Copper Property CTL Pass Through Trust reported its financial results for the second quarter of 2025, revealing a net income of $22.2 million, or $0.30 per certificate, compared to $17.9 million, or $0.24 per certificate, in the same period last year. For the first half of 2025, net income reached $38.3 million, or $0.51 per certificate, up from $35.7 million, or $0.48 per certificate, in the prior year. The Trust's lease income for the second quarter was $24.5 million, a slight decrease from $25.2 million in the previous year, while total revenues for the first half of 2025 were $49.2 million, down from $50.8 million in 2024.
The Trust's total assets decreased to $1.09 billion as of June 30, 2025, from $1.14 billion at the end of 2024. This decline was primarily attributed to a reduction in net investment properties, which fell to $759.0 million from $773.8 million, reflecting the sale of eleven retail properties since January 2024. The Trust's total equity also decreased to $973.5 million from $1.01 billion, largely due to accumulated distributions exceeding earnings, which increased to $978.6 million from $938.2 million.
Operationally, the Trust's portfolio consisted of 119 retail properties across 35 U.S. states and Puerto Rico, encompassing 15.7 million square feet of leasable space. The Trust completed two property dispositions during the first half of 2025, generating a net gain of $6.1 million, compared to a net gain of $2.5 million from four dispositions in the same period of 2024. The Trust's cash and cash equivalents decreased to $35.0 million from $51.9 million, reflecting the distributions paid to certificate holders, which totaled $78.6 million for the first half of 2025, compared to $65.5 million in the prior year.
Looking ahead, the Trust has extended its Targeted Disposal Period to January 30, 2026, allowing for continued efforts to sell remaining properties. A binding agreement has been reached for the sale of all remaining retail properties for $947 million, with expectations for the transaction to close in the second half of 2025, subject to customary closing conditions. The Trust continues to monitor economic conditions, including inflation and interest rate fluctuations, which may impact its operations and financial performance.
About Copper Property CTL Pass Through Trust
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