Press Release

Seritage Growth Properties Prices Public Offering of 7.00% Series A Preferred Shares

Company Release - 12/7/2017 6:55 PM ET

NEW YORK--(BUSINESS WIRE)-- Seritage Growth Properties (“Seritage” or the “Company”) (NYSE:SRG) today announced that it has priced a public offering of 2,800,000 shares of its 7.00% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share ($25.00 liquidation preference per share), for gross proceeds of $70,000,000. Seritage has granted the underwriters of the offering a 30-day option to purchase up to an additional 420,000 Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, solely for the purpose of covering overallotments, if any.

The offering is expected to close on December 14, 2017, subject to customary closing conditions.

Seritage intends to contribute the net proceeds of the offering to Seritage Growth Properties, L.P. (the “Operating Partnership”) in exchange for preferred units in the Operating Partnership, which will subsequently use the net proceeds to fund its redevelopment pipeline and for general corporate purposes, which may include the repayment of Seritage’s unsecured term loan to the extent it is not otherwise refinanced, extended or repaid using cash Seritage currently has on hand.

The joint book-running managers for the offering are Morgan Stanley & Co. LLC, UBS Securities LLC and Stifel, Nicolaus & Company, Incorporated.

A registration statement relating to these preferred shares has been filed with the U.S. Securities and Exchange Commission and is effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy Seritage’s securities, nor shall there be any sale of these securities or a solicitation of an offer to buy these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Offers for the securities will be made only by means of the prospectus supplement and accompanying prospectus forming part of the registration statement. The prospectus supplement and accompanying prospectus relating to these securities, when available, may be obtained by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, Telephone: 1-888-827-7275; Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate Department, One South Street, 15th Floor, Baltimore, Maryland 21202, Telephone: 1-855-300-7136, Email:; or the Securities and Exchange Commission at

About Seritage Growth Properties

Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 230 wholly-owned properties and 23 joint venture properties totaling approximately 40 million square feet of space across 49 states. The Company’s mission is to create and own revitalized shopping, dining, entertainment and mixed-use destinations that provide enriched experiences for consumers and local communities, and create long-term value for our shareholders.

Forward Looking Statements

This press release contains forward-looking statements, which are based on the current beliefs and expectations of management and are subject to significant risks, assumptions and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, that the preferred share offering is subject to market conditions and a number of other conditions. For additional discussion about applicable risks, assumptions and uncertainties, see the “Risk Factors” and forward-looking statement disclosure contained in our filings with the Securities and Exchange Commission. While we believe that our forecasts and assumptions are reasonable, we caution that actual results may differ materially. We intend 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.

Seritage Growth Properties

Source: Seritage Growth Properties


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