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Creative Media & Community Trust Corporation Investor Presentation 2018
6737_rns_2018-11-14_47ef0eeb-642f-461d-8fd9-839175738d33.pdf
Investor Presentation
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2018 נובמבר CMCT :NASDAQ & TASE | CIM Commercial Trust Corporation
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 on a prospective basis. Further, statements that include words such as "may," "will," "project," "might," "expect," "target," "believe," "anticipate," "intend," "could," "would," "estimate," "continue," "pursue," "potential", "forecast", "seek", "plan", or "should" or the negative or other words or expressions of similar meaning, may identify forward-looking statements.
CIM Commercial bases these forward-looking statements on particular assumptions that it has made in light of its experience, as well as its perception of expected future developments and other factors that it believes are appropriate under the circumstances. These forward-looking statements are necessarily estimates reflecting the judgment of CIM Commercial and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors, including, but not limited to, those associated with (i) the approval of the Potential Sale by the Board of Directors and, if required, the stockholders of CIM Commercial, (ii) CIM Commercial's ability to consummate the contemplated reorganization, including the Potential Sale and the Potential Return of Capital Event, (iii) the extent to which directors and officers reinvest proceeds from the Potential Sale into newly issued shares of the Company's common stock, (iv) the terms and timing of the Potential Sale, including the price at which assets are sold, (v) the development and redevelopment of properties of CIM Commercial, (vi) changes in market rental rates and (vii) the satisfaction of certain conditions to the exchange offer for the Series L preferred stock. For a further list and description of the risks and uncertainties inherent in the forward looking statements, see CIM Commercial's filings with the Securities and Exchange Commission, including CIM Commercial's Annual Report on Form 10-K for the fiscal year ended December 31, 2017, the Registration Statement on Form S-11 (Reg. No. 333-210880) relating to the Series A preferred stock, the Registration Statement on Form S-3 (Reg. No. 333-203639) relating to the sale of common stock by a selling shareholder and the Registration Statement on Form S-4 (Reg. No. 333-227707) relating to the potential exchange offer for shares of our Series L preferred stock.
As you read and consider the information herein, you are cautioned to not place undue reliance on these forward-looking statements. These statements are not guarantees of performance or results and speak only as of the date hereof. These forward-looking statements involve risks, uncertainties and assumptions. In light of these risks and uncertainties, there can be no assurance that the results and events contemplated by the forward-looking statements contained herein will in fact transpire. New factors emerge from time to time, and it is not possible for CIM Commercial to predict all of them. Nor can CIM Commercial assess the impact of each such factor or the extent to which any factor, or combination of factors may cause results to differ materially from those contained in any forward-looking statement. CIM Commercial undertakes no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
*הבהרה חשובה- מסמך זה מקורו בשפה האנגלית. החברה השתמשה בשירותי תירגום על מנת לתרגם חלקים מהמסמך לשפה העברית לנוחיות דוברי השפה העברית. החברה איננה אחראית לכל טעות אשר מקורה בתרגומו ועריכתו של המסמך בעברית ובכלל מקרה של הבדל נוסח המסמך בשפה האנגלית קובע.
| CMCT | של | זה הת |
|
|---|---|---|---|
| -- | ------ | ---- | ---------- |
| – CIM בוצת של ק מחיות ים ומו משאב ) Owner Operator ל ) ומנה בעלים מוביל מוסדי |
» » » |
נכית רציה א באינטג ף וצוות בת היק מה רח פלטפור ( Qualified Community ות" ) ת נבחר "קהילו סים של גיית נכ מתוגולו רה"ב ינים בא העירונ מרכזים נדל"ן ב שוקי ה פק לכל , עם או ס שיטה ומבוס רך יחסי מוכוון-ע בעלים מפעיל- |
|---|---|---|
| ת המניו לבעלי ואות ם תש מקסו |
» » |
ורכב היר המ ה הון ז וא מבנ היעד ה כאשר גילות, מניות ר ה עבור ים למני המזומנ תזרים י הנקי ו ך הנכס ול הער ות בגיד התמקד ווי הוגן ס על ש המבוס גילות, מניות ר 45%- מכ ה לכל ה לזמינ ש הפכ צעת רכ דים, וה ם מיוח בידנדי לים, די דים רגי בדיבידנ למניה \$8.73 סופקו ,2014 נת חילת ש מאז ת 1 מניות בעלי ה |
| » | סחירות ולשפר ציאלית ה פוטנ ר גדיל להגבי ך גלום, תיר ער אר, לה בין הש מטרה, חדש ב היוון מ אלית ל פוטנצי תכנית בחינת תפות ת משו של מניו |
|
| Creative Officesו Class A נכסי ח מפת בשוקי |
» | וני גידול ה ות ו/או השכיר ת בדמי שמעותי לייה מ צופה ע CIM קבוצת ם, בהם ה גבוהי מי כניס עם חס -שווקים ם בתתי ממוקמי |
| )Gateway Markets( | » | וסטין . סי. וא נגטון די טו, וושי סקרמנ אנג'לס, קו, לוס פרנסיס פרץ סן אזור מ |
| » | השוק מחירי השוק ל מחירי תחת ל רות שמ מי שכי עלאת ד צעות ה ם באמ סים זהי סיס נכ ה על ב ת צמיח הזדמנו |
|
| ת מעותי ה מש צמיח צפי ל |
» | וח ך / פית פת ער ות הוס הזדמנוי |
| » | טיביות" "אקרא רכישות |
- CMCT is the product of a merger )the "Merger"( between a subsidiary of CIM Urban REIT, LLC )"CIM REIT"(, a fund operated by CIM, and PMC Commercial Trust, a publicly traded real estate investment trust, consummated in Q1 2014. Represents dividends declared on our common stock from January 1, 2014 through September 30, 2018. Excludes a special dividend paid to PMC Commercial Trust's shareholders in connection with the Merger, but includes 2014 dividends received by CIM REIT shareholders prior to the Merger and dividends on convertible preferred stock received by Urban Partners II, LLC, an affiliate of CIM REIT and CIM Group, L.P., on an as converted basis, in the Merger. The per share equivalent in proceeds from the tender offer is \$2.15, calculated by dividing \$210,000,000, the amount used by CMCT to purchase shares of common stock of CMCT in the tender offer, by 97,676,197, the number of shares of common stock outstanding immediately prior to such tender offer. The amounts of regular and special cash dividends per share are based on the number of shares outstanding as of the applicable record dates. Past performance is not indicative of future results.
