|Bid||0.00 x 800|
|Ask||42.00 x 800|
|Day's Range||40.00 - 42.10|
|52 Week Range||34.07 - 51.89|
|Beta (3Y Monthly)||1.50|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 31, 2018 - Nov 5, 2018|
|Forward Dividend & Yield||1.00 (2.41%)|
|1y Target Est||44.00|
Seritage Growth Properties will face some short-term pain if primary tenant Sears Holdings rejects its master lease with the REIT. But that pain could pave the way for long-term gains.
Lampert, 56, a billionaire who controls nearly half of Sears stock, has had interests on both sides of significant transactions the past few years. Lampert and his hedge fund, ESL Investments Inc., have loaned Sears $2.66 billion in a dozen different ways.
Seritage Growth Properties, a real estate investment trust, was created in 2015 by Sears Chief Executive Officer Eddie Lampert to be the property owner and landlord for select locations of Sears and its sister chain, Kmart. As the Sears Holdings Corp. bankruptcy case kicks off in White Plains, New York, this week, the retailer hasn’t reached an agreement with lenders over how many stores -- if any -- will stay open past the holiday season. Rent from 82 Sears properties brings in $49 million for Seritage, according to a filing.
Sears filed for Chapter 11 bankruptcy protection in White Plains, New York earlier on Monday with a plan to close about 142 of its 700 stores by year-end and sell its best-performing stores in an auction in January to a buyer that will keep them operational. The bankruptcy filing by the parent of Sears, Roebuck and Co and Kmart Corp follows a decade of revenue declines, hundreds of store closures, and years of deals by billionaire Eddie Lampert in an attempt to turn around the company he acquired in 2005 for $11 billion. Lampert, who stepped down as Sears CEO on Monday but will remain chairman, had pledged to restore Sears to its glory days, when it owned the tallest building in the world and companies that included a radio station and Allstate insurance.
Corp. three years ago, tried to reassure investors on Monday that it still has a bright future even though Sears, its biggest tenant, has filed for bankruptcy. Seritage sought to persuade investors that it has a sufficient cash cushion to weather any rent shortfall from Sears. In 2015, as a way to raise $2.7 billion in cash, Sears spun off 234 stores and its 50% interest in three joint ventures for 28 other stores into a newly listed company: Seritage.
Seritage Growth Properties (SRG) (the “Company”) today provided a business update related to the recent announcement by Sears Holdings Corporation (“Sears Holdings”) that Sears Holdings has filed for Chapter 11 bankruptcy protection. “All of our capital investment, leasing and development activity over the last three years is unlocking substantial value, and has significantly diversified our income stream with approximately 70% of our signed leased income now coming from diversified, non-Sears tenants,” said Benjamin Schall, President and Chief Executive Officer. “We have $1 billion of cash and committed capital under our Term Loan facility, which provides us the funds to complete all of our on-going redevelopment projects and cover reductions in cash flow that may result from the potential disruption in Sears income.
Sears Holding Corp. (NASDAQ: SHLD) is preparing a bankruptcy filing, according to multiple media reports, and depending on how that goes it could leave multiple big-box retail stores vacant around the Phoenix area. The newspaper also reported some of Sears’ largest lenders are asking the company to liquidate rather than reorganize. Edward Lampert, Sears’ CEO, largest shareholder and largest creditor, is reportedly also looking for an out-of-court reorganization that would keep the company running but would mean closing a number of stores, selling off some brands and getting rid of more than $1 billion worth of real estate. No matter what path Sears management decides to take, there is a chance some, if not all, of the five remaining Sears stores around the Valley could shutter.
It won’t be easy, but the project could find success with Orlando’s most prominent developer, experts say.
NEW YORK, Oct. 11, 2018 -- In new independent research reports released early this morning, Market Source Research released its latest key findings for all current investors,.
The bankruptcy filing would end a standoff between Chief Executive Officer Eddie Lampert, the retailer's biggest shareholder and lender, and a special board committee the company has formed to consider a rescue plan proposed by Lampert that would involve asset sales and a debt restructuring. The committee has been resisting the plan amid concerns that creditors and shareholders would sue over it being too favourable for Lampert.
Upon its creation in June 2015, Seritage absorbed a portfolio of 235 properties from Sears Holdings, consisting of approximately 36.7 million square feet of building space diversified across 49 states and Puerto Rico. As Sears has trudged toward going out of business, Seritage shareholders have enjoyed a nearly 15% return year to date. Many shareholders are expecting more of the same dichotomous return as Sears potentially liquidates and opens up Seritage properties to "superior terms" agreements with high-rent clientele like Equinox.
Sears Holdings reportedly has one foot in the grave. Yahoo Finance looks at why billionaire Warren Buffett will still come out a winner if Sears goes bust.
Whittall is the latest developer to attempt to resuscitate the shopping center on Colonial Drive, which has has changed hands at least four times since 2004.
Seritage Growth Properties (SRG) (“Seritage”), a national owner and developer of retail and mixed-use projects, is pleased to announce that it has entered into a lease with Equinox, the high performance lifestyle leader, to open a 33,000 square foot high end health club facility at The Collection at UTC, a premier redevelopment property in La Jolla, California. In May 2018, Seritage and Invesco Real Estate, a global real estate investment manager, announced a joint venture partnership to own The Collection at UTC. The Partnership commenced construction in May 2018 to convert the former Sears store and auto center at Westfield UTC into a diverse collection of growing retailers and leading dining, entertainment and fitness concepts, totaling over 225,000 square feet.
The first piece of Seritage Growth Properties' (NYSE: SRG) $20 million Orlando Fashion Square mall project is in place and open for business as Georgia-based Floor & Decor (NYSE: FND) officially will open a new 70,113-square-foot retail store and design center at 3111 E Colonial Drive on Oct. 4. The location replaces the 42,376-square-foot Floor & Decor at the nearby Colonial Plaza shopping center, and currently is in soft opening mode and hiring. "The team from the other location is coming here, but we also have 15-20 additional open positions," store manager Rafael Gonzalez told Orlando Business Journal during an Oct. 1 tour.
Sears Holdings is still Seritage Growth Properties' primary tenant. But while that's not ideal, Seritage isn't likely to face financial distress even if its former parent is forced into bankruptcy
Seritage Growth Properties (NYSE:SRG), which is in the reits business, and is based in United States, saw a decent share price growth in the teens level on the NYSE overRead More...
Seritage Growth Properties (SRG), a national owner and developer of retail and mixed-use projects, along with its joint venture partner Invesco Real Estate, a global real estate investment manager, today announced that construction has commenced to transform the former Sears building located in the heart of Santa Monica into The Mark 302, an iconic creative office and retail destination situated blocks from the beach in one of the most desirable locations in the country.
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