Seritage Growth Pptys Stock Price, News & Analysis

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.

Seritage Growth Properties (NYSE:SRG) has appointed Amanda Lombard as the new Executive Vice President and Chief Financial Officer, effective December 11, 2020. Lombard, who previously served as the Chief Accounting Officer, is praised for her strong performance and deep understanding of the company's financial operations. She joined Seritage in 2018 and has experience in various accounting roles at Gramercy Property Trust and PricewaterhouseCoopers. This leadership change aims to ensure a smooth transition and continued financial stewardship within the organization.

Seritage Growth Properties (NYSE: SRG) reported significant financial losses for Q3 2020, with a net loss of $51.3 million, or $1.33 per share. The company achieved a Total Net Operating Income (NOI) of $6.0 million but faced challenges, including reduced rental income and increased legal costs due to ongoing litigation. As of late October 2020, about 95% of tenants were operational, and rental collections had improved to 86%. Seritage generated $113.6 million in asset monetization during Q3, contributing to $284 million year-to-date, aiding liquidity amid COVID-19 impacts.

Seritage Growth Properties (NYSE:SRG) will release its third quarter 2020 financial and operational results on November 5, 2020, after market close. The company operates a portfolio of 171 wholly-owned and 28 joint venture properties, covering approximately 31.6 million square feet across 44 states and Puerto Rico. Formed in 2015 from acquiring assets from Sears Holdings, Seritage aims to transform and revitalize retail spaces into enhanced shopping and entertainment experiences, creating long-term shareholder value.