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Kramont Loses Just One Kmart Among Seven

PHILADELPHIA-If the Kmart lease at the Plymouth Meeting, PA-based REIT's Manchester, CT, property is rejected, the dent in Kramont's annual rental revenues would be limited to three-tenths of 1%. Its seven Kmarts represent 3% of the REIT's annual minimum rents.

By Marita Thomas | Updated on January 16, 2003

PHILADELPHIA-A Kmart store in Manchester, CT, is the only one of the properties owned by Plymouth Meeting, PA-based Kramont Realty Trust to be cut in the retailer’s latest round of store closures. There are seven Kmarts in Kramont’s 88-property portfolio, and six of them escaped the chop.

If the Manchester unit’s closing results in the lease being rejected by the bankruptcy court, Kramont stands to lose just three-tenths of 1% of total annualized minimum rents, according to a statement from the REIT.

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