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Last Trade
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Last Trade:
$8.49
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Change:
-0.09 (-1.05%)
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Trade Time:
11:10 AM EST
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Market Cap:
$476.90M
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Description of Business
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Seritage Growth Properties ("Seritage") (NYSE: SRG), a Maryland real estate
investment trust formed on June 3, 2015, operated as a fully integrated,
self-administered and self-managed real estate investment trust ("REIT") as
defined under Section 856(c) of the Internal Revenue Code (the "Code") from
formation through December 31, 2021. On March 31, 2022, Seritage revoked its
REIT election and became a taxable C Corporation effective January 1, 2022.
Seritage's assets are held by and its operations are primarily conducted,
directly or indirectly, through Seritage Growth Properties, L.P., a Delaware
limited partnership (the "Operating Partnership"). Under the partnership
agreement of the Operating Partnership, Seritage, as the sole general partner,
has exclusive responsibility and discretion in the management and control of the
Operating Partnership.
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