NEW YORK ( TheStreet) -- Dillard's ( DDS) is one of the biggest retail gainers Thursday morning, after the department store announced its plans to form a REIT unit.

The company said in a filing that it will form a real estate investment trust to enhance its ability to access debt or preferred stock. REITs were designed to give individuals a way to capitalize on profitable real estate.

Dillard's has also formed a wholly-owned unit intended to serve as a captive insurance company.

Dillard's has been outpacing its department store peers amid the economic recovery, with third-quarter earnings surging 80%.

Shares of Dillard's are spiking 14.6% to $42.90 early in the day.

--Written by Jeanine Poggi in New York.

>To contact the writer of this article, click here: Jeanine Poggi.

>To follow the writer on Twitter, go to http://twitter.com/jpoggi.

>To submit a news tip, send an email to: tips@thestreet.com.

If you liked this article you might like

Wall Street Overlooks Trump's North Korea Threats to Hit New Records

Best Buy Disappointment Sends Retailers Into a Spin

Stocks on Track for Records Even as Trump Goes After North Korea

Stock Observations; Reviewing Equities: Doug Kass' Views

Amazon Could Kill 400 of the 1,200 Malls in the United States -- Here's How