Shares of troubled retail REIT Seritage Growth Properties (NYSE: SRG) have been on a tear in recent months. Investors have bet enthusiastically on reopening and recovery plays -- especially stocks with high short interest like Seritage.
However, a huge disconnect between Seritage's stock price -- which has tripled over the past 10 months, recovering a good chunk of its pandemic-related losses -- and its financial performance has developed. Indeed, Seritage released a dreadful fourth-quarter and full-year earnings report this week.
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Seritage Growth Properties' Struggles Continue