10/07/2024 | Press release | Distributed by Public on 10/07/2024 14:37
Monthly/Quarterly Reporting Package
|
September 2024
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
SECTION I- Monthly Reporting Schedules
|
|
Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date
|
Exhibit 99.2 Page 1 |
Master Lease Guarantor Operating Performance
|
Exhibit 99.2 Page 5 |
SECTION IV - Provided Quarterly - Penney Intermediate Holdings LLC Financial Statements | |
Narrative Report | N/A |
Consolidated Statement of Operations | N/A |
Consolidated Balance Sheet | N/A |
Consolidated Statement of Member's Equity | N/A |
Consolidated Statement of Cash Flows | N/A |
Notes to the Consolidated Financial Statements | N/A |
Statement of Consolidated Adjusted EBITDA | N/A |
SECTION V - Definitions and Disclaimers | |
Definitions | |
Disclaimer |
Trustee | Manager |
GLAS Trust Company, LLC | Hilco JCP, LLC |
3 Second Street, Suite 206 | 5 Revere Drive, Suite 410 |
Jersey City, NJ 07311 | Northbrook, IL |
Contact: Jeffrey Schoenfeld | Contact: Larry Finger |
Phone: 201-839-2187 | Phone: 703-244-4588 |
Email: [email protected] | Email: [email protected] |
www.ctltrust.net |
2
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
www.ctltrust.net |
3
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
www.ctltrust.net |
4
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
CUSIP |
Aggregate Certificates
Outstanding
|
Aggregate Net Sales
Proceeds Distribution
|
Aggregate Net Operations Distribution |
Aggregate
Total Distribution
|
217519107 | 75,000,000 | $12,041,496.65 | $7,521,784.19 | $19,563,280.84 |
Per Certificate
|
||||
CUSIP |
Aggregate Certificates
Outstanding
|
Aggregate Net Sales
Proceeds Distribution
|
Aggregate Net Operations Distribution |
Aggregate
Total Distribution
|
217519107 | 75,000,000 | $0.160553 | $0.100291 | $0.260844 |
www.ctltrust.net |
5
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
Sources of Cash from Operations
|
Uses of Cash from Operations
|
||||
Distribution Center Master Lease Rent
|
$ | - |
Accounting and Financial Reporting
|
$ | 61,550.00 |
Retail Master Lease Rent
|
8,306,039.75 |
Investor Relations
|
3,299.00 | ||
Total Rent
|
$ | 8,306,039.75 |
Legal
|
237,135.13 | |
Insurance
|
- | ||||
Sales & Use Tax Recovery | $ | 31,209.05 |
Management Fees -Operations and Other Professional Fees
|
482,146.00 | |
Other | 108,445.47 |
BOV's and Other
|
108,664.98 | ||
Total Other Sources of Cash
|
$ | 139,654.52 | Total Operating Expenses | $ | 892,795.11 |
Taxes to be Recovered from Tenant
|
$ | 31,114.97 | |||
Formation, Closing & Related Costs | - | ||||
Total Other Uses of Cash
|
$ | 31,114.97 | |||
Total Sources of Cash from Operations
|
$ | 8,445,694.27 |
Total Uses of Cash from Operations
|
$ | 923,910.08 |
Sources of Cash from Sales / Capital Activity
|
Uses of Cash from Sales / Capital Activity
|
||||
Distribution Center Gross Sales Proceeds
|
$ | - |
Management Fees -Sales
|
$ | 61,244.00 |
Retail Master Lease Gross Sales Proceeds
|
12,248,813.00 |
Third Party Expenses: Distribution Center Sales
|
- | ||
Total Gross Sales Proceeds
|
