Copper Property CTL Pass Through Trust (CPPTL) 10-Q 10 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2022 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	000-56236
Entity Registrant Name	Copper Property CTL Pass Through Trust
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	85-6822811
Entity Address, Address Line One	3 Second Street, Suite 206
Entity Address, City or Town	Jersey City
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07311-4056
City Area Code	(201)
Local Phone Number	839-2200
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001837671
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding	0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Investment properties:
Land and improvements	$ 463,927	$ 480,289
Building and other improvements	544,366	547,445
Gross investment properties	1,008,293	1,027,734
Less: accumulated depreciation	(22,447)	(14,615)
Net investment properties	985,846	1,013,119
Cash and cash equivalents	34,313	627,522
Accounts receivable	46,946	48,554
Lease intangible assets, net	246,522	254,600
Right-of-use lease assets	99,574	100,617
Assets associated with investment properties held for sale	21,058	19,215
Other assets, net	3,993	1,066
Total assets	1,438,252	2,064,693
Liabilities:
Accounts payable and accrued expenses	1,145	1,626
Lease intangible liabilities, net	118,115	126,769
Lease liabilities	37,613	37,554
Liabilities associated with investment properties held for sale	5,406	2,124
Other liabilities	11,233	9,250
Total liabilities	173,512	177,323
Commitments and contingencies (Note 5)
Equity:
Trust certificates, no par value, 75,000,000 certificates authorized, issued and outstanding, as of June 30, 2022 and December 31, 2021	0	0
Additional paid-in capital	1,952,120	1,952,120
Accumulated distributions in excess of earnings	(687,380)	(64,750)
Total equity	1,264,740	1,887,370
Total liabilities and equity	$ 1,438,252	$ 2,064,693

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Trust certificates, authorized (in shares)	75,000,000	75,000,000
Trust certificates, issued (in shares)	75,000,000	75,000,000
Trust certificates, outstanding (in shares)	75,000,000	75,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Revenues:
Lease income	$ 27,690,000	$ 41,180,000	$ 68,633,000	$ 55,396,000
Expenses:
Operating expenses	3,711,000	3,960,000	6,611,000	6,983,000
Depreciation and amortization	5,336,000	10,146,000	16,910,000	10,671,000
Provision for impairment of investment properties	0	750,000	750,000	0
General and administrative expenses	2,068,000	2,607,000	3,799,000	4,626,000
Total expenses	11,115,000	17,463,000	28,070,000	22,280,000
Other income (expense):
Gain on sales of investment properties, net	0	0	0	3,651,000
Other income	16,000	0	0	254,000
Formation expenses	0	0	(364,000)	0
Total other income (expense)	16,000	0	(364,000)	3,905,000
Net income	$ 16,591,000	$ 23,717,000	$ 40,199,000	$ 37,021,000
Earnings per certificate – basic and diluted:
Net income per certificate - basic (in usd per share)	$ 0.22	$ 0.32	$ 0.54	$ 0.49
Net income per certificate - diluted (in usd per share)	$ 0.22	$ 0.32	$ 0.54	$ 0.49
Weighted average number of certificates outstanding – basic (shares)	75,000,000	75,000,000	75,000,000	75,000,000
Weighted average number of certificates outstanding – diluted (shares)	75,000,000	75,000,000	75,000,000	75,000,000

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Trust Certificates	Additional Paid-in Capital	Retained Earnings/Accumulated Distributions in Excess of Earnings
Balance (in shares) at Jan. 30, 2021		75,000,000
Balance at Jan. 30, 2021	$ 1,952,120		$ 1,952,120	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	40,199
Balance (in shares) at Jun. 30, 2021		75,000,000
Balance at Jun. 30, 2021	1,970,488		1,952,120	18,368
Balance (in shares) at Mar. 31, 2021		75,000,000
Balance at Mar. 31, 2021	1,967,036		1,952,120	14,916
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,717			23,717
Distributions paid to certificateholders	(20,265)			(20,265)
Balance (in shares) at Jun. 30, 2021		75,000,000
Balance at Jun. 30, 2021	1,970,488		1,952,120	18,368
Balance (in shares) at Dec. 31, 2021		75,000,000
Balance at Dec. 31, 2021	1,887,370		1,952,120	(64,750)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	37,021			37,021
Distributions paid to certificateholders	(659,651)			(659,651)
Balance (in shares) at Jun. 30, 2022		75,000,000
Balance at Jun. 30, 2022	1,264,740		1,952,120	(687,380)
Balance (in shares) at Mar. 31, 2022		75,000,000
Balance at Mar. 31, 2022	1,274,290		1,952,120	(677,830)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	16,591			16,591
Distributions paid to certificateholders	(26,141)			(26,141)
Balance (in shares) at Jun. 30, 2022		75,000,000
Balance at Jun. 30, 2022	$ 1,264,740		$ 1,952,120	$ (687,380)

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares
Statement of Stockholders' Equity [Abstract]
Distributions paid to certificateholders (usd per share) | $ / shares	$ 0.35	$ 0.27	$ 0.29	$ 8.80
Stockholders' equity attributable to parent	$ 1,264,740	$ 1,970,488	$ 1,970,488	$ 1,264,740
Net income	16,591	23,717	40,199	37,021
Distributions paid to certificateholders	$ (26,141)	$ (20,265)	$ (21,831)	$ (659,651)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		5 Months Ended		6 Months Ended	8 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 16,591,000	$ 23,717,000	$ 40,199,000	$ 40,199,000	$ 37,021,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,336,000	10,146,000	16,910,000	16,910,000	10,671,000
Provision for impairment of investment properties	0	750,000	750,000	750,000	0	$ 0
Gain on sales of investment properties, net	0	0	0	0	(3,651,000)
Amortization of above/below market leases, net	332,000	1,000	1,000	1,000	664,000
Changes in assets and liabilities:
Changes in accounts receivable			(26,937,000)		1,321,000
Changes in other assets			(3,310,000)		(3,013,000)
Changes in right-of-use lease assets			926,000		1,043,000
Changes in accounts payable and accrued expenses			1,336,000		(572,000)
Changes in lease liabilities			45,000		59,000
Changes in other liabilities			8,156,000		1,938,000
Net cash provided by operating activities			38,076,000		45,481,000
Cash flows from investing activities:
Proceeds from sales of investment properties			0		20,961,000
Net cash provided by investing activities			0		20,961,000
Cash flows from financing activities:
Acquisition-related costs incurred subsequent to Inception			(8,651,000)		0
Distributions paid to Certificateholders			(21,831,000)		(659,651,000)
Net cash used in financing activities			(30,482,000)		(659,651,000)
Net increase (decrease) in cash and cash equivalents			7,594,000		(593,209,000)
Cash and cash equivalents, at beginning of period				25,563,000	627,522,000	$ 25,563,000
Cash and cash equivalents, at end of period	$ 34,313,000	$ 33,157,000	$ 33,157,000	$ 33,157,000	$ 34,313,000

