oakland
3) Embedded Growth Opportunity: Oakland Favorable Office Dynamics @ Relative Value vs. San Francisco Central Business District (“CBD”) (Class A asking rents)': e San Francisco - $73.93 ° Oakland - $55.99 @ Office building development has been tempered in the East Bay, with current under construction
Slide 20: Embedded Growth Opportunity: Austin
@ Embedded Growth Opportunity: Austin CMCT Compelling Growth Market (1) Diverse Employment Sources - government, education and tech e 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 (3) Sustaine
Slide 21: Development: Austin
© Development: Austin 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
Slide 22: Redevelopment: Los Angeles
© Redevelopment: Los Angeles Location Sub-Market _Rentable SF Product Los Angeles, CA Mid-Wilshire 141,311 Office 4750 Wilshire Boulevard - Repositioning + Suspended repositioning of building into vibrant, collaborative office space due to COVID-19 ~$14.5 million redevelopment with just $2.0 million
Slide 23: Redevelopment: Sacramento Hotels
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 ($2.2 million spent as of September 30, 2020) * Target 15%+ return on cost + Expecting to renegotiate Marriott Hotel Management Ag
Slide 24: Growth Pipeline: Oakland
© Growth Pipeline: Oakland Opportunity to Generate Value Through Co-Investment, Sale or Build-to-Suit Potential Build-to-Suit 2100 FRANKLIN/2101 WEBSTER 4 MG; vetown staTiON is Dy rene iss & HARRISON 2 Kaiser Plaza (Beacon Tower) lee * Build-to-suit opportunity fo >> s 1333 BROADWAY hss + Entitled f
Slide 25: Equity-Enhancing, Growth-Oriented Capital Structure
@ Equity-Enhancing, Growth-Oriented Capital Structure CMCT Preferred Stock Program 5 Historical Preferred Stock Issuance * ‘ in milli Series A and Series D (inmilions) + Perpetual Preferred Stock (Series A: 5.5% coupon; Series D: 5.65% coupon) * Continuously offered - bi-monthly issuance + CMCT and
Slide 26: Equity-Enhancing, Growth-Oriented Capital Structure
@ Equity-Enhancing, Growth-Oriented Capital Structure CMCT Debt & Preferred Summary (September 30, 2020)' Interest structure Maturity/ (fixed/variable Expiration Loan balance Debt Maturity Schedule (september 30, 2020)' Mortgage Payable etc.) Interest Rate Date (in millions) 1 Kaiser Plaza Fixed 4.1
Slide 27: CIM Commercial Trust - Key Investment Highlights
CIM Commercial Trust - Key Investment Highlights CMCT Deep Commercial Property Expertise Through Relationship with CIM Group; Insiders’ own ~20.7% of CMCT common stock” High Quality Class A and Creative Office Portfolio Significant Embedded Organic Growth Opportunity From Outsized Growth In Key Gate
Slide 28: Appendix
Slide 29: Estimated Net Asset Value
Estimated Net Asset Value CMCT Estimated Net Asset Value (As of December 31, 2019) ($ 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 30: Key Metrics
Key Metrics CMCT Top Five Tenants (September 30, 2020) Kaiser Foundation Health Plan, Inc. 1 Kaiser Plaza 2025-20277 $ 15,975 30.4 % 366,777 28.0% MUFG Union Bank, N.A. 9460 Wilshire Boulevard 2029 3,617 6.9% 27,569 2.1% 3 Arts Entertainment, Inc. 9460 Wilshire Boulevard 2026 2,151 41% 27,112 21% CI
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Slide 32: 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. Report Dat
Slide 33: Important Information - Debt and Preferred Summary
Important Information - Debt and Preferred Summary CMCT 4, Excludes: (a) $8,552,000 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