Kimco Realty has five stores to be closed, followed by Developers Diversified Realty and Regency Centers with four. CBL & Associates Properties, General Growth Properties and Simon Property Group have three units each. Canadian stores are not affected by the filing.

"The REITs will not be receiving lease termination fees for the LNT closings given the bankruptcy, and big box stores are more difficult to re-lease," said the report, written by Christy McElroy. "That said, we are not concerned about the earnings impact, as the number of stores relative to the size of each of the companies should not impact results substantially."

But don't expect to see another large user taking the shuttered spaces, which average 33,000 sf. Few chains with units that size are expanding right now.