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Overview Copper Property CTL Pass Through Trust, a New York common law trust (the “Trust,” “we,” “our” or “us”) was formed on December 21, 2020, in connection with the reorganization of Old Copper Company, Inc. (f/k/a J. C. Penney Company, Inc.) (“Old Copper”), effective as of January 30, 2021 (the “Effective Date”) pursuant to the terms of the Amended Joint Chapter 11 Plan of Reorganization of Old Copper and certain of its subsidiaries (collectively, the “Debtors”) (the “Plan of Reorganization”). On the Effective Date, through separate wholly-owned property holding companies (the “PropCos”), the Trust owned (as discussed below), 160 retail properties (the “Retail Properties”) and six distribution centers (the “Warehouses” and, together with the Retail Properties, the “Properties”), all of which were leased under two Master Leases (as discussed in Note 4) to one or more subsidiaries of Copper Retail JV LLC (“OpCo Purchaser”) (collectively with its subsidiaries, “New JCP”), an entity formed by and under the joint control of Simon Property Group, L.P. and Brookfield Asset Management Inc. During 2021, the Trust sold all six Warehouses. The Trust’s operations consist solely of (i) owning the Properties and interests as lessee of land under non-cancellable ground leases, (ii) leasing the Properties under the terms of the Retail Master Lease (as defined below) to New JCP as the sole tenant and (iii) subject to market conditions and the conditions set forth in the Trust Agreement, selling the Properties to third-party purchasers through the PropCos. As of June 30, 2022, the real estate portfolio consists of 146 Retail Properties, of which 22 are encumbered by ground leases, in the United States across 37 states and Puerto Rico, and comprising 19.5 million square feet of leasable space. Formation On May 15, 2020, the Debtors commenced voluntary cases under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). On October 28, 2020, the Debtors entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with OpCo Purchaser, and Copper Bidco LLC (“PropCo Purchaser” and, together with OpCo Purchaser, the “Purchasers”), an entity formed on behalf of lenders under Old Copper’s (i) senior secured superpriority, priming debtor-in-possession credit facility (the “DIP Facility”), (ii) 5.875% senior secured notes due 2023 (the “First Lien Notes”) and (iii) Amended and Restated Credit and Guaranty Agreement, dated as of June 23, 2016 (the “Term Loan Facility” and together with the First Lien Notes, the “First Lien Debt”), pursuant to which the Purchasers agreed to acquire substantially all of the Debtors’ assets and assume certain of the Debtors’ obligations in connection with the purchased assets. On December 12, 2020, the Debtors filed the Plan of Reorganization which was confirmed by the Bankruptcy Court on December 16, 2020. On December 21, 2020, the Trust was formed in connection with the reorganization of Old Copper. On the Effective Date, the Plan of Reorganization became effective pursuant to its terms, at which point PropCo Purchaser and GLAS Trust Company, LLC, as the Trust's independent third-party trustee (the "Trustee"), entered into an Amended and Restated Trust Agreement (as amended, the “Trust Agreement”). In connection with the consummation of the transactions set forth in the Asset Purchase Agreement and in exchange for a $1 billion aggregate credit bid by PropCo Purchaser, comprising $900 million of claims under the DIP Facility and $100 million of claims, on a pro rata basis, under the First Lien Debt, and simultaneous release of obligations under the DIP Facility and First Lien Debt, Old Copper transferred (or caused its subsidiaries to transfer) its fee simple or ground leasehold title (as applicable) in certain properties to the PropCos and assigned (or caused such subsidiaries to assign) the Master Leases (as defined below) relating to the Properties to the Trust. As a result, as of the Effective Date, the Trust owned, through the PropCos, 160 Retail Properties and six Warehouses, all of which were leased to one or more subsidiaries of New JCP under two Master Leases. In connection with the foregoing, certain of the Debtors' lenders received their pro-rata portion of the equity interest in the Trust, as evidenced by the Trust Certificates (as defined below). The aggregate credit bid was not an indicator of the fair value of the assets and liabilities of the Trust as of the Effective Date, and it does not represent the full extent of debt that was owed to the creditor group. The Trust accounted for the reorganization using fresh start accounting under Financial Accounting Standards Board (“FASB”) Accounting Standard Codification ("ASC") Topic 852, which resulted in the Trust becoming a new entity for financial reporting purposes on the Effective Date. Accordingly, all assets and liabilities were recorded at fair value in accordance with accounting requirements for business combinations under ASC 805-20. As of the Effective Date, Old Copper had no ability to exercise any control over the Properties or the Trust and has no affiliation with the Trust. The Trust owns directly or indirectly 100% of the equity or partnership interests (as applicable) in the PropCos. Specifically, the PropCos include (i) CTL Propco I LLC, a Delaware limited liability company, CTL Propco I L.P., a Delaware limited partnership and CTL Propco PR I LLC and CTL Propco PR II LLC, Puerto Rico limited liability companies, which collectively own the fee simple or ground leasehold title (as applicable) to the Retail Properties and (ii) CTL Propco II LLC, a Delaware limited liability company and CTL Propco II L.P., a Delaware limited partnership, which collectively owned the fee simple title to the Warehouses. Trust Agreement The Trust is governed by the Trust Agreement between PropCo Purchaser and the Trustee. The Trust Agreement created a series of equity trust certificates designated as “Copper Property CTL Pass Through Certificates” (the “Trust Certificates”), 75 million of which were issued on the Effective Date. Each Trust Certificate represents a fractional undivided beneficial interest in the Trust and represents the interests of the holders of the Trust Certificates (“Certificateholders”) in the Trust. All Trust Certificateholders shall vote as a single class and shall be in all respects equally and ratably entitled to the benefits of the Trust Agreement without preference, priority or distinction on account of the actual time or times of authentication and delivery, all in accordance with the terms and provisions of the Trust Agreement. The Trustee performs trust administration duties, including treasury management and certificate administration. The Trust pays the Trustee an annual service fee of $100, which is amortized monthly. The Trust incurred trustee fees of $50 in the six months ended June 30, 2022 and $50 from the Effective Date to June 30, 2021, which are included in “General and administrative expenses” on the accompanying consolidated statements of operations. On December 30, 2021, the Trust amended the Trust Agreement, without the consent of its Certificateholders (as provided in the Trust Agreement), to permit the Trust to invest moneys held by the Trust instead of holding them in non-interest bearing accounts. The Trust has adopted a policy to maintain its cash equivalents in a government money market fund administered by a major bulge bracket investment banking firm which invests its assets only in (i) cash and (ii) securities issued or guaranteed by the United States or certain U.S. government agencies and having a weighted average life and weighted average maturity of no more than 120 days and 60 days, respectively. Each of these government money market funds is managed to maintain a stable net asset value (NAV), thereby eliminating principal risk. Management Agreement The Trust has retained Hilco JCP LLC, an affiliate of Hilco Real Estate LLC, as its independent third-party manager to perform asset management duties with respect to the Properties (together with any of its affiliates, replacement or successor, the “Manager”) pursuant to an agreement with an initial term of 24 months, with automatic six month renewals until the termination of the Trust. The Trust pays the Manager a base management fee (the “Base Fee”) and a fee for each property sold (the “Asset Management Fee”). The Base Fee is an amount equal to the greater of 5.75% of the lease payments of the Properties per month and $333 per month. The Asset Management Fees consist of a closing fee of $50 for each Warehouse sold and a success fee for each Retail Property and Warehouse sold which varies based on the sales proceeds and date sold. The Trust incurred Base Fees of $3,181 in the six months ended June 30, 2022 and $3,752 from the Effective Date to June 30, 2021, which are included in “Operating expenses” on the accompanying consolidated statements of operations of which $530 was included in “Accounts payable and accrued expenses” on the accompanying consolidated balance sheets as of June 30, 2022. The Trust incurred Asset Management Fees of $143 for the six months ended June 30, 2022 and $0 from the Effective Date to June 30, 2021, which are included in “Gain on sales of investment properties, net” on the accompanying consolidated statements of operations. On May 12, 2021, the Trust filed a preliminary proxy statement with the Securities and Exchange Commission pursuant to Section 14(a) of the Securities Exchange Act of 1934, as amended, to solicit consent from Certificateholders to amend the Trust Agreement and Management Agreement. On June 11, 2021, following the expiration of the consent solicitation and upon receipt of the requisite approval from the Certificateholders, the Trust amended the Trust Agreement and the Management Agreement to effectuate the proposed amendments. As a result of the amendments, the Trust is now required to dispose of all Retail Properties by December 10, 2025.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and the rules and regulations of the U.S. Securities and Exchange Commission (SEC). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates, judgments and assumptions were required in a number of areas, including, but not limited to, estimating the fair value of the investment properties as of the Effective Date, determining the useful lives of real estate properties, determination of the incremental borrowing rate in ground leases, reasonably certain lease terms for ground and master leases, and evaluating the impairment of long-lived assets. The accompanying consolidated financial statements include the accounts of the Trust, as well as all wholly owned subsidiaries of the Trust. All intercompany balances and transactions have been eliminated in consolidation. Wholly owned subsidiaries consist of limited liability companies and limited partnerships. The Trust has evaluated the fee arrangements with the Trustee and Manager to determine if they represent a variable interest, and concluded that the fee arrangements do not create a variable interest. The accompanying consolidated financial statements include the quarterly periods ended June 30, 2022 and 2021, the six months ended June 30, 2022 and the period from the Effective Date to June 30, 2021 (the “Reporting Periods”). These consolidated financial statements should be read in conjunction with the Trust's audited Annual Report on Form 10-K for the period from the Effective Date to December 31, 2021 (the “10-K”), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022 that would duplicate those included in the 10-K are not included in these consolidated financial statements. Fresh Start Accounting and Investment Properties The Trust determined the fresh start accounting fair value of the investment properties based upon the fair value of the individual assets and liabilities assumed as of the Effective Date, which generally included (i) land and land improvements, (ii) building and other improvements, (iii) in-place lease intangibles, (iv) above and below market lease intangibles and (v) leasehold right-of-use assets and related operating lease liabilities. In estimating the fair value of tangible assets, including land and improvements, building and other improvements for fresh start accounting, as of the Effective Date, the Trust considered available comparable market and industry information. The Trust allocated a portion of the fair value to the estimated in-place lease intangibles based on estimated lease execution costs for similar leases as well as lost rental payments during an assumed lease-up period. The Trust also evaluated each lease as compared to current market rates. If a lease was