| Exhibit 99.1 | ||
 | ||
Monthly/Quarterly Reporting Package | ||
| June 2022 | ||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
Table of Contents
SECTION I- Monthly Reporting Schedules | |||||
| Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date | Exhibit 99.2 Page 1 | ||||
| Master Lease Guarantor Operating Performance | Exhibit 99.2 Page 5 | ||||
| Master Lease Subtenants as of Fiscal Year Ended April 30, 2022 | Exhibit 99.2 Page 6 | ||||
| SECTION IV – Provided Quarterly – Penney Intermediate Holdings LLC Financial Statements | |||||
| Consolidated Statement of Operations | Exhibit 99.3 Page 3 | ||||
| Consolidated Balance Sheet | Exhibit 99.3 Page 4 | ||||
| Consolidated Statement of Member’s Equity | Exhibit 99.3 Page 5 | ||||
| Consolidated Statement of Cash Flows | Exhibit 99.3 Page 6 | ||||
| Notes to the Consolidated Financial Statements | Exhibit 99.3 Page 7 | ||||
| Narrative Report | Exhibit 99.3 Page 10 | ||||
| Statement of Consolidated Adjusted EBITDA | Exhibit 99.3 Page 12 | ||||
| SECTION V – Definitions and Disclaimers | |||||
| Definitions | |||||
| Disclaimer | |||||
| Trustee | Manager | |||||||||||||
| GLAS Trust Company, LLC | Hilco JCP, LLC | |||||||||||||
| 3 Second Street, Suite 206 | 5 Revere Drive, Suite 410 | |||||||||||||
| Jersey City, NJ 07311 | Northbrook, IL | |||||||||||||
| Contact: Yana Kislenko | Contact: Larry Finger | |||||||||||||
| Phone: 201-839-2183 | Phone: 703-244-4588 | |||||||||||||
| Email: yana.kislenko@glas.agency | Email: lfinger@ctltrust.net | |||||||||||||
| www.ctltrust.net | 2 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
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.
| www.ctltrust.net | 3 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
SECTION I
Monthly Reporting Schedules
| www.ctltrust.net | 4 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
Monthly Certificate Distribution Detail
| CUSIP | Aggregate Certificates Outstanding | Aggregate Net Sales Proceeds Distribution | Aggregate Net Operations Distribution | Aggregate Total Distribution | ||||||||||||||||
| 217519107 | 75,000,000 | $(229,546.50) | $8,454,826.40 | $8,225,279.90 | ||||||||||||||||
| Per Certificate | ||||||||||||||||||||
| CUSIP | Aggregate Certificates Outstanding | Aggregate Net Sales Proceeds Distribution | Aggregate Net Operations Distribution | Aggregate Total Distribution | ||||||||||||||||
| 217519107 | 75,000,000 | $(0.003061) | $0.112732 | $0.109671 | ||||||||||||||||
| www.ctltrust.net | 5 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
Monthly Cash Sources and Uses
| Sources of Cash from Operations | Uses of Cash from Operations | |||||||||||||
| Distribution Center Master Lease Rent | $ | — | Accounting and Financial Reporting | $ | 65,503.00 | |||||||||
| Retail Master Lease Rent | 9,218,296.58 | Investor Relations | 12,588.49 | |||||||||||
| Total Rent | $ | 9,218,296.58 | Legal | 69,962.50 | ||||||||||
| Insurance | — | |||||||||||||
| Sales & Use Tax Recovery | $ | 61,073.64 | Management Fees -Operations and Other Professional Fees | 531,557.75 | ||||||||||
| Other | $ | 10,063.31 | BOV’s and Other | 92,927.30 | ||||||||||
| Total Other Sources of Cash | $ | 71,136.95 | Total Operating Expenses | $ | 772,539.04 | |||||||||
| Taxes to be Recovered from Tenant | $ | 62,068.09 | ||||||||||||
| Formation, Closing & Related Costs | — | |||||||||||||
| Total Other Uses of Cash | $ | 62,068.09 | ||||||||||||
| Total Sources of Cash from Operations | $ | 9,289,433.53 | Total Uses of Cash from Operations | $ | 834,607.13 | |||||||||
| 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 | 1,335.00 | ||||||||||
| Prepaid Sales Expenses | 228,211.50 | |||||||||||||
| Other Financing / Capital Activity | $ | — | Other | — | ||||||||||
| Other | — | Total Expenses of Sales | $ | 229,546.50 | ||||||||||
| Total Other | $ | — | Cash Provided (Used) Sales / Capital Activity | — | ||||||||||
