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Seritage Growth Properties entered into a new $15.0 million term loan facility and a $25.0 million revolving loan facility with b1Bank. At closing, the company drew $15.0 million on the revolver and, together with the term loan and cash on hand, repaid the $50.0 million outstanding under its prior senior secured term loan with Berkshire Hathaway and paid related costs. The term loan bears interest at One Month SOFR + 2.75%, potentially reduced to One Month SOFR + 2.25% if the balance is reduced to $10.0 million or less. Revolver borrowings bear interest at 2.00% plus the money market rate on $25.0 million of cash collateral, currently 3.50% for twelve months from closing. Both facilities mature on July 24, 2028, include a one-year extension option, are fully prepayable, guaranteed by the company and certain subsidiaries, and secured by three properties or restricted cash, subject to liquidity, coverage and other covenants. The board also declared a quarterly cash dividend of $0.4375 per share on the 7.00% Series A Cumulative Redeemable Preferred Shares, payable October 15, 2026 to holders of record on September 30, 2026.
Seritage Growth Properties updated its leadership contract by entering into an amended and restated employment agreement with Chief Executive Officer and President Adam Metz effective July 1, 2026. The agreement has an initial six-month term, with an option for the company to extend it for another six months.
The revised agreement keeps Mr. Metz’s annual base salary at $1,100,000 and increases his target annual bonus opportunity for the 12‑month performance period beginning July 1, 2026 to $1,300,000, up from $1,225,000 under his prior contract. If the company does not extend the term, the bonus performance period and target will be prorated to six months, with the target amount reduced to 50% of the new target and performance measured over that initial term. All other terms of his employment remain unchanged.
Seritage Growth Properties reported results from its annual shareholder meeting. Six incumbent trustees, including John T. McClain and Adam Metz, did not receive the two-thirds vote required under the bylaws but will continue serving under the Company’s Declaration of Trust and Maryland law until successors are elected and qualified. Shareholders ratified Deloitte & Touche LLP as independent registered public accounting firm for fiscal year 2026, with 27,029,802 votes for and 2,674,904 against. An advisory, non-binding resolution on the executive compensation program was rejected, with 16,048,602 votes for, 18,687,428 against and 2,500,909 abstaining, signaling shareholder dissatisfaction with current pay practices.
Seritage Growth Properties entered into an option purchase and sale agreement to sell a Dallas, Texas property for $50,760,000, subject to adjustments and customary closing conditions. The buyer has an entitlement period ending no later than January 28, 2028, with closing by the earlier of ninety days after that date or January 31, 2028.
On the effective date, the buyer paid a non-refundable option fee of $169,200, and may owe additional monthly option payments of $126,900 through December 1, 2026 and $274,950 through January 1, 2028 while the agreement remains in effect. These option payments are incremental to the purchase price. The deal is cross-conditioned with a similar agreement for adjacent property, and there is no assurance the buyer will ultimately exercise the purchase option.
SERITAGE GROWTH PROPERTIES reports a Schedule 13G/A showing Hotchkis and Wiley Capital Management, LLC beneficially owns 3,126,230 Class A shares. The filing shows this equals 5.55% of the class as reported with a 3/31/2026 reference.
The filing states HWCM has sole voting power over 2,790,630 shares and sole dispositive power over 3,126,230 shares and that the shares are owned of record by HWCM clients. The filing is signed by HWCM's Chief Compliance Officer on 05/15/2026.
Seritage Growth Properties has called a virtual 2026 annual shareholder meeting for June 9, 2026. Holders of 56,324,607 Class A shares as of April 13, 2026 will vote on electing six trustees, ratifying Deloitte & Touche LLP as auditor for 2026, and approving an advisory resolution on executive compensation.
The proxy details Seritage’s ongoing Plan of Sale, under which the board continues to review strategic alternatives, including asset sales or a potential company sale, while using largely cash-based, retention-focused pay programs for senior executives.
Seritage Growth Properties announced that its Board of Trustees declared a cash dividend of $0.4375 per share on its 7.00% Series A Cumulative Redeemable Preferred Shares. The dividend will be paid on July 15, 2026 to holders of record as of June 30, 2026.