Q4 2025 Copper Property CTL Pass Through Trust Earnings Call
Operator 1: Good morning, ladies and gentlemen, and welcome to the Copper Property CTL Pass Through Trust conference call. At this time, all lines have been placed in a listen-only mode. Please note that today's conference call is being recorded with an online replay available one hour after the conclusion of this call. Additional information can be found on the investors section of the company website at ctltrust.net. After our speakers' remarks, there will be a question-and-answer period. If you'd like to ask a question, please press star one on your telephone keypad. I will now turn the conference over to the trust investor relations representative, Jessica Cummins.
Operator 1: Good morning, ladies and gentlemen, and welcome to the Copper Property CTL Pass Through Trust conference call. At this time, all lines have been placed in a listen-only mode. Please note that today's conference call is being recorded with an online replay available one hour after the conclusion of this call. Additional information can be found on the investors section of the company website at ctltrust.net. After our speakers' remarks, there will be a question-and-answer period. If you'd like to ask a question, please press star one on your telephone keypad. I will now turn the conference over to the trust investor relations representative, Jessica Cummins.
Speaker #3: Please note that today's conference call is being recorded, with an online replay available one hour after the conclusion of this call. Additional information can be found in the investors' section of the company website at ctltrust.net.
Speaker #3: After our speaker's remarks, there will be a question-and-answer period. If you'd like to ask a question, please press *1 on your telephone keypad. I will now turn the conference over to the Trust Investor Relations representative, Jessica Cummins.
Speaker #2: Good morning, everyone. Welcome to the Copper Property CTL Pass Through Trust conference call. Over the past week, the Trust filed with the SEC an 8-K containing its February 2026 monthly reporting package, and its annual report on Form 10-K for the period ended December 31, 2025.
Jessica Cummins: Good morning, everyone. Welcome to the Copper Property CTL Pass Through Trust Conference Call. Over the past week, the trust filed with the SEC an 8-K containing its 26 February monthly reporting package and its annual report on Form 10-K for the period ended 31 December 2025, both of which are available online at ctltrust.net. On the call today, Neal Aronson, the trust's Principal Executive Officer, and Larry Finger, its Principal Financial Officer, will discuss these filings. In addition, a representative from GLAS, our trustee, will be available to answer questions. Please note that during this conference call, some of the comments will be forward-looking statements. All statements other than statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Jessica Cummins: Good morning, everyone. Welcome to the Copper Property CTL Pass Through Trust Conference Call. Over the past week, the trust filed with the SEC an 8-K containing its 26 February monthly reporting package and its annual report on Form 10-K for the period ended 31 December 2025, both of which are available online at ctltrust.net. On the call today, Neal Aronson, the trust's Principal Executive Officer, and Larry Finger, its Principal Financial Officer, will discuss these filings. In addition, a representative from GLAS, our trustee, will be available to answer questions. Please note that during this conference call, some of the comments will be forward-looking statements. All statements other than statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Speaker #2: Both of which are available online at ctltrust.net. On the call today, Neil Aronson, the Trust's principal executive officer, and Larry Finger, its principal financial officer, will discuss these filings.
Speaker #2: In addition, a representative from Glass, our trustee, will be available to answer questions. Please note that during this conference call, some of the comments will be forward-looking statements.
Speaker #2: All statements, other than statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking terminology such as: anticipate, believe, continue, could, estimate, expect, intend, may, might, our vision, plan, potential, preliminary, predict, should, will, or would, or the negative thereof, or other variations thereof, or comparable terminology. These include, but are not limited to, the Trust's expectations or beliefs concerning future events and stock price performance.
Jessica Cummins: These statements may be identified by the use of forward-looking terminology such as anticipate, believe, continue, could, estimate, expect, intend, may, might, our vision, plan, potential, preliminary, predict, should, will, or would, or the negative thereof, or other variations thereof, or comparable terminology, and include, but are not limited to, the trust expectations or beliefs concerning future events and stock price performance. The trust has based these forward-looking statements on its current expectations, assumptions, estimates, and projections. While the trust believes these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control.
Jessica Cummins: These statements may be identified by the use of forward-looking terminology such as anticipate, believe, continue, could, estimate, expect, intend, may, might, our vision, plan, potential, preliminary, predict, should, will, or would, or the negative thereof, or other variations thereof, or comparable terminology, and include, but are not limited to, the trust expectations or beliefs concerning future events and stock price performance. The trust has based these forward-looking statements on its current expectations, assumptions, estimates, and projections. While the trust believes these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control.
Speaker #2: The Trust has based these forward-looking statements on its current expectations, assumptions, estimates, and projections. While the Trust believes these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control.
Speaker #2: These factors, including those discussed in the trust registration statement on Form 10 filed with the Securities and Exchange Commission, may cause its actual results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements.
Jessica Cummins: These factors, including those discussed in the trust registration statement on Form 10 filed with the Securities and Exchange Commission, may cause its actual results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. For a further list and description of such risks and uncertainties, please refer to the trust filings with the SEC that are available at www.sec.gov and on our website. As such, it is important to note that management's comments include time-sensitive information that may only be accurate as of today's date, Friday, 13 March 2026. At this time, all participants are in listen-only mode. Following management's comments, the call will be open for your questions. We request that everyone ask only one question and one follow-up to allow as many of you as possible to ask questions.
