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)

3 Months Ended

Mar. 31, 2023

Lease income related to the Trust’s operating leases, is comprised of the following:


Lease income related to fixed lease payments	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
Contractual base rent	$	25,653	$	27,671
Straight-line rental income, net (a)	(590)		(637)
Lease income related to variable lease payments
Ground lease reimbursement income (b)	1,012		1,004
Other
Amortization of above and below market lease intangibles (c)	(551)		(332)
Lease income	$	25,524	$	27,706

(a)Represents the impact of straight-line rent (contractual rent exceeds straight line rent).

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

(c)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 March 31, 2023, undiscounted lease payments to be received under operating leases, for the next five years and thereafter are as follows:


	Lease Payments
Period from April 1 to December 31, 2023	$	76,666
2024	102,222
2025	102,222
2026	102,222
2027	102,222
Thereafter	1,328,885
Total	$	1,814,439

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

As of March 31, 2023, 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, for the next five years and thereafter, are as follows:


	Lease Obligations
Period from April 1 to December 31, 2023	$	3,050
2024	4,124
2025	4,116
2026	4,138
2027	4,197
Thereafter	220,159
Less imputed interest	(202,084)
Lease liabilities as of March 31, 2023	$	37,700