|Bid||48.20 x 800|
|Ask||49.89 x 800|
|Day's Range||49.27 - 49.95|
|52 Week Range||34.07 - 50.49|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||1.00 (2.02%)|
|1y Target Est||N/A|
Nearly a year after closing, the former Sears and Sears Auto Center in Overland Park at 9701 Metcalf Ave. remain on the market for lease.
Most of Seritage's key financial metrics deteriorated last quarter. However, leasing activity accelerated and asset sales covered the Sears spinoff's redevelopment spending.
NEW YORK (AP) _ Seritage Growth Properties (SRG) on Thursday reported a key measure of profitability in its second quarter. The real estate investment trust, based in New York, said it had funds from operations of $8.5 million, or 15 cents per share, in the period. Funds from operations is a closely watched measure in the REIT industry.
Corp. provided a payday for the retailer’s CEO as he extends credit to keep Sears running and mulls potential asset deals. Seritage also paid back $1.1 billion in debt to JPMorgan Chase & Co. and H/2 Capital Partners.
The anchors of Seritage Growth Properties' (NYSE: SRG) 10,341-square-foot Shoppes at Orlando Fashion Square are nearing completion. Only signage and a few exterior details are missing from the 40,000-square-foot Orchard Supply Hardware store and 60,000-square-foot Floor & Decor (NYSE: FND), both now in place at Orlando Fashion Square Mall's former Sears location by the northeast corner of East Colonial Drive and Maguire Boulevard.
Seritage Growth Properties, the real estate investment trust spun out of Sears Holdings Corp., climbed the most in more than two years after Warren Buffett’s Berkshire Hathaway Inc. agreed to provide the company with a $2 billion loan. The REIT’s shares rose 11 percent to $46.91 at 10:17 a.m. in New York, the most since December 2015. The loan facility with Berkshire Hathaway Life Insurance Co. of Nebraska will help the company refinance debt and boost capital.
Seritage says it already has used part of the loan from Berkshire to repay an outstanding mortgage loan and unsecured term loan. The REIT plans to use the funds to forge ahead with its plans to redevelop the Sears properties in its portfolio. Warren Buffett himself was an early investor in Seritage and is still a top stakeholder.
Seritage Growth Properties investors no longer have to wonder how the Sears Holdings spinoff will fund the redevelopment of its real-estate portfolio.
Warren Buffett’s Berkshire Hathaway Inc. agreed to loan up to $2 billion to Seritage Growth Properties, a real-estate investment trust created by Sears Holding Corp. Seritage said it already used part of the loan to repay an outstanding mortgage loan and unsecured term loan. Sears spun off more than 200 of its top properties and joint venture interests to Seritage in 2015.
A term loan facility is a financial assistance program offered by a lending institution to help a company that requires operating capital, that has to be repaid within a time limit. Seritage used a portion of the proceeds from the Initial Funding to fully repay its outstanding mortgage loan and unsecured term loan.
Real-estate developer Seritage Growth Properties said on Tuesday it has entered into a $2.0 billion term loan facility with Berkshire Hathaway Life Insurance Company of Nebraska, a unit of The Berkshire Hathaway Reinsurance Group. A term loan facility is a financial assistance program offered by a lending institution to help a company that requires operating capital, that has to be repaid within a time limit. Seritage used a portion of the proceeds from the Initial Funding to fully repay its outstanding mortgage loan and unsecured term loan.
Warren Buffett bet his own money more than two years ago on the real estate empire that was spun out of Sears Holdings Corp. Now, his Berkshire Hathaway Inc. is helping finance the business. Berkshire agreed to provide a $2 billion loan to Seritage Growth Properties, the real estate investment trust owns Sears stores, as well as properties the department-store chain has vacated. Buffett bought 2 million shares in December 2015 that are valued at about $85 million.
Adding the Sears, and redeveloping all 52 acres, officials agree, would dramatically increase the development's impact on Alexandria's West End.
The former Sears space at the Westfield Broward mall could be repurposed to include a GameTime bowling alley and arcade, in addition to restaurants, retailers and a fitness center. The Sears at the mall, 8000 W. Broward Blvd., recently closed. The 209,609-square-foot building is owned by Seritage Growth Properties (NYSE: SRG), which was formed to acquire the real estate from Sears and Kmart stores as those retailers downsize.
Sears Holdings will close its location in the Park North Shopping Center, near North Star Mall, by mid-July. While the company announced on May 31 that it would close 72 of its U.S. stores — 15 Kmart locations and 48 Sears locations — it later released a list of only 63 locations that would be closing, leaving off the Park North location. Seritage Growth Properties — which obtained ownership of 265 Sears and Kmart locations from Sears Holding, which then leased them from Seritage — is "recapturing" the store at Park North as allowed under an agreement that the two companies reached in 2015, the spokesman said in an email.
Earlier this year, Seritage's management hinted that forming joint ventures for its best real estate would be a priority beginning in 2018. Following an initial deal in March, Seritage announced two more joint ventures this week.
Zacks Industry Outlook Highlights: RealPage, DDR, Seritage Growth Properties, New Senior Investment Group and Mack-Cali Realty
Redevelopment plans for the site of a Sears store that's closing in the Westfield Galleria at Roseville are coming into focus.
NEW YORK (AP) _ Seritage Growth Properties (SRG) on Thursday reported a key measure of profitability in its first quarter. The real estate investment trust, based in New York, said it had funds from operations of $12.4 million, or 22 cents per share, in the period. Funds from operations is a closely watched measure in the REIT industry.