Seritage Growth Properties Makes $70 Million Loan Prepayment
03 Ottobre 2022 - 1:00PM
Business Wire
Seritage Growth Properties (NYSE: SRG) (the “Company”), a
national owner and developer of 150 retail, residential and
mixed-use properties, today announced that on September 30, 2022,
the Company made a voluntary prepayment of $70 million toward its
$1.6 billion term loan facility provided by Berkshire Hathaway Life
Insurance Company of Nebraska (“Berkshire Hathaway”).
With the prepayment, $1.27 billion of the term loan facility
remains outstanding. The prepayment will also reduce Seritage’s
total annual interest expense related to the term loan facility by
approximately $4.9 million.
About Seritage Growth Properties
Seritage is principally engaged in the ownership, development,
redevelopment, management and leasing of diversified and mixed-use
properties throughout the United States. As of June 30, 2022, the
Company’s portfolio consisted of interests in 150 properties
comprised of approximately 19.5 million square feet of gross
leaseable area (“GLA”) or build-to-suit leased area, approximately
433 acres held for or under development and approximately 9.9
million square feet of GLA or approximately 821 acres to be
disposed of. The portfolio consists of approximately 15.6 million
square feet of GLA held by 125 wholly owned properties and 3.9
million square feet of GLA held by 25 unconsolidated entities.
Forward-Looking Statements
This document contains forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. In some cases,
you can identify forward-looking statements by the use of
forward-looking terminology such as “may,” “should,” “expects,”
“intends,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” or “potential” or the negative of these words and
phrases or similar words or phrases that are predictions of or
indicate future events or trends and that do not relate solely to
historical matters. Forward-looking statements involve known and
unknown risks, uncertainties, assumptions and contingencies, many
of which are beyond the Company’s control, which may cause actual
results to differ significantly from those expressed in any
forward-looking statement. Factors that could cause or contribute
to such differences include, but are not limited to: declines in
retail, real estate and general economic conditions; the impact of
the COVID-19 pandemic on the business of the Company’s tenants and
business, income, cash flow, results of operations, financial
condition, liquidity, prospects, ability to service the Company’s
debt obligations and ability to pay dividends and other
distributions to shareholders, the Company’s historical exposure to
Sears Holdings and the effects of its previously announced
bankruptcy filing; the litigation filed against us and other
defendants in the Sears Holdings adversarial proceeding pending in
bankruptcy court; risks relating to redevelopment activities;
contingencies to the commencement of rent under leases; the terms
of the Company’s indebtedness and other legal requirements to which
the Company is subject; failure to achieve expected occupancy
and/or rent levels within the projected time frame or at all; the
impact of ongoing negative operating cash flow on the Company’s
ability to fund operations and ongoing development; the Company’s
ability to access or obtain sufficient sources of financing to fund
the Company’s liquidity needs; the Company’s relatively limited
history as an operating company; and environmental, health, safety
and land use laws and regulations. For additional discussion of
these and other applicable risks, assumptions and uncertainties,
see the “Risk Factors” and forward-looking statement disclosure
contained in the Company’s filings with the Securities and Exchange
Commission (SEC), including the Company’s definitive proxy
statement filed with the SEC on September 14, 2022, the Company’s
annual report on Form 10-K for the year ended December 31, 2021 and
in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q
for the three months ended June 30, 2022. While the Company
believes that its forecasts and assumptions are reasonable, the
Company cautions that actual results may differ materially. The
Company intends the forward-looking statements to speak only as of
the time made and do not undertake to update or revise them as more
information becomes available, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20221003005126/en/
Seritage Growth Properties John Garilli Interim Chief Financial
Officer (212) 355-7800 IR@Seritage.com
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