Copper Property CTL Pass Through Trust
Copper Property CTL Pass Through Trust is a New York common law liquidating trust that owns and is selling 160 J.C. Penney retail properties and former warehouse distribution centers to third-party purchasers, distributing sale proceeds and rental income to trust certificateholders under management by Hilco JCP, LLC.
- Company typePrivate
- Founded2021
- HeadquartersJersey City, United States
- Headcount—
- GTM typeB2B
- OfferingServices
What Copper Property CTL Pass Through Trust does
Copper Property CTL Pass Through Trust is a New York common law trust, structured and treated as a liquidating trust for U.S. federal income tax purposes under Treasury Regulation Section 301.7701-4(d). It was established in 2020-2021 to acquire and subsequently dispose of 160 J.C. Penney retail properties and six warehouse distribution centers that were transferred to the Trust as part of J.C. Penney's Chapter 11 plan of reorganization. The Trust's operations are confined to owning, leasing under a retail master lease with J.C. Penney, and selling these acquired assets to third-party purchasers. The Trust is externally managed by Hilco JCP, LLC — an affiliate of Hilco Real Estate LLC, which provides the management team and operating personnel — while GLAS Trust Company LLC serves as the independent trustee holding Trust assets for the benefit of certificateholders.
The Trust's revenue mechanics combine two streams: recurring rental income from the J.C. Penney retail master lease (the distribution-center portfolio that generated ~$35.4M in annual base rent was sold in December 2021 for $557.2M) and lumpy proceeds from individual and portfolio property sales, such as the $65.2M sale of seven retail locations in September 2022 and the attempted but collapsed ~$947M sale of over 100 stores to Onyx Partners. Proceeds, together with operating cash, are distributed to trust certificateholders on a monthly cadence — recent disclosed distributions include $6.9M (May 2026), $6.1M (March 2026), and $5.5M (October 2025). The Trust files SEC reports (Forms 10-K, 10-Q, 8-K) and monthly reporting packages, and filed a Form 10 with intent to list its certificates on Nasdaq.
The Trust's customer base is structurally narrow during the wind-down phase. J.C. Penney is the sole tenant under the retail master lease covering the surviving property base, with property buyers — institutional investors and other real estate counterparties such as National Industrial Portfolio Property Owner, LLC and Eastdil Secured — serving as the counterparty base on dispositions. The Trust is governed by an Amended and Restated Pass Through Trust Agreement (dated January 30, 2021, with subsequent amendments through April 2026), and its termination date was extended in April 2026 — evidence that the orderly liquidation is taking longer than originally contemplated.
Copper Property CTL Pass Through Trust firmographics
Firmographics- Name
- Copper Property CTL Pass Through Trust
- Legal name
- Copper Property CTL Pass Through Trust
- Website
- https://ctltrust.net
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Short description
- Copper Property CTL Pass Through Trust is a New York common law liquidating trust that owns and is selling 160 J.C. Penney retail properties and former warehouse distribution centers to third-party purchasers, distributing sale proceeds and rental income to trust certificateholders under management by Hilco JCP, LLC.
- Ownership category
- akta.pro rank
Copper Property CTL Pass Through Trust industry classification
Industry- Product category
- Commercial Real Estate Liquidation Services
- NAICS
- Trusts, Estates, and Agency Accounts (52592)
- SIC
- Real Estate Dealers (For Their Own Account) (6532)
- akta.pro primary industry
- Corporate & Institutional Trust Services (FSAAANAB)
Keywords
Where Copper Property CTL Pass Through Trust is headquartered
LocationHeadquarters
- HQ city
- Jersey City
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Copper Property CTL Pass Through Trust business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Others
Revenue model
- Property Sale Proceeds: The Trust generates revenue through the sale of retail properties and warehouse distribution centers acquired from J.C. Penney. Proceeds from sales are distributed to certificateholders.
- Rental Income: The Trust earns rental income from properties leased under master lease agreements with J.C. Penney. Distribution centers generated approximately $35.4 million in annual base rent.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Trust certificate distribution |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Copper Property CTL Pass Through Trust product offering
Product offeringCore offering
Copper Property CTL Pass Through Trust is a New York common law trust that owns and manages 160 retail properties and 6 warehouse distribution centers acquired from J.C. Penney as part of its Chapter 11 plan of reorganization. The Trust's sole operations consist of owning, leasing, and selling these properties, collecting rental income from J.C. Penney under master lease agreements, and distributing net proceeds from property sales and rental income on a monthly basis to certificateholders.
