Exhibit 99.1

 
Monthly Distribution Statement
 
March 2021
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Table of Contents
 
SECTION I
04
 
Monthly Certificate Distribution Detail
05
 
Monthly Cash Source and Uses
06
 
Monthly Cash Distributions
07
 
Property Sales This Month
08
 
Retail Portfolio as of Determination Date
09 – 10
 
Distribution Center Portfolio as of Determination Date
11
 
Landlord and Tenant Option Properties as of Determination Date
12
 
Substitution Properties This Month
13
 
Monthly Leasing Activity: Distribution Centers
14
 
Monthly Leasing Activity: Retail Properties
15
 
Summary Select Financial Information
16
SECTION II – Provided Quarterly
17
 
Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date
18 - 19
 
Master Lease Guarantor Operating Performance
20
 
Retail Master Lease Subtenants
21
SECTION III
22
 
Management’s Comments
23
 
Definitions
24
 
Disclaimer
25

 
Trustee
   
Manager
 
 
GLAS Trust Company, LLC
3 Second Street, Suite 206
Jersey City, NJ 07311
Contact: Yana Kislenko
Phone: 201-839-2183
Email: yana.kislenko@glas.agency
   
Hilco JCP, LLC
5 Revere Drive, Suite 410
Northbrook, IL
Contact: Larry Finger
Phone: 703-244-4588
Email: lfinger@ctltrust.net
 

www.ctltrust.net 2    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Forward-Looking Statements & Non-GAAP Presentation

This distribution statement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. The forward-looking statements are based on our beliefs as well as on a number of assumptions concerning future events. Readers of these materials are cautioned not to put undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements.

Certain of the financial measures presented in this distribution statement are non-GAAP financial measures, other metrics and other information. We believe that non-GAAP financial measures, other metrics and other information provide useful information to investors regarding our financial condition, result of operations and other matters. The non-GAAP financial measures, other metrics and information as presented in this distribution statement may be adjusted in management’s reasonable judgment as appropriate, taking into account a variety of circumstances, facts and conditions. These adjustments may be material and may or may not be specifically identified in footnotes or otherwise. Our measures, metrics and other information (and the methodologies used to derive them) may not be comparable to those used by other companies.

Please refer to Section III of this distribution statement, titled “Disclaimer”, for additional information.

www.ctltrust.net 3    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
SECTION I

www.ctltrust.net 4    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Monthly Certificate Distribution Detail

CUSIP
   
Aggregate Certificates
Outstanding
   
Aggregate Net Sales
Proceeds Distribution
   
Aggregate Net Rental
Income Distribution
   
Aggregate
Total Distribution
 
 
217519107
     
75,000,000
   
$
-
   
$
6,900,130.88
   
$
6,900,130.88
 

Per Certificate
                         
CUSIP
   
Aggregate Certificates
Outstanding
   
Aggregate Net Sales
Proceeds Distribution
   
Aggregate Net Rental
Income Distribution
   
Aggregate
Total Distribution
 
 
217519107
     
75,000,000
   
$
-
   
$
0.092002
   
$
0.092002
 

www.ctltrust.net 5    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Monthly Cash Sources and Uses

Sources of Cash from Operations
   
Uses of Cash from Operations
 
                 
Distribution Center Master Lease Rent
 
$
2,948,333.34
   
Accounting and Financial Reporting
 
$
103,223.33
 
Retail Master Lease Rent
   
5,051,141.04
   
Investor Relations
   
15,667.54
 
Total Rent
 
$
7,999,474.38
   
Legal
   
131,442.63
 
           
Insurance
   
-
 
           
Management Fees -Operations and Other Professional Fees
   
750,410.00
 
           
BOV’s and Other
   
8,400.00
 
Other
 
$
-
   
Total Operating Expenses
 
$
1,009,143.50
 
                     
Total Other
 
$
-
   
Formation, Closing & Related Costs
 
$
90,200.00
 
                     
Total Sources of Cash
 
$
7,999,474.38
   
Total Uses of Cash
 
$
1,099,343.50
 

Net Cash Available for Distribution
 
       
Total Sources of Cash
 
$
7,999,474.38
 
Total Operating Expenses
   
(1,009,143.50
)
Net Cash Provided by Operations
 
$
6,990,330.88
 
         
Formation, Closing & Related Costs
   
(90,200.00
)
         
