0001837671falseJersey CityNJ00018376712025-10-072025-10-07
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OCTOBER 7, 2025
Date of Report (date of earliest event reported)
Copper Property CTL Pass Through Trust
(Exact name of registrant as specified in its charter)
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New York | 000-56236 | 85-6822811 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
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| 3 Second Street, Suite 206 | | | |
| Jersey City, NJ | | 07311-4056 | |
| (Address of Principal Executive Offices) | | (Zip Code) | |
(201) 839-2200
Registrant’s telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
N/A | N/A | N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
On October 7, 2025, Copper Property CTL Pass Through Trust (the “Trust”) made available on its investor website its monthly report for the period ending September 30, 2025. Such information is available at: www.ctltrust.net.
A copy of the monthly report is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
Item 8.01. Other Events.
On October 7, 2025, the Trust issued a press release announcing that a cash distribution of $0.234415 per trust certificate will be paid on October 10, 2025 to certificateholders of record as of October 9, 2025.
A copy of the press release is attached as Exhibit 99.3 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
Number
99.1 Monthly Report, dated October 9, 2025. 99.2 Store Reporting Package. 99.3 Press Release, dated October 7, 2025.
*Certain schedules and similar attachments have been omitted. The Company agrees to furnish a supplemental copy of any omitted schedule or attachment to the SEC upon request.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| COPPER PROPERTY CTL PASS THROUGH TRUST |
| By: | /s/ Larry Finger | |
| | Larry Finger | |
| | Principal Financial Officer | |
Date: October 7, 2025 | | | |
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Exhibit 99.1 |
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Monthly/Quarterly Reporting Package
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| September 2025 |
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
Table of Contents
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Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date | Exhibit 99.2 Page 1 |
Master Lease Guarantor Operating Performance | Exhibit 99.2 Page 5 |
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| SECTION IV – Provided Quarterly – Penney Intermediate Holdings LLC Financial Statements | |
| Narrative Report | N/A |
| Consolidated Statement of Operations | N/A |
| Consolidated Balance Sheet | N/A |
| Consolidated Statement of Member’s Equity | N/A |
| Consolidated Statement of Cash Flows | N/A |
| Notes to the Consolidated Financial Statements | N/A |
| Statement of Consolidated Adjusted EBITDA | N/A |
| SECTION V – Definitions and Disclaimers | |
| Definitions | |
| Disclaimer | |
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| Trustee | | Manager | |
| GLAS Trust Company, LLC | | Hilco JCP, LLC | |
| 3 Second Street, Suite 206 | | 5 Revere Drive, Suite 410 | |
| Jersey City, NJ 07311 | | Northbrook, IL | |
| Contact: Jeffrey Schoenfeld | | Contact: Larry Finger | |
| Phone: 201-839-2187 | | Phone: 703-244-4588 | |
| Email: [email protected] | Email: [email protected] | |
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
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 V of this distribution statement, titled “Disclaimer”, for additional information.
