Attached files
file | filename |
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EX-99.2 - EXHIBIT 99.2 - Copper Property CTL Pass Through Trust | brhc10022954_ex99-2.htm |
8-K - 8-K - Copper Property CTL Pass Through Trust | brhc10022954_8k.htm |
Exhibit 99.1
Monthly Distribution Statement
March 2021
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Table of Contents
SECTION I
|
04
|
|
Monthly Certificate Distribution Detail
|
05
|
|
Monthly Cash Source and Uses
|
06
|
|
Monthly Cash Distributions
|
07
|
|
Property Sales This Month
|
08
|
|
Retail Portfolio as of Determination Date
|
09 – 10
|
|
Distribution Center Portfolio as of Determination Date
|
11
|
|
Landlord and Tenant Option Properties as of Determination Date
|
12
|
|
Substitution Properties This Month
|
13
|
|
Monthly Leasing Activity: Distribution Centers
|
14
|
|
Monthly Leasing Activity: Retail Properties
|
15
|
|
Summary Select Financial Information
|
16
|
|
SECTION II – Provided Quarterly
|
17
|
|
Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date
|
18 - 19
|
|
Master Lease Guarantor Operating Performance
|
20
|
|
Retail Master Lease Subtenants
|
21
|
|
SECTION III
|
22
|
|
Management’s Comments
|
23
|
|
Definitions
|
24
|
|
Disclaimer
|
25
|
Trustee
|
Manager
|
||||
GLAS Trust Company, LLC
3 Second Street, Suite 206
Jersey City, NJ 07311
Contact: Yana Kislenko
Phone: 201-839-2183
Email: yana.kislenko@glas.agency
|
Hilco JCP, LLC
5 Revere Drive, Suite 410
Northbrook, IL
Contact: Larry Finger
Phone: 703-244-4588
Email: lfinger@ctltrust.net
|
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Forward-Looking Statements & Non-GAAP Presentation
This distribution statement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. The forward-looking statements
are based on our beliefs as well as on a number of assumptions concerning future events. Readers of these materials are cautioned not to put undue reliance on these forward-looking statements, which are not a guarantee of performance and are
subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements.
Certain of the financial measures presented in this distribution statement are non-GAAP financial measures, other metrics and other information. We believe that non-GAAP financial measures, other metrics and other
information provide useful information to investors regarding our financial condition, result of operations and other matters. The non-GAAP financial measures, other metrics and information as presented in this distribution statement may be
adjusted in management’s reasonable judgment as appropriate, taking into account a variety of circumstances, facts and conditions. These adjustments may be material and may or may not be specifically identified in footnotes or otherwise. Our
measures, metrics and other information (and the methodologies used to derive them) may not be comparable to those used by other companies.
Please refer to Section III of this distribution statement, titled “Disclaimer”, for additional information.
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
SECTION I
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Monthly Certificate Distribution Detail
CUSIP
|
Aggregate Certificates
Outstanding
|
Aggregate Net Sales
Proceeds Distribution
|
Aggregate Net Rental
Income Distribution
|
Aggregate
Total Distribution
|
||||||||||||||
217519107
|
75,000,000
|
$
|
-
|
$
|
6,900,130.88
|
$
|
6,900,130.88
|
Per Certificate
|
||||||||||||||||||
CUSIP
|
Aggregate Certificates
Outstanding
|
Aggregate Net Sales
Proceeds Distribution
|
Aggregate Net Rental
Income Distribution
|
Aggregate
Total Distribution
|
||||||||||||||
217519107
|
75,000,000
|
$
|
-
|
$
|
0.092002
|
$
|
0.092002
|
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Monthly Cash Sources and Uses
Sources of Cash from Operations
|
Uses of Cash from Operations
|
|||||||||
Distribution Center Master Lease Rent
|
$
|
2,948,333.34
|
Accounting and Financial Reporting
|
$
|
103,223.33
|
|||||
Retail Master Lease Rent
