Seritage Growth Properties (NYSE: SRG) (the “Company”), a
national owner of 172 retail and mixed-use properties totaling
approximately 24.9 million square feet of gross leasable area
(“GLA”), today reported financial and operating results for the
three and six months ended June 30, 2021.
“During the second quarter of 2021, we were keenly focused on
activating our office/life sciences and residential portfolios by
advancing entitlements and joint venture partnership discussions
for these sites. We are currently negotiating over 300,000 square
feet of new leases, over one-third of which are for uses other than
retail such as office. In our grocery-anchored, multi-tenant retail
and single tenant/outparcel portfolios, we are working to stabilize
the assets that were paused during the pandemic and are looking to
opportunistically monetize those assets we believe do not fit into
the future vision for the portfolio while reinvesting the proceeds
in an accretive manner,” said Andrea Olshan, Chief Executive
Officer and President. “For the remainder of 2021, we have several
milestones ahead of us including opening our first multifamily
project and our first phase of a large-scale mixed-use project both
in the fourth quarter, as well as continuing to advance our
office/life sciences and residential portfolios.”
Financial Highlights:
For the three months ended June 30, 2021:
- Net loss attributable to common shareholders of $74.1 million,
or $1.73 per share
- Total Net Operating Income (“Total NOI”) of $7.6 million
- Funds from Operations (“FFO”) of ($33.9) million, or ($0.61)
per share
- As of June 30, 2021, the Company had cash on hand of $147.2
million, including $7.2 million of restricted cash
For the six months ended June 30, 2021:
- Net loss attributable to common shareholders of $83.0 million,
or $2.02 per share
- Total NOI of $17.0 million
- FFO of ($52.7) million, or ($0.94) per share
Business Highlights
- Generated $127.6 million of gross proceeds through disposition
activity year to date, including $77.2 million during the three
months ended June 30, 2021 and $3.5 million subsequent to the end
of the second quarter;
- Have asset sales under contract for anticipated gross proceeds
of $90.6 million, subject to buyer diligence and closing
conditions;
- Invested $44.9 million in the Company’s consolidated
development and operating properties and an additional $21.3
million into the Company’s unconsolidated joint ventures during the
first six months of 2021, including $18.1 million and $11.4
million, respectively during the three months ended June 30, 2021.
The Company currently has 30 projects active with remaining spend
of approximately $250.0 million to be invested over the next 24
months which is expected to bring on $40.0 to $45.0 million in net
operating income;
- Signed six leases covering 26,733 square feet in the second
quarter at an average projected annual rent of $28.89 PSF;
- Subsequent to quarter end, the Company signed a new office
lease totaling 53,000 square feet at a base rent of $11.67 PSF.
Additionally, the Company generated a leasing pipeline of over
300,000 square feet with approximately one-third for non-retail
tenants and the remainder primarily comprised of grocery-anchors,
big box value retailers, and a variety of outparcel leases with
national tenants; and
- Subsequent to quarter end, the Company closed on joint venture
partnerships for the residential redevelopment of two properties
located in West Covina, CA and Riverside, CA. The Company
contributed only the residential portion of the projects to the
joint venture at a value of $15.9 million (in aggregate),
representing $21,300 per unit, and retained an 80% interest in each
entity.
Financial Summary
The table below provides a summary of the Company’s financial
results for the three months ended June 30, 2021:
(in thousands except per share
amounts)
Three Months Ended
June 30, 2021
March 31, 2021
June 30, 2020
Net loss attributable to Seritage
common shareholders
$
(74,065
)
$
(8,945
)
$
(1,153
)
Net loss per diluted share
attributable to Seritage common shareholders
(1.73
)
(0.23
)
(0.03
)
Total NOI
7,553
9,433
7,285
FFO
(33,911
)
(18,745
)
(27,387
)
FFO per diluted share
(0.61
)
(0.34
)
(0.49
)
Company FFO
(29,305
)
(21,992
)
(27,150
)
Company FFO per diluted share
(0.52
)
(0.39
)
(0.49
)
For the quarter ended June 30, 2021:
- Net loss attributable to common shareholders for the second
quarter of 2021 includes net gains of $18.1 million, or $0.42 per
share, as compared to net gains of $24.2 million, or $0.61 per
share, in the first quarter of 2021. Net loss for the first quarter
of 2021 also included $5.8 million, or $0.15 per share, of other
income related to insurance proceeds from one property, and $3.4
million, or $0.08 per share, of lease termination income with no
corresponding amounts in the second quarter.
