0001837671falseJersey CityNJ00018376712024-08-072024-08-07


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

AUGUST 7, 2024
Date of Report (date of earliest event reported)

Copper Property CTL Pass Through Trust
(Exact name of registrant as specified in its charter)

New York
000-56236
85-6822811
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
3 Second Street, Suite 206
Jersey City, NJ
07311-4056
(Address of Principal Executive Offices)
(Zip Code)

(201) 839-2200
Registrant’s telephone number, including area code

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
N/A
N/A
N/A
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 7.01    Regulation FD Disclosure

On August 7, 2024, Copper Property CTL Pass Through Trust (the “Trust”) made available on its investor website its monthly report for the period ending June 30, 2024. Such information is available at: www.ctltrust.net.

A copy of the monthly report is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 8.01.    Other Events.

On August 7, 2024, the Trust issued a press release announcing that a cash distribution of $.101477 per trust certificate will be paid on August 12, 2024 to certificateholders of record as of August 9, 2024.

A copy of the press release is attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01.    Financial Statements and Exhibits.

(d)Exhibits.

Number
99.1    Monthly Report, dated August 9, 2024.
99.2    Press Release, dated August 7, 2024.

*Certain schedules and similar attachments have been omitted. The Company agrees to furnish a supplemental copy of any omitted schedule or attachment to the SEC upon request.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


COPPER PROPERTY CTL PASS THROUGH TRUST
By:
/s/ Larry Finger
Larry Finger
Principal Financial Officer
Date: August 7, 2024





Exhibit 99.1
image_91.jpg
Monthly/Quarterly Reporting Package

July 2024



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Distribution Date: 08/12/2024
Record Date: 08/09/2024
Determination Date: 07/31/2024


Table of Contents
SECTION I- Monthly Reporting Schedules
Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date
N/A
Master Lease Guarantor Operating Performance
N/A
SECTION IV – Provided Quarterly – Penney Intermediate Holdings LLC Financial Statements
Narrative ReportN/A
Consolidated Statement of OperationsN/A
Consolidated Balance SheetN/A
Consolidated Statement of Member’s EquityN/A
Consolidated Statement of Cash FlowsN/A
Notes to the Consolidated Financial Statements N/A
Statement of Consolidated Adjusted EBITDA N/A
SECTION V – Definitions and Disclaimers
Definitions
Disclaimer

TrusteeManager
GLAS Trust Company, LLCHilco JCP, LLC
3 Second Street, Suite 2065 Revere Drive, Suite 410
Jersey City, NJ 07311Northbrook, IL
Contact: Jeffrey Schoenfeld Contact: Larry Finger
Phone: 201-839-2187Phone: 703-244-4588
Email: Jeffrey.Schoenfeld@glas.agencyEmail: lfinger@ctltrust.net





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Distribution Date: 08/12/2024
Record Date: 08/09/2024
Determination Date: 07/31/2024


Forward-Looking Statements & Non-GAAP Presentation

This distribution statement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. The forward-looking statements are based on our beliefs as well as on a number of assumptions concerning future events. Readers of these materials are cautioned not to put undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements.

Certain of the financial measures presented in this distribution statement are non-GAAP financial measures, other metrics and other information. We believe that non-GAAP financial measures, other metrics and other information provide useful information to investors regarding our financial condition, result of operations and other matters. The non-GAAP financial measures, other metrics and information as presented in this distribution statement may be adjusted in management’s reasonable judgment as appropriate, taking into account a variety of circumstances, facts and conditions. These adjustments may be material and may or may not be specifically identified in footnotes or otherwise. Our measures, metrics and other information (and the methodologies used to derive them) may not be comparable to those used by other companies.

Please refer to Section V of this distribution statement, titled “Disclaimer”, for additional information.






