Seritage Growth Properties
Market Cap
US$2.4b
Last Updated
2019/10/20 00:42 UTC
Data Sources
Company Financials +
Executive Summary
Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 194 wholly-owned properties and 27 joint venture properties totaling approximately 35.1 million square feet of space across 45 states and Puerto Rico.
Snowflake
Fundamentals
Overvalued with worrying balance sheet.
Share Price & News
How has Seritage Growth Properties's share price performed over time and what events caused price changes?
Latest Share Price and Events
Market Performance
7 Day Return
0.7%
SRG
1.5%
US REITs
0.4%
US Market
1 Year Return
7.4%
SRG
19.9%
US REITs
6.9%
US Market
Return vs Industry: SRG underperformed the US REITs industry which returned 19.9% over the past year.
Return vs Market: SRG matched the US Market which returned 6.9% over the past year.
Shareholder returns
| SRG | Industry | Market | |
|---|---|---|---|
| 7 Day | 0.7% | 1.5% | 0.4% |
| 30 Day | 2.3% | 1.6% | -1.1% |
| 90 Day | 10.0% | 7.8% | -0.5% |
| 1 Year | 8.8%7.4% | 25.2%19.9% | 9.3%6.9% |
| 3 Year | -0.4%-6.3% | 36.0%18.6% | 45.8%36.4% |
| 5 Year | n/a | 64.7%30.0% | 62.9%45.1% |
Price Volatility Vs. Market
How volatile is Seritage Growth Properties's share price compared to the market and industry in the last 5 years?
Simply Wall St News
4 days ago | Simply Wall St
What Does Seritage Growth Properties's (NYSE:SRG) Share Price Indicate?1 month ago | Simply Wall St
How To Look At Seritage Growth Properties (NYSE:SRG)2 months ago | Simply Wall St
Have Insiders Been Selling Seritage Growth Properties (NYSE:SRG) Shares?Valuation
Is Seritage Growth Properties undervalued compared to its fair value and its price relative to the market?
24.1%
Undervalued compared to fair value
Share Price vs. Fair Value
Undervalued: SRG ($43.79) is trading below our estimate of fair value ($57.72)
Significantly Undervalued: SRG is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: SRG is unprofitable, so we can't compare its PE Ratio to the REITs industry average.
PE vs Market: SRG is unprofitable, so we can't compare its PE Ratio to the US market.
Price to Earnings Growth Ratio
Low PEG Ratio: Insufficient data to calculate SRG's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: SRG is overvalued based on its PB Ratio (2.1x) compared to the US REITs industry average (2x).
Next Steps
Future Growth
How is Seritage Growth Properties forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?
8.8%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: SRG is forecast to remain unprofitable over the next 3 years.
Earnings vs Market: SRG is forecast to remain unprofitable over the next 3 years.
High Growth Earnings: SRG is forecast to remain unprofitable over the next 3 years.
Revenue vs Market: Insufficient data to determine if SRG's revenue is forecast to grow faster than the US market.
High Growth Revenue: Insufficient data to determine if SRG's revenue is forecast to grow faster than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
High Future ROE: Insufficient data to determine if SRG's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has Seritage Growth Properties performed over the past 5 years?
-24.6%
Historical annual earnings growth
Earnings and Revenue History
Past Earnings Growth Analysis
Earnings Trend: SRG is unprofitable, and losses have increased over the past 5 years at a rate of -24.6% per year.
Accelerating Growth: Unable to compare SRG's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: SRG is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (17.6%).
Return on Equity
High ROE: SRG has a negative Return on Equity (-14.35%), as it is currently unprofitable.
Return on Assets
ROA vs Industry: SRG is currently unprofitable, so its Return on Assets is negative.
Return on Capital Employed
ROCE Improving: SRG is currently unprofitable, so its Return on Capital Employed is negative.
Next Steps
Financial Health
How is Seritage Growth Properties's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: SRG has a high level of physical assets or inventory.
Debt Coverage by Assets: SRG's debt is not covered by short term assets (assets are 0.2x debt).
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.
Stable Cash Runway: Whilst unprofitable SRG has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.
Forecast Cash Runway: SRG is unprofitable but has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -51.1% per year.
Financial Institutions Analysis
Asset Level: SRG's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if SRG has a sufficient allowance for bad loans.
Low Risk Liabilities: SRG reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if SRG has an acceptable proportion of non-loan assets held.
Low Risk Deposits: SRG has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if SRG has an appropriate level of bad loans.
Next Steps
Dividend
What is Seritage Growth Properties's current dividend yield, its reliability and sustainability?
Dividend Yield vs Market
Current dividend yield vs market & industry
Stability and Growth of Payments
Notable Dividend: Unable to evaluate SRG's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.