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
SECTION I
Monthly Reporting Schedules
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
Monthly Certificate Distribution Detail
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| CUSIP | | | Aggregate Certificates Outstanding | Aggregate Net Sales Proceeds Distribution | Aggregate Net
Operations Distribution | Aggregate Total Distribution |
| 217519107 | | 75,000,000 | $11,910,112.84 | $5,671,007.44 | $17,581,120.28 |
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Per Certificate | |
| CUSIP | | | Aggregate Certificates Outstanding | Aggregate Net Sales Proceeds Distribution | Aggregate Net
Operations Distribution | Aggregate Total Distribution |
| 217519107 | 75,000,000 | $0.158802 | $0.075613 | $0.234415 |
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
Monthly Cash Sources and Uses
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Sources of Cash from Operations | | Uses of Cash from Operations |
Distribution Center Master Lease Rent | $ | — | | Accounting and Financial Reporting | $ | 242,746.00 | |
Retail Master Lease Rent | 7,927,958.56 | | Investor Relations | 4,723.23 | |
Total Rent | $ | 7,927,958.56 | | Legal | 1,506,266.89 |
| | | Insurance | — | |
| Sales & Use Tax Recovery | $ | 8,137.15 | | | Management Fees -Operations and Other Professional Fees | 463,648.00 |
| Other | 87,075.99 | | BOV’s and Other | 108,301.00 |
Total Other Sources of Cash | $ | 95,213.14 | | Total Operating Expenses | $ | 2,325,685.12 |
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| | | Taxes to be Recovered from Tenant | $ | 26,479.14 | |
| | | Formation, Closing & Related Costs | — |
| | | Total Other Uses of Cash | $ | 26,479.14 |
Total Sources of Cash from Operations | $ | 8,023,171.70 | | Total Uses of Cash from Operations | $ | 2,352,164.26 |
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Sources of Cash from Sales / Capital Activity | | Uses of Cash from Sales / Capital Activity |
Distribution Center Gross Sales Proceeds | $ | — | | | Management Fees -Sales | $ | 52,062.00 |
Retail Master Lease Gross Sales Proceeds | 12,353,855.00 | | | Third Party Expenses: Distribution Center Sales | — |
Total Gross Sales Proceeds | $ | 12,353,855.00 | | | Third Party Expenses: Retail Sales | 224,364.56 |
| | | Prepaid Sales Expenses | 267,315.60 | |
| | | Other | — |
| | | Total Expenses of Sales | $ | 543,742.16 |
| Other | 100,000.00 | | | Other | — |
Total Other | $ | 100,000.00 | | | Total Other Uses of Cash | — |
Total Sources of Cash from Sales / Capital Activity | $ | 12,453,855.00 | | | Total Uses of Cash from Sales / Capital Activity | $ | 543,742.16 |
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Net Cash Available for Distribution |
| Total Sources of Cash from Operations | $ | 8,023,171.70 | |
| Total Uses of Cash from Operations | (2,352,164.26) | |
Net Cash Provided by Operations | $ | 5,671,007.44 |
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Total Sources of Cash from Sales / Capital Activity | $ | 12,453,855.00 | |
Total Uses of Cash from Sales / Capital Activity | (543,742.16) | |
Net Cash Provided by Sales / Capital Activity | $ | 11,910,112.84 | |
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Net Cash Available for Distribution | $ | 17,581,120.28 | |
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
Monthly Cash Distributions
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Distribution Date | Net Rental Income Distribution | Sales and Capital Activity Distribution | Sales and Capital Activity Distribution |
| 10-Oct-25 | $5,671,007.44 | $11,910,112.84 | $17,581,120.28 |
| 10-Sep-25 | 6,721,031.87 | (807,469.65) | 5,913,562.22 |
| 11-Aug-25 | 7,380,105.47 | (326,127.16) | 7,053,978.31 |
| 10-Jul-25 | 7,293,589.96 | (404,738.94) | 6,888,851.02 |
| 10-Jun-25 | 7,447,645.39 | 20,150,684.67 | 27,598,330.06 |
| 12-May-25 | 7,440,215.19 | (299,171.36) | 7,141,043.83 |
| 10-Apr-25 | 7,558,468.04 | (1,401,902.10) | 6,156,565.94 |
| 10-Mar-25 | 7,676,557.19 | (348,181.73) | 7,328,375.46 |
