All trading involves risk. Contracts for Difference (CFDs) are complex instruments and may not be suitable for all investors. Please refer to Risk Disclosure and Risk Fact Sheet on Capital.com/en-sg.
Open platformOpen platform

Seritage Growth Q3 swings to profit on asset sales

By Reuters News


Overview

  • US retail real estate owner's Q3 net income attributable to common shareholders rose to $2.7 mln from loss last year

  • Q3 revenue fell sharply yr/yr as company continued asset sales and portfolio reduction

  • Company cites challenging market conditions and ongoing Plan of Sale process


Outlook

  • Company continues to execute Plan of Sale and assess strategic alternatives, including a potential sale

  • Seritage says elevated interest rates and limited capital availability continue to challenge market conditions

  • Company expects persistent market challenges could pressure asset sale proceeds and shareholder distributions


Result Drivers

  • ASSET SALES - Q3 results included proceeds from the sale of a vacant asset and distributions from unconsolidated entities


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$0.05

Q3 Net Income attributable to common shareholders

$2.74 mln


Reuters Recommended Reads

  • Nov 13 - Commercial real estate owner American Strategic Investment's Q3 revenue falls on property sale

  • Nov 12 - Transcontinental Realty Q3 revenue rises but swings to net loss on higher operating expenses

  • Nov 12 - Hong Kong's Link REIT interim revenue falls on negative rental reversions


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.