CMCT
קרנות נדל"ן משרד ארה"ב
4
-
- Return based on cumulative regular and special dividends since March 31, 2014, divided by initial net asset value )"NAV"(, from March 31, 2014 to September 30, 2018.
-
- Please see "Net Asset Value" under "Important Disclosures" with respect to the methodology of the calculation of NAV of CMCT.
-
- Returns based on change in NAV per share from March 31, 2014 to September 30, 2018.
-
- "U.S. Office REITs" reflects the weighted average historical stock price and NAV performance of the companies included in the SNL US REIT Office Index as of September 30, 2018 based, for all periods indicated, on the weights attributed to each such company by such index as of September 30, 2018. The SNL US REIT Office Index is an index of certain publicly traded office REITs in the United States. The characteristics of the portfolios of assets of such companies included in "U.S. Office REITs" may differ significantly from the characteristics of CMCT's portfolio of assets. "U.S. Office REITs" may therefore not be an appropriate benchmark for the performance of CMCT. Past performance is not a guarantee of future results. The data used in this chart is derived from SNL and filings with the U.S. Securities and Exchange Commission.
ביצועים מאז השקת CMCT
-
- Total return includes changes in stock price or net asset value )"NAV"( per share, as applicable, and includes all dividends declared and paid with respect to the Company's common stock from March 31, 2014 to September 30, 2018.
-
- Please see "Net Asset Value" under "Important Disclosures" with respect to the methodology of the calculation of NAV of CMCT.
-
- "U.S. Office REITs" reflects the weighted average historical stock price and NAV performance of the companies included in the SNL US REIT Office Index as of September 30, 2018 based, for all periods indicated, on the weights attributed to each such company by such index as of September 30, 2018. The SNL US REIT Office Index is an index of certain publicly traded office REITs in the United States. The characteristics of the portfolios of assets of such companies included in "U.S. Office REITs" may differ significantly from the characteristics of CMCT's portfolio of assets. "U.S. Office REITs" may therefore not be an appropriate benchmark for the performance of CMCT. Past performance is not a guarantee of future results. The data used in this chart is derived from SNL and filings with the U.S. Securities and Exchange Commission.
מסווג מידע / מסחרי סוד© | 2018 CIM Groupwww.cimgroup.com | CMCT CIM Commercial Trust Corporation | ©2018 CIM Group | www.cimgroup.com
סקירה כללית של קבוצת CIM
סיכום CIM
CIM היא בעלים, מפעילה ומלווה של נדל"ן, הממוקדת בקהילה. תוך ניצול המומחיות הפנימית שלנו, אנו יוצרים ערך לנכסים שלנו, באופן שפועל לטובת המשקיעים שלנו, ובסופו של דבר לטובת הקהילה.
| ה הקמ |
ל"ן כסי נד ב של נ משול ותפעול בעלות כעסק 1994 בשנת יסוד |
|---|---|
| ת רטגיו אסט |
National Credit ו- CIM על ידי סמכות ת המו בקהילו תיות( "ן ותש ה )נדל י קהיל ממוקד רוניים דל"ן עי נכסי נ חוב( ה נטו ו )חכיר |
| כי ב אנ שילו |
סים יהול נכ כירה ונ ימון, ח תוח, מ ראי, פי וח אש ש, נית קר, רכ של מח מיות ות פני ת ויכול תחומי ת רב- מומחיו |
| ארגון | 1 יים( מקצוע עובדים ל 535 ם, מע מייסדי ל כל ה ם, כול מנהלי )15 עובדים 925 מעל |
| דים משר ם ה מיקו |
אלאס, לנד; ד ה, מרי בת'סד רניה; , קליפו אוקלנד דים ב ם משר שנם ג ניה, וי קליפור נג'לס, בלוס א ממוקם ראשי משרד נה , אריזו פיניקס ילינוי; ו יקגו, א ורק; ש ק, ניו י ניו יור טקסס; |
| תפים משו יעים משק פים ו שות |
ל כ- ב הכול אי רח קמעונ בסיס חד עם CIM, י ים של ה מוצר ם בכמ שקיעי מהם מ חצית , שכמ מגוונים סדיים עם מו יחסים 1 רטיים ניות פ בעלי מ 90,000 |
| פעול ובת עלות ם בב נכסי |
2 ד דולר מיליאר 29.1 |
-
As of September 2018.
-
As of June 30, 2018. See "Important Disclosures", in particular, the section "Assets Owned and Operated" for additional details.
בהמשך להיוון מחדש הפוטנציאלי, CMCT תישאר ממוקדת בעיקר בנכסי A Class וOffices Creative, אבל היא עשויה גם להשתתף באופן פעיל יותר בסוגי מוצרי נדל"ן עירוני נוספים ואסטרטגיות של קבוצת CIM בכדי להרחיב את השתתפות CMCT בפלטפורמות וביכולות של קבוצת CIM לטובת כל מחזיקי המניות
יתרונות תחרותיים של CIM
» הבאת סחורות, שירותים, תעסוקה ותמיכה הדרושים להצלחתן של קהילות
השותפים והמשקיעים המשותפים של CIM
קהילות מוסמכות של CIM
קהילות נבחרות על ידי CIM לרכישה )114 קהילות נבחרות עד כה, 68 עם הון מושקע(. קהילות הנבחרות על ידי CIM הראו מגמות צמיחה משמעותיות, ו-CIM מאמינה כי המגמות יובילו לעלייה בדמי השכירות ו/או לגידול הוני.
» מאז הרכישה הראשונית הקהילות הנבחרות ב-CIM, הראו עליה בדמי השכירותב50%- מעל הממוצע הארצי במרכזי הערים וב185%- מעל הממוצע הארצי בפרוורים1
צמיחה בדמי השכירות בקהילות נבחרות על ידי CIM לעומת מרכזי הערים ברחבי המדינה לעומת הפרוורים ברחבי המדינה
- Based on growth of Class A office rents, sourced from CBRE Outlook Dashboard, accessed September 2018.
