Author Topic: SRG - Seritage Growth Properties  (Read 535780 times)

WneverLOSE

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Re: SRG - Seritage Growth Properties
« Reply #1070 on: December 23, 2020, 02:49:54 PM »
I can't find any reference to ownership of this asset anywhere (10-K's, 10-Q's, website list of properties, google), the annual reports don't mention any joint venture with HHC or even mention them so I don't understand where those assets are hiding, not on the property list, not part of a joint venture.

Is this even legal ? stealing assets is very easy if no one knows they even exist...  ???

Easy there bro, no one is stealing the 18 acres in Alexandria.

Page 21 supplemental, 18 acres in Alexandria, also F-42 of the 10-K "Landmark Mall"

https://www.bamsec.com/filing/156459020008210?cik=1628063

http://s23.q4cdn.com/949579163/files/doc_financials/2020/q3/SRG-Q3-2020-Supplemental_vF.pdf

I wasn't impaling SRG was stealing assets (if they were you wouldn't see it on press release and we would never hear about it) but I just asked if it is legal to not listed major assets since it can lead to very bad behavior. 

I now see I mixed up the state and that is why I couldn't find it, thanks for the correction and the information about the development.


shamelesscloner

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Re: SRG - Seritage Growth Properties
« Reply #1071 on: January 15, 2021, 10:37:04 AM »
Phil Town is dumping shares of SRG according to latest FB live Q&A, for all you Rule One fans ;)
https://fb.watch/31C3cbcnay/ (SRG bit starts at 34:15)

While most here appear to be postulating that Schall left for a better compensation package, Town thinks he may have been removed by Berkshire.

scorpioncapital

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Re: SRG - Seritage Growth Properties
« Reply #1072 on: January 15, 2021, 11:37:36 PM »
So if Berkshire kicks out Schall wouldn't that be a positive and cause to increase holding not dump it?

Salil1983

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Re: SRG - Seritage Growth Properties
« Reply #1073 on: January 16, 2021, 12:40:19 AM »
Agree - Town is speculating.  And if it were true, it means Berkshire is backing up the truck. I'm pretty sure the CEO announcement will reprice the company - like it always does.  And, SRG is a EV per square feet play - the CEO is only an execution guy.  Should not change the investment thesis.  If Phil bought the shares because of Schall - then he should follow him into the shares of Schall's new company.

michitche95

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Re: SRG - Seritage Growth Properties
« Reply #1074 on: January 19, 2021, 04:39:02 AM »
If I am not wrong, yesterday Guy Spier spoke about SRG at MOI Global best ideas 2021. Does anyone have a replay of it? might give some more insights..

realassetsvalue

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Re: SRG - Seritage Growth Properties
« Reply #1075 on: January 19, 2021, 06:58:35 AM »
Would also be very interested to hear what he has to say.

Also wanted to see what people think of the Dec 23 8-K - paying out retention bonuses to key executives: "On December 23, 2020, the Compensation Committee of the Board of Trustees of Seritage Growth Properties (the “Company”) awarded retention bonuses to certain personnel including Ken Lombard, Matthew Fernand, Amanda Lombard, Mary Rottler, James Bry, and Andrew Galvin in the amount of $215,000, $215,000, $215,000, $195,000, $195,000, and $195,000, respectively (the “Retention Bonuses”). The Retention Bonuses will become payable as long as the recipient continues employment with the Company through December 31, 2021 (the “Retention Date”).  In the event that, prior to the Retention Date, (i) the recipient’s employment is terminated by the Company without Cause (as defined in the recipient’s employment offer letter (the “Offer Letter”)), or (ii) the recipient resigns for Good Reason (as defined in the recipient’s Offer Letter), the Retention Bonus will become payable as an additional component of the severance payments and benefits to which the recipient is entitled pursuant to his or her Offer Letter under those termination events. If the recipient’s employment is terminated for any reason other than those described above, the recipient will forfeit all rights to receive any portion of the Retention Bonus."