| 10-Feb-25 | 6,205,961.56 | (2,623.02) | 6,203,338.54 |
| 10-Jan-25 | 7,612,539.04 | 16,606,883.96 | 24,219,423.00 |
| 10-Dec-24 | 7,563,226.90 | (360,483.51) | 7,202,743.39 |
| 12-Nov-24 | 7,583,458.10 | 17,509,711.79 | 25,093,169.89 |
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Trailing 12 mos. | $86,153,806.15 | $62,226,695.79 | $148,380,501.94 |
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Inception to Date | $406,518,279.34 | $1,074,962,057.35 | $1,481,480,336.69 |
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
Property Sales This Month | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sale Date | Property ID | Property
Name | Square Feet | Rent for Lease Year at Closing Date 1 | Gross GAAP Basis 2 | Gross Sales Price | Net Sales Price3 | Net Sales Price Per Square Foot | Implied Cap. Rate/ Rent Yield at Closing 4 | Selling
Cost | Selling Costs as Percentage of Gross Sales Price5 | Selling Broker |
| Retail Property Sales This Month | | | | | | | | | |
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| 25-Sep-04 | 2523 | New Braunfels T/C at Creekside (ROFR) | 104,175 | $650,302 | $6,700,000 | $4,941,542 | $4,941,542 | $47.44 | 13.16% | $186,724 | 3.78% | Newmark |
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| 25-Sep-04 | 2995 | The Shops at Stone Park (ROFR) | 104,175 | 975,453 | 8,400,000 | 7,412,313 | 7,412,313 | $71.15 | 13.16% | 234,953 | 3.17% | Newmark |
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| Total Retail Property Sales this Month | | 208,350 | $1,625,755 | $15,100,000 | $12,353,855 | $12,353,855 | $59.29 | 13.16% | $421,677 | 3.41% | |
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Total Property Sales this Month | | 208,350 | $1,625,755 | $15,100,000 | $12,353,855 | $12,353,855 | $59.29 | 13.16% | $421,677 | 3.41% | |
| Property Sales this Month Average | | 104,175 | $812,878 | $7,550,000 | $6,176,928 | $6,176,928 | $59.29 | 13.16% | $210,839 | 3.41% | |
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Retail Properties | | | 6,031,258 | $26,989,580 | $427,100,000 | $535,615,282 | $535,615,282 | $88.81 | 5.04% | $19,627,591 | 3.66% | |
Distribution Centers | | | 10,108,611 | 35,380,000 | 497,900,000 | 557,165,354 | 557,165,354 | 55.12 | 6.35% | 7,873,676 | 1.41% | |
Previous Distribution Period Total: | | 16,139,869 | $62,369,580 | $925,000,000 | $1,092,780,636 | $1,092,780,636 | $67.71 | 5.71% | $27,501,267 | 2.52% | |
| Previous Distribution Periods Average: | | 343,401 | $1,327,012 | $19,680,851 | $23,250,652 | $23,250,652 | $67.71 | 5.71% | $585,133 | 2.52% | |
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Retail Properties | | | 6,239,608 | $28,615,335 | $442,200,000 | $547,969,137 | $547,969,137 | $87.82 | 5.22% | $20,049,268 | 3.66% | |
Distribution Centers | | | 10,108,611 | 35,380,000 | 497,900,000 | 557,165,354 | 557,165,354 | 55.12 | 6.35% | 7,873,676 | 1.41% | |
Cumulative Distribution to Date Total: | | 16,348,219 | $63,995,335 | $940,100,000 | $1,105,134,491 | $1,105,134,491 | $67.60 | 5.79% | $27,922,944 | 2.53% | |
Cumulative Distribution to Date Average: | | 333,637 | $1,306,027 | $19,185,714 | $22,553,765 | $22,553,765 | $67.60 | 5.79% | $569,856 | 2.53% | |
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1 Annualized Monthly Rent (e.g. Monthly Rent due for in Sale Period X 12). Rental Abatement shall be disregarded.
2 GAAP Basis before depreciation and amortization. The Trust determined that fresh start accounting fair value (not cost) of the investment properties based upon the fair value of the individual assets and liabilities assumed as of the Effective Date (1/31/21).The total fair value of the properties acquired was $1.935 Billion.
3 Net of credits provided to Buyer other than pro-rations. Selling costs are not netted in Net Sales Price
4 Gross Sales Price divided by the Annual Rent as defined above
5 Selling Costs as percentage of Gross Sales Price. Selling costs may not tie into the Total Expenses of Sale as reported on the Monthly Sources and Uses Report.