|
5,051,141.04
|
Investor Relations
|
15,667.54
|
|||||||
Total Rent
|
$
|
7,999,474.38
|
Legal
|
131,442.63
|
||||||
Insurance
|
-
|
|||||||||
Management Fees -Operations and Other Professional Fees
|
750,410.00
|
|||||||||
BOV’s and Other
|
8,400.00
|
|||||||||
Other
|
$
|
-
|
Total Operating Expenses
|
$
|
1,009,143.50
|
|||||
Total Other
|
$
|
-
|
Formation, Closing & Related Costs
|
$
|
90,200.00
|
|||||
Total Sources of Cash
|
$
|
7,999,474.38
|
Total Uses of Cash
|
$
|
1,099,343.50
|
Net Cash Available for Distribution
|
||||
Total Sources of Cash
|
$
|
7,999,474.38
|
||
Total Operating Expenses
|
(1,009,143.50
|
)
|
||
Net Cash Provided by Operations
|
$
|
6,990,330.88
|
||
Formation, Closing & Related Costs
|
(90,200.00
|
)
|
||
Net Cash Available for Distribution
|
$
|
6,900,130.88
|
Sources of Cash from Sales / Capital Activity
|
Uses of Cash from Sales / Capital Activity
|
|||||||||
Distribution Center Gross Sales Proceeds
|
$
|
-
|
Management Fees -Sales
|
$
|
-
|
|||||
Retail Master Lease Gross Sales Proceeds
|
-
|
Third Party Expenses: Distribution Center Sales
|
-
|
|||||||
Total Gross Sales Proceeds
|
$
|
-
|
Third Party Expenses: Retail Sales
|
-
|
||||||
Other
|
-
|
|||||||||
Total Expenses of Sales
|
$
|
-
|
||||||||
Other Financing / Capital Activity
|
$
|
-
|
||||||||
Other
|
-
|
|||||||||
Total Other
|
$
|
-
|
Cash Provided (Used) Sales / Capital Activity
|
$
|
-
|
|||||
Total Sources of Cash
|
$
|
-
|
Total Uses of Cash
|
$
|
-
|
*
|
Management Fees: Operations: Primarily Hilco’s Asset Mgmt Fees
|
**
|
Accounting, Financial Reporting & Tax: Includes all third party professional fees
|
***
|
Trustee & Other: BOV and Investment Banker Fees, if applicable
|
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Monthly Cash Distributions
Distribution Date
|
Net Rental Income
Distribution
|
Sales and Capital Activity Distribution
|
Total Distributions
|
|||||||||
10-Mar-21
|
$
|
1,565,979.82
|
$
|
-
|
$
|
1,565,979.82
|
||||||
12-Apr-21
|
6,900,130.88
|
-
|
6,900,130.88
|
|||||||||
-
|
-
|
-
|
||||||||||
-
|
-
|
-
|
||||||||||
-
|
-
|
-
|
||||||||||
-
|
-
|
-
|
||||||||||
-
|
-
|
-
|
||||||||||
-
|
-
|
-
|
||||||||||
-
|
-
|
-
|
||||||||||
-
|
-
|
-
|
||||||||||
-
|
-
|
-
|
||||||||||
-
|
-
|
-
|
||||||||||
Trailing 12 mos.
|
$
|
8,466,110.70
|
$
|
-
|
$
|
8,466,110.70
|
||||||
Inception to Date
|
$
|
8,466,110.70
|
$
|
-
|
$
|
8,466,110.70
|
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Property Sales This Month
(No Property Sales March 2021)
Sale Date / Period
|
Type
|
Property
ID
|
Square Feet
|
Rent for
Lease Year
at Closing
Date *
|
Gross Cost
Basis **
|
Gross Sales
Price
|
Net Sales
Price
|
Net Sales
Price Per
Square
Foot
|
Implied
Cap. Rate
/ Rent
Yield at
Closing ***
|
Selling Costs
as
Percentage
of Gross
Sales Price
|
Selling
Broker |
||||||||||||||||||||||||
Retail or
DC
|
|||||||||||||||||||||||||||||||||||
Distribution Centers
|
DC
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||
Retail Properties
|
Retail
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Distribution Period Average:
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
-
|
-
|
||||||||||||||||||||||||
Distribution Centers
|
DC
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
-
|
-
|
-
|
|
|||||||||||||||||||||
Retail Properties
|
Retail
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|||||||||||||||||||||||||
Previous Distribution Periods Average:
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Distribution Centers
|
DC
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
-
|
-
|
-
|
|
|||||||||||||||||||||
Retail Properties
|
Retail
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||
Cumulative Distribution to Date Average:
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
-
|
-
|
-
|
-
|
*
|
Monthly Rent due for Sale Period X 12, excluding rental abatement.
|
**
|
Costs Basis before Depreciation and Amortization
|
***
|
Gross Sales Price divided by the Annual Rent as defined above.
