Copper Property CTL Pass Through Trust
CPPTL
Other OTC- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- Neil R. Aaronson
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 3 Second Street, Suite 206 Jersey City NJ United States of America 7311
- IPO Date
- May 31, 2022
- CIK
- 0001837671
- Website
- ctltrust.net
- Similar Companies
- Business
- Copper Property CTL Pass Through Trust (CPPTL) is a New York common law trust established in 2020 and headquartered in Jersey City, New Jersey. The Trust owns, operates, leases, and sells a portfolio of retail properties and warehouse distribution centers originally acquired from J.C. Penney as part of its Chapter 11 plan of reorganization; its operations consist solely of holding the properties under long-term triple-net master leases to affiliates of Penney Intermediate Holdings LLC, collecting rental income, and monetizing assets through sales to third-party purchasers. The portfolio originally comprised 160 retail properties across 37 U.S. states and Puerto Rico, totaling approximately 21.7 million square feet of leasable space, and 6 warehouse distribution centers totaling about 10.1 million square feet, all subject to the Retail Master Lease and DC Master Lease, respectively, with initial 20-year terms, annual rent escalations, and tenant responsibilities for all taxes, insurance, maintenance, and operating expenses. The Trust issues Copper Property CTL Pass Through Certificates representing beneficial interests, distributes net cash flows from leases and sales monthly to certificateholders, and is externally managed by an affiliate of Hilco Real Estate LLC, with GLAS Trust Company LLC serving as trustee. In July 2025, the Trust entered into a binding Purchase and Sale Agreement with an affiliate of Onyx Partners, Ltd. of Boston, Massachusetts, for the sale of its then-remaining 119 properties at an aggregate price of $947 million in cash, subject to adjustments, following an extensive marketing process managed by Newmark; the properties remain subject to the existing master leases. Subsequent amendments in September 2025 adjusted the purchase price to $935 million after the Trust completed the sale of two properties for $12.4 million pursuant to rights of first refusal held by adjoining owners and extended the scheduled closing to October 8, 2025, with further potential extensions. Most recently, in December 2025, the closing date was extended again to December 22, 2025, to allow completion of required closing steps, with the Trust expressing confidence in consummation per the agreement terms. The Trust intends to distribute net proceeds from any portfolio sale pro rata to certificateholders in accordance with the Trust Agreement, potentially converting unsold assets to a REIT structure with majority certificateholder approval if liquidation timelines extend.