Macy’s is leaning on its real-estate holdings to sell bonds. But that is just one step in a series of complex changes the department store wants to make to its corporate structure—and in aggregate, those changes mean investors should take extra caution before buying the shares.

The department store wants to sell $1.1bn of bonds backed by a portfolio of real-estate holdings, according to company filings on Tuesday: Three stand-alone stores in Brooklyn, San Francisco, and Chicago; 35 stores in shopping malls; and 10 distribution centers.