EX-99.1 2 brhc10021299_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1


Monthly Distribution Statement
 
February 2021
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:      03/10/2021
Record Date:              03/09/2021
Determination Date:  02/28/2021

SECTION I
04
Monthly Certificate Distribution Detail
05
Monthly Cash Source and Uses
06
Monthly Cash Distributions
07
Property Sales This Month
08
Retail Portfolio as of Determination Date
09 – 10
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 Retail Tenant Operating Performance for Retail Portfolio as of Determination Date
N/A
Master Lease Guarantor Operating Performance
N/A
Master Lease Subtenants as of Fiscal Quarter Ended [ ]
N/A
SECTION III
18
Management’s Comments
19
Definitions
20
Disclaimer
21

Trustee

Manager

GLAS Trust Company, LLC
3 Second Street, Suite 206
Jersey City, NJ 07311
Contact: Yana Kislenko
Phone: 201-839-2183
Email: yana.kislenko@glas.agency
Hilco JCP, LLC
5 Revere Drive, Suite 410
Northbrook, IL
Contact: Larry Finger
Phone: 703-244-4588
Email: lfinger@ctltrust.net

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2
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

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 “Disclaimers”, for additional information.

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Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

SECTION I

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4
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

Monthly Certificate Distribution Detail

CUSIP
   
Aggregate Certificates
Outstanding
   
Aggregate Net Sales
Proceeds Distribution
   
Aggregate Net Rental
Income Distribution
   
Aggregate
Total Distribution
 
217519107
     
75,000,000
   
$
-
   
$
1,565,979.82
   
$
1,565,979.82
 

Per Certificate
 
 
CUSIP
   
Aggregate Certificates
Outstanding
   
Aggregate Net Sales
Proceeds Distribution
   
Aggregate Net Rental
Income Distribution
   
Aggregate
Total Distribution
 
217519107
     
75,000,000
   
$
-
   
$
0.020000
   
$
0.020000
 

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5
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

Monthly Cash Sources and Uses

Sources of Cash from Operations
     
Uses of Cash from Operations
     
               
Distribution Center Master Lease Rent *
 
$
5,896,666.68
 
 Management Fees -Operations
 
$
750,410.00
 
Retail Master Lease Rent *
   
10,102,281.95
 
 Legal
 
$
240,687.00
 
Total Rent
 
$
15,998,948.63
 
 Accounting, Financial Reporting & Tax
 
$
36,283.33
 
         
 Insurance
 
$
4,983,745.40
 
         
 Trustee & Other
 
$
158,750.00
 
         
 Total Operating Expenses
   
6,169,875.73
 
Other
 
$
-
           
         
 Formation, Closing & Related Costs
   
8,263,093.08
 
Total Other
 
$
-
           
                   
Total Sources of Cash
 
$
15,998,948.63
 
 Total Uses of Cash
 
$
14,432,968.81
 

Net Cash Available for Distribution
       
         
Total Sources of Cash
 
$
15,998,948.63
 
Total Operating Expenses
   
(6,169,875.73
)
Net Cash Provided by Operations
 
$
9,829,072.90
 
         
Formation, Closing & Related Costs
   
(8,263,093.08
)
         
Net Cash Available for Distribution
 
$
1,565,979.82
 

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
   
-
 
         
 Other
   
-
 
         
 Total Expenses of Sales
   
-
 
Other Financing / Capital Activity
 
$
-
           
Other
   
-
           
Total Other
 
$
-
 
 Cash Provided (Used) Sales / Capital Activity
   
-
 
                   
Total Sources of Cash
 
$
-
 
Total Uses of Cash
 
$
-
 

 * March Rent of $7,999,474.38 collected in February.

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Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

Monthly Cash Distributions

Distribution Date
 
Net Rental Income Distribution
   
Sales and Capital Activity Distribution
   
Total Distributions
 
                   
10-Mar-21
 
$
1,565,979.82
   
$
-
   
$
1,565,979.82
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
     
-
     
-
     
-
 
Trailing 12 mos.
 
$
1,565,979.82
   
$
-
   
$
1,565,979.82
 
                         
Inception to Date
 
$
1,565,979.82
   
$
-
   
$
1,565,979.82
 

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7
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

Property Sales This Month
(No Property Sales February 2021)

Sale Date / Period
Type
Property ID
 
Square Feet
   
Rent for Lease Year at Closing Date *
   
Gross Cost Basis
**
   
Gross Sales Price
   
Net Sales Price
 
Net Sales
Price Per
Square Foot
Implied Cap. Rate
/ Rent Yield at Closing ***
Selling Costs as
Percentage of Gross
Sales Price
Selling Broker

Retail or DC
                                               
Distribution Centers
 DC
     
-
   
$
-
   
$
-
   
$
-
   
$
-
 
-
-
-
 
Retail Properties
 Retail
     
-
     
-
     
-
     
-
     
-
 
-
-
-
 
Distribution Period Average:
     
