We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Seritage Growth Properties | NYSE:SRG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.005 | 0.05% | 9.355 | 9.39 | 9.30 | 9.35 | 14,973 | 15:10:03 |
– Provides Update on Leasing, Development and Transaction Activity –
Seritage Growth Properties (NYSE:SRG) (“Seritage” or the “Company”) today commemorated the third anniversary of its listing on the New York Stock Exchange (NYSE) with an update on the Company’s leasing, development and transaction activity from its formation and public listing on July 7, 2015 through June 30, 2018.
“As we mark the completion of our first three years as a public company, and on the heels of strong leasing, development and transaction activity in the first half of 2018, we are confident that our platform, scale and control over well-located real estate will continue to position us as a preferred partner for growing retailers, mixed-use developers and institutional capital providers,” said Benjamin Schall, President and Chief Executive Officer. “Based on the strength of our national platform and dedicated team members, we have now executed 6.1 million square feet of new leasing at average rents of approximately $17.50 PSF and a 4.1x re-leasing multiple, and completed or commenced 88 redevelopment projects totaling $1.3 billion of estimated capital investment at unlevered returns on cost of approximately 11%.”
Mr. Schall continued, “Over the past three years, we have established a consistent track record of generating value upon redevelopment, while also substantially diversifying our tenant base. As of June 30th, Sears Holdings was no longer the primary tenant at 129 of our 249 assets, and we remain on track to have Sears Holdings account for less than 35% of our contractual rental income by the end of 2018, down meaningfully from nearly 80% when we started. As we look forward, we are increasingly focused on our larger value creation opportunities, including a number of significant densification and mixed-use projects, and further establishing Seritage as a leading growth platform in a transforming industry.”
Leasing Activity During First 3 Years
The table below summarizes the Company’s leasing activity since inception through June 30, 2018:
(in thousands except number of leases and PSF data) Total Release of Sears Holdings Space LeasesLeasedGLA
AnnualRent
AnnualRent PSF
LeasesLeasedGLA
AnnualRent
AnnualRent PSF
ReleasingMultiple
2H 2015 9 154 $ 4,650 $ 30.28 6 130 $ 3,820 $ 29.41 4.4x2016
65 2,070 36,600 17.68 59 1,882 33,610 17.86 4.5x 2017 94 2,606 44,717 17.16 86 2,476 43,299 17.49 4.0x Q1 2018 20 391 7,915 20.24 19 389 7,891 20.29 4.1x Q2 2018 43 853 12,100 14.19 43 853 12,100 14.19 3.6x 1H 2018 63 1,244 20,015 16.09 62 1,242 19,991 16.10 3.8x Total 231 6,074 $ 105,982 $ 17.45 213 5,730 $ 100,720 $ 17.58 4.1xDevelopment Activity During First 3 Years
The table below summarizes the Company’s development activity since inception through June 30, 2018:
(in thousands except number of properties and yields)EstimatedDevelopmentCosts (1)
EstimatedProjectCosts (1)
QuarterNumberof Projects
ProjectSquare Feet
Acquired (2) 15 - $ 63,600 $ 63,600 2H 2015 5 352 51,500 64,200 2016 (3) 28 2,677 353,600 370,7002017 (3)
30 3,517 650,000 693,600 Q1 2018 5 822 96,900 99,300 Q2 2018 5 547 53,400 53,400 1H 2018 10 1,369 150,300 152,700 Total 88 7,915 $ 1,269,000 $ 1,344,800(1) Total estimated development costs exclude, and total estimated project costs include, termination fees to recapture 100% of certain properties.(2) Projects were in various stages of development when acquired by the Company in July 2015.(3) Project square feet, development costs and project costs include expansions to previously announced projects.
Transaction Activity During First 3 Years
About Seritage Growth Properties
Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 225 wholly-owned properties and 24 joint venture properties totaling approximately 39 million square feet of space across 49 states and Puerto Rico. The Company was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015. Pursuant to a master lease, the Company has the right to recapture certain space from Sears Holdings for retenanting or redevelopment purposes. The Company’s mission is to create and own revitalized shopping, dining, entertainment and mixed-use destinations that provide enriched experiences for consumers and local communities, and create long-term value for our shareholders.
Forward-Looking Statements
This document contains forward-looking statements, which are based on the current beliefs and expectations of management and are subject to significant risks, assumptions and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: competition in the real estate and retail industries; our exposure to Sears Holdings; Sears Holdings’ termination and other rights under its master lease with us; risks relating to our recapture and redevelopment activities; contingencies to the commencement of rent under leases; the terms of our indebtedness; restrictions with which we are required to comply in order to maintain REIT status and other legal requirements to which we are subject; and our relatively limited history as an operating company. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the “Risk Factors” and forward-looking statement disclosure contained in filings with the Securities and Exchange Commission. While we believe that our forecasts and assumptions are reasonable, we caution that actual results may differ materially. We intend the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180712005231/en/
Seritage Growth Properties646-277-1268IR@Seritage.com
1 Year Seritage Growth Properties Chart |
1 Month Seritage Growth Properties Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions