Exhibit 99.1
Monthly/Quarterly Reporting Package
March 2022

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Table of Contents

SECTION I- Monthly Reporting Schedules			4
Monthly Certificate Distribution Detail			5
Monthly Cash Source and Uses			6
Monthly Cash Distributions			7
Property Sales This Month			8
Retail Portfolio as of Determination Date			9
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 Guarantor Operating Performance			18
Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date			19
Master Lease Subtenants as of Fiscal Year Ended January 29, 2022			23
SECTION III			24
Management’s Comments			25
SECTION IV – Provided Quarterly – Penney Intermediate Holdings LLC Financial Statements			26
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
Narrative Report			N/A
Statement of Consolidated Adjusted EBITDA			N/A
SECTION V – Definitions and Disclaimers			27
Definitions			28
Disclaimer			29

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: Yana Kislenko

Contact: Larry Finger

Phone: 201-839-2183

Phone: 703-244-4588

Email: yana.kislenko@glas.agency

Email: lfinger@ctltrust.net

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

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.

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

SECTION I

Monthly Reporting Schedules

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Monthly Certificate Distribution Detail

CUSIP									Aggregate Certificates Outstanding			Aggregate Net Sales Proceeds Distribution			Aggregate Net Operations Distribution			Aggregate Total Distribution
217519107									75,000,000			$(186,837.75)			$8,249,305.19			$8,062,467.44

Per Certificate
CUSIP									Aggregate Certificates Outstanding			Aggregate Net Sales Proceeds Distribution			Aggregate Net Operations Distribution			Aggregate Total Distribution
217519107									75,000,000			$(0.002491)			$0.109991			$0.107500

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Monthly Cash Sources and Uses

Sources of Cash from Operations									Uses of Cash from Operations
Distribution Center Master Lease Rent			$	—					Accounting and Financial Reporting			$	117,822.00
Retail Master Lease Rent			9,218,296.58						Investor Relations			183,682.76
Total Rent			$	9,218,296.58					Legal			98,214.25
									Insurance			—
Sales & Use Tax Recovery			$	61,073.64					Management Fees -Operations and Other Professional Fees			530,052.00
Other			$	762.24					BOV’s and Other			9,698.71
Total Other Sources of Cash			$	61,835.88					Total Operating Expenses			$	939,469.72
									Taxes to be Recovered from Tenant			$	91,357.55
									Formation, Closing & Related Costs			—
									Total Other Uses of Cash			$	91,357.55
Total Sources of Cash from Operations			$	9,280,132.46					Total Uses of Cash from Operations			$	1,030,827.27

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			3,070.00
									Prepaid Sales Expenses			183,767.75
Other Financing / Capital Activity			$	—					Other			—
Other			—						Total Expenses of Sales			$	186,837.75
Total Other			$	—					Cash Provided (Used) Sales / Capital Activity			—
Total Sources of Cash from Sales / Capital Activity			$	—					Total Uses of Cash from Sales / Capital Activity			$	186,837.75

Net Cash Available for Distribution
Total Sources of Cash from Operations			$	9,280,132.46
Total Uses of Cash from Operations			(1,030,827.27)
Net Cash Provided by Operations			$	8,249,305.19
Total Sources of Cash from Sales / Capital Activity			$	—
Total Uses of Cash from Sales / Capital Activity			(186,837.75)
Net Cash Provided by Sales / Capital Activity			$	(186,837.75)
Net Cash Available for Distribution			$	8,062,467.44

