Seeking Alpha • Jul 17

Seritage Growth Properties: Preferred For Perspective

Summary Seritage Growth Properties is nearing the end of its plan of sale, with only 10 properties and a $48.7 million Berkshire Hathaway loan outstanding. Base-case and bear-case scenarios suggest a 24%-55% upside to SRG’s current share price, contingent on successful property monetization. Risks include overhead expenses, potential delisting, internal control deficiencies, and possible liquidity traps for common shareholders. Series A preferred shares (SRG-PA) offer an 8%+ yield and redemption value, presenting a more defensive, income-oriented alternative. Read the full article on Seeking Alpha

Analyse-artikel • Aug 19

Seritage Growth Properties (NYSE:SRG) Is Making Moderate Use Of Debt

NYSE:SRG 1 Year Share Price vs Fair Value Explore Seritage Growth Properties's Fair Values from the Community and...

Seeking Alpha • Apr 14

Seritage Growth Properties: Special Situation Buy

Summary Seritage Growth Properties is in liquidation, with its value hinging on the net asset value (NAV) of its remaining properties versus its market price. The market's pessimism has led to SRG trading below its NAV, suggesting a potential mispricing and favorable risk/reward if the liquidation is orderly. SRG's stock has plummeted due to rising interest rates, high vacancy rates, and significant net losses, leading to a heavy market discount. Valuing SRG on a NAV analysis basis reveals potential upside, with base, bull, and bear scenarios indicating more upside than downside if managed well. Read the full article on Seeking Alpha

Seeking Alpha • Aug 27

Seritage Growth: Buy A Dollar For 80 Cents

Summary Seritage Growth Properties is in liquidation mode. Q2-2024 saw more impairment charges in its flagship property. Despite the bleak outlook, SRG's liquidation value is likely to be higher than its current market cap, presenting a potential investment opportunity. Read the full article on Seeking Alpha

Analyse-artikel • Jul 12

Is Seritage Growth Properties (NYSE:SRG) Using Debt Sensibly?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...

Seeking Alpha • May 15

Seritage: Only Berkshire Hathaway Made Money On This

Summary In our previous work, we had estimated the Seritage's liquidation value is estimated to be between $6.00 and $13.00. While the bulls disagreed, the company realigned expectations with the Q1-2024 press release. We look at where things stand and how you should play it. Read the full article on Seeking Alpha

Seeking Alpha • Jan 19

Seritage Preferreds Offer Tempting Potential 12.86% Yield To Maturity

Summary Seritage common shares have been a difficult investment with negative 70% returns since IPO. Seritage Growth Properties' preferred shares offer a 7.38% yield and the potential for a 12.86% yield to maturity/call. There are risks involved, here and we tell you why you have to consider this carefully before buying. Read the full article on Seeking Alpha

Seeking Alpha • Nov 11

Seritage: Intriguing Assets And Fascinating CEO

Summary Seritage, a former REIT that owns former Sears and Kmart locations, has undergone significant changes under the leadership of CEO Andrea Olshan. Olshan has sold around $1.3 billion of assets and paid down a significant portion of the company's outstanding loan. Under new CEO Andrea Olshan, Seritage changed its tax status, is liquidating assets, and paying down debt. Potential for over 100% upside with limited downside risk. Read the full article on Seeking Alpha

Seeking Alpha • Aug 20

Seritage: Nearing The Finish Line

Summary Seritage Growth Properties reported Q2-2023 results which were loaded with asset sales. Cash burn still remains high, and the impairment did not help inspire confidence in the terminal value. We examine how our previous suggestion worked out and give you three ways to outperform Seritage again. Read the full article on Seeking Alpha

Analyse-artikel • Jun 07

Is Seritage Growth Properties (NYSE:SRG) Weighed On By Its Debt Load?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

Seeking Alpha • Feb 10

Seritage Growth Properties reduces outstanding debt to $800M

Seritage Growth Properties (NYSE:SRG) said Friday it extended its corporate term loan to July 31, 2025 and reduced outstanding debt to $800M. The REIT prepaid $230M towards its term loan, reducing annual interest expense by ~$16.1M and outstanding principal balance to $800M. After the $230M paydown, Seritage (SRG) had more than $100M of cash in hand as of February 2. The REIT generated $232.8M of gross proceeds from the sale of 17 full assets YTD. As of February 2, Seritage (SRG) had assets under contract for sale for total expected proceeds of $489M. The REIT also accepted offers and is currently negotiating purchase and sale deals on assets for total anticipated proceeds of ~$95M. The pending and pipeline sales include multi-tenant retail assets, certain premier and mixed-use assets, joint venture interests as well as non-core assets. Earlier, Seritage (SRG) prepaid $100M of its term loan.

