Petco just went public raising $864 million for the company. According to the KIM list of major tenants, Petco's S&P credit rating was CCC which was among the lowest on KIM's list of top 50 tenants. Petco was KIM's 14th largest tenant by ABR of $10.4 million or 1.1% of total ABRAt BRX, Petco was the 13th largest tenant with $7.8 million in ABR or 0.9% of ABR.A little, perhaps very little, positive news for both KIM and BRX. The number of IPOs and SPACs are really quite high, seems kind of like 1999.
It is a good news, because Petco was one of the potential retailer on the watchlist for both REIT's.
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