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Seritage Growth Properties

NYSE:SRG.PRA
Snowflake Description

Mediocre balance sheet and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SRG.PRA
NYSE
$3B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 198 wholly-owned properties and 27 joint venture properties totaling approximately 35.6 million square feet of space across 46 states and Puerto Rico. The last earnings update was 17 days ago. More info.


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SRG.PRA Share Price and Events
7 Day Returns
0.5%
NYSE:SRG.PRA
1.8%
US REITs
-0.7%
US Market
1 Year Returns
2%
NYSE:SRG.PRA
16.3%
US REITs
3%
US Market
SRG.PRA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Seritage Growth Properties (SRG.PRA) 0.5% -0.3% -0.4% 2% - -
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • SRG.PRA underperformed the REITs industry which returned 16.3% over the past year.
  • SRG.PRA underperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
SRG.PRA
Industry
5yr Volatility vs Market

SRG.PRA Value

 Is Seritage Growth Properties undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Seritage Growth Properties to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Seritage Growth Properties.

NYSE:SRG.PRA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:SRG.PRA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (63.02%))
0.863
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.86
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.863 * 5.96%)
7.87%

Discounted Cash Flow Calculation for NYSE:SRG.PRA using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Seritage Growth Properties is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Seritage Growth Properties is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:SRG.PRA DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.87%)
2019 -21.00 Analyst x1 -19.47
2020 2.80 Analyst x1 2.41
2021 51.50 Analyst x1 41.03
2022 103.94 Est @ 101.83% 76.76
2023 178.88 Est @ 72.1% 122.46
2024 270.62 Est @ 51.29% 171.75
2025 370.00 Est @ 36.72% 217.68
2026 468.14 Est @ 26.52% 255.32
2027 558.88 Est @ 19.39% 282.56
2028 639.30 Est @ 14.39% 299.63
Present value of next 10 years cash flows $1,450.14
NYSE:SRG.PRA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $639.30 × (1 + 2.73%) ÷ (7.87% – 2.73%)
$12,770.60
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $12,770.60 ÷ (1 + 7.87%)10
$5,985.44
NYSE:SRG.PRA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,450.14 + $5,985.44
$7,435.57
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $7,435.57 / 55.81
$70.17
NYSE:SRG.PRA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NYSE:SRG.PRA represents 0.52671x of NYSE:SRG
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.52671x
Value per Share
(Listing Adjusted, USD)
= Value per Share (USD) x Listing Adjustment Factor
= $ 70.17 x 0.52671
$36.96
Value per share (USD) From above. $36.96
Current discount Discount to share price of $24.06
= -1 x ($24.06 - $36.96) / $36.96
34.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Seritage Growth Properties is available for.
Intrinsic value
35%
Share price is $24.06 vs Future cash flow value of $36.96
Current Discount Checks
For Seritage Growth Properties to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Seritage Growth Properties's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Seritage Growth Properties's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Seritage Growth Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Seritage Growth Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:SRG.PRA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-2.69
NYSE:SRG Share Price ** NYSE (2019-05-17) in USD $45.68
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Seritage Growth Properties.

NYSE:SRG.PRA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:SRG Share Price ÷ EPS (both in USD)

= 45.68 ÷ -2.69

-17.01x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Seritage Growth Properties is loss making, we can't compare its value to the US REITs industry average.
  • Seritage Growth Properties is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Seritage Growth Properties's expected growth come at a high price?
Raw Data
NYSE:SRG.PRA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -17.01x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
18.2%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Seritage Growth Properties, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Seritage Growth Properties's assets?
Raw Data
NYSE:SRG.PRA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $21.36
NYSE:SRG Share Price * NYSE (2019-05-17) in USD $45.68
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:SRG.PRA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:SRG Share Price ÷ Book Value per Share (both in USD)

= 45.68 ÷ 21.36

2.14x

* Primary Listing of Seritage Growth Properties.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Seritage Growth Properties is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Seritage Growth Properties's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Seritage Growth Properties has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

SRG.PRA Future Performance

 How is Seritage Growth Properties expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
18.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Seritage Growth Properties expected to grow at an attractive rate?
  • Unable to compare Seritage Growth Properties's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.
Growth vs Market Checks
  • Unable to compare Seritage Growth Properties's earnings growth to the United States of America market average as it is expected to be loss making during the next 1-3 years.
  • Unable to compare Seritage Growth Properties's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NYSE:SRG.PRA Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:SRG.PRA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 18.2%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:SRG.PRA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:SRG.PRA Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 61 -56
2020-12-31 9 -72
2019-12-31 -22 -79
NYSE:SRG.PRA Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 198 30 -96
2018-12-31 204 55 -78
2018-09-30 203 28 -66
2018-06-30 209 54 -32
2018-03-31 218 33 -45
2017-12-31 233 60 -74
2017-09-30 249 56 -46
2017-06-30 248 61 -77
2017-03-31 255 119 -63
2016-12-31 253 97 -52