Net Cash Available for Distribution
 
$
6,900,130.88
 

Sources of Cash from Sales / Capital Activity
   
Uses of Cash from Sales / Capital Activity
 
                 
Distribution Center Gross Sales Proceeds
 
$
-
   
Management Fees -Sales
 
$
-
 
Retail Master Lease Gross Sales Proceeds
   
-
   
Third Party Expenses: Distribution Center Sales
   
-
 
Total Gross Sales Proceeds
 
$
-
   
Third Party Expenses: Retail Sales
   
-
 
           
Other
   
-
 
           
Total Expenses of Sales
 
$
-
 
Other Financing / Capital Activity
 
$
-
             
Other
   
-
             
Total Other
 
$
-
   
Cash Provided (Used) Sales / Capital Activity
 
$
-
 
                     
Total Sources of Cash
 
$
-
   
Total Uses of Cash
 
$
-
 

*
Management Fees: Operations: Primarily Hilco’s Asset Mgmt Fees
**
Accounting, Financial Reporting & Tax: Includes all third party professional fees
***
Trustee & Other: BOV and Investment Banker Fees, if applicable

www.ctltrust.net 6    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Monthly Cash Distributions

Distribution Date
 
Net Rental Income
Distribution
   
Sales and Capital Activity Distribution
   
Total Distributions
 
                   
10-Mar-21
 
$
1,565,979.82
   
$
-
   
$
1,565,979.82
 
12-Apr-21
   
6,900,130.88
     
-
     
6,900,130.88
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
Trailing 12 mos.
 
$
8,466,110.70
   
$
-
   
$
8,466,110.70
 
                         
Inception to Date
 
$
8,466,110.70
   
$
-
   
$
8,466,110.70
 

www.ctltrust.net 7    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Property Sales This Month
(No Property Sales March 2021)

Sale Date / Period
Type
Property
ID
 
Square Feet
   
Rent for
Lease Year
at Closing
Date *
   
Gross Cost
Basis **
   
Gross Sales
Price
   
Net Sales
Price
   
Net Sales
Price Per
Square
Foot
   
Implied
Cap. Rate
/ Rent
Yield at
Closing ***
   
Selling Costs
as
Percentage
of Gross
Sales Price
 
Selling
Broker

Retail or
DC
                                                 
Distribution Centers
 DC
     
-
   
$
-
   
$
-
   
$
-
   
$
-
     
-
     
-
     
-
 
Retail Properties
 Retail
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Distribution Period Average:
     
-
   
$
-
   
$
-
   
$
-
   
$
-
             
-
     
-
 
                                                                                                 
Distribution Centers
 DC
     
-
   
$
-
   
$
-
   
$
-
   
$
-
     
-
     
-
     
-
 

Retail Properties
 Retail
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
 

Previous Distribution Periods Average:
   
-
   
$
-
   
$
-
   
$
-
   
$
-
     
-
     
-
     
-
 
                                                                     
Distribution Centers
 DC
     
-
   
$
-
   
$
-
   
$
-
   
$
-
     
-
     
-
     
-
 

Retail Properties
 Retail
     
-
     
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Cumulative Distribution to Date Average:
   
-
   
$
-
   
$
-
   
$
-
   
$
-
     
-
     
-
     
-
 
-

*
Monthly Rent due for Sale Period X 12, excluding rental abatement.
**
Costs Basis before Depreciation and Amortization
***
Gross Sales Price divided by the Annual Rent as defined above.

www.ctltrust.net 8    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Retail Portfolio as of Determination Date

By Current Lease Year Rent Per Square Foot Tier:
       
By Property Ownership Type:
             
