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DISTRESSED DAILY: Seritage Drops REIT Status As It Weighs Sales

April 6, 2022, 12:16 PM

Seritage Growth Properties, the real estate investment trust that bought Sears and Kmart properties in 2015, is giving up its REIT status as it weighs options including a sale.

The move is part of a larger strategic review the company announced last month, which also saw Edward Lampert step down from his role as chairman. The company said its advisers recommended Seritage become a C corporation retroactively as of Jan. 1 to help maximize the value of its assets.

Experts not involved in Seritage’s review said the change gives the company the flexibility to invest beyond real estate and ...