$ | 12,248,813.00 |
Third Party Expenses: Retail Sales
|
38,488.62 | |
Prepaid Sales Expenses | 107,583.73 | ||||
Other | - | ||||
Total Expenses of Sales
|
$ | 207,316.35 | |||
Other | - | Other | - | ||
Total Other
|
$ | - | Total Other Uses of Cash | - | |
Total Sources of Cash from Sales / Capital Activity
|
$ | 12,248,813.00 |
Total Uses of Cash from Sales / Capital Activity
|
$ | 207,316.35 |
Net Cash Available for Distribution
|
||
Total Sources of Cash from Operations | $ | 8,445,694.27 |
Total Uses of Cash from Operations | (923,910.08) | |
Net Cash Provided by Operations
|
$ | 7,521,784.19 |
Total Sources of Cash from Sales / Capital Activity
|
$ | 12,248,813.00 |
Total Uses of Cash from Sales / Capital Activity
|
(207,316.35) | |
Net Cash Provided by Sales / Capital Activity
|
$ | 12,041,496.65 |
Net Cash Available for Distribution
|
$ | 19,563,280.84 |
www.ctltrust.net |
6
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
Distribution
Date
|
Net Rental Income
Distribution
|
Sales and Capital Activity
Distribution
|
Total
Distributions
|
10-Oct-24 | $7,521,784.19 | $12,041,496.65 | $19,563,280.84 |
10-Sep-24 | 7,845,742.96 | (73,362.76) | 7,772,380.20 |
12-Aug-24 | 7,639,766.25 | (28,994.70) | 7,610,771.55 |
10-Jul-24 | 7,737,386.65 | 13,214,593.73 | 20,951,980.38 |
10-Jun-24 | 7,875,167.96 | (17,756.25) | 7,857,411.71 |
10-May-24 | 7,743,594.63 | (60,081.68) | 7,683,512.95 |
10-Apr-24 | 7,697,770.40 | 15,901,235.01 | 23,599,005.41 |
11-Mar-24 | 7,789,088.77 | (73,582.50) | 7,715,506.27 |
12-Feb-24 | 6,397,131.71 | (55,000.00) | 6,342,131.71 |
10-Jan-24 | 7,951,191.38 | 4,368,823.66 | 12,320,015.04 |
11-Dec-23 | 7,813,242.07 | (34,828.75) | 7,778,413.32 |
10-Nov-23 | 7,939,804.64 | (13,656.15) | 7,926,148.49 |
Trailing 12 mos.
|
$91,951,671.61 | $45,168,886.26 | $137,120,557.87 |
Inception to Date
|
$320,364,473.19 | $1,012,735,361.56 | $1,333,099,834.75 |
www.ctltrust.net |
7
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
Sale
Date
|
Property
ID
|
Property Name |
Square
Feet
|
Rent for Lease Year at Closing Date 1
|
Gross GAAP
Basis 2
|
Gross Sales
Price
|
Net Sales
Price3
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Net Sales Price
Per Square Foot
|
Implied Cap. Rate/
Rent Yield at Closing 4
|
Selling Cost |
Selling Costs as Percentage
of Gross Sales Price5
|
Selling
Broker
|
Retail Property Sales This Month | ||||||||||||
30-Sep-24 | 2478 | Miami International Mall | 150,108 | $918,661 | $10,300,000 | $12,248,813 | $12,248,813 | $81.60 | 7.50% | $143,684 | 1.17% | |
Total Retail Property Sales this Month | 150,108 | $918,661 | $10,300,000 | $12,248,813 | $12,248,813 | $81.60 | 7.50% | $143,684 | 1.17% | |||
Total Property Sales this Month
|
150,108 | $918,661 | $10,300,000 | $12,248,813 | $12,248,813 | $81.60 | 7.50% | $143,684 | 1.17% | |||
Property Sales this Month Average | 150,108 | $918,661 | $10,300,000 | $12,248,813 | $12,248,813 | $81.60 | 7.50% | $143,684 | 1.17% | |||
Retail
Properties
|
4,914,380 | $22,625,186 | $370,900,000 | $467,340,585 | $467,340,585 | $95.10 | 4.84% | $17,509,426 | 3.75% | |||
Distribution
Centers
|
