NYSE:SRG

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Seritage Growth Properties

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


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

SRGIndustryMarket
7 Day4.4%-1.8%-0.5%
30 Day17.8%4.7%3.6%
90 Day25.0%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

Valuation

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

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

NamePositionTenureCompensationOwnership
Benjamin Schall
Presidentno dataUS$4.10m0.65%
$ 5.7m
Kenneth Lombard
Executive VP & COO2.5yrsUS$1.16m0.0083%
$ 72.8k
Matthew Fernand
Executive VPno dataUS$1.00m0.055%
$ 477.4k
James Bry
Executive Vice President of Development & Construction0.92yrUS$709.98k0.022%
$ 187.6k
Mary Rottler
Executive Vice President of Leasing & Operations5.42yrsUS$750.27k0.043%
$ 377.7k
Brian Dickman
Executive Officerno dataUS$1.18m0.034%
$ 293.8k
Amanda Lombard
Executive VP & CFOno datano datano data
Andrew Galvin
Executive Vice President of Investmentsno datano datano data
Maurice Funes
Senior Vice President of Leasing & Developmentno datano datano data
Christopher Mrozinski
Senior Vice President of Developmentno datano datano data
Nino Cammalleri
Senior VP & Real Estate Counsel2.08yrsno datano 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

NamePositionTenureCompensationOwnership
Benjamin Schall
Presidentno dataUS$4.10m0.65%
$ 5.7m
Thomas Steinberg
Independent Trustee5.33yrsUS$100.00k0.060%
$ 522.6k
Edward Lampert
Chairman of the Board5.33yrsUS$100.00k5.01%
$ 43.7m
Allison Thrush
Independent Trustee1.58yrsUS$75.00kno data
John McClain
Independent Trustee5.33yrsUS$130.00k0.0067%
$ 58.7k
Sharon Osberg
Independent Trustee2.5yrsUS$100.00k0.012%
$ 101.5k
David Fawer
Independent Trustee5.33yrsUS$100.00k0.031%
$ 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SRGNYSE (New York Stock Exchange)YesClass A Common SharesUSUSDJul 2015
1D3DB (Deutsche Boerse AG)YesClass A Common SharesDEEURJul 2015
SRG.PRANYSE (New York Stock Exchange)7% CUM PFD SR AUSUSDDec 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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/24 00:02
End of Day Share Price2020/11/23 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


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.