Seritage Growth Properties (NYSE: SRG) today announced that the
Company will reorganize its operations following an initial
asset-by-asset analysis led by recently appointed Chief Executive
Officer and President, Andrea Olshan.
The Company has appointed Mary Rottler as Chief Operating
Officer; Andrew Galvin as Chief Investment Officer; Eric Dinenberg
as Executive Vice President of Development; and Edouard Cuilhé as
Chief Accounting Officer. The Company is also taking further steps
to restructure and realign its personnel throughout the
organization.
The Company plans to continue its portfolio analysis and
finalize plans to optimize the value of its individual property
assets through additional leasing to retail tenants, densification
of sites, modifications and repurposing for other uses, large-scale
redevelopments, partnerships and dispositions. Further details of
these portfolio plans will be shared at later dates.
“Having reviewed our business and strategy with a fresh
perspective, it was clear that we needed to realign our human
capital and streamline our processes to position ourselves to
execute on the exciting opportunity set we have at Seritage. To
that end, we are proud to recognize the contributions of Andrew,
Mary and Eric and welcome Ed to the team. We firmly believe these
talented individuals in these expanded roles will be instrumental
to executing our value-creation strategies more efficiently and
effectively,” stated Ms. Olshan.
Mary Rottler has been named Chief Operating Officer, having
previously served as the Executive Vice President of Leasing and
Operations since the Company’s inception in 2015. In this role, Ms.
Rottler will be responsible for leasing, operations, tenant
coordination and retail development. Prior to joining Seritage, Ms.
Rottler served as the Vice President of Real Estate at Wal-Mart
Stores, Inc.
Andrew Galvin has been named Chief Investment Officer, from his
prior role as Executive Vice President of Investments. In this
role, Mr. Galvin will be responsible for all transactions, asset
management and capital allocation. Prior to joining Seritage, he
served as Executive Vice President, Chief Investment Officer at
Centennial, a private national retail real estate operator, as well
as investment positions at Trademark Property Group, Rouse
Properties, and General Growth Properties.
Eric Dinenberg has been named Executive Vice President of
Development, from his prior position as Senior Vice President of
Development. In this role, Mr. Dinenberg will be responsible for
development and construction. Prior to joining Seritage, Mr.
Dinenberg served as Executive Vice President of Development and
Operations at Brookfield Properties, as well as development
positions at Rouse Properties and Vornado Realty Trust.
Edouard Cuilhé has been appointed Chief Accounting Officer. In
his role, Mr. Cuilhé will report to the CFO with responsibility for
accounting, financial reporting, treasury and tax. Prior to joining
Seritage, Mr. Cuilhé served as Senior Vice President, Controller
and Corporate Finance at SL Green Realty Corp. as well as in the
audit practice at Ernst & Young.
As part of the creation of a streamlined C-Suite, Matthew
Fernand, our General Counsel, Executive Vice President and
Secretary, will become our Chief Legal Officer. In addition, as
part of this transition, Kenneth Lombard, previously the Company’s
Chief Operating Officer and Executive Vice President will become a
Special Advisor, and James Bry, the Company’s Executive Vice
President of Development and Construction, will depart Seritage and
we wish James well on his future endeavors.
An 8-K was filed on April 21, 2021 with additional
information.
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,” “will,” “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: our 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;
competition in the real estate and retail industries; risks
relating to our recapture and redevelopment activities;
contingencies to the commencement of rent under leases; the terms
of our indebtedness; restrictions with which we are required to
comply in order to maintain REIT status and other legal
requirements to which we are 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 our
ability to fund operations and ongoing development; our ability to
access or obtain sufficient sources of financing to fund our
liquidity needs; our relatively limited history as an operating
company; and the impact of the COVID-19 pandemic on the business of
our tenants and our business, income, cash flow, results of
operations, financial condition, liquidity, prospects, ability to
service our debt obligations and our ability to pay dividends and
other distributions to our shareholders. For additional discussion
of these and other applicable risks, assumptions and uncertainties,
see the “Risk Factors” and forward-looking statement disclosure
contained in our filings with the Securities and Exchange
Commission, including the risk factors relating to Sears Holdings
and Holdco. While we believe that our forecasts and assumptions are
reasonable, we caution that actual results may differ materially.
We intend 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.
About Seritage Growth
Properties
Seritage Growth Properties is a publicly-traded,
self-administered and self-managed REIT with 158 wholly-owned
properties and 25 unconsolidated properties totaling approximately
26.5 million square feet of space across 41 states and Puerto Rico.
The Company was formed to unlock the underlying real estate value
of a high-quality retail portfolio it acquired from Sears Holdings
in July 2015. The Company’s mission is to create long-term value
for shareholders by realizing the value of the Company’s portfolio
through leasing, redevelopment, formation of strategic partnerships
or other bespoke solutions.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210421006037/en/
Seritage Growth Properties 646-277-1268 IR@Seritage.com
Seritage Growth Properties (NYSE:SRG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Seritage Growth Properties (NYSE:SRG)
Historical Stock Chart
From Apr 2023 to Apr 2024