Seeking Alpha • Nov 14

Seritage Growth Properties: Buy $20 For Less Than $12

Summary Seritage Growth Properties stock has retreated from the high reached this summer due to fears about the impact of soaring interest rates and a potential recession on its liquidation plan. Despite these fears, Seritage continues to sell assets at a rapid pace. The macro-environment will likely pressure pricing for some assets, but so far, many properties appear to be selling at favorable prices. I expect Seritage to make total shareholder distributions of around $20/share as it liquidates. Even in a severe downside scenario, distributions would likely exceed Seritage's current share price. Seritage Growth Properties (SRG) (SRG.PA) shares briefly rallied to $14 this summer as investors cheered its liquidation plan. However, Seritage stock has retreated in recent months due to fears that rising interest rates and the threat of recession will disrupt its asset sales. Seritage did warn investors in late August that the shift in the macro environment made it unlikely that total shareholder distributions would reach the upper part of the $18.50 to $29 range the company provided in its original draft proxy statement in July. On the other hand, the board and management never revised its distribution range guidance. This suggests that the Sears real estate spinoff isn't seeing evidence to justify lowering the projected range. Last week, the company reported Q3 results that indicate the asset sale plan remains on track. That makes Seritage Growth Properties stock a great buy at its Friday closing price of $11.63. Data by YCharts Asset sales roll on Just prior to filing its Q2 earnings report in early August, Seritage prepaid $100 million of its term loan, using most of the $163.4 million it generated from asset sales during Q2. This reduced the loan balance to $1.34 billion. Despite the more difficult macro environment, Seritage's asset sale pace accelerated in the third quarter. The company generated $235.2 million of gross proceeds from asset sales in the quarter ($213 million net of buying out a ground lease). This allowed it to make another $70 million repayment at the end of Q3. Asset sale activity shows no signs of slowing. And with shareholders having approved the company's "plan of sale" at last month's annual meeting, Seritage now has full flexibility to proceed with its liquidation. As of mid-October, Seritage had $400 million of assets under contract for sale. It also had accepted offers for $670 million of additional asset sales. This week's earnings report revealed that Seritage generated another $176.4 million of proceeds from its disposition program in the first five weeks of the fourth quarter. That enabled a debt repayment of $110 million in late October, bringing the loan balance to $1.16 billion. Meanwhile, the value of deals under contract increased to $546 million as of Nov. 4. Seritage also continues to negotiate binding terms for $299 million of potential asset sales. Lastly, the company is negotiating pricing for three JV stakes for which it has exercised put rights. It estimates that two of those JV stakes will sell for at least $65.7 million combined (see p. 9). In short, there is no sign of a general freeze in deal-making. And while rising interest rates have impacted pricing, the shift in the macro environment hasn't been devastating. Indeed, several of Seritage's recent asset sales have come at impressive prices. Most notably, Seritage recently sold a 15-acre property at Southland Mall in the Miami area for $34 million. It also received $11.2 million for a 20-acre property in a low-income part of Sacramento and $10.75 million for a 15-acre property at a dying mall in Sarasota. In this context, Seritage should have no trouble reducing its term loan balance to $800 million by next July. That would qualify it to extend the remainder until July 2025, removing near-term liquidity risk and enabling management to be "choosy" about when to sell other assets based on market conditions. Cash burn improving Importantly for shareholders, Seritage's cash burn is slowing, mitigating the long-running risk that the company would fritter away its intrinsic value. A year ago, Seritage reported total NOI (net operating income) of $10.6 million in the third quarter: $42.4 million annualized. That barely covered the company's $8.8 million of quarterly G&A expense, let alone interest