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Toys “R” Us Bankruptcy Brings $5.5B in CMBS Exposure

The Chapter 11 bankruptcy filed this week by Toys ‘R’ Us has resulted in roughly $5.5 billion in CMBS exposure, according to analysis by Trepp. The retailer is seeking to resolve roughly $400 million in debt that will mature by 2018.

Trepp found that 109 outstanding loans, totaling about $5.5 billion, currently carry Toys ‘R’ Us exposure, with a large portion of the loans being CMBS 2.0 and 3.0 notes issued after 2010. The loan with the largest CMBS exposure is a $404.7-million portfolio backed by 123 properties secured by Toys “R” Us and Babies “R” Us stores.

The toy chain store has accumulated a heavy debt load recently, in part as its Babies ‘R’ Us business line lost market share to online competitors. The company said the majority of its Toys ‘R’ Us stores are profitable, though a review of its existing brick-and-mortar footprint is likely as the bankruptcy process unfolds.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.