סקירה כללית של CMCT
מסווג מידע / מסחרי סוד© | 2018 CIM Groupwww.cimgroup.com | CMCT CIM Commercial Trust Corporation | ©2018 CIM Group | www.cimgroup.com
CMCT בוחנת באופן אקטיבי אפשרות של היוון מחדש בכדי להתיר ערך גלום ולהגביר גדילה פוטנציאלית וסחירות
- » מונוטיזציה של נכסים יציבים באוקלנד, סן-פרנסיסקו ו-וושינגטון די. ס, בכדי להתיר את הערך הגלום שנוצר מאז 2006 )10 נכסים ששטחם הכולל הוא 251 אלף מטר מרובע(
- התרת ערך גלום באמצעות » שימוש בתמורה נטו ממכירת נכסים )לאחר תשלום כל החובות בעלי הקדימיות התאגידיים( וקבלת מזומנים הניתנים לשימוש 1מיידי עבור החזר הון לבעלי מניות מתוך חישוב הערך הנכסי הנקי המותאם בקרוב )כ23- דולר למניה נכון ל30- ביוני 2018(
» מספר נושאי משרה ומנהלים של CMCT הביעו את נכונותם להשקיע מחדש את כל החלק שלהם פרו-רטה מתוך כל התמורה של החזר ההון שלהם המוערך בכ11- מיליון דולר למניות של המניה הרגילה שלנו. השקעה כזו יכולה להתבצע ברכישה בשוק הפתוח או רכישה של מניות חדשות של המניה הרגילה שלנו.
» נושאי משרה והמנהלים של CMCT יחזיקו בכ6%- מ-CMCT לאחר היוון מחדש פוטנציאלי והשקעה מחדש פוטנציאלית 2
» לאחר ההיוון מחדש הפוטנציאלי, CMCT תחזיק נכסים בנטו בשווי הוגן של כ607- מיליון דולר 4,3 עם נכסים תפעוליים בלוס אנג'לס, סן פרנסיסקו, סקרמנטו ואוסטין; דמי שכירות מצטברים עבור נכסי משרדים שנשארו בפרוטפוליו הם הרבה מתחת 3 למחירי השוק; כ592- מיליון דולר בנכסי נדל"ן בשווי הוגן 5,3וכ16- מיליון דולר המושקעים בהלוואות נדל"ן בשווי הוגן
- » CMCT תתחזק הזדמנויות פיתוח אטרקטיביות באוקלנד, אוסטין, וושינגטון די.סי ובסקרמנטו
- » CMCT תתמקד, בשיעור צמיחה שנתי מורכב )CAGR )של הכנסות תפעוליות נטו של 4% 6% על בסיס נכסי זהים עד 20236
הגברת פוטנציאל הצמיחה
1. After friction costs. See "Estimated Net Asset Value & NOI Forecast Reconciliation" on page 23 and "Net Asset Value" under "Important Disclosures" starting on page 25, with respect to the methodology of the calculation of NAV of CMCT.
2. Estimate based on assumption all holders of Common Stock receive a return of capital pro rata. See "Important Disclosures" starting on page 25, and, in particular, "CMCT Pro Forma Capital Structure and CMCT Pro Forma Portfolio."
3. See "Important Disclosures" starting on page 25, and, in particular, "Net Asset Value" and "CMCT Pro Forma Capital Structure and CMCT Pro Forma Portfolio."
4. Represents total assets net of other liabilities, SBA 7(a) loan-backed notes, and secured borrowings.
5. Represents loans receivable net of secured borrowings and SBA 7(a) loan-backed notes.
6. Based on cash and segment NOI. Excludes potential from existing development opportunities.
מקסום תשואות לבעלי המניות
- » קבוצת CIM הביעה כוונה לפרק את REIT CIM )המחזיקה כ95%- מהמניות הרגילות של CMCT 1 2 ( כחלק מההיוון מחדש הפוטנציאלי של CMCT, ולחלק מניות הרגילות של CMCT שיוחזקו על-ידיה בשלב הזה ל27- השותפים המוסדיים של REIT CIM
- » הכמות הצפה )float public )של CMCT תגדל לכ94%- )מתוך כ- 2 4% (, מה שצפוי לשפר את כמות המסחר לאורך זמן ולאפשר למניה הרגילה להיכלל במספר מדדים
- שיפור הסחירות
- » CMCT מעריכה שזה יתווסף למספר מדדי מניות, ובמצב כזה, כ30%-25%- מהמניות הרגילות שטרם נפרעו יוחזקו על ידי קרנות 3פסיביות העוקבות אחר מדדים כאלה תוך 12 חודשים לאחר השלמת ההיוון מחדש הפוטנציאלי
- » הגדלת הכמות הצפה והסחירות יטיב עם כל מחזיקי המניות המועדפים והרגילים וישפר את הגישה של CMCT להון )הכמות הצפה עשויה להשתפר עוד יותר כתוצאה מהצעת החלפה - ראה מטה(
» ממשיך לכוון למבנה הון ייעודי הכולל 45% מניה רגילה 4
מבנה הון 5זהיר וגמיש
- » אין צפי לחוב בכיר מיד לאחר ההיוון החוזר הפוטנציאלי; התכנון הוא לשמירה על חוב לטווח ארוך ברמות מינימליות )מלבד בנוגע לחוב שנגרם למטרות הון עבודה או רכישות של נכסים או השקעות שהחברה מתעתדת לממן מחדש בעזרת רווחים מהנפקת מניות מועדפות או מניות רגילות.)
- » הערכה מחדש של מדיניות דיבידנדים של מניות רגילות לאחר היוון מחדש פוטנציאלי
1. CMCT was the product of a merger )the "Merger"( between a newly formed subsidiary of CIM Urban REIT, LLC )"CIM REIT"(, a fund operated by CIM, and PMC Commercial Trust, a publicly traded real estate investment trust, consummated in Q1 2014.