Tier
 
Properties
   
Square Feet
   
Current Lease Year
Rent *
 
Ownership Type
 
Properties
   
Square Feet
   
Current Lease Year
Rent *
 
Tier 1 -$9.00
   
33
     
4,091,827
   
$
36,826,443.00
 
Fee
   
137
     
18,325,835
   
$
102,505,995.00
 
Tier 2 -$6.00
   
84
     
11,135,640
     
66,813,840.00
 
Ground Lease
   
23
     
3,386,112
     
18,721,387.00
 
Tier 3 -$3.50
   
20
     
3,078,756
     
10,775,651.00
                           
Tier 4 -$2.00
   
23
     
3,405,724
     
6,811,448.00
                           
Total:
   
160
     
21,711,947
   
$
121,227,382.00
 
Total:
   
160
     
21,711,947
   
$
121,227,382.00
 

By Current Lease Year Rent Per Property:
             
By Property Type:
                 
Tier
 
Properties
   
Square Feet
   
Current Lease Year
Rent *
 
Property Type
 
Properties
   
Square Feet
   
Current Lease Year
Rent *
 
>=$950,000
   
39
     
6,738,486
   
$
47,925,600.00
 
Shopping Center
   
37
     
3,737,762
   
$
23,657,840.00
 
>=$700,000 & < $950,000
   
43
     
5,721,653
     
36,838,324.00
 
Freestanding
   
4
     
372,240
     
2,533,116.00
 
>=$500,000 & < $700,000
   
40
     
4,452,546
     
23,515,430.00
 
Mall
   
119
     
17,601,765
     
95,036,426.00
 
<=$500,000
   
38
     
4,799,262
     
12,948,028.00
                           
Total:
   
160
     
21,711,947
   
$
121,227,382.00
 
Total:
   
160
     
21,711,767
   
$
121,227,382.00
 

*
Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.

www.ctltrust.net 9    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Retail Portfolio as of Determination Date (Cont’d)

By Geography:
                                     
State
 
Properties
   
Square Feet
   
Current Lease
Year Rent *
 
State
 
Properties
   
Square Feet
   
Current Lease
Year Rent *
 
AR
   
2
     
186,745
   
$
1,120,470
 
MO
   
2
     
229,828
     
1,378,968
 
AZ
   
5
     
651,164
     
3,848,169
 
MS
   
1
     
99,396
     
894,564
 
CA
   
28
     
4,433,580
     
24,302,384
 
NC
   
1
     
104,198
     
208,396
 
CO
   
4
     
513,068
     
1,679,420
 
NH
   
2
     
230,842
     
1,122,962
 
CT
   
3
     
464,682
     
929,364
 
NJ
   
5
     
882,946
     
3,510,571
 
DE
   
1
     
159,878
     
959,268
 
NM
   
2
     
265,910
     
2,014,848
 
FL
   
9
     
1,292,316
     
9,874,971
 
NV
   
3
     
437,937
     
3,941,433
 
GA
   
2
     
204,634
     
1,143,372
 
NY
   
4
     
673,802
     
2,830,244
 
IA
   
1
     
85,278
     
298,473
 
OH
   
5
     
645,447
     
3,504,477
 
ID
   
1
     
151,985
     
1,367,865
 
OK
   
3
     
332,223
     
1,494,714
 
IL
   
5
     
845,224
     
4,414,248
 
OR
   
1
     
157,928
     
947,568
 
IN
   
1
     
99,317
     
893,853
 
PA
   
4
     
555,087
     
2,984,042
 
KS
   
2
     
316,856
     
1,471,852
 
PR
   
2
     
185,946
     
1,115,676
 
KY
   
2
     
251,289
     
1,821,111
 
TN
   
3
     
347,331
     
1,241,828
 
LA
   
2
     
229,181
     
1,749,054
 
TX
   
30
     
3,269,745
     
21,297,084
 
MA
   
1
     
141,692
     
495,922
 
UT
   
1
     
99,411
     
347,939
 
MD
   
4
     
559,312
     
2,424,176
 
VA
   
5
     
736,563
     
3,330,898
 
MI
   
6
     
863,012
     
3,699,718
 
WA
   
4
     
666,272
     
4,515,948
 
MN
   
2
     
255,941
     
1,535,646
 
WI
   
1
     
85,981
     
515,886
 
                         
Total:
   
160
     
21,711,947
   
$
121,227,382
 

*
Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.

www.ctltrust.net 10    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Distribution Center Portfolio as of Determination Date

