SRG News and Press, Seritage Growth Properties Class A From 11/09/22

Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of retail, residential and mixed-use properties today reported financial and operating results for the three and nine months ended September 30, 2022. “In the third quarter th...

Summary When we made our initial Seritage Growth Properties purchase in 2018, the return profile made sense and applying moderate leverage to stabilized properties improved end economics. Multiple changes at the management level and a $1.44B loan from Berkshire made this an imposs...

Summary We are long-term, patient, and active value investors. Our mission is to be responsible stewards in our clients’ financial lives. Our objective is to seek long-term growth of capital. Market appetite for speculative assets has diminished as a discount rate once clos...

Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of retail, residential and mixed-use properties, today announced that on October 28, 2022, the Company made a voluntary prepayment of $110 million toward its $1.6 billion term loan facil...

Summary The ex-REIT is in the process of liquidating its assets and paying off its liabilities. Proceeds from the sale, after its debt obligations, will be returned to shareholders estimated at between $18.50 and $29 per share. Proceeds are to be returned within 18 to 30 month...

Seritage Growth Properties ( NYSE: SRG ) repaid $70M toward its $1.6B term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska. The $1.6B repayment reduces the term loan facility to $1.27B and reduces total annual interest expense by ~$4.9M. Sou...

Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of 150 retail, residential and mixed-use properties, today announced that on September 30, 2022, the Company made a voluntary prepayment of $70 million toward its $1.6 billion term loan ...

Summary Seritage has a liquidation plan. The $100 million debt paydown was nice to see but there is a tall mountain to climb. Dropping fair value of properties by 20-25% versus earlier estimates gets us to today's stock price. Do you feel lucky in a recession? Di...

Summary Rightsizing the Bed Bath & Beyond business means 20% reduction in force, 150 store closures. In the process, Bed Bath & Beyond has secured more than $500 in financing commitments and may issue as many as 12 million shares of its common stock. Though Bed Bath &a...

Summary After showing renewed signs of life following a solid earnings season, Mall REITs are again the worst-performing major property sector in 2022 as recession concerns have offset modestly-improving fundamentals. A microcosm of broader macroeconomic trends, mall sector dynami...