|
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Retail Portfolio as of Determination Date
By Current Lease Year Rent Per Square Foot Tier:
|
By Property Ownership Type:
|
||||||||||||||||||||||||
Tier
|
Properties
|
Square Feet
|
Current Lease Year
Rent *
|
Ownership Type
|
Properties
|
Square Feet
|
Current Lease Year
Rent *
|
||||||||||||||||||
Tier 1 -$9.00
|
33
|
4,091,827
|
$
|
36,826,443.00
|
Fee
|
137
|
18,325,835
|
$
|
102,505,995.00
|
||||||||||||||||
Tier 2 -$6.00
|
84
|
11,135,640
|
66,813,840.00
|
Ground Lease
|
23
|
3,386,112
|
18,721,387.00
|
||||||||||||||||||
Tier 3 -$3.50
|
20
|
3,078,756
|
10,775,651.00
|
||||||||||||||||||||||
Tier 4 -$2.00
|
23
|
3,405,724
|
6,811,448.00
|
||||||||||||||||||||||
Total:
|
160
|
21,711,947
|
$
|
121,227,382.00
|
Total:
|
160
|
21,711,947
|
$
|
121,227,382.00
|
By Current Lease Year Rent Per Property:
|
By Property Type:
|
||||||||||||||||||||||||
Tier
|
Properties
|
Square Feet
|
Current Lease Year
Rent *
|
Property Type
|
Properties
|
Square Feet
|
Current Lease Year
Rent *
|
||||||||||||||||||
>=$950,000
|
39
|
6,738,486
|
$
|
47,925,600.00
|
Shopping Center
|
37
|
3,737,762
|
$
|
23,657,840.00
|
||||||||||||||||
>=$700,000 & < $950,000
|
43
|
5,721,653
|
36,838,324.00
|
Freestanding
|
4
|
372,240
|
2,533,116.00
|
||||||||||||||||||
>=$500,000 & < $700,000
|
40
|
4,452,546
|
23,515,430.00
|
Mall
|
119
|
17,601,765
|
95,036,426.00
|
||||||||||||||||||
<=$500,000
|
38
|
4,799,262
|
12,948,028.00
|
||||||||||||||||||||||
Total:
|
160
|
21,711,947
|
$
|
121,227,382.00
|
Total:
|
160
|
21,711,767
|
$
|
121,227,382.00
|
* |
Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.
|
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Retail Portfolio as of Determination Date (Cont’d)
By Geography:
|
|||||||||||||||||||||||||
State
|
Properties
|
Square Feet
|
Current Lease
Year Rent *
|
State
|
Properties
|
Square Feet
|
Current Lease
Year Rent *
|
||||||||||||||||||
AR
|
2
|
186,745
|
$
|
1,120,470
|
MO
|
2
|
229,828
|
1,378,968
|
|||||||||||||||||
AZ
|
5
|
651,164
|
3,848,169
|
MS
|
1
|
99,396
|
894,564
|
||||||||||||||||||
CA
|
28
|
4,433,580
|
24,302,384
|
NC
|
1
|
104,198
|
208,396
|
||||||||||||||||||
CO
|
4
|
513,068
|
1,679,420
|
NH
|
2
|
230,842
|
1,122,962
|
||||||||||||||||||
CT
|
3
|
464,682
|
929,364
|
NJ
|
5
|
882,946
|
3,510,571
|
||||||||||||||||||
DE
|
1
|
159,878
|
959,268
|
NM
|
2
|
265,910
|
2,014,848
|
||||||||||||||||||
FL
|
9
|
1,292,316
|
9,874,971
|
NV
|
3
|
437,937
|
3,941,433
|
||||||||||||||||||
GA
|
2
|
204,634
|
1,143,372
|
NY
|
4
|
673,802
|
2,830,244
|
||||||||||||||||||
IA
|
1
|
85,278
|
298,473
|
OH
|
5
|
645,447
|
3,504,477
|
||||||||||||||||||
ID
|
1
|
151,985
|
1,367,865
|
OK
|
3
|
332,223
|
1,494,714
|
||||||||||||||||||
IL
|
5
|
845,224
|
4,414,248
|
OR
|
1
|
157,928
|
947,568
|
||||||||||||||||||
IN
|
1
|
99,317
|
893,853
|
PA
|
4
|
555,087
|
2,984,042
|
||||||||||||||||||
KS
|
2
|
316,856
|
1,471,852
|
PR
|
2
|
185,946
|
1,115,676
|
||||||||||||||||||
KY
|
2
|
251,289
|
1,821,111
|
TN
|
3
|
347,331
|
1,241,828
|
||||||||||||||||||
LA
|
2
|
229,181
|
1,749,054
|
TX
|
30
|
3,269,745
|
21,297,084
|
||||||||||||||||||
MA
|
1
|
141,692
|
495,922
|
UT
|
1
|
99,411
|
347,939
|
||||||||||||||||||
MD
|
4
|
559,312
|
2,424,176
|
VA
|
5
|
736,563
|
3,330,898
|
||||||||||||||||||
MI
|
6
|
863,012
|
3,699,718
|
WA
|
4
|
666,272
|
4,515,948
|
||||||||||||||||||
MN
|
2
|
255,941
|
1,535,646
|
WI
|
1
|
85,981
|
515,886
|
||||||||||||||||||
Total:
|
160
|
21,711,947
|
$
|
121,227,382
|
* |
Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.