- Net loss attributable to common shareholders for the second
quarter of 2021 also includes impairments of $64.5 million, or
$1.51 per share, of which approximately $30.6 million resulted from
the Company’s decision to monetize additional assets through sales
or development joint ventures. The impairment arose due to changes
in the Company’s anticipated holding periods and/or projected cash
flows with respect to certain assets following its previously
announced organizational restructuring and portfolio review.
Changes to these assumptions affected the Company’s view of
recoverability of the carrying value of those assets over their
respective holding periods.
- Total NOI for the second quarter of 2021 reflects the impact of
property sales and the termination of the remaining Sears leases in
the first quarter. Total NOI is comprised of:
Three Months Ended June
30,
2021
2020
Hold Wholly-Owned Portfolio
$
9,901
$
6,399
Disposition Portfolio
(3,791)
(1,599)
Sold Portfolio
2
1,422
Unconsolidated JVs
1,441
1,063
Total NOI
$
7,553
$
7,285
- Company FFO for the second quarter of 2021 includes net $2.3
million, or $0.05 per share, of charges for mortgage recording
costs while Company FFO for the first quarter of 2021 included $5.8
million, or $0.15 per share, of other income related to insurance
proceeds from one property.
- The Company collected 96% of its billed rent and other
recoverable expenses for the second quarter and deferred an
additional 2%. The reduction in collections from the first quarter
is due to a fitness tenant at one location.
As of June 30, 2021, the Company had cash on hand of $147.2
million, including $7.2 million of restricted cash. The Company
expects to use these sources of liquidity, together with a
combination of future sales and/or potential debt and capital
markets transactions, to fund its operations and select development
activity. The availability of funding from sales of assets,
partnerships and credit or capital markets transactions is subject
to various conditions, including the consent of the Company’s
lender under its $1.6 billion term loan facility (the “Term Loan
Facility”), and there can be no assurance that such transactions
will be consummated.
Transactions
During the three months ended June 30, 2021, the Company
monetized six properties, generating $77.2 million of gross
proceeds. Of the second quarter transactions:
- $26.8 million of gross proceeds were from vacant assets sold at
$51 PSF. The sale of these assets eliminates $(0.8) million of
carrying costs.
- $1.8 million of gross proceeds were from a stabilized asset
sale at a 5.5% capitalization rate, and $48.6 million of gross
proceeds were from non-stabilized, income producing assets at a
blended in-place yield of 2.4%.
Subsequent to June 30, 2021, the Company sold one property for
aggregate gross proceeds of $3.5 million.
As of August 6, 2021, the Company had assets under contract for
sale representing anticipated gross proceeds of $90.6 million,
subject to buyer diligence and closing conditions. The Company
intends to realize over $300.0 million in gross proceeds this year
through its capital recycling program. Since it began its capital
recycling program in July 2017, the Company has raised over $1.2
billion of gross cash proceeds from the sale of wholly-owned
properties or joint venture of interests in 105 properties, plus
outparcels at various properties.
Development Activity
During the three months ended June 30, 2021, the Company
continued work on redevelopment projects and ongoing capital
improvements, including those it had restarted during 2020. During
the six months ended June 30, 2021, the Company invested $44.9
million in its consolidated development and operating properties
and an additional $21.3 million into its unconsolidated joint
ventures, including $18.1 million and $11.4 million, respectively
during the three months ended June 30, 2021. The Company has 30
projects active with remaining spend of approximately $250.0
million to be invested over the next 24 months which is expected to
bring on $40.0 to $45.0 million in net operating income.