expense, which stood at $29 million per quarter or $116 million annually on a cash basis. Dividends on Seritage's preferred stock cost an additional $4.9 million a year. Since then, Seritage has prepaid $440 million of debt using the proceeds from its asset sales. That reduces annual interest expense by $30.8 million. Yet total NOI has increased modestly, reaching $12.2 million last quarter. This reflects lease commencements over the past year, along with the fact that many of the assets Seritage has sold were vacant and generating negative NOI. As Seritage closes on the asset sales currently under contract, interest expense and cash burn are poised to decline further in the next few quarters. Seritage has signed leases for $18.7 million of annual base rent in its pipeline for future openings. Most of that rent should come on line by mid-2023, further reducing cash burn. Finally, G&A expense will likely moderate going forward, due to lower professional fees. Source: Seritage Q3 2022 Supplemental, p. 10. Today, cash burn stands at a rate of around $20 million per quarter (excluding development expenditures), down from $30 million for most of 2021. I expect quarterly cash burn to recede to well below $10 million per quarter by mid-2023, dramatically reducing the risk that a slower sale process would materially impair shareholder value. Leasing activity is a mixed bag The one slightly disappointing aspect of Seritage's Q3 report was its leasing results. In its 38-property multitenant portfolio, the company signed six leases for 24,000 square feet at an average rent of over $34 per square foot. While the average rent looks good, Seritage has over 800,000 square feet of vacant space at its multitenant properties. At this leasing pace, the vacancy rate would remain elevated for a long time. To some extent, this is not surprising. The most desirable parts of each property were naturally the first to rent. But most retail REITs have been reporting strong leasing demand despite the weakening macro environment. That makes Seritage's multitenant leasing performance disappointing. In its premier asset portfolio, Seritage recently completed leasing for the first phase of its San Diego project, filling the last 15,000 square feet during Q3 and early Q4. But on the flip side, leased occupancy at its Aventura property declined last quarter. Two leases for 11,000 square feet at an average rent of $112.52/square foot were terminated during the quarter, whereas just one new lease for 2,000 square feet at $72/square foot was signed. The property is only 59% leased, despite the first tenants being slated to open next month. Still a clear path to around $20 Notwithstanding the volatile macro backdrop and mixed leasing results (and hand-wringing by various analysts and former bulls), Seritage is likely to make distributions of around $20/share as it liquidates. As of Nov. 4, Seritage had $1.16 billion of debt, plus $70 million of preferred stock outstanding. Meanwhile, it had $134 million of cash on hand, which should easily cover cash burn and CapEx during the liquidation period (estimated at 18 to 30 months by the company). Seritage's remaining properties can be divided into four categories: premier assets, the multitenant retail portfolio, JV stakes, and residential/non-core properties. Among the seven premier assets, one is reportedly under contract for sale for "north of $52 million": a mostly vacant suburban site in Hicksville, New York. Multiple brokers estimate that Esplanade at Aventura could be worth $200 million. (If Seritage can make more progress on leasing, the price could go even higher.) Seritage's JV stake in the San Diego property is worth well over $100 million now that it is fully leased. In total, I estimate that the premier assets will sell for at least $700 million, and potentially $900 million or more in a best-case scenario. Image source: Seritage Growth Properties. The multitenant retail portfolio generated $14.1 million of NOI last quarter: $56.4 million annualized. Seritage's pipeline of signed leases will generate an additional $4.5 million of rent annually, roughly offsetting the NOI lost from selling three of its 38 multitenant properties in early Q4. There is additional upside from leasing the remaining vacant space and entitling new outparcels. At a 7%-8% blended cap rate, the remaining 35 properties would be worth roughly $700 million-$800 million.