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Monthly Cash Distributions

Distribution  Date			Net Rental Income Distribution			Sales and Capital Activity Distribution			Total Distributions
11-Apr-22			$8,249,305.19			$(186,837.75)			$8,062,467.44
10-Mar-22			8,368,341.85			(110,600.00)			8,257,741.85
10-Feb-22			3,606,005.38			20,793,303.11			24,399,308.49
10-Jan-22			5,557,146.98			595,294,173.94			600,851,320.92
10-Dec-21			6,532,239.75			50,434,348.59			56,966,588.34
10-Nov-21			6,187,382.35			—			6,187,382.35
12-Oct-21			6,484,666.36			118,150,023.75			124,634,690.11
10-Sept-21			6,642,375.46			—			6,642,375.46
10-Aug-21			6,837,204.31			31,544,164.52			38,381,368.83
12-July-21			6,822,411.96			—			6,822,411.96
10-June-21			6,449,331.63			—			6,449,331.63
10-May-21			6,915,430.00			—			6,915,430.00
Trailing 12 mos.			$78,651,841.22			$815,918,576.16			$894,570,417.38
Inception to Date			$87,117,951.92			$815,918,576.16			$903,036,528.08

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Property Sales This Month

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			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
Total Retail Property Sales this Month									—			$—			$—			$—			$—			$—			—%			$—			—%
Distribution Center Property Sales This Month
Total Distribution Center Properties this Month									—			$—			$—			$—			$—			$—			—%			$—			—%
Total Property Sales this Month									—			$—			$—			$—			$—			$—			—%			$—			—%
Property Sales this Month Average									—			$—			$—			$—			$—			$—			—%			$—			—%
Retail Properties									2,226,491			$10,607,823			$210,500,000			$276,850,000			$276,850,000			$124.34			3.83%			$11,558,357			4.17%
Distribution Centers									10,108,611			35,380,000			497,900,000			557,165,354			557,165,354			$55.12			6.35%			7,872,646			1.41%
Previous Distribution Period Total:									12,335,102			45,987,823			708,400,000			834,015,354			834,015,354			$67.61			5.51%			19,431,003			2.33%
Previous Distribution Periods Average:									616,755			$2,299,391			$35,420,000			$41,700,768			$41,700,768			$67.61			5.51%			$971,550			2.33%
Retail Properties									2,226,491			$10,607,823			$210,500,000			$276,850,000			$276,850,000			$124.34			3.83%			$11,558,357			4.17%
Distribution Centers									10,108,611			35,380,000			497,900,000			557,165,354			557,165,354			55.12			6.35%			7,872,646			1.41%
Cumulative Distribution to Date Total:									12,335,102			45,987,823			708,400,000			834,015,354			834,015,354			67.61			5.51%			19,431,003			2.33%
Cumulative Distribution to Date Average:									616,755			$2,299,391			$35,420,000			$41,700,768			$41,700,768			$67.61			5.51%			$971,550			2.33%

1 Annualized Monthly Rent (e.g. Monthly Rent due for in Sale Period X 12). Rental Abatement shall be disregarded.

2 GAAP Basis before depreciation and amortization. The Trust determined that fresh start accounting fair value (not cost) of the investment properties based upon the fair value of the individual assets and liabilities assumed as of the Effective Date (1/31/21).The total fair Value of the properties acquired was $1.935 Billion.                                                

3 Net of credits provided to Buyer other than pro-rations. Selling costs are not netted in Net Sales Price

4 Gross Sales Price divided by the Annual Rent as defined above

5 Selling Costs as percentage of Gross Sales Price. Selling costs may not tie into the Total Expenses of Sale as reported on the Monthly Sources and Uses Report.

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

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 1						Ownership Type			Properties			Square Feet			Current Lease Year Rent 1
Tier 1 -$9.00			32			3,987,421			$35,886,789.00						Owned			124			16,368,203			$92,839,179.00
Tier 2 -$6.00			76			9,919,346			59,516,076.00						Ground Lease			22			3,117,253			17,780,380.00
Tier 3 -$3.50			18			2,706,208			9,471,732.00
Tier 4 -$2.00			20			2,872,481			5,744,962.00
Total:			146			19,485,456			$110,619,559.00						Total:			146			19,485,456			$110,619,559.00

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 Rent 1
>=$950,000			35			5,965,817			$43,289,586.00						Shopping Center			32			3,226,528			$20,536,440.00
>=$700,000 & <$950,000			39			5,090,261			33,408,901.00						Freestanding			4			372,420			2,533,116.00
>=$500,000 & <$700,000			39			4,349,021			22,894,280.00						Mall			110			15,886,508			87,550,003.00
<=$500,000			33			4,080,357			11,026,792.00
Total:			146			19,485,456			$110,619,559.00						Total:			146			19,485,456			$110,619,559.00