The Company is anticipating that its first large-scale
redevelopment will open in the fourth quarter of 2021 in San Diego,
CA, followed by its Aventura (Miami), FL location in the fourth
quarter of 2022. As the grand opening of San Diego, CA nears, the
Company is looking to activate the second phase of this project
which is programmed for a large-scale office/life sciences and
residential development.
The Company has completed the landlord work at its Santa Monica,
CA asset, its first project qualified for green building
certifications. The Company’s first residential project is also on
track to open in the fourth quarter in Lynwood, WA. The Company is
underway on its infrastructure work at its Park Heritage project in
Dallas, TX. Entitlements have been obtained for this dynamic
mixed-use project including residential, office and retail, and the
Company is in active negotiations with various retail and office
tenants. The Company is advancing the joint venture for its
property in Alexandria, VA, which will be a 4.0 million square-foot
mixed-use development to include a new hospital campus at the site
of the former Landmark Mall with closing anticipated to occur
before year end.
In its grocery-anchored, multi-tenant retail and
single-tenant/out parcel portfolios, the Company is focused on
accretive development projects and opportunistically monetizing
assets.
The Company opened stores representing 44,000 square feet and
$1.3 million of annual base rent during the second quarter and
stores representing 217,000 square feet and $4.1 million of annual
base rent for the first six months of 2021.
Leasing Results
During the three months ended June 30, 2021, the Company signed
new leases totaling 26,733 square feet at an average base rent of
$28.89 PSF. Subsequent to quarter end, the Company signed a new
office lease totaling 53,000 square feet at a base rent of $11.67
PSF. Additionally, the Company generated a leasing pipeline of over
300,000 square feet with approximately one-third for non-retail
tenants and the remainder primarily comprised of grocery-anchors,
big box value retailers, and a variety of outparcel leases with
national tenants.
The table below provides a summary of all signed leases as of
June 30, 2021, including unconsolidated entities at the Company’s
proportional share:
(in thousands except number of
leases and PSF data)
Number of
Leased
% of Total
Annual Base
% of
Tenant
Leases
GLA
Leased GLA
Rent ("ABR")
Total ABR
ABR PSF
In-place diversified leases
244
5,665
80.8
%
$
92,334
74.1
%
$
16.30
SNO diversified leases (1)
83
1,349
19.2
%
32,339
25.9
%
23.97
Total diversified
leases
327
7,014
100.0
%
$
124,673
100.0
%
$
17.77
_____________________________
(1)
SNO = signed not yet opened
leases.
The table below provides a reconciliation of SNO leases from
March 31, 2021 to June 30, 2021, including unconsolidated entities
at the Company’s proportional share:
Number of
Annual
SNO Leases
GLA
ABR
Rent PSF
As of March 31, 2021
91
1,562
$
36,277
$
23.22
Opened
(7
)
(44
)
(1,251
)
28.43
Sold / Contributed to JVs /
terminated
(7
)
(196
)
(3,467
)
17.69
Signed
6
27
780
28.89
As of June 30, 2021
83
1,349
$
32,339
$
23.97
During the three months ended June 30, 2021, the majority of the
$3.5 million of SNO leases that were sold, contributed to
unconsolidated entities or terminated were comprised of leases
opportunistically terminated, or expected to be terminated, at the
Company’s option to either mitigate tenant exposure risk or retain
the space to execute on our revised development plan.
Dividends
On April 27, 2021, the Company’s Board of Trustees declared a
preferred stock dividend of $0.4375 per each Series A Preferred
Share. The preferred dividend was paid on July 15, 2021 to holders
of record on June 30, 2021.
On July 27, 2021, the Company’s Board of Trustees declared a
preferred stock dividend of $0.4375 per each Series A Preferred
Share. The preferred dividend will be payable on October 15, 2021
to holders of record on September 30, 2021.
The Company’s Board of Trustees does not expect to declare
dividends on its common shares in 2021 unless required to do so to
maintain REIT status.
Supplemental Report
A Supplemental Report will be available in the Investors section
of the Company’s website, www.seritage.com.