2. As of September 30, 2018.
3. Assumes CMCT Common Stock is added to the CRSP US Equity Index, Russell 2000, MSCI US Real Estate and S&P SmallCap 600 following the potential recapitalization, which, together with other reasons, is expected to make CMCT Common Stock eligible for inclusion on such indices by increasing is public float. There is no guarantee that the potential recapitalization, the inclusion of CMCT Common Stock in such indices or increased public float will occur.
4. Based on fair value. See "Important Disclosures" starting on page 25 and, in particular, "Net Asset Value," with respect to the methodology of the calculation of fair value.
מקסום תשואות לבעלי המניות
\$10
» ניהול תיקי השקעות אקטיביים ואסטרטגיים על מנת למקסם את התשואה לבעלי המניות
ניהול פורטפוליו אקטיבי החזר הון מצטבר למחזיקי מניות רגילות3,1
- » מכירת נכסים ברוטו בכ1.31- מיליארד דולר )2017-2015(
- » 152 מיליון דולר של רכישות משרדים )בין רבעון רביעי 2017 לרבעון שלישי 2018(
- » בחינת מכירת נכסים בברוטו בסך העולה על מיליארד דולר כחלק מההיוון מחדש הפוטנציאלי )2018 או 2019(
1אספקת נזילות לבעלי המניות
| נזילות | תאריך |
|---|---|
| למניה \$21.00- ריקאי ב ולר אמ מיליון ד ל 210 רכש ש הצעת |
6/2016 |
| למניה \$0.28 של במזומן מיוחד דיבידנד |
4/2017 |
| למניה \$1.98 של במזומן מיוחד דיבידנד |
6/2017 |
| 2 למניה \$0.73 של במזומן מיוחד דיבידנד |
12/2017 |
| סים כירת נכ נטו ממ תמורה חדש - היוון מ אלית ל פוטנצי תכנית בחינת ם וש צפויי ם בשימ מוגבלי שאינם חברה ם של ה מזומני תרות ה וחלק מי חובות תשלום לאחר רגילות מניות ה בעלי ה לחזור ל |
-2018 2019 |
-
- In September 2016, June 2017 and December 2017, CMCT repurchased \$80 million, \$576 million and \$310 million, respectively, of common shares in privately negotiated transactions from Urban Partners II, LLC. In connection with these share repurchases, CMCT paid the special cash dividends described in the table above that allowed the common stockholders that did not participate in the share repurchases to receive the economic benefit of such repurchases. Urban Partners II, LLC waived its right to receive these special cash dividends.
-
- Dividend was declared in December 2017 and paid in January 2018.
-
- CMCT is the product of a merger )the "Merger"( between a subsidiary of CIM Urban REIT, LLC )"CIM REIT"(, a fund operated by CIM, and PMC Commercial Trust, a publicly traded real estate investment trust, consummated in Q1 2014. Represents dividends declared on our common stock from January 1, 2014 through September 30, 2018. Excludes a special dividend paid to PMC Commercial Trust's
shareholders in connection with the Merger, but includes 2014 dividends received by CIM REIT shareholders prior to the Merger and dividends on convertible preferred stock received by Urban Partners II, LLC, an affiliate of CIM REIT and CIM Group, L.P., on an as converted basis, in the Merger. The per share equivalent in proceeds from the tender offer is \$2.15, calculated by dividing \$210,000,000, the amount used by CMCT to purchase shares of common stock of CMCT in the tender offer, by 97,676,197, the number of shares of common stock outstanding immediately prior to such tender offer. The amounts of regular and special cash dividends per share are based on the number of shares outstanding as of the applicable record dates. Past performance is not indicative of future results.
נכסים המיועדים למכירה
נכון ל30- בספטמבר 2018
| Annualized | |||||
|---|---|---|---|---|---|
| Rentable | Rent Per | ||||
| Location | Sub-Market Square Feet |
% Occupied | Occupied SF1 | ||
| Oakland, CA | |||||
| 1 Kaiser Plaza | Lake Merritt | 535,324 | 93.7% | \$ 41.51 |
|
| 2101 Webster Street | Lake Merritt | 471,337 | 99.0% | 41.45 | |
| 1901 Harrison Street | Lake Merritt | 280,610 | 81.9% | 45.25 | |
| 1333 Broadway | City Center | 251,155 | 94.3% | 42.16 | |
| 2100 Franklin Street | Lake Merritt | 216,828 | 98.9% | 41.82 | |
| 2353 Webster Street Parking Garage | Lake Merritt | N/A | N/A | N/A | |
| Total Oakland, CA | 1,755,254 | 94.0% | 42.13 | ||
| San Francisco, CA | |||||
| 260 Townsend Street | South of Market | 66,682 | 100.0% | 73.54 | |
| Total San Francisco, CA | 66,682 | 100.0% | 73.54 | ||
| Washington, DC | |||||
| 999 N Capitol Street | Capitol Hill | 315,983 | 90.1% | 46.80 | |
| 899 N Capitol Street | Capitol Hill | 314,667 | 86.1% | 52.87 | |
| 830 1st Street | Capitol Hill | 247,337 | 100.0% | 43.88 | |
| Total Washington, DC | 877,987 | 91.5% | 47.92 | ||
| Total Assets Targeted For Sale | 2,699,923 | 93.3% | \$ 44.83 |
לאחר היוון מחדש פוטנציאלי: צמיחה מתמקדת בשווקים מתפתחים
Office
נכון ל30- בספטמבר 2018
פורטפוליו ממוקד צמיחה צינור התפתחות פוטנציאלית אטרקטיבית
Development
| Location | Sub-M arket |
Potential Rentable SF |
Product |
|---|---|---|---|
| Oakland, CA | |||
| 2 Kaiser Plaza | Lake Merritt | 425,000- 800,000 |
Office |
