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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Overall Score: 4.1

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REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score. Learn More


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Hightlights of Trading Day November 8, 2019


Open Price: $43.87
Closing Price: $43.53
Price Change: -0.35 (-0.798%)
Lowest Price: $43.485
Highest Price: $44.23

52-Week Low: $30.60
52-Week High: $47.11
52-Week Change: 14.76%

5 Day Price Change: -1.37%
1 Month Price Change: 2.81%
3 Month Price Change: 6.20%
6 Month Price Change: -3.77%
YTD Price Change: 33.05%
1 Year Price Change: 15.69%
2 Year Price Change: 7.02%
5 Year Price Change: 18.27%

Dividend of Trading Day November 8, 2019


Dividend Yield: 2.297%*
Annualized Dividend: $1*
Dividend Yield (TTM): 1.149%
Annualized Dividend (TTM): $0.5
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 November 8, 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): $2,722,625,127
Enterprise Value to Revenue (EV/R): 12.73
Price to Sales (P/S): 7.75
Price to Book (P/B): 2.05
Peg Ratio: -0.33
P/E Ratio: -16.54
P/E High: -17.91
P/E Low: -11.63
Forward P/E Ratio: N/A
Market Capitalization: $1,657,429,127
Beta: 0.91
Latest Volume: 163,739.00
Avg. Total Volume: 210,234
Avg. 10 Volume: 170,097.50
Avg. 30 Volume: 210,233.67
TTM EPS: -2.63
TTM Dividend Rate: 0.50
Shares Outstanding: 36,828,500
Float: 33,815,228.96
50-Day Moving Avg.: 42.94
200-Day Moving Avg.: 42.89

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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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Occupancy Rate


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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)

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Amounts in USD ($)

Balance Sheet 2019-09-30 2019-06-30 2019-03-31 2018-12-31
Current Cash 0 325,505,000 442,625,000 532,857,000
Receivables 0 0 0 0
Inventory 0 5,277,000 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 429,143,000 418,967,000 419,528,000 398,577,000
Property, Plant & Equipment Net 0 0 8,600,000 0
Goodwill 0 0 0 0
Intangible Assets 0 96,332,000 101,452,000 123,656,000
Other Assets 75,471,000 53,563,000 51,610,000 32,993,000
Net Tangible Assets 753,425,000 503,808,000 501,974,000 493,769,000
Total Assets 2,793,198,000 2,798,748,000 2,839,825,000 2,876,076,000
Accounts Payable 0 0 0 0
Liabilities (Other) 115,607,000 87,334,000 100,829,000 118,088,000
Current Liabilities (Other) 0 1,788,000 15,668,000 15,758,000
Total Current Liabilities 0 0 0 0
Current Long-term Debt 0 0 0 0
Long-term Debt 1,598,382,000 1,606,417,000 1,606,539,000 1,598,053,000
Total Liabilities 1,713,989,000 1,703,228,000 1,716,845,000 1,725,618,000
Minority Interest -5,604,000 -8,982,000 -3,927,000 -30,920,000
Common Stock 36,828,522 380,000 370,000 370,000
Retained Earnings -392,837,000 -380,734,000 -362,606,000 -344,132,000
Treasury Stock 0 0 0 0
Capital Surplus 1,145,854,000 1,144,458,000 1,124,457,000 1,124,504,000
Shareholder Equity 753,425,000 764,132,000 762,249,000 780,770,000

Income Statement (Quarterly)

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Amounts in USD ($)

