Dillard's Trading Up 5.81% After Hours (DDS)

Dillard's, Inc. (NYSE: DDS) is trading up 5.81% after the market close today. Shares closed at $37.54; in after hours trading, they are trading for $39.72.

Earlier today, Dillard's announced its plan to form a wholly-owned subsidiary that will seek to operate as a real estate investment trust (the "REIT"). Dillard's believes the formation of a REIT may enhance its ability to access debt or preferred stock and thereby enhance its liquidity.

Dillard's entities will transfer to the REIT interests in certain real properties currently owned by the Dillard's Parties, who will lease the properties back from the REIT under “triple net” leases.