Value of JCPenney's (JCP) Real Estate Assets Comes in Lower than Expected
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JCPenney (NYSE: JCP) shares are trading strong amid new valuation of its real estate assets.
Reuters reports Tuesday afternoon that the value of JCPenney's stores, distribution centers and headquarters is at $4.06 billion, according to an appraisal run by Cushman & Wakefield. The retailer's 306 stores and 123 locations where it has ground leases are valued at $3.3 billion, which is lower than the $5.9 billion Morgan Stanley pegged the assets at recently.
Distribution centers are valued at $762 million.
In total, JCPenney has 1,102 stores, but the others are being leased.
Disclosure was made in a presentation to potential lenders and filed with U.S. regulators.
JCPenney is up 2.4 percent on the session.
Reuters reports Tuesday afternoon that the value of JCPenney's stores, distribution centers and headquarters is at $4.06 billion, according to an appraisal run by Cushman & Wakefield. The retailer's 306 stores and 123 locations where it has ground leases are valued at $3.3 billion, which is lower than the $5.9 billion Morgan Stanley pegged the assets at recently.
Distribution centers are valued at $762 million.
In total, JCPenney has 1,102 stores, but the others are being leased.
Disclosure was made in a presentation to potential lenders and filed with U.S. regulators.
JCPenney is up 2.4 percent on the session.
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