Income Statement 2019-09-30 2019-06-30 2019-03-31 2018-12-31
Total Revenue 47,628,000 40,317,000 43,756,000 54,914,000
Cost of Revenue 42,219,000 39,450,000 46,530,000 110,659,000
Gross Profit 5,409,000 867,000 -2,774,000 -55,745,000
Research and Development 0 0 0 0
Selling General and Admin 0 0 0 0
Operating Expense 50,349,000 47,758,000 55,400,000 120,639,000
Operating Income -24,767,000 -7,441,000 -11,644,000 -65,725,000
Income Expense Net (Other) 8,245,000 -18,298,000 727,000 -20,124,000
EBIT -24,767,000 -7,441,000 -11,644,000 -65,725,000
Interest Income 22,046,000 22,141,000 23,454,000 25,016,000
Pretax Income -16,522,000 -25,739,000 -10,917,000 -85,849,000
Income Tax 40,000 146,000 -23,000 -116,000
Minority Interest -5,604,000 -8,982,000 -3,927,000 -30,920,000
Net Income -10,878,000 -16,903,000 -6,967,000 -54,813,000
Net Income Basic -12,103,000 -18,128,000 -8,192,000 -56,038,000

Cash Flow

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Amounts in USD ($)

Cash Flow 2019-09-30 2019-06-30 2019-03-31 2018-12-31
Net Income -10,878,000 -16,903,000 -6,967,000 -54,813,000
Depreciation 21,458,000 20,051,000 26,112,000 92,449,000
Changes in Receivables 0 0 0 0
Changes in Inventories 0 0 0 0
Cash Change -93,185,000 -117,120,000 -90,232,000 -48,764,000
Cash Flow -11,559,000 -8,664,000 -16,382,000 39,702,000
Capital Expenditures 0 0 0 0
Investments -80,290,000 -91,436,000 -56,984,000 -71,298,000
Investing Activity (Other) 0 0 0 0
Total Investing Cash Flows -80,290,000 -91,436,000 -56,984,000 -71,298,000
Dividends Paid -1,225,000 -10,191,000 -10,223,000 -10,031,000
Net Borrowings 0 0 0 -267,000
Cash Flow Financing -1,336,000 -17,020,000 -16,866,000 -17,168,000
Financing Cash Flows (Other) -111,000 -6,829,000 -6,643,000 -6,870,000
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.

REITRating™ Scorecard


Rating Dividend Section Avg. Rating
2 Dividend Payment Consistency: Analysis of how many periods the REIT’s dividends have been paid consistently without a gap in payment. 6.3
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. 7.5
Rating AFFO & Efficiency Section Avg. Rating
6 Operating Expense Efficiency: Analysis of the REIT's Operating Expenses to its Revenues. 7.1
6 Operating Expense Efficiency Trend: Analysis of the trend of the REIT's Operating Expenses to its Revenue. 8.0
Rating Leverage Section Avg. Rating
0 Interest Coverage Health: Analysis of the REIT’s Interest Coverage health during the last four quarter. 5.0
0 Interest Coverage Health Trend: Analysis of the REIT’s Interest Coverage health trend during the last two years. 5.7
4 Total Debt Interest Rate Competitiveness: Analysis of the REIT’s Interest Rate to Total Debt competitiveness compared to REIT market. 7.8
7 Total Debt Interest Rate Trend: Analysis of the REIT’s Interest Rate to Total Debt trend during the last two years. 7.4
6 Debt Leverage Health: Analysis of the REIT’s Total Debt to Total Assets. 5.1
6 Debt Leverage Health Trend: Analysis of the REIT’s Total Debt to Total Assets over the last two years. 6.9
Rating Asset & Revenue Section Avg. Rating
3 Revenues Growth: Analysis of how the REIT's Revenue has performed over the last two years. 6.8
7 Total Asset Growth: Analysis of how the REIT has grown its Total Assets over the last two years. 7.3
Rating Properties Section Avg. Rating
4 Occupancy Health Level: Analysis of the REIT’s occupancy health level during the last four quarters. 8.2
0 Occupancy Trend: Analysis of the REIT’s occupancy trend over the last two years. 8.3
9 Portfolio of Properties: Analysis of the REIT's property's strength, size, and geographic distribution. 8.2
4.1 Overall REITRating™ Score 6.7

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.

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