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Tuesday, February 27, 2018

=Seritage Growth Properties (SRG) reported earnings on Tue 27 Feb 2018 (a/h)

  • Real estate investment trust company
  • Headquarters: NYC
  • Founded: 2015
  • Div/yield 0.25/2.47

Seritage Growth Properties reports Q4 (Dec) results, beats on revs 
  • Reports Q4 (Dec) funds from operations of $0.20 per share, may not be comparable to the two analyst estimate of $0.42; revenues fell 18.9% year/year to $53.68 mln vs the $51.23 mln single analyst estimate.
  • "We ended 2017 on a very strong note with one of our most active quarters to date, including over 870,000 square feet of newly signed leases and the commencement of eight new projects totaling an investment of approximately $385 million. Since our inception, we have signed over 4.8 million square feet of new leases and achieved an average re-leasing multiple of 4.1x on space formerly occupied by Sears Holdings, with new rents averaging approximately $18.00 per square foot compared to $4.35 per square foot, on a same space basis. We have completed or commenced 78 projects representing a total capital investment of approximately $1.1 billion at returns ranging from 10-12% on an incremental unlevered basis, well in excess of capitalization rates for stabilized shopping centers. We were also pleased to commence our premier projects in Santa Monica and San Diego (La Jolla), CA and Aventura, FL, the first three in a series of premier and larger scale densification opportunities within our existing portfolio. Finally, during the quarter, we raised capital through a perpetual preferred equity offering and the extension of our existing unsecured term loan facility, resulting in a total of $530 million of gross proceeds raised during 2017 from financings, asset sales and additional joint ventures. As we enter 2018, we remain focused on unlocking the substantial value of our portfolio through intensive redevelopment and by strengthening our position as preferred partners for growing retailers, mixed-use developers and investors." 

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