Seritage(US:SRG)2020-08-07 16:44Company Overview and Strategy - Seritage owns 199 properties encompassing 316 million square feet across 44 states[2] - The company aims to revitalize shopping, dining, entertainment, and mixed-use destinations[2] - The company focuses on re-leasing existing space, densifying sites with mixed-use development, and transforming retail real estate[3] - The company has raised over $860 million from the sale or joint venture of interests in 78 properties and several outparcels[3] Portfolio and Demographics - The portfolio includes 111 properties attached to regional malls and 88 freestanding or shopping center properties[7] - The average population density within a 10-mile radius of the properties is 653000, with an average household income of $88000[7] - Top states for investment include California (228%), Florida (171%), and New York (61%)[9] COVID-19 Impact and Response - As of August 4, 2020, 93% of tenants were open or partially open[12] - The company collected 66% of cash rents in Q2 2020 and executed deferral agreements for 21%[12] - Year-to-date asset sales totaled $1663 million, including $986 million in Q2 2020[12] Tenant Activity and Rent Collection - 93% of in-place tenants are open and/or operating, representing 92% of leased GLA and 86% of annual ABR[16] - In Q2 2020, the company collected 66% of rental income and deferred an additional 21%[18] - In July 2020, the company collected 74% of rental income and deferred an additional 7%[18] Capital Resources and Allocation - Year-to-date, the company sold 13 assets and five outparcels, generating $166 million in cash proceeds[21] - Since July 2017, the company has monetized 78 assets and several outparcels, generating $860 million in cash proceeds[21] - The company has $915 million of assets under contract for sale as of August 4, 2020[22]