10,108,611 | 35,380,000 | 497,900,000 | 557,165,354 | 557,165,354 | 55.12 | 6.35% | 7,873,676 | 1.41% | |||
Previous Distribution Period Total:
|
15,022,991 | $58,005,186 | $868,800,000 | $1,024,505,939 | $1,024,505,939 | $68.20 | 5.66% | $25,383,102 | 2.48% | |||
Previous Distribution Periods Average: |
375,575 | $1,450,130 | $21,720,000 | $25,612,648 | $25,612,648 | $68.20 | 5.66% | $634,578 | 2.48% | |||
Retail Properties
|
5,064,488 | $23,543,847 | $381,200,000 | $479,589,398 | $479,589,398 | $94.70 | 4.91% | $17,653,110 | 3.68% | |||
Distribution
Centers
|
10,108,611 | 35,380,000 | 497,900,000 | 557,165,354 | 557,165,354 | 55.12 | 6.35% | 7,873,676 | 1.41% | |||
Cumulative Distribution to Date
Total:
|
15,173,099 | $58,923,847 | $879,100,000 | $1,036,754,752 | $1,036,754,752 | $68.33 | 5.68% | $25,526,786 | 2.46% | |||
Cumulative Distribution to Date
Average:
|
370,076 | $1,437,167 | $21,441,463 | $25,286,701 | $25,286,701 | $68.33 | 5.68% | $622,605 | 2.46% | |||
www.ctltrust.net |
8
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
By First Lease Year Rent Per Square Foot Tier: |
By Property Ownership Type:
|
||||||
Tier
|
Properties | Square Feet |
Current Lease Year
Rent 1
|
Ownership Type
|
Properties | Square Feet |
Current Lease Year
Rent 1
|
Tier 1 -$9.00 | 30 | 3,784,636 | $34,742,958.00 | Owned | 104 | 13,682,773 | $82,111,775.00 |
Tier 2 -$6.00 | 69 | 8,861,151 | 54,230,244.00 | Ground Lease | 21 | 2,964,686 | 17,591,323.00 |
Tier 3 -$3.50 | 10 | 1,677,440 | 5,988,462.00 | ||||
Tier 4 -$2.00 | 16 | 2,324,232 | 4,741,434.00 | ||||
Total: | 125 | 16,647,459 | $99,703,098.00 | Total: | 125 | 16,647,459 | $99,703,098.00 |
By Current Lease Year Rent Per Property: | By Property Type: | ||||||
Tier
|
Properties | Square Feet |
Current Lease Year
Rent 1
|
Property Type
|
Properties | Square Feet |
Current Lease Year
Rent1
|
>=$950,000 | 37 | 6,008,055 | $45,689,927.00 | Shopping Center | 27 | 2,720,431 | $18,598,944.00 |
>=$700,000 & <$950,000
|
29 | 3,891,568 | 24,844,502.00 | Freestanding | 3 | 272,888 | 1,670,075.00 |
>=$500,000 & <$700,000
|
38 | 4,082,263 | 22,555,687.00 | Mall | 95 | 13,654,140 | 79,434,079.00 |
<$500,000 | 21 | 2,665,573 | 6,612,982.00 | ||||
Total: | 125 | 16,647,459 | $99,703,098.00 | Total: | 125 | 16,647,459 | $99,703,098.00 |
www.ctltrust.net |
9
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
By Geography: | |||||||
State
|
Properties
|
Square Feet
|
Current Lease Year
Rent 1
|
||||
AR | 2 | 186,745 | $1,142,879.00 | MS | 1 | 99,396 | 912,455.00 |
AZ | 4 | 492,446 | 3,601,348.00 | NC | 1 | 104,198 | 212,564.00 |
CA | 20 | 2,935,931 | 18,564,395.00 | NH | 1 | 126,006 | 771,157.00 |
CO | 2 | 262,629 | 1,202,113.00 | NJ | 5 | 882,946 | 3,580,781.00 |
CT | 3 | 464,682 | 947,952.00 | NM | 2 | 265,910 | 2,055,145.00 |
FL | 7 | 1,038,955 | 8,205,947.00 | NV | 3 | 437,937 | 4,020,262.00 |
GA | 1 | 104,872 | 962,725.00 | NY | 3 | 469,462 | 1,636,288.00 |
IA | 1 | 85,278 | 304,442.00 | OH | 5 | 645,447 | 3,574,567.00 |
ID
|
1 | 151,985 | 1,395,222.00 | OK | 3 | 332,223 | 1,524,608.00 |
IL
|
5 | 845,224 | 4,502,533.00 | OR | 1 | 157,928 | 966,519.00 |