1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Retail Portfolio as of Determination Date (Cont’d)

By Geography:
State			Properties			Square Feet			Current Lease Year Rent 1
AR			2			186,745			$1,120,470.00						MO			2			229,828			1,378,968.00
AZ			4			492,446			3,530,733.00						MS			1			99,396			894,564.00
CA			24			3,536,960			20,487,739.00						NC			1			104,198			208,396.00
CO			3			361,775			1,376,834.00						NH			2			230,842			1,122,962.00
CT			3			464,682			929,364.00						NJ			5			882,946			3,510,571.00
DE			1			159,878			959,268.00						NM			2			265,910			2,014,848.00
FL			9			1,292,316			9,874,971.00						NV			3			437,937			3,941,433.00
GA			2			204,634			1,143,372.00						NY			3			469,462			1,604,204.00
IA			1			85,278			298,473.00						OH			5			645,447			3,504,477.00
ID			1			151,985			1,367,865.00						OK			3			332,223			1,494,714.00
IL			5			845,224			4,414,248.00						OR			1			157,928			947,568.00
IN			1			99,317			893,853.00						PA			4			555,087			2,984,042.00
KS			2			316,856			1,471,852.00						PR			2			185,946			1,115,676.00
KY			2			251,289			1,821,111.00						TN			3			347,331			1,241,828.00
LA			2			229,181			1,749,054.00						TX			24			2,536,198			16,841,806.00
MA			1			141,692			495,922.00						UT			1			99,411			347,939.00
MD			4			559,312			2,424,176.00						VA			5			736,563			3,330,898.00
MI			6			863,012			3,699,718.00						WA			4			666,272			4,515,948.00
MN			1			173,968			1,043,808.00						WI			1			85,981			515,886.00
															Total:			146			19,485,456			$110,619,559.00

1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Distribution Center Portfolio as of Determination Date

(All Distribution Centers sold in December 2021)

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			—			—			—			—			—			—

1Current Lease Year Rent = Monthly Rent X 12

2Current Lease Year Rent PSF = (Monthly Rent X 12) / Square Feet

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Landlord and Tenant Option Properties as of Determination Date

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

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

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

715,971.00

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

152,567

533,985.00

N

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

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

N/A

N/A

N

Property Sold 12-23-21

197

Landlord

Gateway Shopping Center I &

II360 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

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

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

N/A

N/A

N

Property Sold 12-29-21

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, 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

125,917

440,710.00

N

Total:

2,602,868

$9,312,760.00

1Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Substitution Properties as of Determination Date

(No Substitution Properties March, 2022)

Property ID

Property Name

Property Location

Substitution Type (Outgoing / Incoming)

Square Feet

Current Lease Year Rent 1

Notice Date

Exercise Date

—

$

—

Total:

1Current Lease Year Rent = Monthly Rent X 12

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Monthly Leasing Activity Distribution Centers

(No Leasing Activity March, 2022)

Property ID

Lease Start Date

Tenant Name

Square Feet

Current Lease Year Rent - PSF 1

Current Lease Year Rent 2

Real Estate Operating Expenses

Initial Term (Months)

Extension Options (Years)

Tenant Business Description

Manager Commentary

—

—

$

—

Total:

—

—

$

—

1Current Lease Year Rent PSF = (Monthly Rent X 12) / Square Feet.

2Current Lease Year Rent = Monthly Rent X 12.

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Monthly Leasing Activity Retail Properties

(No Leasing Activity March, 2022)

Property ID

Lease Start Date

Tenant Name

Square Feet

Current Lease Year Rent - PSF 1

Current Lease Year Rent 2

Real Estate Operating Expenses

Initial Term (Months)

Extension Options (Years)

Tenant Business Description

Manager Commentary

—

—

$

—

Total:

—

—

$

—

1Current Lease Year Rent PSF = (Monthly Rent X 12) / Square Feet, excluding rental abatement.

2Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Summary Select 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.

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

SECTION II

(Provided Quarterly)

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Master Lease Guarantor Operating Performance

Key Financial and Performance Metrics						Fiscal Year Ended January 29, 2022*			Trailing 12 Months as of January 29, 2022****
Comparable store sales percent increase / (decrease) for Master Lease Properties **						51.8%			51.8%
Liquid assets covenant compliance (as defined in the Master Leases)						Yes			N/A
Tangible net worth (as defined in the Master Leases - in millions)***						$1,503			N/A
Key Portfolio Metrics						Fiscal Year Ended January 29, 2022*			Trailing 12 Months as of January 29, 2022****
End of period number of stores - fee owned and ground leased						206			206
End of period number of stores - space leased						464			464
Gross Square Footage of stores (in millions)						81.7			81.7

* Reflects financial activity from January 31, 2021 through January 29, 2022 (Fiscal Year 2021).

** Comparable sales against LY base having COVID closures.

*** Per Consolidated Financial Statements of Penney Intermediate Holdings LLC as of January 29, 2022.

**** Reflects financial activity from Fiscal Year Ended January 29, 2022 (TTM 12 Months)

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date

Fiscal Year Ended January 29, 2022 *
Property Ownership			# of Properties			Square Feet			Tenant’s Sales Per Square Foot			Tenant’s Four-Wall EBITDAR			Rent			Tenant’s Four-Wall EBITDA			Tenant’s Four-Wall EBITDAR / Rent
Fee			124			16,368,203			$83												2.3
Ground Lease			22			3,117,253			$103												2.5
Total			146			19,485,456			$86			$355,506,500			$153,176,564			$202,329,936			2.3

Fiscal Year Ended January 29, 2022 *
Rent Tier **			# of Properties			Square Feet
1 > $2.4			37			4,590,868
2 > $1.9			36			4,917,463
3 > $1.6			36			4,505,021
4 < $1.6			37			5,472,104
Total			146			19,485,456

* Reflects financial activity from January 31, 2021 through January 29, 2022 (Fiscal Year 2021)

** Rent tier determined based on book Occupancy Expense per square foot

Rent: includes book Rent, Ground Leases, 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.

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date

Fiscal Year Ended January 29, 2022 *
Tenant's Sales per Square Foot Tier			# of Properties			Square Feet			Tenant’s Sales Per Square Foot			Tenant’s Four-Wall EBITDAR			Tenant’s Four-Wall EBITDAR to Sales			Tenant’s Four-Wall EBITDA			Tenant’s Four-Wall EBITDAR / Rent
> $103.7			37			4,400,992			$131						24.8%						2.9
> $82.4			36			4,461,233			$93						21.8%						2.5
> $66.2			36			5,271,096			$74						19.2%						1.9
< $66.2			37			5,352,135			$55						16.2%						1.7
Total			146			19,485,456			$86			$355,506,500			21.2%			$202,329,936			2.3

Fiscal Year Ended January 29, 2022 *
EBITDAR / Rent Tier **			# of Properties			Square Feet			Tenant’s Sales Per Square Foot			Tenant’s Four-Wall EBITDAR			Tenant’s Four-Wall EBITDAR to Sales			Tenant’s Four-Wall EBITDA			Tenant’s Four-Wall EBITDAR / Rent
> {$3.0}x **			28			3,050,154			$116						24.6%						3.5
> {$2.0}x **			73			9,536,053			$90						22.0%						2.5
< {$2.0}x **			45			6,899,249			$66						17.2%						1.5
Total			146			19,485,456			$86			$355,506,500			21.2%			$202,329,936			2.3

* Reflects financial activity from January 31, 2021 through January 29, 2022 (Fiscal Year 2021).