determined to be above or below market, the Trust allocated a portion of the fair value to such above or below market leases based upon the present value of the difference between the contractual lease payments and estimated market rent payments over the remaining lease term. Renewal periods were included within the lease term in the calculation of above and below market lease values if, based upon factors known at the Effective Date, the Trust concluded that market participants would consider it reasonably certain that the lessee would exercise such options. Fair value estimates used in fresh start accounting, including the capitalization rates and discount rate used, required the Trust to consider various factors, including, but not limited to, market knowledge, demographics, age and physical condition of the property, geographic location, size and location of tenant spaces within the investment properties, and tenant profile. The portion of the fair value allocated to in-place lease intangibles is amortized on a straight-line basis over the life of the related lease as a component of depreciation and amortization expense. With respect to leases in which the Trust is the lessor, the portion of fair value allocated to above and below market lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to lease income. With respect to ground leases (in which the Trust is the lessee), a lease liability is measured at the present value of the remaining lease payments and the right-of-use lease (ROU) asset is initially measured as the same amount as the lease liability and adjusted for any above or below market ground lease intangibles. All options terms were assumed to be exercised through the initial term of the Master Lease. On the Effective Date, the Trust assumed a liability of $8,651 related to transaction costs. Such costs were required to be incurred in order for the emergence from bankruptcy to take place, and are therefore considered pre-emergence costs (costs incurred prior to the change in control). This assumed liability decreased the net assets of the Trust by $8,651 as of the Effective Date. Ordinary repairs and maintenance will be expensed as incurred. Expenditures for significant improvements will be capitalized. Depreciation expense is computed using the straight-line method. Building and other improvements are depreciated based upon estimated useful lives which range from 19 to 43 years for building and other improvements and 6 to 10 years for land improvements. Tenant improvements not considered a component of the building are amortized on a straight-line basis over the lesser of the estimated remaining useful life of the asset or the term of the lease. Impairment of Investment Properties The Trust’s investment properties are reviewed for potential impairment at the end of each reporting period or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At such evaluation date, the Trust separately determines whether impairment indicators exist for each property. Examples of situations considered to be impairment indicators include, but are not limited to: • a substantial decline in occupancy rate or cash flow; • expected significant declines in occupancy in the near future; • continued difficulty in leasing space; • a significant change in the credit quality of tenant; • a reduction in anticipated holding period; • a significant decrease in market price; and • any other quantitative or qualitative events or factors deemed significant by the Trust’s management. If the presence of one or more impairment indicators as described above is identified on an evaluation date or at any point throughout the year with respect to a property, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. An investment property is considered impaired when the estimated future undiscounted cash flows are less than its current carrying value. When performing a test for recoverability or estimating the fair value of an impaired investment property, the Trust makes certain complex or subjective assumptions that include, but are not limited to: • projected operating cash flows considering factors such as vacancy rates, rental rates, lease terms, tenant financial strength, competitive positioning and property location; • estimated holding period or various potential holding periods when considering probability-weighted scenarios; • projected capital expenditures and lease origination costs; • estimated interest and internal costs expected to be capitalized; • projected cash flows from the anticipated or eventual disposition of an operating property; • comparable selling prices; and • property-specific capitalization rates and discount rates. To the extent impairment has occurred, the Trust will record an impairment charge calculated as the excess of the carrying value of the asset over its estimated fair value. For the six months ended June 30, 2022, no impairment charge was recorded, and for the period from the Effective Date to June 30, 2021, the Trust recorded an impairment charge of $750. Investment Properties Held for Sale In determining whether to classify an investment property as held for sale, the Trust considers whether (i) management has committed to a plan to sell the investment property, (ii) the investment property is available for immediate sale in its present condition, subject only to terms that are usual and customary, (iii) the Trust has a legally enforceable contract that has been executed and the buyer's due diligence period, if any, has expired, and (iv) actions required for the Trust to complete the plan indicate that it is unlikely that any significant changes will be made. If all of the above criteria are met, the Trust classifies the investment property as held for sale. When these criteria are met, the Trust (i) suspends depreciation (including depreciation for tenant improvements and building improvements) and amortization of in-place lease intangibles and any above or below market lease intangibles and (ii) records the investment property held for sale at the lower of carrying value or estimated fair value. The assets and liabilities associated with investment properties that are classified as held for sale are presented separately on the consolidated balance sheets for the most recent reporting period. As of December 31, 2021, the Trust classified one Retail Property as held for sale, which sold in January 2022. As of June 30, 2022, the Trust classified two Retail Properties as held for sale. These two Retail Properties were sold in July 2022. Cash and Cash Equivalents The Trust maintains its cash and cash equivalents at major financial institutions. At June 30, 2022, cash equivalents consisted of investments in money market instruments. Cash and cash equivalents totaled $34,313 and $627,522 as of June 30, 2022 and December 31, 2021, respectively. The cash and cash equivalents balance at one or more of these financial institutions exceeds the Federal Depository Insurance Corporation (FDIC) insurance coverage. The Trust periodically assesses the credit risk associated with these financial institutions and believes that the risk of loss is remote. Lease Income and Accounts Receivable The Trust accounts for leases under the provisions of ASC 842. The Trust commenced recognition of lease income on its Master Leases (as discussed in Note 4) as of the Effective Date. In most cases, revenue recognition under a lease begins when the lessee takes possession or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. Lease income for leases that have fixed and measurable rent escalations, is recognized on a straight-line basis over the term of each lease. The difference between such lease income earned and the cash rent due under the provisions of a lease is recorded as straight-line rent receivable or payable and is included as a component of “Accounts receivable” in the accompanying consolidated balance sheets. At lease commencement, the Trust estimated that collectibility was probable for the Master Leases due to the creditworthiness analysis performed. Throughout the lease term, individual leases are assessed for collectibility and upon the determination that the collection of rents over the remaining lease life is not probable, lease income is adjusted such that it is recognized on the cash basis of accounting. The Trust will remove the cash basis designation and resume recording lease income from such tenants on an accrual basis when the Trust believes that the collection of rent over the remaining lease term is probable and, generally, based upon a demonstrated payment history. As of June 30, 2022, lease income is being accounted for on the accrual basis of accounting. Lease payments of $9,218, which were received in advance under the terms of the Master Leases are included in "Other liabilities" in the accompanying consolidated balance sheets as of June 30, 2022 and will be recognized as lease income in July 2022. As of December 31, 2021, lease payments of $9,320 were received in advance under the terms of the Master Leases and recognized as lease income in January 2022. The Trust records all changes in uncollectible lease income as an adjustment to “Lease income” in the accompanying consolidated statement of operations. During the Reporting Periods, there was no uncollectible lease income. Right-of-use Lease Assets and Lease Liabilities The Trust was assigned an interest as lessee of land under 23 non-cancellable ground leases with third party landlords which were classified as operating leases on the Effective Date. As of June 30, 2022, the Trust held an interest as lessee of land under 22 non-cancellable ground leases. Rental expense associated with land that the Trust leases under non-cancellable operating leases is recorded on a straight-line basis over the term of each lease. In accordance with the Master Lease, rental expense associated with land is paid directly by New JCP and is included in “Lease income” in the accompanying consolidated statements of operations (see Note 4). On the Effective Date, the Trust recognized ROU lease assets and lease liabilities for long-term ground leases. The lease liability is calculated by discounting future lease payments by the Trust’s incremental borrowing rate, which is determined through consideration of (i) the Trust’s entity-specific risk premium, (ii) observable market interest rates and (iii) lease term. The ROU asset is initially measured as the same amount as the lease liability and presented net of the Trust’s existing straight-line ground rent liabilities and ground lease intangible liability. The lease liability is amortized based on changes in the value of discounted future lease payments and the ROU asset is amortized by the difference in the straight-line lease expense for the period and the change in value of the lease liability. The Trust does not include option terms in its future lease payments where they are not reasonably certain to be exercised, however all options terms were considered to be reasonably certain of being exercised through the initial term of the Master Lease. The Trust has elected not to separate lease and non-lease components for operating leases. Income Taxes The Trust is intended to qualify as a liquidating trust within the meaning of United States Treasury Regulation Section 301.7701-4(d) or, in the event it is not so treated, a partnership other than a partnership taxable as a corporation under Section 7704 of the Internal Revenue Code of 1986, as amended. The Trust records a benefit, based on the GAAP measurement criteria, for uncertain income tax positions if the result of a tax position meets a “more likely than not” recognition threshold. All tax returns remain subject to examination by federal and various state tax jurisdictions. As of June 30, 2022 and December 31, 2021, there were no uncertain tax positions and the balance of unrecognized tax benefits was $0. Segment Reporting The Trust’s chief operating decision makers, which are comprised of its Principal Executive Officer and Principal Financial Officer, assess and measure the operating results of the Trust’s portfolio of properties based on net operating income and do not differentiate properties by geography, market, size or type. Each of the Trust’s investment properties is considered a separate operating segment, as each property earns revenue and incurs expenses, operating results are individually reviewed and discrete financial information is available. However, the Trust’s properties are aggregated into one reportable segment because (i) the properties have similar economic characteristics, (ii) the Trust provides similar services to its tenants and (iii) the Trust’s chief operating decision makers evaluate the collective performance of its properties.

