CMCT Names Shaul Kuba Chief Investment Officer
March 20 2023 - 8:00AM
Business Wire
CMCT (NASDAQ & TASE: CMCT) announced today the appointment
of Shaul Kuba as Chief Investment Officer. Mr. Kuba will direct the
continued expansion of CMCT’s portfolio of highly amenitized,
premier multifamily and creative office assets in dynamic, high
barrier to entry markets.
Recently, CMCT announced that it is acquiring 696 apartment
units across three assets in Los Angeles and the Bay Area. Further,
CMCT has a pipeline of multifamily development opportunities, on
land it owns, representing more than 1,500 units.
As part of CMCT’s strategy, CMCT leverages the global partner
and investor relationships and the development capabilities of CIM
Group, its manager, to execute on CMCT’s pipeline using an
asset-light approach. CMCT raises third party capital on an
asset-level basis, maintains a minority interest and earns a
management fee and a percentage of the profits. CMCT believes this
is a compelling model that is expected to contribute to strong
returns on invested capital. In March, CMCT announced that it
closed a co-investment with three international institutional
investors to convert a prominently located office building in Los
Angeles to multifamily. CMCT will maintain 20% ownership of the
building.
Mr. Kuba is a CMCT board member as well as a co-founder of CIM
Group. He brings his vast experience in creative office,
multifamily and mixed-use investment and development to leading
CMCT’s investment activities and has been instrumental in
sharpening CMCT’s focus on investing in next generation assets
alongside co-investors.
ABOUT CMCT
Creative Media & Community Trust Corporation (“CMCT”) is a
real estate investment trust that owns, operates and develops
premier multifamily and creative office assets in vibrant
communities throughout the United States. CMCT is a leader in
creative office, acquiring and developing properties catering to
rapidly growing industries such as technology, media and
entertainment. CMCT applies the expertise of CIM to the
acquisition, development, and operation of top-tier multifamily
properties situated in dynamic markets with similar business and
employment characteristics to its creative office investments. CMCT
also owns one hotel in Northern California and a lending platform
that originates loans under the Small Business Administration
(“SBA”)’s 7(a) loan program. CMCT is operated by affiliates of CIM
Group, L.P., a vertically-integrated owner and operator of real
assets with multi-disciplinary expertise and in-house research,
acquisition, credit analysis, development, finance, leasing, and
onsite property management capabilities
(www.creativemediacommunity.com).
FORWARD-LOOKING STATEMENTS
This press release 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 covered by the safe harbors created
thereby. Such forward-looking statements can be identified by the
use of forward-looking terminology such as “may,” “will,”
“project,” “target,” “expect,” “intend,” “might,” “believe,”
“anticipate,” “estimate,” “could,” “would,” “continue,” “pursue,”
“potential,” “forecast,” “seek,” “plan,” or “should,” or “goal” or
the negative thereof or other variations or similar words or
phrases. Such forward-looking statements include, among others,
statements about CMCT’s plans and objectives relating to future
growth and outlook. Such forward-looking statements are based on
particular assumptions that management of CMCT 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. Forward-looking statements are necessarily
estimates reflecting the judgment of CMCT’s management 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 risks and uncertainties include those associated
with (i) the timing, form, and operational effects of CMCT’s
development activities, (ii) the ability of CMCT to raise in place
rents to existing market rents and to maintain or increase
occupancy levels, (iii) fluctuations in market rents, (iv) the
effects of inflation and higher interest rates on the operations
and profitability of CMCT and (v) general economic, market and
other conditions. Additional important factors that could cause
CMCT’s actual results to differ materially from CMCT’s expectations
are discussed under the section “Risk Factors” in CMCT’s Annual
Report on Form 10-K for the year ended December 31, 2021 and in
CMCT’s Quarterly Report on Form 10-Q for the period ended September
30, 2022. The forward-looking statements included herein are based
on current expectations and there can be no assurance that these
expectations will be attained. Assumptions relating to the
foregoing involve judgments with respect to, among other things,
future economic, competitive and market conditions and future
business decisions, all of which are difficult or impossible to
predict accurately and many of which are beyond CMCT’s control.
Although we believe that the assumptions underlying the
forward-looking statements are reasonable, any of the assumptions
could be inaccurate and, therefore, there can be no assurance that
the forward-looking statements included herein will prove to be
accurate. In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by CMCT or
any other person that CMCT’s objectives and plans will be achieved.
Readers are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements speak only
as of the date they are made. CMCT does not undertake to update
them to reflect changes that occur after the date they are
made.
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version on businesswire.com: https://www.businesswire.com/news/home/20230320005220/en/
Media Relations: Karen Diehl Diehl Communications
310-741-9097 karen@diehlcommunications.com or Investor
Relations: Steve Altebrando, 646-652-8473
shareholders@creativemediacommunity.com
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