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
Retail Portfolio as of Determination Date
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| By First Lease Year Rent Per Square Foot Tier: | | By Property Ownership Type: |
Tier | Properties | Square Feet | Current Lease Year Rent 1 | | Ownership Type | Properties | Square Feet | Current Lease Year Rent 1 |
| Tier 1 -$9.00 | 29 | 3,680,461 | $34,462,364.00 | | Owned | 97 | 12,698,615 | $79,847,585.00 |
| Tier 2 -$6.00 | 66 | 8,405,891 | 52,472,933.00 | | Ground Lease | 20 | 2,773,724 | 16,751,087.00 |
| Tier 3 -$3.50 | 10 | 1,677,440 | 6,108,231.00 | | | | | |
| Tier 4 -$2.00 | 12 | 1,708,547 | 3,555,144.00 | | | | | |
| Total: | 117 | 15,472,339 | $96,598,672.00 | | Total: | 117 | 15,472,339 | $96,598,672.00 |
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| By Current Lease Year Rent Per Property: | | By Property Type: |
Tier | Properties | Square Feet | Current Lease Year Rent 1 | | Property Type | Properties | Square Feet | Current Lease Year Rent 1 |
| >=$950,000 | 37 | 5,963,591 | $46,322,929.00 | | Shopping Center | 25 | 2,512,081 | $17,345,166.00 |
| >=$700,000 & < $950,000 | 26 | 3,480,772 | 22,455,123.00 | | Freestanding | 3 | 272,888 | 1,703,476.00 |
| >=$500,000 & < $700,000 | 37 | 3,978,088 | 22,356,497.00 | | Mall | 89 | 12,687,370 | 77,550,030.00 |
| <=$500,000 | 17 | 2,049,888 | 5,464,123.00 | | | | | |
| Total: | 117 | 15,472,339 | $96,598,672.00 | | Total: | 117 | 15,472,339 | $96,598,672.00 |
1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
Retail Portfolio as of Determination Date (Cont’d)
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| By Geography: | | | | | |
State |
Properties |
Square Feet | Current Lease Year Rent 1 | | | | | |
| AR | 2 | 186,745 | $1,165,737.00 | | MS | 1 | 99,396 | 930,704.00 |
| AZ | 4 | 492,446 | 3,673,376.00 | | NC | 1 | 104,198 | 216,815.00 |
| CA | 19 | 2,790,972 | 18,634,054.00 | | NH | 1 | 126,006 | 786,580.00 |
| CO | 2 | 262,629 | 1,226,155.00 | | NJ | 4 | 701,609 | 3,275,072.00 |
| CT | 3 | 464,682 | 966,910.00 | | NM | 2 | 265,910 | 2,096,248.00 |
| FL | 6 | 847,993 | 7,178,005.00 | | NV | 3 | 437,937 | 4,100,666.00 |
| GA | 1 | 104,872 | 981,979.00 | | NY | 3 | 469,462 | 1,669,014.00 |
| IA | 1 | 85,278 | 310,531.00 | | OH | 5 | 645,447 | 3,646,059.00 |
| ID | 1 | 151,985 | 1,423,127.00 | | OK | 3 | 332,223 | 1,555,100.00 |
| IL | 5 | 845,224 | 4,592,582.00 | | OR | 1 | 157,928 | 985,850.00 |
| IN | 1 | 99,317 | 929,965.00 | | PA | 3 | 373,019 | 2,725,750.00 |
| KS | 1 | 209,535 | 1,308,001.00 | | PR | 2 | 185,946 | 1,160,749.00 |
| KY | 2 | 251,289 | 1,894,684.00 | | TN | 2 | 243,786 | 914,949.00 |
| LA | 1 | 124,656 | 1,167,229.00 | | TX | 19 | 1,938,187 | 13,533,125.00 |
| MA | 1 | 141,692 | 515,957.00 | | VA | 2 | 211,452 | 1,319,968.00 |
| MD | 2 | 261,580 | 1,108,322.00 | | WA | 3 | 506,149 | 3,698,840.00 |
| MI | 6 | 863,012 | 3,849,185.00 | | WI | 1 | 85,981 | 536,728.00 |
| MN | 1 | 173,968 | 1,085,978.00 | | Total: | 117 | 15,472,339 | $96,598,672.00 |
| MO | 2 | 229,828 | 1,434,678.00 | | | | | |
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1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
Distribution Center Portfolio as of Determination Date
(All Distribution Centers sold in December 2021)
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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 | — | — | — | — | — | — |