COVID-19 Pandemic
Beginning in late 2019, a novel strain of Coronavirus
(“COVID-19”) began to spread throughout the world, including the
United States, ultimately being declared a pandemic by the World
Health Organization. The pandemic has caused and continues cause
significant impacts on the real estate industry in the United
States, including the Company’s properties. While the Company
intends to enforce its contractual rights under its leases, there
can be no assurance that tenants will meet their future obligations
or that additional rental modification agreements will not be
necessary. As a result of the development, fluidity and uncertainty
surrounding this situation, the Company expects that these
conditions will change, potentially significantly, in future
periods and results for the three months ended June 30, 2021 may
not be indicative of the impact of the COVID-19 pandemic on the
Company’s business for future periods. As such, the Company cannot
reasonably estimate the impact of COVID-19 on its financial
condition, results of operations or cash flows over the foreseeable
future.
Non-GAAP Financial
Measures
The Company makes reference to NOI, Total NOI, FFO and Company
FFO which are financial measures that include adjustments to
accounting principles generally accepted in the United States
(“GAAP”).
None of NOI, Total NOI, FFO or Company FFO, are measures that
(i) represent cash flow from operations as defined by GAAP; (ii)
are indicative of cash available to fund all cash flow needs,
including the ability to make distributions; (iii) are alternatives
to cash flow as a measure of liquidity; or (iv) should be
considered alternatives to net income (which is determined in
accordance with GAAP) for purposes of evaluating the Company’s
operating performance. Reconciliations of these measures to the
respective GAAP measures the Company deems most comparable have
been provided in the tables accompanying this press release.
Net Operating Income ("NOI”) and Total
NOI
NOI is defined as income from property operations less property
operating expenses. Other REITs may use different methodologies for
calculating NOI, and accordingly the Company’s depiction of NOI may
not be comparable to other REITs. The Company believes NOI provides
useful information regarding Seritage, its financial condition, and
results of operations because it reflects only those income and
expense items that are incurred at the property level.
The Company also uses Total NOI, which includes its proportional
share of unconsolidated properties. This form of presentation
offers insights into the financial performance and condition of the
Company as a whole given the Company’s ownership of unconsolidated
properties that are accounted for under GAAP using the equity
method.
The Company also considers NOI and Total NOI to be a helpful
supplemental measure of its operating performance because it
excludes from NOI variable items such as termination fee income, as
well as non-cash items such as straight-line rent and amortization
of lease intangibles.
Funds from Operations ("FFO") and
Company FFO
FFO is calculated in accordance with NAREIT which defines FFO as
net income computed in accordance with GAAP, excluding gains (or
losses) from property sales, real estate related depreciation and
amortization, and impairment charges on depreciable real estate
assets. The Company considers FFO a helpful supplemental measure of
the operating performance for equity REITs and a complement to GAAP
measures because it is a recognized measure of performance by the
real estate industry.
The Company makes certain adjustments to FFO, which it refers to
as Company FFO, to account for certain non-cash and noncomparable
items, such as termination fee income, severance and restructuring
costs, unrealized loss on interest rate cap, litigation charges,
acquisition-related expenses, amortization of deferred financing
costs and certain up-front-hiring costs, that it does not believe
are representative of ongoing operating results.
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; restrictions with which the Company
is required to comply in order to maintain REIT status 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, including the
Company’s annual report on Form 10-K for the year ended December
31, 2020. 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.
About Seritage Growth
Properties
Seritage Growth Properties is a publicly-traded,
self-administered and self-managed REIT with 147 wholly-owned
properties and 25 unconsolidated properties totaling approximately
24.9 million square feet of space across 39 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 re-leasing, redevelopment, formation of strategic
partnerships or other bespoke solutions.