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Record Date: 08/09/2024
Determination Date: 07/31/2024


SECTION I
Monthly Reporting Schedules






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Determination Date: 07/31/2024


Monthly Certificate Distribution Detail

CUSIP
Aggregate Certificates
Outstanding
Aggregate Net Sales
Proceeds Distribution
Aggregate Net
Operations Distribution
Aggregate
Total Distribution
21751910775,000,000$(28,994.70)$7,639,766.25$7,610,771.55

Per Certificate
CUSIP
Aggregate Certificates
Outstanding
Aggregate Net Sales
Proceeds Distribution
Aggregate Net
Operations Distribution
Aggregate
Total Distribution
21751910775,000,000$(0.000387)$0.101864$0.101477





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Distribution Date: 08/12/2024
Record Date: 08/09/2024
Determination Date: 07/31/2024


Monthly Cash Sources and Uses

Sources of Cash from Operations
Uses of Cash from Operations
Distribution Center Master Lease Rent
$—
Accounting and Financial Reporting
$260,714.80 
Retail Master Lease Rent
8,385,146.67
Investor Relations
3,299.00 
Total Rent
$8,385,146.67
Legal
98,101.25
Insurance
— 
Sales & Use Tax Recovery$31,209.05 
Management Fees -Operations and Other Professional Fees
482,146.00
Other 105,602.44
BOV’s and Other
6,815.89
Total Other Sources of Cash    
$136,811.49Total Operating Expenses$851,076.94
Taxes to be Recovered from Tenant
$31,114.97 
Formation, Closing & Related Costs—
Total Other Uses of Cash
$31,114.97
Total Sources of Cash from Operations
$8,521,958.16
Total Uses of Cash from Operations
$882,191.91
Sources of Cash from Sales / Capital Activity
Uses of Cash from Sales / Capital Activity
Distribution Center Gross Sales Proceeds
$— 
Management Fees -Sales
$—
Retail Master Lease Gross Sales Proceeds
— 
Third Party Expenses: Distribution Center Sales
—
Total Gross Sales Proceeds
$— 
Third Party Expenses: Retail Sales
17,607.20
Prepaid Sales Expenses11,387.50 
Other—
Total Expenses of Sales
$28,994.70
Other—  Other —
Total Other
$— Total Other Uses of Cash—
Total Sources of Cash from Sales / Capital Activity
$— 
Total Uses of Cash from Sales / Capital Activity
$28,994.70
Net Cash Available for Distribution
Total Sources of Cash from Operations$8,521,958.16 
Total Uses of Cash from Operations(882,191.91)
Net Cash Provided by Operations
$7,639,766.25
Total Sources of Cash from Sales / Capital Activity
$— 
Total Uses of Cash from Sales / Capital Activity
(28,994.70)
Net Cash Provided by Sales / Capital Activity
$(28,994.70)
Net Cash Available for Distribution
$7,610,771.55 






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Distribution Date: 08/12/2024
Record Date: 08/09/2024
Determination Date: 07/31/2024


Monthly Cash Distributions

Distribution
 Date
Net Rental Income
Distribution
Sales and Capital Activity
Distribution
Total
Distributions
12-Aug-24$7,639,766.25$(28,994.70)$7,610,771.55
10-Jul-247,737,386.6513,214,593.7320,951,980.38
10-Jun-247,875,167.96(17,756.25)7,857,411.71
10-May-247,743,594.63(60,081.68)7,683,512.95
10-Apr-247,697,770.4015,901,235.0123,599,005.41
11-Mar-247,789,088.77(73,582.50)7,715,506.27
12-Feb-246,397,131.71(55,000.00)6,342,131.71
10-Jan-247,951,191.384,368,823.6612,320,015.04
11-Dec-237,813,242.07(34,828.75)7,778,413.32
10-Nov-237,939,804.64(13,656.15)7,926,148.49
10-Oct-237,778,501.15(58,987.50)7,719,513.65
11-Sep-237,674,182.2211,039,269.8618,713,452.08
Trailing 12 mos.
$92,036,827.83$44,181,034.73$136,217,862.56
Inception to Date
$304,996,946.04$1,000,767,227.67$1,305,764,173.71





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Distribution Date: 08/12/2024
Record Date: 08/09/2024
Determination Date: 07/31/2024