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
INVESTMENT PROPERTIES	INVESTMENT PROPERTIES As of June 30, 2022, the Trust's real estate portfolio consisted of 146 Retail Properties across 37 U.S. states and Puerto Rico. The following table presents the amortization during the next five years and thereafter related to the lease intangible assets and liabilities for properties owned as of June 30, 2022, excluding the two Retail Properties classified as held for sale: Period from July 1 to December 31, 2022 2023 2024 2025 2026 Thereafter Total Amortization of: Above market lease intangibles (a) $ 4,000 $ 8,001 $ 8,001 $ 8,001 $ 8,001 $ 112,013 $ 148,017 In-place lease intangibles (a) 2,662 5,325 5,325 5,325 5,325 74,543 98,505 Lease intangible assets, net (b) $ 6,662 $ 13,326 $ 13,326 $ 13,326 $ 13,326 $ 186,556 $ 246,522 Below market lease intangibles (a) $ 3,192 $ 6,385 $ 6,385 $ 6,385 $ 6,385 $ 89,383 $ 118,115 Lease intangible liabilities, net $ 3,192 $ 6,385 $— $ 6,385 $ 6,385 $ 6,385 $ 89,383 $— $ 118,115 (a) Represents the portion of the leases in which the Trust is the lessor. The amortization of above and below market lease intangibles is recorded as an adjustment to lease income and the amortization of in-place lease intangibles is recorded to depreciation and amortization expense. (b) Lease intangible assets, net and lease intangible liabilities, net are presented net of $18,878 and $9,045 of accumulated amortization, respectively, as of June 30, 2022. Lease intangible assets, net and lease intangible liabilities, net are presented net of $12,283 and $6,116 of accumulated amortization, respectively, as of December 31, 2021. As of June 30, 2022 and December 31, 2021, the weighted average amortization period for lease intangible assets and lease intangible liabilities was 18.5 years and 19.0 years, respectively. For the three months ended June 30, 2022 and 2021, amortization expense pertaining to in-place lease intangibles was $1,350 and $1,833, respectively. For the six months ended June 30, 2022 and from the Effective Date to June 30, 2021, amortization expense pertaining to in-place lease intangibles was $2,700 and $3,055, respectively. For the three months ended June 30, 2022 and 2021, amortization pertaining to above market lease intangibles of $2,000 and $2,112, respectively, was recorded as a reduction to “Lease income” in the accompanying consolidated statements of operations. For the six months ended June 30, 2022 and from the Effective Date to June 30, 2021, amortization pertaining to above market lease intangibles of $4,000 and $3,519, respectively, was recorded as a reduction to “Lease income” in the accompanying consolidated statements of operations. For the three months ended June 30, 2022 and 2021, amortization pertaining to below market lease intangibles of $1,668 and $2,111, respectively, was recorded as an increase to “Lease income” in the accompanying consolidated statements of operations. For the six months ended June 30, 2022 and from the Effective Date to June 30, 2021, amortization pertaining to below market lease intangibles of $3,336 and $3,518, respectively, was recorded as an increase to “Lease income” in the accompanying consolidated statements of operations. Dispositions The following table summarizes the disposition activity for the six months ended June 30, 2022: Sale Date Location Property Type Ownership Square Footage Gross Sales Proceeds Aggregate Proceeds, Net Gain 1/6/22 Culver City, CA Retail Fee Simple 204 $ 22,000 $ 20,961 $ 3,651 The disposition completed during the six months ended June 30, 2022 does not qualify for discontinued operations treatment and is not considered individually significant. During the period from the Effective Date to June 30, 2021, there were no dispositions. Investment Properties Held for Sale The following Retail Properties were classified as held for sale as of June 30, 2022: Date of Sale Location Gross Sales Price Carrying value at June 30, 2022 7/20/2022 Pleasanton, CA $ 16,000 $ 10,421 7/25/2022 Franklin, TN $ 5,650 $ 5,231 Real estate held for sale consisted of the following at June 30, 2022: June 30, 2022 Land and improvements $ 16,362 Building and other improvements 3,079 Less: accumulated depreciation (140) Net investment properties 19,301 Accounts receivable 287 Lease intangible assets, net 1,379 Other assets 91 Assets associated with investment properties held for sale 21,058 Accounts payable and accrued expenses 32 Lease intangible liabilities, net 5,318 Other liabilities 56 Liabilities associated with investment properties held for sale $ 5,406

