Copper Property CTL Pass Through Trust reported its financial results for the first quarter of 2025, revealing a net income of $16.1 million, or $0.21 per certificate, compared to $17.8 million, or $0.24 per certificate, in the same period last year. The Trust's total revenues for the quarter were $24.7 million, primarily driven by lease income, which decreased from $25.6 million in the prior year. The decline in lease income is attributed to the disposition of six retail properties over the past year, partially offset by a consumer price index (CPI) adjustment to base rent.
Total expenses for the quarter were reported at $8.9 million, down from $9.5 million in the previous year. This reduction was mainly due to lower operating expenses, which decreased by $79,000, and a decline in general and administrative expenses, which fell by $172,000. The Trust did not record any gains from the sale of investment properties during this quarter, contrasting with a net gain of $1.3 million in the same period last year. The absence of property sales contributed to the overall decrease in net income.
As of March 31, 2025, the Trust's total assets amounted to $1.1 billion, a slight decrease from $1.1 billion at the end of 2024. The Trust's real estate portfolio consists of 121 retail properties across 35 states and Puerto Rico, encompassing 16.1 million square feet of leasable space. Notably, two properties were classified as held for sale, indicating ongoing strategic adjustments within the portfolio. The Trust's cash and cash equivalents decreased to $34.0 million from $51.9 million at the end of the previous fiscal year, reflecting the distribution of $37.8 million to certificateholders during the quarter.
The Trust's management continues to monitor economic conditions, including inflation and interest rate fluctuations, which could impact future performance. Despite these challenges, the Trust remains committed to its strategy of managing and monetizing its properties for the benefit of certificateholders. Looking ahead, the Trust anticipates maintaining sufficient liquidity through rental revenues and cash reserves to meet its operational needs and distribution obligations. The next distribution is scheduled for May 12, 2025, amounting to $7.1 million or $0.10 per certificate.
About Copper Property CTL Pass Through Trust
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