IN
|
1 | 99,317 | 911,730.00 | PA | 4 | 555,087 | 3,043,724.00 |
KS | 2 | 316,856 | 1,501,289.00 | PR | 2 | 185,946 | 1,137,989.00 |
KY | 2 | 251,289 | 1,857,534.00 | TN | 2 | 243,786 | 897,008.00 |
LA | 1 | 124,656 | 1,144,342.00 | TX | 21 | 2,146,537 | 14,861,649.00 |
MA | 1 | 141,692 | 505,840.00 | VA | 2 | 211,452 | 1,294,086.00 |
MD | 2 | 261,580 | 1,086,590.00 | WA | 4 | 666,272 | 4,606,268.00 |
MI | 6 | 863,012 | 3,773,712.00 | WI | 1 | 85,981 | 526,204.00 |
MN | 1 | 173,968 | 1,064,684.00 |
Total:
|
125 | 16,647,459 | $99,703,098.00 |
MO | 2 | 229,828 | 1,406,547.00 | ||||
www.ctltrust.net |
10
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
Property ID
|
9005 | 9130 | 9132 | 9316 | 9435 | 9486 | |
Location
|
Statesville, NC
|
Columbus, OH
|
Lenexa, KS
|
Reno, NV
|
Haslet, TX
|
Forest Park, GA
|
|
Square Feet
|
New JCP
|
- | - | - | - | - | - |
Other Tenants
|
- | - | - | - | - | - | |
Vacant | - | - | - | - | - | - | |
Total | - | - | - | - | - | - | |
Current Lease Year Rent 1
|
New JCP | - | - | - | - | - | - |
Other Tenants
|
- | - | - | - | - | - | |
Total | - | - | - | - | - | - | |
Current Lease Year Rent -
PSF 2
|
New JCP
|
- | - | - | - | - | - |
Other Tenants
|
- | - | - | - | - | - | |
Total | - | - | - | - | - | - |
www.ctltrust.net |
11
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
Property ID
|
Option Type
|
Property Name
|
Location
|
Square Feet
|
Current Lease
Year Rent 1
|
Option
Notice (Y/N)
|
Option Exercise / Closing Date |
246 | Landlord | SouthBay Pavilion at Carson | 20700 Avalon Boulevard, Carson, CA | N/A | N/A | N | Property Sold 09-30-21 |
389
|
Landlord | Stoneridge S/C | 1500 Stoneridge Mall Road, Pleasanton, CA | N/A | N/A | N | Property Sold 07-20-22 |
1229
|
Landlord | The Oaks | 280 Hillcrest Drive W, Thousand Oaks, CA | 144,959 | 295,716.00 | N | |
1572
|
Landlord | Westfield Culver City | 6000 S Hannum Avenue, Culver City, CA | N/A | N/A | N | Property Sold 01-06-22 |
1959 | Landlord | The Shops at Tanforan | 1122 El Camino Real, San Bruno, CA | N/A | N/A | N | Property Sold 09-14-21 |
1417
|
Landlord | Westfield Santa Anita | 400 S Baldwin Avenue, Arcadia, CA | 204,563 | 730,290.00 | N | |
1950 | Landlord | Fashion Valley | 6987 Friars Road, San Diego, CA | N/A | N/A | N | Property Sold 07-09-21 |
2649
|
Landlord | Westminster Mall | 400 Westminster Mall, Westminster, CA | N/A | N/A | N | Property Sold 10-05-22 |
2757 | Landlord | Park Meadows | 8417 S Park Meadows Center Drive, Loan Tree CO | N/A | N/A | N | Property Sold 07-29-21 |
2256
|
Landlord | Danbury Fair | 7 Backus Avenue, Danbury, CT | 136,375 | 278,205.00 | N | |
2102
|
Landlord | Westfield Annapolis | 1695 Annapolis Mall, Annapolis, MD | N/A | N/A | N | Property Sold 09-09-22 |
1623
|
Landlord | Twelve Oaks Mall | 27150 Novi Road, Novi, MI | 155,807 | 556,232.00 | N | |
2247
|
Landlord | Pheasant Lane Mall | 310 Daniel Webster Highway, Suite 103, Nashua, NH | N/A | N/A | N | Property Sold 08-25-22 |
2297
|
Landlord | Newport Centre | 10 Mall Drive W, Jersey City, NJ | 185,330 | 661,628.00 | N | |
2477
|
