Seritage Growth Properties, Inc.

Symbol: SRG
CIK: 1628063
Exchange: NYSE
Founded: 2015 (4 years)
HQ: New York, NY, United States
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Small-Cap
REIT Sector: Retail
Internally Managed REIT

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Seritage Growth Properties, Inc. Company Logo

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 N/A   Dividend Section Rating

Rating Dividend Section Avg. Rating
N/A Dividend Payment Growth: Analysis of how the REIT’s dividend payments have performed during the last three years. 5.5
2 Dividend Payment Consistency: Analysis of how many periods the REIT’s dividends have been paid consistently without a gap in payment. 4.5
0 Dividend to Company FFO Payout Ratio Health: Analysis of the REIT’s Dividend to Company FFO Payout Ratios during the last four quarters. 6.9
1 Dividend to Company FFO Payout Ratio Trend: Analysis of the REIT’s Dividend to Company FFO Payout Ratios trend during the last two years. 5.8
2 Company FFO Trend: Analysis of the REIT’s Company FFO trend during the last two years. 7.0

 4.8   Leverage Section Rating

Rating Leverage Section Avg. Rating
3 Interest Coverage Health: Analysis of the REIT’s Interest Coverage health during the last four quarter. 6.6
2 Interest Coverage Health Trend: Analysis of the REIT’s Interest Coverage health trend during the last two years. 7.3
4 Total Debt Interest Rate Competitiveness: Analysis of the REIT’s Interest Rate to Total Debt competitiveness compared to REIT market. 8.0
8 Total Debt Interest Rate Trend: Analysis of the REIT’s Interest Rate to Total Debt trend during the last two years. 8.0
6 Debt Leverage Health: Analysis of the REIT’s Total Debt to Total Assets. 6.3
6 Debt Leverage Health Trend: Analysis of the REIT’s Total Debt to Total Assets over the last two years. 7.1
4.8 Overall Leverage Section Rating: The REIT’s total Debt Leverage score from the compilation of the above Debt analysis. 7.5

 3.3   Asset & Revenue Section Rating

Rating Asset & Revenue Section Avg. Rating
3 G&A Effeciency Level: Analysis of the REIT’s General and Administrative expenses in relationship to its Revenues. 6.9
0 G&A Effeciency Trend: Analysis of the Trend of the REIT’s General and Administrative expenses in relationship to its Revenues. 7.7
3 Revenues Growth: Analysis of how the REIT's Revenue has performed over the last two years. 6.9
7 Total Asset Growth: Analysis of how the REIT has grown its Total Assets over the last two years. 7.3
3.3 Overall Asset & Revenue Section Rating: The REIT’s total Asset, Revenues, and Administrative expenses score from the compilation of the above analysis. 7.2


REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The REIT’s score for each analysis is out of ten points, with ten being the best score and zero being the worst. A score of zero can be assigned if the REIT does not meet the criteria for that specific analysis. N/A is assigned if insufficient data is available for a particular analysis. Our REITRating logic is continuously improving, so a REIT’s rating and ranking may change over time. Important Note: REITRating is not a predictor of a REIT’s future performance, it is an evaluation of its past results. Additionally, the REITRating system is for informational purposes only and does not represent financial or investment advice or a recommendation of which REITs to acquire. Learn more.

Stock Chart

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Hightlights of Trading Day August 16, 2019


Open Price: $38.66
Closing Price: $38.53
Price Change: 0.13 (0.339%)
Lowest Price: $38.62
Highest Price: $39.58

52-Week Low: $30.60
52-Week High: $51.89
52-Week Change: -22.26%

5 Day Price Change: -6.46%
1 Month Price Change: -6.98%
3 Month Price Change: -15.87%
6 Month Price Change: -11.71%
YTD Price Change: 16.83%
1 Year Price Change: -22.26%
2 Year Price Change: 15.61%
5 Year Price Change: 24.80%

Dividend of Trading Day August 16, 2019


Dividend Yield: 2.595%*
Annualized Dividend: $1*
Dividend Yield (TTM):
Annualized Dividend (TTM): N/A
Ex Dividend Date: 2019-03-28
Dividend Frequency: Quarterly

*The forward annualized dividend and dividend yield are based on the most recent dividend value paid by the REIT. The REIT may have already announced their next upcoming dividend value, which may be different from previously paid dividend value. It is recommended to check the REIT's website and dividend announcements for the latest information on upcoming dividends and changes.

