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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 | |
---|---|---|---|---|---|---|---|---|
0.05 | 1.12% | 4.53 | 4.53 | 4.3701 | 4.52 | 239,371 | 20:43:43 |
2023 Year to Date Gross Proceeds from Asset Sales of $290.4M
$525.0 M of Pipeline from Sales Under Contract or with Accepted Offers
Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of retail, residential and mixed-use properties, today provided an update on the Company’s disposition activity through the end of Q1 2023.
Q1 2023 Disposition Update
Sale Process Look Ahead
As of April 4, 2023, the Company had assets under contract for sale for total anticipated gross proceeds of $456.0 million (the “Pending Sales”) composed of:
Additionally, the Company has accepted offers and is currently negotiating definitive purchase and sale agreements on assets for total anticipated gross proceeds of approximately $65.0 million (the “Pipeline Sales”) composed of:
The Pending Sales and the Pipeline Sales are comprised of a combination of multi-tenant retail assets, certain premier and mixed-use assets, residential assets, joint venture interests as well as non-core assets as more detailed in the chart below.
As of 1/1/2023
2023 Sales Projections as of 3/31/2023
2024 & Beyond
Category
Total Properties
Sold
Under Contract - No DD
Under Contract - in DD
PSA Neg.
Remaining 2023 Transactions
Remaining
Gateway markets
11
-
2
-
-
-
9
Primary markets
43
10
9
1
4
9
10
Secondary markets
35
12
6
2
3
5
7
Tertiary markets
16
5
2
2
3
4
-
Market Composition Total
105
27
19
5
10
18
26
Multi-Tenant Retail
32
18
6
1
1
1
5
Premier
10
-
2
-
-
-
8
Residential
5
2
1
-
-
-
2
Other Unconsolidated Entities
13
-
3
-
1
2
7
Non-Core Properties
45
7
7
4
8
15
4
Property Type Total
105
27
19
5
10
18
26
Under $10M
59
16
5
4
9
16
9
$10M - $30M
27
10
9
1
1
1
5
$30M - $50M
11
1
3
-
-
1
6
Over $50M
8
-
2
-
-
-
6
Transaction Size Total
105
27
19
5
10
18
26
Market Update
As the Company has previously disclosed, the Company, along with the commercial real estate market as a whole, has experienced and continues to experience progressively more challenging market conditions as a result of a variety of factors. In making decisions regarding whether and when to transact on each of the Company’s remaining assets, the Company will consider various factors including, but not limited to, the breadth of the buyer universe, macroeconomic conditions, the availability and cost of financing, as well as corporate, operating and other capital expenses required to carry the asset. If these challenging market conditions persist, then we expect that they will impact the Plan of Sale proceeds from our assets and the amounts and timing of distributions to shareholders.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that could cause or contribute to such differences include, but are not limited to: declines in retail, real estate and general economic conditions; the impact of the COVID-19 pandemic on the business of the Company’s tenants and business, income, cash flow, results of operations, financial condition, liquidity, prospects, ability to service the Company’s debt obligations and ability to pay dividends and other distributions to shareholders; risks relating to redevelopment activities; contingencies to the commencement of rent under leases; the terms of the Company’s indebtedness and other legal requirements to which the Company is subject; failure to achieve expected occupancy and/or rent levels within the projected time frame or at all; the impact of ongoing negative operating cash flow on the Company’s ability to fund operations and ongoing development; the Company’s ability to access or obtain sufficient sources of financing to fund the Company’s liquidity needs; the Company’s relatively limited history as an operating company; and environmental, health, safety and land use laws and regulations. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the “Risk Factors” and forward-looking statement disclosure contained in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2022. While the Company believes that its forecasts and assumptions are reasonable, the Company cautions that actual results may differ materially. The Company intends 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.
About Seritage
Seritage is principally engaged in the ownership, development, redevelopment, management and leasing of retail and mixed-use properties throughout the United States. As of March 31, 2023, the Company’s portfolio consisted of interests in 72 properties comprised of approximately 10.2 million square feet of gross leasable area (“GLA”) or build-to-suit leased area, approximately 157 acres held for or under development and approximately 5.3 million square feet or approximately 428 acres to be disposed of. The portfolio consists of approximately 7.6 million square feet of GLA held by 55 wholly owned properties (such properties, the “Consolidated Properties”) and 2.6 million square feet of GLA held by 17 unconsolidated entities (such properties, the “Unconsolidated Properties”).
View source version on businesswire.com: https://www.businesswire.com/news/home/20230404005170/en/
Seritage Growth Properties John Garilli Interim Chief Financial Officer (212) 355-7800 IR@Seritage.com
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