| Washington, DC | |||
| 901 N Capitol Street | Capitol Hill | 270,000 / TBD |
Office/Multifamily |
| Austin, TX | |||
| 3601 S Congress Avenue | South | 42,000 | Office |
| Sacramento, CA | |||
| Sheraton Grand Hotel Parking Garage & Retail |
Downtown/Midtown | N/A | Hotel |
| Annualized | |||||
|---|---|---|---|---|---|
| Rentable | Rent Per | ||||
| Location | Sub-Market | Square Feet | % Occupied | Occupied SF1 | |
| San Francisco, CA | |||||
| 1130 Howard Street | South of Market | 21,194 | 100.0% \$ | 68.60 | |
| Los Angeles, CA | |||||
| 11620 Wilshire Boulevard | West Los Angeles | 194,629 | 95.5% | 40.83 | |
| 4750 Wilshire Boulevard | Mid-Wilshire | 143,361 | 100.0% | 26.92 | |
| 9460 Wilshire Boulevard | Beverly Hills | 93,622 | 94.9% | 93.49 | |
| 11600 Wilshire Boulevard | West Los Angeles | 56,144 | 88.0% | 51.94 | |
| Lindblade Media Center | West Los Angeles | 32,428 | 100.0% | 43.67 | |
| Austin, TX | |||||
| 3601 S Congress Avenue | South | 183,885 | 90.1% | 34.44 | |
| TOTAL | 725,263 | 94.7% | \$ | 44.99 | |
Hotel
| Location | Sub-Market | Rooms | % Occupied2 | RevPAR3 |
|---|---|---|---|---|
| Sacramento, CA | ||||
| Sheraton Grand Hotel | Downtown/Midtown | 503 | 82.9% \$ | 134.14 |
Ancillary
| Location | Sub-Market | Rentable Square Feet (Retail) |
Retail % Occupied |
Annualized Rent (000s)4 |
|
|---|---|---|---|---|---|
| Sacramento, CA Sheraton Grand Hotel Parking Garage & Retail |
Downtown/Midtown | 9,453 | 100.0% | \$ | 2,943 |
| Oakland, CA 2 Kaiser Plaza |
Lake Merritt | – | – | – | |
| Washington, DC 901 N Capitol Street |
Capitol Hill | – | – | – |
-
- Represents gross monthly base rent, as of September 30, 2018, multiplied by twelve. The amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent. Annualized rent for certain office properties includes rent attributable to retail.
-
- Represents trailing 9-month occupancy as of September 30, 2018, calculated as the number of occupied rooms divided by the number of available rooms.
-
- Represents trailing 9-month RevPAR as of September 30, 2018, calculated by dividing the amount of room revenue by the number of available rooms.
-
- Represents gross monthly contractual rent under parking and retail leases commenced as of September 30, 2018, multiplied by twelve. This amount reflects total cash rent before abatements. Where applicable, annualized rent has been grossed up by adding annualized expense reimbursements to base rent.
לאחר היוון מחדש פוטנציאלי: צמיחה מתמקדת בשווקים מתפתחים
- » התמקדות על בסיס נכסי זהים, בשיעור צמיחה שנתי מורכב )CAGR )של הכנסות תפעוליות נטו של 4% - 6% עד 20231
- » לא כולל הזדמנויות פיתוח פוטנציאליות באוקלנד, אוסטין, וושינגטון די. סי וסקרמנטו כמו גם רכישות אקראטיביות צפויות
-
Based on cash and segment NOI. Excludes potential from existing development opportunities.
-
- Represents pro forma cash and segment NOI following the potential recapitalization.
-
- See "Important Disclosures" starting on page 25, and, in particular, "Net Asset Value."
-
The illustrative NAV per share at 2023 is based on a number of assumptions, including an increase in NOI at 5% per year, and using the anticipated capital structure of CMCT immediately following the
potential recapitalization )which is different from CMCT's target capital structure, as discussed on page 17). Any changes in these assumptions will affect the ability of CMCT to achieve the illustrative NAV per share. There can be no guarantee that CMCT will be able to achieve NOI growth of 5% per year.
לאחר היוון מחדש פוטנציאלי: מבנה הון אטרקטיבי וגמיש
יעד של מבנה הון זהיר וגמיש
1מבנה הון פרו-פורמה )בשווי הוגן( )דולר במיליונים(
» יעד מבנה הון של 45% מניות רגילות, 55% חוב ומניות מועדפות במטרה להגדיל את התשואות למניות הרגילות עם סיכון יחסי נמוך
» אין צפי לחוב בכיר מיד לאחר ההיוון החוזר הפוטנציאלי; התכנון הוא לשמירה על חוב לטווח ארוך ברמות מינימליות )מלבד בנוגע לחוב למטרות הון עבודה או רכישות של נכסים או השקעות שהחברה מתעתדת לממן מחדש בעזרת רווחים מהנפקת מניות מועדפות או מניות רגילות.(
-
As of June 30, 2018. Debt is taken at face value and excludes secured borrowings, SBA 7(a) loan-backed notes, deferred financing costs on our debt, and premiums and discounts on our debt; preferred stock is taken at redemption value; and common equity is reduced by the difference between the face value and the carrying value of our debt, deferred financing costs on our debt, and the difference between the redemption value and carrying value of preferred stock. See "Important Disclosures" starting on page 25 and, in particular, "CMCT Pro Forma Capital Structure and CMCT Pro Forma Portfolio."
-
- Loans receivable, net represents loans receivable net of secured borrowings and SBA 7(a) loan-backed notes.
-
- Other net assets (liabilities) represents total other assets of CMCT net of other liabilities.
מסווג מידע / מסחרי סוד© | 2018 CIM Groupwww.cimgroup.com | CMCT CIM Commercial Trust Corporation | ©2018 CIM Group | www.cimgroup.com
משאבים ומומחיות של עסק בעלות ותפעול מוסדי
CIM Group Co-Founders
Richard Ressler CIM Group Principal, CMCT Chairman of the Board
- » Founder and President of Orchard Capital Corp., a firm through which Mr. Ressler oversees companies in which Orchard Capital or its affiliates invest
- » Co-Founder and a Principal of CIM Group
- » Chairman of the board of j2 Global, Inc. (NASDAQ: JCOM) and director of Presbia PLC (NASDAQ: LENS)
- » Served as Chairman and CEO of JCOM from 1997 to 2000
- » Chairman of executive committee and co-founder of predecessor of Orchard First Source Asset Management, a full-service provider of capital and leveraged finance solutions to U.S. corporations
- » Co-founded and served as Vice Chairman of Brooke Group Limited, the predecessor of Vector Group, Limited (NYSE: VGR)
- » Previously worked at Drexel Burnham Lambert, Inc. and began his career as an attorney with Cravath, Swaine and Moore, LLP
- » B.A. from Brown University, and J.D. and M.B.A. degrees from Columbia University
Avi Shemesh CIM Group Principal and CMCT Board Member
- » Co-Founder and a Principal of CIM Group
- » Responsible for responsible for investments, asset management, partner & co-investor relations and portfolio oversight
- » Head of CIM's Investments Group and serves on the firm's Investment and Asset Management Committees
- » Real asset owner and operator for over 25 years
- » Previously was involved in a number of successful entrepreneurial real estate activities, including co-founding Dekel Development, which developed a variety of commercial and multifamily properties in Los Angeles
Shaul Kuba CIM Group Principal and CMCT Board Member
- » Co-Founder and a Principal of CIM Group
- » Responsible for the day-to-day operations of CIM Group, including leading the Development Group and sourcing new acquisitions
- » Serves on CIM's Investment and Asset Management Committees
- » Real asset owner and operator for over 25 years
- » Previously was involved in a number of successful entrepreneurial real estate activities, including co-founding Dekel Development, which developed a variety of commercial and multifamily properties in Los Angeles
CMCT Management
Charles Garner CMCT Chief Executive Officer, CIM Group Principal
- » CEO of CMCT and serves on CIM Group's Investment Committee
- » Prior to joining CIM Group, worked closely with the firm in various capacities since 1996, including originating and managing Federal Realty Investment Trust's partnership with CIM Group
- » Has been involved in billions of dollars of real estate transactions including the acquisition, joint venture investment, disposition and equity and debt financing of more than 100 properties
- » Began career as a C.P.A. at PricewaterhouseCoopers and has held various transactional positions with Federal Realty, Walker & Dunlop and The Stout & Teague Companies
- » B.S. degree in Management from Tulane University's A.B. Freeman School of Business
Jan Salit CMCT President and Secretary
- » Joined CMCT after merger of PMC Commercial Trust
- » Previously was Chairman of the Board, CEO and Secretary of PMC Commercial Trust
- » Prior to CEO role, held Chief Operating Officer and Chief Investment Officer roles with PMC Commercial Trust (joined predecessor firm in 1993)
- » Prior to joining PMC Commercial Trust, held positions with Glenfed Financial Corporation (and its predecessor company ARMCO Financial Corporation) including Chief Financial Officer
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 financial reporting, financial planning and analysis, risk management, internal control and technical accounting compliance
- » Tenure at Hilton included both SEC compliance as a public company and reporting as a private equity portfolio company
- » Began career as a C.P.A. at Arthur Andersen & Co.
Terry Wachsner CIM Group Principal, Real Estate Services
- » Prior to joining CIM Group in 2005, was Director of Asset Services for Continental Development Corporation
- » Prior to Continental, was Executive Managing Director for Kennedy-Wilson Properties, Ltd. where he was responsible for the operations and leasing of a 75 million square foot national portfolio of office, retail, industrial, and apartment properties
- » From 1980 to 1998, headed up Heitman Properties, Ltd. as President of Property Management
1אסטרטגיה ממוקדת קהילה לנכסי נדל"ן עירוניים
CIM מאמינה כי תהליך הסמכת הקהילות שלה מעניקה לה יתרון תחרותי משמעותי בעת רכישת נכסי נדל"ן עירוניים.
» מאז CIM 1994, הסמיכה 114 קהילות בשווקים עם חסם כניסה גבוה ורכשה והפעילה נכסים ב68- מהקהילות הללו 1 . תהליך ההסמכה נמשך בדרך כלל בין שישה חודשים לחמש שנים והוא מהווה מרכיב קריטי בהערכת הנכסים העירוניים על ידי CIM.
| מכה להס |
ריונים קריט |
||
|---|---|---|---|
| גים משגש עירוניים אזורים |
ר ות מעב בתקופ עירוניים מחוזות |
||
| ביות יות חיו דמוגרפ מגמות |
» | רפיים הדמוג בנתונים שיפור |
» |
| ת ברכישו ציבורית תמיכה הפנימי ת לערך ות מתח הזדמנוי |
» » |
בגישה רחבה ציבורית תמיכה CIM של |
» |
| 100 פחות שקיע ל אל לה פוטנצי י הון עצמ ולר של מיליון ד |
» | קי עם עס רטי מט מימון פ ראיות ל ם ם אחרי מוסדיי תפעול בעלות ו |
» |
| שנים וך חמש ניסטי ת אופורטו |
שתית לות בת א מטופ נישות ל הילה של הק הנדל"ן |
» | |
| 100 פחות שקיע ל אל לה פוטנצי י הון עצמ ולר של מיליון ד שנים וך חמש ניסטי ת אופורטו |
» | ||
קהילות מוסמכות של קבוצת CIM
- As of September 30, 2018. Note that multiple communities may be qualified within a larger city.
עסקאות CMCT מהזמן האחרון
הדוגמאות שלהלן נבחרו על מנת להדגים באופן כללי את הפילוסופיה של CIM, ולא בהכרח מייצגות רכישות עתידיות.
