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) is a real estate company in the Lessors of Other Real Estate Property industry that has been a national owner and developer of retail, residential and mixed-use properties in the United States. The SRG news feed highlights how the company is executing its shareholder-approved Plan of Sale, reporting on asset sales, leasing milestones, loan prepayments and governance developments that shape the outlook for its Class A common shares of beneficial interest.
News updates from Seritage frequently cover quarterly and annual operating results, including net loss attributable to common shareholders, net operating income on a cash basis at share, impairment charges on real estate, and cash and liquidity positions. Releases also describe asset disposition activity, such as sales of income-producing properties, premier development sites, vacant or non-income-producing assets, and interests in unconsolidated entities, along with information on properties under contract or in purchase and sale agreement negotiations.
Another recurring theme in SRG news is capital structure management. The company reports voluntary prepayments on its senior secured term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska, the cumulative amount repaid since late 2021, and the remaining outstanding balance. Filings and press releases also discuss the exercise of an option to extend the term loan’s maturity date and the associated fees.
Investors following SRG news can also see disclosures on leasing progress at multi-tenant retail and premier mixed-use assets, including in-place leases, signed-not-opened leases and occupancy levels, as well as updates on litigation matters and dividend declarations on the company’s 7.00% Series A cumulative redeemable preferred shares. Bookmark this page to monitor how Seritage’s asset sales, leasing activity and financing decisions are reflected in its latest press releases and regulatory announcements.
Seritage Growth Properties (NYSE:SRG) has initiated a strategic review process to explore alternatives for enhancing shareholder value. The Board's decision is driven by perceived undervaluation of the company’s stock relative to its net asset value. The portfolio includes 170 properties with potential for diverse revenue streams. CEO Andrea Olshan stated the company is focused on diversifying tenants and optimizing property usage. Edward Lampert has retired as Chair of the Board, citing personal investment flexibility as a reason. A Special Committee has been formed to oversee the review process.
Seritage Growth Properties (NYSE: SRG) has appointed John Garilli as interim CFO, effective January 14, 2022, following Amanda Lombard's departure. Garilli, who has been a consultant and brings over 15 years of real estate experience, is expected to enhance financial leadership. Andrea Olshan, CEO, expressed confidence in Garilli’s capabilities, citing his familiarity with the business and significant REIT experience. As of September 30, 2021, Seritage managed 170 properties encompassing approximately 10 million square feet of GLA.
Seritage Growth Properties (NYSE: SRG) announced a voluntary prepayment of $160 million on its $1.6 billion term loan with Berkshire Hathaway. This prepayment will reduce annual interest expenses by approximately $11 million. Following this transaction, the remaining term loan balance is $1.44 billion. Additionally, the maturity date of the loan has been extended to July 31, 2025, contingent on reducing the principal to $800 million by that date.
Seritage Growth Properties (NYSE: SRG) has promoted Executive Vice President Eric Dinenberg to Chief Operating Officer, effective January 1, 2022. Dinenberg will collaborate with President and CEO Andrea Olshan to execute the company's portfolio repositioning strategy. Olshan praised Dinenberg's expertise in development and operations, highlighting his crucial role in unlocking the portfolio's full value for shareholders. As of September 30, 2021, Seritage's portfolio included 170 properties with approximately 10 million square feet of gross leasable area.
Seritage Growth Properties (NYSE: SRG) announced an amendment to its $1.6 billion Senior Secured Term Loan Agreement with Berkshire Hathaway Life Insurance Company. This amendment allows Seritage to prepay up to $800 million of the loan principal and extend the maturity date from July 31, 2023, to July 31, 2025, contingent on the principal reduction. The 'make whole' provision will not apply to these prepayments. As of September 30, 2021, Seritage's portfolio included interests in 170 properties totaling approximately 10 million square feet of GLA.
Landmark Land Holdings, LLC, a joint venture including The Howard Hughes Corporation (NYSE: HHC) and Seritage Growth Properties (NYSE: SRG), has sold an 11-acre site of the former Landmark Mall to the City of Alexandria's Industrial Development Agency for $54 million. This property will host a new hospital by Inova Health System, which plans to invest $1 billion and create over 2,000 jobs. The project aims to revitalize the West End of Alexandria with mixed-use developments, parks, and public spaces. Demolition is set to commence in Spring 2022, with the first buildings projected to be completed in 2025.
Seritage Growth Properties (NYSE: SRG) reported its financial results for Q3 2021, showing a net loss of $21.8 million or $0.50 per share. Total Net Operating Income (NOI) was $8.1 million, while Funds from Operations (FFO) amounted to a loss of $27.7 million or $0.49 per share. The company has cash reserves of $160.5 million, including restricted cash. They generated $76.8 million from property sales during the quarter and expect additional sales worth $224.4 million. The focus remains on residential development and mixed-use projects, with significant progress anticipated in Q4 2021.
Seritage Growth Properties (NYSE:SRG) will release its Q3 2021 financial results on November 2, 2021, after market closure. The company operates as a self-administered REIT, managing 147 wholly-owned and 25 unconsolidated properties, totaling approximately 24.9 million square feet across 39 states and Puerto Rico. Established in July 2015, Seritage aims to unlock the real estate value from its retail portfolio inherited from Sears Holdings, focusing on re-leasing and redevelopment to enhance shareholder value.
Seritage Growth Properties (NYSE: SRG) and Invesco Real Estate have opened The Collection at UTC in La Jolla, California, featuring its first tenant, Pacific Catch. The retail space is 88% leased or in active negotiations. This project, a transformation of a former Sears store, is part of Seritage's strategy to enhance portfolio value, aiming to include office and residential components. The joint venture began construction in May 2018, encompassing over 194,000 square feet.
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.
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