CPPTL - Earnings call 4 2022 | Copper Property CTL Pass Through Trust

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Operator

Good morning, ladies and gentlemen. Welcome to the Copper Property CTL Pass Through Trust conference call. Please note that today's conference call is being recorded with an online replay available 1 hour after the conclusion of this call.

Additional information can be found on the Investors section of the company's website at ctltrust.net. [Operator Instructions]

the Mary over Jensen. turn investor the now representative, relations will conference to call trust's I

Mary Jensen

an February Thank available which Earlier its year trust SEC ended this Good annual online week, containing you. morning, XX-K XXXX, the at filed everyone, report on December with ctltrust.net. for package XX, monthly are reporting XXXX and Form welcome. X-K and its the the of each

Financial today, Neil activities. Larry Aaronson, the will Executive as Principal filings and Principal trust call trust's Finger, Officer; well its the Officer, other these discuss On as

addition, trustee, to In a be representative our from will questions. GLAS, answer available

forward-looking during Please vision, within the performance. of terminology expect, comparable expectations, Securities or expectations concerning projections. based assumptions, or other and or intend, thereof that the may, of might, limited will are other the forward-looking identified the be Litigation some statements. variations Private to, its of such XXXX. use has could, price the Reform negative future this plan, potential, or on not beliefs the be note would stock current trust's forward-looking predict, include, thereof The but are estimate, of anticipate, will may and than the terminologies of trust or comments These as statements should, conference preliminary, call, continue, by -- statements these events our statements statements and meaning estimates statements All are Act forward-looking facts believe, historical

unknown uncertainties, of its trust reasonable, known projections only beyond and are such and control. believes forward-looking estimates many and are the these predictions and are While statements involve which assumptions, expectations, risks

achievements Securities expressed these SEC, statement trust discussed those results, future achievements with XX the forward-looking performance to its actual or may or the differ These materially or implied any Commission, or statements. results, filed Exchange from factors, registration performance on and Form cause including on the by

refer to uncertainties, the of are description sec.gov. the SEC risks that at trust's list further available a with such For filings please and and

time-sensitive As such, date, may it Instructions] is only be important to Wednesday, include as XXXX. today's note accurate March X, [Operator management's information that comments that of

now to the Executive Principal Aaronson. call turn I will our Officer, over Neil

Neil Aaronson

Mary, you, the investor and Property again for call, interest you thank the to continued Trust's everybody, Copper your and company. Thank welcome, in

market the over quarters, quarter. has we even in nonetheless to X productive XXXX softened productive were and While during last the be last the very continued

and we During on $XX a the recognized XX and XX of year, properties total retail sold centers on sale for gain Since properties $XXX $XXX were of for X.X%, we these the centers at total million. of of X million properties cap sales million million distribution term. a and and sale retail have That softening on sold or slow a trust's formation, an average -- properties. now XX we of X.X%, expect seen a distribution $XXX our sold sold at original properties CTL rate excuse market, retail definite the the have a The the and rate of in to the over X of sale. said, and We've therefore, pace being a the excluding properties. me, we were near XX X% sold X.X% cap option gain San the Bruno

who I'm call will turn that, to on you. with the over our With to Larry, more going numbers discuss specifics

Larry Finger

everyone. welcome, and Neil, Thanks,

of We've Rental are downloadable operations be by between sales, that would from income were tab markets, to million and of $X.XX is now sales not available will million, property $X.XX we've on distribution per reminder, in the NASDAQ certificate. be satisfied data feel $X.X distributed month distributions billion. $X.X be just $XXX supplemented further occur. which on monthly all the To and requirements, all Subject the per the it spreadsheet, course, sales sales in of but distributions are to details date, given $XXX our and over ctltrust.net. volatility advantageous website, were a As That, the proceeds million. between at $X.X regarding sales our impact expected we time. list to million or listing as sales this

conditions reevaluate decision. evolve, market As we'll to continue this

with the call we'll to And that, questions. open

Operator

from [Operator Instructions] Our of Odeon Alex first question Arnold with is line the Capital.