1130 Howard Street 9460 Wilshire Boulevard
| מיקום | פורניה ילס, קלי בוורלי ה |
|---|---|
| רכישה תאריך |
2018 ינואר |
| Beverly ו-Drive Wilshire Boulevard של ס בפינה וורלי היל קרתי בב מיקום יו « Rodeo Drive-ו ,Beverly Wilshire מלון ,Four Seasons למלון צמוד« |
תכונות עיקריות « קיימת הזדמנות צמיחה משמעותית כאשר דמי שכירות מתחת למחירי השוק נכנסים לשוק
| ליפורניה סיסקו, ק בסן פרנ SoMa מחוז |
מיקום |
|---|---|
| 2017 דצמבר |
רכישה תאריך |
| חברות ועדף על אזור המ שהיא ה מאמינה ש-CIM תוססת בשכונה ממוקם « בעיר ה רבות טכנולוגי שנים, 5.5 רה של ופת חכי תרת תק לל של י ע משוק עם ממוצ בחכירה 100% « 2018 טמבר נכון לספ 2017-2016 ים קיף בשנ באופן מ בר שופץ טון לשע מחסן ב « |
עיקריות תכונות |
אומדן ערך נכסי נקי וניבוי התאמה של הכנסות תפעוליות נטו
שניים-עשר החודשים המסתיימים ב31- בדצמבר 2018 )ניבוי(
| FY | |
|---|---|
| (in millions) (Unaudited) | 2018 |
| Cash NOI from Properties Targeted for Sale | \$64.9 |
| Cash NOI from Remaining Assets | 34.6 |
| Properties' Cash NOI | 99.5 |
| Non-Cash Adjustments | 4.6 |
| Properties' Segment NOI | 104.1 |
| Lending Segment NOI | 4.1 |
| Segment NOI | 108.2 |
| Interest Expense | (27.9) |
| Asset Management and Other Fees, G&A, & Other Expenses | (28.1) |
| Depreciation and Amortization | (49.7) |
| Income Before Provision for Income Taxes | 2.5 |
| Provision for Income Taxes | (0.7) |
| Net Income | 1.8 |
| Net Income Attributable to Non-Controlling Interests | (0.0) |
| Net Income Attributable to the Company | 1.8 |
| Series A and L Preferred Dividends4 | (15.4) |
| Net (Loss) Attributable to Common Stockholders | (\$13.6) |
1אומדן ערך נכסי נקי
)נכון ל30- ביוני 2018(
| (\$ in thousands, except for shares and per share amounts) (Unaudited) | ||
|---|---|---|
| Estimated NAV | Estimated NAV Per share of common stock outstanding |
|
| Investments in real estate - at fair value | \$1,820,807 | |
| Loans receivable - at fair value | 73,409 | |
| Debt 2 | (645,653) | |
| Cash and other assets | ||
| net of other liabilities | 73,171 | |
| Noncontrolling interests | (1,026) | |
| Redeemable Series A Preferred Stock | (49,059) | |
| Redeemable Series L Preferred Stock | (207,845) | |
| Estimated NAV available | ||
| to common shareholders | \$1,063,804 | \$24.29 |
| Less adjustments 3 | (58,027) | |
| Estimated NAV available to common | ||
| shareholders after adjustments | \$1,005,777 | \$22.97 |
| Shares of Common Stock outstanding | 43,795,073 |
-
See "Net Asset Value" under "Important Disclosures" on page 25.
-
Excludes secured borrowings on government guaranteed loans, which are included with cash and other assets net of other liabilities.
-
Represents transaction costs expected to be incurred in connection with the potential recapitalization plan and other matters described herein, and the difference between the face value and the carrying value of CMCT's debt and the difference between the redemption value and carrying value of CMCT's redeemable preferred stock. See "Important Disclosures" starting on page 25 and, in particular, "CMCT Pro Forma Capital Structure and CMCT Pro Forma Portfolio."
-
Reflects ~308,000 shares of Series A Preferred Stock issued in Q3'18 and assumes that no shares will be issued in Q4'18.
התאמות וגילויים חשובים
מסווג מידע / מסחרי סוד© | 2018 CIM Groupwww.cimgroup.com | CMCT CIM Commercial Trust Corporation | ©2018 CIM Group | www.cimgroup.com
גילויים חשובים
Assets Owned and Operated
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 total gross assets at fair value, with real assets presented on the basis described in the Book Value disclosure and operating companies presented at gross assets less debt, as of June 30, 2018 (the "Report Date"( )including the shares of such assets owned by joint venture partners and co-investments), plus binding unfunded commitments. The only investment currently held by CIM REIT consists of shares of CMCT Common Stock; the Book Value of CIM REIT is determined by assuming the underlying assets of CMCT are liquidated based upon the third-party appraised value, which represents the assets' third-party appraised value as of December 31, 2017 plus capital expenditures though June 30, 2018. CIM does not view the market price of CMCT's publicly-traded Common Stock to be a meaningful indication of the fair value of CIM REIT's interest in CMCT due to the fact that the publicly-traded shares of CMCT represent less than 5% of the outstanding shares of CMCT and are thinly-traded. AOO also includes the \$0.3 billion of AOO attributable to CIM Compass Latin America (CCLA), which is 50% owned and jointly operated by CIM. AOO for CMMT Partners, L.P. (which represents assets under management), a perpetual-life real estate debt fund, is \$0.5 billion as of the Report Date.
Book Value for each investment generally represents the investment's book value as reflected in the applicable fund's unaudited financial statements as of the Report Date prepared in accordance with U.S. generally accepted accounting principles on a fair value basis. These book values generally represent the asset's third-party appraised value as of the Report Date, but in the case of CIM's Cole Net-Lease Asset strategy, book values generally represent undepreciated cost (as reflected in SEC-filed financial statements).
Net Asset Value (NAV) represents the distributable amount based on a "hypothetical liquidation" assuming that on the date of determination that: (i) investments are sold at their Book Values; (ii) debts are paid and other assets are collected; and (iii) appropriate adjustments and/or allocations between equity partners are made in accordance with applicable documents, as determined in accordance with applicable accounting guidance.
Any estimated NAV contained herein shall not be treated as the "Applicable NAV" for purposes of CMCT's Series A Preferred Stock offering. Neither the Financial Industry Regulatory Authority nor the Securities and Exchange Commission provides rules on the methodology we must use to determine our estimated NAV per share. The determination of estimated NAV involves a number of subjective assumptions, estimates and judgments that may not be accurate or complete. We believe there is no established practice among public REITs for calculating estimated NAV. Different firms using different property-specific, general real estate, capital markets, economic and other assumptions, estimates and judgments could derive an estimated NAV that is significantly different from our estimated NAV. Thus, other public REITs' methodologies used to calculate estimated NAV may differ materially from ours. Additionally, the estimated NAV does not give effect to changes in value, investment activities, capital activities, indebtedness levels, and other various activities occurring after June 30, 2018 that would have an impact on our estimated NAV.