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
   
595,209
     
2,000,000
     
2,308,100
     
1,838,800
     
1,133,027
     
2,233,475
 
Other Tenants
   
0
     
0
     
0
     
0
     
0
     
0
 
Vacant
   
0
     
0
     
0
     
0
     
0
     
0
 
Total
   
595,209
     
2,000,000
     
2,308,100
     
1,838,800
     
1,133,027
     
2,233,475
 
Current Lease Year Rent *
New JCP
 
$
1,785,627.00
   
$
6,500,000.00
   
$
6,294,058.75
   
$
8,734,300.00
   
$
4,248,851.25
   
$
7,817,162.50
 
Other Tenants
   
0
     
0
     
0
     
0
     
0
     
0
 
Total
 
$
1,785,627.00
   
$
6,500,000.00
   
$
6,294,058.75
   
$
8,734,300.00
   
$
4,248,851.25
   
$
7,817,162.50
 
Current Lease Year Rent -PSF **
New JCP
 
$
3.00
   
$
3.25
   
$
2.73
   
$
4.75
   
$
3.75
   
$
3.50
 
Other Tenants
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
Total
 
$
3.00
   
$
3.25
   
$
2.73
   
$
4.75
   
$
3.75
   
$
3.50
 

*
Current Lease Year Rent = Monthly Rent X 12.
**
Current Lease Year Rent PSF = (Monthly Rent X 12) / Square Feet.

www.ctltrust.net 11    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Landlord and Tenant Option Properties as of Determination Date


Property ID
Option Type
Property Name
Location
 
Square Feet
   
Current Lease
Year Rent *
   
Option Notice
(Y/N)
 
