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Seritage Terminates REIT Status, Seeks Conversion to C Corp.
Seritage Growth Properties said Thursday that its board had approved a plan to terminate its election to be treated as a REIT for tax purposes and to convert the company to a C corporation. The termination of the REIT election will be retroactively effective as of Jan. 1, 2022.
Andrea Olshan, CEO of the New York City-based owner-developer of mixed-use properties, said, “After a thorough analysis, we determined that converting to a C corporation for tax purposes is the right next step to enable the Seritage board to conduct a thorough and comprehensive review of strategic alternatives. Through this conversion, we will gain enhanced flexibility as to both the types of transactions available for us to pursue and the timing for those transactions.”
The Seritage board’s comprehensive strategic review process remains ongoing. Seritage also announced the appointment of Adam Metz as an independent trustee.
- ◦Development
- ◦Financing