Seeking Alpha • Nov 05

O'Keefe Stevens - Seritage Growth Properties: A Good Idea On Paper

Summary When we made our initial Seritage Growth Properties purchase in 2018, the return profile made sense and applying moderate leverage to stabilized properties improved end economics. Multiple changes at the management level and a $1.44B loan from Berkshire made this an impossible endeavor. SRG essentially turned into a death spiral where they were merely selling properties to meet the interest expense and having little remaining for the core part of the business plan. Some ideas may be good on paper but impossible to execute. The following segment was excerpted from this fund letter. Seritage Growth Properties (SRG) Seritage is a good idea on paper, hard to execute in practice. When we made our initial purchase in 2018, we thought the idea of repurposing existing Sears and Kmart properties at below-market rents into modern spaces, enabling the company to charge multiples of the prior rent, made sense. Increasing rents from $5 to $20 PSF with a 10-11% ROI seemed like a no-brainer. The return profile made sense and applying moderate leverage to stabilized properties improved end economics. Multiple changes at the management level and a $1.44B loan from Berkshire with a 7% interest rate and covenants (yes, those still exist) made this an impossible endeavor. We thought partnering with Eddie Lampert would align our interests and prove an intelligent decision, given the capital and brain power he has put into this situation. On paper, selling non-core assets and using the proceeds to fund Capex plans and ongoing corporate expenses makes sense. The problem is the number of properties the company needed to sell for this business model to work. Every year that went by materially lowered the company's value as the interest expense proved to be a heavy burden. The company essentially turned into a death spiral where they were merely selling properties to meet the interest expense and having little remaining for the core part of the business plan. Compiling all this with the lockdowns in 2020 and 2021 and the supply chain mess still being worked through has further delayed this turnaround. Today the company is much smaller. Seritage once owned 253 properties totaling 39m SF compared to today, where they own161 properties and 19m SF. During this time, they only paid down $100m of the term loan. The turnaround has taken too long, and the company has put itself up for sale. Again, on paper, this seems like a good idea; however, going through a sale of this proportion will take a long time in a calm environment. The rise in interest rates, tight credit markets, and equity market volatility make this a monumental task. I suspect the number of buyers for these properties, which was once small to begin with, is down to a handful. A critical issue with the SRG portfolio is that the assets are spread out across the country. One player is not going to purchase all these assets. Real Estate Developers and owners tend to concentrate their efforts on a single region (excluding the global players such as Blackstone (BX), Simon (SPG), and other private equity groups). Seritage may be able to sell some nearby properties as a package but would likely take a discount to FV, or it has to sell each property one by one. The rise in interest rates and subsequent rise in Cap Rates will dramatically lower the portfolio's value as the company gets a double hit. Most properties are unlikely to be move-in ready. Construction financing costs will lower purchase prices as buyers factor in the higher interest expense to fund the redevelopment. Additionally, the steady-state value is reduced as higher cap rates push down the property's value. Companies like Amazon (AMZN) are trying to shed excess warehouse space, work from home has resulted in increased office space availability, and given the current state of the economy, I suspect the number of retailers looking to expand has declined. Combining all these factors presents challenges when modeling out lease and absorption rates. Increased uncertainty translates into lower prices. In July, management believed a sale process over 1-2 years could generate $18.50 to $29 per share. At the time, the stock traded in the mid 5's and spiked almost 100% on the news. While skeptical of this range initially, prevailing market conditions have us doubting the low end is attainable. The stock has gone from a high of $14 in the quarter to below $9. One final concern was Eddie Lampart's 29.1% ownership stake in SRG. Mr. Lampert stepped down from the Board on March 1st, coinciding with SRG's strategic review announcement. The most concerning statement from Mr. Lampert was, "I encourage and support the Board's efforts to explore and pursue strategic alternatives to enhance shareholder value. I have decided to retire to allow additional time to focus on my other investments and to provide me with greater flexibility to explore alternatives for my investment in Seritage, which could include participating with parties that may be interested in acquiring certain of the company's assets and trading shares in open market transactions." Whether or not Eddie bids on some or all of the assets was not something we wanted to be around. The company has shown no history of executing on plans laid out. While this is not the original management team, the task is daunting. We wish them and shareholders the best. Given the broader market decline, we found it prudent to take this capital and deploy it elsewhere.

Seeking Alpha • Oct 03

Seritage Growth Properties prepays $70M loan

Seritage Growth Properties (NYSE:SRG) repaid $70M toward its $1.6B term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska. The $1.6B repayment reduces the term loan facility to $1.27B and reduces total annual interest expense by ~$4.9M. Source: Press Release

