The Copper Property CTL Pass Through Trust, established to acquire and sell off former J.C. Penney retail and warehouse properties as part of the company’s Chapter 11 reorganization, has released its monthly report for March 2024 along with Q4 2023 performance data on the master lease agreement.
According to the filing, an aggregate distribution of $23.6 million, or $0.314653 per trust certificate, will be paid on April 10th to certificateholders of record as of April 9th. The Trust’s objective is to ‘sell the Properties to third-party purchasers as promptly as practicable,’ per its website.
The Trust was set up to hold 160 retail properties and 6 distribution centers formerly owned by J.C. Penney. It is externally managed by an affiliate of Hilco Real Estate LLC and structured as a liquidating trust for tax purposes, with GLAS Trust Company LLC serving as Trustee.
While the release notes the Trust’s ‘expectations or beliefs concerning future events and stock price performance’ constitute forward-looking statements subject to risks and uncertainties, the $23.6 million distribution represents significant progress in monetizing the former J.C. Penney real estate assets.
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