Other Tenants | — | — | — | — | — | — |
| Vacant | — | — | — | — | — | — |
| Total | — | — | — | — | — | — |
Current Lease Year Rent 1 | New JCP | — | — | — | — | — | — |
Other Tenants | — | — | — | — | — | — |
| Total | — | — | — | — | — | — |
Current Lease Year Rent - PSF 2 | New JCP | — | — | — | — | — | — |
Other Tenants | — | — | — | — | — | — |
| Total | — | — | — | — | — | — |
1Current Lease Year Rent = Monthly Rent X 12
2Current Lease Year Rent PSF = (Monthly Rent X 12) / Square Feet
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
Landlord and Tenant Option Properties as of Determination Date
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Property ID | Option Type | Property Name | Location | Square Feet | Current Lease Year Rent 1 | Option Notice (Y/N) | Option Exercise / Closing Date |
| 246 | Landlord | SouthBay Pavilion at Carson | 20700 Avalon Boulevard, Carson, CA | N/A | N/A | N | Property Sold 09-30-21 |
| 389 | Landlord | Stoneridge S/C | 1500 Stoneridge Mall Road, Pleasanton, CA | N/A | N/A | N | Property Sold 07-20-22 |
| 1229 | Landlord | The Oaks | 280 Hillcrest Drive W, Thousand Oaks, CA | N/A | N/A | N | Property Sold 12-17-24 |
| 1572 | Landlord | Westfield Culver City | 6000 S Hannum Avenue, Culver City, CA | N/A | N/A | N | Property Sold 01-06-22 |
| 1959 | Landlord | The Shops at Tanforan | 1122 El Camino Real, San Bruno, CA | N/A | N/A | N | Property Sold 09-14-21 |
| 1417 | Landlord | Westfield Santa Anita | 400 S Baldwin Avenue, Arcadia, CA | 204,563 | 744,896.00 | N | |
| 1950 | Landlord | Fashion Valley | 6987 Friars Road, San Diego, CA | N/A | N/A | N | Property Sold 07-09-21 |
| 2649 | Landlord | Westminster Mall | 400 Westminster Mall, Westminster, CA | N/A | N/A | N | Property Sold 10-05-22 |
| 2757 | Landlord | Park Meadows | 8417 S Park Meadows Center Drive, Loan Tree CO | N/A | N/A | N | Property Sold 07-29-21 |
| 2256 | Landlord | Danbury Fair | 7 Backus Avenue, Danbury, CT | 136,375 | 283,769.00 | N | |
| 2102 | Landlord | Westfield Annapolis | 1695 Annapolis Mall, Annapolis, MD | N/A | N/A | N | Property Sold 09-09-22 |
| 1623 | Landlord | Twelve Oaks Mall | 27150 Novi Road, Novi, MI | 155,807 | 567,356.00 | N | |
| 2247 | Landlord | Pheasant Lane Mall | 310 Daniel Webster Highway, Suite 103, Nashua, NH | N/A | N/A | N | Property Sold 08-25-22 |
| 2297 | Landlord | Newport Centre | 10 Mall Drive W, Jersey City, NJ | 185,330 | 674,861.00 | N | |
| 2477 | Landlord | Freehold Raceway Mall | 3710 Highway 9, Freehold, NJ | 149,608 | 311,304.00 | N | |
| 2814 | Landlord | Queens Center | 92-59 59th Avenue. Elmhurst, NY | N/A | N/A | N | Property Sold 12-23-21 |
| 197 | Landlord | Gateway Shopping Center I & II | 360 Gateway Drive, Brooklyn, NY | 123,942 | 257,899.00 | N | |
| 2040 | Landlord | Barton Creek Square | 2901 S Capitol of Texas Highway, Austin, TX | N/A | N/A | N | Property Sold 11-30-22 |
| 2763 | Landlord | The Woodlands Mall | 1201 Lake Woodlands Drive, Suite 500, Woodlands, TX | N/A | N/A | N | Property Sold 12-15-22 |
| 2795 | Landlord | Stonebriar Centre | 2607 Preston Road, Frisco, TX | N/A | N/A | N | Property Sold 07-29-21 |
| 2881 | Landlord | Memorial City S/C | 300 Memorial City Way, Houston, TX | N/A | N/A | N | Property Sold 11-03-21 |
| 192 | Landlord | Fair Oaks Mall | 11801 Fair Oaks Mall, Fairfax, VA | N/A | N/A | N | Property Sold 09-09-22 |
