Seritage Growth Pptys (SRG) Stock News

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Seritage Growth Properties (NYSE: SRG) announced a voluntary prepayment of $20.0 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska. With this payment, the company has repaid a total of $1.55 billion since December 2021, leaving $50 million outstanding on the facility.

The current prepayment is expected to reduce Seritage’s annual interest expense on the term loan by approximately $1.4 million, and the cumulative repayments since December 2021 have lowered annual interest expense by about $110.0 million.

Seritage Growth Properties (NYSE: SRG) announced a voluntary prepayment of $130.0 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska. The prepayment was funded from proceeds of recent property sales, including the sale of the Aventura, FL property.

With this payment, Seritage has repaid a total of $1.53 billion since December 2021, leaving $70 million outstanding. The current prepayment reduces Seritage’s annual interest expense on the term loan by approximately $9.2 million, and cumulative repayments since December 2021 have lowered annual interest expense by about $108.6 million.

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Seritage Growth Properties (NYSE:SRG), a national real estate developer, reported Q2 2025 financial results with significant progress in its Plan of Sale strategy. The company generated $31.1 million in gross proceeds from asset sales and has three additional assets under contract for anticipated proceeds of $109.8 million.

Key financial metrics include cash on hand of $80.1 million as of June 30, 2025, and a net loss of ($29.7) million or ($0.53) per share. The company successfully extended its Term Loan Facility maturity to July 31, 2026, after making a $40 million principal repayment and paying $8 million in extension fees.

The company is currently negotiating sales agreements for five additional assets with potential proceeds of $226.4 million. Portfolio performance shows strong occupancy with 92% leased space in Multi-Tenant retail properties and significant leasing progress in Premier Mixed-Use assets.

Seritage Growth Properties (NYSE: SRG) announced a voluntary $40 million prepayment on its $1.6 billion term loan facility from Berkshire Hathaway Life Insurance Company. This payment brings the total repayment since December 2021 to $1.4 billion, leaving $200 million outstanding. The latest prepayment will reduce annual interest expenses by $2.8 million, while cumulative repayments since December 2021 have decreased annual interest expenses by approximately $99.4 million. The company, which focuses on retail, residential, and mixed-use properties, continues to strengthen its financial position through debt reduction.

SURMOUNT, a full-service global commercial real estate platform, has announced the formation of its Leadership Advisory Board comprising distinguished industry executives. The board includes Michael K. Federman (Managing Partner at Federman Steifman LLP), Robert Lapidus (President & CIO of L&L Holding Company), Jay Olshonsky (President of Forty Two Plus), Mitchell Sabshon (Former CEO of Inland Real Estate and Board Member of Seritage Growth Properties), and Chris Smith (President of Orchard). These leaders bring extensive experience in real estate investment, development, brokerage, finance, technology, and law, having collectively overseen billions in transactions. The board will provide strategic guidance as SURMOUNT expands its operations across net lease advisory, sale leaseback, development, capital markets, and principal investments.

Seritage Growth Properties (NYSE: SRG) reported Q1 2025 financial results and provided updates on its Plan of Sale strategy. The company generated $29.9 million from an asset sale at a 7.7% cap rate and has additional properties under contract or negotiation, including a $14 million joint venture asset and a $70 million premier development asset. Financial highlights show a net loss of ($23.4) million, or ($0.42) per share, with NOI-cash basis at share of $2.6 million. As of March 31, 2025, Seritage had $107.1 million cash on hand, including $12.9 million restricted cash. The company announced a CEO transition, with Adam Metz appointed as Interim CEO following Andrea Olshan's departure. The portfolio includes multi-tenant retail, residential, and premier properties across various markets, with future sales projections ranging from under $5 million to $200 million per asset. The company faces multiple shareholder lawsuits and acknowledges challenging market conditions impacting asset pricing.

Seritage Growth Properties (NYSE: SRG) reported its Q4 and full year 2024 results, highlighting progress in its Plan of Sale strategy. The company generated $50.8 million from selling three vacant assets and $11.0 million from monetizing unconsolidated entity interests in Q4. Post-quarter, they secured $29.9 million from an income-producing asset sale.

Financial highlights include: cash on hand of $97.7 million as of December 31, 2024, net loss of $(158.4) million or $(2.82) per share, and NOI-cash basis at share of $2.6 million. The company reduced its Term Loan Facility to $240.0 million through $120.0 million in principal repayments.

The company anticipates marketing a majority of its assets in 2025, including development sites and leased properties. A significant development asset is under negotiation for approximately $70.0 million. Additionally, CEO Andrea Olshan will step down effective April 11, 2025, with Board Chairman Adam Metz appointed as Interim CEO.