246
Landlord
SouthBay Pavilion at Carson
20700 Avalon Boulevard, Carson, CA
   
200,697
   
$
1,204,182.00
      N

389
Landlord
Stoneridge S/C
1500 Stoneridge Mall Road, Pleasanton, CA
   
155,919
     
311,838.00
      N

1229
Landlord
The Oaks
280 Hillcrest Drive W, Thousand Oaks, CA
   
144,959
     
289,918.00
     
N

1572
Landlord
Westfield Culver City
6000 S Hannum Avenue, Culver City, CA
   
203,832
     
1,222,992.00
     
N

1959
Landlord
The Shops at Tanforan
1122 El Camino Real, San Bruno, CA
   
223,232
     
446,464.00
     
N

1417
Landlord
Westfield Santa Anita
400 S Baldwin Avenue, Arcadia, CA
   
204,563
     
715,971.00
     
N

1950
Landlord
Fashion Valley
6987 Friars Road, San Diego, CA
   
268,859
     
941,007.00
      N

2649
Landlord
Westminster Mall
400 Westminster Mall, Westminster, CA
   
152,567
     
533,985.00
     
N

2757
Landlord
Park Meadows
8417 S Park Meadows Center Drive, Loan Tree CO
   
151,293
     
302,586.00
      N

2256
Landlord
Danbury Fair
7 Backus Avenue, Danbury, CT
   
136,375
     
272,750.00
     
N

2102
Landlord
Westfield Annapolis
1695 Annapolis Mall, Annapolis, MD
   
126,732
     
760,392.00
     
N

1623
Landlord
Twelve Oaks Mall
27150 Novi Road, Novi, MI
   
155,807
     
545,325.00
      N

2247
Landlord
Pheasant Lane Mall
310 Daniel Webster Highway, Suite 103, Nashua, NH
   
104,836
     
366,926.00
      N

2297
Landlord
Newport Centre
10 Mall Drive W, Jersey City, NJ
   
185,330
     
648,655.00
     
N

2477
Landlord
Freehold Raceway Mall
3710 Highway 9, Freehold, NJ
   
149,608
     
299,216.00
     
N

2814
Landlord
Queens Center
92-59 59th Avenue. Elmhurst, NY
   
204,340
     
1,226,040.00
      N

197
Landlord
Gateway Shopping Center I & II
360 Gateway Drive, Brooklyn, NY
   
123,942
     
247,884.00
      N

2040
Landlord
Barton Creek Square
2901 S Capitol of Texas Highway, Austin, TX
   
144,129
     
864,774.00
      N

2763
Landlord
The Woodlands Mall
1201 Lake Woodlands Drive, Suite 500, Woodlands, TX
   
146,000
     
511,000.00
      N

2795
Landlord
Stonebriar Centre
2607 Preston Road, Frisco, TX
   
163,800
     
982,800.00
      N

2881
Landlord
Memorial City S/C
300 Memorial City Way, Houston, TX
   
140,486
     
842,916.00
      N

192
Landlord
Fair Oaks Mall
11801 Fair Oaks Mall, Fairfax, VA
   
193,422
     
386,844.00
      N

1462
Landlord
Springfield Town Center
6699 Springfield Mall, Springfield, VA
   
205,772
     
1,234,632.00
     
N

2865
Tenant
Tamarack Village
8348 Tamarack Village, Woodbury, MN
   
81,973
     
491,838.00
      N

2801
Tenant
Polaris Fashion Place
1450 Polaris Parkway, Columbus, OH
   
146,990
     
881,940.00
      N

2921
Tenant
Robertson’s Creek
5751 Long Prairie Road, Flowe Mound, TX
   
103,689
     
362,912.00
      N

2934
Tenant
University Oaks S/C
151 University Oaks, Round Rock, TX
   
103,525
     
621,150.00
      N

2982
Tenant
Village at Fairview
301 Stacy Road, Fairview, TX
   
117,641
     
705,846.00
      N

2749
Tenant
Dulles Town Centre
21030 Dulles Town Circle, Sterling, VA
   
125,917
     
440,710.00
     
N

Total:
         
4,566,235
   
$
18,663,493
         

*
Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.

www.ctltrust.net 12    .

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For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Substitution Properties as of Determination Date
(No Substitution Properties March 2021)

Property ID
Property Name
Property Location
Substitution Type
(Outgoing / Incoming)
 
Square Feet
   
Current Lease
Year Rent *
 
Notice Date
Exercise Date
           
0
   
$
-
      
Total:
                               

*
Current Lease Year Rent = Monthly Rent X 12.

www.ctltrust.net 13    .

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For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Monthly Leasing Activity Distribution Centers
(No Leasing Activity March 2021)

Property
ID
Lease Start
Date
Tenant Name
 
Square Feet
 
Current Lease
Year Rent -PSF *
 
Current Lease
Year Rent **
 
Real Estate
Operating
Expenses
Initial Term
(Months)
Extension
Options (Years)
Tenant Business Description
Manager Commentary
         
0
 
-
 
$
-
               
Total:
       
0
 
-
 
$
-
               

*
Current Lease Year Rent PSF = (Monthly Rent X 12) /  Square Feet, excluding rental abatement.
**
Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.

www.ctltrust.net 14    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Monthly Leasing Activity Retail Properties
(No Leasing Activity March 2021)

Property ID
Lease Start Date
Tenant Name
 
Square Feet
 
Current Lease Year Rent -PSF *
 
Current Lease Year Rent **
 
Real Estate Operating Expenses
Initial Term (Months)
Extension Options (Years)
Tenant Business Description
Manager Commentary
         
0
 
-
 
$
-
               
Total:
       
0
 
-
 
$
-
               


*
Current Lease Year Rent PSF = (Monthly Rent X 12) /  Square Feet, excluding rental abatement.

**
Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.

www.ctltrust.net 15    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Financial Information

For copies of our most recent financial statements, including management’s discussion and analysis of financial condition and results of operations, sales and capital activity, you can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.ctltrust.net as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC’s website at http://www.sec.gov.

The SEC file number is 000-56236.

www.ctltrust.net 16    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
SECTION II

www.ctltrust.net 17    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date

Fiscal Quarter Ended January 30, 2021 (A)
 
Property Ownership
 
# of Properties
   
Square
Feet
   
Tenant’s Sales per
Square Foot
   
Tenant’s Four-Wall
EBITDAR(A)
   
Rent
   
Tenant’s Four Wall
EBITDA
   
Tenant’s Four-Wall
EBITDAR(A) / Rent
 
Fee
   
137
     
18,325,835
   
$
13
                       
2.0
 
Ground Lease
   
23
     
3,386,112
   
$
15
                       
2.0
 
Total
   
160
     
21,711,947
   
$
13
   
$
50,375,875
   
$
25,349,393
   
$
25,026,482
     
2.0
 
 
Fiscal Quarter Ended January 30, 2021 (A)
 