Latest News Headlines


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Funds From Operations (FFO)


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Key Stats of Trading Day August 16, 2019


Total Cash: $532,857,000
Current Debt: N/A
Revenue: $213,854,000
Gross Profit: $-83,072,000
Total Revenue: $213,854,000
Earnings Before Interest, Taxes & Depreciation Amortization (EBITDA): $107,858,000
Revenue Per Share: $6
Revenue Per Employee: $3,099,333
Employee: 69
Debt to Equity Ratio (D/E): 2.05
Profit Margin: -0.34%
Enterprise Value (EV): $2,532,266,592
Enterprise Value to Revenue (EV/R): 11.84
Price to Sales (P/S): 6.86
Price to Book (P/B): 1.85
Peg Ratio: -0.11
P/E Ratio: -12.69
P/E High: -17.53
P/E Low: -10.34
Forward P/E Ratio: N/A
Market Capitalization: $1,467,070,592
Beta: 0.90
Latest Volume: 261,103.00
Avg. Total Volume: 213,056
Avg. 10 Volume: 238,950.20
Avg. 30 Volume: 213,056.20
TTM EPS: -3.04
TTM Dividend Rate: N/A
Shares Outstanding: 36,829,000
Float: 33,759,413.34
50-Day Moving Avg.: 41.53
200-Day Moving Avg.: 41.18

Latest REIT Community Comments on #SRG


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Properties Owned by SRG


Properties owned:
225
Types:
1
States:
46
Countries:
1
Sample of REIT’s Properties (Image Source - REIT’s website) | See more pictures
SRG Sample Property
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Dividend History


Below are the most recent cash dividends paid by SRG, and the Ex-Dividend Date of the dividend. The percent difference from one dividend payment to the next has also been calculated for your convenience.


Symbol Ex Date Cash Amount Change in Dividend Declaration Date Record Date Payment Date

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Financial Statements Overview

Balance Sheet (Quarterly)

See Annual Balance Sheet | See Quarterly Balance Sheet

Amounts in USD ($)

Balance Sheet 2019-06-30 2019-03-31 2018-12-31 2018-09-30
Current Cash 325,505,000 442,625,000 532,857,000 581,621,000
Receivables 0 0 0 0
Inventory 5,277,000 0 0 0
Current Assets 0 0 0 0
Current Assets (Other) 0 0 0 0
Short Term Investments 0 0 0 0
Long-term Investments 418,967,000 419,528,000 398,577,000 399,878,000
Property, Plant & Equipment Net 0 8,600,000 0 0
Goodwill 0 0 0 0
Intangible Assets 96,332,000 101,452,000 123,656,000 207,947,000
Other Assets 53,563,000 51,610,000 32,993,000 47,924,000
Net Tangible Assets 503,808,000 501,974,000 493,769,000 345,174,000
Total Assets 2,798,748,000 2,839,825,000 2,876,076,000 2,965,036,000
Accounts Payable 0 0 0 0
Liabilities (Other) 87,334,000 100,829,000 118,088,000 105,780,000
Current Liabilities (Other) 1,788,000 15,668,000 15,758,000 15,659,000
Total Current Liabilities 0 0 0 0
Current Long-term Debt 0 0 0 0
Long-term Debt 1,606,417,000 1,606,539,000 1,598,053,000 1,598,123,000
Total Liabilities 1,703,228,000 1,716,845,000 1,725,618,000 1,713,631,000
Minority Interest -8,982,000 -3,927,000 -30,920,000 -12,528,000
Common Stock 380,000 370,000 370,000 370,000
Retained Earnings -380,734,000 -362,606,000 -344,132,000 -279,092,000
Treasury Stock 0 0 0 0
Capital Surplus 1,144,458,000 1,124,457,000 1,124,504,000 1,124,461,000
Shareholder Equity 764,132,000 762,249,000 780,770,000 845,767,000

