Seritage Growth Properties · NYSE:SRG
Seritage Growth Properties — Corporate Update (November 2020)
11 slides from Seritage Growth Properties's corporate update, Nov 5, 2020
Slide 1: Corporate Profile and COVID-19 Business Update
CORPORATE PROFILE AND COVID-19 BUSINESS UPDATE November 2020 Exhibit 99.3
Slide 2: Company Overview and Investment Highlights
Note: all statistics as of September 30, 2020. COMPANY OVERVIEW Seritage was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015 Create and own revitalized shopping, dining, entertainment and mixed-use destinations that pr
Slide 3: Highly Desirable Real Estate
HIGHLY DESIRABLE REAL ESTATE Diverse portfolio with concentrations in high growth markets Source: Scan/US (10-mile Radius). As of September 30, 2020. Based on initial acquisition cost and projected development spending for previously announced projects. P.2 Diverse real estate: 109 properties attach
Slide 4: COVID-19 Business Update
COVID-19 BUSINESS UPDATE Advancing response with emphasis on people, liquidity and value First priority remains the health and safety of our team, our families, our communities and our partners Focused on preserving the medium- and long-term value of our assets and platform, balanced with the need t
Slide 5: Tenant Activity
TENANT ACTIVITY As of October 30, 2020 95% of in-place tenants open and/or operating 265 stores fully open and 5 stores open for pick-up or delivery Represents 97% of leased GLA and 95% of annual ABR P.4 TENANT OPENINGS RENT COLLECTIONS Openings By Sector % ABR Q2 2020 Collected 70% of rental income
Slide 6: Capital Sources and Uses
Capital Sources and Uses Near-term cash resources and capital allocation P.5 Asset Monetization Year to date, sold 21 assets and 13 outparcels generating $284.4 million of cash proceeds Since July 2017, monetized 86 assets and several outparcels generating over $985 million of cash proceeds Capital
Slide 7: Unlocking Value
UNLOCKING VALUE P.6 We believe there will be an immense need to convert well-located real estate for revitalized uses to serve today’s communities To be a leader in this transformation, we are focused on: Utilizing the quality and diversity of our asset base to our advantage Leveraging our track rec
Slide 8: Culture and Commitment
Culture and Commitment P.7 Our core principles will continue to guide how we conduct ourselves and approach the challenges and necessary strategic changes that we may make in the months ahead Be a diverse and inclusive culture based on respect Build relationships for the long term Create an environm
Slide 9: Corporate Responsibility
CORPORATE RESPONSIBILITY Committed to Environmental, Social and Governance practices that serve our shareholders, our team and our communities Revitalizing under-utilized real estate, enriching communities and delivering value to all of our stakeholders is core to our mission Potential to repurpose
Slide 10: Forward Looking Statements
Seritage Growth Properties | 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
Slide 11: Contact Information
500 Fifth Avenue | New York, NY 10110 212-355-7800 | www.seritage.com
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