Property Sales This Month
Sale
Date
Property
 ID
Property
Name
Square
 Feet
Rent for Lease Year at Closing Date 1
Gross GAAP
 Basis 2
Gross Sales
Price
Net Sales
 Price3
Net Sales Price
Per Square Foot
Implied Cap. Rate/
Rent Yield at Closing 4
Selling
 Cost
Selling Costs as Percentage
of Gross Sales Price5
Selling
 Broker
Retail Property Sales This Month
Total Retail Property Sales this Month—$—$—$—$—$——%$——%
Total Property Sales this Month
—$—$—$—$—$——%$——%
Property Sales this Month Average—$—$—$—$—$——%$——%
Retail
Properties
4,914,380$22,625,186$370,900,000$467,340,585$467,340,585$95.104.84%$17,509,1463.75%
Distribution
Centers
10,108,61135,380,000497,900,000557,165,354557,165,35455.126.35%7,873,6761.41%
Previous Distribution Period Total:
15,022,991$58,005,186$868,800,000$1,024,505,939$1,024,505,939$68.205.66%$25,382,8222.48%
Previous Distribution Periods Average:
375,575$1,450,130$21,720,000$25,612,648$25,612,648$68.205.66%$634,5712.48%
Retail Properties
4,914,380$22,625,186$370,900,000$467,340,585$467,340,585$95.104.84%$17,509,1463.75%
Distribution
Centers
10,108,61135,380,000497,900,000557,165,354557,165,35455.126.35%7,873,6761.41%
Cumulative Distribution to Date
Total:
15,022,991$58,005,186$868,800,000$1,024,505,939$1,024,505,939$68.205.66%$25,382,8222.48%
Cumulative Distribution to Date
Average:
375,575$1,450,130$21,720,000$25,612,648$25,612,648$68.205.66%$634,5712.48%
1 Annualized Monthly Rent (e.g. Monthly Rent due for in Sale Period X 12). Rental Abatement shall be disregarded.
2 GAAP Basis before depreciation and amortization. The Trust determined that fresh start accounting fair value (not cost) of the investment properties based upon the fair value of the individual assets and liabilities assumed as of the Effective Date (1/31/21).The total fair Value of the properties acquired was $1.935 Billion.                                                
3 Net of credits provided to Buyer other than pro-rations. Selling costs are not netted in Net Sales Price
4 Gross Sales Price divided by the Annual Rent as defined above
5 Selling Costs as percentage of Gross Sales Price. Selling costs may not tie into the Total Expenses of Sale as reported on the Monthly Sources and Uses Report.





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Jessica Cummins at (847) 313-4755
Distribution Date: 08/12/2024
Record Date: 08/09/2024
Determination Date: 07/31/2024


Retail Portfolio as of Determination Date

By First Lease Year Rent Per Square Foot Tier:
By Property Ownership Type:
Tier
PropertiesSquare Feet
Current Lease Year
Rent 1
Ownership Type
PropertiesSquare Feet
Current Lease Year
Rent 1
Tier 1 -$9.00303,784,636$34,742,958.00 Owned 10513,832,881$83,030,436.00
Tier 2 -$6.00709,011,25955,148,905.00 Ground Lease 212,964,68617,591,323.00
Tier 3 -$3.50101,677,4405,988,462.00
Tier 4 -$2.00162,324,2324,741,434.00
Total:12616,797,567$100,621,759.00Total:12616,797,567$100,621,759.00
By Current Lease Year Rent Per Property:By Property Type:
Tier
PropertiesSquare Feet
Current Lease Year
Rent 1
Property Type
PropertiesSquare Feet
Current Lease Year
Rent 1
>=$950,000376,008,055$45,689,927.00Shopping Center 272,720,431$18,598,944.00
>=$700,000 & <$950,000
304,041,67625,763,163.00Freestanding 3272,8881,670,075.00
>=$500,000 & <$700,000
384,082,26322,555,687.00Mall 9613,804,24880,352,740.00
<$500,000212,665,5736,612,982.00
Total:12616,797,567$100,621,759.00Total:12616,797,567$100,621,759.00

1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.





