- Seritage Growth Properties is burning cash rapidly, as interest and G&A expense far exceed NOI.
- The majority of Seritage's portfolio is vacant, and many of those assets are worth just $20-$40 per square foot due to the oversupply of retail real estate in many markets.
- Seritage's high cost of capital will make it hard to follow through on the REIT's ambitious premier redevelopment projects.
- The CFO and CEO have both decided to leave for better opportunities, and investors should consider doing the same.
For further details see:
Seritage Growth Properties' Management Is Leaving: Maybe You Should, Too