Seritage Growth Properties Reports First Quarter 2019 Operating Results

– Signed new leases totaling $11.0 million of base rent at an average
of over $30 PSF –

– Increased diversified, non-Sears base rent to $159 million and 83%
of total base rent, including signed leases –

– Ended quarter with over $875 million of liquidity, including cash
on hand and committed capital –

NEW YORK–(BUSINESS WIRE)–Seritage Growth Properties (NYSE:SRG) (the “Company”), a national owner
of 225 retail and mixed-use properties totaling approximately 35.6
million square feet of gross leasable area (“GLA”), today reported
financial and operating results for the quarter ended March 31, 2019.

Summary Financial Results

For the quarter ended March 31, 2019:

  • Net loss attributable to common shareholders of $8.2 million, or $0.23
    per share
  • Total Net Operating Income (“Total NOI”) of $24.3 million
  • Funds from Operations (“FFO”) of ($5.2) million, or ($0.09) per share
  • Company FFO of ($5.1) million, or ($0.09) per share

Operating Highlights

During the quarter ended March 31, 2019:

  • Signed new leases totaling 440,000 square feet (365,000 square feet at
    share) at an average base rent of $30.37 PSF ($30.06 PSF at share).
    Since the Company’s inception in July 2015, the Company’s share of new
    leasing activity has totaled nearly 8.3 million square feet at an
    average rent of $17.23 PSF, including new retail leases totaling 7.5
    million square feet at an average rent of $18.24 PSF.
  • Achieved an average releasing multiple of 4.1x for space currently or
    formerly occupied by Sears or Kmart, with new retail rents averaging
    $30.96 PSF compared to $7.51 PSF paid by Sears or Kmart. Since
    inception, releasing multiples have averaged 4.1x, with new retail
    rents at $18.35 PSF compared to $4.52 PSF paid by Sears or Kmart.
  • Increased the Company’s share of annual base rent from diversified,
    non-Sears tenants to 83.3% of total annual base rent from 54.3% in the
    prior year period, including all signed leases and net of rent
    attributable to associated space to be recaptured. Diversified,
    non-Sears rental income has increased by over 260% since inception to
    $158.7 million, including all signed leases.
  • Announced new redevelopment activity totaling approximately $65.0
    million, including two new projects and the expansion of two
    previously announced projects. Total redevelopment program to date
    includes 99 projects completed or commenced representing approximately
    $1.6 billion of estimated capital investment.
  • Formed a 50% joint venture partnership with the owner of the adjacent
    shopping center to redevelop the Company’s asset in Cockeysville,
    Maryland. The transaction valued the property at approximately $18.7
    million and generated $9.3 million of gross cash proceeds. The venture
    plans to complete the retail redevelopment of the full-line store and
    auto center and may also pursue multi-family development on a portion
    of the 14-acre site.
  • Sold seven properties totaling 639,000 feet for gross cash proceeds of
    $29.5 million. These properties were generally located in smaller
    markets and all seven properties were vacant at the time of sale.

We are pleased with our start to the year with 440,000 square feet of
total new leasing at a strong average rate of $30 per square foot and an
average multiple of 4.1x for space previously occupied by Sears. Our
leasing since inception now stands at 8.3 million square feet and an
average re-leasing multiple of 4.1x. We continue to make significant
progress on our redevelopment program, with two new projects and two
expanded projects this quarter. Our total program currently consists of
99 projects completed or commenced with a total of approximately $1.6
billion of capital investment,” said Benjamin Schall, President and
Chief Executive Officer. “With a strong balance sheet and over $875
million of liquidity, we will continue to utilize our specialized
platform and high-quality portfolio to create first-class retail centers
and larger mixed-use projects that generate long-term value for our
shareholders.”

Financial Results

Below is a summary of the Company’s financial results for the quarters
ended March 31, 2019 and March 31, 2018:

(in thousands except per share amounts)     Quarter Ended March 31,
2019   2018
Net (loss) income attributable to Seritage common shareholders $ (8,192 ) $ 9,100
Net (loss) income per diluted share attributable to Seritage common
shareholders
(0.23 ) 0.26
 
Total NOI 24,278 36,879
 
FFO (5,178 ) 11,048
FFO per diluted share (0.09 ) 0.20
 
Company FFO (5,060 ) 12,429
Company FFO per diluted share (0.09 ) 0.22
 

Total NOI

The decrease in Total NOI was driven primarily by reduced rental income
under the Company’s original master lease (the “Original Master Lease”)
with Sears Holdings Corporation (“Sears Holdings”) as a result of
previous recapture and termination activity at our properties, as well
as the rejection of the Original Master Lease during the three months
ended March 31, 2019. In addition, the Company has sold 24 wholly-owned
properties and 50% interests in three wholly-owned properties over the
past 12 months which contributed to the decrease in Total NOI.