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Distribution Date: 08/12/2024
Record Date: 08/09/2024
Determination Date: 07/31/2024


Retail Portfolio as of Determination Date (Cont’d)

By Geography:

State

Properties

Square Feet
Current Lease Year
Rent 1
AR2186,745$1,142,879.00MS199,396912,455.00
AZ4492,4463,601,348.00NC1104,198212,564.00
CA202,935,93118,564,395.00NH1126,006771,157.00
CO2262,6291,202,113.00NJ5882,9463,580,781.00
CT3464,682947,952.00NM2265,9102,055,145.00
FL81,189,0639,124,608.00NV3437,9374,020,262.00
GA1104,872962,725.00NY3469,4621,636,288.00
IA185,278304,442.00OH5645,4473,574,567.00
ID
1151,9851,395,222.00OK3332,2231,524,608.00
IL
5845,2244,502,533.00OR1157,928966,519.00
IN
199,317911,730.00PA4555,0873,043,724.00
KS2316,8561,501,289.00PR2185,9461,137,989.00
KY2251,2891,857,534.00TN2243,786897,008.00
LA1124,6561,144,342.00TX212,146,53714,861,649.00
MA1141,692505,840.00VA2211,4521,294,086.00
MD2261,5801,086,590.00WA4666,2724,606,268.00
MI6863,0123,773,712.00WI185,981526,204.00
MN1173,9681,064,684.00
Total:
12616,797,567$100,621,759.00
MO2229,8281,406,547.00
1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.




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Distribution Date: 08/12/2024
Record Date: 08/09/2024
Determination Date: 07/31/2024


Distribution Center Portfolio as of Determination Date
(All Distribution Centers sold in December 2021)

Property ID
900591309132931694359486
Location
Statesville, NC
Columbus, OH
Lenexa, KS
Reno, NV
Haslet, TX
Forest Park, GA
Square Feet
New JCP
——————
Other Tenants
——————
Vacant——————
Total——————
Current Lease Year Rent 1
New JCP——————
Other Tenants
——————
Total——————
Current Lease Year Rent -
PSF 2
New JCP
——————
Other Tenants
——————
Total——————

1Current Lease Year Rent = Monthly Rent X 12
2Current Lease Year Rent PSF = (Monthly Rent X 12) / Square Feet





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Distribution Date: 08/12/2024
Record Date: 08/09/2024
Determination Date: 07/31/2024