LEASES

LEASES	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
LEASES	LEASES Leases as Lessor The Retail Properties are leased pursuant to a single retail master lease (as amended, modified or supplemented from time to time, the “Retail Master Lease”) and the Warehouses were leased pursuant to a single distribution center master lease (as amended, modified or supplemented from time to time, the “DC Master Lease”; together with the Retail Master Lease, the “Master Leases” and individually, each a “Master Lease”). On the Effective Date, New JCP assigned all of its right, title and interest as lessor under the Master Leases to the applicable PropCo. Each of the Master Leases has an initial term of 20 years that commenced on December 7, 2020 and is classified as an operating lease. The Trust receives monthly base rent pursuant to the Master Leases, which was 50% abated through December 31, 2021 for each of the Retail Properties. At the beginning of the third lease year, base rent under the Retail Master Lease increases based on changes in the consumer price index (subject to a maximum 2% increase per year) and the increase is not included in fixed lease payments or the future undiscounted lease payments schedule. Upon the sale of the Warehouses in December 2021, the Trust assigned all of its right, title and interest as lessor in the DC Master Lease to the purchaser. The Master Lease requires direct payment of all operating expenses, real estate taxes, ground lease payments (where applicable), capital expenditures and common area maintenance costs by New JCP and allows for lessor reimbursement if amounts are not directly paid. Expenses paid directly by New JCP are not included in the accompanying consolidated statement of operations, except for ground lease payments made by New JCP, since recording cash payments made by New JCP is necessary to relieve amounts due to the ground lessor included in the ground lease liabilities. Ground lease payments made by New JCP of $2,007 for the six months ended June 30, 2022 and $1,701 from the Effective Date to June 30, 2021 were paid directly to the ground lessor by New JCP and were included in “Lease income” in the accompanying consolidated statement of operations. In certain municipalities, the Trust is required to remit sales and use taxes to governmental authorities based upon the rental income received from Properties. These taxes are required to be reimbursed by New JCP to the Trust in accordance with the terms of the Master Lease, and are presented net of reimbursement from New JCP on the consolidated statements of operations. From the Effective Date to June 30, 2021, the Trust incurred sales and use taxes of $159, of which $7 was due from New JCP as of December 31, 2021. For the six months ended June 30, 2022, the Trust incurred sales and use taxes of $374, which was fully reimbursed by New JCP as of June 30, 2022. From time to time the Trust may have leasing activity with replacement tenants other than New JCP, but has had none to date. Lease income related to the Trust’s operating leases, including the two Retail Properties classified as held for sale, is comprised of the following: Lease income related to fixed lease payments Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended Period from Base rent (a) $ 27,655 $ 23,998 $ 55,326 $ 39,997 Straight-line rental income, net (b) (636) 16,162 (1,273) 26,936 Lease income related to variable lease payments Ground lease reimbursement income (c) 1,003 1,021 2,007 1,701 Other Amortization of above and below market lease intangibles (d) (332) (1) (664) (1) Lease income $ 27,690 $ 41,180 $ 55,396 $ 68,633 (a) Base rent consists of fixed lease payments, subject to a 50% rent abatement during the first lease year for each of the Retail Properties. (b) Represents lease income related to the excess (deficit) of straight-line rental income over fixed lease payments. (c) Ground lease reimbursement income consists of lease payments due from the tenant for land leased under non-cancellable operating leases. (d) Represents above and below market lease amortization recognized straight line over the lease term. As of June 30, 2022, undiscounted lease payments to be received under operating leases, excluding the two Retail Properties classified as held for sale, for the next five years and thereafter are as follows: Lease Payments Period from July 1 to December 31, 2022 $ 54,973 2023 109,945 2024 109,945 2025 109,945 2026 109,945 Thereafter 1,539,234 Total $ 2,033,987 The weighted average remaining lease terms range was approximately 18.5 years as of June 30, 2022. Leases as Lessee The Trust leases land under operating ground leases at certain of its Properties, which expire in various years from 2038 to 2096, including any available option periods that are reasonably certain to be exercised. All options terms were considered to be reasonably certain of being exercised through the initial term of the Master Lease. Ground lease rent expense was $3,110 for the six months ended June 30, 2022 and $2,672 from Effective Date to June 30, 2021, which is included within “Operating expenses” in the accompanying consolidated statements of operations. For the six months ended June 30, 2022, ground lease rent expense includes interest expense of $2,067, amortization pertaining to right-of-use assets of $514, amortization pertaining to above market ground lease intangibles of $(320) and amortization pertaining to below market ground lease intangibles of $849. For the period January 30, 2021 to June 30, 2021, ground lease rent expense includes interest expense of $1,745, amortization pertaining to right-of-use assets of $433, amortization pertaining to above market ground lease intangibles of $(266) and amortization pertaining to below market ground lease intangibles of $760. There were no cash payments for ground lease rent expense as these payments are made by the tenant. As of June 30, 2022, undiscounted future rental obligations to be paid under the long-term ground leases by New JCP under the terms of the Master Lease on behalf of the Trust, including fixed rental increases, for the next five years and thereafter, are as follows: Lease Obligations Period from July 1 to December 31, 2022 $ 2,008 2023 4,062 2024 4,124 2025 4,116 2026 4,138 Thereafter 224,356 Less imputed interest (205,191) Lease liabilities as of June 30, 2022 $ 37,613 The Trust’s long-term ground leases had a weighted average remaining lease term of 44.9 years and a weighted average discount rate of 11.0% as of June 30, 2022.
LEASES	LEASES Leases as Lessor The Retail Properties are leased pursuant to a single retail master lease (as amended, modified or supplemented from time to time, the “Retail Master Lease”) and the Warehouses were leased pursuant to a single distribution center master lease (as amended, modified or supplemented from time to time, the “DC Master Lease”; together with the Retail Master Lease, the “Master Leases” and individually, each a “Master Lease”). On the Effective Date, New JCP assigned all of its right, title and interest as lessor under the Master Leases to the applicable PropCo. Each of the Master Leases has an initial term of 20 years that commenced on December 7, 2020 and is classified as an operating lease. The Trust receives monthly base rent pursuant to the Master Leases, which was 50% abated through December 31, 2021 for each of the Retail Properties. At the beginning of the third lease year, base rent under the Retail Master Lease increases based on changes in the consumer price index (subject to a maximum 2% increase per year) and the increase is not included in fixed lease payments or the future undiscounted lease payments schedule. Upon the sale of the Warehouses in December 2021, the Trust assigned all of its right, title and interest as lessor in the DC Master Lease to the purchaser. The Master Lease requires direct payment of all operating expenses, real estate taxes, ground lease payments (where applicable), capital expenditures and common area maintenance costs by New JCP and allows for lessor reimbursement if amounts are not directly paid. Expenses paid directly by New JCP are not included in the accompanying consolidated statement of operations, except for ground lease payments made by New JCP, since recording cash payments made by New JCP is necessary to relieve amounts due to the ground lessor included in the ground lease liabilities. Ground lease payments made by New JCP of $2,007 for the six months ended June 30, 2022 and $1,701 from the Effective Date to June 30, 2021 were paid directly to the ground lessor by New JCP and were included in “Lease income” in the accompanying consolidated statement of operations. In certain municipalities, the Trust is required to remit sales and use taxes to governmental authorities based upon the rental income received from Properties. These taxes are required to be reimbursed by New JCP to the Trust in accordance with the terms of the Master Lease, and are presented net of reimbursement from New JCP on the consolidated statements of operations. From the Effective Date to June 30, 2021, the Trust incurred sales and use taxes of $159, of which $7 was due from New JCP as of December 31, 2021. For the six months ended June 30, 2022, the Trust incurred sales and use taxes of $374, which was fully reimbursed by New JCP as of June 30, 2022. From time to time the Trust may have leasing activity with replacement tenants other than New JCP, but has had none to date. Lease income related to the Trust’s operating leases, including the two Retail Properties classified as held for sale, is comprised of the following: Lease income related to fixed lease payments Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended Period from Base rent (a) $ 27,655 $ 23,998 $ 55,326 $ 39,997 Straight-line rental income, net (b) (636) 16,162 (1,273) 26,936 Lease income related to variable lease payments Ground lease reimbursement income (c) 1,003 1,021 2,007 1,701 Other Amortization of above and below market lease intangibles (d) (332) (1) (664) (1) Lease income $ 27,690 $ 41,180 $ 55,396 $ 68,633 (a) Base rent consists of fixed lease payments, subject to a 50% rent abatement during the first lease year for each of the Retail Properties. (b) Represents lease income related to the excess (deficit) of straight-line rental income over fixed lease payments. (c) Ground lease reimbursement income consists of lease payments due from the tenant for land leased under non-cancellable operating leases. (d) Represents above and below market lease amortization recognized straight line over the lease term. As of June 30, 2022, undiscounted lease payments to be received under operating leases, excluding the two Retail Properties classified as held for sale, for the next five years and thereafter are as follows: Lease Payments Period from July 1 to December 31, 2022 $ 54,973 2023 109,945 2024 109,945 2025 109,945 2026 109,945 Thereafter 1,539,234 Total $ 2,033,987 The weighted average remaining lease terms range was approximately 18.5 years as of June 30, 2022. Leases as Lessee The Trust leases land under operating ground leases at certain of its Properties, which expire in various years from 2038 to 2096, including any available option periods that are reasonably certain to be exercised. All options terms were considered to be reasonably certain of being exercised through the initial term of the Master Lease. Ground lease rent expense was $3,110 for the six months ended June 30, 2022 and $2,672 from Effective Date to June 30, 2021, which is included within “Operating expenses” in the accompanying consolidated statements of operations. For the six months ended June 30, 2022, ground lease rent expense includes interest expense of $2,067, amortization pertaining to right-of-use assets of $514, amortization pertaining to above market ground lease intangibles of $(320) and amortization pertaining to below market ground lease intangibles of $849. For the period January 30, 2021 to June 30, 2021, ground lease rent expense includes interest expense of $1,745, amortization pertaining to right-of-use assets of $433, amortization pertaining to above market ground lease intangibles of $(266) and amortization pertaining to below market ground lease intangibles of $760. There were no cash payments for ground lease rent expense as these payments are made by the tenant. As of June 30, 2022, undiscounted future rental obligations to be paid under the long-term ground leases by New JCP under the terms of the Master Lease on behalf of the Trust, including fixed rental increases, for the next five years and thereafter, are as follows: Lease Obligations Period from July 1 to December 31, 2022 $ 2,008 2023 4,062 2024 4,124 2025 4,116 2026 4,138 Thereafter 224,356 Less imputed interest (205,191) Lease liabilities as of June 30, 2022 $ 37,613 The Trust’s long-term ground leases had a weighted average remaining lease term of 44.9 years and a weighted average discount rate of 11.0% as of June 30, 2022.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair Value Hierarchy A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: • Level 1: Quoted prices in active markets for identical securities. • Level 2: Prices determined using other significant observable inputs. Observable inputs that other market participants would use in pricing a security, including quoted prices for similar securities. • Level 3: Prices determined using significant unobservable inputs. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available in the circumstances. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, to the extent the underlying liability will be settled in cash, approximate their carrying values because of the short-term nature of these instruments. Recurring Fair Value Measurements As of June 30, 2022, the Trust did not hold any assets or liabilities that are measured at fair value on a recurring basis. Nonrecurring Fair Value Measurements For the six months ended June 30, 2022, the Trust did not remeasure any assets to fair value on a nonrecurring basis, and no impairment charges were recorded. From the Effective Date to June 30, 2021, the Trust remeasured one investment property to fair value on a nonrecurring basis and recognized a provision for impairment of investment properties of $750 related to a Retail Property located in San Diego, California that was classified as held for sale as of June 30, 2021. The Trust estimated a fair value of approximately $14,552, net of estimated sales and closing costs, based upon signed sales agreements from third parties.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Master Leases Landlord Option Properties: On the Effective Date, the Retail Master Lease provides the Trust an option on 23 of the Retail Properties allowing current or future landlords to terminate the Retail Master Lease as to that property upon 24 months’ prior written notice. This option is (for the Trust, but not for future landlords) limited to eight Retail Properties in any lease year. The DC Master Lease provided the Trust an option on all six of the distribution centers, allowing current or future landlords to terminate the DC Master Lease upon 24 months’ prior written notice if the tenant has ceased operations within the premises. During 2021, the Trust sold seven Retail Properties and all six Warehouses with landlord termination options, and assigned all of its right, title and interest as lessor in the Master Leases to the purchasers. As of December 31, 2021, there were 16 remaining Retail Properties with landlord termination options. During the six months ended June 30, 2022, the Trust sold one Retail Property with a landlord termination option. Tenant Option Properties: On the Effective Date, the Retail Master Lease provided New JCP an option to terminate the Retail Master Lease upon 24 months’ prior written notice as to all or a portion of any one or more of six specified properties. This option is limited to no more than five Properties in any lease year. During 2021, the Trust sold four Retail Properties with tenant termination options and as of December 31, 2021, there were two remaining Retail Properties with tenant termination options. During the six months ended June 30, 2022, no additional Retail Properties with tenant termination options had been sold. Substitution Options and Go Dark Rights: The Retail Master Lease provides New JCP an option to terminate the Retail Master Lease with respect to selected sub-performing properties upon replacement of such sub-performing properties with a qualified replacement property in accordance with the terms and conditions of the Retail Master Lease. Notwithstanding the foregoing, New JCP shall only be entitled to exercise a substitution option (i) between the third and 15th anniversary of the commencement date of the Retail Master Lease and (ii) if the aggregate allocated base rent amounts for all Go Dark/Substitution Properties (as defined in the Retail Master Lease) during the applicable period (as described in the Retail Master Lease) is less than or equal to 15% of the aggregate first year’s base rent. The Retail Master Lease also provides New JCP with the limited right to “go dark” (i.e., cease operations) at one or more Retail Properties in certain limited circumstances as set forth in the Retail Master Lease; provided that such right does not relieve New JCP of its obligation to make any rent payments that are due and owing. Tenant Purchase Rights: On the Effective Date, the Master Leases contained preferential offer rights in favor of New JCP with respect to 70 of the Retail Properties and each of the Warehouses (the “Tenant Purchase Rights”), which enable New JCP, in connection with a potential sale of such Properties, to acquire such Properties for a price determined in accordance with the procedures set forth in the Master Leases. These Tenant Purchase Rights require the Trust to reoffer a property to the tenant in the event it is not sold within a specified period of time at a specified minimum price related to the preferential purchase price. Eight of these Retail Properties, of which three were purchased by an affiliate of the tenant, and all of the Warehouses, of which none were purchased by the tenant, have been sold as of June 30, 2022. Lockout Periods: The Trust agreed not to deliver notice to New JCP formally commencing the sales process at those Properties subject to the Tenant Purchase Rights prior to the dates specified in the applicable Master Lease for such Properties. All lockout periods with respect to the Tenant Purchase Rights for the 70 Retail Properties have expired. Environmental Matters Federal law (and the laws of some states in which we own or may acquire properties) imposes liability on a landowner for the presence on the premises of hazardous substances or wastes (as defined by present and future federal and state laws and regulations). This liability is without regard to fault or knowledge of the presence of such substances and may be imposed jointly and severally upon all succeeding landowners. If such hazardous substance is discovered on a property owned by us, we could incur liability for the removal of the substances and the cleanup of the property. There can be no assurance that we would have effective remedies against prior owners of the property. In addition, we may be liable to current or future tenants and may find it difficult or impossible to sell the property either prior to or following such a cleanup. There are no environmental matters that are expected to have a material effect on the Trust’s consolidated financial statements. Risk of Uninsured Property Losses The Trust maintains property damage, fire loss, environmental, and liability insurance in addition to the insurance required to be maintained by the Tenant pursuant to the Master Leases. However, there are certain types of losses (generally of a catastrophic nature) which may be either uninsurable or not economically insurable. Such excluded risks may include war, earthquakes, tornados, floods and certain other environmental hazards. Should such events occur, (i) we may suffer a loss of capital invested, (ii) tenant may suffer losses and may be unable to pay rent for the spaces, and (iii) we may suffer a loss of profits which might be anticipated from one or more properties. Significant Risks and Uncertainties The COVID-19 pandemic and related public health and safety measures have caused significant disruption to the U.S. and global economy and has contributed to significant volatility and negative pressure in the financial markets. Many governments across the globe, including in U.S. states and cities where we own properties, have implemented measures intended to control the spread of COVID-19 including stay at home orders, restrictions on travel, restrictions on business operations and the types of construction projects that may continue. Many of these restrictions remained in place for months as new variants emerged and are likely to stay in place in one form or another for the foreseeable future. While we did not incur any disruptions to our lease income and occupancy during the six months ended June 30, 2022 as a result of the COVID-19 pandemic, we continue to closely monitor the impact of the pandemic on all aspects of our business. Due to the numerous uncertainties inherent in the pandemic, it is not possible to predict with certainty the impact the pandemic will have on our financial condition, results of operations and cash flows. In February 2022, Russian forces launched significant military action against Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against Russia. The impact of this action and related sanctions on the world economy, including our business, are not determinable as of the date of these financial statements. Concentration of Credit Risk As of June 30, 2022, all of the Properties were leased to New JCP, and all of the Trust’s lease income was derived from the Master Leases (see Note 4). The Properties' tenants constitute a significant asset concentration, as all tenants are subsidiaries of New JCP and New JCP provides financial guarantees with respect to the Master Leases. Until the Trust materially diversifies the composition of tenants for its properties, an event that has a material adverse effect on New JCP’s business, financial condition or results of operations could have a material adverse effect on the Trust’s business, financial condition or results of operations. As of June 30, 2022, the Trust's properties are located across 37 U.S. states and Puerto Rico. For the six months ended June 30, 2022 and from the Effective Date to June 30, 2021, the Trust's lease income was concentrated in two states as follows: California (18.5%) and Texas (13.6%). Litigation

