Welcome to our dedicated page for Seritage Growth Pptys news (Ticker: SRG), a resource for investors and traders seeking the latest updates and insights on Seritage Growth Pptys stock.
Seritage Growth Properties (NYSE: SRG) maintains this centralized news hub for investors tracking this retail-focused REIT's strategic developments. Access verified corporate announcements including quarterly earnings, property acquisitions, and redevelopment progress updates across its national portfolio of retail spaces.
Our news collection provides essential insights into SRG's leasing activities with major tenants and transformation of traditional retail assets into modern commercial spaces. Monitor key operational milestones through official press releases and third-party analysis of the company's market position.
This resource serves investors requiring timely updates on SRG's financial performance, tenant mix evolution, and value-creation strategies in the competitive retail REIT sector. Bookmark this page for direct access to primary source materials and curated market commentary.
Seritage Growth Properties (NYSE: SRG) announced a voluntary prepayment of $100 million toward its $1.6 billion term loan with Berkshire Hathaway as of November 30, 2022. The prepayment reduces the outstanding loan balance to $1.06 billion and will lower annual interest expenses by approximately $7 million. As of September 30, 2022, Seritage's portfolio includes interests in 121 properties across 16.1 million square feet of GLA, with significant land holdings for development and disposal.
Seritage Growth Properties (NYSE: SRG) reported its financial results for Q3 2022, showcasing significant progress in its asset sale strategy. The company generated $411.6 million in gross proceeds from asset sales, totaling $583.9 million year-to-date, enabling $440 million in debt repayments since 2021, yielding annualized interest savings of approximately $30.8 million. Net loss for Q3 improved to $4.7 million ($0.08 per share) from $21.8 million ($0.50 per share) year-over-year. Total net operating income increased by 50% to $12.2 million compared to 2021. The company has a robust sales pipeline worth over $800 million.
Seritage Growth Properties (NYSE: SRG) announced a voluntary prepayment of
Seritage Growth Properties (NYSE: SRG) has announced a voluntary prepayment of
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
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.
