Seritage Growth Properties | 7.00% Series A Cumulative Redeemable Preferred Shares (SRG.PRA)

Prospectus excerpt:  Seritage Growth Properties is offering 2,800,000 shares of its 7.00% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share (the ˘Series A Preferred Shares÷). We will pay quarterly cumulative dividends, in arrears, on the Series A Preferred Shares from, and including, the date of original issue, payable on the 15th day of January, April, July and October of each year (or if such day is not a business day, the next succeeding business day), when and as authorized by our board of trustees and declared by us, beginning on April 15, 2018, at the rate of 7.00% per year of the $25.00 liquidation preference per share, or $1.75 per Series A Preferred Share per year. The first dividend payment will be for more than a full quarter and will cover the period from, and including, December 14, 2017 to, but excluding, April 15, 2018. We may not redeem the Series A Preferred Shares until December 14, 2022, except to preserve our status as a real estate investment trust (˘REIT÷). On and after December 14, 2022, we may, at our option, redeem the Series A Preferred Shares, in whole or in part, at any time and from time to time, by paying $25.00 per share, plus all accrued and unpaid dividends to, but excluding, the redemption date. In addition, upon the occurrence of a Change of Control (as defined herein), we may, at our option, redeem the Series A Preferred Shares, in whole or in part and within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus all accrued and unpaid dividends to, but excluding, the redemption date. If we exercise any of our redemption rights, holders of the Series A Preferred Shares will not have the conversion rights described below. The Series A Preferred Shares have no stated maturity date, are not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless redeemed by us or converted in connection with a Change of Control by holders of the Series A Preferred Shares.

Full Prospectus PDF », SRG Page »

Alternate symbology:SRG-A, SRG-PA, SRGprA
Call Date:12/14/2022
Shares Offered:2,800,000
Liquidation Preference:$25
Recent Market Price:$23.76
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-1.24 (-4.96%)
Annualized Dividend:1.75
Recent Ex-Date:12/30/2021
Current Yield:7.37%
Original Coupon:7.00%
Pay Period:Quarterly
Pay Dates:15-Jan, 15-Apr, 15-Jul, 15-Oct
CDx3 Compliance Rating: Learn SRG.PRA's Rating
Seritage Growth Properties is a self-administered and self-managed real estate investment trust. Co.'s assets are held by and its operations are primarily conducted, directly or indirectly, through Seritage Growth Properties, L.P., its operating partnership. Co. is primarily engaged in the acquisition, ownership, development, redevelopment, management and leasing of retail and mixed-use properties throughout the U.S. Co.'s portfolio consists of wholly owned properties across several states and Puerto Rico, and interests in several properties across various states.

Preferred: SRG.PRA

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Seritage Growth Properties
Number of ETFs Holding SRG: 
31 (see which ones)
Total Market Value Held by ETFs: 
Total Market Capitalization: 
% of Market Cap. Held by ETFs: 

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