Twelve public US equity real estate investment trusts reported Bed Bath & Beyond Inc. as a top tenant in their recent filings.
The home goods retailer filed for Chapter 11 bankruptcy protection April 23 while also starting the process to liquidate its business.
Earlier in 2023, Bed Bath & Beyond announced the closure of nearly half of its storefronts, closing 354 of its flagship stores, 11 under the buybuy BABY brand and its entire Harmon drugstore chain.
The company said the remaining 360 Bed Bath & Beyond and 120 buybuy BABY stores will remain open for the immediate future while it begins to execute the closure of its retail locations. That being said, Bed Bath & Beyond is also marketing a sale of its assets. In the event of a successful sale, the company said it will pivot away from any store closings as needed to complete the transaction.
REIT exposure
RPT Realty leased 13 store locations to Bed Bath & Beyond as of the end of 2022, representing $4.1 million of annual base rent. It accounted for roughly 2.3% of the rental income from RPT's total portfolio, the highest percentage of any REIT.
While Acadia Realty Trust only reported two leases with the retailer, annual base rent from those leases totaled $3.3 million, or 2.2% of its total portfolio.
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Kimco Realty Corp. reported 31 leases with Bed Bath & Beyond totaling 823,000 square feet. While annual base rental revenue from Bed Bath & Beyond leases aggregated to $9.8 million, it only represented 0.7% of Kimco's entire portfolio.
Kite Realty Group Trust reported 23 leases with the retailer summing to 613,000 square feet. The 23 leases represented just under $8.3 million in annual base rent.
SITE Centers Corp. was the only REIT on the list to have already filed its first-quarter financials. The shopping center REIT reported 17 leases with Bed Bath & Beyond as of March 31, totaling nearly $8.5 million of annual base rent.
Other REITs that reported Bed Bath & Beyond as a top tenant included Urstadt Biddle Properties Inc., InvenTrust Properties Corp., Urban Edge Properties, Federal Realty Investment Trust, Armada Hoffler Properties Inc., Brixmor Property Group Inc. and Regency Centers Corp.
