SRG - Seritage: Making Progress In A Tough Environment

2024-04-09 12:40:35 ET

Summary

• Seritage Growth Properties' quarterly update showed no major surprises, with no additional impairments of real estate assets and $32 million in gains on sale of real estate.
• The company had a continued loss from equity in unconsolidated affiliates, but overall had positive NOI.
• The company's expected value ranges for remaining properties have not changed, and the CEO is doing a stellar job realizing value in a difficult environment.

Seritage Quarterly Update:

Seritage Growth Properties ( SRG ) filed its 10-K on April 1 after a short delay. There were no major surprises in the filing. Importantly, the company had no additional impairments of real estate assets and added about $32 million in gains on sale of real estate. These two data points are important to validate the value of the portfolio....

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