|
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Distribution Center Portfolio as of Determination Date
Property ID
|
9005
|
9130
|
9132
|
9316
|
9435
|
9486
|
|||||||||||||||||||
Location
|
Statesville, NC
|
Columbus, OH
|
Lenexa, KS
|
Reno, NV
|
Haslet, TX
|
Forest Park, GA
|
|||||||||||||||||||
Square Feet
|
New JCP
|
595,209
|
2,000,000
|
2,308,100
|
1,838,800
|
1,133,027
|
2,233,475
|
||||||||||||||||||
Other Tenants
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||||
Vacant
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||||
Total
|
595,209
|
2,000,000
|
2,308,100
|
1,838,800
|
1,133,027
|
2,233,475
|
|||||||||||||||||||
Current Lease Year Rent *
|
New JCP
|
$
|
1,785,627.00
|
$
|
6,500,000.00
|
$
|
6,294,058.75
|
$
|
8,734,300.00
|
$
|
4,248,851.25
|
$
|
7,817,162.50
|
||||||||||||
Other Tenants
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||||||
Total
|
$
|
1,785,627.00
|
$
|
6,500,000.00
|
$
|
6,294,058.75
|
$
|
8,734,300.00
|
$
|
4,248,851.25
|
$
|
7,817,162.50
|
|||||||||||||
Current Lease Year Rent -PSF **
|
New JCP
|
$
|
3.00
|
$
|
3.25
|
$
|
2.73
|
$
|
4.75
|
$
|
3.75
|
$
|
3.50
|
||||||||||||
Other Tenants
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
$
|
0.00
|
|||||||||||||
Total
|
$
|
3.00
|
$
|
3.25
|
$
|
2.73
|
$
|
4.75
|
$
|
3.75
|
$
|
3.50
|
* |
Current Lease Year Rent = Monthly Rent X 12.
|
** |
Current Lease Year Rent PSF = (Monthly Rent X 12) / Square Feet.
|
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Landlord and Tenant Option Properties as of Determination Date
Property ID
|
Option Type
|
Property Name
|
Location
|
Square Feet
|
Current Lease
Year Rent *
|
Option Notice
(Y/N)
|
|||||||||
246
|
Landlord
|
SouthBay Pavilion at Carson
|
20700 Avalon Boulevard, Carson, CA
|
200,697
|
$
|
1,204,182.00
|
N |
|
|||||||
389
|
Landlord
|
Stoneridge S/C
|
1500 Stoneridge Mall Road, Pleasanton, CA
|
155,919
|
311,838.00
|
N |
|
||||||||
1229
|
Landlord
|
The Oaks
|
280 Hillcrest Drive W, Thousand Oaks, CA
|
144,959
|
289,918.00
|
N
|
|||||||||
1572
|
Landlord
|
Westfield Culver City
|
6000 S Hannum Avenue, Culver City, CA
|
203,832
|
1,222,992.00
|
N
|
|||||||||
1959
|
Landlord
|
The Shops at Tanforan
|
1122 El Camino Real, San Bruno, CA
|
223,232
|
446,464.00
|
N
|
|||||||||
1417
|
Landlord
|
Westfield Santa Anita
|
400 S Baldwin Avenue, Arcadia, CA
|
204,563
|
715,971.00
|
N
|
|||||||||
1950
|
Landlord
|
Fashion Valley
|
6987 Friars Road, San Diego, CA
|
268,859
|
941,007.00
|
N |
|
||||||||
2649
|
Landlord
|
Westminster Mall
|
400 Westminster Mall, Westminster, CA
|
152,567
|
533,985.00
|
N
|
|||||||||
2757
|
Landlord
|
Park Meadows
|
8417 S Park Meadows Center Drive, Loan Tree CO
|
151,293
|
302,586.00
|
N |
|
||||||||
2256
|
Landlord
|
Danbury Fair
|
7 Backus Avenue, Danbury, CT
|
136,375
|
272,750.00
|
N
|
|||||||||
2102
|
Landlord
|
Westfield Annapolis
|
1695 Annapolis Mall, Annapolis, MD
|
126,732
|
760,392.00
|
N
|
|||||||||
1623
|
Landlord
|
Twelve Oaks Mall
|
27150 Novi Road, Novi, MI
|
155,807
|
545,325.00
|
N |
|
||||||||
2247
|
Landlord
|
Pheasant Lane Mall
|
310 Daniel Webster Highway, Suite 103, Nashua, NH
|
104,836
|
366,926.00
|
N |
|
||||||||
2297
|
Landlord
|
Newport Centre
|
10 Mall Drive W, Jersey City, NJ
|
185,330
|
648,655.00
|
N
|
|||||||||
2477
|
Landlord
|
Freehold Raceway Mall
|
3710 Highway 9, Freehold, NJ
|
149,608
|
299,216.00
|
N
|
|||||||||
2814
|
Landlord
|
Queens Center
|
92-59 59th Avenue. Elmhurst, NY
|
204,340
|
1,226,040.00
|
N |
|
||||||||
197
|
Landlord
|
Gateway Shopping Center I & II
|
360 Gateway Drive, Brooklyn, NY
|
123,942
|
247,884.00