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent to June 30, 2022, we paid monthly distributions to Certificateholders of $8,225 or $0.11 per certificate in July 2022 and $29,318 or $0.39 per certificate in August 2022. On July 20, 2022, the Trust sold a Retail Property in Pleasanton, California for a gross sales price of $16,000 with a carrying value at June 30, 2022 of $10,421. On July 25, 2022, the Trust sold a Retail Property in Franklin, Tennessee for a gross sales price of $5,650 with a carrying value at June 30, 2022 of $5,231.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and the rules and regulations of the U.S. Securities and Exchange Commission (SEC). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates, judgments and assumptions were required in a number of areas, including, but not limited to, estimating the fair value of the investment properties as of the Effective Date, determining the useful lives of real estate properties, determination of the incremental borrowing rate in ground leases, reasonably certain lease terms for ground and master leases, and evaluating the impairment of long-lived assets. The accompanying consolidated financial statements include the accounts of the Trust, as well as all wholly owned subsidiaries of the Trust. All intercompany balances and transactions have been eliminated in consolidation. Wholly owned subsidiaries consist of limited liability companies and limited partnerships. The Trust has evaluated the fee arrangements with the Trustee and Manager to determine if they represent a variable interest, and concluded that the fee arrangements do not create a variable interest. The accompanying consolidated financial statements include the quarterly periods ended June 30, 2022 and 2021, the six months ended June 30, 2022 and the period from the Effective Date to June 30, 2021 (the “Reporting Periods”). These consolidated financial statements should be read in conjunction with the Trust's audited Annual Report on Form 10-K for the period from the Effective Date to December 31, 2021 (the “10-K”), as certain disclosures in this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022 that would duplicate those included in the 10-K are not included in these consolidated financial statements.
Fresh start accounting and investment properties, impairment of investment properties and investment properties held for sale	Fresh Start Accounting and Investment Properties The Trust determined the fresh start accounting fair value of the investment properties based upon the fair value of the individual assets and liabilities assumed as of the Effective Date, which generally included (i) land and land improvements, (ii) building and other improvements, (iii) in-place lease intangibles, (iv) above and below market lease intangibles and (v) leasehold right-of-use assets and related operating lease liabilities. In estimating the fair value of tangible assets, including land and improvements, building and other improvements for fresh start accounting, as of the Effective Date, the Trust considered available comparable market and industry information. The Trust allocated a portion of the fair value to the estimated in-place lease intangibles based on estimated lease execution costs for similar leases as well as lost rental payments during an assumed lease-up period. The Trust also evaluated each lease as compared to current market rates. If a lease was determined to be above or below market, the Trust allocated a portion of the fair value to such above or below market leases based upon the present value of the difference between the contractual lease payments and estimated market rent payments over the remaining lease term. Renewal periods were included within the lease term in the calculation of above and below market lease values if, based upon factors known at the Effective Date, the Trust concluded that market participants would consider it reasonably certain that the lessee would exercise such options. Fair value estimates used in fresh start accounting, including the capitalization rates and discount rate used, required the Trust to consider various factors, including, but not limited to, market knowledge, demographics, age and physical condition of the property, geographic location, size and location of tenant spaces within the investment properties, and tenant profile. The portion of the fair value allocated to in-place lease intangibles is amortized on a straight-line basis over the life of the related lease as a component of depreciation and amortization expense. With respect to leases in which the Trust is the lessor, the portion of fair value allocated to above and below market lease intangibles is amortized on a straight-line basis over the life of the related lease as an adjustment to lease income. With respect to ground leases (in which the Trust is the lessee), a lease liability is measured at the present value of the remaining lease payments and the right-of-use lease (ROU) asset is initially measured as the same amount as the lease liability and adjusted for any above or below market ground lease intangibles. All options terms were assumed to be exercised through the initial term of the Master Lease. On the Effective Date, the Trust assumed a liability of $8,651 related to transaction costs. Such costs were required to be incurred in order for the emergence from bankruptcy to take place, and are therefore considered pre-emergence costs (costs incurred prior to the change in control). This assumed liability decreased the net assets of the Trust by $8,651 as of the Effective Date. Ordinary repairs and maintenance will be expensed as incurred. Expenditures for significant improvements will be capitalized. Depreciation expense is computed using the straight-line method. Building and other improvements are depreciated based upon estimated useful lives which range from 19 to 43 years for building and other improvements and 6 to 10 years for land improvements. Tenant improvements not considered a component of the building are amortized on a straight-line basis over the lesser of the estimated remaining useful life of the asset or the term of the lease. Impairment of Investment Properties The Trust’s investment properties are reviewed for potential impairment at the end of each reporting period or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. At such evaluation date, the Trust separately determines whether impairment indicators exist for each property. Examples of situations considered to be impairment indicators include, but are not limited to: • a substantial decline in occupancy rate or cash flow; • expected significant declines in occupancy in the near future; • continued difficulty in leasing space; • a significant change in the credit quality of tenant; • a reduction in anticipated holding period; • a significant decrease in market price; and • any other quantitative or qualitative events or factors deemed significant by the Trust’s management. If the presence of one or more impairment indicators as described above is identified on an evaluation date or at any point throughout the year with respect to a property, the asset is tested for recoverability by comparing its carrying value to the estimated future undiscounted cash flows. An investment property is considered impaired when the estimated future undiscounted cash flows are less than its current carrying value. When performing a test for recoverability or estimating the fair value of an impaired investment property, the Trust makes certain complex or subjective assumptions that include, but are not limited to: • projected operating cash flows considering factors such as vacancy rates, rental rates, lease terms, tenant financial strength, competitive positioning and property location; • estimated holding period or various potential holding periods when considering probability-weighted scenarios; • projected capital expenditures and lease origination costs; • estimated interest and internal costs expected to be capitalized; • projected cash flows from the anticipated or eventual disposition of an operating property; • comparable selling prices; and • property-specific capitalization rates and discount rates. To the extent impairment has occurred, the Trust will record an impairment charge calculated as the excess of the carrying value of the asset over its estimated fair value. For the six months ended June 30, 2022, no impairment charge was recorded, and for the period from the Effective Date to June 30, 2021, the Trust recorded an impairment charge of $750. Investment Properties Held for Sale In determining whether to classify an investment property as held for sale, the Trust considers whether (i) management has committed to a plan to sell the investment property, (ii) the investment property is available for immediate sale in its present condition, subject only to terms that are usual and customary, (iii) the Trust has a legally enforceable contract that has been executed and the buyer's due diligence period, if any, has expired, and (iv) actions required for the Trust to complete the plan indicate that it is unlikely that any significant changes will be made. If all of the above criteria are met, the Trust classifies the investment property as held for sale. When these criteria are met, the Trust (i) suspends depreciation (including depreciation for tenant improvements and building improvements) and amortization of in-place lease intangibles and any above or below market lease intangibles and (ii) records the investment property held for sale at the lower of carrying value or estimated fair value. The assets and liabilities associated with investment properties that are classified as held for sale are presented separately on the consolidated balance sheets for the most recent reporting period.
Cash and cash equivalents	Cash and Cash Equivalents The Trust maintains its cash and cash equivalents at major financial institutions. At June 30, 2022, cash equivalents consisted of investments in money market instruments. Cash and cash equivalents totaled $34,313 and $627,522 as of June 30, 2022 and December 31, 2021, respectively. The cash and cash equivalents balance at one or more of these financial institutions exceeds the Federal Depository Insurance Corporation (FDIC) insurance coverage. The Trust periodically assesses the credit risk associated with these financial institutions and believes that the risk of loss is remote.
Lease income and accounts receivable	Lease Income and Accounts Receivable The Trust accounts for leases under the provisions of ASC 842. The Trust commenced recognition of lease income on its Master Leases (as discussed in Note 4) as of the Effective Date. In most cases, revenue recognition under a lease begins when the lessee takes possession or controls the physical use of the leased asset. Generally, this occurs on the lease commencement date. Lease income for leases that have fixed and measurable rent escalations, is recognized on a straight-line basis over the term of each lease. The difference between such lease income earned and the cash rent due under the provisions of a lease is recorded as straight-line rent receivable or payable and is included as a component of “Accounts receivable” in the accompanying consolidated balance sheets. At lease commencement, the Trust estimated that collectibility was probable for the Master Leases due to the creditworthiness analysis performed. Throughout the lease term, individual leases are assessed for collectibility and upon the determination that the collection of rents over the remaining lease life is not probable, lease income is adjusted such that it is recognized on the cash basis of accounting. The Trust will remove the cash basis designation and resume recording lease income from such tenants on an accrual basis when the Trust believes that the collection of rent over the remaining lease term is probable and, generally, based upon a demonstrated payment history. As of June 30, 2022, lease income is being accounted for on the accrual basis of accounting. Lease payments of $9,218, which were received in advance under the terms of the Master Leases are included in "Other liabilities" in the accompanying consolidated balance sheets as of June 30, 2022 and will be recognized as lease income in July 2022. As of December 31, 2021, lease payments of $9,320 were received in advance under the terms of the Master Leases and recognized as lease income in January 2022. The Trust records all changes in uncollectible lease income as an adjustment to “Lease income” in the accompanying consolidated statement of operations. During the Reporting Periods, there was no uncollectible lease income.
Right-of-use lease assets and lease liabilities	Right-of-use Lease Assets and Lease Liabilities The Trust was assigned an interest as lessee of land under 23 non-cancellable ground leases with third party landlords which were classified as operating leases on the Effective Date. As of June 30, 2022, the Trust held an interest as lessee of land under 22 non-cancellable ground leases. Rental expense associated with land that the Trust leases under non-cancellable operating leases is recorded on a straight-line basis over the term of each lease. In accordance with the Master Lease, rental expense associated with land is paid directly by New JCP and is included in “Lease income” in the accompanying consolidated statements of operations (see Note 4). On the Effective Date, the Trust recognized ROU lease assets and lease liabilities for long-term ground leases. The lease liability is calculated by discounting future lease payments by the Trust’s incremental borrowing rate, which is determined through consideration of (i) the Trust’s entity-specific risk premium, (ii) observable market interest rates and (iii) lease term. The ROU asset is initially measured as the same amount as the lease liability and presented net of the Trust’s existing straight-line ground rent liabilities and ground lease intangible liability. The lease liability is amortized based on changes in the value of discounted future lease payments and the ROU asset is amortized by the difference in the straight-line lease expense for the period and the change in value of the lease liability.
Income taxes	Income Taxes The Trust is intended to qualify as a liquidating trust within the meaning of United States Treasury Regulation Section 301.7701-4(d) or, in the event it is not so treated, a partnership other than a partnership taxable as a corporation under Section 7704 of the Internal Revenue Code of 1986, as amended.
Segment reporting	Segment Reporting The Trust’s chief operating decision makers, which are comprised of its Principal Executive Officer and Principal Financial Officer, assess and measure the operating results of the Trust’s portfolio of properties based on net operating income and do not differentiate properties by geography, market, size or type. Each of the Trust’s investment properties is considered a separate operating segment, as each property earns revenue and incurs expenses, operating results are individually reviewed and discrete financial information is available. However, the Trust’s properties are aggregated into one reportable segment because (i) the properties have similar economic characteristics, (ii) the Trust provides similar services to its tenants and (iii) the Trust’s chief operating decision makers evaluate the collective performance of its properties.

