Seritage Growth Pptys Stock Price, News & Analysis

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.

Seritage Growth Properties (NYSE: SRG) announced a significant leadership transition, with CEO and President Andrea Olshan stepping down effective April 11, 2025. Board Chairman Adam Metz will assume the role of Interim CEO and President. The transition comes as the company's portfolio has dramatically reduced from 160 to 15 assets since announcing its strategic alternatives review in March 2022.

Under Olshan's four-year tenure, Seritage has made substantial progress in its Plan of Sale, notably repaying over $1.3 billion of loan facility and streamlining operations. As of September 30, 2024, the company's portfolio includes interests in 21 properties, comprising approximately 2.7 million square feet of gross leasable area and 342 acres of land, split between 12 consolidated and 9 unconsolidated properties.

Seritage Growth Properties (NYSE: SRG) has made a voluntary prepayment of $15 million toward its $1.6 billion term loan facility from Berkshire Hathaway Life Insurance Company of Nebraska. The company has now repaid a total of $1.36 billion since December 2021, leaving $240 million outstanding. This latest prepayment will reduce annual interest expense by $1.05 million, while cumulative repayments have decreased annual interest expenses by approximately $95.2 million.

Seritage Growth Properties (NYSE: SRG) reported Q3 2024 financial results with a net loss of ($23.2) million, or ($0.41) per share. The company generated $24.0 million from selling an income-producing asset and $17.1 million from a vacant property sale. Currently, five assets are under contract for anticipated proceeds of $87.9 million. The company's cash position stands at $87.7 million, including $12.6 million in restricted cash. Their immediate priority is addressing the pending term loan maturity in July 2025, exploring options including lender discussions, refinancing, and strategic alternatives.

Seritage Growth Properties (NYSE: SRG) has made a voluntary prepayment of $25 million toward its $1.6 billion term loan facility from Berkshire Hathaway Life Insurance Company of Nebraska. The company has now repaid a total of $1.345 billion since December 2021, leaving $255 million outstanding. This latest prepayment will reduce annual interest expenses by $1.75 million, while cumulative repayments since December 2021 have decreased annual interest expenses by approximately $94.1 million.

Seritage Growth Properties (NYSE: SRG) reported financial results for Q2 2024, highlighting a net loss of $102.5 million or $1.82 per share. The company generated $40.4 million in gross proceeds from property sales and has five assets under contract for $138.6 million. Cash on hand as of June 30, 2024, was $100.5 million, including $13.8 million of restricted cash. Net Operating Income (NOI) cash basis at share was ($0.1) thousand. The company repaid $50 million in principal on its term loan, reducing the balance to $280 million. Signed two leases for 7.1k sq ft and opened four tenants for 13.6k sq ft. Future sales projections include several assets expected to generate significant proceeds.

Seritage Growth Properties (NYSE: SRG) reported financial and operating results for Q1 2024, highlighting $80 million in asset sales & $1.2 billion debt repayment since strategic review. Adjusting pricing projections for assets due to market trends, focusing on high demand uses with less aggressive rents. Cash on hand at $130.8 million, net loss of ($20.2) million, and $2.1 million Total Net Operating Income. Continuing Plan of Sale with $30.1 million gross proceeds from assets under contract, emphasizing stability in interest rates and inflation affecting valuations.