SRG Stock Price Correlated With Seritage Growth Properties Financials
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Income Statement
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Balance Sheet
SRG Income Statement
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SRG Cash Flow
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SRG Balance Sheet
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COMPANY PROFILE
Note 1 – Organization Seritage Growth Properties (“Seritage”) (NYSE: SRG), a Maryland real estate investment trust formed on June 3, 2015, is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”) as defined under Section 856(c) of the Internal Revenue Code (the “Code”). Seritage’s assets are held by and its operations are primarily conducted, directly or indirectly, through Seritage Growth Properties, L.P., a Delaware limited partnership (the “Operating Partnership”). Under the partnership agreement of the Operating Partnership, Seritage, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership. Unless otherwise expressly stated or the context otherwise requires, the “Company” and “Seritage” refer to Seritage, the Operating Partnership and its owned and controlled subsidiaries. Seritage is principally engaged in the ownership, development, redevelopment, management, sale and leasing of diversified retail and mixed-use properties throughout the United States. As of December 31, 2021 , the Company’s portfolio consisted of interests in 162 properties comprised of approximately 19.2 million square feet of gross leasable area (“GLA”) or build-to-suit leased area, approximately 600 acres held for or under development and approximately 9.4 million square feet or approximately 800 acres to be disposed of. The portfolio consists of approximately 15.4 million square feet of GLA held by 137 wholly owned properties (such properties, the “Consolidated Properties”) and 3.9 million square feet of GLA held by 25 unconsolidated entities (such properties, the “Unconsolidated Properties”). The Company commenced operations on July 7, 2015 following a rights offering to the shareholders of Sears Holdings Corporation (“Sears Holdings” or “Sears”) to purchase common shares of Seritage in order to fund, in part, the $ 2.7 billion acquisition of certain of Sears Holdings’ owned properties and its 50 % interests in three joint ventures which were simultaneously leased back to Sears Holdings under a master lease agreement (the “Original Master Lease” and the “Original JV Master Leases”, respectively). As of December 31, 2021 , the Company no longer had any remaining properties leased to Holdco or Sears Holdings after giving effect to the termination of the remaining five Consolidated Properties, which were completed March 15, 2021, as further described in Note 5. COVID-19 Pandemic The Coronavirus (“COVID-19”) pandemic has caused and continues to cause significant impacts on the real estate industry in the United States, including the Company's properties. As a result of the development, fluidity and uncertainty surrounding the situation, the Company expects that these conditions may change, potentially significantly, in future periods and results for the year ended December 31, 2021 may not be indicative of the impact of the COVID-19 pandemic on the Company's business for future periods. As such, the Company cannot reasonably estimate the impact of COVID-19 on its financial condition, results of operation or cash flows over the foreseeable future. As of December 31, 2021 , the Company had collected 97 % of rental income for the year ended December 31, 2021, and agreed to defer an additional 1 %. While the Company intends to enforce its contractual rights under its leases, there can be no assurance that tenants will meet their future obligations or that additional rental modification agreements will not be necessary. Liquidity The Company’s primary uses of cash include the payment of property operating and other expenses, including general and administrative expenses and debt service (collectively, “Obligations”), and certain development expenditures. Property rental income, which is the Company’s primary source of operating cash flow, did not fully fund Obligations incurred during the year ended December 31, 2021 and the Company recorded
Free historical financial statements for Seritage Growth Properties Cla. See how revenue, income, cash flow, and balance sheet financials have changed over 32 quarters since 2016. Compare with SRG stock chart to see long term trends.
Data imported from Seritage Growth Properties Cla SEC filings. Check original filings before making any investment decision.