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Dillard's is the latest target by activists for retailer's real estate

Dillard's is the latest department store chain to be targeted by an activist investor.

New York-based Snow Park Capital Partners is now calling out the retailer for the untapped value of its real estate.

"Dillard's is essentially an unleveraged real estate company that is masquerading as a low productivity retailer," Jeff Pierce, Snow Park's managing director, told CNBC on Monday.

The investor, which has primarily focused on real estate securities and owns a 2 percent stake in Dillard's, said the department store's properties alone should be valued at upwards of $200 per share.

Bloomberg first reported this news, but it was later confirmed by CNBC.

Shares of Dillard's stock initially climbed more than 6 percent Monday morning following Bloomberg's report. However, shares were last trading down more than 3 percent, at around $76 apiece.

According to Snow Park, Dillard's owns about 48 million square feet of real estate, with about a quarter of that in so-called class A malls...