Creative Media · NASDAQ:CMCT
Creative Media — CIM Commercial Trust — Investor Presentation (August 2016)
22 slides from Creative Media's investor presentation, Aug 24, 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 (NASDAQ: CMCT)
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 87.7 million Share Price1,2 $16.24 CIM Group Manager of CMCT Focused on increasing NAV and cash flow per share and providing liquidity f
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 July 2016 Registration statement for redeemable preferred stock offering up to $900 million becam
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 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 offi
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+ professionals2 Large scale platform with vertically-integrated team Proprietary “Qualified Community” metho
Slide 7: Coastal Urban Class A and Creative Office Portfolio
Coastal Urban Class A and Creative Office Portfolio 8 Cash NOI by Segment, TTM Office Multi-family Hotel3 Total1 # of Properties 20 5 2 27 SF/Units/Keys 5.6mm 930 908 - Occupancy1,2 83.5% 94.8% 80.9% - Avg. Rent/ADR2 $36.77 $1,914 $141.70 - TTM NOI (millions) 1 $101.5 $7.8 $18.73 $128.0 CMCT Office
Slide 8: Same Store Growth Opportunity
Same store growth opportunity Same Store Target 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
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: Resources & Expertise of Premier Institutional Manager - CIM Group
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 b
Slide 11: Resources & Expertise of Premier Institutional Manager - CIM Group
Resources & Expertise of Premier Institutional Manager- CIM Group Richard Ressler CIM Group Principal, CMCT Chairman of the Board Co-founder of CIM Group in 1994 and chairs the firm’s Investment and Asset Management Committees Founder and President of Orchard Capital Corp., a firm that provides cons
Slide 12: Resources & Expertise of Premier Institutional Manager - CIM Group
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 financ
Slide 13: Resources & Expertise of Premier Institutional Manager - CIM Group
RESOURCES & EXPERTISE OF PREMIER INSTITUTIONAL MANAGER- CIM GROUP + 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, including originating ‘and managing Federal Realty investment Trus
Slide 14: CMCT Real Estate Portfolio
CMct Real Estate Portfolio 15 As of June 30, 2016 Note: LAX Holiday Inn was sold in July 2016. Property Market Square Footage Multi-family Units Hotel Rooms 1 Kaiser Plaza Oakland, CA 531,928 2101 Webster Street Oakland, CA 472,636 1901 Harrison Street Oakland, CA 272,604 1333 Broadway Oakland, CA 2
Slide 15: CIM Qualified Community Methodology
CIM QUALIFIED COMMUNITY METHODOLOGY 16 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 16: 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 17: Consolidated Statements of Operations and Funds from Operations
CONSOLIDATED STATEMENTS OF OPERATIONS and funds from operations 18 CIM Commercial CIM Commercial Trust Corp Income Statement 3 and 6 Months Ended June 30, 2015 and 2014 in $000s Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands, except per share amounts) (Unaudi
Slide 18: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS 19 CIM Commercial June 30, 2016 December 31, 2015 (in thousands) (Unaudited) ASSETS Investments in real estate, net $ 1,625,070 $ 1,691,711 Cash and cash equivalents 37,593 124,636 Restricted cash 82,460 7,267 Accounts receivable, net 11,111 10,726 Deferred rent receivabl
Slide 19: Debt Summary - Continuing Operations
Debt summary- CONTINUING OPERATIONS 20 At June 30, 2016, the interest rates applicable to the components of CIM Commercial's Unsecured Credit Facility were based on LIBOR plus an applicable spread determined by CIM Commercial's maximum leverage ratio, as defined. In June 2016, all outstanding borrow
Slide 20: Net Operating Income Reconciliations
Net operating income Reconciliations 21 CIM Commercial 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 n
Slide 21: 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
Slide 22: Important Disclosures
IMPORTANT DISCLOSURES, C MCT ‘Assets and Equly Under Management ‘Assols Under Management ("AUM'). oF Goss AUM. represents (a) for real assets the aggregate total gross assets (GAY) ot for vase. including the shores of such assets Ouned by font venture porinen and counvestments, of al of CiM's advise
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