Since inception, over 25 million square feet of leased space,
representing over $100 million of annual base rent, has been taken
offline through recapture and termination activity, or as a result of
the rejection of the Original Master Lease. To date, the Company has
signed new leases with diversified, non-Sears tenants for an aggregate
annual base rent of $142.1 million across 8.3 million square feet of
space. A majority of these newly signed leases are categorized as signed
not yet opened (“SNO”) leases and are expected to begin paying rent
throughout the next 24 months.

FFO and Company FFO

The decrease in FFO was driven by the same factors driving the decrease
in Total NOI, as well as (i) higher interest expense resulting from the
Company’s debt refinancing in the third quarter of 2018, and (ii )
higher G&A expenses, including increased personnel costs and certain
legal and advisory costs related to Sears Holdings’ bankruptcy filing.

Portfolio Summary

Below is a summary of the Company’s portfolio as March 31, 2019:

    Wholly Owned     Unconsolidated    
Portfolio   Joint Ventures   Total  
Properties 198 27 225
 
Malls 93 24 117
Strip centers and freestanding 105 3 108
 
GLA (at share) (000s) 30,791 2,419 33,210
% leased 53.2 % 78.3 % 55.0 %
 

The unleased space as of March 31, 2019 included approximately 2.6
million SF of remaining lease-up at announced redevelopment projects,
and approximately 12.4 million SF of additional leasing opportunity at
properties throughout the Company’s portfolio.

Leasing

New Activity

During the quarter ended March 31, 2019, the Company signed new leases
totaling 440,000 square feet (365,000 square feet at share) at an
average base rent of $30.37 PSF ($30.06 PSF at share). On a same-space
basis, new rents averaged 4.1x prior rents for space formerly occupied
by Sears or Kmart, increasing to $30.96 PSF for new tenants compared to
$7.51 PSF paid by Sears or Kmart across 341,000 square feet.

Below is a summary of the Company’s leasing activity, including its
proportional share of unconsolidated joint ventures, for the quarter
ended March 31, 2019 and since the Company’s inception in July 2015:

        Since
Q1 2019   Inception  
Leases 29 $ 316
Square feet 365,000 8,250,000
Annual base rent ($000s) $ 10,972 $ 142,136
Annual base rent PSF (1) $ 30.06 $ 18.24
Re-leasing multiple (1)(2) 4.1 x 4.1 x

______________________

(1)     Excludes certain self storage, auto dealership, medical office and
ground leases.
(2) Excludes densification square footage (e.g. new outparcel
developments) and backfill of vacant space not previously occupied
by Sears or Kmart.
 

On February 28, 2019, the Company entered into a master lease (the
“Holdco Master Lease”) with affiliates of Transform Holdco LLC
(“Holdco”), an affiliate of ESL Investments, Inc. and the successor to
Sears Holdings, comprising 51 of the Company’s wholly-owned properties.
The Holdco Master Lease became effective on March 12, 2019 when the
bankruptcy court issued an order approving the rejection of the Original
Master Lease with Sears Holdings.

The Holdco Master Lease contains terms that are similar to the Original
Master Lease with the addition of certain enhanced landlord recapture
and tenant termination rights. Additional information regarding the
Holdco Master Lease can be found in the Form 8-K filed with the
Securities and Exchange Commission on February 28, 2019.

Rental Income Composition

During the quarter ended March 31, 2019, the Company added $11.0 million
of new diversified, non-Sears income and increased annual base rent
attributable to diversified, non-Sears tenants to 83.3% of total annual
base rent from 54.3% as of March 31, 2018, based on signed leases.