-
   
$
-
   
$
-
   
$
-
   
$
-
 
-
-
-
 

Distribution Centers
 DC
     
-
   
$
-
   
$
-
   
$
-
   
$
-
 
-
-
-
See Support Schedule
Retail Properties
 Retail
     
-
     
-
     
-
     
-
     
-
  -
-
-
See Support Schedule
Previous Distribution Periods Average:
   
-
   
$
-
   
$
-
   
$
-
   
$
-
 
-
-
-
 

Distribution Centers
 DC
     
-
   
$
-
   
$
-
   
$
-
   
$
-
 
-
-
-
See Support Schedule
Retail Properties
 Retail
     
-
     
-
     
-
     
-
     
-
 
-
-
-
See Support Schedule
Cumulative Distribution to Date Average:
   
-
   
$
-
   
$
-
   
$
-
   
$
-
 
-
-
-
-

*
Monthly Rent due for Sale Period X 12, excluding rental abatement.
**
Costs Basis BEFORE depreciation and Amortization
***
Gross Sales Price divided by the Annual Rent as defined above.

www.ctltrust.net
8
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

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 PSF *
 
Ownership Type
 
Properties
   
Square Feet
   
Current Lease Year
Rent *
 
Tier 1 -$9.00
   
33
     
4,091,827
   
$
36,826,443.00
 
 Fee
   
137
     
18,325,835
   
$
102,505,995.00
 
Tier 2 -$6.00
   
84
     
11,135,640
   
$
66,813,840.00
 
 Ground Lease
   
23
     
3,386,112
     
18,721,387.00
 
Tier 3 -$3.50
   
20
     
3,078,756
   
$
10,775,651.00
                           
Tier 4 -$2.00
   
23
     
3,405,724
   
$
6,811,448.00
                           
Total:
   
160
     
21,711,947
   
$
121,227,382.00
 
 Total:
   
160
     
21,711,947
   
$
121,227,382.00
 

By Current Lease Year Rent Per Property:
 
By Property Type:
Tier
 
Properties
   
Square Feet
   
Current Lease Year
Rent *
 
Property Type
 
Properties
   
Square Feet
   
Current Lease Year
Rent *
 
>=$950,000
   
39
     
6,738,486
     
47,925,600
 
 Shopping Center
   
37
     
3,737,762
   
$
23,657,840.00
 
>=$700,000 & < $950,000
   
43
     
5,721,653
     
36,838,324
 
 Freestanding
   
4
     
372,240
     
2,533,116.00
 
>=$500,000 & < $700,000
   
40
     
4,452,546
     
23,515,430
 
 Mall
   
119
     
17,601,765
     
95,036,426.00
 
<=$500,000
   
38
     
4,799,262
     
12,948,028
                           
Total:
   
160
     
21,711,947
   
$
121,227,382.00
 
 Total:
   
160
     
21,711,767
   
$
121,227,382.00
 

www.ctltrust.net
9
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

Retail Portfolio as of Determination Date (Cont’d)

By Geography:
                   By Geography:
                 
State
 
Properties
   
Square Feet
   
Current Lease
Year Rent *
 
State
 
Properties
   
Square Feet
   
Current Lease
Year Rent *
 
AR
   
2
     
186,745
   
$
1,120,470.00
 
MO
   
2
     
229,828
     
1,378,968.00
 
AZ
   
5
     
651,164
     
3,848,169.00
 
MS
   
1
     
99,396
     
894,564.00
 
CA
   
28
     
4,433,580
     
24,302,384.00
 
NC
   
1
     
104,198
     
208,396.00
 
CO
   
4
     
513,068
     
1,679,420.00
 
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
   
4
     
673,802
     
2,830,244.00
 
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
   
30
     
3,269,745
     
21,297,084.00
 
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
   
2
     
255,941
     
1,535,646.00
 
WI
   
1
     
85,981
     
515,886.00
 
                          Total:
    160
      21,711,947
    $
121,227,382.00
 

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

www.ctltrust.net
10
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:      03/10/2021
Record Date:              03/09/2021
Determination Date: 02/28/2021

