My most recent post on mall REITs (SPG in particular) got me thinking about Sears Holdings, a company that I disparaged a few weeks ago in a post called, “Unsuccessful Profits.” More particularly, my chart on REIT valuation based on square footage owned made me wonder.

Aas you can tell, price per square foot data can vary quite significantly. Not all square footage is created equal and, ultimately, it’s how you monetize your square footage which really matters. In the case of Sears, though they own a significant amount of retail square footage, the majority is leased to its own businesses which have performed in lackluster fashion to say the least. Despite this, there has to be some assumption of inherent value in the