SRG - Seritage Growth Properties: My New Top Pick As Share Price And Intrinsic Value Diverge

• Seritage Growth Properties stock has fallen 70% over the past 12 months as excessive hope has turned to excessive fear.
• Leasing activity has improved significantly beginning in late 2021, positioning Seritage to reduce cash burn over the next few quarters.
• The pace of asset sales has accelerated again this quarter, following a brief pause in early 2022.
• Seritage has plenty of options for reducing its debt in order to qualify for an extension of its term loan (which currently matures in July 2023).
• At its current price below $6, Seritage stock offers a big margin of safety for long-term investors.

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