CPPTL - Earnings call 2 2023 | Copper Property CTL Pass Through Trust

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Operator

Good morning, ladies and gentlemen, and welcome to the Copper Property CTL Pass Through Trust conference call. [Operator Instructions] 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] I will now turn the conference over to Trust's Investor Relations representative, Jessica Cummins.

Jessica Cummins

Thank you, operator. everyone. morning, Good Copper call. the Pass Trust Through Welcome Property conference quarterly to CTL

Over filed are package the an days, XXXX, for the few past June ended Trust at report Form its XX, ctltrust.net. XXXX the quarter quarterly of X-K July with online monthly its reporting which and each on XX-Q available containing SEC the

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

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

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

Trust projections. expectations, forward-looking The has statements and these current assumptions, estimates based on its

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

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

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

XX, note as that will XXXX. include today's Neil date, important is time-sensitive over the August Aaronson. accurate call our be management's Officer, Tuesday, of that now to may turn Executive As only such, comments [Operator it to Principal information Instructions] I

Neil Aaronson

you, Good to everyone. QX Thank update our call. morning, Welcome Jessica. quarterly

our given current properties, expected, impacted softened of long-term of our As value our in recent market sales. the confidence pace has the

were of closed properties QX, week, in we no approximately Katy, our million. a last properties sale X.X% $XX.X and sale of represented million. $X roughly the Texas on during sold for gain While cap rate on a This

sold sale. X.X% and properties cap were now the cap option Trust's been the sale properties retail gain of formation, total have rate the a centers rate of XX We've at San sold exclude you and $XXX CTL of the Bruno original million. properties, Since we've of X.X% or distribution for on six of XX XX a and sold million an at and eight distribution centers $XXX sold average retail properties. if The X.X%, a

we As to to the our softened over continue we the near pace sales remain monitor market term. expect conditions, slow

With turn to that, over the Larry. I'll call

Larry Finger

welcome, and everyone. Neil, you, Thank

August As $XX.X sale sale monthly be reflected distributions, sale in of distributed income do on in September. report, rental schedule million last on our Texas. distributions been million and just Neil over we we've $XXX distributions million been that of have include our the property mentioned, of $X.X not the To week. This date, billion, distributed sales be $XXX those has Katy, our and for on Katy, closed will sales will proceeds and the regular Texas

proceeds by occur. between are course, million be month of sales, as the and subject This terms or to between from distributions sales per $X.X of per continue million of sales net $X.X certificate. $X.XX and expected to monthly guidance, supplemented In impact $X.XX operations will,

open that, With we'll questions. to the call

Operator

from Our comes question Patrick with [Operator Brigade. first Robb Instructions]

Patrick Robb

in the just as you August. details just proceeds, everything I was to run catch through I like didn't cap went asset back all it. that? things sale catch Could just rate, said you like the through Sorry, trying you sales for

Larry Finger

the because GAAP rate price the $X So X.X%. haven't cap the through sale have yet we of calculated was around the traps, $XX.X all it gain run was And don't million. million. final gain while The was we

Patrick Robb

And store location, was pardon Okay. what me? the

Larry Finger

Katy, Texas.

Patrick Robb

Katy.

Larry Finger

K-A-T-Y.

Operator

for There remarks. to this are for no the additional management request time. questions I'll closing hand at floor back

Neil Aaronson

remain our of long-term Thank you. confident value Once again, we the properties. in

Our to The will steadfast in X our continued look for little interest to Copper you term. forward we pace remain months. sales be in of due bit slow. the in Property strategy our conference next expectations Thank short and a are your in call confidence, our quarterly But Trust.

Operator

conclude Thank you. disconnect. All may a call. With day. today's parties we Have that, good

Copper Property CTL Pass Through Trust (CPPTL) 15 Aug 232023 Q2 Earnings call transcript