Seritage Growth Taps CFO With Real Estate, Banking Background

Seritage Growth Properties said Friday that it has hired Agree Realty Corp. executive Brian Dickman as its finance chief, rounding out the management team for the real-estate investment trust recently spun off from Sears Holdings Corp.

Mr. Dickman, who has also been appointed executive vice president, is expected to join the company on Aug. 17. Prior to serving as Agree Realty's chief financial officer, Mr. Dickman was an investment banker focusing on REITs at RBC Capital Markets and held similar positions at Lehman Brothers and Barclays PLC.

Seritage's shares began trading on the New York Stock Exchange on Monday and have gained about 3.6% through Thursday's close. On Tuesday, Seritage completed its purchase of 235 properties and more than 30 joint-venture interests from Sears. Seritage will lease back all but 11 of the properties to Sears.

Sears said last year that it was exploring spinning off some of its top Sears and Kmart properties into a REIT as it sought to raise much-needed cash.

REITs were created by Congress decades ago as a way to let ordinary Americans buy shares in skyscrapers or shopping malls just as they could buy stock in a company or mutual fund. The basic rules are simple: REITs have to have most of their assets and income tied to real estate, and they pay no tax on income distributed to their shareholders as long as they pay out at least 90% as dividends.

Meanwhile, Sears's business has continued to deteriorate. The retailer has been slashing costs and selling off assets to bolster its cash position in the face of declining sales and shopper traffic. Earlier this year, some of its suppliers demanded tougher payment terms over concerns about the retailer's access to cash.

Write to Chelsey Dulaney at [e-mail]

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