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Seritage Growth Properties is not considered high growth as it is expected to be loss making for the next 1-3 years.
  • Unable to determine if Seritage Growth Properties is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:SRG.PRA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Seritage Growth Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SRG.PRA Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
NYSE:SRG.PRA Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 -2.69
2018-12-31 -2.20
2018-09-30 -1.87
2018-06-30 -0.92
2018-03-31 -1.31
2017-12-31 -2.19
2017-09-30 -1.38
2017-06-30 -2.37
2017-03-31 -1.97
2016-12-31 -1.64

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Seritage Growth Properties will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Seritage Growth Properties's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Seritage Growth Properties has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

SRG.PRA Past Performance

  How has Seritage Growth Properties performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Seritage Growth Properties's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Seritage Growth Properties does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Seritage Growth Properties's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Seritage Growth Properties's 1-year growth to the US REITs industry average as it is not currently profitable.
Earnings and Revenue History
Seritage Growth Properties's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Seritage Growth Properties Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SRG.PRA Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 198.19 -95.67 36.95
2018-12-31 204.31 -78.38 35.05
2018-09-30 202.75 -65.79 36.37
2018-06-30 208.79 -31.84 33.28
2018-03-31 218.02 -45.06 29.61
2017-12-31 233.23 -74.00 28.06
2017-09-30 249.46 -45.55 21.12
2017-06-30 248.20 -77.16 20.16
2017-03-31 254.63 -63.06 19.61
2016-12-31 253.32 -51.56 17.74
2016-03-31 233.86 -51.92 23.39
2015-12-31 236.69 -44.68 19.91
2014-12-31 273.10 -4.37 3.85

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Seritage Growth Properties has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Seritage Growth Properties has efficiently used its assets last year compared to the US REITs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Seritage Growth Properties improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Seritage Growth Properties's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Seritage Growth Properties has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

SRG.PRA Health

 How is Seritage Growth Properties's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Seritage Growth Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Seritage Growth Properties is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Seritage Growth Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Seritage Growth Properties's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Seritage Growth Properties Company Filings, last reported 1 month ago.

NYSE:SRG.PRA Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,122.98 1,606.54 442.63
2018-12-31 1,150.46 1,598.05 532.86
2018-09-30 1,251.41 1,598.12 581.62
2018-06-30 1,299.19 1,217.87 105.55
2018-03-31 1,322.57 1,274.38 140.29
2017-12-31 1,320.86 1,345.52 241.57
2017-09-30 1,333.12 1,284.62 104.25
2017-06-30 1,329.44 1,333.36 14.97
2017-03-31 1,377.89 1,174.02 31.84
2016-12-31 1,424.31 1,166.87 52.03
2016-03-31 1,541.68 1,143.76 57.13
2015-12-31 1,570.08 1,142.42 64.97
2014-12-31
  • Seritage Growth Properties's level of debt (143.1%) compared to net worth is high (greater than 40%).
  • Unable to establish if Seritage Growth Properties's debt level has increased without past 5-year debt data.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Seritage Growth Properties has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Seritage Growth Properties has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 51.1% per year.
X
Financial health checks
We assess Seritage Growth Properties's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Seritage Growth Properties has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

SRG.PRA Dividends

 What is Seritage Growth Properties's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.19%
Current annual income from Seritage Growth Properties dividends.
If you bought $2,000 of Seritage Growth Properties shares you are expected to receive $44 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Seritage Growth Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Seritage Growth Properties's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Upcoming dividend payment

Purchase Seritage Growth Properties before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:SRG.PRA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:SRG.PRA Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
NYSE:SRG.PRA Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-25 1.000 2.223
2018-10-23 1.000 2.654
2018-07-24 1.000 2.116
2018-04-25 1.000 2.448
2018-02-20 1.000 2.768
2017-10-24 1.000 2.461
2017-07-26 1.000 2.162
2017-04-25 1.000 2.386
2017-02-28 1.000 2.290
2016-11-01 1.000 2.248
2016-08-02 1.000 2.098
2016-05-04 1.000 2.060
2016-03-08 1.000 2.009
2015-12-17 1.000 2.498