The table below provides a summary of all the Company’s signed leases as
of March 31, 2019, including unconsolidated joint ventures presented at
the Company’s proportional share:

(in thousands except number of leases and PSF data)
  Number of   Leased   % of Total   Annual Base   % of  
Tenant Leases GLA Leased GLA Rent (“ABR”) Total ABR ABR PSF
Sears/Kmart (1) 70 8,152 44.6 % $ 31,746 16.7 % $ 3.89
In-place diversified, non-Sears leases 251 5,502 30.1 % 74,692 39.2 % 13.58
SNO diversified, non-Sears leases 174 4,623 25.3 %   84,032 44.1 %   18.18
Sub-total diversified, non-Sears leases 425 10,125 55.4 %   158,724 83.3 %   15.68
Total 495 18,277 100.0 % $ 190,470 100.0 % $ 10.42
______________________
(1)     Number of leases reflects number of properties subject to the Holdco
Master Lease and Original JV Master Leases.
 

Development

Program Summary

During the quarter ended March 31, 2019, the Company commenced projects
totaling approximately $65.0 million, including two new redevelopments
and the expansion of two previously announced projects.

Below is a summary of the Company’s announced development activity from
inception through March 31, 2019, presented at 100% share and including
certain assets that have been monetized through sale or joint venture:

(in millions)                
Total Estimated
Number Project Percentage Estimated Spent

Projected Annual Income (2)

Incremental
Project Status of Projects Square Feet Leased Project Costs (1) To Date Total Incremental

Yield (3)

Complete 17 1.6 95 % $ 135 – 140 $ 124

Substantially Complete / Delivered to Tenant(s)

25 2.8 78 % 345 – 370 244
Underway 30 4.3 56 % 820 – 850 229
Announced 9 1.2 57 %   200 – 215   16      
Current Projects 81 9.9 69 % $ 1,500 – 1,575 $ 613 $ 204 – 212 $ 162 – 169 10.3 – 11.3%
Acquired 15 64
Sold 3   16
Total Projects 99 $ 1,580 – 1,655

_______________

(1)   Total estimated project costs include aggregate termination fees of
approximately $81.0 million to recapture 100% of certain properties.
(2) Projected annual income is based on assumptions for stabilized rents
to be achieved at space under redevelopment. There can be no
assurance that stabilized rent targets will be achieved.
(3) Projected incremental annual income divided by total estimated
project costs.
 

Announced Development Projects

As of March 31, 2019, the Company had originated 84 redevelopment
projects since the Company’s inception. These projects represent an
estimated total investment of $1.5-1.6 billion ($1.4-1.5 billion at
share), of which an estimated $890-965 million ($825-900 million at
share) remains to be spent, and are expected to generate an incremental
yield on cost of approximately 10.3-11.3%.

The tables below provide brief descriptions of each of the redevelopment
projects originated on the Company’s platform since its inception,
including certain assets that have been monetized through sale or joint
venture:

Total Project Costs under $10 Million
                    Total     Estimated   Estimated
Project Construction Substantial
Property Description Square Feet   Start Completion
King of Prussia, PA Repurpose former auto center space for Outback Steakhouse, Yard
House and Escape Room
  29,100 Complete
Merrillville, IN Termination property; redevelop existing store for At Home and small
shop retail
132,000 Complete
Elkhart, IN Termination property; existing store has been released to Big R
Stores
86,500 Complete
Bowie, MD Recapture and repurpose auto center space for BJ’s Brewhouse 8,200 Complete
Troy, MI Partial recapture; redevelop existing store for At Home 100,000 Complete
Rehoboth Beach, DE Partial recapture; redevelop existing store for andThat! and PetSmart 56,700 Complete
Henderson, NV Termination property; redevelop existing store for At Home, Seafood
City, Blink Fitness and additional retail
144,400 Complete
Cullman, AL Termination property; redevelop existing store for Bargain Hunt,
Tractor Supply and Planet Fitness
99,000 Complete
Jefferson City, MO Termination property; redevelop existing store for Orscheln Farm and
Home
96,000 Complete
Guaynabo, PR Partial recapture; redevelop existing store for Planet Fitness,
Capri and additional retail and restaurants
56,100 Complete
Westwood, TX Termination property; site has been leased to Sonic Automotive and
will be repurposed as an auto dealership
213,600 Complete
Florissant, MO Site densification; new outparcel for Chick-fil-A 5,000 Complete
Albany, NY Recapture and repurpose auto center space for BJ’s Brewhouse, Ethan
Allen and additional small shop retail
28,000 Substantially Complete
Kearney, NE Termination property; redevelop existing store for Marshall’s,
PetSmart, Ross Dress for Less and Five Below
92,500 Substantially Complete
Dayton, OH Recapture and repurpose auto center space for Outback Steakhouse and
additional restaurants
14,100 Substantially Complete
St. Clair Shores, MI 100% recapture; demolish existing store and develop site for new
Kroger grocery store
107,200 Delivered to Tenant(s)
New Iberia, LA Termination property; redevelop existing store for Ross Dress for
Less, Rouses Supermarkets, Hobby Lobby and small shop retail
93,100 Delivered to Tenant(s)
Hopkinsville, KY Termination property; redevelop existing store for Bargain Hunt,
Farmer’s Furniture, Harbor Freight Tools and small shop retail
87,900 Delivered to Tenant(s)
Mt. Pleasant, PA Termination property; redevelop existing store for Aldi, Big Lots
and additional retail
86,300 Delivered to Tenant(s)
Gainesville, FL Termination property; repurpose existing store as office space for
Florida Clinical Practice Association / University of Florida
College of Medicine
139,100 Delivered to Tenant(s)
Layton, UT Termination property; a portion of the space has been leased to
Extra Space Storage and will be repurposed as self storage; existing
tenants include Vasa Fitness and small shop retail
172,100 Delivered to Tenant(s)
North Little Rock, AR Recapture and repurpose auto center space for LongHorn Steakhouse
and additional small shop retail
17,300 Underway Q2 2019
Houston, TX 100% recapture; entered into ground lease with adjacent mall with
potential to participate in future redevelopment
214,400 Underway Q2 2019
Oklahoma City, OK Site densification; new fitness center for Vasa Fitness 59,500 Underway Q3 2019
Ft. Wayne, IN Site densification (project expansion); new outparcels for BJ’s
Brewhouse, Chick-fil-A and Portillo’s
20,100 Underway Q4 2019
Hagerstown, MD Recapture and repurpose auto center space for BJ’s Brewhouse,
Verizon and additional retail
15,400 Sold
Hampton, VA Site densification; new outparcel for Chick-fil-A 2,200 Sold
 