Landlord and Tenant Option Properties as of Determination Date

Property ID
Option Type
Property Name
Location
Square Feet
Current Lease
Year Rent 1
Option
Notice (Y/N)
Option Exercise / Closing Date
246LandlordSouthBay Pavilion at Carson20700 Avalon Boulevard, Carson, CAN/A N/A NProperty Sold 09-30-21
389
LandlordStoneridge S/C1500 Stoneridge Mall Road, Pleasanton, CAN/AN/ANProperty Sold 07-20-22
1229
LandlordThe Oaks280 Hillcrest Drive W, Thousand Oaks, CA144,959295,716.00N
1572
LandlordWestfield Culver City6000 S Hannum Avenue, Culver City, CAN/AN/ANProperty Sold 01-06-22
1959LandlordThe Shops at Tanforan1122 El Camino Real, San Bruno, CAN/A N/A NProperty Sold 09-14-21
1417
LandlordWestfield Santa Anita400 S Baldwin Avenue, Arcadia, CA204,563730,290.00N
1950LandlordFashion Valley6987 Friars Road, San Diego, CAN/A N/A NProperty Sold 07-09-21
2649
LandlordWestminster Mall400 Westminster Mall, Westminster, CAN/AN/ANProperty Sold 10-05-22
2757LandlordPark Meadows8417 S Park Meadows Center Drive, Loan Tree CON/A N/A NProperty Sold 07-29-21
2256
LandlordDanbury Fair7 Backus Avenue, Danbury, CT136,375278,205.00N
2102
LandlordWestfield Annapolis1695 Annapolis Mall, Annapolis, MDN/A N/A NProperty Sold 09-09-22
1623
LandlordTwelve Oaks Mall27150 Novi Road, Novi, MI155,807556,232.00N
2247
LandlordPheasant Lane Mall310 Daniel Webster Highway, Suite 103, Nashua, NHN/A N/A NProperty Sold 08-25-22
2297
LandlordNewport Centre10 Mall Drive W, Jersey City, NJ185,330661,628.00N
2477
LandlordFreehold Raceway Mall3710 Highway 9, Freehold, NJ149,608305,200.00N
2814
LandlordQueens Center92-59 59th Avenue. Elmhurst, NYN/A N/A NProperty Sold 12-23-21
197
LandlordGateway Shopping Center I & II360 Gateway Drive, Brooklyn, NY123,942252,842.00N
2040
LandlordBarton Creek Square2901 S Capitol of Texas Highway, Austin, TXN/A N/A NProperty Sold 11-30-22
2763
LandlordThe Woodlands Mall1201 Lake Woodlands Drive, Suite 500, Woodlands, TXN/A N/A NProperty Sold 12-15-22
2795LandlordStonebriar Centre2607 Preston Road, Frisco, TXN/AN/ANProperty Sold 07-29-21
2881
LandlordMemorial City S/C300 Memorial City Way, Houston, TXN/A N/A NProperty Sold 11-03-21
192
LandlordFair Oaks Mall11801 Fair Oaks Mall, Fairfax, VAN/A N/A NProperty Sold 09-09-22
1462
LandlordSpringfield Town Center6699 Springfield Mall, Springfield, VAN/A N/A NProperty Sold 09-09-22
2865
TenantTamarack Village8348 Tamarack Village, Woodbury, MNN/A N/A NProperty Sold 12-29-21
2801
TenantPolaris Fashion Place1450 Polaris Parkway, Columbus, OH146,990899,579.00N
2921
TenantRobertson's Creek5751 Long Prairie Road, Flower Mound, TXN/A N/A NProperty Sold 11-19-21
2934
TenantUniversity Oaks S/C151 University Oaks, Round Rock, TXN/A N/A NProperty Sold 11-19-21
2982
TenantVillage at Fairview301 Stacy Road, Fairview, TXN/A N/A NProperty Sold 11-19-21
2749
TenantDulles Town Centre21030 Dulles Town Circle, Sterling, VAN/A N/A NProperty Sold 08-29-22
Total:
1,247,574$3,979,692.00

1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.




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Distribution Date: 08/12/2024
Record Date: 08/09/2024
Determination Date: 07/31/2024


Substitution Properties as of Determination Date
(No Substitution Properties July, 2024)


Property ID

Property Name

Property Location
Substitution Type
(Outgoing / Incoming)

Square Feet
Current Lease
Year Rent 1

Notice Date

Exercise Date
— $— 
Total:

1Current Lease Year Rent = Monthly Rent X 12





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Determination Date: 07/31/2024


Monthly Leasing Activity Retail Properties
(No Leasing Activity July, 2024)

Property ID
Lease Start Date
Tenant Name
Square Feet
Current Lease
Year Rent -
PSF 1
Current
Lease
Year Rent 2
Real Estate Operating Expenses
Initial Term (Months)
Extension Options (Years)
Tenant Business Description
Manager Commentary
— —$— 
Total:— —$— 

1Current Lease Year Rent PSF = (Monthly Rent X 12) / Square Feet, excluding rental abatement.
2Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.




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Record Date: 08/09/2024
Determination Date: 07/31/2024


Summary Select Financial Information

For copies of our most recent financial statements, including management’s discussion and analysis of financial condition and results of operations, sales and capital activity, you can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.ctltrust.net as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC’s website at http://www.sec.gov.

The SEC file number is 000-56236.





