As of September 30, 2024, Copper Property CTL Pass Through Trust reported net investment properties valued at $792.1 million, a decrease from $859.2 million as of December 31, 2023. Total assets also declined to $1.176 billion from $1.234 billion, while total liabilities decreased to $132.2 million from $140.7 million. Total equity fell to $1.044 billion from $1.094 billion during the same period.
For the three months ended September 30, 2024, lease income was $25.0 million, slightly down from $25.3 million in the same quarter of 2023. For the nine-month period, lease income totaled $75.8 million, compared to $76.2 million in the prior year. Total expenses increased to $10.8 million for Q3 2024 from $8.7 million in Q3 2023, and for the nine months, expenses rose to $29.0 million from $27.5 million. Consequently, net income for Q3 2024 was $16.4 million, down from $19.7 million in Q3 2023, while net income for the nine months decreased to $52.1 million from $53.7 million.
The Trust's net cash provided by operating activities for the nine months ended September 30, 2024, was $68.6 million, a slight decrease from $69.4 million in the same period of 2023. However, proceeds from sales of investment properties significantly increased to $41.3 million from $18.2 million year-over-year. Cash and cash equivalents rose to $46.1 million from $38.0 million at the end of 2023.
The Trust's real estate portfolio consisted of 125 retail properties as of September 30, 2024, down from 130 properties at the end of 2023, following the disposition of five properties. The Trust has no acquisition activity reported during the nine months ended September 30, 2024. An impairment charge of $2.1 million was recognized for a retail property in Cherry Hill, New Jersey.
Distributions to Certificateholders for the nine months ended September 30, 2024, totaled $101.9 million, or $1.36 per certificate, compared to $102.6 million, or $1.37 per certificate, in the same period of 2023. The Trust's financial performance reflects a concentration of lease income from properties leased to Penney Intermediate Holdings LLC, which poses a credit risk should any adverse events affect this tenant.
Overall, the Trust's financial results indicate a modest decline in profitability and asset values, alongside increased operational expenses and a significant rise in cash reserves.
About Copper Property CTL Pass Through Trust
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