Noticias y eventos de Seritage Growth Properties (SRG)SRGSeritage Growth Properties

Seritage Growth Properties CEO Andrea Olshan to step down as of April 11

Seritage Growth Properties announced that the Seritage Board of Trustees and Andrea Olshan have agreed that Olshan will step down as CEO and President and as a member of the Board effective as of April 11. The Board has appointed Board Chairman Adam Metz, an independent member of the Board since 2022, as Interim CEO and President also effective as of April 11. The decision to transition the CEO role was based on the fact that the company has continued to pursue its shareholder approved Plan of Sale and that, since the announcement of the company's review of strategic alternatives in March of 2022, the company's portfolio has been reduced from approximately 160 assets to 15 assets. As a result, the company's needs in the CEO role have been reduced, and the parties agreed that the company should change leadership at this time.

Seritage Growth Properties makes $25M loan prepayment

Seritage Growth Properties (SRG) announced that on October 23, 2024, the Company has made a voluntary prepayment of $25 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska (BRK.A). With the prepayments, the Company has now repaid a total of $1.345 billion since December 2021 and $255 million of the term loan facility remains outstanding. The current prepayments will reduce Seritage's total annual interest expense related to the term loan facility by approximately $1.75 million. The cumulative repayments since December 2021 have reduced Seritage's total annual interest expense related to the term loan facility by approximately $94.1 million.