Seritage Growth Properties · NYSE:SRG
Seritage Growth Properties — Corporate Update (May 2020)
9 slides from Seritage Growth Properties's corporate update, May 8, 2020
Slide 1: COVID-19 Business Update
COVID-19 BUSINESS UPDATE May 2020 Exhibit 99.1
Slide 2: Seritage Growth Properties COVID-19 Business Update
Seritage Growth Properties | COVID-19 Business Update 1 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 prese
Slide 3: Near Term Adjustments
Near Term Adjustments 2 SERITAGE GROWTH PROPERTIES COVID-19 BUSINESS UPDATE 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
Slide 4: Tenant and Rental Composition
Tenant and Rental Composition SERITAGE GROWTH PROPERTIES COVID-19 BUSINESS UPDATE 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,
Slide 5: Capital Approach and Strategies
Capital Approach and Strategies 4 SERITAGE GROWTH PROPERTIES COVID-19 BUSINESS UPDATE 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 approxi
Slide 6: Unlocking Value as We Move Forward
Unlocking Value as We Move Forward 5 SERITAGE GROWTH PROPERTIES COVID-19 BUSINESS UPDATE 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 diver
Slide 7: Our Culture and Commitment
Our Culture and Commitment 6 SERITAGE GROWTH PROPERTIES COVID-19 BUSINESS UPDATE 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
Slide 8: Forward Looking Statements
Seritage Growth Properties | Forward Looking Statements SERITAGE GROWTH PROPERTIES COVID-19 BUSINESS UPDATE 7 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
Slide 9: Fifth Avenue | New York, NY 10110 212-355-7800 | www.seritage.com
500 Fifth Avenue | New York, NY 10110 212-355-7800 | www.seritage.com
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