Copper Property CTL Pass Through Trust Releases March 2026 Monthly/Quarterly Reporting Package

Copper Property CTL Pass Through Trust (“the Trust”) has published its Monthly/Quarterly Reporting Package for March 2026. This comprehensive report provides investors with detailed insights into the Trust’s operational performance, financial distributions, property portfolio status, and other relevant metrics.

Key Points from the Report

• Distribution Details:
  • The upcoming distribution date is April 10, 2026, with a record date of April 9, 2026. The determination date for the report was March 3, 2026.
  • For the month, aggregate total distribution amounted to \$6,081,154.14, comprised of \$6,206,953.14 from net operations and a deduction of \$(125,799.00) from net sales proceeds.
  • On a per certificate basis, the distribution was \$0.0810 per certificate.
• Cash Sources and Uses:
  • Primary sources of cash were rents from the Distribution Center Master Lease and Retail Master Lease, totaling \$8,210,887.28.
  • Operating expenses for the month included accounting/financial reporting (\$134,236), investor relations (\$5,463), legal (\$1,381,985), management fees and other professional fees (\$472,126), and other minor expenses.
  • Total operating expenses stood at \$2,071,324.78, with total uses of cash from operations at \$2,079,624.69.
  • Net cash provided by operations was \$6,206,953.14, while sales and capital activity had a net negative cash flow of \$(125,799.00).
• Distribution History:
  • Trailing 12 months distributions totaled \$109,858,636.85, with rental income distributions at \$80,655,995.30 and sales & capital activity at \$29,202,641.55.
  • Since inception, aggregate distributions reached \$1,519,162,087.82, including \$445,220,679.32 from rental income and \$1,073,941,408.50 from sales/capital activity.
• Property Sales Activity:
  • No property sales were reported for March 2026, indicating a period of stability in the portfolio.
  • Cumulative sales to date: Retail Properties have sold 6,239,608 square feet for \$547,969,137 at an average price of \$87.82 per square foot and an implied cap rate of 5.22%. Distribution Centers have sold 10,108,611 square feet for \$557,165,354 at \$55.12 per square foot and an implied cap rate of 6.35%.
  • Total cumulative sales: 16,348,219 square feet, \$1,105,134,491 at \$67.60 per square foot, with a cumulative cap rate of 5.79%.
• Retail Portfolio Overview:
  • The retail portfolio comprises 117 properties across 15,472,339 square feet, generating \$98,530,647 in current lease year rent.
  • Ownership breakdown: 97 properties owned (12,698,615 sq ft, \$81,444,537 rent), 20 ground lease properties (2,773,724 sq ft, \$17,086,110 rent).
  • Property types: 25 shopping centers (2,512,081 sq ft, \$17,692,069 rent), 3 freestanding (272,888 sq ft, \$1,737,545 rent), 89 malls (12,687,370 sq ft, \$79,101,033 rent).
  • Geographically diversified, with largest concentrations in California (19 properties, 2,790,972 sq ft, \$19,006,733 rent) and Texas (9 properties, 1,938,187 sq ft, \$13,803,789 rent).
• Distribution Center Portfolio:
  • All distribution centers were sold in December 2021, with no current lease year rent or square footage reported for March 2026.
• Landlord and Tenant Option Properties:
  • Several properties previously labeled as option properties have been sold, with a current lease year rent from these properties totaling \$3,832,807.
• Substitution Properties:
  • No substitution properties were reported for March 2026.
• Leasing Activity:
  • No new leasing activity was reported for retail properties in March 2026, indicating stability in tenancy and lease arrangements.
• Financial Information Accessibility:
  • Investors can access the Trust’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K online at www.ctltrust.net and the SEC website.
  • SEC file number for the Trust is 000-56236.
• Forward-Looking Statements & Non-GAAP Presentation:
  • The report contains forward-looking statements subject to risks and uncertainties, including COVID-19 impacts, tenant financial health, lease renewals, competition, legal compliance, and macroeconomic factors.
  • Some financial measures are non-GAAP and may not be comparable to similar measures used by other companies.
  • Investors are advised to review SEC filings for comprehensive and GAAP-compliant financial information.

Important Considerations for Shareholders

• No property sales in March 2026 may signal a period of portfolio stability, but also a lack of liquidity events that could drive distributions higher in the short term.
• Distributions remain strong, with over \$6 million distributed this month and more than \$1.5 billion since inception, underscoring the Trust’s consistent cash flow generation. However, the deduction in net sales proceeds for March (\$125,799.00) is a signal of minor sales-related expenses or adjustments that could affect distribution levels.
• No new leasing activity for the month may be a concern regarding organic rent growth or portfolio expansion, but it also suggests tenant retention and lease stability.
• All Distribution Centers sold means the Trust is now fully focused on retail properties, which could alter risk and return profiles, especially in relation to macroeconomic and retail sector trends.
• Forward-looking risks cited in the report include COVID-19 impacts, tenant financial health, lease renewals, and broader economic uncertainties. These factors are material and could affect future distributions and share prices.
• Non-GAAP metrics are used throughout the report; investors should be aware that these may not be directly comparable to GAAP disclosures and could affect how financial results are interpreted in the market.

Potential Share Price Drivers

• Distribution Levels: The continued strength in distributions (over \$6 million for March and \$1.5 billion since inception) is likely to be viewed positively by investors, supporting share values.
• Portfolio Stability: No sales or new leasing activity suggests stability, though it may also raise questions about growth prospects.
• Forward-Looking Risks: The explicit mention of risks related to COVID-19, tenant financial strength, and lease renewals could be a source of share price volatility, especially if any of these risks materialize.
• Non-GAAP Financial Measures: The use of adjusted and non-GAAP metrics may influence investor perception and could become price sensitive if discrepancies with GAAP reporting emerge.

Additional Information

Shareholders and potential investors are encouraged to monitor the Trust’s website and SEC filings for ongoing disclosures, including material non-public information posted under the “Investors” section of www.ctltrust.net.

Disclaimer:
This article is based on the March 2026 Monthly/Quarterly Reporting Package published by Copper Property CTL Pass Through Trust. The information includes forward-looking statements and non-GAAP financial measures that are subject to risks, uncertainties, and adjustments. Readers should not rely solely on this article for investment decisions and are advised to consult official SEC filings, the Trust’s website, and their financial advisors. The Trust does not undertake any obligation to update forward-looking statements, and actual results may differ materially from those projected.

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