I suppose a positive that they are keeping these people in place for at least another year but does this imply that they were looking to get out the door?

rogermunibond

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RadMan24

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Re: SRG - Seritage Growth Properties
« Reply #1077 on: January 19, 2021, 09:21:49 AM »
Would also be very interested to hear what he has to say.

Also wanted to see what people think of the Dec 23 8-K - paying out retention bonuses to key executives: "On December 23, 2020, the Compensation Committee of the Board of Trustees of Seritage Growth Properties (the “Company”) awarded retention bonuses to certain personnel including Ken Lombard, Matthew Fernand, Amanda Lombard, Mary Rottler, James Bry, and Andrew Galvin in the amount of $215,000, $215,000, $215,000, $195,000, $195,000, and $195,000, respectively (the “Retention Bonuses”). The Retention Bonuses will become payable as long as the recipient continues employment with the Company through December 31, 2021 (the “Retention Date”).  In the event that, prior to the Retention Date, (i) the recipient’s employment is terminated by the Company without Cause (as defined in the recipient’s employment offer letter (the “Offer Letter”)), or (ii) the recipient resigns for Good Reason (as defined in the recipient’s Offer Letter), the Retention Bonus will become payable as an additional component of the severance payments and benefits to which the recipient is entitled pursuant to his or her Offer Letter under those termination events. If the recipient’s employment is terminated for any reason other than those described above, the recipient will forfeit all rights to receive any portion of the Retention Bonus."

I suppose a positive that they are keeping these people in place for at least another year but does this imply that they were looking to get out the door?

$200k --- "hey stick around, we're going to bring in a new CEO, or hire internally, whichever, and things will start to improve as we exit into the post covid world. "

It might make some of the executives a little expensive for others to take if they wanted to leave and compensate for lost compensation. Some of these guys make $1.1 million to $750k a year (others that aren't NEOs, maybe a little less), with the retention bonus equating to about a year's worth of annual bonuses.

Seems to be more of a safety valve to provide some anxiety relief, but it's not going to stop someone who really wants to leave

WneverLOSE

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Re: SRG - Seritage Growth Properties
« Reply #1078 on: January 19, 2021, 09:38:08 AM »
This sounds like bonuses with extra steps  8)

What can go wrong adding bonuses when the business is suffering and signaling employs the leverage is in their hands for the next salary negotiations  ::)

golonginvestor

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Re: SRG - Seritage Growth Properties
« Reply #1079 on: January 19, 2021, 09:42:50 AM »
Would also be very interested to hear what he has to say.

Also wanted to see what people think of the Dec 23 8-K - paying out retention bonuses to key executives: "On December 23, 2020, the Compensation Committee of the Board of Trustees of Seritage Growth Properties (the “Company”) awarded retention bonuses to certain personnel including Ken Lombard, Matthew Fernand, Amanda Lombard, Mary Rottler, James Bry, and Andrew Galvin in the amount of $215,000, $215,000, $215,000, $195,000, $195,000, and $195,000, respectively (the “Retention Bonuses”). The Retention Bonuses will become payable as long as the recipient continues employment with the Company through December 31, 2021 (the “Retention Date”).  In the event that, prior to the Retention Date, (i) the recipient’s employment is terminated by the Company without Cause (as defined in the recipient’s employment offer letter (the “Offer Letter”)), or (ii) the recipient resigns for Good Reason (as defined in the recipient’s Offer Letter), the Retention Bonus will become payable as an additional component of the severance payments and benefits to which the recipient is entitled pursuant to his or her Offer Letter under those termination events. If the recipient’s employment is terminated for any reason other than those described above, the recipient will forfeit all rights to receive any portion of the Retention Bonus."

I suppose a positive that they are keeping these people in place for at least another year but does this imply that they were looking to get out the door?

If stock award was part of these folks compensation package, the value of that would have gone down significantly. Possibly these bonuses are to compensate for this factor. Also, are as their CEO/CFO have left to other companies they probably don't want further senior management to be poached.