Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
Seritage Growth Properties (SRG) is a publicly traded real estate investment trust (REIT) that historically focused on the ownership, redevelopment, and management of retail and mixed-use real estate assets in the United States. The company was primarily engaged in unlocking value from underutilized retail properties through redevelopment, re‑tenanting, and repositioning strategies. SRG operated within the retail real estate and commercial property redevelopment industries, with a focus on transforming legacy big‑box locations into higher‑value uses.
SRG was formed in 2015 as a spin‑off from Sears Holdings, with an initial portfolio largely composed of former Sears and Kmart properties subject to long‑term master lease arrangements. Over time, the company pursued a strategy of terminating or modifying those leases and redeveloping properties for alternative tenants. Beginning in 2022, SRG shifted from an operating and redevelopment model to an orderly wind‑down and asset disposition strategy, following sustained financial pressure, tenant challenges, and a constrained capital environment.
Business Operations
Historically, SRG’s operations centered on two primary business activities: leasing retail real estate to third‑party tenants and redeveloping properties to enhance long‑term value. Revenue was generated primarily from rental income, lease termination fees, and proceeds from property sales. The portfolio consisted mainly of shopping centers and freestanding retail assets, many of which were redeveloped into multi‑tenant retail, mixed‑use, or alternative commercial formats.
As part of its transition strategy, SRG substantially reduced active redevelopment operations and focused on asset sales, debt repayment, and liquidity management. The company did not operate meaningful international businesses, and its operations were entirely domestic. SRG conducted its activities through operating subsidiaries that held individual property interests and financing arrangements, consistent with standard REIT structures.
Strategic Position & Investments
SRG’s strategic position evolved significantly over its lifecycle. Initially positioned as a specialized redevelopment REIT with access to well‑located retail real estate, the company emphasized value creation through adaptive reuse and tenant diversification. Key strategic initiatives included selective redevelopment investments, lease restructurings, and capital recycling through property dispositions.
From 2022 onward, SRG formally adopted a liquidation and monetization strategy, prioritizing asset sales over new investments. This included the disposition of properties to institutional real estate investors and the wind‑down of redevelopment commitments. As part of this shift, SRG did not pursue new growth platforms, emerging technologies, or sector expansion, and publicly disclosed that its focus was on maximizing value for stakeholders through an orderly exit from operations. Data inconclusive based on available public sources regarding any material ongoing investment platforms beyond asset liquidation.
Geographic Footprint
SRG’s real estate portfolio was geographically diversified across the United States, with properties located in major metropolitan and suburban markets. Historically significant regions included the Northeast, Midwest, Southeast, West Coast, and Texas, reflecting the nationwide footprint inherited from the Sears and Kmart store network.
The company maintained its corporate headquarters in New York, New York, and did not have international property holdings or overseas operating subsidiaries. Its geographic influence was limited to domestic real estate markets, with regional exposure declining over time as assets were sold pursuant to the liquidation strategy.
Leadership & Governance
SRG was founded as a public company through a transaction led by affiliates of its initial sponsor, with governance structured around a board and executive team experienced in real estate investment and asset management. Leadership emphasized capital discipline, asset monetization, and fiduciary responsibility during the company’s wind‑down phase.
Key executives and leaders during its later operating period included:
- Andrea M. Olshan – Chief Executive Officer
- Adam D. Metz – Chief Financial Officer
- James E. Fazzio – Chief Legal Officer and Secretary
- John R. Mutt – Chief Accounting Officer
Management’s stated strategic vision in recent years centered on maximizing realizable value from the remaining portfolio, reducing leverage, and executing an orderly liquidation in accordance with board and shareholder oversight.