|
N |
|
||||||||
2040
|
Landlord
|
Barton Creek Square
|
2901 S Capitol of Texas Highway, Austin, TX
|
144,129
|
864,774.00
|
N |
|
||||||||
2763
|
Landlord
|
The Woodlands Mall
|
1201 Lake Woodlands Drive, Suite 500, Woodlands, TX
|
146,000
|
511,000.00
|
N |
|
||||||||
2795
|
Landlord
|
Stonebriar Centre
|
2607 Preston Road, Frisco, TX
|
163,800
|
982,800.00
|
N |
|
||||||||
2881
|
Landlord
|
Memorial City S/C
|
300 Memorial City Way, Houston, TX
|
140,486
|
842,916.00
|
N |
|
||||||||
192
|
Landlord
|
Fair Oaks Mall
|
11801 Fair Oaks Mall, Fairfax, VA
|
193,422
|
386,844.00
|
N |
|
||||||||
1462
|
Landlord
|
Springfield Town Center
|
6699 Springfield Mall, Springfield, VA
|
205,772
|
1,234,632.00
|
N
|
|||||||||
2865
|
Tenant
|
Tamarack Village
|
8348 Tamarack Village, Woodbury, MN
|
81,973
|
491,838.00
|
N |
|
||||||||
2801
|
Tenant
|
Polaris Fashion Place
|
1450 Polaris Parkway, Columbus, OH
|
146,990
|
881,940.00
|
N |
|
||||||||
2921
|
Tenant
|
Robertson’s Creek
|
5751 Long Prairie Road, Flowe Mound, TX
|
103,689
|
362,912.00
|
N |
|
||||||||
2934
|
Tenant
|
University Oaks S/C
|
151 University Oaks, Round Rock, TX
|
103,525
|
621,150.00
|
N |
|
||||||||
2982
|
Tenant
|
Village at Fairview
|
301 Stacy Road, Fairview, TX
|
117,641
|
705,846.00
|
N |
|
||||||||
2749
|
Tenant
|
Dulles Town Centre
|
21030 Dulles Town Circle, Sterling, VA
|
125,917
|
440,710.00
|
N
|
|
||||||||
Total:
|
4,566,235
|
$
|
18,663,493
|
*
|
Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.
|
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Substitution Properties as of Determination Date
(No Substitution Properties March 2021)
Property ID
|
Property Name
|
Property Location
|
Substitution Type
(Outgoing / Incoming)
|
Square Feet
|
Current Lease
Year Rent *
|
Notice Date
|
Exercise Date
|
||||||
0
|
$
|
-
|
|||||||||||
Total:
|
*
|
Current Lease Year Rent = Monthly Rent X 12.
|
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Monthly Leasing Activity Distribution Centers
(No Leasing Activity March 2021)
Property
ID
|
Lease Start
Date
|
Tenant Name
|
Square Feet
|
Current Lease
Year Rent -PSF *
|
Current Lease
Year Rent **
|
Real Estate
Operating
Expenses
|
Initial Term
(Months)
|
Extension
Options (Years)
|
Tenant Business Description
|
Manager Commentary
|
||||||
0
|
-
|
$
|
-
|
|||||||||||||
Total:
|
0
|
-
|
$
|
-
|
* |
Current Lease Year Rent PSF = (Monthly Rent X 12) / Square Feet, excluding rental abatement.
|
** |
Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.
|
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Monthly Leasing Activity Retail Properties
(No Leasing Activity March 2021)
Property ID
|
Lease Start Date
|
Tenant Name
|
Square Feet
|
Current Lease Year Rent -PSF *
|
Current Lease Year Rent **
|
Real Estate Operating Expenses
|
Initial Term (Months)
|
Extension Options (Years)
|
Tenant Business Description
|
Manager Commentary
|
||||||
0
|
-
|
$
|
-
|
|||||||||||||
Total:
|
0
|
-
|
$
|
-
|
* |
Current Lease Year Rent PSF = (Monthly Rent X 12) / Square Feet, excluding rental abatement.
|
** |
Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.
|
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Financial Information
For copies of our most recent financial statements, including management’s discussion and analysis of financial condition and results of operations, sales and capital activity, you can access our Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.ctltrust.net as soon as reasonably practicable after they are
filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC’s website at http://www.sec.gov.