Product overview
Copper Property CTL Pass Through Trust is a New York common law trust established as a liquidating trust for tax purposes. The Trust's sole operations consist of owning, leasing, and selling 160 retail properties and 6 warehouse distribution centers acquired from JCPenney's Chapter 11 reorganization. The Trust's product offering centers on financial reporting and investor communication services, providing certificateholders with monthly reporting packages, quarterly (Form 10-Q) and annual (Form 10-K) reports, property and sales data files, tax reporting information, and regular investor presentations. The Trust also hosts quarterly conference calls to discuss financial and operating results. All these products and services support the Trust's objective to sell properties to third-party purchasers as promptly as practicable and distribute proceeds to certificateholders.
Differentiator
Problem solved
Functional benefit
Products and services
- Real estate liquidation and monthly distributions The Trust's core service: owning, leasing, and selling 160 J.C. Penney retail properties and (originally) 6 warehouse distribution centers, collecting rental income under master lease agreements, and distributing proceeds to certificateholders. Targeted at certificateholders/investors and at third-party property purchasers.
- Master lease rental operations Leasing of retail and warehouse properties to J.C. Penney under master lease agreements (long-term triple-net structure on the distribution center portfolio), generating recurring rental income of approximately $35.4 million in annual base rent from the distribution centers. Intended for J.C. Penney as the primary lessee.
- Monthly Reporting Packages Detailed monthly reports providing distributions to certificateholders, sales updates, and operational performance of retail and warehouse properties held by the Trust. Provided to certificateholders and the public via the Trust's website and SEC filings.
- SEC Quarterly Reports (Form 10-Q) and Annual Reports (Form 10-K) SEC filings providing quarterly and annual financial statements and operational results of the Trust. Provided to the SEC, certificateholders, and the investing public.
- Investor Conference Calls Quarterly live conference calls hosted by Trust management to discuss financial results, operational updates, and investor Q&A, with replay availability. Provided to certificateholders, analysts, and prospective investors.
Quantifiable outcome
- $557.2 million generated from distribution center portfolio sale
- +3 more outcomes
Companies that use Copper Property CTL Pass Through Trust
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Copper Property CTL Pass Through Trust technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Copper Property CTL Pass Through Trust partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core, major and minor.
- Hilco JCP, LLCcoreHilco JCP, LLC serves as the external manager of the Trust under the Management Agreement. The manager provides a management team and support personnel to manage the Trust's operations, including owning, leasing, and selling the Properties. Hilco JCP, LLC is an affiliate of Hilco Real Estate LLC, which has over 15 years of experience in real estate disposition and repositioning.
- GLAS Trust Company LLCcoreGLAS Trust Company LLC serves as the Trustee of the Trust. The Trustee holds the Trust's assets in trust for the benefit of the certificateholders and performs duties as specified in the Trust Agreement.
- Eastdil SecuredmajorEastdil Secured represented the Trust as the broker in the sale of the JCPenney Distribution Center Portfolio for $557.2 million to National Industrial Portfolio Property Owner, LLC.
- National Industrial Portfolio Property Owner, LLCmajorPurchased the six-distribution-center JCPenney portfolio from the Trust for $557.2 million in an all-cash transaction. This was the Trust's largest single property sale to date.
- Onyx PartnersminorPrivate equity firm that attempted to purchase 117 JCPenney stores from the Trust for approximately $935 million. The deal, initially expected to close in early 2026, was delayed multiple times and ultimately collapsed in December 2025 due to uncertainties over real estate value and J.C. Penney's performance.
Scale indicators6 records
Recent moves11 records
Expansion highlights3 records
Copper Property CTL Pass Through Trust competitors and assessment
Company assessmentBroad incumbents
- VICI Properties: Large publicly-traded experiential real estate REIT that has acquired significant retail and entertainment real estate from restructured operators (e.g., Caesars bankruptcy). Comparable as a net-lease acquirer of distressed retail and tenant-driven real estate.
- STORE Capital: Single-tenant net-lease REIT focused on middle-market retail and service businesses. Comparable as a net-lease acquirer of single-tenant retail real estate that could purchase individual Trust properties.