| Total Sources of Cash from Sales / Capital Activity | $ | — | Total Uses of Cash from Sales / Capital Activity | $ | 229,546.50 | |||||||||
| Net Cash Available for Distribution | |||||
| Total Sources of Cash from Operations | $ | 9,289,433.53 | |||
| Total Uses of Cash from Operations | (834,607.13) | ||||
| Net Cash Provided by Operations | $ | 8,454,826.40 | |||
| Total Sources of Cash from Sales / Capital Activity | $ | — | |||
| Total Uses of Cash from Sales / Capital Activity | (229,546.50) | ||||
| Net Cash Provided by Sales / Capital Activity | $ | (229,546.50) | |||
| Net Cash Available for Distribution | $ | 8,225,279.90 | |||
| www.ctltrust.net | 6 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
Monthly Cash Distributions
Distribution Date | Net Rental Income Distribution | Sales and Capital Activity Distribution | Total Distributions | ||||||||
| 11-July-22 | $8,454,826.40 | $(229,546.50) | $8,225,279.90 | ||||||||
| 10-June-22 | 8,359,779.68 | (228,529.50) | $8,131,250.18 | ||||||||
| 10-May-22 | 8,127,488.95 | 1,820,977.00 | 9,948,465.95 | ||||||||
| 11-Apr-22 | 8,249,305.19 | (186,837.75) | 8,062,467.44 | ||||||||
| 10-Mar-22 | 8,368,341.85 | (110,600.00) | 8,257,741.85 | ||||||||
| 10-Feb-22 | 3,606,005.38 | 20,793,303.11 | 24,399,308.49 | ||||||||
| 10-Jan-22 | 5,557,146.98 | 595,294,173.94 | 600,851,320.92 | ||||||||
| 10-Dec-21 | 6,532,239.75 | 50,434,348.59 | 56,966,588.34 | ||||||||
| 10-Nov-21 | 6,187,382.35 | — | 6,187,382.35 | ||||||||
| 12-Oct-21 | 6,484,666.36 | 118,150,023.75 | 124,634,690.11 | ||||||||
| 10-Sept-21 | 6,642,375.46 | — | 6,642,375.46 | ||||||||
| 10-Aug-21 | 6,837,204.31 | 31,544,164.52 | 38,381,368.83 | ||||||||
| Trailing 12 mos. | $83,406,762.66 | $817,281,477.16 | $900,688,239.82 | ||||||||
| Inception to Date | $112,060,046.95 | $817,281,477.16 | $929,341,524.11 | ||||||||
| www.ctltrust.net | 7 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
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 | — | $— | $— | $— | $— | $— | —% | $— | —% | |||||||||||||||||||||||||||||
| Distribution Center Property Sales This Month | ||||||||||||||||||||||||||||||||||||||
| Total Distribution Center Properties this Month | — | $— | $— | $— | $— | $— | —% | $— | —% | |||||||||||||||||||||||||||||
| Total Property Sales this Month | — | $— | $— | $— | $— | $— | —% | $— | —% | |||||||||||||||||||||||||||||
| Property Sales this Month Average | — | $— | $— | $— | $— | $— | —% | $— | —% | |||||||||||||||||||||||||||||
Retail Properties | 2,226,491 | $10,607,823 | $210,500,000 | $276,850,000 | $276,850,000 | $124.34 | 3.83% | $11,565,157 | 4.18% | |||||||||||||||||||||||||||||
| Distribution Centers | 10,108,611 | 35,380,000 | 497,900,000 | 557,165,354 | 557,165,354 | $55.12 | 6.35% | 7,872,941 | 1.41% | |||||||||||||||||||||||||||||
| Previous Distribution Period Total: | 12,335,102 | 45,987,823 | 708,400,000 | 834,015,354 | 834,015,354 | $67.61 | 5.51% | 19,438,098 | 2.33% | |||||||||||||||||||||||||||||
| Previous Distribution Periods Average: | 616,755 | $2,299,391 | $35,420,000 | $41,700,768 | $41,700,768 | $67.61 | 5.51% | $971,905 | 2.33% | |||||||||||||||||||||||||||||
Retail Properties | 2,226,491 | $10,607,823 | $210,500,000 | $276,850,000 | $276,850,000 | $124.34 | 3.83% | $11,565,157 | 4.18% | |||||||||||||||||||||||||||||
| Distribution Centers | 10,108,611 | 35,380,000 | 497,900,000 | 557,165,354 | 557,165,354 | 55.12 | 6.35% | 7,872,941 | 1.41% | |||||||||||||||||||||||||||||
Cumulative Distribution to Date Total: | 12,335,102 | 45,987,823 | 708,400,000 | 834,015,354 | 834,015,354 | 67.61 | 5.51% | 19,438,098 | 2.33% | |||||||||||||||||||||||||||||
Cumulative Distribution to Date Average: | 616,755 | $2,299,391 | $35,420,000 | $41,700,768 | $41,700,768 | $67.61 | 5.51% | $971,905 | 2.33% | |||||||||||||||||||||||||||||
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.