Landlord | Freehold Raceway Mall | 3710 Highway 9, Freehold, NJ | 149,608 | 305,200.00 | N | |
2814
|
Landlord | Queens Center | 92-59 59th Avenue. Elmhurst, NY | N/A | N/A | N | Property Sold 12-23-21 |
197
|
Landlord | Gateway Shopping Center I & II | 360 Gateway Drive, Brooklyn, NY | 123,942 | 252,842.00 | N | |
2040
|
Landlord | Barton Creek Square | 2901 S Capitol of Texas Highway, Austin, TX | N/A | N/A | N | Property Sold 11-30-22 |
2763
|
Landlord | The Woodlands Mall | 1201 Lake Woodlands Drive, Suite 500, Woodlands, TX | N/A | N/A | N | Property Sold 12-15-22 |
2795 | Landlord | Stonebriar Centre | 2607 Preston Road, Frisco, TX | N/A | N/A | N | Property Sold 07-29-21 |
2881
|
Landlord | Memorial City S/C | 300 Memorial City Way, Houston, TX | N/A | N/A | N | Property Sold 11-03-21 |
192
|
Landlord | Fair Oaks Mall | 11801 Fair Oaks Mall, Fairfax, VA | N/A | N/A | N | Property Sold 09-09-22 |
1462
|
Landlord | Springfield Town Center | 6699 Springfield Mall, Springfield, VA | N/A | N/A | N | Property Sold 09-09-22 |
2865
|
Tenant | Tamarack Village | 8348 Tamarack Village, Woodbury, MN | N/A | N/A | N | Property Sold 12-29-21 |
2801
|
Tenant | Polaris Fashion Place | 1450 Polaris Parkway, Columbus, OH | 146,990 | 899,579.00 | N | |
2921
|
Tenant | Robertson's Creek | 5751 Long Prairie Road, Flower Mound, TX | N/A | N/A | N | Property Sold 11-19-21 |
2934
|
Tenant | University Oaks S/C | 151 University Oaks, Round Rock, TX | N/A | N/A | N | Property Sold 11-19-21 |
2982
|
Tenant | Village at Fairview | 301 Stacy Road, Fairview, TX | N/A | N/A | N | Property Sold 11-19-21 |
2749
|
Tenant | Dulles Town Centre | 21030 Dulles Town Circle, Sterling, VA | N/A | N/A | N | Property Sold 08-29-22 |
Total:
|
1,247,574 | $3,979,692.00 |
www.ctltrust.net |
12
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
Property ID
|
Property Name
|
Property Location
|
Substitution Type
(Outgoing / Incoming)
|
Square Feet
|
Current Lease
Year Rent 1
|
Notice Date
|
Exercise Date
|
- | $ | - | |||||
Total: |
www.ctltrust.net |
13
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
Property ID
|
Lease Start Date
|
Tenant Name
|
Square Feet
|
Current Lease
Year Rent -
PSF 1
|
Current
Lease
Year Rent2
|
Real Estate Operating Expenses
|
Initial Term (Months)
|
Extension Options (Years)
|
Tenant Business Description
|
Manager Commentary
|
- | - | $ | - | |||||||
Total: | - | - | $ | - |
www.ctltrust.net |
14
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
www.ctltrust.net |
15
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
www.ctltrust.net |
16
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
www.ctltrust.net |
17
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
www.ctltrust.net |
18
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
www.ctltrust.net |
19
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
www.ctltrust.net |
20
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
www.ctltrust.net |
21
|
Contact Us
For additional information, please contact:
Jessica Cummins at (847) 313-4755
|
Distribution Date: 10/10/2024 Record Date: 10/09/2024 Determination Date: 09/30/2024 |
www.ctltrust.net |
22
|