Seritage Growth Properties (NYSE: SRG) (the “Company”), a
national owner and developer of 170 retail, residential and
mixed-use properties today reported financial and operating results
for the three and nine months ended September 30, 2021.
“In the third quarter of 2021, we continued the repositioning of
our portfolio into three main business lines: residential
developments, both in conjunction with best-in-class partners or
led by our in-house team; premier mixed-use assets, including
large-scale master planned projects; and multi-tenant retail
destinations such as grocery-anchored shopping centers and NNN
outparcels,” said Andrea Olshan, Chief Executive Officer and
President. “We are particularly excited about our residential
opportunities, where we have accelerated the development of roughly
420 acres across 30 sites utilizing our integrated platform. Our
team is hard at work advancing our site diligence and rigorously
pursuing all necessary entitlements. This in house effort is dual
tracked with our residential joint venture developments, and we are
excited to be opening the first of these projects in the fourth
quarter of this year.”
“As we focus on executing our development and leasing plans, we
will continue to evaluate all facets of our company to ensure
Seritage is optimally positioned to drive maximum value creation
for our shareholders,” Ms. Olshan continued. “As part of this
evaluation process, we are engaged in conversations with both our
current and potential future lenders as to how to best capitalize
our portfolio going forward.”
Financial Highlights:
During the third quarter, the Company reported:
- Net loss attributable to common shareholders of ($21.8)
million, or ($0.50) per share
- Total Net Operating Income (“Total NOI”) of $8.1 million
- Funds from Operations (“FFO”) of ($27.7) million, or ($0.49)
per share
- As of September 30, 2021, the Company had cash on hand of
$160.5 million, including $7.2 million of restricted cash
For the nine months ended September 30, 2021:
- Net loss attributable to common shareholders of ($104.8)
million, or ($2.50) per share
- Total NOI of $25.1 million
- FFO of ($80.4) million, or ($1.44) per share
Business Highlights
- Generated $76.8 million of gross proceeds through disposition
activity during the three months ended September 30, 2021 for total
gross proceeds of $201.0 million year to date. The Company has
additional asset sales under contract for anticipated gross
proceeds of $224.4 million, subject to buyer diligence and closing
conditions;
- Closed on joint venture partnerships for the residential
redevelopment of two properties located in West Covina, Calif. and
Riverside, Calif. The Company contributed only the portion of the
site slated for residential, or 66% of the acreage, 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;
- Signed four leases covering 101 thousand square feet in the
third quarter at an average projected annual rent of $13.86 PSF;
and,
- Subsequent to quarter end, the Company signed new leases
totaling 49 thousand square feet at a base rent of $18.42 PSF (47
thousand square feet at $17.57 at share). Additionally, the Company
generated a leasing pipeline of over 350 thousand square feet
(approximately 300 thousand square feet at share), of which
approximately 120 thousand square feet are office tenants
(approximately 60 thousand square feet at share), with the
remainder primarily big box value retailers and other national
tenants.
Financial Summary
The table below provides a summary of the Company’s financial
results for the three months ended September 30, 2021:
(in thousands except per share
amounts)
Three Months Ended
September 30, 2021
June 30, 2021
September 30, 2020
Net loss attributable to Seritage common
shareholders
$
(21,759
)
$
(74,065
)
$
(51,278
)
Net loss per diluted share attributable to
Seritage common shareholders
(0.50
)
(1.73
)
(1.33
)
Total NOI
8,075
7,553
5,979
FFO
(27,696
)
(33,911
)
(19,898
)
FFO per diluted share
(0.49
)
(0.61
)
(0.36
)
Company FFO
(24,909
)
(29,305
)
(25,093
)
Company FFO per diluted share
(0.44
)
(0.52
)
(0.45
)
For the quarter ended September 30, 2021:
- Net loss attributable to common shareholders for the third
quarter of 2021 includes net gains of $22.8 million, or $0.41 per
share, as compared to a net loss of $(14.7) million, or ($0.26) per
share, in the third quarter of 2020.
