Seritage Growth Properties - SRG STOCK NEWS

Seritage Growth Properties (NYSE: SRG) has announced a voluntary prepayment of $70 million towards its $1.6 billion term loan facility with Berkshire Hathaway. Following the prepayment, $1.27 billion remains outstanding, resulting in an estimated annual interest expense reduction of $4.9 million. As of June 30, 2022, Seritage's portfolio includes 150 properties with approximately 19.5 million square feet of gross leaseable area.

Seritage Growth Properties (NYSE: SRG) reported Q2 2022 results with a net loss of $112 million or $2.56 per share. Total Net Operating Income (NOI) increased 26% to $10.6 million year-over-year. The company signed 13 leases totaling 211,000 square feet with an average annual rent of $15.52 PSF. Cash on hand as of June 30, 2022, was $156.7 million, reduced to $97.8 million post $100 million debt repayment. The company expects ongoing asset sales totaling $1.2 billion, aiming to extend its $1.34 billion term loan facility.

Seritage Growth Properties (NYSE: SRG) has announced a voluntary prepayment of $100 million towards its $1.6 billion term loan facility held with Berkshire Hathaway. This leaves $1.34 billion outstanding on the loan, while reducing annual interest expenses by approximately $7 million.

As of March 31, 2022, Seritage owned and managed 161 properties with a total gross leaseable area of about 19.0 million square feet. The company continues to focus on mixed-use property development across the United States.

Seritage Growth Properties (NYSE: SRG) seeks shareholder approval for a proposed plan of sale and dissolution, allowing asset sales without delay from shareholder votes. The plan aims to maximize value by engaging multiple buyers for its 161 properties, totaling about 19.0 million square feet, with management confident about enhancing shareholder returns. Former Chairman Edward Lampert, owning 29.1% of Class A shares, supports the plan. Adam Metz has been appointed Chairman of the Board, bringing significant real estate experience. The strategic review is ongoing with no guarantee of results.

Seritage Growth Properties (NYSE: SRG) reported its financial results for Q1 2022, revealing a net loss of $53.4 million or $1.22 per share, while Total Net Operating Income stood at $10.5 million. The company announced its transition from a REIT to a C Corporation, allowing greater financial flexibility. During the quarter, 13 leases were signed, covering 249,000 square feet at an average rent of $47.84 PSF. The company also paused some asset sales during this transition. Subsequent to the quarter, additional leases and property sales have been initiated, indicating ongoing recovery efforts amidst strategic reviews.

Seritage Growth Properties (SRG) announced that Amazon (AMZN) has signed a lease for 123,000 square feet at The Collection at UTC in La Jolla, California. This deal is expected to create over 700 corporate and tech jobs.

The Collection at UTC is 93% leased and includes 212,000 square feet of Class A office and retail space. This marks Seritage's largest office lease to date and is part of a broader vision to develop tech and life science hubs within their property portfolio.

Seritage Growth Properties (NYSE:SRG) announced the appointments of Talya Nevo-Hacohen, Mitchell Sabshon, and Mark Wilsmann to its Board of Trustees. This strategic move aims to enhance the board’s investment and transaction expertise, critical for optimizing the company's diverse property portfolio. Nevo-Hacohen has overseen $6 billion in investments at Sabra Health Care REIT, while Sabshon leads Inland Real Estate Investment Corporation. Wilsmann brings experience from MetLife’s $32 billion investment platform. The changes follow the resignations of David Fawer and Thomas Steinberg, leaving the board with eight members, seven of whom are independent.

Seritage Growth Properties (NYSE: SRG) announced a strategic shift to terminate its election as a Real Estate Investment Trust (REIT) and convert to a C corporation, effective retroactively from January 1, 2022. This decision aims to provide greater flexibility in pursuing various strategic alternatives to maximize shareholder value. The Board has appointed Adam Metz as an independent trustee, bringing extensive real estate experience to assist in this transition. The ongoing strategic review process is expected to enhance the management of Seritage's diverse property portfolio.

Seritage Growth Properties (SRG) announced its financial results for Q4 and full year 2021, reporting net income of $71.7 million for Q4 but a net loss of $33 million for the year. The company achieved a Total Net Operating Income (NOI) of $10.5 million in Q4 and $35.5 million for the year. Key highlights include lease signings covering 242,000 sq. ft., advancements in residential and mixed-use projects, and $191.6 million in gross proceeds from asset dispositions. The board is exploring strategic alternatives to enhance shareholder value, with cash reserves of $113.8 million available.