Seritage Growth Pptys Stock Price, News & Analysis

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Seritage Growth Properties (NYSE: SRG) reported $290.4 million in gross proceeds from asset sales in Q1 2023, emphasizing a strategic focus on property disposition. The company sold 27 assets including stabilized and vacant properties, resulting in $254.8 million and $35.6 million respectively. As of March 31, 2023, Seritage had $130 million in cash and prepaid $230 million towards its term loan, reducing annual interest expenses by $16.1 million. Looking ahead, the company anticipates $456.0 million from pending asset sales, with ongoing negotiations for an additional $65.0 million in sales.

Seritage Growth Properties (NYSE: SRG) reported its financial results for 2022, highlighting a net loss of $120 million, including a $126.9 million impairment. The company achieved $739.7 million from selling 65 properties in 2022, reducing its term loan from $1.6 billion to $800 million. In 2023, additional sales led to gross proceeds of $238.6 million. Total Net Operating Income (NOI) increased by 22% year-over-year, reaching $43.5 million. The company has over $450 million in assets under contract or offers, showing strong momentum despite market challenges.

Seritage Growth Properties (NYSE: SRG) announced a two-year extension of its corporate term loan to $800M, reflecting a significant reduction in debt and annual interest savings of $56.0M. The company reported $739.7M in gross proceeds from asset sales in 2022 and $232.8M year-to-date in 2023, with anticipated gross proceeds exceeding $580 million from ongoing transactions. The current market conditions present challenges, with rising interest rates impacting asset pricing. The firm noted it has over $100 million in cash and has prepaid $240 million of its term loan, reducing annual interest expenses.

Seritage Growth Properties (NYSE: SRG) announced a voluntary prepayment of $30 million on its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company. This prepayment reduces the outstanding loan balance to $1.03 billion and will decrease annual interest expenses by approximately $2.1 million. As of September 30, 2022, Seritage's portfolio included 121 properties totaling around 16.1 million square feet of gross leaseable area.

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 $110 million on its $1.6 billion term loan from Berkshire Hathaway, reducing the outstanding amount to $1.16 billion. This prepayment will decrease the company's annual interest expenses by approximately $7.7 million, enhancing financial flexibility. As of June 30, 2022, Seritage's portfolio includes 150 properties with a total of about 19.5 million square feet of gross leaseable area.