{"id":824727,"date":"2022-10-04T07:30:28","date_gmt":"2022-10-04T05:30:28","guid":{"rendered":"https:\/\/15.161.165.86\/non-categorizzato\/seritage-growth-properties-makes-70-million-loan-prepayment\/"},"modified":"2022-10-04T07:30:28","modified_gmt":"2022-10-04T05:30:28","slug":"seritage-growth-properties-makes-70-million-loan-prepayment","status":"publish","type":"post","link":"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/seritage-growth-properties-makes-70-million-loan-prepayment\/","title":{"rendered":"Seritage Growth Properties Makes $70 Million Loan Prepayment"},"content":{"rendered":"<p>NEW YORK&#8211;(BUSINESS WIRE)&#8211;Seritage Growth Properties (NYSE: SRG) (the \u201cCompany\u201d), a national owner and developer of 150 retail, residential and mixed-use properties, today announced that on September 30, 2022, the Company made a voluntary prepayment of $70 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska (\u201cBerkshire Hathaway\u201d).\n<\/p>\n<p><a href=\"https:\/\/mms.businesswire.com\/media\/20221003005126\/en\/1588593\/4\/Seritage_Logo.jpg\"><\/a><\/p>\n<p>\nWith the prepayment, $1.27 billion of the term loan facility remains outstanding. The prepayment will also reduce Seritage\u2019s total annual interest expense related to the term loan facility by approximately $4.9 million.\n<\/p>\n<p>\nAbout Seritage Growth Properties\n<\/p>\n<p>\nSeritage is principally engaged in the ownership, development, redevelopment, management and leasing of diversified and mixed-use properties throughout the United States. As of June 30, 2022, the Company\u2019s portfolio consisted of interests in 150 properties comprised of approximately 19.5 million square feet of gross leaseable area (\u201cGLA\u201d) or build-to-suit leased area, approximately 433 acres held for or under development and approximately 9.9 million square feet of GLA or approximately 821 acres to be disposed of. The portfolio consists of approximately 15.6 million square feet of GLA held by 125 wholly owned properties and 3.9 million square feet of GLA held by 25 unconsolidated entities.\n<\/p>\n<p>\nForward-Looking Statements\n<\/p>\n<p>\nThis document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as \u201cmay,\u201d \u201cshould,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cpredicts,\u201d or \u201cpotential\u201d or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company\u2019s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that could cause or contribute to such differences include, but are not limited to: declines in retail, real estate and general economic conditions; the impact of the COVID-19 pandemic on the business of the Company\u2019s tenants and business, income, cash flow, results of operations, financial condition, liquidity, prospects, ability to service the Company\u2019s debt obligations and ability to pay dividends and other distributions to shareholders, the Company\u2019s historical exposure to Sears Holdings and the effects of its previously announced bankruptcy filing; the litigation filed against us and other defendants in the Sears Holdings adversarial proceeding pending in bankruptcy court; risks relating to redevelopment activities; contingencies to the commencement of rent under leases; the terms of the Company\u2019s indebtedness and other legal requirements to which the Company is subject; failure to achieve expected occupancy and\/or rent levels within the projected time frame or at all; the impact of ongoing negative operating cash flow on the Company\u2019s ability to fund operations and ongoing development; the Company\u2019s ability to access or obtain sufficient sources of financing to fund the Company\u2019s liquidity needs; the Company\u2019s relatively limited history as an operating company; and environmental, health, safety and land use laws and regulations. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the \u201cRisk Factors\u201d and forward-looking statement disclosure contained in the Company\u2019s filings with the Securities and Exchange Commission (SEC), including the Company\u2019s definitive proxy statement filed with the SEC on September 14, 2022, the Company\u2019s annual report on Form 10-K for the year ended December 31, 2021 and in Part II, Item 1A of the Company\u2019s Quarterly Report on Form 10-Q for the three months ended June 30, 2022. While the Company believes that its forecasts and assumptions are reasonable, the Company cautions that actual results may differ materially. The Company intends the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.\n<\/p>\n<p>Contacts <\/p>\n<p>\nSeritage Growth Properties<br \/>\n<br \/>John Garilli<br \/>\n<br \/>Interim Chief Financial Officer<br \/>\n<br \/>(212) 355-7800<br \/>\n<br \/><a target=\"_blank\" href=\"&#x6d;&#x61;&#x69;&#108;&#116;o:&#x49;&#x52;&#x40;&#x53;&#101;&#114;it&#x61;&#x67;&#x65;&#46;&#99;&#111;m\">&#73;&#x52;&#64;&#83;&#x65;r&#x69;&#x74;&#97;&#x67;e&#46;&#x63;o&#109;<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>NEW YORK&#8211;(BUSINESS WIRE)&#8211;Seritage Growth Properties (NYSE: SRG) (the \u201cCompany\u201d), a national owner and developer of 150 retail, residential and mixed-use properties, today announced that on September 30, 2022, the Company made a voluntary prepayment of $70 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska (\u201cBerkshire Hathaway\u201d). [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49630],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-824727","post","type-post","status-publish","format-standard","hentry","category-real-estate-in-asia-pacific"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Seritage Growth Properties Makes $70 Million Loan Prepayment - BeBeez<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/seritage-growth-properties-makes-70-million-loan-prepayment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seritage Growth Properties Makes $70 Million Loan Prepayment - BeBeez\" \/>\n<meta property=\"og:description\" content=\"NEW YORK&#8211;(BUSINESS WIRE)&#8211;Seritage Growth Properties (NYSE: SRG) (the \u201cCompany\u201d), a national owner and developer of 150 retail, residential and mixed-use properties, today announced that on September 30, 2022, the Company made a voluntary prepayment of $70 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska (\u201cBerkshire Hathaway\u201d). 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