| www.ctltrust.net | 8 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
Retail Portfolio as of Determination Date
| By Current Lease Year Rent Per Square Foot Tier: | By Property Ownership Type: | |||||||||||||||||||||||||
| Tier | Properties | Square Feet | Current Lease Year Rent 1 | Ownership Type | Properties | Square Feet | Current Lease Year Rent 1 | |||||||||||||||||||
| Tier 1 -$9.00 | 32 | 3,987,421 | $35,886,789.00 | Owned | 124 | 16,368,203 | $92,839,179.00 | |||||||||||||||||||
| Tier 2 -$6.00 | 76 | 9,919,346 | 59,516,076.00 | Ground Lease | 22 | 3,117,253 | 17,780,380.00 | |||||||||||||||||||
| Tier 3 -$3.50 | 18 | 2,706,208 | 9,471,732.00 | |||||||||||||||||||||||
| Tier 4 -$2.00 | 20 | 2,872,481 | 5,744,962.00 | |||||||||||||||||||||||
| Total: | 146 | 19,485,456 | $110,619,559.00 | Total: | 146 | 19,485,456 | $110,619,559.00 | |||||||||||||||||||
| By Current Lease Year Rent Per Property: | By Property Type: | |||||||||||||||||||||||||
| Tier | Properties | Square Feet | Current Lease Year Rent 1 | Property Type | Properties | Square Feet | Current Lease Year Rent 1 | |||||||||||||||||||
| >=$950,000 | 35 | 5,965,817 | $43,289,586.00 | Shopping Center | 32 | 3,226,528 | $20,536,440.00 | |||||||||||||||||||
| >=$700,000 & <$950,000 | 39 | 5,090,261 | 33,408,901.00 | Freestanding | 4 | 372,420 | 2,533,116.00 | |||||||||||||||||||
| >=$500,000 & <$700,000 | 39 | 4,349,021 | 22,894,280.00 | Mall | 110 | 15,886,508 | 87,550,003.00 | |||||||||||||||||||
| <=$500,000 | 33 | 4,080,357 | 11,026,792.00 | |||||||||||||||||||||||
| Total: | 146 | 19,485,456 | $110,619,559.00 | Total: | 146 | 19,485,456 | $110,619,559.00 | |||||||||||||||||||
1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.
| www.ctltrust.net | 9 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
Retail Portfolio as of Determination Date (Cont’d)
| By Geography: | ||||||||||||||||||||||||||
State | Properties | Square Feet | Current Lease Year Rent 1 | |||||||||||||||||||||||
| AR | 2 | 186,745 | $1,120,470.00 | MO | 2 | 229,828 | 1,378,968.00 | |||||||||||||||||||
| AZ | 4 | 492,446 | 3,530,733.00 | MS | 1 | 99,396 | 894,564.00 | |||||||||||||||||||
| CA | 24 | 3,536,960 | 20,487,739.00 | NC | 1 | 104,198 | 208,396.00 | |||||||||||||||||||
| CO | 3 | 361,775 | 1,376,834.00 | NH | 2 | 230,842 | 1,122,962.00 | |||||||||||||||||||
| CT | 3 | 464,682 | 929,364.00 | NJ | 5 | 882,946 | 3,510,571.00 | |||||||||||||||||||
| DE | 1 | 159,878 | 959,268.00 | NM | 2 | 265,910 | 2,014,848.00 | |||||||||||||||||||
| FL | 9 | 1,292,316 | 9,874,971.00 | NV | 3 | 437,937 | 3,941,433.00 | |||||||||||||||||||
| GA | 2 | 204,634 | 1,143,372.00 | NY | 3 | 469,462 | 1,604,204.00 | |||||||||||||||||||
| IA | 1 | 85,278 | 298,473.00 | OH | 5 | 645,447 | 3,504,477.00 | |||||||||||||||||||
| ID | 1 | 151,985 | 1,367,865.00 | OK | 3 | 332,223 | 1,494,714.00 | |||||||||||||||||||
| IL | 5 | 845,224 | 4,414,248.00 | OR | 1 | 157,928 | 947,568.00 | |||||||||||||||||||
| IN | 1 | 99,317 | 893,853.00 | PA | 4 | 555,087 | 2,984,042.00 | |||||||||||||||||||
| KS | 2 | 316,856 | 1,471,852.00 | PR | 2 | 185,946 | 1,115,676.00 | |||||||||||||||||||
| KY | 2 | 251,289 | 1,821,111.00 | TN | 3 | 347,331 | 1,241,828.00 | |||||||||||||||||||
| LA | 2 | 229,181 | 1,749,054.00 | TX | 24 | 2,536,198 | 16,841,806.00 | |||||||||||||||||||
| MA | 1 | 141,692 | 495,922.00 | UT | 1 | 99,411 | 347,939.00 | |||||||||||||||||||
| MD | 4 | 559,312 | 2,424,176.00 | VA | 5 | 736,563 | 3,330,898.00 | |||||||||||||||||||
