CPPTL - Earnings call transcript Q1 2024 | 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 call over to Trust's Investor Relations representative Jessica Cummins.

Jessica Cummins

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

Over filed period available and the a days, Form which package the few past are report quarterly Trust XX, April monthly JCPenney's on XXXX. XXXX and of its its for XX-K year-end ctltrust.net. with March financial online containing statements the at X-K XX-Q XXXX reporting ended containing SEC, the Each

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

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

within that during Private Securities meaning Reform note other the All of Act some of Litigation statements of comments statements will than statements Please fact the conference forward-looking historical statements. this the be of XXXX. call, forward-looking are

statements terminology forward-looking variations or expect, plan, comparable use and or should, but be and such could, include, beliefs thereof terminology identified may, events will, to, as potential, performance. might, These by estimate, stock the limited concerning or other continue, expectations vision, negative thereof or not Trust's our predict, future intend, believe, price of the or may preliminary, the are anticipate, would

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

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

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

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

only accurate it Tuesday, is XX, note information of XXXX. May to time-sensitive be today's as such, that include management's important that comments may date, As

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

Neil Aaronson

you continued the Trust and in your Properties for Copper Quarter you, Jessica, and Copper to welcome, Properties everyone, interest Thank First thank Earnings Call, Trust.

sales value focus We achieving continue on with our our of the portfolio. consistent long-term

portfolios each cap know, on of strategy based account sales our our appropriate for their rates by into you are homogeneous, targeting property relative takes view As not and value. that

$X.X that, aggregate, with first a and Florida, in portfolio and one X in a $XX.X sold Georgia Aurora, the one representing sale of Colorado, cap Consistent X.X% in which we quarter, an rate for of in gain million. was Newnan, the Kissimmee, million in sold properties, one on

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

the portfolio value through the of accelerated dispositions. a We objective or market continuously conditions achieving the are for bulk with certificate of individual holders either maximum sale monitoring

the maximum achieve the us allow premium value certificate for We that and master significant lease of of the remain the real the will and combination confident of advantages to portfolio the a quality holders. estate

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

Larry Finger

which SEC And JCPenney that XX-K audited prior that records May the The master the each everyone. financial On and you, years. Neil, X, our us we've with of filed in also include welcome, X those in requires done we statements. we their XX-K. Thank an provided amended year-end lease

each our is financial year-end. Thus, our beyond is under XX-K receipt include filing. recorded an provided JCPenney XX-K the master JCPenney and amended lease, the statements obviously this to runs our statements filed ends period thereof. year ours JCPenney's XX-K the financial the deadline time tied within has upon through January, deadline year, While the while XX, we Therefore, December our filing consistently to for

billion. to the we've sales rental That of represents million Including we $X.X on $XXX $XXX and income distributed distribution of about made distributions Friday, million. date,

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

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

Operator

[Operator Instructions].

Capital. from is Odeon question Arnold Our first Alex with

Arthur Arnold

heard statements. of is strategy I sense what of in environment a accelerated word standpoint Neil's word like the in dispositions thought demand and front sort from of going marketing forward? the to just the a what I I'm get the trying is

Neil Aaronson

through Well, I it or as a there portfolio if individual we are that we look just more strategic through particular into portfolio. opportunities the wouldn't us of -- was to read all as sales that of It's bulk small assets. sale ways dispose referencing it. either word. It's for can of at sales, the I do too we think much multiple

So there read any I much accelerated the word stretch. -- by too was nothing wouldn't into

Arthur Arnold

guys -- or prove the indication market. guys are environment were Is seeing there very, that demand, last demand gave guys like change live, very sort you terms Larry to of tire there kicking any out -- in we but shoots the nothing seemed had regard in minor interest? in some time you you with of it The what to you green were

Neil Aaronson

not I now. are, been months. on the lots I real We interest has think interest properties. to I But the consistent different calls multiple field right of given the frothiest last environment would -- think several obviously, you, over continue rates do it's estate tell where

Arthur Arnold

and not? an of your value terms of thresholds in applicable long-term what's what's offer sort dictating versus And

Larry Finger

we're sharing is if share with with buyers. also we problem that the that you, Alex, that our

So...

Arthur Arnold

candid later. have Understood. Maybe can we sort of a That's fine. conversation

Operator

questions further to are the closing for hand at over like this There any floor remarks. back time. I'd to management no

Neil Aaronson

again. forward to Once updating you look call's Thanks we on Copper this again, quarterly we next appreciate our and interest Properties all in everyone at conference call. continued Trust,

Operator

today's concludes conference. This

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

Copper Property CTL Pass Through Trust (CPPTL) 14 May 242024 Q1 Earnings call transcript