Copper Property CTL Pass Through Trust Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

LEASES (Tables)

9 Months Ended

Sep. 30, 2022

Lease income related to the Trust’s operating leases, including the two Retail Properties classified as held for sale, is comprised of the following:


Lease income related to fixed lease payments	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Period from January 30, 2021 to September 30, 2021
Base rent (a)	$	27,212	$	23,766	$	82,538	$	63,764
Straight-line rental income, net (b)	(626)		15,940		(1,899)		42,876
Lease income related to variable lease payments
Ground lease reimbursement income (c)	1,004		1,004		3,011		2,705
Other
Amortization of above and below market lease intangibles (d)	(476)		(83)		(1,140)		(85)
Lease income	$	27,114	$	40,627	$	82,510	$	109,260

(a)Base rent consists of contractual lease payments less the impact of straight-line rent related to a 50% rent abatement provided through December 31, 2021 for each of the Retail Properties. 50%

(b)Represents lease income related to the excess (deficit) of straight-line rental income over fixed lease payments.

(c)Ground lease reimbursement income consists of lease payments due from the tenant for land leased under non-cancellable operating leases.

(d)Represents above and below market lease amortization recognized straight line over the lease term.

Undiscounted lease payments to be received under operating leases

As of September 30, 2022, undiscounted lease payments to be received under operating leases, excluding the two Retail Properties classified as held for sale, for the next five years and thereafter are as follows:


	Lease Payments
Period from October 1 to December 31, 2022	$	25,950
2023	103,799
2024	103,799
2025	103,799
2026	103,799
Thereafter	1,453,190
Total	$	1,894,336

Undiscounted future rental obligations to be paid under long-term ground and office leases

As of September 30, 2022, undiscounted future rental obligations to be paid under the long-term ground leases by New JCP under the terms of the Master Lease on behalf of the Trust, including fixed rental increases, excluding the two Retail Properties classified as held for sale, for the next five years and thereafter, are as follows:


	Lease Obligations
Period from October 1 to December 31, 2022	$	1,004
2023	4,062
2024	4,124
2025	4,116
2026	4,138
Thereafter	224,356
Less imputed interest	(204,156)
Lease liabilities as of September 30, 2022	$	37,644