The SEC file number is 000-56236.
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
SECTION II
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date
Fiscal Quarter Ended January 30, 2021 (A)
|
||||||||||||||||||||||||||||
Property Ownership
|
# of Properties
|
Square
Feet
|
Tenant’s Sales per
Square Foot
|
Tenant’s Four-Wall
EBITDAR(A)
|
Rent
|
Tenant’s Four Wall
EBITDA
|
Tenant’s Four-Wall
EBITDAR(A) / Rent
|
|||||||||||||||||||||
Fee
|
137
|
18,325,835
|
$
|
13
|
2.0
|
|||||||||||||||||||||||
Ground Lease
|
23
|
3,386,112
|
$
|
15
|
2.0
|
|||||||||||||||||||||||
Total
|
160
|
21,711,947
|
$
|
13
|
$
|
50,375,875
|
$
|
25,349,393
|
$
|
25,026,482
|
2.0
|
Fiscal Quarter Ended January 30, 2021 (A)
|
||||||||
Rent Tier(B)
|
# of Properties
|
Square
Feet
|
||||||
1 > $ 1.5
|
40
|
5,141,927
|
||||||
2 > $ 1.1
|
40
|
5,608,360
|
||||||
3 > $ 0.9
|
40
|
4,992,822
|
||||||
4 < $ 0.9
|
40
|
5,968,838
|
||||||
Total
|
160
|
21,711,947
|
(A)
|
Limited to fiscal December and January
|
(B)
|
Rent tier determined based on book Occupancy Expense per square foot
|
Rent : includes book Rent, Ground Lease, Contingent Rent, CAM & accrued Real Estate Taxes
EBITDA : Tenant’s Unallocated Store Contribution Profit, uses book rent
EBITDAR : excludes Occupancy included in calculation of EBITDA
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date
Fiscal Quarter Ended January 30, 2021 (A)
|
||||||||||||||||||||||||||||
Tenant’s Sales per Square Foot Tier
|
# of Properties
|
Square
Feet
|
Tenant’s Sales per
Square Foot
|
Tenant’s Four-Wall
EBITDAR(A)
|
Tenant’s Four-Wall
EBITDAR to Sales
|
Tenant’s Four Wall
EBITDA
|
Tenant’s Four-Wall
EBITDAR(A) / Rent
|
|||||||||||||||||||||
> $16.0
|
40
|
4,677,968
|
$
|
20
|
22.2
|
%
|
2.7
|
|||||||||||||||||||||
> $12.5
|
40
|
5,114,792
|
$
|
14
|
18.8
|
%
|
2.1
|
|||||||||||||||||||||
> $9.8
|
40
|
5,942,518
|
$
|
11
|
15.4
|
%
|
1.4
|
|||||||||||||||||||||
< $9.8
|
40
|
5,976,669
|
$
|
8
|
11.5
|
%
|
1.4
|
|||||||||||||||||||||
Total
|
160
|
21,711,947
|
$
|
13
|
50,375,875
|
17.9
|
%
|
25,026,482
|
2.0
|
Fiscal Quarter Ended January 30, 2021 (A)
|
||||||||||||||||||||||||||||
EBITDAR / Rent Tier
|
# of Properties
|
Square
Feet
|
Tenant’s Sales per
Square Foot
|
Tenant’s Four-Wall
EBITDAR(A)
|
Tenant’s Four-Wall
EBITDAR to Sales
|
Tenant’s Four Wall
EBITDA
|
Tenant’s Four-Wall
EBITDAR(A) / Rent
|
|||||||||||||||||||||
> {3.0}x
|
28
|
3,122,145
|
$
|
17
|
24.3
|
%
|
4.0
|
|||||||||||||||||||||
> {2.0}x
|
46
|
5,756,696
|
$
|
15
|
20.9
|
%
|
2.5
|
|||||||||||||||||||||
< {2.0}x (B)
|
86
|
12,833,106
|
$
|
11
|
13.6
|
%
|
1.3
|
|||||||||||||||||||||
Total
|
160
|
21,711,947
|
$
|
13
|
50,375,875
|
17.9
|
%
|
25,026,482
|
2.0
|
(A)
|
Limited to fiscal December and January
|
(B)
|
Stratifications consolidated due to insufficient store count
|
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Master Lease Guarantor Operating Performance
Key Financial and Performance Metrics
|
Fiscal Quarter Ended
January 30, 2021
|
Trailing 12 Months
|
||||||
Comparable store sales percent increase/(decrease) for Master Lease Properties (A)
|
-35.0%
|
N/A
|
||||||
Liquid assets covenant compliance (as defined in the Master Leases)
|
Yes
|
N/A
|
||||||
Tangible net worth (as defined in the Master Leases - in millions)(B)
|
1,851
|
N/A
|
Key Portfolio Metrics
|
Fiscal Quarter Ended
January 30, 2021
|
Trailing 12 Months
|
||||||
End of period number of stores - fee owned and ground leased
|
214
|
N/A
|
||||||
End of period number of stores - space leased
|
481
|
N/A
|
||||||
Gross square footage of stores (in millions)