High Dividend: Unable to evaluate SRG's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.
Stable Dividend: Insufficient data to determine if SRG's dividends per share have been stable in the past.
Growing Dividend: Insufficient data to determine if SRG's dividend payments have been increasing.
Current Payout to Shareholders
Dividend Coverage: SRG is not paying a notable dividend for the US market.
Future Payout to Shareholders
Future Dividend Coverage: No need to calculate the sustainability of SRG's dividend in 3 years as they are not forecast to pay a notable one for the US market.
Next Steps
Management
What is the CEO of Seritage Growth Properties's salary, the management and board of directors tenure and is there insider trading?
4.3yrs
Average management tenure
CEO
Ben Schall (44yo)
0yrs
Tenure
US$8,872,766
Compensation
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 ser ...
CEO Compensation Analysis
Compensation vs. Market: Insufficient data to establish whether Ben's total compensation is reasonable compared to companies of similar size in the US market.
Compensation vs Earnings: Ben's compensation has increased whilst the company is unprofitable.
Management Age and Tenure
4.3yrs
Average Tenure
43.5yo
Average Age
Experienced Management: SRG's management team is considered experienced (4.3 years average tenure).
Board Age and Tenure
4.3yrs
Average Tenure
57yo
Average Age
Experienced Board: SRG's board of directors are considered experienced (4.3 years average tenure).
Insider Trading
Insider Buying: SRG insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Role | Chairman of the Board Chairman of the Board |
| Shares | 38,652 |
| Max Price | US$39.24 |
| Entity | Company |
| Shares | 38,652 |
| Max Price | US$39.24 |
| Entity | Individual |
| Role | Senior Key Executive Executive Vice President of Development & Construction |
| Shares | 3,318 |
| Max Price | US$38.08 |
Ownership Breakdown
Management Team
Ken Lombard (64yo)
Executive VP & COO
- Tenure: 1.4yrs
- Compensation: US$1.28m
Chris Mrozinski
Senior Vice President
- Tenure: 0yrs
Matthew Fernand (42yo)
Executive VP
- Tenure: 0yrs
- Compensation: US$1.62m
Ben Schall (44yo)
President
- Tenure: 0yrs
- Compensation: US$8.87m
Brian Dickman (43yo)
Executive VP & CFO
- Tenure: 4.8yrs
- Compensation: US$1.79m
James Bry (51yo)
Executive Vice President of Development & Construction
- Tenure: 4.3yrs
- Compensation: US$1.17m
Mary Rottler (42yo)
Executive Vice President of Leasing & Operations
- Tenure: 4.3yrs
- Compensation: US$1.20m
Andrew Galvin
Senior Vice President of Investments & Portfolio Management
- Tenure: 0.8yrs
Maurice Funes
Senior Vice President of Leasing & Development
- Tenure: 0yrs
Paul D’Arelli
Senior Vice President of Development
- Tenure: 0yrs
Board Members
Tom Steinberg (62yo)
Independent Trustee
- Tenure: 4.3yrs
- Compensation: US$100.00k
Edward Lampert (57yo)
Chairman of the Board
- Tenure: 4.3yrs
- Compensation: US$100.00k
Allison Thrush (55yo)
Independent Trustee
- Tenure: 0.5yrs
John McClain (58yo)
Independent Trustee
- Tenure: 4.3yrs
- Compensation: US$115.00k
Sharon Osberg (69yo)
Independent Trustee
- Tenure: 1.4yrs
- Compensation: US$60.17k
Ben Schall (44yo)
President
- Tenure: 0yrs
- Compensation: US$8.87m
David Fawer (50yo)
Independent Trustee
- Tenure: 4.3yrs
- Compensation: US$100.00k
Company Information
Seritage Growth Properties's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Seritage Growth Properties
- Ticker: SRG
- Exchange: NYSE
- Founded: 2015
- Industry: Retail REITs
- Sector: Real Estate
- Implied Market Cap: US$2.444b
- Market Cap: US$1.613b
- Shares outstanding: 55.80m
- Website: https://www.seritage.com
Number of Employees
Location
- Seritage Growth Properties
- 500 Fifth Avenue
- Suite 1530
- New York
- New York
- 10110
- United States
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| SRG | NYSE (New York Stock Exchange) | Yes | Class A Common Shares | US | USD | Jul 2015 |
| SRG.PRA | NYSE (New York Stock Exchange) | 7% CUM PFD SR A | US | USD | Dec 2017 |
Biography
Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 194 wholly-owned properties and 27 joint venture properties totaling approximately 35.1 million square feet of ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/10/20 00:42 |
| End of Day Share Price | 2019/10/18 00:00 |
| Earnings | 2019/06/30 |
| Annual Earnings | 2018/12/31 |
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.