Copper Property CTL Pass Through Trust reported a net income of $73.8 million, or $0.98 per certificate, for the fiscal year ending December 31, 2024, marking an increase from $69.2 million, or $0.92 per certificate, in the previous year. Total lease income for the year was $100.4 million, a slight decrease from $101.6 million in 2023, primarily due to the sale of nine retail properties during the year. The Trust also recorded a net gain of $9.6 million from these property sales, contributing to its overall financial performance.
The Trust's operational strategy remains focused on managing and leasing its properties, which as of December 31, 2024, included 121 retail properties across 35 states and Puerto Rico, totaling 16.1 million square feet of leasable space. This represents a reduction from 130 properties at the end of 2023, reflecting the ongoing strategy of divesting assets. The Trust distributed $153.7 million to certificateholders in 2024, an increase from $126 million in 2023, with distributions amounting to $2.05 per certificate compared to $1.68 the previous year.
In terms of operational metrics, the Trust's total assets decreased to $1.136 billion from $1.234 billion in 2023, largely due to the reduction in the number of properties owned and the associated depreciation. The Trust's cash and cash equivalents increased to $51.9 million, up from $38 million in the prior year. The decrease in total liabilities to $122.4 million from $140.7 million reflects the Trust's ongoing management of its financial obligations.
Looking ahead, the Trust is required to sell all retail properties by December 10, 2025, as stipulated in its management agreement. The Trust's management continues to monitor economic conditions, including inflation and interest rates, which could impact its operations and the performance of its tenant, Penney Intermediate Holdings LLC. The Trust remains focused on maximizing the value of its assets while ensuring timely distributions to certificateholders.
About Copper Property CTL Pass Through Trust
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