Author Topic: SRG - Seritage Growth Properties  (Read 535326 times)

HalfMeasure

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Re: SRG - Seritage Growth Properties
« Reply #240 on: February 03, 2017, 09:20:43 AM »
Any chance that anybody here attended the 2016 AGM?


koshigoe

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Re: SRG - Seritage Growth Properties
« Reply #241 on: February 03, 2017, 09:41:27 AM »
Has anyone confirmed that WEB Stills owns his block from 2015?

I think he's got till Feb 15 to report the updated form. He usually waits until the last day on this stuff. He could have sold in the 50s last spring and then bought back, but you wouldn't know until Feb 2018!

There was a time in the early 2000s, I think Bell Industries, and he bought in Dec and sold in Jan for 50%! Then bought back in when it went down again. Could be hazardous if one just goes off of his formal SEC reports for his personal account.

http://articles.latimes.com/2000/nov/09/business/fi-49227

scorpioncapital

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Re: SRG - Seritage Growth Properties
« Reply #242 on: February 03, 2017, 10:02:14 AM »
I'm not sure the Bell thing is the same situation.in October 1999 there was a takeover proposal,

 "Bell Industries Inc., an electronics and computer-products maker and distributor based in El Segundo, said it rejected as inadequate a $5.30-a-share offer by Steel Partners II. Bell told the New York-based investment fund that it would consider a higher offer. Bell's shares, which reached a 52-week high of $6 last month, rose 31 cents, or 7%, to close at $4.88. The shares have jumped 21% during the past year. Steel Partners is Bell's largest shareholder, with a stake of 15%, as of last March."

"An investment group disclosed that it sold about two-thirds of its Bell Industries Inc. holdings after company shares soared on reports that billionaire investor Warren Buffett had acquired a stake in the El Segundo-based systems integrator. Steel Partners sold more than 1.1 million common shares from Monday through Wednesday for $5.76 to $6.37 apiece, according to an amended Schedule 13D filed with the Securities and Exchange Commission. The shares were worth about $7.1 million."

My theory is that if Buffett went in for a sort of merger arbitrage then if the stock spikes 50% past any reasonable buy-out price, it's like getting the cash settlement in a merger closing without having to wait for any regulatory closing or even to find a buyer! Steel Partners did it for the same reason most likely.

I can't prove it, but my feeling is that SRG is a slower, more long-term development and growth of a REIT with regular dividends along the way with a larger payoff still to come down the road. RBC put out a report with an intrinsic value of $75+ per share. Of course if it got way ahead, like maybe at $57 in April 2016, why not sell it?

koshigoe

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Re: SRG - Seritage Growth Properties
« Reply #243 on: February 14, 2017, 03:33:34 PM »
It looks like Uncle Warren is still keeping the faith, I haven't seen a 13 G amendment yet...

SlowAppreciation

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Re: SRG - Seritage Growth Properties
« Reply #244 on: February 28, 2017, 04:44:23 PM »
http://www.businesswire.com/news/home/20170228006795/en/Seritage-Growth-Properties-Reports-Fourth-Quarter-Full

For the three months ended December 31, 2016:
  • Net loss attributable to common shareholders of $15.0 million, or $0.48 per diluted share
  • Total Net Operating Income (“Total NOI”) of $48.7 million
  • Funds from Operations (“FFO”) of $34.5 million, or $0.62 per diluted share
  • Company FFO of $30.0 million, or $0.54 per diluted share
For the year ended December 31, 2016:
  • Net loss attributable to common shareholders of $51.6 million, or $1.64 per diluted share
  • Total NOI of $190.5 million
  • FFO of $106.5 million, or $1.92 per diluted share
  • Company FFO of $127.3 million, or $2.29 per diluted share

SlowAppreciation

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Re: SRG - Seritage Growth Properties
« Reply #245 on: March 07, 2017, 01:31:31 PM »
I don't seem to recall them breaking this out before. Possible I missed it, but helpful with understanding how redevelopments are being prioritized:


LongTermView

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Re: SRG - Seritage Growth Properties
« Reply #246 on: March 15, 2017, 02:22:07 PM »
Today's SCHEDULE 14A says the annual meeting is in NY on April 25th.  Is anyone going?

SlowAppreciation

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Re: SRG - Seritage Growth Properties
« Reply #247 on: March 15, 2017, 02:55:02 PM »
Today's SCHEDULE 14A says the annual meeting is in NY on April 25th.  Is anyone going?

Maybe I'll try if I can get out of work

HalfMeasure

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Re: SRG - Seritage Growth Properties
« Reply #248 on: March 15, 2017, 03:26:09 PM »
Today's SCHEDULE 14A says the annual meeting is in NY on April 25th.  Is anyone going?

Was anyone at last year's?
« Last Edit: March 15, 2017, 03:52:47 PM by HalfMeasure »

scorpioncapital

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Re: SRG - Seritage Growth Properties
« Reply #249 on: March 15, 2017, 06:28:26 PM »
Will Buffett go?