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Seritage Growth Properties has been paying a dividend for less than 10 years.
  • Seritage Growth Properties has only been paying a dividend for 3 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Seritage Growth Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.2x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Seritage Growth Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Seritage Growth Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Seritage Growth Properties has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

SRG.PRA Management

 What is the CEO of Seritage Growth Properties's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ben Schall
COMPENSATION $8,872,766
AGE 43
CEO Bio

Mr. Benjamin W. Schall, also known as Ben, serves as the Chief Executive Officer, President of Seritage Growth Properties since 2015 and serves as its Trustee since July 6, 2015. Previously, Mr. Schall served as the Chief Operating Officer at Rouse Properties, Inc. from March 8, 2012 to April 2015. Prior to this, He held a number of roles at Vornado Realty Trust from 2003 to 2012, where his positions included Senior Vice President. Mr. Schall holds a Masters of Business Administration from Harvard Business School and a Bachelor of Arts degree from Swarthmore College.

CEO Compensation
  • Ben's compensation has increased whilst company is loss making.
  • Ben's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Seritage Growth Properties management team in years:

3.9
Average Tenure
42.5
Average Age
  • The tenure for the Seritage Growth Properties management team is about average.
Management Team

Ben Schall

TITLE
President
COMPENSATION
$9M
AGE
43

Brian Dickman

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
42
TENURE
4.3 yrs

Ken Lombard

TITLE
Executive VP & COO
COMPENSATION
$1M
AGE
63
TENURE
1 yrs

Matthew Fernand

TITLE
Executive VP
COMPENSATION
$2M
AGE
41

James Bry

TITLE
Executive Vice President of Development & Construction
COMPENSATION
$1M
AGE
50
TENURE
3.9 yrs

Mary Rottler

TITLE
Executive Vice President of Leasing & Operations
COMPENSATION
$1M
AGE
41
TENURE
3.9 yrs

Maurice Funes

TITLE
Senior Vice President of Leasing & Development

Paul D’Arelli

TITLE
Senior Vice President of Development

Chris Mrozinski

TITLE
Senior Vice President

Meghan Kruger

TITLE
Senior Vice President of Leasing
TENURE
0.8 yrs
Board of Directors Tenure

Average tenure and age of the Seritage Growth Properties board of directors in years:

3.8
Average Tenure
56
Average Age
  • The tenure for the Seritage Growth Properties board of directors is about average.
Board of Directors

Edward Lampert

TITLE
Chairman of the Board
COMPENSATION
$100K
AGE
56
TENURE
3.8 yrs

Ben Schall

TITLE
President
COMPENSATION
$9M
AGE
43
TENURE
3.8 yrs

John McClain

TITLE
COMPENSATION
$115K
AGE
57
TENURE
3.8 yrs

David Fawer

TITLE
COMPENSATION
$100K
AGE
49
TENURE
3.8 yrs

Tom Steinberg

TITLE
COMPENSATION
$100K
AGE
61
TENURE
3.8 yrs

Sharon Osberg

TITLE
Independent Trustee
COMPENSATION
$60K
AGE
68
TENURE
1 yrs

Allison Thrush

TITLE
AGE
54
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Seritage Growth Properties's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Seritage Growth Properties has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

SRG.PRA News

Simply Wall St News

SRG.PRA Company Info

Description

Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 198 wholly-owned properties and 27 joint venture properties totaling approximately 35.6 million square feet of space across 46 states and Puerto Rico. The Company was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015. Pursuant to a master lease, the Company has the right to recapture certain space from the successor to Sears Holdings for retenanting or redevelopment purposes. The Company’s mission is to create and own revitalized shopping, dining, entertainment and mixed-use destinations that provide enriched experiences for consumers and local communities, and create long-term value for our shareholders.

Details
Name: Seritage Growth Properties
SRG.PRA
Exchange: NYSE
Founded: 2015
$2,549,351,922
$1,630,305,861
55,808,930
Website: http://www.seritage.com
Address: Seritage Growth Properties
500 Fifth Avenue,
Suite 1530,
New York,
New York, 10110,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE SRG Class A Common Shares New York Stock Exchange US USD 06. Jul 2015
NYSE SRG.PRA 7% CUM PFD SR A New York Stock Exchange US USD 11. Dec 2017
Number of employees
Current staff
Staff numbers
69
Seritage Growth Properties employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 03:28
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/04/15
Last earnings filing: 2019/05/03
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.