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Copper Property CTL Pass Through Trust has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the Trust's ownership of 121 retail properties across 35 states and Puerto Rico, totaling 16.1 million square feet of leasable space. During the year, the Trust sold nine properties for net proceeds of $75,387, resulting in a gain on sales of $9,605.
Lease income for the year was $96,956, slightly down from $94,970 in the previous year. This decrease is attributed to property dispositions, partially offset by a Consumer Price Index adjustment to base rent.
Operating expenses decreased to $12,275 from $12,610, primarily due to reduced management fees and taxes. General and administrative expenses also decreased to $4,910 from $5,263, due to lower insurance and professional fees.
The Trust recorded an impairment charge of $2,081 related to one property reevaluated under the held-for-use model. No impairment charges were recorded in the previous year.
Net income attributable to Certificateholders increased to $73,778, or $0.98 per certificate, from $69,161, or $0.92 per certificate, in 2023.
The Trust paid distributions to Certificateholders totaling $153,712, or $2.05 per certificate, during the year, which includes proceeds from property sales.
The Trust's operations focus on owning, leasing, and selling properties leased to Penney Intermediate Holdings LLC under a Master Lease agreement. The Trust does not anticipate acquiring new properties.
The Trust's financial condition remains stable, with cash and cash equivalents of $51,886 at year-end, up from $38,026 at the end of 2023.
The Trust continues to evaluate market conditions and intends to sell all properties by December 10, 2025, as per the amended Trust Agreement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the COPPER PROPERTY CTL PASS THROUGH TRUST annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.