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Distribution Date: 08/12/2024
Record Date: 08/09/2024
Determination Date: 07/31/2024


SECTION II
(Provided Quarterly)






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Distribution Date: 08/12/2024
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Determination Date: 07/31/2024


SECTION III





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Record Date: 08/09/2024
Determination Date: 07/31/2024


Management’s Comments
(Management Commentary will be provided in our 10Q’s and 10K’s)





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Determination Date: 07/31/2024


SECTION IV
(Provided Quarterly)






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Determination Date: 07/31/2024



SECTION V
Definitions and Disclaimers




























































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Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
Distribution Date: 08/12/2024
Record Date: 08/09/2024
Determination Date: 07/31/2024


Monthly Distribution Date Statement
Definitions
The following metrics apply to Quarterly Reporting only:

(A)    “Tenant’s Sales per Square Foot” is not a measure of the Trust’s financial performance and is provided solely for investors’ informational purposes based on the information that the Trust receives from the Tenant. This measure of operations is derived from sales information reported to the Trust by the Tenant in accordance with the retail master lease and/or distribution center master lease (each, a “Master Lease”), as applicable. The Trust and the Manager do not have the ability to verify the calculation of this information. The calculation of this information by the tenant may be different than how similar measures of operations might be calculated by others. Finally, the Trust is unable to reconcile “Tenant’s Sales per Square Foot” to a comparable GAAP financial measure because no reconciliation is provided for in the applicable Master Lease. Therefore, investors should be cautious about relying upon “Tenant’s Sales per Square Foot.”

(B)    “Tenant’s Four-Wall EBITDAR” is not a measure of the Trust’s financial performance and is provided solely for investors’ informational purposes based on the information that the Trust receives from the Tenant. This measure of operations is calculated in accordance with the [Master Lease] and is reported to the Trust by the tenant in accordance therewith. The Trust and the Manager do not have the ability to verify the calculation of this measure of operations. In addition, the calculation of “Tenant’s Four-Wall EBITDAR” in accordance with the applicable Master Lease may be different than how similar measures of operating statistic might be calculated by others. Finally, the Trust is unable to reconcile “Tenant’s Four-Wall EBITDAR” to a comparable GAAP financial measure because no reconciliation is provided for in the applicable Master Lease. Therefore, investors should be cautious about relying upon “Tenant’s Four-Wall EBITDAR.”





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image_91.jpg
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
Distribution Date: 08/12/2024
Record Date: 08/09/2024
Determination Date: 07/31/2024


Monthly Distribution Date Statement
Disclaimer
Forward-Looking Statements: This distribution statement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. The forward-looking statements are based on our beliefs as well as on a number of assumptions concerning future events. Readers of these materials are cautioned not to put undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements. We do not undertake a duty to update these forward- looking statements, which speak only as of the date on which they are made. The most important factors that could prevent us from achieving the stated goals include, but are not limited to: (a) the severity, duration and geographical scope of the COVID-19 pandemic and the effects of the pandemic and measures intended to prevent its spread on our business, results of operations, cash flows and financial condition, including declines in rental revenues and increases in operating costs in the portfolio, deterioration in the financial conditions of the tenants and their ability to satisfy their payment obligations, increased risk of claims, litigation and regulatory proceedings and the ability of federal, state and local governments to respond to and manage the pandemic effectively; (b) the ability and willingness of the tenants, operators, managers and other third parties to satisfy their obligations under their respective contractual arrangements, including, in some cases, their obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (c) the ability of the tenants, operators, borrowers and managers to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties; (d) macroeconomic conditions such as a disruption of or a lack of access to the capital markets, changes in the debt rating on U.S. government securities, default or delay in payment by the United States of its obligations; (e) the nature and extent of future competition, including new construction in the markets in which the our properties are located; (f) the ability of the tenants, operators and managers, as applicable, to comply with laws, rules and regulations in the operation of the properties; (g) the ability and willingness of the tenants to renew their leases upon expiration of the leases, the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event the we exercises our right to replace an existing tenant or manager; and (h) the other factors set forth in the our periodic filings with the Securities and Exchange Commission.