| 1462 | Landlord | Springfield Town Center | 6699 Springfield Mall, Springfield, VA | N/A | N/A | N | Property Sold 09-09-22 |
| 2865 | Tenant | Tamarack Village | 8348 Tamarack Village, Woodbury, MN | N/A | N/A | N | Property Sold 12-29-21 |
| 2801 | Tenant | Polaris Fashion Place | 1450 Polaris Parkway, Columbus, OH | 146,990 | 917,570.00 | N | |
| 2921 | Tenant | Robertson's Creek | 5751 Long Prairie Road, Flower Mound, TX | N/A | N/A | N | Property Sold 11-19-21 |
| 2934 | Tenant | University Oaks S/C | 151 University Oaks, Round Rock, TX | N/A | N/A | N | Property Sold 11-19-21 |
| 2982 | Tenant | Village at Fairview | 301 Stacy Road, Fairview, TX | N/A | N/A | N | Property Sold 11-19-21 |
| 2749 | Tenant | Dulles Town Centre | 21030 Dulles Town Circle, Sterling, VA | N/A | N/A | N | Property Sold 08-29-22 |
Total: | | | | 1,102,615 | $3,757,655.00 | | |
1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
Substitution Properties as of Determination Date
(No Substitution Properties September 2025)
| | | | | | | | | | | | | | | | | | | | | | | |
Property ID |
Property Name |
Property Location | Substitution Type (Outgoing / Incoming) |
Square Feet | Current Lease Year Rent 1 |
Notice Date |
Exercise Date |
| | | | — | | $ | — | | | |
| Total: | | | | | | | |
1Current Lease Year Rent = Monthly Rent X 12
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
Monthly Leasing Activity Retail Properties
(No Leasing Activity September 2025)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property ID | Lease Start Date | Tenant Name | Square Feet | Current Lease Year Rent - PSF 1 | Current Lease Year Rent 2 | Real Estate Operating Expenses | Initial Term (Months) | Extension Options (Years) | Tenant Business Description | Manager Commentary |
| | | — | | — | $ | — | | | | | | |
| Total: | | | — | | — | $ | — | | | | | | |
1Current Lease Year Rent PSF = (Monthly Rent X 12) / Square Feet, excluding rental abatement.
2Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
Summary Select 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.
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
SECTION II
Master Lease Guarantor and Master Lease Retail Tenant Operating Performance are discussed in the Quarterly Reporting Package for Penney Intermediate Holdings LLC.
A copy of this quarterly report is attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference.
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
SECTION III
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
Management’s Comments
(Management Commentary will be provided in our 10Q’s and 10K’s)
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
SECTION IV
(Provided Quarterly)
| | | | | | | | |
| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
SECTION V
Definitions and Disclaimers
| | | | | | | | |
| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
Monthly Distribution Date Statement
Definitions
The following metrics apply to Quarterly Reporting only:
(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.”
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| Contact Us For additional information, please contact: Jessica Cummins at (847) 313-4755 | Distribution Date: 10/10/2025 Record Date: 10/9/2025 Determination Date: 9/30/2025 |
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 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.
