SRG - Seritage Growth Properties rakes in $290.4M of YTD gross proceeds

April, 04 2023 09:24 AM Seritage Growth Properties Class A

2023-04-04 09:24:11 ET

Seritage Growth Properties ( NYSE: SRG ) said Tuesday that it generated $290.4M of gross proceeds from the sale of 27 assets since the start of 2023 .
As part of its disposition update, the REIT also prepaid $230M towards its term loan reducing annual interest expense by around $16.1M. As of March 31, SRG had cash on hand of ~$130M.
It had assets under contract for sale for total anticipated gross proceeds of $456.0M.
In addition, offers have been accepted and purchase and sales agreements on assets are currently being negotiated, the company said, for total anticipated gross proceeds of ~$65M.
SRG drifted higher by 0.8% in premarket trading.
In February, Seritage said it reduced outstanding debt to $800M.

For further details see:

Company Name:	Seritage Growth Properties Class A
Stock Symbol:	SRG
Market:	NYSE
Website:	seritage.com