- Brixmor Property Group: Large publicly-traded open-air shopping center REIT with anchor-tenant exposure similar to JCPenney-anchored centers. Comparable as a major incumbent acquirer and operator of grocery- and retail-anchored shopping centers.
- Federal Realty Investment Trust: Established publicly-traded retail-focused REIT where Trust CFO Larry Finger served as CFO from 2002-2007. Comparable as a major incumbent retail REIT with anchor-tenant exposure and active portfolio-management strategy.
- Realty Income: Largest publicly-traded net-lease REIT with a broad portfolio of single-tenant retail, industrial, and other properties. Comparable as the dominant acquirer of single-tenant net-leased retail real estate, a likely buyer pool for the Trust's remaining assets.
- Kite Realty Group Trust: Publicly-traded open-air shopping center REIT with a focus on mixed-use and grocery-anchored retail centers. Comparable as a retail-anchor-focused REIT that may participate in acquiring the Trust's remaining JCPenney-anchored retail assets.
Direct peers
- A&G Realty Partners: National real estate disposition and advisory firm specializing in retail and industrial property dispositions for retailers, landlords, and bankruptcy estates. Comparable as a real estate disposition firm serving similar buyer/seller counterparties as Hilco Real Estate does for the Trust.
- Seritage Growth Properties: Real estate investment trust created from Sears Holdings' real estate to own and redevelop former Sears and Kmart retail properties. Directly comparable as a retail-anchor-focused REIT with a disposition/redevelopment mandate stemming from a major retail bankruptcy.
- Spirit Realty Capital: Net-lease retail REIT that merged with Realty Income in 2021, with a long history of acquiring distressed retail real estate. Comparable for its experience acquiring single-tenant net-leased retail assets from restructured retailers.
- Washington Prime Group: Mall-focused REIT that filed for Chapter 11 in 2020 and emerged in 2021 with restructured debt and an active asset-disposition mandate. Comparable as a mall-anchor retail REIT working through a bankruptcy-driven balance sheet restructuring.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights5 records
Customer concentration
Copper Property CTL Pass Through Trust financial estimates
Financial estimateRevenue estimate
Valuation estimate
Copper Property CTL Pass Through Trust leadership team
Management profileNumber of profiles
Profiles3 records
Copper Property CTL Pass Through Trust funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Copper Property CTL Pass Through Trust M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Copper Property CTL Pass Through Trust
What does Copper Property CTL Pass Through Trust do?
Copper Property CTL Pass Through Trust is a New York common law trust that owns and manages 160 retail properties and 6 warehouse distribution centers acquired from J.C. Penney as part of its Chapter 11 plan of reorganization. The Trust's sole operations consist of owning, leasing, and selling these properties, collecting rental income from J.C. Penney under master lease agreements, and distributing net proceeds from property sales and rental income on a monthly basis to certificateholders.
Is Copper Property CTL Pass Through Trust a public or private company?
Copper Property CTL Pass Through Trust is a private company. It is classified as unknown and is currently operating.
When was Copper Property CTL Pass Through Trust founded?
Copper Property CTL Pass Through Trust was founded in 2021.
Where is Copper Property CTL Pass Through Trust based?
Copper Property CTL Pass Through Trust is headquartered in Jersey City, United States, in the North America region.
How does Copper Property CTL Pass Through Trust make money?
Two revenue lines are on record. Property Sale Proceeds are the primary driver. The others are rental Income.
Who are Copper Property CTL Pass Through Trust's main competitors?
Broad incumbents on record are VICI Properties, STORE Capital, Brixmor Property Group, Federal Realty Investment Trust, Realty Income and Kite Realty Group Trust. Direct peers are A&G Realty Partners, Seritage Growth Properties, Spirit Realty Capital and Washington Prime Group.
Does Copper Property CTL Pass Through Trust have an API?
No public API is recorded for Copper Property CTL Pass Through Trust.
What industry is Copper Property CTL Pass Through Trust in?
Copper Property CTL Pass Through Trust's product category is Commercial Real Estate Liquidation Services. Its primary akta.pro industry code is FSAAANAB, Corporate & Institutional Trust Services. Its NAICS code is 52592 and its SIC code is 6532.