Rent Tier(B)
 
# of Properties
   
Square
Feet
 
1   >   $ 1.5
   
40
     
5,141,927
 
2   >   $ 1.1
   
40
     
5,608,360
 
3   >   $ 0.9
   
40
     
4,992,822
 
4   <   $ 0.9
   
40
     
5,968,838
 
Total
   
160
     
21,711,947
 

(A)
Limited to fiscal December and January
(B)
Rent tier determined based on book Occupancy Expense per square foot
Rent : includes book Rent, Ground Lease, Contingent Rent, CAM & accrued Real Estate Taxes
EBITDA : Tenant’s Unallocated Store Contribution Profit, uses book rent
EBITDAR : excludes Occupancy included in calculation of EBITDA

www.ctltrust.net 18    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date

Fiscal Quarter Ended January 30, 2021 (A)
 
Tenant’s Sales per Square Foot Tier
 
# of Properties
   
Square
Feet
   
Tenant’s Sales per
Square Foot
   
Tenant’s Four-Wall
EBITDAR(A)
   
Tenant’s Four-Wall
EBITDAR to Sales
   
Tenant’s Four Wall
EBITDA
   
Tenant’s Four-Wall
EBITDAR(A) / Rent
 
>  $16.0
   
40
     
4,677,968
   
$
20
           
22.2
%
         
2.7
 
>  $12.5
   
40
     
5,114,792
   
$
14
     
18.8
%
   
2.1
 
>  $9.8
   
40
     
5,942,518
   
$
11
     
15.4
%
   
1.4
 
<  $9.8
   
40
     
5,976,669
   
$
8
     
11.5
%
   
1.4
 
Total
   
160
     
21,711,947
   
$
13
     
50,375,875
     
17.9
%
   
25,026,482
     
2.0
 

Fiscal Quarter Ended January 30, 2021 (A)
 
EBITDAR / Rent Tier
 
# of Properties
   
Square
Feet
   
Tenant’s Sales per
Square Foot
   
Tenant’s Four-Wall
EBITDAR(A)
   
Tenant’s Four-Wall
EBITDAR to Sales
   
Tenant’s Four Wall
EBITDA
   
Tenant’s Four-Wall
EBITDAR(A) / Rent
 
> {3.0}x
   
28
     
3,122,145
   
$
17
           
24.3
%
         
4.0
 
> {2.0}x
   
46
     
5,756,696
   
$
15
     
20.9
%
   
2.5
 
< {2.0}x   (B)
   
86
     
12,833,106
   
$
11
     
13.6
%
   
1.3
 
                                         
Total
   
160
     
21,711,947
   
$
13
     
50,375,875
     
17.9
%
   
25,026,482
     
2.0
 

(A)
Limited to fiscal December and January
(B)
Stratifications consolidated due to insufficient store count

www.ctltrust.net 19    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Master Lease Guarantor Operating Performance

Key Financial and Performance Metrics
 
Fiscal Quarter Ended
January 30, 2021
   
Trailing 12 Months
 
Comparable store sales percent increase/(decrease) for Master Lease Properties (A)
   
-35.0%

   
N/A
 
Liquid assets covenant compliance (as defined in the Master Leases)
 
Yes
     
N/A
 
Tangible net worth (as defined in the Master Leases - in millions)(B)
   
1,851
     
N/A
 

Key Portfolio Metrics
 
Fiscal Quarter Ended
January 30, 2021
   
Trailing 12 Months
 
End of period number of stores - fee owned and ground leased
   
214
     
N/A
 
End of period number of stores - space leased
   
481
     
N/A
 
Gross square footage of stores (in millions)
   
83.6
     
N/A
 

(A)
Limited to 27 days in December and 28 days in fiscal January
(B)
Per currently available, preliminary and unaudited January 30, 2021 financial Statements

www.ctltrust.net 20    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Retail Master Lease Subtenants

