Most of the damage from Sears and Kmart store closures is already baked into Seritage's results -- and the retail REIT has lots of new tenants set to begin paying rent over the next year or two.
News & Analysis: Seritage Growth Properties (Class A)
The Sears spinoff is making progress on some of its larger-scale redevelopment opportunities, which take longer to pull off but have greater upside.
Seritage's first-quarter earnings were terrible thanks to Sears, but that hasn't changed anything about the long-term opportunity
Seritage Growth Properties is becoming less dependent on its top tenant with every passing quarter.
The Sears real estate spinoff hasn't yet felt the full impact of Sears' bankruptcy filing.
The REIT needs to preserve capital for now so it can fund redevelopment projects.
The steep downtrend in Seritage Growth Properties' earnings power is on track to reverse later this year.
Sears and Kmart may not have a long-term future, but that's OK for PREIT and Seritage Growth Properties, as long as the struggling retail chains can limp on for another two years or so.
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