Seeking Alpha • Sep 22

Seritage: Bears Beat Back Bold Bulls

Summary Seritage has a liquidation plan. The $100 million debt paydown was nice to see but there is a tall mountain to climb. Dropping fair value of properties by 20-25% versus earlier estimates gets us to today's stock price. Do you feel lucky in a recession? Discretion is the better part of valor. That definitely rings true in a bear market. When we last covered Seritage Growth Properties (SRG) we were enamored by the prospects for the preferred shares (SRG.PA). We liked the valuation overall for that level of equity, but we did not think the common shares warranted a long position. Specifically we said, While we rate the common shares as neutral, we are ready to put a buy on the preferred shares and would not mind venturing into some option plays to capture the upside. We might have even gone with an outright purchase of the common shares if we thought the macro climate was more benign. But at present we still think the risks for SPX 3,200 are up and center, and we approach all long side ideas defensively. Source: Berkshire Is Not Taking A Haircut Here As SRG announced its plan for selling its remaining assets, the market celebrated. Initially the common shares tore far higher than SRG.PA but then the common fell back as the broader market selloff took hold. Fascinatingly, both are now up about 50% since the article date. We look at what's going on and give you our take. Progress To Date Seritage sold 13 properties during the second quarter of 2022 and generated over $160 million in proceeds. It has also sold a similar amount of properties in Q3-2022 with about $100 million in net proceeds that have been directly applied against the term loan. All of that sounds excellent and it is going a long way to ensure the survival of the company. On the other hand there is some heavy skepticism based on where the stock is trading relative to the price suggested. After all, if SRG expects $18.50-$29.00 as the final value, there is a lot of upside in even the lower end of that spectrum. Changes Since The Announcement Date The plan was announced on July 8. Since then, the markets have moved a bit lower with the Vanguard Real Estate ETF (VNQ) down just 6%. But other market conditions have deteriorated far worse. For example, the one-year Treasury rate which gives a glance at future rate hikes as well a possible terminal Fed Funds rate, has moved from 2.8% to over 4%. Y-Charts The Federal Reserve's first future rate cut, which was projected to be in February 2023 at the time of writing the last article, has moved to September 2023 after the latest Fed meeting. Growth projections have markedly deteriorated as the Atlanta Federal Reserve's Q3 numbers have dropped from over 2.5% GDP growth to about 0.5%. This level of marked deterioration has coincided with negatives in the capital markets as well. A few deals have been pulled in recent months and the sharp rise in interest rates has put a lot of firms on the defensive. Will they bid just as liberally on properties as they would three months back? A lot of these properties are slated for apartment developments or mixed use (residential plus retail). With multifamily units under construction surging to new highs, one can wonder what kind of asset sales will be achieved in the next 12 months under extremely tight financial conditions. Daily Shot-Twitter How To Play It SRG had about $1.4 billion in net liabilities (total liabilities less cash) and an equity market capitalization of close to $500 million. At the $18.50 to $29.00 price band, its enterprise value would be in the $2.5-$3.0 billion range. It is not hard to envision a 20% hair cut to property prices during the steepest percentage rise in interest rates we have ever seen. True Insights-Twitter SRG is of course not selling single family homes, but the concept is identical in that you will see prospective buyers throw some number similar to this in their calculations of what they can pay. If you accept that we can get a 20% hair cut vs July estimates, if a modest recession materializes, your enterprise value drops in the range of $2.0 to $2.4 billion. At the low end this is very close to current enterprise value and share price. Y-charts Your $18-$29 range becomes more like $10-$18. Hence we would not play any direct long positions here on the common shares. The risk is just too great, especially after a 50% run-up. The other issue is simply a delay in getting to the same point. SRG did pay down $100 million on its debt, but even if we adjust Q2-2022 numbers (10-Q) for the lower interest expense, the cash burn remains incredibly high. We have highlighted below the numbers that go into the baseline cash burn before capex from the income statement and that works to about $80 million a year. SRG 10-Q That would move to $73 million annually after the debt paydown. Capex was another $68 million in first half of the year. SRG 10-Q That combined burn rate of over $200 million is incredibly high (40% of common equity market capitalization) and should make bulls cautious.

Seeking Alpha • Aug 08

Seritage Growth Properties prepays $100M toward $1.6B term loan facility

Seritage Growth Properties (NYSE:SRG) said Monday it made a voluntary prepayment of $100M toward its $1.6B term loan facility. Now $1.34B of the loan facility remains outstanding. The prepayment will also reduce SRG's total annual interest expense related to the loan facility by ~$7M.

