Creative Media · NASDAQ:CMCT
Creative Media — CIM Commercial Trust — IPO Roadshow (March 2020)
30 slides from Creative Media's IPO roadshow presentation, Mar 16, 2020
Slide 1: CIM Commercial Trust Corporation
CIM Commercial Trust Corporation NASDAQ: CMCT TASE: CMCT-L March 2020 www.cimcommercial.com ©2020 CMCT CMCT CIM Commercial Trust Corporation Securities distributed by affiliate broker-dealer: CCO Capital, LLC, member: FINRA / SIPC
Slide 2: CIM Commercial Trust
CIM Commercial Trust As of December 31, 2019. See NAV estimate table on page 28. See Important Information on page 32. As of December 31, 2019. See Important Information on page 32. Includes CIM Group and its affiliates, as well as officers and directors of CMCT. 3 Eight office properties, one hotel
Slide 3: Completion of the Program to Unlock Embedded Value
CIM Commercial Trust Amount has been adjusted to give retroactive effect to the Reverse Stock Split. Based on 14,602,149 shares of CMCT common stock outstanding as of December 31, 2019. Includes CIM Group and its affiliates, as well as officers and directors of CMCT as of March 12, 2020. 4 10 proper
Slide 4: Total Returns Based on NAV
Total Returns Based on NAV2,3 NAV per Share + Dividends Maximizing Returns For Stockholders 5 As of December 31, 2019. 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
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 ~19.6% 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 ~19.6% 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 December 31, 2019. As of December 31, 2019. See Important Information on page 32. Strategies Real assets (infrastructure and real estate) focused in communities qualified by CIM as well as national credit (net-l
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 Community Qualification 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
11 Growth in CIM Qualified Communities vs. National Downtowns vs. National Suburbs CIM qualifies communities for acquisition (135 qualified as of March 12, 2020, 75 deployed capital). CIM Qualified Communities exhibit strong growth trends, which CIM believes will lead to outsized rental growth and/o
Slide 11: Resources & Expertise of Institutional Owner Operator
Resources & Expertise of Institutional Owner Operator 12 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 Y
Slide 12: CIM Group Commitment to CMCT
CIM Group Commitment to CMCT Insiders1 own ~19.6% 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 ~19,6% of CMCT common stock? CMCT's Board includes CIM Group's three co-founders (Richard Ressler, Avi ‘S
Slide 14: CMCT History
CMCT History 15 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 Stock (see page 30 for details) August 2019 – September 2019 Paid $613 million special dividend ($42.002 per s
Slide 15: High Quality Class A & Creative Office Portfolio
High Quality Class A & Creative Office Portfolio Represents gross monthly base rent, as of December 31, 2019, 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. Repre
Slide 16: Embedded Growth Opportunity: Los Angeles
17 Embedded Growth Opportunity: Los Angeles CIM Group: 60+ Los Angeles Investments Over 25 Years 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
Slide 17: Embedded Growth Opportunity: Oakland
Embedded Growth Opportunity: Oakland Relative Value vs. San Francisco Central Business District (“CBD”) (Class A asking rents)1: San Francisco - $85.02 Oakland - $56.29 Limited new office supply in Lake Merritt / City Center: Last major office project completed in 20081 Office building development h
Slide 18: 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 19: Redevelopment In Progress: Austin
Redevelopment In Progress: Austin 20 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 (96.1% leased as of D
Slide 20: Redevelopment In Progress: Los Angeles
Redevelopment In Progress: Los Angeles 21 4 4750 Wilshire Boulevard - Repositioning Currently 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 ($1.3 million spent as of Decemb
Slide 21: Redevelopment In Progress: Sacramento
Redevelopment In Progress: Sacramento 22 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
Slide 22: Growth Pipeline: Oakland Potential Build-to-Suit
Growth Pipeline: Oakland 23 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-
Slide 23: Equity-Enhancing, Growth-Oriented Capital Structure
Equity-Enhancing, Growth-Oriented Capital Structure 24 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
Slide 24: Debt & Preferred Summary
Corporate Debt Revolving Credit Facility3 Variable LIBOR+ 1.55%3 10/31/2022 $ 153.0 Junior Subordinated Notes Variable LIBOR+ 3.25% 3/30/2035 27.1 Total Corporate Debt $ 180.1 Total Debt $ 299.5 25 Debt & Preferred Summary (December 31, 2019)1 Debt Maturity Schedule (December 31, 2019)1 (in millions
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 ~19.6% of CMCT ‘common stock? High Quality Class A and Creative Office Portfolio Significant Embedded Organic Growth Opportunity From Outsized Growth In Key Gat
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) 28 Represents outstanding mortgage debt, junior subordinated notes, SBA 7(a) loan-backed notes, and borrowings on our revolving credit facility, at face
Slide 27: Key Metrics
Key Metrics 29 Lease Expirations as a % of Annualized Office Rent (December 31, 2019)1 Top Five Tenants (December 31, 2019) Represents gross monthly base rent, as of December 31, 2019, multiplied by 12. This amount reflects total cash rent before abatements. Where applicable, annualized rent has bee
Slide 28: Completion of the Program to Unlock Embedded Value
Completion of the Program to Unlock Embedded Value in Our Portfolio and Improve Trading Liquidity of Our Common Stock Monetized stabilized assets to unlock embedded value that had been created since 2006 Special dividend of $42.001 per share of common stock paid on August 30, 2019: the aggregate amo
Slide 29: Important Information
Important Information 32 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
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 inclu