Copper Property Trust pays $0.2794/certificate; JCPenney Q1 net loss widens to $63M

Copper Property CTL Pass Through Trust

Cash distribution of $0.279359 per certificate ($20.95M total) payable July 10, 2024 to holders of record July 9, 2024.
JCPenney Q1 FY2024 net sales $1.368B, down 8.1% YoY from $1.489B; net loss $63M vs. $17M loss a year ago.
Comparable store sales for master lease properties decreased 6.3% in Q1 vs prior year quarter.
JCPenney reported negative consolidated adjusted EBITDA of $3M for Q1, driven by sales declines offset by cost savings.
Tenant portfolio 127 properties, 16.96M sqft; quarterly four-wall EBITDAR/rent coverage 1.1x, TTM 1.5x.

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