Quarterly Reporting Package 9/16/2025 Property Ownership # of Properties Square Feet Tenant's Sales per Square Foot Tenant's Four-Wall EBITDAR Rent Tenant's Four Wall EBITDA Tenant's Four-Wall EBITDAR / Rent Fee 99 12,906,965 $17 $37,225,057 $25,295,207 $11,929,850 1.5 Ground Lease 20 2,773,724 $23 $12,477,309 $7,071,373 $5,405,936 1.8 Total 119 15,680,689 $18 $49,702,367 $32,366,580 $17,335,786 1.5 Rent Tier (B) # of Properties Square Feet 1 > $ 2.4 30 3,745,702 2 > $ 1.9 30 4,070,936 3 > $ 1.8 29 3,683,909 4 < $ 1.8 30 4,180,142 Total 119 15,680,689 (A) Reflects financial activity from May 4, 2024 through August 2, 2025 (Fiscal Q2 2025) (B) Reflects financial activity from August 4, 2024 through August 2, 2025 (TTM August 2025) Rent : includes book Rent, Ground Leases, 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 Fiscal Quarter Ended August 2, 2025(A) Fiscal Quarter Ended August 2, 2025(A) Page 1
Quarterly Reporting Package 9/16/2025 Tenant's Sales per Square Foot Tier # of Properties Square Feet Tenant's Sales per Square Foot Tenant's Four-Wall EBITDAR Tenant's Four-Wall EBITDAR to Sales Tenant's Four Wall EBITDA Tenant's Four-Wall EBITDAR / Rent > $20.3 30 3,551,695 $28 21.1% 2.1 > $16.6 30 3,874,322 $19 18.7% 1.6 > $13.2 29 3,650,971 $15 16.1% 1.3 < $13.2 30 4,603,701 $11 12.5% 0.9 Total 119 15,680,689 $18 $49,702,367 17.9% 17,335,786 1.5 EBITDAR / Rent Tier(B) # of Properties Square Feet Tenant's Sales per Square Foot Tenant's Four-Wall EBITDAR Tenant's Four-Wall EBITDAR to Sales Tenant's Four Wall EBITDA Tenant's Four-Wall EBITDAR / Rent >{2.0}x 27 3,083,133 $25 22.8% 2.6 <={2.0}x 92 12,597,556 $16 16.1% 1.3 Total 119 15,680,689 $18 $49,702,367 17.9% 17,335,786 1.5 (A) Reflects financial activity from May 4, 2024 through August 2, 2025 (Fiscal Q2 2025) (B) Reflects financial activity from August 4, 2024 through August 2, 2025 (TTM August 2025) Fiscal Quarter Ended August 2, 2025(A) Fiscal Quarter Ended August 2, 2025(A) Page 2
Quarterly Reporting Package 9/16/2025 Property Ownership # of Properties Square Feet Tenant's Sales per Square Foot Tenant's Four-Wall EBITDAR Rent Tenant's Four Wall EBITDA Tenant's Four-Wall EBITDAR / Rent Fee 99 12,906,965 $70 $124,294,753 $100,259,437 $24,035,316 1.2 Ground Lease 20 2,773,724 $91 $39,929,665 $28,191,255 $11,738,410 1.4 Total 119 15,680,689 $74 $164,224,418 $128,450,692 $35,773,726 1.3 Rent Tier (A) # of Properties Square Feet Tenant's Sales per Square Foot Tenant's Four-Wall EBITDAR Rent Tenant's Four Wall EBITDA Tenant's Four-Wall EBITDAR / Rent 1 > $ 9.6 30 3,767,728 $106 $65,557,707 $45,465,569 1.4 2 > $ 7.6 30 4,112,967 $69 $41,086,279 $34,908,335 1.2 3 > $ 6.9 29 3,677,425 $74 $38,851,765 $26,609,409 1.5 4 < $ 6.9 30 4,122,569 $49 $18,728,668 $21,467,379 0.9 Total 119 15,680,689 $74 $164,224,418 $128,450,692 $35,773,726 1.3 (A) Reflects financial activity from May 4, 2024 through August 2, 2025 (Fiscal Q2 2025) (B) Reflects financial activity from August 4, 2024 through August 2, 2025 (TTM August 2025) Rent : includes book Rent, Ground Leases, 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 Trailing 12 Months(B) Trailing 12 Months(B) Page 3
Quarterly Reporting Package 9/16/2025 Tenant's Sales per Square Foot Tier # of Properties Square Feet Tenant's Sales per Square Foot Tenant's Four-Wall EBITDAR Tenant's Four-Wall EBITDAR to Sales Tenant's Four Wall EBITDA Tenant's Four-Wall EBITDAR / Rent > $87.7 30 3,556,115 $117 17.3% 1.7 > $71.3 30 3,873,455 $79 15.2% 1.4 > $54.7 29 3,710,651 $64 12.4% 1.1 < $54.7 30 4,540,468 $45 8.2% 0.6 Total 119 15,680,689 $74 $164,224,418 14.1% $35,773,726 1.3 EBITDAR / Rent Tier(B) # of Properties Square Feet Tenant's Sales per Square Foot Tenant's Four-Wall EBITDAR Tenant's Four-Wall EBITDAR to Sales Tenant's Four Wall EBITDA Tenant's Four-Wall EBITDAR / Rent > {2.0}x 18 2,054,184 $112 20.1% 2.5 > {1.0}x <{2.0}x 60 9,467,217 $86 15.1% 1.4 <= {1.0}x 41 6,213,472 $56 8.4% 0.6 Total 119 15,680,689 $74 $164,224,418 14.1% $35,773,726 1.3 (B) Reflects financial activity from August 4, 2024 through August 2, 2025 (TTM August 2025) (B) Stratifications consolidated due to insufficient store count Trailing 12 Months(A) Trailing 12 Months(A) Page 4
