Author Topic: SRG - Seritage Growth Properties  (Read 535277 times)

thinkpad

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Re: SRG - Seritage Growth Properties
« Reply #360 on: June 23, 2017, 04:01:50 AM »
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Mephistopheles

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Re: SRG - Seritage Growth Properties
« Reply #361 on: June 23, 2017, 10:07:50 AM »
Sears is closing more stores. I believe all or almost all of the stores listed are SRG-owned properties. It isn't clear if SHLD requested the lease terminations of its own accord, or SRG negotiated with SHLD for the rights to recapture 100% of the properties.

http://www.businessinsider.com/sears-is-closing-more-stores-2017-6



So out of these 20 properties, only 6 were EBITDA negative in 2015 according to the annex, though many were close. Shows how quickly things are deteriorating at SHLD. 2 of these are in A class malls ($760 and $900 sales/sqft), La Jolla and Baybrook Mall, so there should be some good opportunities there for redevelopment, 400,000 sqft of space and 26 acres.

jrydaf

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Re: SRG - Seritage Growth Properties
« Reply #362 on: June 23, 2017, 06:49:02 PM »
The SEC filing says all 20 stores are unprofitable, yet the JPM Annex shows La Jolla 2015 EBITDA was $3.26 million (not including the new rent payment) and $1.71 million after accounting for rent.  It was the 8th most profitable store in the transaction.  Either they really went downhill in two years or Seritage is lying in their SEC filing.

Foreign Tuffett

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Re: SRG - Seritage Growth Properties
« Reply #363 on: July 03, 2017, 07:57:13 PM »
The Santa Monica Sears redevelopment now has its own website.

http://mark302.com/

Howard Hughes Corp has a website for the Landmark Mall in Alexandria, VA. HHC owns the entirety of this mall with the exception of the SRG-owned Sears store and is planning an elaborate redevelopment.

http://thenewlandmark.com/


Is anyone aware of any similar sites that can help shed light on individual SRG properties?
Former Teldar Paper Vice President

scorpioncapital

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Re: SRG - Seritage Growth Properties
« Reply #364 on: July 05, 2017, 12:51:44 AM »
I hope they will take down the Sears name. I really feel the word itself is a liability from an image perspective for any redevelopment. I understand it's like they want Sears business to be one of many tenants but associating with a sick business just makes it look less professional.

WneverLOSE

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Re: SRG - Seritage Growth Properties
« Reply #365 on: July 05, 2017, 08:20:07 AM »
The Santa Monica Sears redevelopment now has its own website.

http://mark302.com/

Howard Hughes Corp has a website for the Landmark Mall in Alexandria, VA. HHC owns the entirety of this mall with the exception of the SRG-owned Sears store and is planning an elaborate redevelopment.

http://thenewlandmark.com/


Is anyone aware of any similar sites that can help shed light on individual SRG properties?

Great find, thanks for sharing !

bci23

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Re: SRG - Seritage Growth Properties
« Reply #366 on: July 05, 2017, 11:33:47 AM »
The SEC filing says all 20 stores are unprofitable, yet the JPM Annex shows La Jolla 2015 EBITDA was $3.26 million (not including the new rent payment) and $1.71 million after accounting for rent.  It was the 8th most profitable store in the transaction.  Either they really went downhill in two years or Seritage is lying in their SEC filing.

Have you seen the Sears SSS trends the last two years? Retail has extreme operating leverage, not difficult to go from solid profitable to breakeven/loser with moderate sales decline.

jrydaf

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Re: SRG - Seritage Growth Properties
« Reply #367 on: July 06, 2017, 01:21:19 PM »
I hope they will take down the Sears name. I really feel the word itself is a liability from an image perspective for any redevelopment. I understand it's like they want Sears business to be one of many tenants but associating with a sick business just makes it look less professional.

Sears already moved out of the building. The sign will remain because Santa Monica designated the building as a historic landmark.