Seritage Growth Properties put out an 8-K update.
Briefing.com had a summary, which I am excerpting to eliminate duplication:
10:04 am Seritage Growth Properties +4% after updating on its leasing and development activity as of December 31, 2016 ( SRG) :
Highlights include:
Signed new leases totaling 2.2 million square feet since the Company's formation, including 890,000 square feet during the fourth quarter of 2016- Increased third-party rental income by $41 million, or approximately 94%, since the Company's formation
- New rents at 4.4x prior rents upon releasing, with new average rent of $18.62 PSF compared to $4.20 PSF for space currently or formerly occupied by Sears Holdings (SHLD)
- Completed or commenced 48 wholly-owned redevelopment projects with projected cost of over $460 million since the Company's formation, including eight new projects commenced in the fourth quarter of 2016
Projected incremental returns of approximately 12% on 33 new projects initiated solely on the Seritage platform with projected cost of $400 million
Initiated recapture of Sears building in downtown Santa Monica for redevelopment during the fourth quarter of 2016
The 8-K has this paragraph:
Santa Monica
During the fourth quarter the Company submitted a recapture notice to Sears Holdings for 100% of the space at the Company’s property in Santa Monica, CA. One of the Company’s premier redevelopment opportunities, the freestanding property is located across the street from the new Metro Rail station and two blocks from the Pacific Ocean and the Santa Monica Pier. The planned redevelopment will transform the existing building into a vibrant, mixed-use destination of retail, restaurants, and creative office space. |