SERITAGE GROWTH PROPERTIES
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share
and per share amounts) (Unaudited)
June 30, 2021
December 31, 2020
ASSETS
Investment in real estate
Land
$
525,441
$
592,770
Buildings and improvements
1,019,293
1,107,532
Accumulated depreciation
(152,340
)
(142,206
)
1,392,394
1,558,096
Construction in progress
353,178
352,776
Net investment in real estate
1,745,572
1,910,872
Real estate held for sale
30,923
1,864
Investment in unconsolidated
entities
468,269
457,033
Cash and cash equivalents
140,058
143,728
Restricted cash
7,150
6,526
Tenant and other receivables,
net
31,192
46,570
Lease intangible assets, net
16,840
18,595
Prepaid expenses, deferred
expenses and other assets, net
62,529
63,755
Total assets
$
2,502,533
$
2,648,943
LIABILITIES AND SHAREHOLDERS'
EQUITY
Liabilities
Term Loan Facility, net
$
1,599,121
$
1,598,909
Sales-leaseback financing
obligations
20,608
20,425
Accounts payable, accrued
expenses and other liabilities
107,915
146,882
Total liabilities
1,727,644
1,766,216
Commitments and contingencies
(Note 9)
Shareholders' Equity
Class A common shares $0.01 par
value; 100,000,000 shares authorized; 42,795,267 and 38,896,428
shares issued and outstanding as of June 30, 2021 and December 31,
2020, respectively
428
389
Series A preferred shares $0.01
par value; 10,000,000 shares authorized; 2,800,000 shares issued
and outstanding as of June 30, 2021 and December 31, 2020;
liquidation preference of $70,000
28
28
Additional paid-in capital
1,230,009
1,177,260
Accumulated deficit
(611,647
)
(528,637
)
Total shareholders' equity
618,818
649,040
Non-controlling interests
156,071
233,687
Total equity
774,889
882,727
Total liabilities and
shareholders' equity
$
2,502,533
$
2,648,943
SERITAGE GROWTH PROPERTIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands,
except per share amounts) (Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2021
2020
2021
2020
REVENUE
Rental income
$
27,595
$
21,648
$
58,741
$
54,758
Management and other fee
income
279
171
414
378
Total revenue
27,874
21,819
59,155
55,136
EXPENSES
Property operating
11,286
8,697
21,929
18,998
Real estate taxes
9,061
9,384
19,216
18,609
Depreciation and amortization
13,328
23,702
26,470
57,799
General and administrative
11,990
8,644
23,222
18,064
Total expenses
45,665
50,427
90,837
113,470
Gain on sale of real estate,
net
18,097
53,877
42,305
74,665
Impairment of real estate
assets
(64,539
)
(1,813
)
(66,239
)
(1,813
)
Equity in loss of unconsolidated
entities
(2,327
)
(1,322
)
(3,489
)
(2,216
)
Interest and other income
530
141
8,154
474
Interest expense
(28,976
)
(22,145
)
(55,126
)
(43,658
)
Income / (loss) before taxes
(95,006
)
130
(106,077
)
(30,882
)
Benefit (provision) for taxes
(298
)
(26
)
(160
)
11
Net income / (loss)
(95,304
)
104
(106,237
)
(30,871
)
Net income / (loss) attributable
to non-controlling interests
22,464
(32
)
25,677
10,279
Net income / (loss) attributable
to Seritage
$
(72,840
)
$
72
$
(80,560
)
$
(20,592
)
Preferred dividends
(1,225
)
(1,225
)
(2,450
)
(2,450
)
Net loss attributable to Seritage
common shareholders
$
(74,065
)
$
(1,153
)
$
(83,010
)
$
(23,042
)
Net loss per share attributable
to Seritage Class A common shareholders - Basic
$
(1.73
)
$
(0.03
)
$
(2.02
)
$
(0.61
)
Net loss per share attributable
to Seritage Class A common shareholders - Diluted
$
(1.73
)
$
(0.03
)
$
(2.02
)
$
(0.61
)
