Avraham Shemesh
About Avraham Shemesh
Avraham Shemesh, 63, has served as a director of Creative Media & Community Trust Corporation (CMCT) since March 2014. He is a co‑founder of CIM Group, where he is principal and president of the Real Asset Management division, serving on CIM’s Investment, Allocation, Real Assets Management, Valuation Committees, and ICCS, with more than 30 years of real estate, infrastructure, and lending experience .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CIM Group, L.P. | Co‑founder; Principal; President, Real Asset Management | 1994–present | Serves on Investment, Allocation, Real Assets Management, Valuation Committees and ICCS |
| CMCT | Director | Mar 2014–present | Board member; no standing committee memberships disclosed |
| CIM Real Assets & Credit Fund (interval fund) | Director | Oct 2019–Dec 2021 | Fund governance role (ended upon merger into CMFT) |
| CIM Income NAV, Inc. | Director | Jan 2019–Dec 2021 | Board role prior to merger with CMFT |
| Cole Credit Property Trust V (CCPT V) | CEO & Director; Chairman | Mar 2018–Dec 2020 | Led board until merger with CMFT |
| Cole Office & Industrial REIT III (CCIT III) | Director | Jan 2019–Dec 2020 | Board role prior to merger into CMFT |
| Cole Office & Industrial REIT II (CCIT II) | CEO & President; Director; Chairman | Feb 2018–Mar 2021 | Led board until merger with Peakstone Realty Trust (GRT) |
External Roles
| Company | Public/Non‑listed | Role | Tenure |
|---|---|---|---|
| CIM Real Assets & Credit Fund | Non‑listed interval fund | Director | Feb 2019–present (trustee noted) |
| CIM Income NAV, Inc. | Non‑listed REIT | Director | Jan 2019–Dec 2021 |
| CCIT II (merged into Peakstone Realty Trust) | Public REIT (post‑merger) | CEO/President; Director; Chairman | Feb 2018–Mar 2021 |
| CCPT V (merged into CMFT) | Non‑listed REIT | CEO; Director; Chairman | Mar 2018–Dec 2020 |
| CCIT III (merged into CMFT) | Non‑listed REIT | Director | Jan 2019–Dec 2020 |
| CMFT (CIM Real Estate Finance Trust) | Non‑listed REIT | Director | Mar 2019–Feb 2024 |
Board Governance
- Independence: Not classified as an independent director under Nasdaq standards; the Board identified Bech, Bryant, Edwards, and Wong as independent .
- Committee memberships: Audit Committee (Wong, Bryant, Edwards), Compensation Committee (Bech, Wong), Nominating & Corporate Governance (Bech, Edwards). Shemesh is not listed on any standing committee .
- Attendance: The Board held eight meetings in 2024; each director attended at least 75% of Board and committee meetings .
- Executive sessions: Independent directors hold at least one executive session per year without management .
Fixed Compensation (Director)
| Component | Amount | Notes |
|---|---|---|
| Cash retainer | $0 | Messrs. Kuba, Ressler, and Shemesh did not receive director compensation for 2024, other than reimbursement of expenses . |
| Meeting fees | $0 | No meeting fees disclosed; expenses reimbursed . |
| Committee chair fees | $0 | Audit chair fee exists ($20,000) but not applicable to Shemesh . |
Performance Compensation (Director)
| Component | Grant date | Units/Shares | Fair value | Vesting |
|---|---|---|---|---|
| Restricted shares (RSUs) | N/A | N/A | N/A | Not granted to Shemesh; independent directors received annual restricted shares, but Shemesh did not receive director equity in 2024 . |
No director options/PSUs disclosed. No performance metrics tied to director pay are disclosed for Shemesh .
Other Directorships & Interlocks
- CMCT Board includes CIM co‑founders Richard Ressler (Chairman) and Shaul Kuba; Elaine Wong previously served as a CIM principal and held multiple roles at CIM and affiliated REITs, indicating significant interlocks with CIM affiliates .
