SRG - Seritage Growth Properties

[LongTermView]

http://www.rbr.com/wp-content/uploads/Debunking-the-Retail-Apocalypse-Final-Enterprise.pdf

[Foreign Tuffett]

Seritage is part of a group that has put together a proposal to entice Amazon to locate it's 2nd headquarters in Dallas:

http://www.wfaa.com/money/amazon-proposed-second-headquarters-north-dallas-texas-photos-dbj/479363133

[Greyhound]

Seritage is part of a group that has put together a proposal to entice Amazon to locate it's 2nd headquarters in Dallas:

http://www.wfaa.com/money/amazon-proposed-second-headquarters-north-dallas-texas-photos-dbj/479363133

The possibilities of these aging Sears locations are endless. Even repurposing it for your competitors HQ!

[LongTermView]

https://www.wsj.com/articles/retail-real-estate-holds-steady-despite-store-closures-1507053715

Overall, the retail vacancy rate across different types of malls and retail centers stayed flat at 10% in the third quarter from the second quarter, with asking rents rising 0.4% to $20.74 a square foot from the previous quarter and up 1.8% year-over-year.
...
Lower construction activity helped to rein in supply and support occupancy levels.
...
the restaurant sector as well as grocery stores and fitness centers are continuing to expand

[Greyhound]

The industry statistics really goes to show that the retail apocalypse line is overblown.

[BTShine]

The industry statistics really goes to show that the retail apocalypse line is overblown.

Totally agree.  Particularly the retail real estate apocalypse line.  Yes, retailers are closing stores and losing share to online, but many other retailers are filling the physical space with different offerings. 

[Greyhound]

http://www.commercialappeal.com/story/money/business/development/2017/10/05/nordstrom-rack-opens-new-east-memphis-poplar-commons/733814001/

Nordstrom Rack opens at former Sears location in East Memphis. Seritage is the landlord.

[LongTermView]

Looked at the 10/16/2017 BERKOWITZ BRUCE R http://www.snl.com/IRWeblinkx/ShowFile.aspx?KeyFile=390662038&Output=XML&Format=XML Form 4 today and took some notes regarding the 19 lines:
###
1. Disposed 438,931 A shares bringing the total down from 4,205,581 to 3,766,650.*

2. & 3. Disposed then Acquired 846,299 C shares keeping him at 5,428,130.

4. & 5. Disposed then Acquired 871,672 C shares keeping him at 5,428,130.

6. Disposed 650,548 C shares bringing the total down from 5,428,130 to 4,777,582.*

7. Acquired 650,548 C shares in DIRECT acct bringing the total from 35,850 to 686,398.

8. Disposed  11,700 C shares bringing the total down from 4,777,582 to 4,765,882.*

9. & 10. Acquired then Disposed 11,700 A shares keeping him at 3,766,650.

11. Disposed  90,900 C shares bringing the total down from 4,765,882 to 4,674,982.*

12. & 13. Acquired then Disposed 90,900 A shares keeping him at 3,766,650.

14. Disposed  68,700 C shares bringing the total down from 4,674,982 to 4,606,282.*

15. & 16. Acquired then Disposed 68,700 A shares keeping him at 3,766,650.

17. Disposed  29,200 C shares & lost beneficial ownership of 5,151 shares per footnote (9) bringing the total down from 4,606,282 to 4,571,931.*

18. & 19. Acquired then Disposed 29,200 A shares keeping him at 3,766,650.

Bottom Line:
Disposed 438,931 A shares bringing the total down from 4,205,581 to 3,766,650.
Disposed 200,500 or [11,700 + 90,900 + 68,700 + 29,200] C shares, lost beneficial ownership of 5,151 C shares and distributed 650,548 C shares to direct bringing the indirect total down by 856,199 from 5,428,130 to 4,571,931.
###

Does the summary below sound correct for his indirect ownership?
Sold 438,931 A shares.
Sold 200,500 C shares.
Lost beneficial ownership of 5,151 C shares.
Distributed 650,548 C shares to direct.

[Foreign Tuffett]

With Berkowitz winding up his hedge fund we'll likely see short term selling pressure as shares distributed to LPs are sold off. 

On a more positive note, a SRG spokesperson has confirmed a new $20 million development of half their Broward Mall space. I believe this redevelopment had not been announced previously.

https://therealdeal.com/miami/2017/10/12/sears-at-broward-mall-in-plantation-to-be-redeveloped/

[SlowAppreciation]

Looked at the 10/16/2017 BERKOWITZ BRUCE R http://www.snl.com/IRWeblinkx/ShowFile.aspx?KeyFile=390662038&Output=XML&Format=XML Form 4 today and took some notes regarding the 19 lines:
###
1. Disposed 438,931 A shares bringing the total down from 4,205,581 to 3,766,650.*

2. & 3. Disposed then Acquired 846,299 C shares keeping him at 5,428,130.

4. & 5. Disposed then Acquired 871,672 C shares keeping him at 5,428,130.

6. Disposed 650,548 C shares bringing the total down from 5,428,130 to 4,777,582.*

7. Acquired 650,548 C shares in DIRECT acct bringing the total from 35,850 to 686,398.

8. Disposed  11,700 C shares bringing the total down from 4,777,582 to 4,765,882.*

9. & 10. Acquired then Disposed 11,700 A shares keeping him at 3,766,650.

11. Disposed  90,900 C shares bringing the total down from 4,765,882 to 4,674,982.*

12. & 13. Acquired then Disposed 90,900 A shares keeping him at 3,766,650.

14. Disposed  68,700 C shares bringing the total down from 4,674,982 to 4,606,282.*

15. & 16. Acquired then Disposed 68,700 A shares keeping him at 3,766,650.

17. Disposed  29,200 C shares & lost beneficial ownership of 5,151 shares per footnote (9) bringing the total down from 4,606,282 to 4,571,931.*

18. & 19. Acquired then Disposed 29,200 A shares keeping him at 3,766,650.

Bottom Line:
Disposed 438,931 A shares bringing the total down from 4,205,581 to 3,766,650.
Disposed 200,500 or [11,700 + 90,900 + 68,700 + 29,200] C shares, lost beneficial ownership of 5,151 C shares and distributed 650,548 C shares to direct bringing the indirect total down by 856,199 from 5,428,130 to 4,571,931.
###

Does the summary below sound correct for his indirect ownership?
Sold 438,931 A shares.
Sold 200,500 C shares.
Lost beneficial ownership of 5,151 C shares.
Distributed 650,548 C shares to direct.

The 13F on 8/14 showed SRG holdings at 3.8m: https://www.sec.gov/Archives/edgar/data/1056831/000091957417006238/xslForm13F_X01/infotable.xml