Copper Property CTL Pass Through Trust Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES

12 Months Ended

Dec. 31, 2025

As of December 31, 2025, the Trust's real estate portfolio consisted of 117 Retail Properties across 35 U.S. states and Puerto Rico.

Lease Intangibles

The following table presents the amortization during the next five years and thereafter related to the lease intangible assets and liabilities for properties owned as of December 31, 2025:


	2026		2027		2028		2029		2030		Thereafter		Total
Amortization of:
Above market lease intangibles (a)	$	7,137	$	7,137	$	7,137	$	7,137	$	7,137	$	71,374	$	107,059
In-place lease intangibles (a)	4,260		4,260		4,260		4,260		4,260		42,608		63,908
Lease intangible assets, net (b)	$	11,397	$	11,397	$	11,397	$	11,397	$	11,397	$	113,982	$	170,967

Below market lease intangibles (a)	$	4,412	$	4,412	$	4,412	$	4,412	$	4,412	$	44,125	$	66,185
Lease intangible liabilities, net (b)	$	4,412	$	4,412	$	4,412	$	4,412	$	4,412	$	44,125	$	66,185

(a) Represents the portion of the leases in which the Trust is the lessor. The amortization of above market lease intangibles is recorded as a reduction to lease income, and the amortization of below market lease intangibles is recorded as an increase to lease income. The amortization of in-place lease intangibles is recorded to depreciation and amortization expense.

(b) As of December 31, 2025, lease intangible assets, net and lease intangible liabilities, net are presented net of $56,288 and $21,694 of accumulated amortization, respectively. As of December 31, 2024, lease intangible assets, net and lease intangible liabilities, net are presented net of $46,819 and $17,920 of accumulated amortization, respectively.

As of December 31, 2025 and 2024, the weighted average amortization period for lease intangible assets and lease intangible liabilities was 15.0 years and 16.0 years, respectively.

Amortization expense for the years ended December 31, 2025, 2024 and 2023 were as follows:


	Year Ended December 31,
	2025		2024		2023
Amortization of:
In-place lease intangibles	$	4,362	$	4,633	$	4,827
Above market lease intangibles	7,306		7,555		7,768
Below market lease intangibles	4,448		5,111		5,561

Dispositions

The following table summarizes the disposition activity during the year ended December 31, 2025:


Sale Date	Location	Property Type	Ownership	Square Footage (unaudited)	Gross Sales Proceeds		Aggregate Proceeds, Net		Gain (Loss)
5/23/25	Miami, FL	Retail	Ground Leasehold	191	$	15,576	$	15,147	$	6,230
5/23/25	Pittsburgh, PA	Retail	Fee Simple	182	5,260		5,080		(110)
9/4/25	New Braunfels, TX	Retail	Fee Simple	104	4,942		4,820		(1,391)
9/4/25	Houston, TX	Retail	Fee Simple	104	7,412		7,218		(456)
				581	$	33,190	$	32,265	$	4,273

The following table summarizes the disposition activity during the year ended December 31, 2024:


Sale Date	Location	Property Type	Ownership	Square Footage (unaudited)	Gross Sales Proceeds		Aggregate Proceeds, Net		Gain (Loss)
3/15/24	Transnational Portfolio (1)	Retail	Fee Simple	302	$	16,459	$	16,096	$	1,497
6/10/24	Roseville, CA	Retail	Fee Simple	167	13,364		13,113		1,026
9/30/24	Miami, FL	Retail	Fee Simple	150	12,249		12,107		1,849
10/25/24	Cherry Hill, NJ	Retail	Fee Simple	181	4,804		4,710		—		(2)
10/25/24	Lynnwood, WA	Retail	Fee Simple	160	12,894		12,604		554
12/17/24	Thousand Oaks, CA	Retail	Fee Simple	145	14,642		13,976		5,506
12/18/24	Overland Park, KS	Retail	Fee Simple	107	2,850		2,781		(751)
				1,212	$	77,262	$	75,387	$	9,681

(1) Portfolio comprised of three Retail Properties located in Newnan, Georgia; Aurora, Colorado and Kissimmee, Florida.

(2) Prior to disposition, this property was reevaluated under the held for use model, and a provision for impairment of $2,081 was recognized (see Note 5).

During the year ended December 31, 2024, net gain on sales of investment properties was $9,605, which includes (i) a gain of $9,681 resulting from the dispositions of Retail Properties during the year (as summarized in the table above), (ii) a gain of $78 in proceeds released from escrow due to a prior year disposition and (iii) $154 of selling expenses from prior year dispositions.

The following table summarizes dispositions for the year ended December 31, 2023:


Sale Date	Location	Property Type	Ownership	Square Footage (unaudited)	Gross Sales Proceeds		Aggregate Proceeds, Net		Gain (Loss)
3/22/23	Temecula, CA	Retail	Fee Simple	125	$	6,000	$	5,869	$	(496)
8/9/23	Katy, TX	Retail	Fee Simple	100	11,282		11,029		2,687
12/6/23	South Jordan, UT	Retail	Fee Simple	99	4,475		4,385		(579)

				324	$	21,757	$	21,283	$	1,612

The dispositions completed during the years ended December 31, 2025, 2024 and 2023 did not qualify for discontinued operations treatment and are not considered individually significant.