Seeking Alpha • Jul 08

Seritage Growth Properties surges on filing prelim proxy materials for Plan of Sale

Seritage Growth Properties (NYSE:SRG) skyrocketed 65.6% higher premarket after it filed its preliminary proxy materials with the U.S. SEC related to its 2022 Annual Meeting of Shareholders. The Seritage board recommends that its shareholders vote at the Annual Meeting to approve a proposed plan of sale of Seritage's assets and dissolution enabling the company to sell Seritage's assets and dissolution and distribute the net proceeds to shareholders and dissolve the company. The affirmative vote of at least two-thirds of all outstanding common shares is required to approve the Plan of Sale. The strategic review process remains ongoing and the company remains open-minded to pursuing the right value maximizing alternatives, including a potential sale. The company also appointed Adam Metz as Chairman of the Seritage Board of Trustees.

Analyse-artikel • Jun 13

Health Check: How Prudently Does Seritage Growth Properties (NYSE:SRG) Use Debt?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

Seeking Alpha • Jun 13

Seritage: Berkshire Is Not Taking A Haircut Here

We have generally had a negative outlook on Seritage. The stock has agreed 100% and then some. The final meltdown phase has gone too far and the pending asset/company sales likely extracts value. There are two good ways to play this.

Seeking Alpha • Apr 22

Seritage: Special Situation Opportunity Happening Now With 'Near Term' Shareholder Value Creation To Follow

Seritage was a $40 stock pre-COVID with a price predicated on years of hard work that would be needed to reposition and re-develop assets to achieve that valuation. The largest shareholder (Eddie Lampert) initiated an SEC filing in November 2021, when shares ranged from $14.50 to $17, calling the shares "undervalued" as part of the filing. The bullish argument for Seritage has centered on the vast amount of asset value that can be unlocked over time. Most do not dispute the significant value of the assets. The bearish argument has always been that it will take too much time, and too much money, to unlock the value of the underlying assets owned by Seritage. In March of 2022, Seritage announced a strategic review that could involve selling the company, or selling certain assets, with the stated goal of the following: "We are committed to exploring a variety of opportunities to pull forward this value and deliver it to Seritage shareholders in the near-term". I believe we are about to witness fireworks and I also believe that investors who think value creation leads to a share price of only 50% above current levels (levels which the largest shareholder has called "undervalued") are in for a surprise. With over 20% of the stock still sold short, be prepared for massive upside as the plan to unlock value unfolds.

Seeking Alpha • Jan 21

Seritage: Well Priced For 0% Returns

We have had multiple bearish calls on Seritage. The stock has heavily underperformed the REIT indices while the C-suite has become a revolving door. We are upgrading it to neutral and tell you why.

Seeking Alpha • Nov 18

Seritage Growth Properties: Significant Monetization Activities, A Path To Positive Cash From Operations, And A Massively Undervalued Asset Base - Shares Could Double

Armchair quarterbacks love to hate Seritage but have limited foresight into why. The company is burning cash now, and it was burning cash pre-COVID when shares were over $40. The difference today, compared to pre-COVID, is Seritage now has a CEO in place with both short and long-term plans. The breadcrumbs have been provided, and now we follow. The new CEO has clearly stated who the company is today and what they will be in the future. This involves aggressively moving to sell valuable properties burning cash. Until recently, investors have never seen the breadcrumbs about these assets. Seritage has told us what they intend to sell, how much those cash those assets are burning per year, and my math in this article shows those assets should generate ~$600M in proceeds. More importantly, Seritage is telling investors they are reaching stabilization of multi-tenant retail. As these assets become stabilized, they represent the path to unlocking much cheaper financing than the 7% the company is paying today. As the company is able to use its stabilized assets, Seritage will also free up other assets to pursue achievable plans to "densify" some of the company's best properties.

Seeking Alpha • Nov 03

Seritage: SNO Rents Drop 67% From 2019

Seritage reported Q3-2021 results with weak NOI and negative FFO. The numbers looked improved when viewed quarter over quarter. We tell you what drove the improvement and why the cupboard may be getting too bare for Berkshire Hathaway.

Seeking Alpha • Aug 10

Seritage: NOI Now Down 84% From IPO

Seritage Growth Properties reported another disappointing quarter. The interest expense rose at a 30% plus annualized clip. The writing is on the wall for this one unless they use a different playbook than the one that got their NOI down 84% from their IPO.

Seeking Alpha • Jun 28

Seritage Growth Properties: A Glimpse Of Its Value

Seritage's new CEO has a clear vision about the company's future. Several projects provide future base rent foundations if successful. The stock is still worth owning considering many value creation opportunities.