INVESTMENT PROPERTIES (Tables)

INVESTMENT PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Amortization related to the acquired lease intangible assets and liabilities	The following table presents the amortization during the next five years and thereafter related to the lease intangible assets and liabilities for properties owned as of June 30, 2022, excluding the two Retail Properties classified as held for sale: Period from July 1 to December 31, 2022 2023 2024 2025 2026 Thereafter Total Amortization of: Above market lease intangibles (a) $ 4,000 $ 8,001 $ 8,001 $ 8,001 $ 8,001 $ 112,013 $ 148,017 In-place lease intangibles (a) 2,662 5,325 5,325 5,325 5,325 74,543 98,505 Lease intangible assets, net (b) $ 6,662 $ 13,326 $ 13,326 $ 13,326 $ 13,326 $ 186,556 $ 246,522 Below market lease intangibles (a) $ 3,192 $ 6,385 $ 6,385 $ 6,385 $ 6,385 $ 89,383 $ 118,115 Lease intangible liabilities, net $ 3,192 $ 6,385 $— $ 6,385 $ 6,385 $ 6,385 $ 89,383 $— $ 118,115 (a) Represents the portion of the leases in which the Trust is the lessor. The amortization of above and below market lease intangibles is recorded as an adjustment to lease income and the amortization of in-place lease intangibles is recorded to depreciation and amortization expense.
Dispositions	The following table summarizes the disposition activity for the six months ended June 30, 2022: Sale Date Location Property Type Ownership Square Footage Gross Sales Proceeds Aggregate Proceeds, Net Gain 1/6/22 Culver City, CA Retail Fee Simple 204 $ 22,000 $ 20,961 $ 3,651 The following Retail Properties were classified as held for sale as of June 30, 2022: Date of Sale Location Gross Sales Price Carrying value at June 30, 2022 7/20/2022 Pleasanton, CA $ 16,000 $ 10,421 7/25/2022 Franklin, TN $ 5,650 $ 5,231 Real estate held for sale consisted of the following at June 30, 2022: June 30, 2022 Land and improvements $ 16,362 Building and other improvements 3,079 Less: accumulated depreciation (140) Net investment properties 19,301 Accounts receivable 287 Lease intangible assets, net 1,379 Other assets 91 Assets associated with investment properties held for sale 21,058 Accounts payable and accrued expenses 32 Lease intangible liabilities, net 5,318 Other liabilities 56 Liabilities associated with investment properties held for sale $ 5,406

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Lease income related to operating leases	Lease income related to the Trust’s operating leases, including the two Retail Properties classified as held for sale, is comprised of the following: Lease income related to fixed lease payments Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended Period from Base rent (a) $ 27,655 $ 23,998 $ 55,326 $ 39,997 Straight-line rental income, net (b) (636) 16,162 (1,273) 26,936 Lease income related to variable lease payments Ground lease reimbursement income (c) 1,003 1,021 2,007 1,701 Other Amortization of above and below market lease intangibles (d) (332) (1) (664) (1) Lease income $ 27,690 $ 41,180 $ 55,396 $ 68,633 (a) Base rent consists of fixed lease payments, subject to a 50% rent abatement during the first lease year for each of the Retail Properties. (b) Represents lease income related to the excess (deficit) of straight-line rental income over fixed lease payments. (c) Ground lease reimbursement income consists of lease payments due from the tenant for land leased under non-cancellable operating leases. (d) Represents above and below market lease amortization recognized straight line over the lease term.
Undiscounted lease payments to be received under operating leases	As of June 30, 2022, undiscounted lease payments to be received under operating leases, excluding the two Retail Properties classified as held for sale, for the next five years and thereafter are as follows: Lease Payments Period from July 1 to December 31, 2022 $ 54,973 2023 109,945 2024 109,945 2025 109,945 2026 109,945 Thereafter 1,539,234 Total $ 2,033,987
Undiscounted future rental obligations to be paid under long-term ground and office leases	As of June 30, 2022, undiscounted future rental obligations to be paid under the long-term ground leases by New JCP under the terms of the Master Lease on behalf of the Trust, including fixed rental increases, for the next five years and thereafter, are as follows: Lease Obligations Period from July 1 to December 31, 2022 $ 2,008 2023 4,062 2024 4,124 2025 4,116 2026 4,138 Thereafter 224,356 Less imputed interest (205,191) Lease liabilities as of June 30, 2022 $ 37,613

ORGANIZATION (Details)

ORGANIZATION (Details) $ in Thousands, ft² in Millions		3 Months Ended	5 Months Ended	6 Months Ended
	Jan. 30, 2021 USD ($) lease property shares	Jun. 30, 2022 USD ($) ft² property state	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) ft² property state	Dec. 31, 2021 property	Oct. 28, 2020
Real Estate [Line Items]
Number of master leases | lease	2
Number of real estate properties encumbered | property		22		22
Number of states operated in | state		37		37
Square feet of leasable space | ft²		19.5		19.5
Asset purchase agreement, consideration	$ 1,000,000
Trust certificates issued (in shares) | shares	75,000,000
Management agreement term				24 months
Management agreement automatic renewal term				6 months
Base management fee percentage				5.75%
Base management fee, monthly amount				$ 333
Closing fee per DC property sold				50
Base management fees			$ 3,752	3,181
Base management fees payable		$ 530		530
Asset management fees			0	143
Affiliated Entity
Real Estate [Line Items]
Related party, annual service fee				$ 100
Related party, expenses		$ 50	$ 50
Senior Notes | First Lien Notes | Old Copper
Real Estate [Line Items]
Interest rate						5.875%
Credit Facility | First Lien Notes
Real Estate [Line Items]
Asset purchase agreement, debt assumed	$ 100,000
Credit Facility | DIP Facility
Real Estate [Line Items]
Asset purchase agreement, debt assumed	$ 900,000
Retail
Real Estate [Line Items]
Number of real estate properties | property	160	146		146
Warehouse
Real Estate [Line Items]
Number of real estate properties | property	6
Number of real estate properties sold, cumulative | property					6

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands		6 Months Ended
	Jan. 30, 2021 USD ($) lease	Jun. 30, 2022 USD ($) lease property segment	Dec. 31, 2021 USD ($) property
Accounting Policies [Abstract]
Transaction costs	$ 8,651
Real Estate Properties [Line Items]
Number of properties held for sale | property		2	1
Cash and cash equivalents		$ 34,313	$ 627,522
Lease payments received in advance		$ 9,218	9,320
Number of lease contracts | lease	23	22
Unrecognized tax benefits		$ 0	$ 0
Number of reportable segments | segment		1
Minimum | Building and associated improvements
Real Estate Properties [Line Items]
Estimated useful lives		19 years
Minimum | Land improvements
Real Estate Properties [Line Items]
Estimated useful lives		6 years
Maximum | Building and associated improvements
Real Estate Properties [Line Items]
Estimated useful lives		43 years
Maximum | Land improvements
Real Estate Properties [Line Items]
Estimated useful lives		10 years

