- Seritage Growth Properties shares have plunged from around $40 before the pandemic to under $10 in recent weeks.
- During 2021, Seritage shifted its strategy and began selling assets at an accelerated pace to reduce its crippling debt load.
- The remaining assets earmarked for sale are likely worth $600-$800 million, and Seritage also has opportunities for additional opportunistic dispositions.
- The combination of lower interest expense and rising NOI from additional tenant openings will likely get the REIT to cash breakeven by 2024.
- Seritage stock could be worth $20-$30 in a few years.
For further details see:
Seritage: Finally A Good Speculative Buy Under $10