The Investing with Tom Podcast (Apple, Spotify, Google Podcasts):https://theinvestingwithtompodcast.buzzsprout.com/@Punch Card Investing LIVE:https://www.you. New CEO Andrea Olshan hopes to sell another 40 or 50 assets, raising more cash and whittling the portfolio down to 120 to 130 properties. It’s about, How do you get them comfortable? Seritage had a net loss of $92 million in the 12 months through March. The Company was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015. Industry. Found insideWhat motivates them, how are they trained, and what do we sacrifice in our efforts to track them? Paced like a detective story, United States of Jihad tells the entwined stories of the key actors on the American front. The Company filed an 8-K on February 9, 2021 with Ms. Olshan’s employment agreement. Before we wrap up, tell us about near-term and long-term goals for Seritage? Seritage Growth Properties (NYSE: SRG) announced today that Andrea Olshan has been appointed Chief Executive Officer and President of the Company and will join the Company's Board of Trustees, each effective as of a mutually agreeable date on or before March 16, 2021. NEW YORK--(BUSINESS WIRE)-- Seritage Growth Properties (SRG) today announced that the Company will reorganize its operations following an initial asset-by-asset analysis led by recently appointed Chief Executive Officer and President, Andrea Olshan.. “It is a privilege to have the opportunity to lead and work alongside a team of talented and passionate professionals and to build on the Seritage platform.”, Ms. Olshan continued, “Seritage was established to reimagine a high quality, national portfolio, and to develop places that are deeply relevant to, integral with, and truly embraced by their surrounding communities. Thanks for noticing. I put my stamp on it for a really long time and also saw the value of a new perspective. Andrea Olshan, chief executive officer of the real estate investment trust Seritage Growth Properties that bankrupt Sears formed five years ago, wants to sell 40 to 50 former stores to generate . That doesn’t really work. The Company’s mission is to create and own revitalized shopping, dining, entertainment and mixed-use destinations that provide enriched experiences for consumers and local communities, and create long-term value for our shareholders. You referenced the roots with Sears. The stock plunged more than 60% in 2020 as the pandemic battered real estate. The Company filed an 8-K on February 9, 2021 with Ms. Olshan’s employment agreement. Andrea Olshan Net Worth What's Andrea Olshan's mailing address? Olshan isn't convinced that Seritage's strategy of gradually unloading assets to finance its operation is best and plans to quickly dispose of about one-third of its portfolio to raise capital and fund its highest-value projects. Michael [Odell] and Zach [Bornstein] have been with me there for over 10 years. I was drawn to Seritage because it adheres to the same philosophy: vision drives value. In a recent presentation, Seritage Growth Properties (NYSE: SRG) CEO Andrea Olshan said that the company wants to sell 40 to 50 of the properties in its portfolio. And, I think that is something that’s really exciting. So, the multifamily opportunities are unbelievable. Andrea Olshan '04 serves as the Chief Executive Officer of Olshan Properties. I feel like a lot of people didn’t really put that together. It could also develop some of the land for residential buildings and offices, Olshan said. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the company’s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. They weren’t the most compelling retail proposition out there, in terms of brick-and-mortar retail, and, yet, their sales were high enough to justify staying in operation. “When I graduated from business school, the timing just worked out such that he was super busy and he said, ‘If you want to learn a lot, I’m building 5 million square feet of stuff, and doing all these things like starting all these funds.’ And, he’s like, ‘Now is the time.’ Timing is everything.”. Now that we have the plan, it’s execution, execution, execution. Andrea Olshan arrived at Seritage Growth Properties' 500 Fifth Avenue headquarters as chief executive in early 2021, nearly six years after Sears, Roebuck and Co. formed the REIT from spinning off its real estate portfolio of around 235 properties. What’s interesting about these department store repositionings is that it’s a portfolio with a common past, but a totally divergent future and it’s really, really exciting. So, that tends to be, obviously, less diverse if there’s a lot of family members. A $1.6 billion loan from Berkshire Hathaway Inc. matures in 2023. It was pretty much on a gross basis, like over $200 million of income, then fast-forward and Sears starts to get into trouble, they go into bankruptcy, they reject certain leases, they downsize in a lot of spaces. This is certainly a significant development, as Seritage's entire portfolio consists of 154 wholly-owned properties and 25 that are owned as joint ventures. You can’t just take part of a box where Sears was and make that residential. Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 158 wholly-owned properties and 25 unconsolidated properties totaling approximately 26.5 million . Seritage CEO Andrea Olshan on Going Beyond Sears Spinoff's Retail Roots. In a recent interview with Morgan Mann '17, Ms. Olshan discussed market trends and areas of disruption, joining the family business, strategies for the future, and gave advice for current Columbia Business School students aspiring to have careers in real estate. Seritage Growth Properties said Wednesday it would reorganize its operations following an initial asset-by-asset analysis led by its recently appointed CEO and president, Andrea Olshan. The shares have rebounded a bit this year, gaining 28% to close Wednesday at $18.76. Found insideIntermixing essays with poetry and art, this book is both a balm and a guide for knowing and holding what has been done to the world, while bolstering our resolve never to give up on one another or our collective future. We have an amazing team and I’m so proud of the team. How else are you trying to boost valuations in your portfolio? The new CEO, Andrea Olshan, is an awful leader, who makes constant changes, including with personnel and then blames others when unreasonable expectations are not met. We intend the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law. So, I think diversity has a value for its own sake. And it’s also expensive, it’s capital intensive, so it’s hard to start out. perspective, and now I understand the logic. The motivation to take on a new challenge was also influenced by the confidence she said she has in Olshan Properties’ President Zachary Bornstein and Executive Managing Director Michael Odell. And, three, it’s really the triple-net, out-parcel restaurants with drive-throughs and curbside pickup — those have always been on the uptick. Seritage brought in a new leadership team led by experienced redevelopment pro Andrea Olshan to right the ship. I am eager to utilize not only my own expertise and that of the team, but also the broad relationships with tenants, developers and capital partners I have built in the industry to help create value for our shareholders.”