Non-GAAP Presentation: Certain of the financial measures presented in this distribution statement are non-GAAP financial measures, other metrics and other information. We believe that non-GAAP financial measures, other metrics and other information provide useful information to investors regarding our financial condition, result of operations and other matters. The non-GAAP financial measures, other metrics and information as presented in this distribution statement may be adjusted in management’s reasonable judgment as appropriate, taking into account a variety of circumstances, facts and conditions. These adjustments may be material and may or may not be specifically identified in footnotes or otherwise. Our measures, metrics and other information (and the methodologies used to derive them) may not be comparable to those used by other companies. The foregoing language applies to (and supersedes if different from) the specific definitions contained herein. Readers are cautioned to refer to our periodic filings furnished to or filed with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are prepared in accordance with GAAP. This distribution statement and the information contained herein should be reviewed in conjunction with such filings.

SEC Reporting: The information in this distribution statement should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release and other information filed with, or furnished to, the SEC. You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.ctltrust.net as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC’s website at http://www.sec.gov. We routinely post important information on our website at www.ctltrust.net in the “Investors” section, including financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading “Investors.” Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of, or incorporated into this distribution statement.




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Exhibit 99.2
image_9.jpg


FOR IMMEDIATE RELEASE
August 7, 2024

Copper Property CTL Pass Through Trust Issues Monthly Reporting Package for July 2024

Jersey City, New Jersey – Copper Property CTL Pass Through Trust (“the Trust”) has filed a Form 8-K containing its monthly report for the period ended July 31, 2024. An aggregate total distribution of $7.61 million or $0.101477 per trust certificate will be paid on August 12, 2024, to certificateholders of record as of August 9, 2024.

Additional information, including the Trust’s Monthly Report and Quarterly Report, as well as other filings with the Securities and Exchange Commission (“SEC”) can be accessed via the Trust’s website at www.ctltrust.net.

About Copper Property CTL Pass Through Trust
Copper Property CTL Pass Through Trust (the “Trust”) was established to acquire 160 retail properties and 6 warehouse distribution centers (the “Properties”) from J.C. Penney as part of its Chapter 11 plan of reorganization. The Trust’s operations consist solely of owning, leasing and selling the Properties. The Trust’s objective is to sell the Properties to third-party purchasers as promptly as practicable. The Trustee of the trust is GLAS Trust Company LLC. The Trust is externally managed by an affiliate of Hilco Real Estate LLC. The Trust is intended to be treated, for tax purposes, as a liquidating trust within the meaning of United States Treasury Regulation Section 301.7701-4(d). For more information, please visit https://www.ctltrust.net/.

Forward Looking Statement
This news release contains certain “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “our vision,” “plan,” “potential,” “preliminary,” “predict,” “should,” “will,” or “would” or the negative thereof or other variations thereof or comparable terminology and include, but are not limited to, the Trust’s expectations or beliefs concerning future events and stock price performance. The Trust has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Trust believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. These factors, including those discussed in the Trust’s Registration Statement on Form 10 filed with the Securities and Exchange Commission (the “SEC”), may cause its actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. For a further list and description of such risks and uncertainties, please refer to the Trust’s filings with the SEC that are available at www.sec.gov. The Trust cautions you that the list of important factors included in the Trust’s SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this news release may not in fact occur. The Trust undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

CONTACT
Larry Finger | Principal Financial Officer
Copper Property CTL Pass Through Trust
310-526-1707 | lfinger@ctltrust.net
Jessica Cummins | Sr. Vice President, Finance & Accounting
Copper Property CTL Pass Through Trust
847-313-4755 | jcummins@hilcoglobal.com

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Aug. 07, 2024
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Document Period End Date Aug. 07, 2024
Entity Registrant Name Copper Property CTL Pass Through Trust
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Entity Incorporation, State or Country Code NY
Entity File Number 000-56236
Entity Tax Identification Number 85-6822811
Entity Address, Address Line One 3 Second Street, Suite 206
Entity Address, Postal Zip Code 07311-4056
Entity Address, State or Province NJ
Entity Address, City or Town Jersey City
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Local Phone Number 839-2200
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