INVESTMENT PROPERTIES - Additio

INVESTMENT PROPERTIES - Additional Information (Details) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended	11 Months Ended
	Jun. 30, 2022 USD ($) property state	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($) property	Jun. 30, 2022 USD ($) property state	Dec. 31, 2021 USD ($)	Jan. 30, 2021 property
Real Estate Properties [Line Items]
Number of states operated in | state	37			37
Disposal group, including discontinued operations, number of properties held-for-sale | property				2
Acquired lease intangible assets, net, accumulated amortization	$ 18,878			$ 18,878	$ 12,283
Acquired lease intangible liabilities, accumulated amortization	9,045			$ 9,045	$ 6,116
Weighted average amortization period for acquired lease intangible assets and liabilities				18 years 6 months	19 years
Amortization of below market lease intangibles	1,668	$ 2,111	$ 3,518	$ 3,336
Number of properties sold | property			0
In-place lease value intangibles
Real Estate Properties [Line Items]
Amortization of lease intangible assets	1,350	1,833	$ 3,055	2,700
Above market lease intangibles
Real Estate Properties [Line Items]
Amortization of lease intangible assets	$ 2,000	$ 2,112	$ 3,519	$ 4,000
Retail
Real Estate Properties [Line Items]
Number of real estate properties | property	146			146		160

INVESTMENT PROPERTIES - Amortiz

INVESTMENT PROPERTIES - Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Acquired lease intangible assets, net
Period from July 1 to December 31, 2022	$ 6,662
2023	13,326
2024	13,326
2025	13,326
2026	13,326
Thereafter	186,556
Total	246,522	$ 254,600
Acquired below market lease intangibles
Period from July 1 to December 31, 2022	3,192
2023	6,385
2024	6,385
2025	6,385
2026	6,385
Thereafter	89,383
Total	118,115	$ 126,769
Above market lease intangibles
Acquired lease intangible assets, net
Period from July 1 to December 31, 2022	4,000
2023	8,001
2024	8,001
2025	8,001
2026	8,001
Thereafter	112,013
Total	148,017
In-place lease value intangibles
Acquired lease intangible assets, net
Period from July 1 to December 31, 2022	2,662
2023	5,325
2024	5,325
2025	5,325
2026	5,325
Thereafter	74,543
Total	$ 98,505

INVESTMENT PROPERTIES - Disposi

INVESTMENT PROPERTIES - Dispositions (Details) ft² in Thousands, $ in Thousands		3 Months Ended		5 Months Ended		6 Months Ended
	Jan. 06, 2022 USD ($) ft²	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)
Real Estate Properties [Line Items]
Gross sales price				$ 0		$ 20,961
Gain		$ 0	$ 0	$ 0	$ 0	$ 3,651
Culver City, CA
Real Estate Properties [Line Items]
Square Footage | ft²	204
Gross Sales Proceeds	$ 22,000
Gross sales price	20,961
Gain	$ 3,651

INVESTMENT PROPERTIES - Investm

INVESTMENT PROPERTIES - Investment Property Held for Sale (Details) - USD ($) $ in Thousands			5 Months Ended	6 Months Ended
	Jul. 25, 2022	Jul. 20, 2022	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross sales price			$ 0	$ 20,961
Assets associated with investment properties held for sale				21,058	$ 19,215
Liabilities associated with investment properties held for sale				5,406	$ 2,124
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment properties				19,301
Land and improvements				16,362
Building and other improvements				3,079
Less: accumulated depreciation				(140)
Net investment properties				19,301
Accounts receivable				287
Lease intangible assets, net				1,379
Other assets				91
Assets associated with investment properties held for sale				21,058
Accounts payable and accrued expenses				32
Lease intangible liabilities, net				5,318
Other liabilities				56
Liabilities associated with investment properties held for sale				5,406
Pleasanton, CA | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment properties				10,421
Net investment properties				10,421
Pleasanton, CA | Subsequent Event | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross sales price		$ 16,000
Franklin, TN | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment properties				5,231
Net investment properties				$ 5,231
Franklin, TN | Subsequent Event | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross sales price	$ 5,650

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Real Estate [Line Items]
Master lease, term		20 years			20 years
Master lease, percent rent abatement in first year					50%
Annual increase in base rent at the beginning of the third lease year					2%
Ground lease reimbursement income		$ 1,003	$ 1,021	$ 1,701	$ 2,007
Sales and use taxes	$ 159	374
Sales and use taxes, reimbursement receivable						$ 7
Lessor, weighted average remaining lease terms					18 years 6 months
Ground lease rent expense				2,672	$ 3,110
Interest expense				1,745	2,067
Amortization of right-of-use assets				433	514
Amortization of below market lease intangibles		$ 1,668	2,111	3,518	$ 3,336
Weighted average remaining lease terms		44 years 10 months 24 days			44 years 10 months 24 days
Weighted average incremental borrowing rate, lessee		11%			11%
Ground lease
Real Estate [Line Items]
Amortization of below market lease intangibles				760	$ 849
Above market lease intangibles
Real Estate [Line Items]
Amortization of above market ground lease intangibles		$ 2,000	$ 2,112	3,519	4,000
Above market lease intangibles | Ground lease
Real Estate [Line Items]
Amortization of above market ground lease intangibles				$ (266)	$ (320)

LEASES - Lease Income (Details)

LEASES - Lease Income (Details) $ in Thousands	3 Months Ended		5 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) property
Leases [Abstract]
Disposal group, including discontinued operations, number of properties held-for-sale | property					2
Lease income related to fixed lease payments
Base rent	$ 27,655	$ 23,998		$ 39,997	$ 55,326
Straight-line rental income, net	(636)	16,162		26,936	(1,273)
Lease income related to variable lease payments
Ground lease reimbursement income	1,003	1,021		1,701	2,007
Other
Amortization of above and below market lease intangibles	(332)	(1)	$ (1)	(1)	(664)
Lease income	$ 27,690	$ 41,180		$ 68,633	$ 55,396
Master lease, percent rent abatement in first year					50%

LEASES - Undiscounted Lease Pay

LEASES - Undiscounted Lease Payments to be Received (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) property
Leases [Abstract]
Period from July 1 to December 31, 2022	$ 54,973
2023	109,945
2024	109,945
2025	109,945
2026	109,945
Thereafter	1,539,234
Total	$ 2,033,987
Disposal group, including discontinued operations, number of properties held-for-sale | property	2

LEASES - Undiscounted Future Re

LEASES - Undiscounted Future Rental Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Period from July 1 to December 31, 2022	$ 2,008
2023	4,062
2024	4,124
2025	4,116
2026	4,138
Thereafter	224,356
Less imputed interest	(205,191)
Lease liabilities	$ 37,613	$ 37,554

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)	3 Months Ended		5 Months Ended		6 Months Ended	8 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Provision for impairment of investment properties	$ 0	$ 750,000	$ 750,000	$ 750,000	$ 0	$ 0
Fair value		$ 14,552,000	$ 14,552,000	$ 14,552,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)		3 Months Ended	6 Months Ended	11 Months Ended
	Jan. 30, 2021 property	Jun. 30, 2022 property state	Jun. 30, 2022 property state	Dec. 31, 2021 property
Real Estate [Line Items]
Termination rights by lessor, written notice period	24 months
Number of properties subject to termination rights by lessee	6			2
Number of properties subject to termination rights by lessee, in any lease year	5
Go dark/substitution properties allocated base rent as a percentage of total base rent			15%
Number of states operated in | state		37	37
Geographic Concentration Risk | Lease Income | California
Real Estate [Line Items]
Concentration risk, percentage			18.50%
Geographic Concentration Risk | Lease Income | Texas
Real Estate [Line Items]
Concentration risk, percentage			13.60%
Retail
Real Estate [Line Items]
Number of properties subject to termination rights by lessor	23			16
Termination rights by lessor, written notice period			24 months
Number of properties subject to termination rights by lessor, in any lease year	8
Number of real estate properties	160	146	146
Number of properties sold		1		7
Number of properties subject to termination rights by lessee, sold			0	4
Number of properties subject to lockout period		70	70
Properties with tenant purchase rights, sold, cumulative		8	8
Properties with tenant purchase rights, purchased by tenant, cumulative		3	3
Warehouse
Real Estate [Line Items]
Termination rights by lessor, written notice period	24 months
Number of real estate properties	6
Number of properties sold				6

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		5 Months Ended	6 Months Ended
	Jul. 25, 2022	Jul. 20, 2022	Aug. 31, 2022	Jul. 31, 2022	Jun. 30, 2021	Jun. 30, 2022
Subsequent Event [Line Items]
Gross sales price					$ 0	$ 20,961
Disposal Group, Held-for-sale, Not Discontinued Operations
Subsequent Event [Line Items]
Net investment properties						19,301
Disposal Group, Held-for-sale, Not Discontinued Operations | Pleasanton, CA
Subsequent Event [Line Items]
Net investment properties						10,421
Disposal Group, Held-for-sale, Not Discontinued Operations | Franklin, TN
Subsequent Event [Line Items]
Net investment properties						$ 5,231
Subsequent Event
Subsequent Event [Line Items]
Distribution			$ 29,318	$ 8,225
Distribution (usd per share)			$ 0.39	$ 0.11
Subsequent Event | Disposal Group, Held-for-sale, Not Discontinued Operations | Pleasanton, CA
Subsequent Event [Line Items]
Gross sales price		$ 16,000
Subsequent Event | Disposal Group, Held-for-sale, Not Discontinued Operations | Franklin, TN
Subsequent Event [Line Items]
Gross sales price	$ 5,650

Uncategorized Items - cpt-20220

Label	Element	Value
Retained Earnings [Member]
Dividends, Trust Certificates	cpt_DividendsTrustCertificates	$ 21,831,000
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	$ 40,199,000