Arthur Arnold

relative was the there market of play, out understand I terms could And little shifts, conditions what the XX cap maybe how drill seeing of then to in what deals just could in things was size to we to also softened. strategy to sort it wondering X if have follow-up, it of much a what's quantify you're market to and proactively just a more ago? as you if pipeline, months current in rate

Neil Aaronson

Yes. No, great it's question. a

there are call, any, -- basis think market basis would not an of is no all what points. I we've place. oh, seen a over little exact there points the bit shifting XXX The definitive, I XXX or is shift

and -- daily that are to basis, fact advantage have inbound and are to our rates which looking receive, continue into of of weekly inquiries cap some on there think hunters, the assets, I we a take inbound bargain opportunities shifted.

coming we offers offers and lower-ball in consider what that with we're willing entertain. not So would to they're

number in and And think quality have of and protection the in as confident have lease in we value master in of steadfastly sit master here sit we the -- are the of we the here very reasons we lease. in We I that. confident today, that assets a right for the

of into the of in the are and a looking only sell our term we believe our And term believe assets market looking and so realize. of we taking we'll long long market in offers not the over to softening from types those to are the that and values in strategy entertain assets to a perspective, values continuing

interest sell said, softening say, but receive get in, to and points unless So want really a I or wider." basis I wider appropriate just points we XXX don't or market wider we values. as they're just the to XXX points can't I -- are offers coming all "Oh, specifically It's basis continue XXX can't basis into

Larry Finger

we the of the sense long we what Yes. add Alex, perspective talk are might believe worth to can by to at you. wait able -- the broadly not, if we the back them good that have term. will. to we we basically, market If sell a turns we I way, that, will meet those And until we is that to when be pricing, believe assets numbers.

Operator

question BTIG. next Oren our And with of is the Shaked from line

Oren Shaked

thought just you X? maybe you mentioned, for as sales and of environment Neil or a of for sales months? you quarter up of the could us could a you some be we're your maybe size you quarter with maybe might that way think XXXX, wanted provide and almost to Larry, able to number look able think you to appreciate relative relative that of a commentary. you frame have be on to you a the some -- I little just any to now XX pursue expectations, provide for, next of number over Any in. more that maybe sales, train might the already can guys framework you XXXX, to the bit Alex's way be internal with I this experience you forward of Can should the we on How maybe way had follow us context as about pursue

Larry Finger

going interest real I from nonanswer. buy -- is where the is at mean that until you huge our that give buy sense. debt to interest you loan-to-value assets, sales. a to not the It's I either if used all And are costing to answer. think are not hate change will -- in And particular. I more materially, portion ratio rates tell rates you willing then estate now, down, rates they're willing with But me interest is capital to makes you many a making and believe don't to X we're can buyers be I or and be months an can that of going a price any significantly assets give at buy

Oren Shaked

Okay.

And been vast that you indicated you the we should in the offers? to Larry, majority characterize low-ball what to have said, hand that either of are or as saying, assume that so a Neil that have that be, of is offers you would way

Larry Finger

yes. Not XXX%, Yes. but

Neil Aaronson

a that think, offers "Oh, of that, We're Yes. definitely with attractive in -- I just folks softened. conversations as And speech. some again, in that there's used the are constant I there just of sort -- but term of figure there a maybe market out world

value those into -- and real we our lease, of prior Let calls investor of that have of me or And no a time, me either value -- of steadfastly individual bargains." off we've or see we believe of let our just in if the type can some I that mentality. of types master on for we the steadfastly interest in on selling the and market estate discussed that course over meetings reasons pick feel number

Operator

this Neil I call back Aaronson closing turn will time, At the to remarks. for

Neil Aaronson

just reiterate questions were we to and to guys, my sort some asked. Once the again, now -- closing similar related remarks are that of are -- of

So and we the progress still it we to the portfolio we've of to that the proud the made, returned that as overall of very very shareholders and on will billion little feel a portfolio. accomplishments we a XXXX redundant. have the return and be have viewpoint on in north is close $X valuable back balance But an bit of are prior had and will

and as And our for we had. forward the of you to continuing value to interest we in And and hopefully our company. normalizes hold We very the assets continued XXXX because the and we so the as thank we're market lease in capital of return to patient belief we've them guys sell to you of future. proud what look your brings and are forward while then accomplishments portfolio very the in our look

Operator

conference. for today's conclude participation. will your This you Thank

You at this may lines time. now your disconnect

Copper Property CTL Pass Through Trust (CPPTL) 8 Mar 232022 Q4 Earnings call transcript