EXHIBIT b(8)
Imperial Credit Commercial Mortgage
Investment Corp.
[Prudential Securities Logo appears here]
Presentation to the Special Committee of the
Board of Directors
September 28, 1999
1
Imperial Credit Commerical Mortgage Investment Corp.
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Summary of Solicitation Process
. 47 Calls Made to Potential Investors
-- 4 Investment Advisors
-- 4 Specialty Finance
-- 16 Financial Institutions
-- 15 Opportunity Funds
-- 2 Large Cap Property REITs
-- 6 Strategic Investors
. 23 Offering Memoranda Were Sent Out
. 4 Bids Received
2
Imperial Credit Commercial Mortgage Investment Corp.
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Summary of Bids Received
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Meruelo
Anthracite Properties, Goldman
Bidder Capital, Inc. Inc. Sachs & Co. Lend Lease
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Opportunity Investment
Type of Bidder Strategic Strategic Fund Advisor
Bid Date 9/27/99 9/24/99 9/27/99 9/27/99
Specific Asset Real Estate
Type of Bid Enterprise Bid Enterprise Bid Pools Assets Only
Method of Payment Stock with
Cash Option All Cash All Cash All Cash
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3
Imperial Credit Commercial Mortgage Investment Corp.
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Summary of Bids Received
Anthracite Capital, Inc.
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June 23, 1999 September 27, 1999
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Stated Intention Merger Merger
Method Stock-for-stock Stock-for-stock
Total Bid for ICMI, $ millions $296.6 $334.8
Implied Price Per ICMI Share $10.409 $11.746
Conversion Ratio 1.450 (2) 1.580 (2)
Current Bidder Price/Share $6.813 $6.938
Form of ICMI Share Consideration Stock & Cash at $12.00 per share Stock & Cash at $13.00 per share
(up to 25%) (up to 38.5%)
AHR Annualized FFO/Share $1.23 $1.37
AHR Price/FFO 5.6x 5.1x
AHR Book Value/Share $9.09 $8.49
Price/Book Ratio 0.75x 0.82x
Anticipated Dividend/Current ICMI Share (1) $1.68 $1.83
Dividend Yield Per ICMI Share @ $10.75 (1) 15.65% 17.05%
Management Agreement $45 million Appraisal Amount
Form of Management Agreement Consideration 100% cash and/or partial payment 100% cash and/or partial payment
in kind in kind
Contingencies None None
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FFO Accretion to AHR Shareholders -11.5% 16.8%
ICMI % Ownership 59.6% 56.9%
Pro Forma Total Assets $1,117,796 $1,124,992
Combined Debt-to- Total Capital 58.2% 64.4%
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(1) Current ICMI dividend rate of $1.20 equates to a 13.15% dividend on
current stock price.
(2) Represents amounts/ratio expressly stated in the bid.
4
Imperial Credit Commercial Mortgage Investment Corp.
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Summary of Bids Received
Meruelo Properties, Inc.
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Stated Intention Acquisition
Method All Cash
Total Bid for ICMI Common, $ millions $334.9
Price Per ICMI Share $11.750
Management Agreement Economics $35 million
Form of Management Agreement Consideration All Cash
Contingencies None
- Intention to Raise $94 million in Subordinated Debt Financing
- Expectation to Place $124 million in Senior Financing on ICMI Assets
5
Imperial Credit Commercial Mortgage Investment Corp.
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Summary of Bids Received
Goldman Sachs & Co.
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Stated Intention Acquisition of Specific Assets
including small loans, large loans/(1)/,
real property/(2)/, and securities/(3)/
Method All Cash
Carrying Value
6/30/99 Net Offer
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Goldman Sachs Net Bid ($ millions) $250.8 $150.1
Contingencies None
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(1) Does not include Queen Emma and Hayes Park receivable.
(2) Does not include Axe Sud and is net of liabilities.
(3) Does not include Northstar.
6
Imperial Credit Commercial Mortgage Investment Corp.
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Summary of Bids Received
Lend Lease Real Estate Investments
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Stated Intention (1) Acquisition of Real Property Assets
Method All Cash
Carrying Value
6/30/99 Net Offer
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Lend Lease Net Bid ($ in millions) $47.0 $36.6
Contingencies None
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(1) Does not include Axe Sud and the Terraces.
7
Imperial Credit Commercial Mortgage Investment Corp.
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Updated Timeline under ICII Merger Transaction
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Oct Nov Dec
(Weeks) (Weeks) (Weeks)
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Key Tasks/Events 1 2 3 4 1 2 3 4 1 2 3 4
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File Proxy Statement X
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First Round Appraisal Completed X
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Monitor Status of SEC Review X X X X X X X
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Review and Clear SEC Comments X
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Go Effective and Mail Proxy X
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Shareholder's Meeting and Vote X
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Transaction Closing X
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8