Creative Media · NASDAQ:CMCT
Creative Media — CIM Commercial Trust — Q2 2015 Earnings Presentation
20 slides from Creative Media's earnings presentation, Aug 10, 2015
Slide 1: CIM Commercial Trust Corporation Second Quarter 2015 Investor Presentation
CIM COMMERCIAL TRUST CORPORATION SECOND QUARTER 2015 INVESTOR PRESENTATION 1
Slide 2: Important Disclosures: Forward-Looking Statements
IMPORTANT DISCLOSURES FORWARD-LOOKING STATEMENTS The information set forth herein contains "forward-looking statements" and projections. You can identify these statements and projections by the fact that they do not relate strictly to historical or current facts or discuss the business and affairs o
Slide 3: CIM Commercial Trust (NASDAQ: CMCT)
Cim Commercial trust CIM COMMERCIAL TRUST (NASDAQ: CMCT) Portfolio Quality real estate portfolio in high density, high barrier–to-entry urban markets including: San Francisco Bay Area Washington, DC Los Angeles 21 Office properties, 5.6 million rentable square feet accounted for 82% of TTM cash NOI1
Slide 4: Key Events in CMCT's History
KEY EVENTS IN CMCT’s HISTORY 2005 CIM Group formed CIM Urban REIT with an institutional investor base Pre-merger As a private closed-end fund1, CIM Urban REIT generated an annualized total return of 8.2%, with average leverage of 18.6%, versus a 5.7% return, with average leverage of 24.3%, for the N
Slide 5: CMCT Investment Thesis
CMCT Investment thesis Urban Office Focus + Expertise of Large Scale Platform + Ability To Move Growth Needle Premier Institutional Manager Acquisition Pipeline Coastal Urban Class A and Creative Office Portfolio Same Store Growth Opportunity Conservative Capital Structure Large scale platform with
Slide 6: CMCT Portfolio Overview
CMCT PORTFOLIO OVERVIEW Note: All NOI figures contained herein are based on cash NOI unless otherwise noted. cash NOI is defined as property level GAAP basis NOI adjusted to exclude straight line rent revenue/expense and amortization of intangible assets/liabilities 1 Based on cash NOI; 12-months en
Slide 7: Same Store Growth Opportunity
Same store growth opportunity Same Store NOI CAGR 6%-8% 1/3 Lease-up 2/3 Mark-to-market Development CAGR 1%-2% Land already controlled Total CAGR of 7%-10% TARGETING SAME STORE OFFICE AND MULTIFAMILY CASH NOI CAGR OF 6% - 8% THROUGH 2020 7 Please see important disclosures on page 2 Development SS +
Slide 8: Accomplished Leadership
Accomplished leadership 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, including originating and managing Federal
Slide 9: CIM Group Overview – The Manager
Strategies Core/Stabilized Equity Value-Add Equity Opportunistic Equity Debt Infrastructure CIM GROUP OVERVIEW – THE MANAGER Established Established in 1994 as a partner for investors seeking to capitalize on U.S. urbanization Office Locations Headquartered in Los Angeles Offices in New York City, S
Slide 10: CIM Group Competitive Advantages
CIM GROUP COMPETITIVE ADVANTAGES Seasoned, Vertically-Integrated Team Full-service investment manager Research, investment, acquisition and finance Development, leasing and management “Qualified Community” Approach Sector-agnostic focus: Market values that are below long-term intrinsic values; or Un
Slide 11: Summary
summary Urban Office Focus + Expertise of Large Scale Platform + Ability To Move Growth Needle Premier Institutional Manager Acquisition Pipeline Coastal Urban Class A and Creative Office Portfolio Same Store Growth Opportunity Conservative Capital Structure Large scale platform with vertically inte
Slide 12: Appendix
appendix 12
Slide 13: CMCT Real Estate Portfolio
CMct Real Estate Portfolio 13 Property Market Office Square Footage Multi-family Units Hotel Rooms 200 S. College Street (BB & T Center) Charlotte, NC 567,578 1 Kaiser Plaza Oakland, CA 531,477 980 9th Street & 1010 8th Street Sacramento, CA 480,639 2101 Webster Street Oakland, CA 472,636 211 Main S
Slide 14: CIM Group – Qualified Communities
CIM GROUP – QUALIFIED COMMUNITIES Improving demographic trends Public commitment consistent with CIM Group’s views Demonstrated other private investment Underserved niches in the community’s real estate infrastructure Potential to invest a minimum of $100 million of opportunistic equity Primary Qual
Slide 15: CIM Qualified Communities
CIM QUALIFIED COMMUNITIES 15 CMCT Properties Areas with CIM Group Investment(s) Areas Approved for Investment CIM Headquarters CIM Group Corporate Offices
Slide 16: Consolidated Statements of Operations and Funds from Operations
CONSOLIDATED STATEMENTS OF OPERATIONS and funds from operations 16 Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (in thousands, except per share amounts) (Unaudited) REVENUES: Rental and other property income $ 63,171 $ 60,804 $ 126,569 $ 120,626 Expense reimbursements 3,
Slide 17: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS 17 June 30, 2015 December 31, 2014 (in thousands, except per share amounts) (Unaudited) ASSETS Investments in real estate, net $ 1,700,414 $ 1,715,937 Cash and cash equivalents 22,552 17,615 Restricted cash 7,612 8,861 Accounts receivable, net 12,450 10,754 Deferred rent
Slide 18: Debt Summary
Debt summary 18 CIM Commercial Trust Corp Debt Summary June 30, 2015 in $000s Outstanding Principal Balance Interest Maturity Balance Due At As of June 30, 2015 Rate Date Maturity Date (in thousands) 11620 Wilshire Boulevard $ 33,290 5.06% 09/01/2015 $ 33,068 370 L’Enfant Promenade 26,000 7.66% 12/0
Slide 19: Management Agreement
MANAGEMENT AGREEMENT Investment Management Agreement - Tiered Asset Management Fee 2Q’15 Example (in millions): Master Services Agreement Base Service Fee: $1 million annually1 for management and administration services Allocated services at cost for accounting, tax, reporting, internal audit, legal
Slide 20: Important Disclosures
Important Disclosures Annualized Total Returns are quarterly time-weighted total returns that have been geometrically linked then annualized. CIM Urban REIT quarterly total returns are leveraged investment-level gross returns (defined below), without taking into account organizational expenses and o