** Rent tier determined based on book Occupancy Expense per square foot

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date

Trailing 12 Months**
Property Ownership			# of Properties			Square Feet			Tenant’s Sales Per Square Foot			Tenant’s Four-Wall EBITDAR			Rent			Tenant’s Four-Wall EBITDA			Tenant’s Four-Wall EBITDAR / Rent
Fee			124			16,368,203			$83												2.3
Ground Lease			22			3,117,253			$103												2.5
Total			146			19,485,456			$86			$355,506,500			$153,176,564			$202,329,936			2.3

Trailing 12 Months**
Rent Tier *			# of Properties			Square Feet			Tenant’s Sales Per Square Foot			Tenant’s Four-Wall EBITDAR			Rent			Tenant’s Four-Wall EBITDA			Tenant’s Four-Wall EBITDAR / Rent
1 > $9.6			37			4,579,891			$124												2.6
2 > $7.6			36			5,033,048			$84												2.2
3 > $6.8			36			4,601,369			$81												2.2
4 < $6.8			37			5,271,148			$59												2.1
Total			146			19,485,456			$86			$355,506,500			$153,176,564			$202,329,936			2.3

* Rent tier determined based on book Occupancy Expense per square foot

** Reflects financial activity from January 31, 2021 through January 29, 2022 (TTM January 2022)

Rent: includes book Rent, Ground Leases, 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.

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Master Lease Retail Tenant Operating Performance for Retail Portfolio as of Determination Date

Trailing 12 Months *
Tenant's Sales per Square Foot Tier			# of Properties			Square Feet			Tenant’s Sales Per Square Foot			Tenant’s Four-Wall EBITDAR			Tenant’s Four-Wall EBITDAR to Sales			Tenant’s Four-Wall EBITDA			Tenant’s Four-Wall EBITDAR / Rent
> $103.7			37			4,400,992			$131						24.8%						2.9
> $82.4			36			4,461,233			$93						21.8%						2.5
> $66.2			36			5,271,096			$74						19.2%						1.9
< $66.2			37			5,352,135			$55						16.2%						1.7
Total			146			19,485,456			$86			$355,506,500			21.2%			$202,329,936			2.3

Trailing 12 Months *
EBITDAR / Rent Tier **			# of Properties			Square Feet			Tenant’s Sales Per Square Foot			Tenant’s Four-Wall EBITDAR			Tenant’s Four-Wall EBITDAR to Sales			Tenant’s Four-Wall EBITDA			Tenant’s Four-Wall EBITDAR / Rent
> {$3.0}x **			28			3,050,154			$116						24.6%						3.5
> {$2.0}x **			73			9,536,053			$90						22.0%						2.5
< {$2.0}x **			45			6,899,249			$66						17.2%						1.5
Total			146			19,485,456			$86			$355,506,500			21.2%			$202,329,936			2.3

* Reflects financial activity from January 31, 2021 through January 29, 2022 (TTM January 2022).

** Stratifications consolidated due to insufficient store count

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Master Lease Subtenants

Fiscal Year Ended January 29, 2022
Subtenant Name			Subleased Property			Square Feet			Lease Commence Date			Lease Expiration Date ***			Rent / Month			Rent Per Square Foot / Month			Percent of Total Rent **			Expense Provisions
Donald Bruce Drummond (Optometrist)			334			226			6/1/2017			5/31/2022			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			8/31/2022			100			0.5			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			9/30/2022			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			9/30/2022			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			3/31/2022			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			8/31/2022			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			0.04			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			—%
Total Subtenants *						19,312									701			-

* Excludes TBA leases consistent with Section 9.2(a) of the Master Lease Agreement.

** 12 months of sublease income divided by book rent for same period.

*** Subleases for Optometrist offices auto-renew for 12 months w/ 30-day right to terminate by either party.

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

SECTION III

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Management’s Comments

(Management Commentary will be provided in our 10Q’s and 10K’s)

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

SECTION IV

(Provided Quarterly)

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

SECTION V

Definitions and Disclaimers

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

Monthly Distribution Date Statement

Definitions

The following metrics apply to Quarterly Reporting only:

(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.”

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			Contact Us For additional information, please contact: Investor Relations at (310) 526-1707			Distribution Date: 04/11/2022 Record Date: 04/08/2022 Determination Date: 03/31/2022

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 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.

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