- Total NOI for the third 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:
(in thousands)
Three Months Ended
Consolidated Properties
September 30, 2021
Multi-tenant retail
$
11,395
Premier
(458
)
Residential
(3,099
)
Sell
(974
)
Sold
492
Total
7,356
Unconsolidated Properties
Residential
50
Premier
132
Other joint ventures
537
Total
719
Total NOI
$
8,075
- Company FFO for the third quarter of 2021 includes net $2.9
million, or $0.05 per share, of charges for severance and
restructuring costs.
- The Company collected 97% of its billed rent and other
recoverable expenses for the third quarter and deferred an
additional 1%. The reduction in collections from the first quarter
is due to a fitness tenant at one location.
As of September 30, 2021, the Company had cash on hand of $160.5
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.
Dispositions
During the three months ended September 30, 2021, the Company
sold five properties, generating $76.8 million of gross proceeds.
Of the third quarter transactions:
- $5.1 million of gross proceeds were from vacant assets sold at
$22.87 PSF. The sale of these assets eliminates $0.5 million of
carrying costs.
- $71.7 million of gross proceeds were from stabilized asset
sales at a 5.6% blended in-place capitalization rate.
As of November 2, 2021, the Company had assets under contract
for sale representing anticipated gross proceeds of $224.4 million,
subject to buyer diligence and closing conditions. The Company
intends to realize cumulative gross proceeds of more than $350.0
million in 2021 through its ongoing capital recycling program.
Since Seritage began its capital recycling program in July 2017,
the Company has raised approximately $1.3 billion of gross cash
proceeds from the sale of wholly-owned properties or joint venture
interests in 110 properties, plus outparcels at various
properties.
Development Activity
During the nine months ended September 30, 2021, the Company
invested $77.6 million in its consolidated development and
operating properties and an additional $31.7 million into its
unconsolidated entities, including $32.6 million and $10.4 million,
respectively during the three months ended September 30, 2021.
Multi-Tenant Retail: During the nine months ended
September 30, 2021, the Company invested $32.1 million in its
multi-tenant retail properties. The last two multi-tenant retail
development projects at Roseville, Calif. and Ft. Wayne, Ind. are
slated for their grand openings in the fourth quarter of 2021 and
third quarter of 2022, respectively, and the remaining capital
expenditures in the multi-tenant retail portfolio are primarily
comprised of tenant improvements. During the third quarter, the
Company opened stores representing 115 thousand square feet and
$1.9 million of annual base rent. In total, for the first nine
months of 2021, the Company opened stores representing 347 thousand
square feet and $5.5 million of annual base rent.
Premier Mixed-Use: During the third quarter of 2021, the
Company completed the first phase of its infrastructure work at its
Park Heritage project in Dallas, Texas, and expects to complete the
second and final phase by the second quarter of 2022. This project
is entitled for residential, office and retail, and the Company is
in active negotiations with various tenants. During the nine months
ended September 30, 2021, the Company invested $33.0 million in its
premier mixed-use projects and contributed $3.2 million to its
premier mixed-used projects held in unconsolidated entities.
Subsequent to quarter end, the Company announced that the first
tenant in its inaugural premier redevelopment opened at The
Collection at UTC in San Diego, Calif. The Company continues to
believe it is on track to open its project in Aventura, Fla.,
(Miami MSA), in the fourth quarter of 2022.
Residential: During the third quarter of 2021, the
Company closed on legacy joint venture partnerships for the
residential redevelopment of two properties located in West Covina,
Calif. and Riverside, Calif. The Company contributed only the
residential portion of these projects, or 66% of the acreage, 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. The Company expects to open its first residential joint
venture project in the fourth quarter of 2021. During the nine
months ended September 30, 2021, the Company invested $1.2 million
in its consolidated residential properties and an additional $12.3
million into its residential unconsolidated joint ventures.
