CPPTL - Earnings call transcript Q2 2024 | Copper Property CTL Pass Through Trust

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Operator

Greetings, and welcome to the Copper Property CTL Pass Through Trust Quarterly Conference Call.

[Operator Instructions]

As a reminder, this call is being recorded. I would now like to turn the call over to Jessica Cummins, Investor Relations. Thank you, Jessica.

begin. may You

Jessica Cummins

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

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

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

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

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

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

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

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

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

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

[Operator Instructions]

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

Neil Aaronson

Jessica. call. and you you, joining Welcome, second for quarter Thank thank everyone, our

watching For roughly X swing years, rate pendulum have from we away us. the interest been

estate As squarely community in the have has our increase interest noticeable favor. we its a seen pendulum more rate in resulted of sites, in reductions movement back real interest. the has activity investment in now This and an

more have importantly, directional preparing this been improvement. and anticipating for We

groups are to We now more to or a our aggressively ready as market improve. portfolio sales in properties pursuing begin of continues the individually as

were California $XX.X In a XX and of distribution distribution an excluding rate average date. million. X.X% the XX $XXX of We've of X.X% a X and original the total a XX XX San book been Bruno second Roseville, for quarter, formation, to retail we've a properties gain have $X cap of X.X% centers cap the gain properties retail properties and The sale. of or sold million, rate and centers of cap the in option sale rate on the representing and value. at net we sold the property a CTL billion sold properties sold over sold at X.X% a Since Trust $X.XXX for million

turn lease certificate estate holders. combination the Finger. to the We that, Larry for real the us of quality the the over value the will maximum that meaningful portfolio remain and call achieve advantages of confident of to master With the I'll allow

Larry Finger

rental billion distributed just we welcome, represents distribution That Neil, Including over over everyone. $XXX billion. income distributions of $X we've to and just the made million. of distributions Thanks, date, and sales yesterday, $X.X

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

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

Operator

[Operator Instructions]

Alex with from is Arnold Capital. question Odeon first Our

Arthur Arnold

are I explain if market you pivot? that just up to you see was and going how the to change opening now marketing wondering and process beginning the that's could

Neil Aaronson

Sure. we to Well, dynamics in our been strategic I have liquidating I think in the bit as as waiting are a and more of in take said, place. we've attempt sell We've an always properties, Trust but always to strategically, regard understanding little been been sales we obviously the that market. passive -- for

starting start I properties over a to we're strategically selling where marketing the on more think in expect towards what coming pivoting properties, swung and portfolio of we putting start already, are meaning to quarters, I strategically we again, sort more sale going in thinking up properties properties a say, as pendulum and -- as as has about and said, or as a off individually our our in aggressively buckets either are most I'd -- move to of now for to the we as advantageously more or sale, doing we're time actively carved now potentially looking to moment see whole. the the is favor

Larry Finger

We so over time, on the as was never put may and CTLs the put high. the the And did Alex, yield the properties it and remember we was market a more we not on, the from market really not made on and you the us, CTLs to market. the favorable early shifted option the on of away market. decision that because all that CTLs

putting we're CTLs becoming means aggressive the that the specifically talking more when So market. about on

Arthur Arnold

terms follow-up having or months activity Got way market talk that, or is amount texture the it. negotiations any past around changing, is -- of what's there you some about you're sort quantify in And the pipeline. or just can dynamic as of when changed you give X of the to in a the

Neil Aaronson

would I estate towards of back in there retail just one, a Well, the movement has sector real Yes. say been Sure. general.

moving real as there retail in So just various was, generally to -- classify time in terms sort was sectors, of of of where of a there rates interest addition you against out estate had us, fallen period favor.

kind overcorrection you if the overcorrection. in retail a and a of movement and look particular, regard, And in the been some an our towards away back that the nationally, has and probably throughout and there an from And was which real -- movement certain there categories. country sectors. there portfolio other spans also as was certainly estate obviously think I nation, in of that

with And sell, of I investors, picked more both be activity call -- mind, a see we We're up. having, to started the sort are buyers, in it has inbound that negotiations actively the opportunities all us just whether that other in what for mall combination general have the to landlords, of parties strategic more and XXXX would itself, of calls. company involved more conversations in in we're more with all involved the

we're all noticeably those do on so. so level the fronts to is -- activity continuing And has of increased and

Arthur Arnold

Is the you financing sense? do backdrop changing at all,

Neil Aaronson

continue it expect started improve. is has changing, It we to to improve absolutely already and and to

Operator

Instructions] [Operator

Our next is with Capital. question Alex from Arnold Odeon

Arthur Arnold

All right.

So one last question.

deals unless about 'XX thinking a stakeholders? of of discussions are in big wondering unrealistic. a how But -- there portfolio probably are of about get July -- that dealer, managing Just thinking the is about sort you're how I'm you thinking And you portfolio series with done, deadline the process? already looming and just happening

Larry Finger

Yes.

the to recall, XX an X-month extension. If subject you automatic is July

January XXXX. really of it's So

Neil Aaronson

Yes.

the we've dates sold And by goal that's on, strategies entire our we of that's that not do prepared firmly time. portfolio number to ourselves have believe about hopefully continue that got good for is alternatives event in sell not we one. the to, a have event and -- to in a position been are that have of properties So we that worry and are we aggressively in But can these more we number to, and two, the put But the a obviously, focused have portfolio. to turn of we to value have that. maximize we

Arthur Arnold

it. Got

point any of around to question, that Or stakeholder discussions are so not of this at -- time. or is there is the it And direct sort happening that part back a just it just indirect? that other are moot

Larry Finger

premature. It's

Neil Aaronson

premature And direct at there no, happening point. point. Yes. this at No, it's point are at this that -- no conversations

Operator

Thank the Neil over I would closing hand this call any comments. to for questions at like time. no you. There back are to Aaronson further

Neil Aaronson

you, you conference on everybody quarterly thank their call. I to speaking Once to to Trust. deliver next forward continued to for for look we forward all again, interest to We continuing and to Copper in want just the Property you say look

Operator

conference. today's concludes This

You may you participation. your for lines. now Thank your disconnect

Copper Property CTL Pass Through Trust (CPPTL) 13 Aug 242024 Q2 Earnings call transcript