My observations about the risks associated with J.C. Penney's plan to spin-off its real estate were quoted in this article in National Real Estate Investor. Penney’s OpCo/PropCo reorganization has some advantages. However, its overall success depends on two unrelated variables in the current environment. One is whether the value of retail-dedicated real estate will decline or remain stable. The other is whether Penney's plan to resuscitate its brick-and-mortar retail will be successful.