| MI | 6 | 863,012 | 3,699,718.00 | WA | 4 | 666,272 | 4,515,948.00 | |||||||||||||||||||
| MN | 1 | 173,968 | 1,043,808.00 | WI | 1 | 85,981 | 515,886.00 | |||||||||||||||||||
| Total: | 146 | 19,485,456 | $110,619,559.00 | |||||||||||||||||||||||
1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.
| www.ctltrust.net | 10 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
Distribution Center Portfolio as of Determination Date
(All Distribution Centers sold in December 2021)
| Property ID | 9005 | 9130 | 9132 | 9316 | 9435 | 9486 | |||||||||||||||||
| 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
| www.ctltrust.net | 11 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
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 | ||||||||||||||||
| 246 | Landlord | SouthBay Pavilion at Carson | 20700 Avalon Boulevard, Carson, CA | N/A | N/A | N | Property Sold 09-30-21 | ||||||||||||||||
| 389 | Landlord | Stoneridge S/C | 1500 Stoneridge Mall Road, Pleasanton, CA | 155,919 | 311,838.00 | N | |||||||||||||||||
| 1229 | Landlord | The Oaks | 280 Hillcrest Drive W, Thousand Oaks, CA | 144,959 | 289,918.00 | N | |||||||||||||||||
| 1572 | Landlord | Westfield Culver City | 6000 S Hannum Avenue, Culver City, CA | N/A | N/A | N | Property Sold 01-06-22 | ||||||||||||||||
| 1959 | Landlord | The Shops at Tanforan | 1122 El Camino Real, San Bruno, CA | N/A | N/A | N | Property Sold 09-14-21 | ||||||||||||||||
| 1417 | Landlord | Westfield Santa Anita | 400 S Baldwin Avenue, Arcadia, CA | 204,563 | 715,971.00 | N | |||||||||||||||||
| 1950 | Landlord | Fashion Valley | 6987 Friars Road, San Diego, CA | N/A | N/A | N | Property Sold 07-09-21 | ||||||||||||||||
| 2649 | Landlord | Westminster Mall | 400 Westminster Mall, Westminster, CA | 152,567 | 533,985.00 | N | |||||||||||||||||
| 2757 | Landlord | Park Meadows | 8417 S Park Meadows Center Drive, Loan Tree CO | N/A | N/A | N | Property Sold 07-29-21 | ||||||||||||||||
| 2256 | Landlord | Danbury Fair | 7 Backus Avenue, Danbury, CT | 136,375 | 272,750.00 | N | |||||||||||||||||
| 2102 | Landlord | Westfield Annapolis | 1695 Annapolis Mall, Annapolis, MD | 126,732 | 760,392.00 | N | |||||||||||||||||
| 1623 | Landlord | Twelve Oaks Mall | 27150 Novi Road, Novi, MI | 155,807 | 545,325.00 | N | |||||||||||||||||
| 2247 | Landlord | Pheasant Lane Mall | 310 Daniel Webster Highway, Suite 103, Nashua, NH | 104,836 | 366,926.00 | N | |||||||||||||||||
| 2297 | Landlord | Newport Centre | 10 Mall Drive W, Jersey City, NJ | 185,330 | 648,655.00 | N | |||||||||||||||||
| 2477 | Landlord | Freehold Raceway Mall | 3710 Highway 9, Freehold, NJ | 149,608 | 299,216.00 | N | |||||||||||||||||
| 2814 | Landlord | Queens Center | 92-59 59th Avenue. Elmhurst, NY | N/A | N/A | N | Property Sold 12-23-21 | ||||||||||||||||
| 197 | Landlord | Gateway Shopping Center I & | II360 Gateway Drive, Brooklyn, NY | 123,942 | 247,884.00 | N | |||||||||||||||||
| 2040 | Landlord | Barton Creek Square | 2901 S Capitol of Texas Highway, Austin, TX | 144,129 | 864,774.00 | N | |||||||||||||||||
| 2763 | Landlord | The Woodlands Mall | 1201 Lake Woodlands Drive, Suite 500, Woodlands, TX | 146,000 | 511,000.00 | N | |||||||||||||||||
| 2795 | Landlord | Stonebriar Centre | 2607 Preston Road, Frisco, TX | N/A | N/A | N | Property Sold 07-29-21 | ||||||||||||||||
| 2881 | Landlord | Memorial City S/C | 300 Memorial City Way, Houston, TX | N/A | N/A | N | Property Sold 11-03-21 | ||||||||||||||||
