Seritage Growth Properties
SRG-PA
New York Stock Exchange20.87
USD
-0.03
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Seritage Growth Properties
SRG-PA
(New York Stock Exchange)
Recent
price
20.87
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
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in mil. unless spec.- Similar Companies
- Business
- Seritage Growth Properties is a publicly traded, self-administered and self-managed real estate investment trust (REIT) specializing in the ownership, development, redevelopment, management, sale, and leasing of diversified retail, residential, and mixed-use properties across the United States. The company’s portfolio includes interests in approximately 13 to 16 properties, comprising about 1.3 to 1.7 million square feet of gross leasable area (GLA) or build-to-suit leased area and around 198 to 274 acres of land. Its assets are held directly or indirectly through consolidated and unconsolidated entities, with eight consolidated properties and five unconsolidated entities making up the bulk of its holdings. Seritage’s operations span 41 states and Puerto Rico, featuring multi-tenant retail properties, premier mixed-use assets, and development sites. Founded in 2014 and headquartered in New York City, Seritage emerged from the real estate portfolio originally acquired from Sears Holdings in 2015. The company primarily focuses on retail and mixed-use real estate including redevelopment of former Sears and Kmart store locations into new retail, residential, and commercial spaces. Core product offerings entail retail leasing spaces under brands or development projects, residential leasing within mixed-use developments, and build-to-suit leased space, alongside active property sales and asset monetization efforts. Recent significant changes include an ongoing strategic Plan of Sale involving marketing and divestiture of multiple assets. In 2025, Seritage negotiated sales agreements for various properties totaling anticipated gross proceeds exceeding $225 million, including a major development asset under negotiation for approximately $70 million. The company completed a notable sale of its Aventura, Florida property for $131 million and executed a voluntary $130 million prepayment on its $1.6 billion term loan facility backed by Berkshire Hathaway Life Insurance Company of Nebraska, aiming to enhance financial flexibility and reduce interest expenses. Leadership changes occurred in 2025 with then-CEO Andrea Olshan stepping down and Board Chairman Adam Metz appointed Interim CEO. These strategic financial management activities accompany the company’s concentrated effort to streamline operations, reduce debt substantially, and reposition its asset portfolio toward higher-value mixed-use projects and residential components. Seritage Growth Properties thus operates as a REIT with a specialized focus on retail and mixed-use redevelopment, leveraging its portfolio and development expertise to transform legacy retail spaces into diversified, income-producing real estate assets across the United States. Its subsidiaries include finance-related entities that support the company’s capital structure and development financing requirements. The portfolio and operational strategies continue to evolve with an emphasis on asset monetization, redevelopment, and mixed-use integration in key markets. This description reflects the company's current product scope, geographic reach, founding background, and the material recent strategic and financial developments through 2025.