Seritage Growth Properties · NYSE:SRG
Seritage Growth Properties — Nareit REITworld 2021 Annual Conference
23 slides from Seritage Growth Properties's conference presentation, Jun 8, 2021
Slide 1: Nareit REITworld 2021 Annual Conference
N a re i t R E I Tw o r l d 2 0 2 1 A n n u a l C o n fe re n c e June 8-10, 2021
Slide 2: 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 3: Who Is Seritage?
W H O I S S E R I TA G E ? Victor, NY Honolulu, HI SERITAGE GROWTH PROPERTIES | Nareit REITworld 2021 Annual Conference | June 2021
Slide 4: Who Is Seritage? Company timeline
W H O I S S E R I TA G E ? July 2015 Seritage Growth Properties commences operations following a rights offering to the shareholders of Sears Holdings Corporation to fund the acquisition of 235 wholly-owned properties and 31 joint venture properties. January 2016 The Company announces it is commenci
Slide 5: Who Is Seritage?
W H O I S S E R I TA G E ? Seritage Growth Properties was formed to unlock the underlying value of a high-quality, national portfolio acquired from Sears Holdings Corporation in 2015. Our mission is to maximize value for shareholders by repositioning the Company’s portfolio through leasing, redevelo
Slide 6: Six Distinct Business Plans and Portfolio Highlights
W H O I S S E R I TA G E ? Six Distinct Business Plans Portfolio Highlights Redeveloped assets command 1 Multi-tenant retail attractive capitalization rates and Grocery-anchored – strip center & favorable financing terms premier Modernized buildings and layouts - 2 stabilized sites renovated within
Slide 7: The Portfolio
THE PORTFOLIO Victor, NY Anchorage, AK SERITAGE GROWTH PROPERTIES | Nareit REITworld 2021 Annual Conference | June 2021
Slide 8: Our Retail Portfolio
O U R R E TA I L P O R T F O L I O Modernized retail portfolio built for today’s needs and leased to stable tenants North Riverside, IL $93.4M $16.11 In-place annual base rent In-place annual base rent per square foot $34.8M Rehoboth Beach, DE 7.4M Signed-not-open annual base rent Leased gross leasa
Slide 9: Our Retail Portfolio: Portfolio Metrics as of June 1, 2021
O U R R E TA I L P O R T F O L I O Portfolio Metrics as of June 1, 2021 Anchorage, AK • 10-15 sites in portfolio, inclusive of near-term opportunities Grocery- • Average grocery store 25,000-45,000 SF anchored • Typical development timeline 12-24 months North Miami, FL MULTI-TENANT RETAIL Multi-tena
Slide 10: Grocery-Anchored Retail
G R O C E R Y - A N C H O R E D R E TA I L $17.84 MULTI-TENANT RETAIL LOCATIONS ANCHORED BY GROCERY STORES Signed Grocery Tenants Safeway Signed annual base rent PSF | Targeting long-term, NNN lease structures 17% Other 42% Whole | Opportunistically pairing grocery stores and complimentary daily nee
Slide 11: Multi-Tenant Retail - Strip Center
M U LT I - T E N A N T R E TA I L - S T R I P C E N T E R Top Tenants by ABR ($MM) MULTI-TENANT RETAIL LOCATIONS WITH DAILY Dick's Sporting Goods $12.5 NEEDS/VALUE RETAIL Dave & Buster's $8.4 Round One Entertainment $7.2 l Newly renovated shopping centers with relevant mix of Burlington Stores $5.7
Slide 12: Multi-Tenant Retail - Premier
M U LT I - T E N A N T R E TA I L - P R E M I E R LARGE-SCALE RETAIL, DINING AND EXPERIENTIAL LOCATIONS l Unique, one-of-a-kind destinations at our properties in Boca Raton, FL, Aventura, FL and La Jolla, CA located in proven, national markets. l Base rents for signed leases at Boca Raton, FL, Avent
Slide 13: NNN Single-Tenant
NNN SINGLE-TENANT OUTPARCELS PRIMARILY LOCATED ADJACENT TO OTHER USES SUCH AS MULTI- TENANT OR RESIDENTIAL 100-150 l Opportunities to create outparcels on periphery of large land parcels Additional pad opportunities within the l Primarily NNN retail with attractive cap rates and established brands p
Slide 14: Office / Life Sciences
OFFICE/ LIFE SCIENCES OFFICE, BIOTECHNOLOGY OFFICE & LABORATORY SPACE l Six build-to-suit office properties under development or pre-development, including two large-scale life science opportunities l Seritage owns strategically-located assets in the heart of life sciences clusters in southern San F
Slide 15: Residential
RESIDENTIAL 15-20 RESIDENTIAL OPPORTUNITIES ACROSS THE SPECTRUM OF DENSITIES AND PRICE POINTS Build-for-rent l From mid-rise podium product to a build-for-rent portfolio which consists of self- opportunities parked, garden-style apartments in moderate-rent markets l Market capitalization rates range
Slide 16: Financial Information
F I N A N C I A L I N F O R M AT I O N West Hartford, CT SERITAGE GROWTH PROPERTIES | Nareit REITworld 2021 Annual Conference | June 2021
Slide 17: Capitalization Summary & Liquidity Profile
C A P I TA L I Z AT I O N S U M M A R Y & L I Q U I D I T Y P R O F I L E Capitalization Summary as of March 31, 2021 Liquidity as of March 31, 2021 (1) Weighted Weighted Amount Average Average Cash & cash equivalents $ 144,466 Capacity Outstanding Interest Rate Maturity Construction loan capacity $
Slide 18: Liquidity: Capital Recycling Program
LIQUIDITY Capital Recycling Program | Since 2017, the Company has recycled over $1 billion in capital ASSET DISPOSITION PROFILE $450 $408 Development project is not accretive or is less accretive $400 than disposition GROSS CASH PROCEEDS ($MM) $350 $308 $300 $250 $231 Asset is mispriced in market,
Slide 19: Liquidity Continued: Joint Ventures
LIQUIDITY CONTINUED… l Seritage believes strategic joint ventures are an important tool in our value creation story, allowing us to leverage best in class execution expertise and historical levels of capital available for investment. Why do joint ventures make sense for Seritage? 1 Provides a meanin
Slide 20: Leadership & Organizational
L E A D E R S H I P & O R G A N I Z AT I O N A L San Diego, CA SERITAGE GROWTH PROPERTIES | Nareit REITworld 2021 Annual Conference | June 2021
Slide 21: Meet the Management Team
MEET THE MANAGEMENT TEAM Andrea Olshan, Chief Executive Officer and President | Former CEO of Olshan Properties from 2012 to 2021, now Chair of Board of Directors | Former board member of Morgans Hotel Group | Extensive experience investing in, developing and managing retail, residential, office, ho
Slide 22: Environmental, Social, and Governance
E N V I O R N M E N TA L , S O C I A L , A N D G O V E R N A N C E We are committed to environmental, social responsibility and governance practices that we believe benefit our shareholders, our team and our communities. ENVIRONMENTAL Our redevelopment projects are focused on reimaging aging and ene
Slide 23: Seritage Contact Information
500 Fifth Avenue | New York, NY 10110 212-355-7800 | www.seritage.com SERITAGE GROWTH PROPERTIES | Nareit REITworld 2021 Annual Conference | June 2021
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