SRG - Dividend announcements

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties today reported financial and operating results for the three months ended March 31, 2024. "We are continuing to advance our Plan of Sale, having sold $80 million of assets year to date and repaid an equal amount of debt in the process.  Since the announcement of our strategic review and election to be taxed as a C-Corp two years ago, we have sold 151 assets for approximately $1.7 billion of gross proceeds and repaid roughly $1.2 billion in debt.  Based on our broad transaction experience, we are seeing a few themes emerge. Assets previously underwritten for

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties today reported financial and operating results for the year ended December 31, 2023. "In 2023, we sold 68 assets for gross proceeds of $842.7 million and paid down $670 million of debt. As of today, the overwhelming majority of our remaining assets have identified counterparties, are in the market or about to be launched. With respect to the remaining properties in our portfolio, these are assets for which we need to overcome important hurdles and/or achieve specific objectives prior to launching these assets for sale. We have a line of sight into a signifi

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties, today announced that on January 30, 2024, the Company made a voluntary prepayment of $30 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire Hathaway"). With the prepayment, the Company has now repaid a total of $1.27 billion since December 2021 and $330 million of the term loan facility remains outstanding. The current prepayment will reduce Seritage's total annual interest expense related to the term loan facility by approximately $2.1 million. The cumulative repayments since De

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties today reported financial and operating results for the three and nine months ended September 30, 2023. "We continue to make significant progress on asset sales, grossing more than $156 million during the quarter. We now have a line of sight to a portfolio of approximately 25 assets comprised of many of our best properties in prime markets around the country. Our team's operational discipline has allowed us to reduce run rate G&A, a trend we expect to continue into 2024. We remain focused on our balance sheet, keeping ample cash balances while using excess p

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties, today announced that on September 26, 2023, the Company made a voluntary prepayment of $80 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire Hathaway"). With the prepayment, the Company has now repaid a total of $1.2 billion since December 2021 and $400 million of the term loan facility remains outstanding. The current prepayment will reduce Seritage's total annual interest expense related to the term loan facility by approximately $5.6 million. The cumulative repayments since D

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties today reported financial and operating results for the three and six months ended June 30, 2023. "We continue to make to progress on our strategy to maximize value for our shareholders. Since initiating our plan of sale in March of 2022, we have sold 127 properties for approximately $1.4 billion in gross proceeds and paid down $960 million on our term loan. Our rapid deleveraging has eliminated $67.2 million in debt service, $21.9 million in negative carry on wholly owned vacant or non-income producing properties and significant annual carry and development

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties, today announced that on June 7, 2023, the Company made a voluntary prepayment of $50 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire Hathaway"). With the prepayment, the Company has now repaid a total of $1.05 billion since December 2021 and $550 million of the term loan facility remains outstanding. The current prepayment will reduce Seritage's total annual interest expense related to the term loan facility by approximately $3.5 million. The cumulative repayments since Decemb

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties, today announced that on May 25, 2023, the Company made a voluntary prepayment of $200 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire Hathaway"). With the prepayment, the Company has now repaid a total of $1.0 billion since December 2021 and $600 million of the term loan facility remains outstanding. The current prepayment will reduce Seritage's total annual interest expense related to the term loan facility by approximately $14.0 million. The cumulative repayments since Decem

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties today reported financial and operating results for the three months ended March 31, 2023. "We continue to make steady progress on our plan of sale since initiating the process in March of 2022. Year to date we have sold 31 wholly owned properties for total gross proceeds of $311.9 million. In addition to the sales closed year to date, we have over $500 million of assets either under contract or with accepted offers. We plan to continue to use excess sales proceeds to reduce the Company's term loan balance. In conjunction with our sales activity, we continue

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 Generated $290.4 million of gross proceeds from the sale of 27 wholly owned or consolidated assets: $254.8 million from the sale of 21 stabilized, partially stabilized and pad sites at prices reflecting blended cap rates of 9.2%, 8.3% and 4.7% respectively; and $35.6 million of gross proceeds from t

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties today reported financial and operating results for the year ended December 31, 2022. "Our most significant recent accomplishment, achieved during the first quarter of 2023, was the two-year extension of the Company's term loan to July 31, 2025. This was made possible by the decisive actions we have taken to unlock the value of the Company's diverse and high-quality portfolio for the benefit of Seritage shareholders. Since initiating our sale plan last year, we have made significant progress on dispositions, selling 65 wholly owned properties and eight joint

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties, today announced that on December 29, 2022, the Company made a voluntary prepayment of $30 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire Hathaway"). With the prepayment, $1.03 billion of the term loan facility remains outstanding. The prepayment will also reduce Seritage's total annual interest expense related to the term loan facility by approximately $2.1 million. About Seritage Growth Properties Seritage is principally engaged in the ownership, development, redevelopment,

