Author Topic: SRG - Seritage Growth Properties  (Read 434078 times)

AdjustedEarnings

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Re: SRG - Seritage Growth Properties
« Reply #940 on: May 13, 2020, 02:16:04 PM »
I have not kept up with this. Does Buffett sill personally own a stake in SRG? I don't think I saw a 13G amendment saying that he didn't but could be wrong. Does anyone know if he still owns this personally?


Cicero

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Re: SRG - Seritage Growth Properties
« Reply #941 on: May 13, 2020, 06:53:37 PM »
He was listed on the last proxy so I think he still does

Seth Lowry

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Re: SRG - Seritage Growth Properties
« Reply #942 on: June 01, 2020, 11:43:04 AM »
Hey all, still ramping on this one - but why isn't a DDE the likely outcome here? Seems like equity has already priced this in and value could be unlocked if leverage was right sized to execute redevelopment long-term.  Sure dilution massive and takes $200/share or whatever super bull case off table.

shooting from the hip: 25%-50% dilution for $400M debt swap, tap additional $400M facilities, waivers and 2-3 years more of term?

Also would mitigate politics/reputational harm of BH/WB cross ownership in dictating a hairier long term mess of a refi or BK scenario.

Why doesn't this thing go down this path sooner rather than later given anything better than sitting on hands while reinvestment capex is throttled.

IDK, I guess with all the sophisticated counterparties here and a lot to work with in a r/s, it seems like the worst path is to continue status quo - but I am likely missing something, new to story

Foreign Tuffett

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Re: SRG - Seritage Growth Properties
« Reply #943 on: June 15, 2020, 07:07:39 AM »
Good overview of the situation as it stands today from a former long:

https://www.fool.com/investing/2020/06/13/warren-buffett-is-making-money-on-this-reit-but-yo.aspx
Former Teldar Paper Vice President