Seritage Growth Properties · NYSE:SRG
Seritage Growth Properties — Corporate Update (May 2020)
9 slides from Seritage Growth Properties's corporate update, May 2020
Slide 1: COVID-19 Business Update May 2020
COVID-19 BUSINESS UPDATE May 2020
Slide 2: COVID-19 Business Update: Health, Safety and Civic Support
Seritage Growth Properties | COVID-19 Business Update Our number one priority is the health and safety of our team, our families, our communities and our partners, including our tenants, contractors, and other stakeholders We are focused on preserving the medium- and long- term value of our asse
Slide 3: Near Term Adjustments
Near Term Adjustments Until we have more visibility into the duration and extent of the disruption to the economy and on our business, we have taken steps to: Materially reduce or defer operating and corporate expenses to offset potential income reductions or deferrals and manage our cash resource
Slide 4: Tenant and Rental Composition
Tenant and Rental Composition Collected April rental income representing 47% of contractual amounts, including 54% from tenants other than Transform Holdco (“Sears”), as of May 7, 2020 – Better positioned national retailers generally paid April rent, with rent deferrals being utilized for certain
Slide 5: Capital Approach and Strategies
Capital Approach and Strategies With limited capital expenditures in the near term, our current focus is to generate additional liquidity through asset sales and manage our expenses – At the beginning of 2020, our negative cash run rate was approximately $8-9 million per month, which we expect to
Slide 6: Unlocking Value as We Move Forward
Unlocking Value as We Move Forward We believe that there will be immense need to convert well-located real estate for revitalized uses to serve today’s communities To lead in this transformation, we are focused on: Utilizing the quality and diversity of our asset base to our advantage Leveraging
Slide 7: Our Culture and Commitment
Our Culture and Commitment 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 culture based on respect Build relationships for the long term Create an environment of constant
Slide 8: 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 9: 500 Fifth Avenue, New York, NY 10110
500 Fifth Avenue | New York, NY 10110 212-355-7800 | www.seritage.com
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