CPPTL - Earnings call transcript Q4 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'll now turn the conference call over to the Trust's Investor Relations representative, Jessica Cummins.

Jessica Cummins

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

and Trust few February the package XX, on XXXX, past available ended the which at the filed XX-K XXXX annual for Form days, reporting each its Over December containing ctltrust.net. the with period 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 be representative addition, to available will a trustee, our GLAS, answer questions.

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

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

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

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

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

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

Neil Aaronson

and you, joining Trust welcome, for you conference at Jessica, Property thank Pass Thank Copper everybody, Through call. CTL and us

As And of fourth million sold rate. focused which South $X.X the are Jordan, sales cap quarter, long-term properties. our our we you was consistent on sold value in property the X.X% we with representing know, in achieving Utah, a for

Trust's distribution centers centers sold and retail the Since on been a $XXX of and rate cap of sold of distribution excluding X.X%, an X.X% a million. sale retail formation, cap Bruno X a and the the or at properties X.X% for at sale. properties million XX The of $XXX have San we've total gain rate were average sold

XX properties sold and option of We XX the properties. X original CTL

the quality certificate value the for We of a that of holders portfolio the monitoring achieving the through the lease and with the and allow the the combination will value significant to us master estate achieve of premium market holders. maximum bulk dispositions. are continuously of certificate portfolio real advantages maximum the objective for sale of remain or confident individual either a conditions We

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

Larry Finger

distribution $XXX of everyone. income rental of $XXX million represents and today, to distributions distributed welcome, million. we'll billion. the That we and Neil, Thanks, date, Including distributions be sales $X.XX making

million. projected compares was million. budget for noticed of budget have to $XX.X operating $XX.X XXXX's we expense may budget filed In XXXX which year, with the You XXXX, that our in of December this million, $XX.X

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

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

Operator

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

Arthur Arnold

they where input proactive marketing? just on was of restarting assets relative I were X of also the timing I plan and -- your marketing regard wondering just with and market ago to looking months was to current sort conditions

Neil Aaronson

I are for -- you you as most all, Well, obviously, on think of the well, question. of the first thank

most as the sort call of can awaiting what data on. and Fed obviously, our anxiously know, active we the in are of extremely we interest we're continued think sources of we continued And marketplace. sort on guidance call I all a and all rates -- and from that monitor the get I'll -- hands normalization market

times change strategy, multiple we ongoing have, meaningful or So to that as daily the basis don't -- week negotiations. today, literally worst there's we here marketing continue market think being a at sit I I to said, per any our say, would

receiving interest just are We very the at basis, at believe in look to bulk properties, sold. bids way, properties the and basis, year right to any value every single somewhat form selling prices. in don't be to the a of the in long-term on both And and day to discount of individual do our We in be properties strongly week selling get properties of continue open all of these. a shape on

Operator

Dixon [Operator line Investments. is from Yee Instructions] of we have YAM next The with the question

Dixon Yee

Just the mall properties, expressing or they the they are people who operators all are wanted, are interest your financial in investors?

Larry Finger

People deals out. It's -- real the estate looking to -- close most be they're able That's XXXX been price. because that aggressive they to range, -- inclined most a we've roll the the coming to generally, terms the broad out all. of of the people prominent It's in buyers sale are probably but buyers. are a

Operator

from Instructions] Lopez-Ona coming [Operator the will Fernando be Wexford next line of with Capital. Our question

Fernando Lopez-Ona

to discount, -- what have moved In possible. sell back the price for aiming Obviously, to? what looking rates earlier, since cap you out. lot Trust you best the mind, sort Going Copper to of a your don't cap answered you rates are question a came you're you said at want

rate of that? you're sort it, more looking rate. sold like cap you've or X call in of you're aggressive of to trying or recently, of sort the than So type cap sort Is you the for? handle aim being what are everything rates more for Obviously, cap that --

Neil Aaronson

again, don't of say, type I question. just I say portfolio Well, guidance that we marketplace. on, it in And just to offers of would the we a ongoing on that bulk-type on would look appreciate that purposes negotiations give for receiving of the But we at I have a going more Yes. all as deals evaluate sales being we have been property-by-property basis. general, then we sales, the discussed. really

differs number that the [indiscernible] So between different properties. all

prior we look single not at and try with to price so look within we the willing may for might and root property. portfolio as past is property the last we in use ] sales overall, to -- portfolio. same our made property have every year, value And guidance, just a we just sale right [ accept be to think we that that what But another for property, over continue at the the

Operator

next Odeon question a from line Our is follow-up Capital. Arnold Alex the with of

Arthur Arnold

conditions looking see loosened what months current could -- guys same? have Has compared it market as just to were I'm you you up, seeing gotten X tighter? things it characterize if guess I to ago. Is the

Neil Aaronson

where higher accept. financial rates little the I markets. real be -- I in interest markets some little has a still -- bit. We're financial I than going suggest it [ those definitely cost see on would our to things consistent up their loosening. not interest a with offers definitely, on if would would causing than reliant loosen that high a say higher cap to seeing are understand is Yes. what's still that we're the buyers of Clearly, we're starting of -- bit seeing to back loosened ] bit. to are capital is in earlier. I Obviously, financing -- We're the willing portfolio. didn't higher question a It are rates their and that of their we're -- apologize

Arthur Arnold

their all sense over that a has past access get the capital months? at you to Do X changed

Neil Aaronson

of I it's again, been small We softening year do would in grand was, say plus than it, see market But a definitely it there's the scheme in marketplace. tighter a the much a ago. call things, that.

Operator

is Investments. from of Dixon the YAM Our with line next Yee question

Dixon Yee

quick follow-up One here.

more is Or interest geographic of been out in is geographically? of the terms spread pretty buyers? properties, to it that's In your one region much interest there that's expressed

Neil Aaronson

think I the the are country. we across interest on portfolio fielding

-- all is X of interest been areas the So there's or is. interest areas no where one where this like definitive X these the

in for every properties in negotiations and the and conversations region. are country across ongoing We

Operator

Instructions] Capital. And with [Operator next the Arnold question is Odeon follow-up from a Alex

Arthur Arnold

I -- that you sense sense changing in activity? People bigger is you your of terms tires, the mean, getting or smaller? Do pipeline that do kicking it's

Larry Finger

the we're comfortable kick good of tires commenting as not that's -- there's The amount sales something on. the is kicking pipeline, to what actual in tires the in is a

Arthur Arnold

other if touch Okay. seemed more the in I interested was actually I've changing. demand it And if points... got -- seems to be just

Larry Finger

to free as slight It's the to the up into ask follow going a answer Feel back without other. queue. increase. a It's the same

Operator

questions. further additional make time, you no remarks? this At Would like we to have some

Neil Aaronson

everyone their you in the attending No, just to call Copper we in future to updating once thank again for for forward continued quarters. Trust, further Property look and interest like

Operator

today's This will conclude conference.

you your thank You participation. may and now this for your at time, disconnect lines

Copper Property CTL Pass Through Trust (CPPTL) 11 Mar 242023 Q4 Earnings call transcript