|
83.6
|
N/A
|
(A)
|
Limited to 27 days in December and 28 days in fiscal January
|
(B)
|
Per currently available, preliminary and unaudited January 30, 2021 financial Statements
|
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Retail Master Lease Subtenants
Fiscal Quarter Ended January 30, 2021
|
|||||||||||||||||||||||
Subtenant Name
|
Subleased
Property
|
Square
Feet |
Lease
Commence
Date
|
Lease
Expiration
Date (C)
|
Rent /
Month
|
Rent Per
Square
Foot /
Month
|
Percent
of Total
Rent (B)
|
Expense Provisions
|
|||||||||||||||
Donald Bruce Drummond (Optometrist)
|
334
|
226
|
6/1/2017
|
5/31/2021
|
100
|
0.4
|
0.2
|
%
|
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
|
||||||||||||||
Dr. Norman Ratner (Optometrist)
|
634
|
202
|
9/1/2016
|
8/31/2021
|
100
|
0.5
|
0.1
|
%
|
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
|
||||||||||||||
Dr. Xiao Meng Lu (Optometrist)
|
1572
|
339
|
6/10/2016
|
6/30/2021
|
100
|
0.3
|
0.1
|
%
|
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
|
||||||||||||||
Peter Degraziano (Optometrist)
|
1950
|
288
|
8/31/2015
|
8/31/2021
|
100
|
0.3
|
0.1
|
%
|
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
|
||||||||||||||
Dr. Selena Steenbergen (Optometrist)
|
1959
|
250
|
3/1/2016
|
2/28/2022
|
100
|
0.4
|
0.1
|
%
|
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
|
||||||||||||||
Dr. Susan Shahriari (Optometrist)
|
2096
|
154
|
10/1/2015
|
9/30/2021
|
100
|
0.6
|
0.2
|
%
|
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
|
||||||||||||||
Dr. Brian W. Park, O.D. (Optometrist)
|
2467
|
120
|
10/1/2014
|
9/30/2021
|
100
|
0.8
|
0.1
|
%
|
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
|
||||||||||||||
Dr. Jeff Overbey (Optometrist)
|
2649
|
178
|
3/25/2018
|
3/31/2021
|
100
|
0.6
|
0.2
|
%
|
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
|
||||||||||||||
Dr. Laurence Rubin (Optometrist)
|
2677
|
126
|
9/1/2014
|
8/31/2021
|
100
|
0.8
|
0.1
|
%
|
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
|
||||||||||||||
Dr. Caleb H. Poon (Optometrist)
|
2955
|
248
|
2/6/2015
|
2/28/2022
|
100
|
0.4
|
0.2
|
%
|
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
|
||||||||||||||
Aspen Square, Inc.
|
2990
|
18,058
|
10/8/2008
|
10/7/2083
|
1
|
0.0
|
0.0
|
%
|
|||||||||||||||
Total Subtenants (A)
|
20,189
|
1,001
|
0.0
|
(A) Excludes TBA leases consistent with Section 9.2(a) of the Master Lease Agreement
(B) 2 months of sublease income divided by book rent for same period
(C) Subleases for Optometrist offices auto-renew for 12 months w/30-day right to terminate by either party
No DC Master Lease Subtenants
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
SECTION III
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Management’s Comments
The total monthly cash distribution of $6.9 million for the monthly period ended March 31, 2021, compared to the total monthly cash distribution of $1.6 million for the monthly period ended
February 28, 2021. The variance is as described below.
Sources of Cash totaled $8.0 million for the monthly period ended March 31, 2021 compared to $16.0 million for the monthly period ended February 28, 2021. The variance is due to two months of
rent having been collected in February.
Uses of Cash from Operations totaled $1.1 million for the monthly period ended March 31, 2021, compared to $14.4 million for the monthly period ended February 28, 2021. The variance is due to insurance costs
totaling $5.0 million and $8.3 million of Formation, Closing and Other related costs in February.
