Draft:Seritage Growth Properties

Submission declined on 30 November 2024 by TheTechie (talk).

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Declined by TheTechie 3 seconds ago. Last edited by TheTechie 3 seconds ago. Reviewer: Inform author.

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Seritage Growth Properties in a publicly traded REIT that was formed out the the real estate spun off from Sears Holdings after Eddie Lambert raided the company. The company was formed out of 235 properties totalling 37.1 million square feet of space from mostly Kmart and Sears locations and a $925M loan from JP Morgan Chase.^[1] The company eventually negotiated a $1.6B line of credit from Berkshire Hathaway which it has made a priority in paying down since it announced it would shut down.^[2]

Since its creation, Seritage has lost approximately ninety percent of its market capitalization and in the Summer of 2022, the board of directors voted to sell off all the properties, close the company and return all the money to investors.^[3]^[4]^[5]

References

^ "This CMBS is Backed Exclusively by Stores Leased to Sears, Kmart". Asset Securitization Report. 2015-09-11. Retrieved 2024-11-30.
^ Kennedy, Marlene (2024-04-17). "Down to Business: Update on Seritage's aggressive real estate sell-off plan". The Daily Gazette Family of Newspapers. Retrieved 2024-11-30.
^ https://finance.yahoo.com/news/investors-seritage-growth-properties-nyse-134259026.html
^ https://www.costar.com/article/607153558/seritage-puts-38-properties-up-for-sale-as-it-tries-to-pay-off-warren-buffett-reshape-portfolio
^ "Seritage Moves To Sell All Its Assets, Dissolve". Bisnow. Retrieved 2024-11-30.

[1] "This CMBS is Backed Exclusively by Stores Leased to Sears, Kmart". Asset Securitization Report. 2015-09-11. Retrieved 2024-11-30.

[2] Kennedy, Marlene (2024-04-17). "Down to Business: Update on Seritage's aggressive real estate sell-off plan". The Daily Gazette Family of Newspapers. Retrieved 2024-11-30.

[3] ttps://finance.yahoo.com/news/investors-seritage-growth-properties-nyse-134259026.html

[4] ttps://www.costar.com/article/607153558/seritage-puts-38-properties-up-for-sale-as-it-tries-to-pay-off-warren-buffett-reshape-portfolio

[5] "Seritage Moves To Sell All Its Assets, Dissolve". Bisnow. Retrieved 2024-11-30.

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