Seritage Growth Properties prepays $40 million on Berkshire loan

NEW YORK - Seritage Growth Properties (NYSE:SRG), a real estate company with a market capitalization of $169 million trading at 0.44 times its book value, made a voluntary prepayment of $40 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska, according to a press release statement issued Wednesday.

The real estate company has now repaid a total of $1.4 billion since December 2021, with $200 million of the term loan facility remaining outstanding. The current prepayment will reduce Seritage’s annual interest expense related to the loan by approximately $2.8 million.

Cumulative repayments since December 2021 have decreased the company’s total annual interest expense related to the term loan facility by approximately $99.4 million.

As of March 31, 2025, Seritage’s portfolio consisted of interests in 16 properties comprising approximately 1.6 million square feet of gross leaseable area and 240 acres of land. The portfolio includes nine wholly owned properties and seven unconsolidated entities.

Seritage Growth Properties was principally engaged in the ownership, development, redevelopment, management and leasing of diversified and mixed-use properties throughout the United States prior to the adoption of the company’s Plan of Sale.

In other recent news, Seritage Growth Properties held its annual shareholder meeting, where all six trustee nominees were re-elected, and Deloitte & Touche LLP was ratified as the independent auditor for 2025. However, shareholders rejected the advisory resolution on executive compensation. In a strategic move, Seritage appointed Adam Metz as Interim CEO and President, succeeding Andrea Olshan as the company continues its Plan of Sale, reducing its portfolio from 160 to 15 properties. The leadership change aligns with the company’s strategic downsizing and asset management efforts. Meanwhile, Snam reported strong financial results for Q4 2024, with a 13.9% increase in adjusted EBITDA to €2,753 million and a 10.4% rise in net income to €1,289 million. The company also announced a 31% increase in total investments compared to 2023, reaching €2.9 billion. Snam’s 2025 guidance projects an EBITDA target of €2.85 billion, with net income guidance set at €1.35 billion, reflecting confidence in its growth trajectory.

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