Income Statement (Quarterly)

See Annual Income Statement | See Quarterly Income Statement

Amounts in USD ($)

Income Statement 2019-06-30 2019-03-31 2018-12-31 2018-09-30
Total Revenue 40,317,000 43,756,000 54,914,000 56,393,000
Cost of Revenue 39,450,000 46,530,000 110,659,000 68,177,000
Gross Profit 867,000 -2,774,000 -55,745,000 -11,784,000
Research and Development 0 0 0 0
Selling General and Admin 0 0 0 0
Operating Expense 47,758,000 55,400,000 120,639,000 76,602,000
Operating Income -7,441,000 -11,644,000 -65,725,000 -20,209,000
Income Expense Net (Other) -18,298,000 727,000 -20,124,000 -31,843,000
EBIT -7,441,000 -11,644,000 -65,725,000 -20,209,000
Interest Income 22,141,000 23,454,000 25,016,000 30,723,000
Pretax Income -25,739,000 -10,917,000 -85,849,000 -52,052,000
Income Tax 146,000 -23,000 -116,000 93,000
Minority Interest -8,982,000 -3,927,000 -30,920,000 -12,528,000
Net Income -16,903,000 -6,967,000 -54,813,000 -39,617,000
Net Income Basic -18,128,000 -8,192,000 -56,038,000 -40,842,000

Cash Flow

See Annual Cash Flow | See Quarterly Cash Flow

Amounts in USD ($)

Cash Flow 2019-06-30 2019-03-31 2018-12-31 2018-09-30
Net Income -16,903,000 -6,967,000 -54,813,000 -39,617,000
Depreciation 20,051,000 26,112,000 92,449,000 49,654,000
Changes in Receivables 0 0 0 0
Changes in Inventories 0 0 0 0
Cash Change -117,120,000 -90,232,000 -48,764,000 314,715,000
Cash Flow -8,664,000 -16,382,000 39,702,000 1,475,000
Capital Expenditures 0 0 0 0
Investments -91,436,000 -56,984,000 -71,298,000 -45,601,000
Investing Activity (Other) 0 0 0 0
Total Investing Cash Flows -91,436,000 -56,984,000 -71,298,000 -45,601,000
Dividends Paid -10,191,000 -10,223,000 -10,031,000 -10,140,000
Net Borrowings 0 0 -267,000 373,648,000
Cash Flow Financing -17,020,000 -16,866,000 -17,168,000 358,841,000
Financing Cash Flows (Other) -6,829,000 -6,643,000 -6,870,000 -4,667,000
Exchange Rate Effect 0 0 0 0

Related Information


Material Source Description
Seritage Growth Taps CFO With Real Estate, Banking Background The Wall Street Journal Online Seritage Growth Properties said Friday that it has hired Agree Realty Corp. executive Brian Dickman as its finance chief, rounding out the management team for the real-estate investment trust recently spun off from Sears Holdings Corp.
Warren Buffett Takes 8% Stake in Sears Spinoff Seritage The Wall Street Journal Online Billionaire investor takes passive stake valued at about $70.5 million in real-estate company

About Seritage Growth Properties, Inc.


Seritage Growth Properties is a publicly traded REIT primarily engaged in releasing and redeveloping its 258 property portfolio into first class multi-tenanted shopping centers. The portfolio contains over 40 million square feet of building space across 49 states and Puerto Rico. Pursuant to a master lease, 230 wholly-owned properties are leased to Sears Holdings and are operated under either the Sears or Kmart brand. The master lease provides Seritage with rights to recapture certain space from Sears Holdings at each property. In addition, Seritage has 50% interests in 28 additional properties through joint venture investments with General Growth Properties (9 properties), Simon Property Group (10 properties), and Macerich (9 properties) that are also master leased to Sears Holdings.

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