Leasing Results
The table below provides a summary of all signed leases as of
September 30, 2021, including unconsolidated entities at the
Company’s proportional share:
(in thousands except number of leases and
per square foot metrics)
Tenant
Number of Leases
Leased GLA
% of Total Leased GLA
Annual Base Rent
("ABR")
% of Total ABR
ABR PSF
In-place diversified leases
255
5,673
82.2
%
$
92,105
76.4
%
$
16.24
SNO diversified leases (1)
71
1,226
17.8
%
28,527
23.6
%
23.27
Total diversified leases
326
6,899
100.0
%
$
120,632
100.0
%
$
17.49
(1) SNO = signed not yet opened leases.
Multi-tenant Retail: The Company has 3.5 million leased
square feet and 560 thousand square feet signed but not opened.
With occupancy at 82%, the Company has 897 thousand square feet
available for lease. During the three months ended September 30,
2021, the Company signed new leases at its retail properties
totaling 96 thousand square feet at an average base rent of $13.11
PSF. Additionally, the Company generated a leasing pipeline of over
200 thousand square feet comprised of big box value retailers and
other national tenants.
Premier Mixed-Use: The Company has three premier
mixed-use projects in the active leasing stage. In addition, for
the office components of its mixed-use projects, the Company plans
to sign leases prior to construction. As of September 30, 2021, the
Company has 59 thousand leased square feet (47 thousand at share),
166 thousand square feet signed but not opened (157 thousand at
share), and 389 thousand square feet available for lease (246
thousand at share). Additionally, the Company generated a leasing
pipeline of approximately 150 thousand square feet (73 thousand at
share).
The table below provides a reconciliation of SNO leases from
June 30, 2021 to September 30, 2021, including unconsolidated
entities at the Company’s proportional share:
(in thousands except number of leases and
per square foot metrics) (in thousands except number of leases and
PSF data)
Number of
Annual
SNO Leases
GLA
ABR
Rent PSF
As of June 30, 2021
83
1,349
$
32,339
$
23.97
Opened
(14
)
(208
)
(3,793
)
18.26
Sold / Contributed to JVs / terminated
(2
)
(50
)
(1,025
)
20.50
Signed (1)
4
135
1,006
7.44
As of September 30, 2021
71
1,226
$
28,527
$
23.27
(1) One signed lease is at a property the Company expects to
sell.
During the three months ended September 30, 2021, the majority
of the $1.0 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 what we believe is a more accretive
plan.
Dividends
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 was paid on October 15, 2021 to
holders of record on September 30, 2021.
On October 26, 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 January 14, 2022
to holders of record on December 31, 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
The Coronavirus (“COVID-19”) pandemic has caused and continues
to cause significant impacts on the real estate industry in the
United States, including the Company’s properties.
As a result of the development, fluidity and uncertainty
surrounding this situation, the Company expects that these
conditions may change, potentially significantly, in future periods
and results for the three and nine months ended September 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 is principally engaged in the ownership, development,
redevelopment, management and leasing of diversified and mixed-use
properties throughout the United States. As of September 30, 2021,
the Company’s portfolio consisted of interests in 170 properties
comprised of approximately 10.0 million square feet of GLA or
build-to-suit leased area (approximately 8.0 million at share),
approximately 4.0 million of which is held by unconsolidated
entities (approximately 2.0 million at share), approximately 600
acres held for or under development and approximately 10.0 million
square feet of GLA or approximately 850 acres to be disposed
of.