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties, today announced that on November 30, 2022, the Company made a voluntary prepayment of $100 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire Hathaway"). With the prepayment, $1.06 billion of the term loan facility remains outstanding. The prepayment will also reduce Seritage's total annual interest expense related to the term loan facility by approximately $7.0 million. About Seritage Growth Properties Seritage is principally engaged in the ownership, development, redevelopment

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties today reported financial and operating results for the three and nine months ended September 30, 2022. "In the third quarter the Company made tremendous progress advancing our plan of sale, which our shareholders overwhelmingly supported at our annual shareholders meeting last month. During the quarter and subsequent to quarter end, our gross proceeds from asset sales totaled $411.6 million, and we have now monetized $583.9 million of assets year to date. This allowed us to repay $280 million of debt from the beginning of Q3 to date, for a total of $440 mill

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties, today announced that on October 28, 2022, the Company made a voluntary prepayment of $110 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire Hathaway"). With the prepayment, $1.16 billion of the term loan facility remains outstanding. The prepayment will also reduce Seritage's total annual interest expense related to the term loan facility by approximately $7.7 million. About Seritage Growth Properties Seritage is principally engaged in the ownership, development, redevelopment,

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of 150 retail, residential and mixed-use properties, today announced that on September 30, 2022, the Company made a voluntary prepayment of $70 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire Hathaway"). With the prepayment, $1.27 billion of the term loan facility remains outstanding. The prepayment will also reduce Seritage's total annual interest expense related to the term loan facility by approximately $4.9 million. About Seritage Growth Properties Seritage is principally engaged in the ownership, development, redevelop

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of 150 retail, residential and mixed-use properties today reported financial and operating results for the three and six months ended June 30, 2022. "This has been an extremely productive quarter for the Company. Our operating momentum continues with strong leasing, development and entitlement progress. We now have only one major development in active construction, Aventura, which is over 75% leased including leases under negotiation and is set to open to the public in Q422. With the great strides we are making in our disposition and strategic process, and after taking our obligations into account, we wer

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of 161 retail, residential and mixed-use properties, today announced that on August 5, 2022, the Company made a voluntary prepayment of $100 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire Hathaway"). With the prepayment, $1.34 billion of the term loan facility remains outstanding. The prepayment will also reduce Seritage's total annual interest expense related to the term loan facility by approximately $7 million. About Seritage Growth Properties Seritage is principally engaged in the ownership, development, redevelopment,

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of 161 retail, residential and mixed-use properties today reported financial and operating results for the three months ended March 31, 2022. "2022 is off to a great start. The quarter has been marked by strong momentum in leasing, significant new tenant openings, progress on current developments and entitlements, as well as robust sales activity on the disposition pipeline. This quarter demonstrates that even while exploring strategic alternatives for the Company, we can and will continue implementing our value creation activities across every facet of the portfolio" said Andrea Olshan, Chief Executive O

Amazon to Occupy Two Full Floors of the Property Seritage Growth Properties (NYSE:SRG) (the "Company") a national owner and developer of 170 residential and mixed-use properties, and Invesco Real Estate, a global real estate investment manager, today announced Amazon.com, Inc. (NASDAQ:AMZN) ("Amazon") has signed a lease for 123,000 square feet at The Collection at UTC in La Jolla, California, with plans to create more than 700 corporate and tech jobs over the coming years. The Collection at UTC is now 93% leased. The Collection at UTC is a premier mixed-use project comprising approximately 13 acres and 212,000 square feet of Class A office, retail and restaurant space. Amazon will occupy

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of 162 retail, residential and mixed-use properties today reported financial and operating results for the quarter and year ended December 31, 2021. Andrea Olshan, Chief Executive Officer and President commented, "I am very proud of all we have accomplished this year. We realigned our operating platform to focus on the efficient execution of our business strategies to achieve our repositioning goals. The team made tremendous progress, including significant additional leasing to credit tenants, creating and leasing additional triple net pad sites, advancing entitlements for multifamily, office and life sci

Announces Edward Lampert's Retirement from the Board Seritage Growth Properties (NYSE:SRG) (the "Company" or "Seritage"), a national owner and developer of 170 residential, retail and mixed-use properties, today announced that its Board of Trustees has commenced a process to review a broad range of strategic alternatives to enhance shareholder value. The Company will continue to evaluate its balance sheet strategy and corporate structure to optimize the outcome of such review. Andrea Olshan, the Company's President and Chief Executive Officer, noted, "The Board and management believe that there is an ongoing disconnect between the Company's stock price and net asset value. The portfolio,

