$CPPTL

Copper Property CTL Pass Through Trust

CIK:0001837671|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Lease income	$ 24,449	$ 24,528	$ 48,895	$ 49,220
Expenses:
Operating expenses	3,086	3,085	6,142	6,209
Depreciation and amortization	4,287	4,365	8,575	8,794
General and administrative expenses	2,585	1,246	8,445	2,597
Total expenses	9,958	8,696	23,162	17,600
Other income:
Gain on sales of investment properties	0	6,124	0	6,124
Other income	221	260	442	523
Total other income	221	6,384	442	6,647
Net income	$ 14,712	$ 22,216	$ 26,175	$ 38,267
Earnings per certificate – basic and diluted:
Net income per certificate - basic (in usd per share)	$ 0.20	$ 0.30	$ 0.35	$ 0.51
Net income per certificate - diluted (in usd per share)	$ 0.20	$ 0.30	$ 0.35	$ 0.51
Weighted average number of certificates outstanding – basic (shares)	75	75	75	75
Weighted average number of certificates outstanding – diluted (shares)	75	75	75	75

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 14,712	$ 22,216	$ 26,175	$ 38,267
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,287	4,365	8,575	8,794
Straight-line rental income, net			1,068	1,100
Amortization of above/below market leases, net	682	731	1,362	1,463
Gain on sales of investment properties	0	(6,124)	0	(6,124)
Changes in assets and liabilities:
Changes in accounts receivable			0	48
Changes in other assets			(1,202)	(2,976)
Changes in right-of-use lease assets			815	871
Changes in accounts payable and accrued expenses			(278)	198
Changes in lease liabilities			20	1
Changes in other liabilities			62	(122)
Net cash provided by operating activities			36,597	41,520
Cash flows from investing activities:
Proceeds from sales of investment properties			0	20,227
Net cash provided by investing activities			0	20,227
Cash flows from financing activities:
Distributions paid to Certificateholders			(38,774)	(78,647)
Net cash used in financing activities			(38,774)	(78,647)
Net change in cash and cash equivalents			(2,177)	(16,900)
Cash and cash equivalents, at beginning of period			37,130	51,886
Cash and cash equivalents, at end of period	$ 34,953	$ 34,986	$ 34,953	$ 34,986

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investment properties:
Land and improvements	$ 351,984	$ 351,984
Building and other improvements	442,416	442,416
Gross investment properties	794,400	794,400
Less: accumulated depreciation	(70,038)	(63,600)
Net investment properties	724,362	730,800
Cash and cash equivalents	34,953	37,130
Accounts receivable, including straight-line rent	30,982	32,050
Lease intangible assets, net	165,262	170,967
Right-of-use lease assets, net	77,001	77,816
Other assets, net	1,314	112
Total assets	1,033,874	1,048,875
Liabilities:
Accounts payable and accrued expenses	3,802	4,080
Lease intangible liabilities, net	63,979	66,185
Lease liabilities	37,847	37,827
Other liabilities	8,281	8,219
Total liabilities	113,909	116,311
Commitments and contingencies (Note 5)
Equity:
Trust certificates, no par value, 75,000,000 certificates authorized, issued and outstanding, as of June 30, 2026 and December 31, 2025	0	0
Additional paid-in capital	1,952,120	1,952,120
Accumulated distributions in excess of earnings	(1,032,155)	(1,019,556)
Total equity	919,965	932,564
Total liabilities and equity	$ 1,033,874	$ 1,048,875