Fiscal Quarter Ended January 30, 2021
Subtenant Name
 
Subleased
Property
   
Square
 Feet
 
Lease
Commence
Date
Lease
Expiration
Date (C)
 
Rent /
Month
   
Rent Per
Square
Foot /
Month
   
Percent
of Total
Rent (B)
 
Expense Provisions
Donald Bruce Drummond (Optometrist)
   
334
     
226
 
6/1/2017
5/31/2021
   
100
     
0.4
     
0.2
%
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
Dr. Norman Ratner (Optometrist)
   
634
     
202
 
9/1/2016
8/31/2021
   
100
     
0.5
     
0.1
%
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
Dr. Xiao Meng Lu (Optometrist)
   
1572
     
339
 
6/10/2016
6/30/2021
   
100
     
0.3
     
0.1
%
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
Peter Degraziano (Optometrist)
   
1950
     
288
 
8/31/2015
8/31/2021
   
100
     
0.3
     
0.1
%
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
Dr. Selena Steenbergen (Optometrist)
   
1959
     
250
 
3/1/2016
2/28/2022
   
100
     
0.4
     
0.1
%
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
Dr. Susan Shahriari (Optometrist)
   
2096
     
154
 
10/1/2015
9/30/2021
   
100
     
0.6
     
0.2
%
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
Dr. Brian W. Park, O.D. (Optometrist)
   
2467
     
120
 
10/1/2014
9/30/2021
   
100
     
0.8
     
0.1
%
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
Dr. Jeff Overbey (Optometrist)
   
2649
     
178
 
3/25/2018
3/31/2021
   
100
     
0.6
     
0.2
%
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
Dr. Laurence Rubin (Optometrist)
   
2677
     
126
 
9/1/2014
8/31/2021
   
100
     
0.8
     
0.1
%
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
Dr. Caleb H. Poon (Optometrist)
   
2955
     
248
 
2/6/2015
2/28/2022
   
100
     
0.4
     
0.2
%
JCP retains 2% of sublessee’s sales run through JCP credit card machines to cover interchange fees
Aspen Square, Inc.
   
2990
     
18,058
 
10/8/2008
10/7/2083
   
1
     
0.0
     
0.0
%
 
Total Subtenants (A)
           
20,189
         
1,001
     
0.0
            

(A)  Excludes TBA leases consistent with Section 9.2(a) of the Master Lease Agreement
(B)  2 months of sublease income divided by book rent for same period
(C)  Subleases for Optometrist offices auto-renew for 12 months w/30-day right to terminate by either party
No DC Master Lease Subtenants

www.ctltrust.net 21    .

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Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
SECTION III

www.ctltrust.net 22    .

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Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Management’s Comments

The total monthly cash distribution of $6.9 million for the monthly period ended March 31, 2021, compared to the total monthly cash distribution of $1.6 million for the monthly period ended February 28, 2021. The variance is as described below.

Sources of Cash totaled $8.0 million for the monthly period ended March 31, 2021 compared to $16.0 million for the monthly period ended February 28, 2021.  The variance is due to two months of rent having been collected in February.

Uses of Cash from Operations totaled $1.1 million for the monthly period ended March 31, 2021, compared to $14.4 million for the monthly period ended February 28, 2021. The variance is due to insurance costs totaling $5.0 million and $8.3 million of Formation, Closing and Other related costs in February.

www.ctltrust.net 23    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Monthly Distribution Date Statement

Definitions

(A)          “Tenant’s Sales per Square Foot” is not a measure of the Trust’s financial performance and is provided solely for investors’ informational purposes based on the information that the Trust receives from the Tenant.  This measure of operations is derived from sales information reported to the Trust by the Tenant in accordance with the retail master lease and/or distribution center master lease (each, a “Master Lease”), as applicable.  The Trust and the Manager do not have the ability to verify the calculation of this information.  The calculation of this information by the tenant may be different than how similar measures of operations might be calculated by others.  Finally, the Trust is unable to reconcile “Tenant’s Sales per Square Foot” to a comparable GAAP financial measure because no reconciliation is provided for in the applicable Master Lease.  Therefore, investors should be cautious about relying upon “Tenant’s Sales per Square Foot.”

