Wednesday, October 17, 2018

Sears Liquidation Would Cost Seritage Half Its Rent Income

NREI
A Sears liquidation would cost its real estate spinoff 47 percent of its annual rent income, or about $84 million in cash flow, according to regulatory filings.

Seritage Growth Properties, a real estate investment trust, was created in 2015 by Sears Chief Executive Officer Eddie Lampert to be the property owner and landlord for select locations of Sears and its sister chain, Kmart. . . . more