Seritage Growth Properties Makes $200 Million Loan Prepayment - Seritage Growth Props (NYSE:SRG)
Seritage Growth Properties SRG (the "Company"), a national owner and developer of retail, residential and mixed-use properties, today announced that on May 25, 2023, the Company made a voluntary prepayment of $200 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska ("Berkshire Hathaway").
With the prepayment, the Company has now repaid a total of $1.0 billion since December 2021 and $600 million of the term loan facility remains outstanding. The current prepayment will reduce Seritage's total annual interest expense related to the term loan facility by approximately $14.0 million. The cumulative repayments since December 2021 have reduced Seritage's total annual interest expense related to the term loan facility by approximately $70.0 million.
About Seritage Growth Properties
Seritage is principally engaged in the ownership, development, redevelopment, management and leasing of diversified and mixed-use properties throughout the United States. As of March 31, 2023, the Company's portfolio consisted of interests in 72 properties comprised of approximately 10.2 million square feet of gross leaseable area ("GLA") or build-to-suit leased area, approximately 157 acres held for or under development until time of sale and approximately 5.3 million square feet of GLA or approximately 428 acres to be disposed of in its current state. The portfolio consists of approximately 7.6 million square feet of GLA held by 55 wholly owned properties and 2.6 million square feet of GLA held by 17 unconsolidated entities.