Analyse-artikel • Mar 15

What Type Of Returns Would Seritage Growth Properties'(NYSE:SRG) Shareholders Have Earned If They Purchased Their SharesFive Years Ago?

Seritage Growth Properties ( NYSE:SRG ) shareholders will doubtless be very grateful to see the share price up 60% in...

Sneeuwvlok Score
Waardering	0/6
Toekomstige groei	0/6
Prestaties in het verleden	0/6
Financiële gezondheid	6/6
Dividenden	0/6

Historische aandelenkoersen
Huidige aandelenkoers	US$2.50
52 Week Hoogtepunt	US$4.56
52 Week Laag	US$2.31
Bèta	2.19
1 maand verandering	-6.02%
3 maanden verandering	-6.72%
1 Jaar Verandering	-23.08%
3 jaar verandering	-72.89%
5 jaar verandering	-84.55%
Verandering sinds IPO	-93.26%

	SRG	US Real Estate	US Markt
7D	-5.7%	0.8%	-1.4%
1Y	-23.1%	-15.2%	17.1%

SRG volatility
SRG Average Weekly Movement	6.6%
Real Estate Industry Average Movement	7.5%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.4%
10% least volatile stocks in US Market	3.2%

SRG fundamentele statistieken
Marktkapitalisatie	US$144.19m
Inkomsten(TTM)	-US$81.23m
Inkomsten(TTM)	US$15.55m

SRG resultatenrekening (TTM)
Inkomsten	US$15.55m
Kosten van inkomsten	US$14.37m
Brutowinst	US$1.18m
Overige uitgaven	US$82.41m
Inkomsten	-US$81.23m

Winst per aandeel (EPS)	-1.44
Brutomarge	7.56%
Nettowinstmarge	-522.49%
Schuld/Eigen Vermogen Verhouding	16.2%

Gegevens	Laatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse	2026/07/21 22:04
Aandelenkoers aan het einde van de dag	2026/07/21 00:00
Inkomsten	2026/03/31
Jaarlijkse inkomsten	2025/12/31

Pakket	Gegevens	Tijdframe	Voorbeeld Amerikaanse bron ^*
Financiële gegevens bedrijf	10 jaar	Resultatenrekening Kasstroomoverzicht Balans	SEC-formulier 10-K SEC-formulier 10-Q
Consensus schattingen analisten	+3 jaar	Financiële prognoses Koersdoelen analisten	Onderzoeksrapporten van analisten Blue Matrix
Marktprijzen	30 jaar	Aandelenprijzen Dividenden, splitsingen en acties	ICE Marktgegevens SEC-formulier S-1
Eigendom	10 jaar	Top aandeelhouders Handel met voorkennis	SEC-formulier 4 SEC-formulier 13D
Beheer	10 jaar	Leiderschapsteam Raad van bestuur	SEC-formulier 10-K SEC-formulier DEF 14A
Belangrijkste ontwikkelingen	10 jaar	Bedrijfsaankondigingen	SEC-formulier 8-K

Seritage Growth Properties (SRG) Aandelenoverzicht

Risicoanalyse

Join community and earn perks

Seritage Growth Properties Concurrenten

Merchants' National Properties

New England Realty Associates Limited Partnership

J.W. Mays

Nam Tai Property

Prijsgeschiedenis en prestaties

Recent nieuws en updates

Seritage Growth Properties: Preferred For Perspective

First quarter 2026 earnings released: US$0.56 loss per share (vs US$0.42 loss in 1Q 2025)

Seritage Growth Properties Reports Unaudited Consolidated Impairment Charges for the First Quarter Ended March 31, 2026

Seritage Growth Properties, Annual General Meeting, Jun 09, 2026

Full year 2025 earnings released: US$1.30 loss per share (vs US$2.82 loss in FY 2024)

Boulevard Step Ventures LLC completed the acquisition of Property located in Aventura, Florida from Seritage Growth Properties (NYSE:SRG).

Recent updates

Seritage Growth Properties: Preferred For Perspective

First quarter 2026 earnings released: US$0.56 loss per share (vs US$0.42 loss in 1Q 2025)

Seritage Growth Properties Reports Unaudited Consolidated Impairment Charges for the First Quarter Ended March 31, 2026

Seritage Growth Properties, Annual General Meeting, Jun 09, 2026

Full year 2025 earnings released: US$1.30 loss per share (vs US$2.82 loss in FY 2024)

Boulevard Step Ventures LLC completed the acquisition of Property located in Aventura, Florida from Seritage Growth Properties (NYSE:SRG).