| 192 | Landlord | Fair Oaks Mall | 11801 Fair Oaks Mall, Fairfax, VA | 193,422 | 386,844.00 | N | |||||||||||||||||
| 1462 | Landlord | Springfield Town Center | 6699 Springfield Mall, Springfield, VA | 205,772 | 1,234,632.00 | N | |||||||||||||||||
| 2865 | Tenant | Tamarack Village | 8348 Tamarack Village, Woodbury, MN | N/A | N/A | N | Property Sold 12-29-21 | ||||||||||||||||
| 2801 | Tenant | Polaris Fashion Place | 1450 Polaris Parkway, Columbus, OH | 146,990 | 881,940.00 | N | |||||||||||||||||
| 2921 | Tenant | Robertson’s Creek | 5751 Long Prairie Road, Flower Mound, TX | N/A | N/A | N | Property Sold 11-19-21 | ||||||||||||||||
| 2934 | Tenant | University Oaks S/C | 151 University Oaks, Round Rock, TX | N/A | N/A | N | Property Sold 11-19-21 | ||||||||||||||||
| 2982 | Tenant | Village at Fairview | 301 Stacy Road, Fairview, TX | N/A | N/A | N | Property Sold 11-19-21 | ||||||||||||||||
| 2749 | Tenant | Dulles Town Centre | 21030 Dulles Town Circle, Sterling, VA | 125,917 | 440,710.00 | N | |||||||||||||||||
| Total: | 2,602,868 | $9,312,760.00 | |||||||||||||||||||||
1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.
| www.ctltrust.net | 12 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
Substitution Properties as of Determination Date
(No Substitution Properties June, 2022)
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
| www.ctltrust.net | 13 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
Monthly Leasing Activity Retail Properties
(No Leasing Activity June, 2022)
| 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.
| www.ctltrust.net | 14 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
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.
| www.ctltrust.net | 15 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
SECTION II
(Provided Quarterly)
Master Lease Guarantor and Master Lease Retail Tenant Operating Performance are discussed in the Quarterly Reporting Package for Penney Intermediate Holdings LLC.
A copy of this quarterly report is attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference.
| www.ctltrust.net | 16 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
Monthly Leasing Activity Distribution Centers
(No Leasing Activity June, 2022)
| 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.
2Current Lease Year Rent = Monthly Rent X 12.
| www.ctltrust.net | 17 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
SECTION III
| www.ctltrust.net | 18 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
Management’s Comments
(Management Commentary will be provided in our 10Q’s and 10K’s)
| www.ctltrust.net | 19 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
SECTION IV
(Provided Quarterly)
Penney Intermediate Holdings LLC Financial Statements are included in the Quarterly Reporting Package for Penney Intermediate Holdings LLC.
A copy of this quarterly report is attached as Exhibit 99.3 to this Current Report on Form 8-K and incorporated herein by reference.
| www.ctltrust.net | 20 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
SECTION V
Definitions and Disclaimers
| www.ctltrust.net | 21 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
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.”
| www.ctltrust.net | 22 | ||||
| Contact Us For additional information, please contact: Investor Relations at (310) 526-1707 | Distribution Date: 07/11/2022 Record Date: 07/08/2022 Determination Date: 06/30/2022 | ||||||
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.
| www.ctltrust.net | 23 | ||||