- CMCT operates under external management agreements with CIM affiliates (Administrator and Operator), creating structural related‑party exposure overseen by independent committees .
Expertise & Qualifications
- Co‑founder of CIM Group with deep experience in acquisitions, portfolio management, and capital markets across multifamily, office, infrastructure, and lending. Serves on multiple CIM investment and oversight committees, providing strategic guidance and institutional relationships .
Equity Ownership
| Security (as of Apr 14–15, 2025) | Shares Beneficially Owned | Percent of Class |
|---|---|---|
| Common Stock | 49,593 | 6.6% |
| Series A Preferred | 568,681 | 14.1% |
| Series A1 Preferred | 36,663 | 0.4% |
Footnotes:
- CIM Group is indirect sole equity member of several entities (CIM CMCT MLP, CIM Urban Sponsor, CIM Capital Real Property Management, CIM Capital IC Management). As founders of CIM Group, Ressler, Shemesh, and Kuba may be deemed beneficial owners of shares held by these entities; they have shared voting and investment power and disclaim beneficial ownership except to extent of pecuniary interest. Family trusts hold 185 common shares with shared voting/investment power for Shemesh and Kuba .
Related‑Party Transactions (Conflict Exposure)
- Master Services Agreement (Administrator, CIM affiliate): Base services previously fee‑based; since 2020 an incentive‑fee construct; comprehensive administrative services and reimbursements (accounting, tax, legal, compliance, risk, IT, HR, communications) .
- Investment Management Agreement (Operator, CIM affiliate): Asset management fee tied to net asset value and incentive fee linked to core FFO; capital gains fee provision; broad discretion and indemnities; fees accrue irrespective of performance .
- Property management and leasing by CIM affiliates: Property management fees $2.3M (2024) and $2.1M (2023); onsite reimbursements $7.7M (2024) and $5.8M (2023); leasing commissions $808K (2024) and $101K (2023); construction management fees $1.1M (2024) and $308K (2023), plus development reimbursements $1.7M (2024) and $1.3M (2023) .
- Dealer manager (CCO Capital, CIM affiliate): Fees earned $546K (2024) and $1.4M (2023) for preferred offerings; additional costs and reimbursements disclosed .
- Staffing & Reimbursement Agreement (CIM SBA Staffing, LLC): $2.6M expensed in 2024 and 2023 for lending segment staffing .
- Lease to CIM affiliate (4750 Wilshire JV): CMCT’s share of income from CIM‑affiliated tenant $342K (2024); prior 2023 JV share $170K; before sale (Q1 2023) tenant income $194K .
Governance Assessment
- Alignment: High “skin‑in‑the‑game” via 6.6% common ownership, plus preferred holdings, suggests economic alignment, though ownership is largely through CIM‑affiliated entities with shared control, which can temper direct alignment signals .
- Committee independence safeguards: Audit, Compensation, and Nominating committees are fully independent; Shemesh is not on these committees, which appropriately segregates oversight from CIM‑affiliated directors .
- Attendance/engagement: Board met eight times in 2024; minimum 75% attendance met by all directors, indicating baseline engagement .
RED FLAGS
- Non‑independent director status with extensive ties to CIM Group while CMCT is externally managed by CIM affiliates; fee structures (NAV‑based, incentive, and transaction fees) paid regardless of CMCT performance heighten conflict risk .
- Significant related‑party transactions and services (property management, leasing, development, dealer manager, staffing) generate recurring fees to CIM affiliates; ongoing dependence may constrain strategic alternatives and impact margins .
- Broad indemnities and limited termination rights under external management agreements reduce accountability and optionality (e.g., internalization) for shareholders .
Implications: Investors should weigh Shemesh’s deep industry expertise and capital access against structural conflicts from external management and affiliate transactions. Independent committee control and documented governance processes provide mitigants, but monitoring fee economics, asset allocation, and related‑party approvals remains critical .