Macy’s has been dragging its feet on selling its real estate to capitalize on those unused properties, and now the SEC is stepping in.

The retailer has been talking about monetizing its real estate assets for some time, and in recent correspondence the SEC asked why it's not including the potential gains from real estate sales in its financial statements. Macy's has been grouping potential real estate sales in its administrative expenses—which could give investors the false impression that Macy’s is reducing its overhead once it begins selling assets.

It’s gotten to the point that Macy’s buildings are worth more than the firm's retailing business, Bloomberg reports. Investor Starboard Value estimates the 870 stores are worth roughly $21B—that’s quite a bit more than the company’s $18B value. Macy’s has brought real estate experts aboard to help discuss options, but has yet to make any moves. The retailer announced earlier this month that it will close 100 stores, or 15% of its portfolio, due to slow sales, and plans to focus its efforts on strengthening its online presence. [Bloomberg]