(B)          “Tenant’s Four-Wall EBITDAR” is not a measure of the Trust’s financial performance and is provided solely for investors’ informational purposes based on the information that the Trust receives from the Tenant.  This measure of operations is calculated in accordance with the [Master Lease] and is reported to the Trust by the tenant in accordance therewith.  The Trust and the Manager do not have the ability to verify the calculation of this measure of operations.  In addition, the calculation of “Tenant’s Four-Wall EBITDAR” in accordance with the applicable Master Lease may be different than how similar measures of operating statistic might be calculated by others.  Finally, the Trust is unable to reconcile “Tenant’s Four-Wall EBITDAR” to a comparable GAAP financial measure because no reconciliation is provided for in the applicable Master Lease.  Therefore, investors should be cautious about relying upon “Tenant’s Four-Wall EBITDAR.”

www.ctltrust.net 24    .

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     04/12/2021
   Record Date:     04/09/2021
Determination Date:     03/31/2021
Monthly Distribution Date Statement

Disclaimer

Forward-Looking Statements: This distribution statement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. The forward-looking statements are based on our beliefs as well as on a number of assumptions concerning future events. Readers of these materials are cautioned not to put undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements. We do not undertake a duty to update these forward- looking statements, which speak only as of the date on which they are made. The most important factors that could prevent us from achieving the stated goals include, but are not limited to: (a) the severity, duration and geographical scope of the COVID-19 pandemic and the effects of the pandemic and measures intended to prevent its spread on our business, results of operations, cash flows and financial condition, including declines in rental revenues and increases in operating costs in the portfolio, deterioration in the financial conditions of the tenants and their ability to satisfy their payment obligations,  increased risk of claims, litigation and regulatory proceedings and the ability of federal, state and local governments to respond to and manage the pandemic effectively; (b) the ability and willingness of the tenants, operators, managers and other third parties to satisfy their obligations under their respective contractual arrangements, including, in some cases, their obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities; (c) the ability of the tenants, operators, borrowers and managers to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties; (d) macroeconomic conditions such as a disruption of or a lack of access to the capital markets, changes in the debt rating on U.S. government securities, default or delay in payment by the United States of its obligations; (e) the nature and extent of future competition, including new construction in the markets in which the our properties are located; (f) the ability of the tenants, operators and managers, as applicable, to comply with laws, rules and regulations in the operation of the properties; (g) the ability and willingness of the tenants to renew their leases upon expiration of the leases, the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event the we exercises our right to replace an existing tenant or manager; and (h) the other factors set forth in the our periodic filings with the Securities and Exchange Commission.

Non-GAAP Presentation: Certain of the financial measures presented in this distribution statement are non-GAAP financial measures, other metrics and other information. We believe that non-GAAP financial measures, other metrics and other information provide useful information to investors regarding our financial condition, result of operations and other matters. The non-GAAP financial measures, other metrics and information as presented in this distribution statement may be adjusted in management’s reasonable judgment as appropriate, taking into account a variety of circumstances, facts and conditions. These adjustments may be material and may or may not be specifically identified in footnotes or otherwise. Our measures, metrics and other information (and the methodologies used to derive them) may not be comparable to those used by other companies. The foregoing language applies to (and supersedes if different from) the specific definitions contained herein. Readers are cautioned to refer to our periodic filings furnished to or filed with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are prepared in accordance with GAAP. This distribution statement and the information contained herein should be reviewed in conjunction with such filings.

SEC Reporting: The information in this distribution statement should be read in conjunction with our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, our earnings press release dated March 5, 2021 and other information filed with, or furnished to, the SEC.  You can access our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act at www.ctltrust.net as soon as reasonably practicable after they are filed with, or furnished to, the SEC. You can also review these SEC filings and other information by accessing the SEC’s website at http://www.sec.gov.  We routinely post important information on our website at www.ctltrust.net in the “Investors” section, including financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading “Investors.”  Accordingly, investors should monitor such portion of our website in addition to following our press releases, public conference calls and filings with the SEC. The information on or connected to our website is not, and shall not be deemed to be, a part of, or incorporated into this distribution statement.


www.ctltrust.net 25    .