Copper Property CTL Pass Through Trust (CPPTL) is a real estate pass-through trust that owns and manages a portfolio of retail properties leased to a single tenant under a net lease structure. Revenue comes entirely from lease income generated by those retail properties, with base rent subject to CPI adjustments as of December 7 each year. The Trust is structured as a liquidating vehicle, distributing proceeds to Certificateholders as properties are sold, with no active property operations managed directly by the Trust. California and Texas are the two largest states by lease income, together accounting for approximately 31.7% of total lease income for the year ended December 31, 2025. The portfolio held properties across at least 19 states as of the 10-K filed March 13, 2026. Principal Executive Officer is Neil Aaronson and Principal Financial Officer is Larry Finger. The Trust was established under a Pass-Through Trust Agreement originally dated January 30, 2021, with GLAS Trust Company LLC as trustee and Copper BidCo LLC as beneficiary.
- Revenue model
- Net lease income on retail properties, with base rent subject to annual CPI adjustments. Supplemental cash flows come from proceeds on sales of investment properties as the portfolio is wound down and distributed to Certificateholders.
- Products and services
- Ownership of fee-owned and ground-leased retail real estate properties; pass-through distributions to Certificateholders from lease income and property sale proceeds.
- Customers and end markets
- Single-tenant retail net lease structure. The end market is U.S. retail real estate. Properties are concentrated in California (19 properties, 18.9% of lease income, FY2025), Texas (19 properties, 12.8% of lease income, FY2025), Florida (6 properties, 6.5%), New Jersey (4 properties, 4.8%), New York (3 properties, 4.7%), Illinois (5 properties, 4.4%), Washington (3 properties, 3.8%), Nevada (3 properties, 3.7%), and Michigan (6 properties, 3.7%), among other states, as of the 10-K filed March 13, 2026.
- Value-chain role
- Passive real estate owner and pass-through distribution vehicle. The Trust holds title to properties, collects lease income, and distributes cash to Certificateholders. It does not operate or manage the properties directly.
- Geographic exposure
- United States only. California and Texas are the two largest states by lease income, representing approximately 18.9% and 12.8% of total lease income respectively for the year ended December 31, 2025. Properties span at least 19 U.S. states based on the 10-K filed March 13, 2026.