Total Project Costs $10 – $20 Million
                    Total   Estimated   Estimated
Project Construction Substantial
Property Description Square Feet Start Completion
Braintree, MA 100% recapture; redevelop existing store for Nordstrom Rack, Saks
OFF 5th and 5.11 Tactical to join existing tenant, Ulta Beauty
90,000 Complete
Honolulu, HI 100% recapture; redevelop existing store for Longs Drugs (CVS),
PetSmart and Ross Dress for Less
79,000 Complete
Anderson, SC 100% recapture (project expansion); redevelop existing store for
Burlington Stores, Gold’s Gym, Sportsman’s Warehouse, additional
retail and restaurants
111,300 Complete
Madison, WI Partial recapture; redevelop existing store for Dave & Busters,
Total Wine & More, additional retail and restaurants
75,300 Substantially Complete
Orlando, FL 100% recapture; demolish and construct new buildings for Floor &
Decor, Orchard Supply Hardware, LongHorn Steakhouse, Mission BBQ,
Olive Garden and additional small shop retail and restaurants
139,200 Substantially Complete
Paducah, KY Termination property; redevelop existing store for Burlington
Stores, Ross Dress for Less and additional retail
102,300 Substantially Complete
Springfield, IL Termination property; redevelop existing store for Burlington
Stores, Binny’s Beverage Depot, Marshall’s, Orangetheory Fitness,
Outback Steakhouse, Core Life Eatery and additional small shop retail
133,400 Substantially Complete
Thornton, CO Termination property; redevelop existing store for Vasa Fitness and
additional junior anchors
191,600 Substantially Complete
Cockeysville, MD Partial recapture; redevelop existing store for HomeGoods, Michael’s
Stores, additional junior anchors and restaurants (note: contributed
to Cockeysville JV in Q1 2019)
83,500 Substantially Complete
Warwick, RI Termination property (project expansion); redevelop existing store
and detached auto center for At Home, BJ’s Brewhouse, Raymour &
Flanigan, additional retail and restaurants
190,700 Substantially Complete
Salem, NH Densify site with new theatre for Cinemark and recapture and
repurpose auto center for restaurant space to join existing tenant
Dick’s Sporting Goods
71,200 Delivered to Tenant(s)
Fairfax, VA Partial recapture; redevelop existing store and attached auto center
for Dave & Busters, Lazy Dog Restaurant & Bar additional junior
anchors and restaurants
110,300 Delivered to Tenant(s)
Temecula, CA Partial recapture; redevelop existing store and detached auto center
for Round One, small shop retail and restaurants
65,100 Delivered to Tenant(s)
Hialeah, FL 100% recapture; redevelop existing store for Bed, Bath & Beyond,
Ross Dress for Less and dd’s Discounts to join existing tenant, Aldi
88,400 Delivered to Tenant(s)
North Hollywood, CA Partial recapture; redevelop existing store for Burlington Stores
and Ross Dress for Less
79,800 Delivered to Tenant(s)
North Miami, FL 100% recapture; redevelop existing store for Burlington Stores,
Michael’s and Ross Dress for Less
124,300 Underway Q2 2019
Canton, OH Partial recapture; redevelop existing store for Dave & Busters and
restaurants
83,900 Underway Q2 2019
North Riverside, IL Partial recapture; redevelop existing store and detached auto center
for Blink Fitness, Round One, additional junior anchors, small shop
retail and restaurants
103,900 Underway Q2 2019
Olean, NY Termination property (project expansion); redevelop existing store
for Marshall’s, Ollie’s Bargain Basement and additional retail
125,700 Underway Q2 2019
West Jordan, UT Termination property (project expansion); redevelop existing store
and attached auto center for At Home, Burlington Stores and
additional retail
190,300 Underway Q2 2019
Las Vegas, NV Partial recapture; redevelop existing store for Round One and
additional retail
78,800 Underway Q3 2019
Roseville, MI Termination property (project expansion); redevelop existing store
for At Home, Hobby Lobby, Chick-fil-A and additional retail
369,800 Underway Q3 2019
Warrenton, VA Termination property; redevelop existing store for HomeGoods and
retail uses
97,300 Underway Q3 2019
Yorktown Heights, NY Partial recapture; redevelop existing store for 24 Hour Fitness and
retail uses
85,200 Underway Q4 2019
Charleston, SC 100% recapture (project expansion); redevelop existing store and
detached auto center for Burlington Stores and additional retail
126,700 Underway Q4 2019
Chicago, IL (Kedzie) Termination property; redevelop existing store for Ross Dress for
Less, dd’s Discounts, Five Below, Blink Fitness and additional retail
123,300 Underway Q4 2019
El Paso, TX Termination property; redevelop existing store for Ross Dress for
Less, dd’s Discounts and additional retail
114,700 Underway Q4 2019
Pensacola, FL Termination property; redevelop existing store for BJ’s Wholesale,
additional retail and restaurants
134,700 Underway Q1 2020
Fresno, CA Partial recapture, redevelop existing store and detached auto center
for Ross Dress for Less, dd’s Discounts and additional retail
78,300 Q2 2019 Q1 2020
Vancouver, WA Partial recapture; redevelop existing store for Round One, Hobby
Lobby and additional retail and restaurants
72,400 Q2 2019 Q2 2020
Manchester, NH Termination property; redevelop existing store for Dick’s Sporting
Goods, Dave & Busters, additional retail and restaurants
117,700 Q3 2019 Q3 2020
Merced, CA Termination property; redevelop existing store for Burlington Stores
and additional retail
92,600 Q3 2019 Q1 2021
Santa Cruz, CA Partial recapture; redevelop existing store for TJ Maxx, HomeGoods
and additional junior anchors
62,200 Sold
Saugus, MA Partial recapture; redevelop existing store and detached auto center
(note: temporarily postponed while the Company identifies a new lead
tenant)
99,000 To be determined
 
