Seritage Growth Properties: directors' dealings · United States · SEC (Form 4)

About Seritage Growth Properties

Seritage Growth Properties (NYSE: SRG) is a U.S.-listed real estate company headquartered at 500 Fifth Avenue, Suite 1530, New York, NY 10110. The company was formed on June 3, 2015, and originally operated as a Maryland REIT. While it no longer operates as a traditional REIT in the same way it did at formation, Seritage remains an active real estate platform focused on portfolio monetization and redevelopment. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1628063/000095017024039550/srg-20231231.htm?utm_source=openai)) From an operating perspective, Seritage is best described as a national owner and developer of retail, residential, and mixed-use properties in the United States. Its business model centers on active asset management, selective property sales, and capital redeployment, with the goal of reducing leverage and extracting value from well-located real estate. This makes the company quite different from a conventional diversified retail landlord: Seritage is more of a restructuring-and-repositioning story than a stable, rent-growth REIT. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001628063/000119312525297647/srg-ex99_2.htm?utm_source=openai)) Historically, the company built a portfolio tied to retail real estate sites and has since shifted toward a more opportunistic strategy. The key focus has been to dispose of non-core assets, recycle capital, and preserve upside in higher-value redevelopment opportunities. Public filings indicate that the portfolio is spread across multiple U.S. markets, reflecting a geographically diversified but operationally transitional asset base. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1628063/000117494724000577/ars-68242_srg.pdf?utm_source=openai)) In competitive terms, Seritage sits in a crowded field that includes REITs, mixed-use developers, and land-bank style real estate owners. Its differentiation lies in the combination of a shrinking debt load, redevelopment optionality, and a willingness to sell assets when pricing is favorable. The company is not a consumer brand or a products business; its key offerings are real estate ownership, development, repositioning, and asset sales. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001628063/000119312525297647/srg-ex99_2.htm?utm_source=openai)) Recent corporate news underscores that balance-sheet repair remains central to the investment case. On November 25, 2025, Seritage announced a voluntary $130 million prepayment on its $1.6 billion term loan facility with Berkshire Hathaway, funded by property-sale proceeds including the sale of its Aventura, Florida property. The company said cumulative repayments since December 2021 had reached $1.53 billion, leaving only $70 million outstanding on that facility. For equity investors, this is a meaningful data point because it signals lower interest expense, improving financial flexibility, and continued progress in deleveraging. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001628063/000119312525297647/srg-ex99_2.htm?utm_source=openai)) For English-speaking investors, Seritage Growth Properties should therefore be viewed as a U.S. NYSE-listed real estate transformation play, where valuation is driven more by land monetization, redevelopment potential, and capital structure repair than by conventional recurring rent growth. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001628063/000119312525297647/srg-ex99_2.htm?utm_source=openai))