The estimated NAV per share of Common Stock of \$22.97 was calculated by reducing the estimated NAV per share of Common Stock, as of June 30, 2018, of \$24.29, by transaction costs expected to be incurred in connection with the potential recapitalization, the potential exchange offer for shares of our Series L Preferred Stock, and the difference between the face value and the carrying value of our debt and the redemption value and carrying value of our redeemable preferred stock. The estimated NAV per share of Common Stock, as of June 30, 2018, of \$24.29, was calculated relying in part on appraisals of our real estate assets and the assets of our lending segment. The table "Estimated Net Asset Value" on page 23 sets forth the material items included in the calculation of our estimated NAV. We engaged various third party appraisal firms to perform appraisals of our real estate assets and the assets of our lending segment as of December 31, 2017. Except for one office property acquired in December 2017 and one office property acquired in January 2018, which were based on the purchase price (including transaction costs that were capitalized and assumption of liabilities) negotiated with the unrelated third-party sellers, the fair values of our investments in real estate were based on appraisals obtained as of December 31, 2017, plus capex additions, at cost, incurred thereafter. The December 31, 2017 appraisals were performed in accordance with standards set forth by the American Institute of Certified Public Accountants. Each of our appraisals were prepared by personnel who are subject to and in compliance with the code of professional ethics and the standards of professional conduct set forth by the certification programs of the professional appraisal organizations of which they are members. The fair values of the assets of our lending segment were based on an appraisal obtained as of December 31, 2017 plus loan activity at cost incurred thereafter.
CMCT Pro Forma Capital Structure and CMCT Pro Forma Portfolio
» The following assumptions were used:
Targeted Sales of Properties. CMCT is actively exploring the potential sale )the "Potential Sale"( of a portfolio of properties, including five office properties and a parking garage in Oakland, California, three office properties in Washington DC, and one office property in San Francisco, California. In connection with the Potential Sale, the assets and liabilities associated with the Potential Sale, with the exception of property-level cash, which is assumed to be retained by CMCT, and property level restricted cash, which is assumed to be converted to unrestricted cash upon sale and retained by CMCT, were eliminated for purposes of the pro forma capital structure. These adjustments also include the net cash proceeds assumed to be received upon the closing of the Potential Sale. The net cash proceeds assumed to be received upon the closing of the properties to potentially be sold, as determined by third-party appraisal firms as of December 31, 2017, and deducting (1) any related mortgage debt on the properties (assumed to be assumed by the respective buyer(s)), (2) costs, based on the applicable loan agreements, that would be incurred to transfer the related mortgage debt to the buyers, and (3) estimated selling expenses, which were estimated based on expected broker fees, transfer taxes applicable to the location of the properties, and expenses expected to be incurred in connection with the Potential Sale. As no letters of intent or purchase and sale agreements have been executed, actual proceeds from the Potential Sale could differ materially from those assumed herein. The Maryland General Corporation Law )the "MGCL"( may require holders of CMCT Common Stock to approve the Potential Sale prior to its consummation.
Potential Repayment of Certain Indebtedness. If the Potential Sale occurs, CMCT intends to use a portion of the net proceeds from the Potential Sale to repay any balances then outstanding on its revolving credit facility )the "Potential Repayment of Revolving Credit Facility"(. If the Potential Repayment of Revolving Credit Facility occurs, CMCT will terminate three interest rate swaps. In connection with the Potential Repayment of Revolving Credit Facility, certain deferred financing costs and related accumulated amortization and the interest rate swaps would be eliminated, and cash received in connection with the Potential Sale would be reduced by the cash used in connection with the Potential Repayment of Revolving Credit Facility, less cash assumed to be received in connection with the termination of the interest rate swaps.
Return of Capital to Holders of Common Stock. The net proceeds from the Potential Sale remaining following the Potential Repayment of Revolving Credit Facility, as well as a portion of CMCT's unrestricted cash balances, would be used to return capital to holders of CMCT Common Stock )the "Potential Return of Capital Event"( at prices approximating the NAV per share of Common Stock after certain adjustments, in one or more transactions, which may
take the form of a special dividend, private repurchase or tender offer. The estimated number of shares to be repurchased, canceled and retired of 31,345,233 was determined by assuming proceeds from the Potential Return of Capital Event of \$720,000,000 divided by an estimated NAV per share of CMCT's Common Stock of \$22.97 )the "June 30, 2018 Purchase Price"(, which was calculated by reducing the estimated NAV per share of CMCT Common Stock, as of June 30, 2018, of \$24.29 by transaction costs expected to be incurred in connection with the Potential Sale as described above, the Potential Return of Capital Event, an exchange offer )the "Exchange Offer"( involving shares of CMCT's Series L Preferred Stock for shares of either CMCT's Common Stock or newly issued series of CMCT's Preferred Stock, and the difference between the face value and the carrying value of CMCT's debt and the difference between the redemption value and face value of CMCT's redeemable preferred stock. Estimated fees and expenses associated with the Potential Return of Capital Event were based on the actual fees and expenses incurred in similar transactions previously consummated by CMCT. To the extent the actual sales proceeds from the Potential Sale differ from the estimated sales proceeds used, or the size of the Potential Return of Capital Event differs from that used herein, the magnitude of any Potential Return of Capital Event and the number of shares bought back may differ materially from the assumptions used herein.
Potential CIM Investment. Certain directors and officers of CMCT have expressed a willingness to reinvest their pro rata share of all net proceeds received in connection with the Potential Return of Capital Event. The amount of such potential investment will primarily depend on the actual size of the Potential Return of Capital Event described above and may take the form of open market purchases or purchases of newly issued shares of CMCT Common Stock. For purposes of the pro forma capital structure, we assumed the reinvestment would be entirely in the form of purchases of newly issued shares of Common Stock. The purchase price of each share of Common Stock is assumed to be the June 30, 2018 Purchase Price, as described above.
CIM REIT Liquidation. CIM REIT beneficially owns approximately 95% of CMCT's outstanding Common Stock. CMCT has been informed that, if the Potential Sale and Potential Return of Capital Event occur, CIM Group intends to liquidate CIM REIT by distributing to its members, consisting of 27 institutional investors, all remaining shares of CMCT Common Stock then held by CIM REIT.
» The CMCT Pro Forma Capital Structure does not reflect the impact of any exchange offer with respect to the Series L Preferred Stock, except for a reduction in cash for certain estimated transaction costs we expect to incur in connection with such an exchange offer.