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Seritage CEO Andrea Oslhan said conversion to a C corporation was 'the right next step."

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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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