Weighted average Class A common
shares outstanding - Basic
42,772
38,634
41,134
37,933
Weighted average Class A common
shares outstanding - Diluted
42,772
38,634
41,134
37,933
Reconciliation of Net Loss to NOI and
Total NOI (in thousands)
Three Months Ended
Six Months Ended June
30,
NOI and Total NOI
June 30, 2021
March 31, 2021
June 30, 2020
2021
2020
Net income / (loss)
$
(95,304
)
$
(10,933
)
$
104
$
(106,237
)
$
(30,871
)
Termination fee income
—
(2,611
)
—
(2,611
)
(990
)
Management and other fee
income
(279
)
(135
)
(171
)
(414
)
(378
)
Depreciation and amortization
13,328
13,142
23,702
26,470
57,799
General and administrative
expenses
11,990
11,232
8,644
23,222
18,064
Equity in loss of unconsolidated
entities
2,327
1,162
1,322
3,489
2,216
Gain on sale of real estate
(18,097
)
(24,208
)
(53,877
)
(42,305
)
(74,665
)
Impairment of real estate
assets
64,539
1,700
1,813
66,239
1,813
Interest and other income
(530
)
(7,624
)
(141
)
(8,154
)
(474
)
Interest expense
28,976
26,150
22,145
55,126
43,658
Provision (benefit) for income
taxes
298
(138
)
26
160
(11
)
Straight-line rent
(1,238
)
210
2,694
(1,028
)
5,395
Above/below market rental
income/expense
102
(39
)
(39
)
63
(136
)
NOI
$
6,112
$
7,908
$
6,222
$
14,020
$
21,420
Unconsolidated entities
NOI of unconsolidated
entities
1,646
2,437
1,514
4,083
2,816
Straight-line rent
(168
)
(137
)
(100
)
(304
)
(271
)
Above/below market rental
income/expense
(29
)
(33
)
(58
)
(62
)
(540
)
Termination fee income
(9
)
(742
)
(293
)
(751
)
(293
)
Total NOI
$
7,553
$
9,433
$
7,285
$
16,986
$
23,132
Reconciliation of Net Loss to FFO and
Company FFO (in thousands)
Three Months Ended
Six Months Ended June
30,
FFO and Company FFO
June 30, 2021
March 31, 2021
June 30, 2020
2021
2020
Net income / (loss)
$
(95,304
)
$
(10,933
)
$
104
$
(106,237
)
$
(30,871
)
Real estate depreciation and
amortization (consolidated properties)
12,959
12,756
23,201
25,715
56,788
Real estate depreciation and
amortization (unconsolidated entities)
3,217
3,165
2,597
6,383
4,441
Gain on sale of real estate
(18,097
)
(24,208
)
(53,877
)
(42,305
)
(74,665
)
Impairment of real estate
assets
64,539
1,700
1,813
66,239
1,813
Dividends on preferred shares
(1,225
)
(1,225
)
(1,225
)
(2,450
)
(2,450
)
FFO attributable to common
shareholders and unitholders
$
(33,911
)
$
(18,745
)
$
(27,387
)
$
(52,655
)
$
(44,944
)
Termination fee income
—
(2,611
)
—
(2,611
)
(990
)
Termination fee income
(unconsolidated entities)
(9
)
(742
)
(293
)
(751
)
(293
)
Amortization of deferred
financing costs
106
106
105
212
211
Severance and restructuring
costs
2,196
—
425
2,196
425
Mortgage recording costs
2,313
—
—
2,313
—
Company FFO attributable to
common shareholders and unitholders
$
(29,305
)
$
(21,992
)
$
(27,150
)
$
(51,296
)
$
(45,591
)
FFO per diluted common share and
unit
$
(0.61
)
$
(0.34
)
$
(0.49
)
$
(0.94
)
$
(0.80
)
Company FFO per diluted common
share and unit
$
(0.52
)
$
(0.39
)
$
(0.49
)
$
(0.92
)
$
(0.82
)
Weighted Average Common Shares
and Units Outstanding
Weighted average common shares
outstanding
42,772
39,477
38,634
41,134
37,933
Weighted average OP units
outstanding
13,191
16,432
17,255
14,802
17,916
Weighted average common shares
and units outstanding
55,963
55,909
55,889
55,936
55,849
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210809005785/en/
Seritage Growth Properties 646-277-1268 IR@Seritage.com
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