Welcome to our dedicated page for Seritage Growth Properties news (Ticker: SRG), a resource for investors and traders seeking the latest updates and insights on Seritage Growth Properties stock.
Seritage Growth Properties (NYSE: SRG) is a publicly traded real estate investment trust headquartered in New York City. The company boasts a diverse portfolio of 266 properties, encompassing approximately 42 million square feet of retail space spread across 49 states and Puerto Rico. Seritage primarily leases its properties to Sears Holdings, operating under the Sears or K-Mart brands, while also housing prominent national retailers such as Nordstrom Rack, Wal-Mart, and Dick's Sporting Goods.
Uniquely positioned to re-tenant and redevelop its prime real estate portfolio, Seritage aims to transform these spaces into first-class, multi-tenant shopping centers, reflecting modern retail demands. The company's strategic vision and comprehensive redevelopment initiatives provide a significant growth opportunity, both for the business and its employees. Seritage is actively seeking experienced, energetic, and innovative professionals to join its dynamic team in its expansive redevelopment projects.
Core Business Operations:
- Ownership and Management: Seritage owns and manages a diversified array of properties with a focus on retail and mixed-use developments.
- Development and Redevelopment: The company is dedicated to transforming its properties, re-tenanting large retail spaces, and revitalizing them into vibrant shopping and community centers.
- Leasing: Seritage leases its properties to a mix of leading national retailers and seeks to expand its tenant base through strategic partnerships.
Seritage Growth Properties is committed to maximizing the value of its extensive real estate holdings, enhancing its portfolio through continuous development, and providing top-tier retail spaces that meet evolving market needs. Investors looking for updates on Seritage's performance, recent achievements, and ongoing projects will find valuable insights and the latest news here at StockTitan.
Seritage Growth Properties (NYSE: SRG) reported Q2 2021 results showing a net loss of $74.1 million, or $1.73 per share. Total Net Operating Income (NOI) was $7.6 million, with Funds from Operations (FFO) at -$33.9 million. The company is focusing on activating its office, life sciences, and residential portfolios, negotiating over 300,000 square feet of new leases. It generated $127.6 million from asset sales this year, with further sales under contract for $90.6 million. Cash on hand as of June 30, 2021, stood at $147.2 million.
Seritage Growth Properties (NYSE:SRG) will announce its second quarter 2021 financial results on August 9, 2021. As a publicly-traded real estate investment trust (REIT), Seritage manages 154 wholly-owned properties and 25 unconsolidated properties, totaling about 26 million square feet across 41 states and Puerto Rico. The company aims to unlock real estate value from a retail portfolio acquired from Sears Holdings in 2015, focusing on long-term shareholder value through re-leasing and redevelopment efforts.
Seritage Growth Properties (NYSE: SRG) reported Q1 2021 results with a net loss of $8.9 million, or $0.23 per share, and Total Net Operating Income (NOI) of $9.4 million. The company collected 97% of its billed rent but deferred an additional 2%. Year-to-date, it generated $63.2 million through monetization activities. Cash on hand is $144.5 million. Notably, $90.2 million in asset sales are under contract, subject to conditions. The company continues restructuring under new CEO Andrea Olshan, aiming to enhance its asset value through strategic leasing and redevelopment plans.
Seritage Growth Properties (NYSE: SRG) announced an operational reorganization led by new CEO Andrea Olshan, aiming to enhance portfolio value through strategic property leasing, redevelopment, and partnerships. The company appointed key executives including Mary Rottler as COO and Andrew Galvin as CIO to strengthen leadership. The restructuring intends to streamline processes for improved efficiency. Ongoing analysis and portfolio optimization plans will be detailed later. The firm manages 158 properties across 41 states, focused on unlocking real estate value from its former Sears Holdings portfolio.
Seritage Growth Properties (NYSE:SRG) will release its first quarter 2021 financial results on April 29, 2021, after market close. The company operates 158 wholly-owned properties and 25 unconsolidated properties, covering approximately 26.5 million square feet across 41 states and Puerto Rico. Formed to unlock real estate value from a retail portfolio acquired from Sears Holdings in July 2015, Seritage aims to enhance shareholder value through re-leasing, redevelopment, and strategic partnerships.
Seritage Growth Properties (NYSE: SRG) reported significant financial results for the year and quarter ended December 31, 2020. The Company faced a net loss of $109.9 million for the year and $35.6 million for Q4, with Funds from Operations (FFO) declining to ($81.0) million annually. Despite challenges from the pandemic, Seritage resumed redevelopment projects and signed new leases totaling 445,000 square feet at an average rent of $18.12 PSF. Asset sales produced $417 million for the year, enhancing liquidity, while the appointment of Andrea Olshan as CEO aims to drive future value.
Seritage Growth Properties (NYSE:SRG) will announce its fourth quarter 2020 financial results on March 10, 2021, after market close. The company operates as a self-administered REIT with a portfolio of 158 wholly-owned properties and 25 unconsolidated properties totaling approximately 28.5 million square feet across 44 states and Puerto Rico. Acquired from Sears Holdings in July 2015, Seritage aims to unlock real estate value by creating revitalized shopping and mixed-use destinations to enhance consumer experiences and provide long-term value for shareholders.
Seritage Growth Properties (NYSE: SRG) has appointed Andrea Olshan as its Chief Executive Officer and President, effective on or before March 16, 2021. Olshan comes from Olshan Properties, where she led operations for 23 million square feet of retail and mixed-use space. The Board expressed confidence in her ability to enhance Seritage's development efforts. Olshan aims to leverage her expertise and industry relationships to create value for shareholders. The company has 158 properties across various states, focusing on revitalizing shopping and mixed-use destinations.
Seritage Growth Properties (NYSE: SRG) provided a comprehensive business update as of December 31, 2020. The Company achieved a 91% rental revenue collection rate and deferred 5% of revenue. It generated $144.9 million in gross proceeds from monetization activities and maintains $161.2 million in cash, including $6.5 million restricted. Leasing activity totaled 445,000 square feet with an average rent of $18.13 PSF. The Company transitioned its leadership, with a new CEO expected to be announced soon.
Seritage Growth Properties (NYSE: SRG) announced the resignation of CEO Benjamin W. Schall, effective mid-January 2021, to pursue another opportunity. The Board will search for his successor, considering both internal and external candidates. Schall, who has led the company since its inception in 2015, expressed pride in the management team and their accomplishments. As of September 30, 2020, the company managed a portfolio of ~30 million square feet across 44 states, having signed ~10 million square feet of new leases and raised ~$1 billion from asset monetization.
FAQ
What is the current stock price of Seritage Growth Properties (SRG)?
What is the market cap of Seritage Growth Properties (SRG)?
What is Seritage Growth Properties?
Where is Seritage Growth Properties headquartered?
How many properties does Seritage Growth Properties own?
Which brands primarily lease properties from Seritage Growth Properties?
Which other major retailers lease properties from Seritage Growth Properties?
What is Seritage Growth Properties' strategy for its portfolio?
What opportunities does Seritage offer to professionals?
What type of properties are included in Seritage’s portfolio?
What is the primary goal of Seritage's redevelopment projects?
How can investors stay updated on Seritage Growth Properties?
