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Seritage Growth Properties (SRG)

NYSE - NYSE Delayed Price. Currency in USD
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10.20-0.46 (-4.32%)
At close: 04:00PM EST
10.34 +0.14 (+1.37%)
After hours: 04:17PM EST
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  • J
    Jack
    Stock is down due to management turnover, but it is an outlier problem. Lombard left because she got to be CFO at Veris properties (likely with higher compensation). If you look up a 40-60 minute podcast given by Guy Spier, he mentions how executives are leaving Seritage (not due to sinking ship) but because they are getting better offers from companies who see them as excellent people due to the Berkshire clout over Seritage. The company made a $160mn payment on debt with online rumours saying $100mn came from one property. If you assume that out of 170, SRG has 30 premier properties with 10 worth $200mn and 10 worth $100mn, you get $3bn in assets against $1.6bn in debt leaving $1.4bn for equityholders versus a market cap under $600mn. Just my thoughts. Pabrai cut his holding by 25%
  • B
    Bond007
    Why is SRG not able to borrow in the open market and save on the draconian 7% interest it is paying to Berkshire. The interest payment is killing SRG. I guess Berkshire must have a penalty for pre-payment.
  • C
    Codie
    Kimco, Tanger and Macerich are all REITs paying dividendsin 2022. How many years have passed since Seritage paid dividends?
  • c
    contrarian
    Great transparent management, Berkshire as a lender, interesting shareholders including Eddie Lampert, contrarian idea, refinancing opportunities, LAND VALUE.
  • C
    Ciaran
    Pabrai is exiting putting downward pressure on the stock
  • N
    Nick
    Not a lot of people are on here anymore. But the few that are. If you are feeling a little concerned about your investment in SRG. I think this will for sure help you S.W.A.N (Sleep well at night) I was on the Seritage website and looking at their list of properties. They have a property in Redmond, WA but it doesn't have the amount of acres. However it does have 267,407 sq ft to lease out. For those that don't know Redmond, WA is home to none other than Microsoft! And land out there is beyond ridicules. I saw apartment (if you want to call them that) that had 492 sq ft for $1900 a month!

    I don't know how many acres this Redmond property has. But one thing I do know is it is worth a LOT of money!
  • G
    GG
    pabrai is applying selling pressure.
  • D
    Daniel
    Why does Pabrai like this? The thing is bleeding money the last few years.
  • G
    GG
    This is getting cheap
  • F
    Fayaz
    Is this an Asset Value play, how long is the time horizon for this to reflect in share price
  • Y
    Yahoo Finance Insights
    SRG is up 4.95% to 13.99
  • S
    Steve Cohen
    what just happened?
  • Y
    Yahoo Finance Insights
    SRG is down 5.29% to 13.26
  • C
    Codie
    Great news! According to Seritage's June 4 press release, Seritage has arranged a payment plan for rent due from Sears. Read Seritage's press release for all the details. It's not clear if any other tenant received the same forbearance.

    Item 1: "The Company will allow Sears to defer 100% of base rent at five stores for six months (April 2020 through September 2020) with the deferred rent payable over a 12-month period beginning October 2020. Sears will continue to pay all other additional rent (representing real estate taxes, utilities, common area maintenance and other property operating expenses) during the deferral period."
    And
    Item 2: "The Company will terminate the Holdco Master Lease at 12 stores, each of which Sears has the right to terminate without penalty on March 1, 2021 under the terms of the Holdco Master Lease, in return for a termination payment of $5.3 million payable upon the earlier of the completion of going-out-of-business sales or September 30, 2020;"
  • b
    bill
    Great article on Bloomberg yesterday. I’m just confused why there hasn’t been a press release by the company summarizing their plan that was mentioned in the last earnings report. They need to figure out how to communicate with investors.
  • N
    Nick
    I got into this stock with a $18.24 break even price. I really think this stock is going to be a good one, but it is going to take some time. If you're looking for the next Facebook, Google, Apple, Netflix, or Microsoft this isn't for you. But if you're looking for a stock that will have SOLID assets backing it then this is the place to be. Go on their website and see the properties they own. They are BIG. They have so many options in front of them. It just takes some time and money.
  • *
    **Sheena**
    Mohnish Pabrai and Guy Spier both bought SRG. They are both value investors. I guess they think commercial real estate will make a come back?
  • N
    Nick
    Help me understand something a little. So Eddie lent a ton of cash to Sears and secured it with a lot of Sears's real estate. Then of course ran Sears into the ground and got the real estate for cheap. Then the plan was to redevelop the real estate into really nice areas. The of course Covid hit and it all went down the drain. My question is this. The plan is still in play here right? I mean the company is sitting on a LOT of really big hard to find pieces of land in good areas that they could sell and free up some cash if they needed to right? I mean its not like SRG is Sears. They are an REIT. What am I missing here?
  • N
    Nick
    So this company has 181 properties. $1.6 billion in debt and $140 million in cash according to Yahoo finance. It would be a little hard to figure out how much each property is worth. But if we took an average of say $20 million (some might be $50 million and other $5 million?) but $20 million X 181 = $3.62 billion. Take away the $1.6 billion in debt comes out to around $2 billion. and the market cap of this stock is $600 million?
  • M
    Matthew
    This is a perfect wallstreetbets target. And unlike the other stocks they’ve identified, you can squeeze the shorts and then sail off into the sunset with the fundamental value of a massive real estate portfolio.