SERITAGE GROWTH PROPERTIES
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share
and per share amounts) (Unaudited)
September 30, 2021
December 31, 2020
ASSETS
Investment in real estate
Land
$
516,488
$
592,770
Buildings and improvements
999,343
1,107,532
Accumulated depreciation
(159,347
)
(142,206
)
1,356,484
1,558,096
Construction in progress
390,443
352,776
Net investment in real estate
1,746,927
1,910,872
Real estate held for sale
12,273
1,864
Investment in unconsolidated entities
464,244
457,033
Cash and cash equivalents
153,378
143,728
Restricted cash
7,150
6,526
Tenant and other receivables, net
27,499
46,570
Lease intangible assets, net
15,970
18,595
Prepaid expenses, deferred expenses and
other assets, net
67,265
63,755
Total assets (1)
$
2,494,706
$
2,648,943
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Term Loan Facility, net
$
1,599,226
$
1,598,909
Sales-leaseback financing obligations
20,613
20,425
Accounts payable, accrued expenses and
other liabilities
123,178
146,882
Total liabilities (1)
1,743,017
1,766,216
Commitments and contingencies (Note 9)
Shareholders' Equity
Class A common shares $0.01 par value;
100,000,000 shares authorized; 43,631,345 and 38,896,428 shares
issued and outstanding as of September 30, 2021 and December 31,
2020, respectively
436
389
Series A preferred shares $0.01 par value;
10,000,000 shares authorized; 2,800,000 shares issued and
outstanding as of September 30, 2021 December 31, 2020; liquidation
preference of $70,000
28
28
Additional paid-in capital
1,240,311
1,177,260
Accumulated deficit
(625,491
)
(528,637
)
Total shareholders' equity
615,284
649,040
Non-controlling interests
136,405
233,687
Total equity
751,689
882,727
Total liabilities and shareholders'
equity
$
2,494,706
$
2,648,943
(1) The Company's condensed consolidated
balance sheets include assets and liabilities of consolidated
variable interest entities ("VIEs"). See Note 2. The condensed
consolidated balance sheets, as of September 30, 2021, include the
following amounts related to our consolidated VIEs, excluding the
Operating Partnership: $6.6 million of land, $3.9 million of
building and improvements, $(0.9) million of accumulated
depreciation and $4.3 million of other assets included in other
line items. The Company's condensed consolidated balance sheets as
of December 31, 2020, do not include assets and liabilities of
consolidated variable interest entities.
SERITAGE GROWTH PROPERTIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands,
except per share amounts) (Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
REVENUE
Rental income
$
28,819
$
33,966
$
87,560
$
88,724
Management and other fee income /
(expense)
184
(259
)
598
119
Total revenue
29,003
33,707
88,158
88,843
EXPENSES
Property operating
11,585
11,154
33,514
30,152
Real estate taxes
8,542
9,487
27,758
28,096
Depreciation and amortization
13,159
23,647
39,629
81,446
General and administrative
8,780
11,203
32,002
29,267
Total expenses
42,066
55,491
132,903
168,961
Gain / (loss) on sale of real estate,
net
22,774
(14,706
)
65,079
59,959
Impairment of real estate assets
(3,814
)
(14,594
)
(70,053
)
(16,407
)
Equity in loss of unconsolidated
entities
(5,535
)
(335
)
(9,024
)
(2,551
)
Interest and other income
48
1,986
8,202
2,460
Interest expense
(26,721
)
(22,742
)
(81,847
)
(66,400
)
Loss before taxes
(26,311
)
(72,175
)
(132,388
)
(103,057
)
Provision for taxes
(38
)
(226
)
(198
)
(215
)
Net loss
(26,349
)
(72,401
)
(132,586
)
(103,272
)
Net loss attributable to non-controlling
interests
5,815
22,348
31,492
32,627
Net loss attributable to Seritage
$
(20,534
)
$
(50,053
)
$
(101,094
)
$
(70,645
)
Preferred dividends
(1,225
)
(1,225
)
(3,675
)
(3,675
)
Net loss attributable to Seritage common
shareholders
$
(21,759
)
$
(51,278
)
$
(104,769
)
$
(74,320
)
Net loss per share attributable to
Seritage Class A common shareholders - Basic
