COPPER PPTY CTL PASS THRU TR (CPPTL) 14 Nov 222022 Q3 Earnings call transcript

Good morning, ladies and gentlemen, and welcome to the Copper Property CTL Pass Through Trust Conference Call. [Operator Instructions] Please note that today's conference call is being recorded with an online replay available 1 hour after the conclusion of this call.

Additional information can be found on the Investors section of the company's website at ctltrust.net. [Operator Instructions] I will now like to turn the conference call over to the Trust's Investor Relations representative, Mary Jensen.

Thank you. everyone. morning, Good Copper the Pass Trust Through Welcome Property Call. Conference to CTL quarterly with the monthly an its each XX-Q of week, at XX, this available ended the the reporting on year for Trust and which XXXX Earlier XXXX, February filed SEC September Form its X-K package online are report ctltrust.net. containing

discuss Officer; other its Principal Finger, the today, Aaronson, Neil Larry as call well the Officer, and these will On Trust as activities. Trust's Principal Executive filings Financial

than might, predict, concerning not beliefs will Trustee, Trust's the anticipate, or conference current our these and intend, could, available GLAS, the from representative assumptions, a Private note be plan, or forward-looking of All such by forward-looking are statements this addition, comparable may, questions expect, Securities its to, events and the as include, answer The or would vision, or terminology identified the during comments has statements. of expectations well. Please call, be but as terminologies Litigation preliminary, statements other forward-looking Reform In XXXX. historical forward-looking to the may of on meaning believe, estimate, statements negative Act variations will thereof facts will our that be statements or price potential, based projections. and other continue, limited thereof estimates expectations, some Trust statements use stock within are of of the performance. future These should,

future cause performance filed statement Commission, results, on these performance Securities our factors, discussed many of expressed actual are While risks uncertainties, and implied achievements any predictions are differ known by and are beyond and unknown the Form forward-looking projections reasonable, such Trust or believes results, only Trust on its -- forward-looking the including or statements expectations, these materially estimates control. These assumptions, Exchange with from statements. to registration and or those its the which XX and achievements involve may

and available description Trust's list uncertainties, further are refer a to risks with sec.gov. and on please of For that such filings SEC the the

As information turn be important our Executive XX, as Neil? Monday, note call Instructions] such, Officer, now will management's over that only date, of may November to include today's time-sensitive it Principal I accurate the to XXXX. Neil is comments Aaronson. [Operator that

Thank Trust. call all you Mary, taking you, and to listening those on thank Copper in in Property the interest and

third we sold were the a of just During rate of implied at million average The CTLs. properties, X.X%. properties generated were of of gain and after for a total million. on properties X XX an total those properties X sale quarter $XXX cap option $XX.X

CTL of a have by the option sold We We few properties end XX year. closing XX and now in more option X properties. original the total, properties the of anticipate

softening expect properties, However, term. that, market, do our in we sales a have continue over over and I'll we pace to call seen financial our the we while details of go to very more Larry to near With over to turn slow performance. unquestionably, market the the

everyone. Thank you, Neil, welcome, and

the in sales further this website. data sales our downloadable available spreadsheet the all on details As a quarter's tab sales prior reminder, are regarding on and property

only In quarter has sheet statements performance been financial operating addition, see and it, in case on their other required we reporting. to September Their you published JCPenney's and continues XX, didn't reflect strong. debt second million balance of $XXX

$XXX are will distributed course, million this the rental On environment. retailers We've other distributions billion for in to under holders not just and that the facing pressures the $XXX includes million of sales of certificate current hand, immune of be income they, distributions. now $X.X

$X.X $X.X to the February the sales lower expense. includes $X.XX million than as million that from the Please $X.XX million distributions majority plus per as note that continue insurance our be of impact In the $X.X proceeds of to operations, and net occur. to share or will subject annual terms anticipate million guidance, $X.X distribution sales, to of to materially we month between be

unrestricted With certificate lot all not we'll the but satisfied have the As you yet we holders, the we've of requirement know, satisfied remaining that that, to requirements we have application round NASDAQ call questions. XXX process. open

[Operator Shaked question first Instructions] comes Our BTIG. Oren from with

So I softening market. you itself. question my just about first market had on a talked the Neil, the in

that actually provide the you more a Can more You call quarter talked some on you far maybe detail? cap Maybe What just rates have commentary little the market moved seeing? as well. itself. bit about How second up? are on

a our rates what answer we in more portfolio we think to cases, It is fact, than much thought what risen to sales we're because how of in cap achieved question. terms hard rates attractive even on, specific have and have we're the great attractive a in and cap with give meaningfully prior Yes, softening would specifically the some are in achieving market. the we executing

catchall where immune those being where especially -- cap some with of Fed That not financing, rates for purchases. rates obviously, to the of going. are So increase as continued has And those our many to of -- require said, there's do sort are we the the no rises. interest larger one that buyers

what of And a moderated so proportionately. but as up, so I has that would their say, cost will gone way us, capital impact in

or been basis at a attractive coming closing that's direct -- There expectations are had have very, this closing a still -- in you of are expect prior, we very can rates. one-to-one terms. just they XXX that for in very higher that between the cap balance but properties correlation, we on, including coming points offers we can't there's I than and So somewhere XXX few say but XXX general year are

at the the that you transactions comes it super of Any of sales you even out thought of somewhat pace near of potentially to discount? the in the helpful. relates it Any front? perhaps at CTLs a term. particular? talked on that pace look get stores, in that And That's Would about potentially impacting to larger as more accelerating if you sales, thoughts

Yes.

because people seeing seeing are on offers that can't rates find relate on of ago. they're get offer isn't attractive thoughts comment offers. might kind X tad an This my that that they me just cap on matter really to first and higher the the Let of question. a just We're that financing have so months because they they made, not fewer making -- say, we're

choosing heads we So sales. moved of deceleration to people cap was is to rates pinpoint -- the not difficult they're when have we're where an what's Neil think we offer. that's -- in when in know And are because make terms don't of what not more to referring their

market putting achieve an their to not getting lot not the buying product putting capital going today. of because more if So is -- really terms aggressive of in market awful is the of in cost on interested

just lastly, help remaining are maybe what for Got can you requirements it. us NASDAQ listing? the the And with then

They're administrative.

although me We don't achieve but how it think long can an are comfortable have I ask able be I will answer. that them, you to we will take,

So we -- because material everything be have than we have requirements so would But far won't don't longer has believe we able that expected. we achieve. taken to

request floor There I'll remarks. [Operator management Instructions] additional to for appears turn for at the this questions to closing back time. be no

we the again, Thank you you to updating would continued speaking to and you look I thank our like Property forward you. questions. Trust, quarterly at for Thanks that interest to call on for time. next And in Copper the and say

parties disconnect. concludes may today's a Have day. conference. This great All you. Thank