CPPTL - Earnings call 3 2023 | Copper Property CTL Pass Through Trust

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Operator

Welcome to the Copper Property CTL Pass Through Trust Conference Call. [Operator Instructions] Please note that today's conference 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'll now turn the conference over to the Trust's Investor Relations representative, Jessica Cummins.

Jessica Cummins

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

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

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

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

cause the results, or statements. achievements the XX Commission, Exchange forward-looking its to which its from While or factors, predictions reasonable, involve risks in expressed any and assumptions, discussed many statement and with unknown achievements the performance such forward-looking filed are SEC, and Trust's control. These Form believes Trust known Securities implied or these results, materially these differ are beyond registration only by actual future those and expectations, of statements estimates including performance on the are and projections uncertainties, may

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

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

Neil Aaronson

and Thank you, Jessica, to quarterly welcome, our everyone, call.

of $XXX properties $XXX retail total of and X.X% been and properties option rate the cap X softer While a XX of sold and properties. gain the the continued sold on our have sold The at original on and property million. Since XX This X.X% able were sale a sale in Katy, for cap or centers gain a close sale average retail X.X% CTL million. sale. We've was and the XX distribution impact formation, million. market the in of rate one has The X and quarter. Trust we the sales, centers properties for to third at sold the sold is $XX.X distribution a of of X.X% an to million rate a $X.X located Texas represented San we've Bruno of property were on cap excluding the

the debt; availability facing two favorable portfolio facing As that or when market our combination the rates, our quality we master significantly bulk strength a supremely loan-to-value of confident Having requirements. you estate for the conditions improve, that, two remain and to Number certificate value real the lower smaller pool of factors. lenders overall of holders. of and market the continually cost achieving the of is a the and said achieve conditions call of is value maximum market patience to is of to the that, know, with sale holders. the not will us we objective turn premium dispositions. This allow also significant individual are yield not Larry. accelerated In Unfortunately, is for the of monitoring increased they're debt. bit little an today just Buyers a results. With lease are of I'll the number one interest over and the primarily significant short, will for due a certificate either maximum

Larry Finger

Thank and everyone. welcome, you, Neil,

sales planning, $XXX week, are we'll we'll with you expected we'll $X.X the of billion your certificate. million million open million distribute I of sales, For in by to be per be call proceeds With distributions between will $XXX continue between the it to the of the let we impact distribution and lease. sales questions. or of represents just occurred. and anticipate That That, distributions million monthly provisions income $X.XX $X.X would to make certificate supplemented X% course, that, that want effective of distributions. Subject be to of X, on by $X.XX to the sales as Friday operations December master to net aware rental CPI rent and date, Including increase from to this $X.X accordance over the holders. JCPenney making the

Operator

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

Unknown Analyst

to in just I'm hibernation we're them of status what now has to them in just -- to I sort market? trying a are anyone the get or of M&A? right pattern, sale? the Are with assets? have regard Are but is they know they of have for a Or they on show holding a sense mandate the

Larry Finger

generating it earlier, the proceeds Neil point, CTLs properties option Well, generate we the might compelling we've was to of offers. that defer was recall debt except of original CTL extent option the much the markets. the and the plan that option way sale a market. market higher remain a yield. doing And the the lot the the to reason that the were the given accomplishing properties on Alex, properties this it's would far comments got feeling At the properties, that that and you because not better But that for first because from made was

long-term we Katy, Texas was infrequent the fact, what consider sale what's And we'll receiving of to couple -- last offer we result So compelling over we every be unsolicited of offers the offer And unsolicited And do, to when the occurred offer. are certainly the that's the appropriate we in it. find basis. and we the value received. sell consider quarters. extent the But of on given we property, offer

Unknown Analyst

what's moving we -- is of And sort of Or vantage past have has anything couple than you in because sort guys the a point the just months? backdrop it of sideways? just changed in different do

Larry Finger

of In market? terms the

Unknown Analyst

Yes.

Larry Finger

it's I moving sideways down. to would say been

Operator

from Corp. Our comes Instructions] Investment the [Operator line next Andrew with Hallmark question [indiscernible] of

Unknown Analyst

proceeds there's net when What sales no negative is comprised of the sale?

Larry Finger

over we at letter sale a report? a closing. are assume prior When I costs there to a the of that a You incurred monthly do need negotiations or legal sales, to recognize Legal looking that -- occurring, are intent to related we contract over of you're But prior negotiations therefore, has we following after pay and may have a it's Similarly, bills reflected the have in legal a sale we not nonetheless, to have in get sale occurred may and that a bills sale. to yet sale month. month. to occurred related lot

can we a that don't So have costs. have incur sales-related but did we is proceeds because negative sales-related sale month, in the reason we

Unknown Analyst

that from reflect you be would nullity? figure what fair to addition, really of recovered [ ] tenant out normalized assume in an in that's a when it that taxes sort expense, power trying as be And to is to earning

Larry Finger

going you taxes, the master The out. a taxes to require and the to in pay and statement. us not on and see but GAAP report the left we in get what by And out an see, it's the if look financial statement, not It's in side have doing, it's cash is statement. you pay a tenant been the tenant, -- a states not do these a It's tenant lease the which cash that coming then actual cash that the it's statement, is is reflective recovery the taxes that of also. to of reimbursed the attributable directly. they you'll and going the states the allow up And pay monthly as that where It's that cash it's statement. to. -- requires Yes, is

Operator

question comes BC from the next Mike line Terwilliger with Our Partners. of

Unknown Analyst

just Larry, So pure for curiosity.

inbound Have of a if transaction you You'd And portfolio is and is guys solicited any provide? sort able that unsolicited would -- mentioned -- the be or was offers? you so, most inbound. any it result have received received there some price of that to code that you recent Texas ZIP

Larry Finger

comfortable really Not answering that question. either

Operator

questions to final Ladies floor and other I for comments. no the any turn at gentlemen, this see Mr. time. I'll Aaronson back

Neil Aaronson

Copper our thank call we as conference quarterly continued of interest Jessica, forward and thank for We and Property the our to Thank you all quarterly always, conference your And in XXXX. look beginning joining you, Trust. call. for at you next Larry

Larry Finger

This concludes conference call. today's Thank you.

Thank you time. may lines disconnect your your this at You for participation.

Copper Property CTL Pass Through Trust (CPPTL) 7 Nov 232023 Q3 Earnings call transcript