Total Project Costs over $20 Million
                    Total   Estimated   Estimated
Project Construction Substantial
Property Description Square Feet Start Completion
Memphis, TN 100% recapture; demolish and construct new buildings for LA Fitness,
Nordstrom Rack, Ulta Beauty, Hopdoddy Burger Bar and additional
junior anchors, restaurants and small shop retail
135,200 Complete
St. Petersburg, FL 100% recapture; demolish and construct new buildings for Dick’s
Sporting Goods, Lucky’s Market, PetSmart, Five Below, Chili’s Grill
& Bar, Pollo Tropical, LongHorn Steakhouse, Verizon and additional
small shop retail and restaurants
142,400 Complete
West Hartford, CT 100% recapture; redevelop existing store and detached auto center
for buybuyBaby, Cost Plus World Market, REI, Saks OFF Fifth, other
junior anchors, Shake Shack and additional small shop retail (note:
contributed to West Hartford JV in Q2 2018)
147,600 Substantially Complete
Wayne, NJ Partial recapture (project expansion); redevelop existing store and
detached auto center for Cinemark, Dave & Busters and additional
junior anchors and restaurants (note: contributed to GGP II JV in Q3
2017)
156,700 Delivered to Tenant(s)
Carson, CA 100% recapture (project expansion); redevelop existing store for
Burlington Stores, Ross Dress for Less, Gold’s Gym and additional
retail
163,800 Delivered to Tenant(s)
Greendale, WI Termination property; redevelop existing store and attached auto
center for Dick’s Sporting Goods, Golf Galaxy, Round One, TJ Maxx,
additional retail and restaurants
223,800 Delivered to Tenant(s)
Watchung, NJ 100% recapture; demolish full-line store and detached auto center
and construct new buildings for Cinemark, HomeSense, Sierra Trading
Post, Ulta Beauty, Chick-fil-A, small shop retail and additional
restaurants
126,700 Underway Q2 2019
Austin, TX 100% recapture (project expansion); redevelop existing store for AMC
Theatres, additional junior anchors and restaurants
177,400 Underway Q3 2019
El Cajon, CA 100% recapture; redevelop existing store and auto center for Ashley
Furniture, Bob’s Discount Furniture, Burlington Stores and
additional retail and restaurants; a portion of the space has been
leased to Extra Space Storage and will be repurposed as self storage
242,700 Underway Q3 2019
Anchorage, AK 100% recapture; redevelop existing store for Guitar Center, Safeway,
Planet Fitness and additional retail to join current tenant,
Nordstrom Rack
142,500 Underway Q4 2019
Aventura, FL 100% recapture; demolish existing store and construct new,
multi-level open air retail destination featuring a leading
collection of experiential shopping, dining and entertainment
concepts alongside a treelined esplanade and activated plazas
216,600 Underway Q4 2019
East Northport, NY Termination property; redevelop existing store and attached auto
center for AMC Theatres, 24 Hour Fitness, additional junior anchors
and small shop retail
179,700 Underway Q4 2019
Reno, NV 100% recapture; redevelop existing store and auto center for Round
One and additional retail
169,800 Underway Q4 2019
San Diego, CA 100% recapture; redevelop existing store into two highly-visible,
multi-level buildings with exterior facing retail space leased to
Equinox Fitness and a premier mix of experiential shopping, dining,
and entertainment concepts (note: contributed to UTC JV in Q2 2018)
206,000 Underway Q4 2019
Santa Monica, CA 100% recapture; redevelop existing building into premier, mixed-use
asset featuring unique, small-shop retail and creative office space
(note: contributed to Mark 302 JV in Q1 2018)
96,500 Underway Q4 2019
Tucson, AZ 100% recapture; redevelop existing store and auto center for Round
One and additional retail
224,300 Underway Q4 2019
Fairfield, CA 100% recapture (project expansion); redevelop existing store and
auto center for Dave & Busters, AAA Auto Repair Center and
additional retail
146,500 Underway Q1 2020
Plantation, FL 100% recapture (project expansion); redevelop existing store and
auto center for GameTime, Powerhouse Gym, Lazy Dog Restaurant & Bar,
additional retail and restaurants
184,400 Underway Q1 2020
Roseville, CA Termination property (project expansion): redevelop existing store
and auto center for Cinemark, Round One, AAA Auto Repair Center,
additional retail and restaurants
147,400 Underway Q2 2020
San Antonio, TX Termination property (project expansion); redevelop existing store
for Bed Bath & Beyond, buybuyBaby, Tru Fit, additional retail and
health & wellness to complement repurposed auto center occupied by
Orvis, Jared’s Jeweler and Shake Shack
215,900 Q2 2019 Q2 2020
Hialeah, FL 100% recapture (project expansion); redevelop existing store and
auto center for Paragon Theaters, Ulta Beauty, Five Below, Panera
Bread and additional retail and restaurants
158,100 Q2 2019 Q2 2021
Orland Park, IL 100% recapture; redevelop existing store for AMC Theatres, 24 Hour
Fitness, additional retail and restaurants
181,900 Q3 2019 Q4 2020
Asheville, NC 100% recapture; redevelop existing store and auto center for Alamo
Drafthouse, restaurants and small shop retail
110,600 Q4 2019 Q2 2021
 

Contacts

Seritage Growth Properties
646-277-1268
IR@Seritage.com

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