Seritage Growth Properties 8-K, filed Dec 22, 2021
Seritage Growth Properties (SRG)
8-K
2021-12-22
For: 2021-12-22
View Original
Added on
April 12, 2026
About this 8-K
Seritage Growth Properties filed this 8-K on December 22, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 22, 2021
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
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(Address of principal executive offices)
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(Zip Code)
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(Registrant's telephone number, including area code: (212 )
355-7800
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
On December 22, 2021, Seritage Growth Properties (the “Company”) announced
that Eric Dinenberg has been appointed as the Company’s Chief Operating Officer, effective January 1, 2022.
Mr. Dinenberg, currently the Company’s Executive Vice President of Development and Construction, has been with the Company since 2019. Mr. Dinenberg’s
base salary was increased to $400,000, his annual target incentive opportunity was increased to 75% of base salary, with a maximum annual incentive opportunity of 100% of base salary, and his annual target equity award was updated to be 75% of base
salary, with an annual maximum equity award of 100% of base salary. In connection with the promotion, Mr. Dinenberg received a one-time equity award in the amount of $400,000 in the form of restricted share units, which vests in one-third increments
on each anniversary of the grant date.
Mr. Dinenberg, is currently 38 years old. Prior to joining Seritage in 2019, Mr. Dinenberg spent nearly nine years with Brookfield Properties and Rouse
Properties, which Brookfield acquired in 2016, most recently serving as Executive Vice President Development and Operations of Brookfield Properties. Prior to Rouse, Mr. Dinenberg held positions at Vornado Realty Trust and Penn Real Estate Group. Mr.
Dinenberg has a B.A. in Political Science and Economics from George Washington University and an M.A. in Real Estate and Finance from New York University. There are no family relationships between Mr. Dinenberg and any director or other executive
officer of the Company and there are no related persons transactions (within the meaning of Item 404(a) of Regulation S-K) involving Mr. Dinenberg and the Company and its subsidiaries.
Except as described above, the terms of the Mr. Dinenberg’s employment agreement continue to be in effect.
On December 22, 2021, the Company issued a press release announcing this promotion. A copy of the press release is filed as Exhibit 99.1
and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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Exhibit No.
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Description
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99.1
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Press release dated December 22, 2021
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104
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Cover Page Interactive Data File (embedded within Inline XBRL document)
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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SERITAGE GROWTH PROPERTIES
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By:
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/s/ Matthew Fernand
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Matthew Fernand
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Chief Legal Officer and Corporate Secretary
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Date: December 22, 2021
Exhibit 99.1
Seritage Growth Properties Promotes Eric Dinenberg to Chief Operating Officer
NEW YORK – December 22, 2021 – Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of 170 retail, residential and mixed-use properties, today
announced that Eric Dinenberg, Executive Vice President of Development and Construction at Seritage, has been promoted to Chief Operating Officer, effective January 1, 2022.
In his new role as COO, Mr. Dinenberg will work directly with Seritage President and CEO Andrea Olshan to lead the execution of the Company’s portfolio repositioning strategy.
“I could not be more excited about Eric’s well-deserved promotion to COO,” said Andrea Olshan, President and Chief Executive Officer of Seritage Growth Properties. “Eric is a trusted
partner and capable leader with invaluable development and operations expertise and sharp business acumen. His deep and broad real estate experience and comprehensive grasp of our portfolio is vital to the company’s success. I look forward to
continuing to work closely with Eric in this new role as we execute our strategy to unlock the full value of our portfolio for the benefit of our shareholders.”
Mr. Mr. Dinenberg is an accomplished real estate industry veteran with more than 15 years of experience in operational and development roles. Prior to joining Seritage in 2019, Mr.
Dinenberg spent nearly nine years with Brookfield Properties and Rouse Properties, which Brookfield acquired in 2016, most recently serving as Executive Vice President Development and Operations of Brookfield Properties. Prior to Rouse, Mr. Dinenberg
held positions at Vornado Realty Trust and Penn Real Estate Group. Mr. Dinenberg has a B.A. in Political Science and Economics from George Washington University and an M.A. in Real Estate and Finance from New York University.
About Seritage Growth Properties
Seritage is principally engaged in the ownership, development, redevelopment, management and leasing of diversified and mixed-use properties throughout the United States. As of
September 30, 2021, the Company’s portfolio consisted of interests in 170 properties comprised of approximately 10.0 million square feet of GLA or build-to-suit leased area (approximately 8.0 million at share), approximately 4.0 million of which is
held by unconsolidated entities (approximately 2.0 million at share), approximately 600 acres held for or under development and approximately 10.0 million square feet of GLA or approximately 850 acres to be disposed of.
Contacts
Seritage Growth Properties
Amanda Lombard, CFO
(212) 355-7800
IR@Seritage.com