Tuesday, December 4, 2018

Seritage Says 70% of Signed Lease Income Coming from Non-Sears Tenants

NAREIT
Benjamin Schall, president and CEO of Seritage Growth Properties, said that the REIT ended the third quarter with 70 percent of its income on a signed lease basis coming from non-Sears tenants. “That income is now with new, growing retailers who are attracted to the quality of our sites and the first-class environments that we’re developing,” he said.

Asked about the potential impact on investors if Seritage’s master lease with Sears were to end, Schall said the company has “more than sufficient” income coming online in the next 12 to 24 months from its commenced and completed redevelopment activity.. . . more