. The Company was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015. Historically, the mall owners were high on the hog, they were very difficult and one of the plays was, ‘Don’t agree to any change in the [REAs], right?’ Say, ‘We’re keeping to all these restrictive covenants.’ You’re going to basically ice somebody out and then you, as the landlord, can buy the box cheaply. We’ve had to do more analysis on the properties where Sears downsized. I'm trying to get her on this show actually, so hopefully, you'll hear from her soon. Andrea Olshan: It was both a push and a pull. And, it gives relevance and a permanence and durability to the store. I'm trying to get her on this show actually, so hopefully, you'll hear from her soon. Andrea Olshan has served as Chief Executive Officer of Olshan Properties since 2012 and has been responsible for the strategic direction of the company, its operations, investment activity and capital partnerships. In Winning Every Day, you'll discover ten strategies that will drive you to the top of your professional and personal life. Coach Holtz will reveal how you can acquire the focus and commitment it takes to be a champion. NEW YORK-- ( BUSINESS WIRE )-- Seritage Growth Properties (NYSE: SRG) announced today that Andrea Olshan has been appointed Chief Executive Officer and President of the Company and will join the Company's Board of Trustees, each effective as of a mutually agreeable date on or before March 16, 2021. Olshan’s arrival at Seritage came nearly six years after Sears, Roebuck and Co. formed the company when the retail giant decided to spin off its real estate portfolio of around 235 properties. This interview has been edited for clarity. We have a retail portfolio, but then we have a lot of non-retail. Andrea Olshan tapped to right Seritage ship "Seritage Growth Properties announced that Andrea Olshan has been appointed chief executive officer and president of the company. Ms. Olshan will move to Chairman of the Olshan Properties Board of Directors. A $1.6 billion loan from Berkshire Hathaway Inc. matures in 2023. Olshan joined Olshan Properties, the 60-year-old firm her father had founded, in 2004 and stepped up to the CEO position in 2012. Seritage Growth Properties Appoints Andrea Olshan as Chief Executive Officer and President Business Wire NEW YORK -- February 9, 2021 Seritage Growth Properties (NYSE: SRG) announced today that . Olshan will additionally join the firm's board of trustees. She graduated magna cum laude from Harvard and received her MBA from Columbia Business School. Join to Connect Report this profile . We intend the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law. She graduated magna cum laude from Harvard and received her MBA from Columbia Business School. [email protected], Seritage Growth Properties Appoints Andrea Olshan as Chief Executive Officer and President, https://www.businesswire.com/news/home/20210209006087/en/. SVP, Chief Accounting Officer at Seritage Growth Properties (NYSE: SRG) Seritage had a net loss of $92 million in the 12 months through March. “I always wanted to work somewhere else before, but my father is much, much older and there was a unique opportunity,” Olshan said of when she first joined then-MPI. Seritage Growth Properties (NYSE: SRG) announced today that Andrea Olshan has been appointed Chief Executive Officer and President of the Company and will join the Company's Board of Trustees, each effective as of a mutually agreeable date on or before March 16, 2021. In this book, Peter Lynch shows you how you can become an expert in a company and how you can build a profitable investment portfolio, based on your own experience and insights and on straightforward do-it-yourself research. Factors that could cause or contribute to such differences include, but are not limited to: our historical exposure to Sears Holdings and the effects of its previously announced bankruptcy filing; the litigation filed against us and other defendants in the Sears Holdings adversarial proceeding pending in bankruptcy court; Holdco’s termination and other rights under its master lease with us; competition in the real estate and retail industries; risks relating to our recapture and redevelopment activities; contingencies to the commencement of rent under leases; the terms of our indebtedness; restrictions with which we are required to comply in order to maintain REIT status and other legal requirements to which we are subject; failure to achieve expected occupancy and/or rent levels within the projected time frame or at all; the impact of ongoing negative operating cash flow on our ability to fund operations and ongoing development; our ability to access or obtain sufficient sources of financing to fund our liquidity needs; our relatively limited history as an operating company; and the impact of the COVID-19 pandemic on the business of our tenants and our business, income, cash flow, results of operations, financial condition, liquidity, prospects, ability to service our debt obligations and our ability to pay dividends and other distributions to our shareholders. . Used to be a fast-paced, entrepreneurial, and empowering environment. As Seritage expands its development activities across asset classes, we will benefit tremendously from Andrea’s vast expertise developing retail, office, hospitality and mixed-use projects for Olshan Properties.”, Mr. Lampert added: “The Board’s appointment of Andrea followed a thorough search process assisted by Korn Ferry which included internal and external candidates. Building on her successful tenure as CEO of Olshan Properties, Andrea has a proven track record of successfully leading an organization with over 1,000 employees across the country. NEW YORK--(BUSINESS WIRE)--Seritage Growth Properties (NYSE: SRG) announced today that Andrea Olshan has been appointed Chief Executive Officer and President of the Company and will join the . But then, there were certain assets where it’s gonna be residential, so it’s [joint venture] partnerships, it’s leveraging the value of the land, which I think is a tremendous opportunity, in terms of, you get a markup in land value and that’s your imputed equity going into a deal.
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