Distribution Center Portfolio as of Determination Date

Property ID
     
9005
     
9130
     
9132
     
9316
     
9435
     
9486
 
Location
   
Statesville, NC
   
Columbus, OH
   
Lenexa, KS
   
Reno, NV
   
Haslet, TX
   
Forest Park, GA
 

NewJCP
   
595,209
     
2,000,000
     
2,308,100
     
1,838,800
     
1,133,027
     
2,233,475
 
Square Feet
Other Tenants
   
0
     
0
     
0
     
0
     
0
     
0
 
Vacant
   
0
     
0
     
0
     
0
     
0
     
0
 

Total
   
595,209
     
2,000,000
     
2,308,100
     
1,838,800
     
1,133,027
     
2,233,475
 

NewJCP
   
1,785,627
     
6,500,000
     
6,294,059
     
8,734,300
     
4,248,851
     
7,817,163
 
Current Lease Year Rent *
Other Tenants
   
0
     
0
     
0
     
0
     
0
     
0
 

Total
   
1,785,627
     
6,500,000
     
6,294,059
     
8,734,300
     
4,248,851
     
7,817,163
 
Current Lease Year Rent -PSF **
NewJCP
 
$
3.00
   
$
3.25
   
$
2.73
   
$
4.75
   
$
3.75
   
$
3.50
 
Other Tenants
 
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
   
$
0.00
 
Total  
$
3.00
   
$
3.25
   
$
2.73
   
$
4.75
   
$
3.75
   
$
3.50
 

*
Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.
**
Current Lease Year Rent = (Monthly Rent X 12) / 12, excluding rental abatement.

www.ctltrust.net
11
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date  02/28/2021

Landlord and Tenant option Properties as of Determination Date

Property ID
Option Type
Property Name
Location
 
Square Feet
   
Current Lease
Year Rent *
 
Option Notice
(Y/N)
 
246
Landlord
SouthBay Pavilion at Carson
20700 Avalon Boulevard, Carson, CA
   
200,697
   
$
1,204,182.00
 
N
 
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
   
203,832
     
1,222,992.00
 
N
 
1959
Landlord
The Shops at Tanforan
1122 El Camino Real, San Bruno, CA
   
223,232
     
446,464.00
 
N
 
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
   
268,859
     
941,007.00
 
N
 
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
   
151,293
     
302,586.00
 
N
 
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
   
204,340
     
1,226,040.00
 
N
 
197
Landlord
Gateway Shopping Center I & II
360 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
   
163,800
     
982,800.00
 
N
 
2881
Landlord
Memorial City S/C
300 Memorial City Way, Houston, TX
   
140,486
     
842,916.00
 
N
 
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
   
81,973
     
491,838.00
 
N
 
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, Flowe Mound, TX
   
103,689
     
362,912.00
 
N
 
2934
Tenant
University Oaks S/C
151 University Oaks, Round Rock, TX
   
103,525
     
621,150.00
 
N
 
2982
Tenant
Village at Fairview
301 Stacy Road, Fairview, TX
   
117,641
     
705,846.00
 
N
 
2749
Tenant
Dulles Town Centre
21030 Dulles Town Circle, Sterling, VA
   
125,917
     
440,710.00
 
N
 
Total:
         
4,566,235
   
$
18,663,493
     

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

www.ctltrust.net
12
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

Substitution Properties as of Determination Date
(No Substitution Properties February 2021)

Property ID
Property Name
Property Location
Substitution Type
(Outgoing / Incoming)
 
Square Feet
   
Current Lease
Year Rent *
 
Notice Date
Exercise Date
           
0
   
$
-
     
Total:
                         

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

www.ctltrust.net
13
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

Monthly Leasing Activity Distribution Centers
(No Leasing Activity February 2021)

Distribution Centers:
Property
ID
Lease Start
Date
Tenant Name
 
Square Feet
 
Current Lease
Year Rent -PSF
*
 
Current Lease
Year Rent **
 
Real Estate
Operating
Expenses
Initial Term
(Months)
Extension
Options (Years)
Tenant Business Description
Manager Commentary

       
0
 
-
 
$
-
           
Total:
       
0
 
-
 
$
-
           

*
Current Lease Year Rent = (Monthly Rent X 12) / 12, excluding rental abatement.
**
Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.

www.ctltrust.net
14
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date  02/28/2021

Monthly Leasing Activity Retail Properties
(No Leasing Activity February 2021)

Retail Properties:
Property ID
Lease Start
Date
Tenant Name
 
Square Feet
 
Current Lease
Year Rent -PSF
*
 
Current Lease
Year Rent **
 
Real Estate
Operating
Expenses
Initial Term
(Months)
Extension Options (Years)
Tenant Business Description
Manager Commentary
         
0
 
-
 
$
-
               
Total:
       
0
 
-
 
$
-
               

*
Current Lease Year Rent = (Monthly Rent X 12) / 12, excluding rental abatement.
**
Current Lease Year Rent = Monthly Rent X 12, excluding rental abatement.

www.ctltrust.net
15
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

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.

www.ctltrust.net
16
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

SECTION II
(Provided Quarterly)

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17
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

SECTION III

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18
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

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

www.ctltrust.net
19
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

Monthly Distribution Date Statement

Definitions

(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.”

www.ctltrust.net
20
 

Contact Us
For additional information, please contact:
Investor Relations at (310) 526-1707
Distribution Date:     03/10/2021
Record Date:             03/09/2021
Determination Date: 02/28/2021

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, the effects of the pandemic and measures intended to prevent its spread on the 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 y; constraints in the ability to access capital and other sources of funding; increased risk of claims, litigation and regulatory proceedings and uncertainty; 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 dated March 5, 2021 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.


www.ctltrust.net
21