Seritage Growth Properties
Market Cap
US$872.0m
Last Updated
2020/11/24 00:02 UTC
Data Sources
Company Financials
Executive Summary
Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 166 wholly-owned properties and 29 unconsolidated properties totaling approximately 30.4 million square feet of space across 44 states and Puerto Rico. More Details
Risk Analysis
Snowflake Analysis
Mediocre balance sheet and overvalued.
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
Stable Share Price: SRG is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 12% a week.
Volatility Over Time: SRG's weekly volatility has decreased from 19% to 12% over the past year, but is still higher than 75% of US stocks.
Market Performance
7 Day Return
4.4%
SRG
-1.8%
US REITs
-0.5%
US Market
1 Year Return
-60.9%
SRG
-7.3%
US REITs
18.3%
US Market
Return vs Industry: SRG underperformed the US REITs industry which returned -7.2% over the past year.
Return vs Market: SRG underperformed the US Market which returned 19.1% over the past year.
Shareholder returns
| SRG | Industry | Market | |
|---|---|---|---|
| 7 Day | 4.4% | -1.8% | -0.5% |
| 30 Day | 17.8% | 4.7% | 3.6% |
| 90 Day | 25.0% | 3.2% | 5.6% |
| 1 Year | -60.9%-60.9% | -3.4%-7.3% | 21.0%18.3% |
| 3 Year | -57.4%-59.0% | 17.2%3.2% | 45.2%35.6% |
| 5 Year | -50.1%-54.3% | 46.5%17.0% | 89.8%68.8% |
Long-Term 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
1 month ago | Simply Wall St
What Type Of Returns Would Seritage Growth Properties'(NYSE:SRG) Shareholders Have Earned If They Purchased Their SharesYear Ago?2 months ago | Simply Wall St
Trade Alert: The Executive VP & CFO Of Seritage Growth Properties (NYSE:SRG), Brian Dickman, Has Sold Some Shares Recently3 months ago | Simply Wall St
A Quick Analysis On Seritage Growth Properties' (NYSE:SRG) CEO SalaryValuation
Is Seritage Growth Properties undervalued compared to its fair value and its price relative to the market?
0.94x
Price to Book (PB) ratio
Share Price vs. Fair Value
Below Fair Value: Insufficient data to calculate SRG's fair value to establish if it is undervalued.
Significantly Below Fair Value: Insufficient data to calculate SRG's fair value to establish if it is undervalued.
Price To Earnings Ratio
PE vs Industry: SRG is unprofitable, so we can't compare its PE Ratio to the US 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
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 good value based on its PB Ratio (0.9x) compared to the US REITs industry average (1.6x).
Next Steps
Future Growth
How is Seritage Growth Properties forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?
8.9%
Forecasted Real Estate industry annual growth in earnings
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Seritage Growth Properties has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.
Next Steps
- Take a look at our analysis of SRG’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
- Seritage Growth Properties competitive advantages and company strategy can generally be found in its financial reports archived here.
- Explore growth companies in the Real Estate industry.
Past Performance
How has Seritage Growth Properties performed over the past 5 years?
-12.7%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: SRG is currently unprofitable.
Growing Profit Margin: SRG is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: SRG is unprofitable, and losses have increased over the past 5 years at a rate of 12.7% 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 (2%).
Return on Equity
High ROE: SRG has a negative Return on Equity (-14.96%), as it is currently unprofitable.
Next Steps
Financial Health
How is Seritage Growth Properties's financial position?
Financial Position Analysis
Short Term Liabilities: SRG's short term assets ($219.7M) exceed its short term liabilities ($184.4M).
Long Term Liabilities: SRG's short term assets ($219.7M) do not cover its long term liabilities ($1.6B).
Debt to Equity History and Analysis
Debt Level: SRG's debt to equity ratio (170.1%) is considered high.
Reducing Debt: Insufficient data to determine if SRG's debt to equity ratio has reduced over the past 5 years.
Balance Sheet
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: SRG has sufficient cash runway for more than a year based on its current free cash flow.
Forecast Cash Runway: SRG has sufficient cash runway for 1.2 years if free cash flow continues to reduce at historical rates of 64.4% each year.
Next Steps
Dividend
What is Seritage Growth Properties's current dividend yield, its reliability and sustainability?
Dividend Yield vs Market
Notable Dividend: Unable to evaluate SRG's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.
High Dividend: Unable to evaluate SRG's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.
Stability and Growth of Payments
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
How experienced are the management team and are they aligned to shareholders interests?
2.3yrs
Average management tenure
CEO
Ben Schall (45 yo)
no data
Tenure
US$4,096,191
Compensation
Mr. Benjamin W. Schall, also known as Ben, serves as the Chief Executive Officer, President of Seritage Growth Properties since 2015 and serves as its Trustee since July 6, 2015. Previously, Mr. Schall ser...
CEO Compensation Analysis
Compensation vs Market: Ben's total compensation ($USD4.10M) is above average for companies of similar size in the US market ($USD2.60M).
Compensation vs Earnings: Ben's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | no data | US$4.10m | 0.65% $ 5.7m | |
| Executive VP & COO | 2.5yrs | US$1.16m | 0.0083% $ 72.8k | |
| Executive VP | no data | US$1.00m | 0.055% $ 477.4k | |
| Executive Vice President of Development & Construction | 0.92yr | US$709.98k | 0.022% $ 187.6k | |
| Executive Vice President of Leasing & Operations | 5.42yrs | US$750.27k | 0.043% $ 377.7k | |
| Executive Officer | no data | US$1.18m | 0.034% $ 293.8k | |
| Executive VP & CFO | no data | no data | no data | |
| Executive Vice President of Investments | no data | no data | no data | |
| Senior Vice President of Leasing & Development | no data | no data | no data | |
| Senior Vice President of Development | no data | no data | no data | |
| Senior VP & Real Estate Counsel | 2.08yrs | no data | no data |
2.3yrs
Average Tenure
44.5yo
Average Age
Experienced Management: SRG's management team is considered experienced (2.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | no data | US$4.10m | 0.65% $ 5.7m | |
| Independent Trustee | 5.33yrs | US$100.00k | 0.060% $ 522.6k | |
| Chairman of the Board | 5.33yrs | US$100.00k | 5.01% $ 43.7m | |
| Independent Trustee | 1.58yrs | US$75.00k | no data | |
| Independent Trustee | 5.33yrs | US$130.00k | 0.0067% $ 58.7k | |
| Independent Trustee | 2.5yrs | US$100.00k | 0.012% $ 101.5k | |
| Independent Trustee | 5.33yrs | US$100.00k | 0.031% $ 270.8k |
5.3yrs
Average Tenure
58yo
Average Age
Experienced Board: SRG's board of directors are considered experienced (5.3 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: SRG insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
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$872.030m
- Market Cap: US$602.857m
- Shares outstanding: 55.90m
- 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 |
| 1D3 | DB (Deutsche Boerse AG) | Yes | Class A Common Shares | DE | EUR | 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 166 wholly-owned properties and 29 unconsolidated properties totaling approximately 30.4 million square feet of...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/11/24 00:02 |
| End of Day Share Price | 2020/11/23 00:00 |
| Earnings | 2020/09/30 |
| Annual Earnings | 2019/12/31 |
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.