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of 170 retail, residential and mixed-use properties, today announced that on December 31, 2021, the Company made a voluntary prepayment of $160 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire Hathaway"). The prepayment follows the amendment to the Senior Secured Term Loan Agreement with Berkshire Hathaway announced on November 29, 2021 under which Seritage and Berkshire Hathaway agreed that the Senior Secured Term Loan Agreement may be extended for two years from the July 31, 2023 maturity date (the "Maturity Date") to July 3

Provides Seritage Ability to Prepay Loan and Opportunity to Extend Maturity Date Until July 2025, Subject to $800 Million of Prepayments Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of 170 retail, residential and mixed-use properties, today announced an amendment to Seritage Growth Properties L.P.'s and the Company's Senior Secured Term Loan Agreement (the "Agreement") with Berkshire Hathaway Life Insurance Company of Nebraska for the $1.6 billion term loan facility previously announced on July 31, 2018. Under the terms of the amendment, the companies mutually agreed that the "make whole" provision of the Agreement shall not be applicable to prepay

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner and developer of 170 retail, residential and mixed-use properties today reported financial and operating results for the three and nine months ended September 30, 2021. "In the third quarter of 2021, we continued the repositioning of our portfolio into three main business lines: residential developments, both in conjunction with best-in-class partners or led by our in-house team; premier mixed-use assets, including large-scale master planned projects; and multi-tenant retail destinations such as grocery-anchored shopping centers and NNN outparcels," said Andrea Olshan, Chief Executive Officer and President. "We are par

Seritage Growth Properties (NYSE:SRG) and Invesco Real Estate announced today the official opening of The Collection at UTC in La Jolla, California with the grand opening of its first tenant, Pacific Catch. The project will have rolling openings of tenants throughout the fourth quarter of 2021 and the first quarter of 2022, including CB2, Blue Bottle Coffee, Ideal Image, Madison Reed and more. The Collection at UTC is 88% leased or under active lease negotiations. "The opening of Seritage's inaugural premier project is a significant milestone in our ongoing portfolio transformation. This redevelopment demonstrates our team's ability to reimagine our properties to substantially enhance valu

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner of 172 retail and mixed-use properties totaling approximately 24.9 million square feet of gross leasable area ("GLA"), today reported financial and operating results for the three and six months ended June 30, 2021. "During the second quarter of 2021, we were keenly focused on activating our office/life sciences and residential portfolios by advancing entitlements and joint venture partnership discussions for these sites. We are currently negotiating over 300,000 square feet of new leases, over one-third of which are for uses other than retail such as office. In our grocery-anchored, multi-tenant retail and single tena

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner of 179 retail and mixed-use properties totaling approximately 26.0 million square feet of gross leasable area ("GLA"), today reported financial and operating results for the three months ended March 31, 2021. "This quarter marks the beginning of a new chapter at Seritage. After our asset-by-asset review, we've taken an important step towards this goal by restructuring our team to better align our human capital and processes. Now we have turned our attention to executing on our asset plans in a thoughtful manner that will preserve our flexible capital structure and maximize our value creation opportunities. We expect to

Seritage Growth Properties (NYSE:SRG) today announced that the Company will reorganize its operations following an initial asset-by-asset analysis led by recently appointed Chief Executive Officer and President, Andrea Olshan. The Company has appointed Mary Rottler as Chief Operating Officer; Andrew Galvin as Chief Investment Officer; Eric Dinenberg as Executive Vice President of Development; and Edouard Cuilhé as Chief Accounting Officer. The Company is also taking further steps to restructure and realign its personnel throughout the organization. The Company plans to continue its portfolio analysis and finalize plans to optimize the value of its individual property assets through additi

NEW YORK--(BUSINESS WIRE)--Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner of 183 retail and mixed-use properties totaling approximately 28.5 million square feet, today provided an update on the Company’s leasing, development and transaction activity as of December 31, 2020, and provided an update on the Company’s CEO transition. Q4 2020 Business Update Collected 91% of rental revenue and agreed to defer an additional 5%; Generated $144.9 million of gross proceeds through monetization activity; and, As of December 31, 2020, the Company had cash on hand of $161.2 million, including $6.5 million of restricted cash and after taking into account one tran

NEW YORK--(BUSINESS WIRE)--Seritage Growth Properties (NYSE: SRG) announced today that Benjamin W. Schall, the Company’s Chief Executive Officer, President and Trustee is resigning from his role to pursue another opportunity. Mr. Schall will facilitate the transition of his responsibilities by mid-January 2021. The Board of Trustees will conduct a search for Mr. Schall’s successor, which shall include internal and external candidates. Mr. Schall will also step down from the Board of Trustees in January 2021. Mr. Edward Lampert, Chairman of the Board of Trustees of Seritage said, “On behalf of the Board of Trustees, we want to thank Ben for his leadership since the formation of Se