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
|
Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
|
Monthly Distribution Date Statement
Definitions
(A) “Tenant’s Sales per Square Foot” is not a measure of the Trust’s financial performance and is provided solely for investors’ informational purposes based on the information that the Trust receives from the Tenant. This
measure of operations is derived from sales information reported to the Trust by the Tenant in accordance with the retail master lease and/or distribution center master lease (each, a “Master Lease”), as applicable. The Trust and the Manager do
not have the ability to verify the calculation of this information. The calculation of this information by the tenant may be different than how similar measures of operations might be calculated by others. Finally, the Trust is unable to
reconcile “Tenant’s Sales per Square Foot” to a comparable GAAP financial measure because no reconciliation is provided for in the applicable Master Lease. Therefore, investors should be cautious about relying upon “Tenant’s Sales per Square
Foot.”
(B) “Tenant’s Four-Wall EBITDAR” is not a measure of the Trust’s financial performance and is provided solely for investors’ informational purposes based on the information that the Trust receives from the Tenant. This measure
of operations is calculated in accordance with the [Master Lease] and is reported to the Trust by the tenant in accordance therewith. The Trust and the Manager do not have the ability to verify the calculation of this measure of operations. In
addition, the calculation of “Tenant’s Four-Wall EBITDAR” in accordance with the applicable Master Lease may be different than how similar measures of operating statistic might be calculated by others. Finally, the Trust is unable to reconcile
“Tenant’s Four-Wall EBITDAR” to a comparable GAAP financial measure because no reconciliation is provided for in the applicable Master Lease. Therefore, investors should be cautious about relying upon “Tenant’s Four-Wall EBITDAR.”
Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
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Distribution Date: 04/12/2021
Record Date: 04/09/2021
Determination Date: 03/31/2021
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Monthly Distribution Date Statement
Disclaimer
Forward-Looking Statements: This distribution statement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not
historical facts. The forward-looking statements are based on our beliefs as well as on a number of assumptions concerning future events. Readers of these materials are cautioned not to put undue reliance on these forward-looking statements, which
are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements. We do not undertake
a duty to update these forward- looking statements, which speak only as of the date on which they are made. The most important factors that could prevent us from achieving the stated goals include, but are not limited to: (a) the severity, duration
and geographical scope of the COVID-19 pandemic and the effects of the pandemic and measures intended to prevent its spread on our business, results of operations, cash flows and financial condition, including declines in rental revenues and
increases in operating costs in the portfolio, deterioration in the financial conditions of the tenants and their ability to satisfy their payment obligations, increased risk of claims, litigation and regulatory proceedings and the ability of
federal, state and local governments to respond to and manage the pandemic effectively; (b) the ability and willingness of the tenants, operators, managers and other third parties to satisfy their obligations under their respective contractual
arrangements, including, in some cases, their obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (c) the ability of the tenants, operators, borrowers and managers to maintain the
financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties; (d) macroeconomic conditions such as a disruption of or a lack of access to the capital markets, changes in the debt rating on U.S.
government securities, default or delay in payment by the United States of its obligations; (e) the nature and extent of future competition, including new construction in the markets in which the our properties are located; (f) the ability of the
tenants, operators and managers, as applicable, to comply with laws, rules and regulations in the operation of the properties; (g) the ability and willingness of the tenants to renew their leases upon expiration of the leases, the ability to
reposition our properties on the same or better terms in the event of nonrenewal or in the event the we exercises our right to replace an existing tenant or manager; and (h) the other factors set forth in the our periodic filings with the
Securities and Exchange Commission.
Non-GAAP Presentation: Certain of the financial measures presented in this distribution statement are non-GAAP financial measures, other metrics and other information. We believe that non-GAAP financial
measures, other metrics and other information provide useful information to investors regarding our financial condition, result of operations and other matters. The non-GAAP financial measures, other metrics and information as presented in this
distribution statement may be adjusted in management’s reasonable judgment as appropriate, taking into account a variety of circumstances, facts and conditions. These adjustments may be material and may or may not be specifically identified in
footnotes or otherwise. Our measures, metrics and other information (and the methodologies used to derive them) may not be comparable to those used by other companies. The foregoing language applies to (and supersedes if different from) the
specific definitions contained herein. Readers are cautioned to refer to our periodic filings furnished to or filed with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are
prepared in accordance with GAAP. This distribution statement and the information contained herein should be reviewed in conjunction with such filings.
SEC Reporting: The information in this distribution statement should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings
press release dated March 5, 2021 and other information filed with, or furnished to, the SEC. You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or
furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.ctltrust.net as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the
SEC’s website at http://www.sec.gov. We routinely post important information on our website at www.ctltrust.net in the “Investors” section, including financial information. We intend to use our website as a means of disclosing material, non-public
information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading “Investors.” Accordingly, investors should monitor such portion of our website in addition to
following our press releases, public conference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of, or incorporated into this distribution statement.
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