Quarterly Reporting Package Master Lease Guarantor Operating Performance Fiscal Quarter Ended August 2, 2025(A) Trailing 12 Months as of August 2, 2025(C) -1.0% -4.5% Yes N/A $1,510 N/A Fiscal Quarter Ended August 2, 2025(A) Trailing 12 Months as of August 2, 2025(C) 200 200 453 453 79.7 79.7 (A) Reflects financial activity from May 4, 2024 through August 2, 2025 (Fiscal Q2 2025) (B) Reflects financial activity from August 4, 2024 through August 2, 2025 (TTM August 2025) (C) Per Consolidated Financial Statements of Penney Intermediate Holdings LLC as of August 2, 2025 End of period number of stores - space leased Gross square footage of stores (in millions) Key Financial and Performance Metrics Comparable store sales percent increase/(decrease) for Master Lease Properties(B) Liquid assets covenant compliance (as defined in the Master Leases) Tangible net worth (as defined in the Master Leases - in millions)( B) Key Portfolio Metrics End of period number of stores - fee owned and ground leased Page 5
FOR IMMEDIATE RELEASE
October 7, 2025
Copper Property CTL Pass Through Trust Issues Monthly Reporting Package for September 2025 and Releases Q2-2025 Master Lease Store Performance Disclosures
Jersey City, New Jersey – Copper Property CTL Pass Through Trust (“the Trust”) has filed a Form 8-K containing its monthly report for the period ended September 30, 2025 and the Q2-2025 Master Lease JCP store performance disclosures. An aggregate total distribution of $17.6 million or $0.234415 per trust certificate will be paid on October 10, 2025, to certificateholders of record as of October 9, 2025.
Additional information, including the Trust’s Monthly and Quarterly Reports, as well as other filings with the Securities and Exchange Commission (“SEC”) can be accessed via the Trust’s website at www.ctltrust.net.
About Copper Property CTL Pass Through Trust
Copper Property CTL Pass Through Trust (the “Trust”) was established to acquire 160 retail properties and 6 warehouse distribution centers (the “Properties”) from J.C. Penney as part of its Chapter 11 plan of reorganization. The Trust’s operations consist solely of owning, leasing and selling the Properties. The Trust’s objective is to sell the Properties to third-party purchasers as promptly as practicable. The Trustee of the trust is GLAS Trust Company LLC. The Trust is externally managed by an affiliate of Hilco Real Estate LLC. The Trust is intended to be treated, for tax purposes, as a liquidating trust within the meaning of United States Treasury Regulation Section 301.7701-4(d). For more information, please visit https://www.ctltrust.net/.
Forward Looking Statement
This news release contains certain “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. 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’s 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. These factors, including those discussed in the Trust’s Registration Statement on Form 10 filed with the Securities and Exchange Commission (the “SEC”), 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’s filings with the SEC that are available at www.sec.gov. The Trust cautions you that the list of important factors included in the Trust’s SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this news release may not in fact occur. The Trust undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
CONTACT | | | | | |
Larry Finger | Principal Financial Officer Copper Property CTL Pass Through Trust | Jessica Cummins | Sr. Vice President, Finance & Accounting Copper Property CTL Pass Through Trust |
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| Name: | dei_SolicitingMaterial | | Namespace Prefix: | dei_ | | Data Type: | xbrli:booleanItemType | | Balance Type: | na | | Period Type: | duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: | dei_WrittenCommunications | | Namespace Prefix: | dei_ | | Data Type: | xbrli:booleanItemType | | Balance Type: | na | | Period Type: | duration |
|