Jessica Cummins: These factors, including those discussed in the trust registration statement on Form 10 filed with the Securities and Exchange Commission, may cause its actual results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. For a further list and description of such risks and uncertainties, please refer to the trust filings with the SEC that are available at www.sec.gov and on our website. As such, it is important to note that management's comments include time-sensitive information that may only be accurate as of today's date, Friday, 13 March 2026. At this time, all participants are in listen-only mode. Following management's comments, the call will be open for your questions. We request that everyone ask only one question and one follow-up to allow as many of you as possible to ask questions.
Speaker #2: For a further list and description of such risks and uncertainties, please refer to the Trust's filings with the SEC that are available at www.sec.gov and on our website.
Speaker #2: As such, it is important to note that management's comments include time-sensitive information that may only be accurate as of today's date, Friday, March 13, 2026.
Speaker #2: At this time, all participants are in listen-only mode. Following management's comments, the call will be open for your questions. We request that everyone ask only one question and one follow-up to allow as many of you as possible to ask questions.
Speaker #2: If time permits, we are happy for you to requeue for additional questions. I will now turn the call over to our principal executive officer, Neil Aronson.
Jessica Cummins: If time permits, we are happy for you to re-queue for additional questions. I will now turn the call over to our Principal Executive Officer, Neal Aronson.
Jessica Cummins: If time permits, we are happy for you to re-queue for additional questions. I will now turn the call over to our Principal Executive Officer, Neal Aronson.
Speaker #3: Thank you, Jessica. Good morning, everyone, and thank you for joining our call. As we've previously announced, we terminated the purchase and sale agreement with Onyx on December 26.
Neal Aronson: Thank you, Jessica. Good morning, everyone, and thank you for joining our call. As we've previously announced, we terminated the purchase and sale agreement with Onyx on 26 December. We did this because the outside closing date under the PSA had passed, and Onyx did not come to the closing table with the required funds. Also on 26 December, Onyx filed a complaint seeking specific performance for $200 million in damages. We believe their claims are without merit, and they do not have a right to specific performance or damages. On 10 February, we filed a motion to dismiss all of their claims. With that, I'll turn the call over to Larry.
Neal Aronson: Thank you, Jessica. Good morning, everyone, and thank you for joining our call. As we've previously announced, we terminated the purchase and sale agreement with Onyx on 26 December. We did this because the outside closing date under the PSA had passed, and Onyx did not come to the closing table with the required funds. Also on 26 December, Onyx filed a complaint seeking specific performance for $200 million in damages. We believe their claims are without merit, and they do not have a right to specific performance or damages. On 10 February, we filed a motion to dismiss all of their claims. With that, I'll turn the call over to Larry.
Speaker #3: We did this because the outside closing date under the PSA had passed, and Onyx did not come to the closing table with the required funds.
Speaker #3: Also, on December 26, Onyx filed a complaint seeking specific performance or $200 million in damages. We believe their claims are without merit, and we do not believe they have a right to specific performance or damages.
Speaker #3: On February 10, we filed a motion to dismiss all of their claims. With that, I'll turn the call over to Larry.
Speaker #4: Thanks, Neil. Concluding the distribution we made earlier this week, to date, we have distributed $1.5 billion. That represents sales distributions of $1.1 billion and rental income distributions of $400 million.
Larry Finger: Thanks, Neal. Including the distribution we made earlier this week, to date we distributed $1.5 billion. That represents sales distributions of $1.1 billion and rental income distributions of $400 million. Subject to the impact of sales, monthly distributions from operations are expected to be between $6 million and $7 million or between $0.08 and $0.093 per certificate. This will be supplemented by net sales proceeds as they occur. With that, we'll open the call to questions.
Larry Finger: Thanks, Neal. Including the distribution we made earlier this week, to date we distributed $1.5 billion. That represents sales distributions of $1.1 billion and rental income distributions of $400 million. Subject to the impact of sales, monthly distributions from operations are expected to be between $6 million and $7 million or between $0.08 and $0.093 per certificate. This will be supplemented by net sales proceeds as they occur. With that, we'll open the call to questions.
Speaker #4: Subject to the impact of sales, monthly distributions from operations are expected to be between $6 million and $7 million, or between 8 and 9.3 cents per certificate.
Speaker #4: That will be supplemented by net sales proceeds as they occur. With that, we'll open the call to questions.
Speaker #5: Thank you. We'll now be conducting a question-and-answer session. If you would like to ask a question, please press *1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue.
Operator 1: Thank you. We'll now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. Thank you. There are no questions at this time. I would like to hand the floor back over to management for any closing remarks.
Operator 1: Thank you. We'll now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. Thank you. There are no questions at this time. I would like to hand the floor back over to management for any closing remarks.
Speaker #5: Thank you. There are no questions at this time. I would like to hand the floor back over to management for any closing remarks.
Speaker #3: Once again, we'd like to thank you for joining the Copper Property CTL Pass Through Trust call. We look forward to speaking to you at our next call, and we appreciate your continued interest in Copper Property CTL Pass Through Trust.
Neal Aronson: Once again, we'd like to thank you for joining the Copper Property CTL Pass Through Trust call. We look forward to speaking to you at our next call, and we appreciate your continued interest in Copper Property CTL Pass Through Trust. Thank you, everyone.
Neal Aronson: Once again, we'd like to thank you for joining the Copper Property CTL Pass Through Trust call. We look forward to speaking to you at our next call, and we appreciate your continued interest in Copper Property CTL Pass Through Trust. Thank you, everyone.
Speaker #3: Thank you, everyone.
Operator 1: This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.
Operator 1: This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.