Seritage Growth Properties · NYSE:SRG
Seritage Growth Properties — Shareholder Meeting (May 2021)
14 slides from Seritage Growth Properties's shareholder meeting presentation, May 19, 2021
Slide 1: 2021 Annual Shareholder Meeting
2021 Annual Shareholder Meeting May 2021
Slide 2: Company Overview
MISSION PORTFOLIO 179 properties To maximize value for shareholders by repositioning the Company’s portfolio through leasing, 25.9 million square feet redevelopment, formation of strategic partnerships, 2,400 acres of land and other bespoke solutions. 41 states + Puerto Rico INVESTMENT HIGHLIGHTS CO
Slide 3: New Chapter at Seritage
NEW CHAPTER AT SERITAGE Six Primary Uses Identified in Portfolio GROCERY-ANCHORED RETAIL STRIP-CENTER/MULTI-TENANT RETAIL SINGLE-TENANT/PAD LOCATIONS | Multi-tenant retail locations anchored | Open-air centers with a mix of daily | Single-tenant locations primarily with by grocery stores with long-t
Slide 4: Organizational Restructuring
ORGANIZATIONAL RESTRUCTURING Aligning the Team with the Business Plan | Completed deep dive into each asset second quarter of 2021 | Focused on activating entire portfolio based upon actionable business plans | Streamlined C-suite, consolidated corporate operations in NYC and reorganized management
Slide 5: Unlocking Talent to Drive Value Creation
UNLOCKING TALENT TO DRIVE VALUE CREATION Overview of Company Leadership 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, developi
Slide 6: A National Portfolio
A NATIONAL PORTFOLIO | A national portfolio with a significant concentration in densely populated markets as of March 31, 2021. P.5
Slide 7: Development Projects Ongoing and Anticipated
DEVELOPMENT PROJECTS ONGOING AND ANTICIPATED | Land/vacant asset pipeline | Assets to be entitled and redeveloped | Smaller, weaker market assets to be sold | Focused on projects with higher return opportunities in solid markets | Selectively partnering with third-party developers and/or capital par
Slide 8: By the Numbers: Balance Sheet Summary
‘BY THE NUMBERS’ Balance Sheet Summary | Over $1 billion invested into the portfolio since inception, with Key Balance Sheet Metrics significant planned investments over the next few years $2.1B wholly-owned assets(1) | Capital recycling continues – selling small market, limited growth or + $459M jo
Slide 9: Berkshire Hathaway Loan
BERKSHIRE HATHAWAY LOAN Efficient, Flexible Capital Allows for Maximum Growth | $1.6 billion term loan with 7% coupon maturing in July 2023 | $400 million additional facility, with 1% undrawn use fee, is accessible if certain conditions are met which is not expected in the next 24 months | Amended l
Slide 10: By the Numbers: A Portfolio Under Transformation
‘BY THE NUMBERS’ A Portfolio Under Transformation | Sears leases fully terminated in 1Q21 (amounts in thousands, except number of leases) Number of Leased % of Total Annual % of Total Annual Tenant Leases GLA Leased GLA Rent Annual Rent Rent PSF In-place diversified leases 243 5,796 78.8% $ 93,363 7
Slide 11: Financial Trends & 2021 Outlook
FINANCIAL TRENDS & 2021 OUTLOOK | Planning to invest $130-$175 million into portfolio in 2021, with expectation to bring on $10-$15 million of annual base rent | Working with municipalities to entitle sites for non- retail use | Extending timeline for Aventura (Miami, FL) project opening to late 202
Slide 12: Environmental, Social & Corporate Governance
ENVIRONMENTAL, SOCIAL & CORPORATE GOVERNANCE 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 energy inefficient struct
Slide 13: 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 14: Seritage Growth Properties contact details
500 Fifth Avenue | New York, NY 10110 212-355-7800 | www.seritage.com
Seritage Growth Properties — Shareholder Meeting (May 2021) on 6ix