Third quarter 2025 earnings released: US$0.22 loss per share (vs US$0.41 loss in 3Q 2024)

Seritage Growth Properties Reports Impairment Charges for the Third Quarter Ended September 30, 2025

Insider recently sold US$284k worth of stock

Seritage Growth Properties (NYSE:SRG) Is Making Moderate Use Of Debt

Second quarter 2025 earnings released: US$0.53 loss per share (vs US$1.82 loss in 2Q 2024)

Seritage Growth Properties Appoints Adam Metz as CEO, Effective from July 1, 2025

New major risk - Revenue size

First quarter 2025 earnings released: US$0.42 loss per share (vs US$0.36 loss in 1Q 2024)

Insufficient new directors

Seritage Growth Properties, Annual General Meeting, Jun 10, 2025

Seritage Growth Properties: Special Situation Buy

Full year 2024 earnings released: US$2.82 loss per share (vs US$2.85 loss in FY 2023)

Seritage Growth Properties Announces Board Changes

Third quarter 2024 earnings released: US$0.41 loss per share (vs US$0.038 loss in 3Q 2023)

Price target decreased by 32% to US$9.50

Seritage Growth: Buy A Dollar For 80 Cents

Seritage Growth Properties announced delayed 10-Q filing

Is Seritage Growth Properties (NYSE:SRG) Using Debt Sensibly?

Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against Seritage Growth Properties

Price target decreased by 32% to US$9.50

Seritage: Only Berkshire Hathaway Made Money On This

Seritage Growth Properties Reports Consolidated Impairment Charges for the First Quarter Ended March 31, 2024

Seritage Growth Properties, Annual General Meeting, Jun 05, 2024

Seritage Growth Properties announced delayed annual 10-K filing

Insider recently sold US$1.8m worth of stock

Insider recently sold US$2.7m worth of stock

Seritage Preferreds Offer Tempting Potential 12.86% Yield To Maturity

Insider recently sold US$659k worth of stock

Insider recently sold US$881k worth of stock

Insider recently sold US$417k worth of stock

Insider recently sold US$542k worth of stock

Seritage: Intriguing Assets And Fascinating CEO

Third quarter 2023 earnings released: US$0.038 loss per share (vs US$0.084 loss in 3Q 2022)

Price target decreased by 14% to US$12.00

High number of new directors

An unknown buyer acquired Two vacant / non-income producing Non-Core assets of Seritage Growth Properties for $6.2 million.

Seritage: Nearing The Finish Line

Seritage Growth Properties Announces Impairment on Development Property in Aventura, Florida for the Quarter Ended June 30, 2023

Seritage Growth Properties announced delayed 10-Q filing

The Macerich Company (NYSE:MAC) acquired the remaining 50% stakes in 5 Former Sears Boxes from Seritage Growth Properties (NYSE:SRG).

Is Seritage Growth Properties (NYSE:SRG) Weighed On By Its Debt Load?

Four Corners Property Trust, Inc. (NYSE:FCPT) acquired Outback Steakhouse and Hook & Reel property from Seritage Growth Properties (NYSE:SRG) for $5.2 million.

First quarter 2023 earnings released: US$1.13 loss per share (vs US$1.23 loss in 1Q 2022)

Full year 2022 earnings released: US$1.59 loss per share (vs US$0.78 loss in FY 2021)

Seritage Growth Properties reduces outstanding debt to $800M

Insider recently sold US$5.1m worth of stock

Seritage Growth Properties, Annual General Meeting, Jun 06, 2023

Insider recently sold US$3.2m worth of stock

Insider recently sold US$74k worth of stock

Insider recently sold US$1.1m worth of stock

High number of new directors

Seritage Growth Properties: Buy $20 For Less Than $12

Third quarter 2022 earnings released: US$0.084 loss per share (vs US$0.50 loss in 3Q 2021)

O'Keefe Stevens - Seritage Growth Properties: A Good Idea On Paper

Insider recently sold US$3.7m worth of stock

Seritage Growth Properties prepays $70M loan

Insider recently sold US$779k worth of stock