Sears Holdings’ remaining real estate assets are worth $3.3 billion based on the prices of the recent HBC and Seritage transactions, according to analysts at Evercore ISI.

In a note to investors, Evercore ISI analysts Greg Melich and his team said they conducted a “bottoms up” real estate analysis on the locations of Sears Holdings. The analysts rated the each of the locations to determine the value of the company’s remaining real estate assets.

Sears Holdings SHLD[Sum-of-the-parts analysis on Sears real estate

Sears Holdings’ value is $24 per share including the Seritage cash based on the sum-of-the-parts analysis conducted by Melich and his team. The company’s liquidation value is only $5 per share excluding the Seritage cash and assumption that the money will be used to fund consistent operating losses.

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Melich and his fellow analysts evaluated more than 700 full-line locations of Sears Holdings and rated each location based on co-tenancy characteristics and demographics.


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