$
(0.50
)
$
(1.33
)
$
(2.50
)
$
(1.95
)
Net loss per share attributable to
Seritage Class A common shareholders - Diluted
$
(0.50
)
$
(1.33
)
$
(2.50
)
$
(1.95
)
Weighted average Class A common shares
outstanding - Basic
43,631
38,645
41,976
38,172
Weighted average Class A common shares
outstanding - Diluted
43,631
38,645
41,976
38,172
Reconciliation of Net Loss to NOI and
Total NOI (in thousands)
Three Months Ended
Nine Months Ended September
30,
NOI and Total NOI
September 30, 2021
June 30, 2021
September 30, 2020
2021
2020
Net loss
$
(26,349
)
$
(95,304
)
$
(72,401
)
$
(132,586
)
$
(103,272
)
Termination fee income
(379
)
—
(5,300
)
(2,990
)
(6,290
)
Management and other fee income /
(expense)
(184
)
(279
)
259
(598
)
(119
)
Depreciation and amortization
13,159
13,328
23,647
39,629
81,446
General and administrative expenses
8,780
11,990
11,203
32,002
29,267
Equity in loss of unconsolidated
entities
5,535
2,327
335
9,024
2,551
(Gain) / loss on sale of real estate
(22,774
)
(18,097
)
14,706
(65,079
)
(59,959
)
Impairment of real estate assets
3,814
64,539
14,594
70,053
16,407
Interest and other income
(48
)
(530
)
(1,986
)
(8,202
)
(2,460
)
Interest expense
26,721
28,976
22,742
81,847
66,400
Provision for income taxes
38
298
226
198
215
Straight-line rent / (expense)
(1,005
)
(1,238
)
(1,774
)
(2,033
)
3,621
Above/below market rental (income) /
expense
48
102
(1,541
)
111
(1,677
)
NOI
$
7,356
$
6,112
$
4,710
$
21,376
$
26,130
Unconsolidated
entities
Net operating income / (loss) of
unconsolidated entities
666
1,646
1,481
4,749
4,297
Straight-line rent
(272
)
(168
)
(136
)
(576
)
(407
)
Above/below market rental (income) /
expense
181
(29
)
(76
)
119
(616
)
Termination fee (income) / expense
144
(9
)
—
(607
)
(293
)
Total NOI
$
8,075
$
7,553
$
5,979
$
25,061
$
29,111
Reconciliation of Net Loss to FFO and
Company FFO (in thousands)
Three Months Ended
Nine Months Ended September
30,
FFO and Company FFO
September 30, 2021
June 30, 2021
September 30, 2020
2021
2020
Net income / (loss)
$
(26,349
)
$
(95,304
)
$
(72,401
)
$
(132,586
)
$
(103,272
)
Real estate depreciation and amortization
(consolidated properties)
12,781
12,959
23,158
38,496
79,946
Real estate depreciation and amortization
(unconsolidated entities)
3,971
3,217
1,270
10,354
5,711
(Gain) / loss on sale of real estate
(22,774
)
(18,097
)
14,706
(65,079
)
(59,959
)
Impairment of real estate assets
3,814
64,539
14,594
70,053
16,407
Loss on disposition of real estate
(unconsolidated entities)
2,086
—
—
2,086
—
Dividends on preferred shares
(1,225
)
(1,225
)
(1,225
)
(3,675
)
(3,675
)
FFO attributable to common shareholders
and unitholders
$
(27,696
)
$
(33,911
)
$
(19,898
)
$
(80,351
)
$
(64,842
)
Termination fee income
(379
)
—
(5,300
)
(2,990
)
(6,290
)
Termination fee income (unconsolidated
entities)
144
(9
)
—
(607
)
(293
)
Amortization of deferred financing
costs
105
106
105
317
316
Severance and restructuring costs
2,891
2,196
—
5,087
425
Mortgage recording costs
26
2,313
—
2,339
—
Company FFO attributable to common
shareholders and unitholders
$
(24,909
)
$
(29,305
)
$
(25,093
)
$
(76,205
)
$
(70,684
)
FFO per diluted common share and unit
$
(0.49
)
$
(0.61
)
$
(0.36
)
$
(1.44
)
$
(1.16
)
Company FFO per diluted common share and
unit
$
(0.44
)
$
(0.52
)
$
(0.45
)
$
(1.36
)
$
(1.27
)
Weighted Average Common Shares and
Units Outstanding
Weighted average common shares
outstanding
43,631
42,772
38,645
41,976
38,172
Weighted average OP units outstanding
12,355
13,191
17,255
13,978
17,694
Weighted average common shares and units
outstanding
55,986
55,963
55,900
55,954
55,866
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211102006381/en/
Seritage Growth Properties (212) 355-7800 IR@Seritage.com
Amanda Lombard Chief Financial Officer (212) 355-7800 -Or-
Stephanie Fukui Investor Relations (212) 355-7800
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