--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-163518" form_type: "8-K" ticker: "SRG" cik: "0001628063" company_name: "Seritage Growth Properties" filed_at: "2023-06-08T23:59:59+00:00" generated_at: "2026-06-14T04:59:57.226274+00:00" event_type: "debt" sentiment: "positive" materiality_score: 0.5 calibrated_materiality_score: 0.5 confidence: "high" source: SEC EDGAR --- # Seritage repays $50M on term loan; $550M remains, annual interest cut $3.5M ## Summary - Voluntary prepayment of $50M on June 7, 2023 under $1.6B term loan with Berkshire Hathaway. - Cumulative repayments of $1.05B since December 2021; $550M outstanding after prepayment. - Annual interest expense reduced by ~$3.5M from this prepayment, total ~$73.5M cumulative savings. - Five directors resigned without disagreement to facilitate board declassification; all seven trustees elected at annual meeting. ## SEC filing metadata - accession: 0001193125-23-163518 - form_type: 8-K - ticker: SRG - cik: 0001628063 - company_name: Seritage Growth Properties - filed_at: 2023-06-08T23:59:59+00:00 - event_type: debt - sentiment: positive - materiality_score: 0.5 - calibrated_materiality_score: 0.5 - confidence: high - sec_items: 5.02, 5.07, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1628063/000119312523163518/0001193125-23-163518-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1628063/000119312523163518/d508299d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-163518 - JSON: https://secwatch.observer/filing/0001193125-23-163518.json - Plain text: https://secwatch.observer/filing/0001193125-23-163518.txt ## Key facts - Executive change Adam Metz resigned as Trustee at Seritage Growth Properties. - Action: resigned - Role: Trustee source text: On June 5, 2023, John T. McClain, Adam Metz, Mitchell Sabshon, Allison L. Thrush and Mark Wilsmann resigned from the Board of Trustees evidence_url: https://www.sec.gov/Archives/edgar/data/1628063/000119312523163518/0001193125-23-163518-index.htm - Executive change Mark Wilsmann resigned as Trustee at Seritage Growth Properties. - Action: resigned - Role: Trustee source text: On June 5, 2023, John T. McClain, Adam Metz, Mitchell Sabshon, Allison L. Thrush and Mark Wilsmann resigned from the Board of Trustees evidence_url: https://www.sec.gov/Archives/edgar/data/1628063/000119312523163518/0001193125-23-163518-index.htm - Executive change Mitchell Sabshon resigned as Trustee at Seritage Growth Properties. - Action: resigned - Role: Trustee source text: On June 5, 2023, John T. McClain, Adam Metz, Mitchell Sabshon, Allison L. Thrush and Mark Wilsmann resigned from the Board of Trustees evidence_url: https://www.sec.gov/Archives/edgar/data/1628063/000119312523163518/0001193125-23-163518-index.htm - Executive change Allison L. Thrush resigned as Trustee at Seritage Growth Properties. - Action: resigned - Role: Trustee source text: On June 5, 2023, John T. McClain, Adam Metz, Mitchell Sabshon, Allison L. Thrush and Mark Wilsmann resigned from the Board of Trustees evidence_url: https://www.sec.gov/Archives/edgar/data/1628063/000119312523163518/0001193125-23-163518-index.htm - Executive change John T. McClain resigned as Trustee at Seritage Growth Properties. - Action: resigned - Role: Trustee source text: On June 5, 2023, John T. McClain, Adam Metz, Mitchell Sabshon, Allison L. Thrush and Mark Wilsmann resigned from the Board of Trustees evidence_url: https://www.sec.gov/Archives/edgar/data/1628063/000119312523163518/0001193125-23-163518-index.htm - Shareholder Votes Seritage Growth Properties shareholders approved Election of trustees at the 2023-06-06 meeting. - Proposal: director election - Outcome: passed - Meeting: 2023-06-06 source text: 1. Election of trustees. John T. McClain, Adam Metz, Talya Nevo-Hacohen, Andrea Olshan, Mitchell Sabshon, Allison L. Thrush and Mark Wilsmann stood for re-election as trustees of the Company for a term ending at the 2024 annual meeting of shareholders. Under the Company’s bylaws, the affirmative vote of at least two-thirds of all the votes cast at a meeting of shareholders at which a quorum is present is required to elect a trustee. The votes on this matter were as follows, in which all such trustees of the Company received the required two-thirds of all the votes cast: Name For Against Abstain Broker Non-Vote John T. McClain 32,620,431 3,014,117 19,705 6,241,638 Adam Metz 32,892,027 2,750,751 11,475 6,241,638 Talya Nevo-Hacohen 32,949,121 2,672,362 32,770 6,241,638 Andrea Olshan 35,448,284 181,720 24,249 6,241,638 Mitchell Sabshon 34,471,109 1,162,935 20,209 6,241,638 Allison L. Thrush 34,935,694 697,619 20,940 6,241,638 Mark Wilsmann 34,937,226 697,046 19,981 6,241,638 evidence_url: https://www.sec.gov/Archives/edgar/data/1628063/000119312523163518/0001193125-23-163518-index.htm - Shareholder Votes Seritage Growth Properties shareholders approved Approval of, on an advisory basis, the frequency in which shareholders will participate in any advisory vote on executive compensation at the 2023-06-06 meeting. - Proposal: say on pay frequency - Outcome: passed - Meeting: 2023-06-06 source text: 4. Approval of, on an advisory basis, the frequency in which shareholders will participate in any advisory vote on executive compensation . The shareholders approved, on an advisory basis, the frequency in which shareholders will participate in any advisory vote on executive compensation. Approval of this advisory, non-binding, resolution required the affirmative vote of a majority of votes at the annual meeting. The votes on this matter were as follows: 1 Year 2 Years 3 Years Abstain Broker Non-Vote 35,528,066 9,859 105,941 10,387 6,241,638 evidence_url: https://www.sec.gov/Archives/edgar/data/1628063/000119312523163518/0001193125-23-163518-index.htm - Shareholder Votes Seritage Growth Properties shareholders approved Approval of an advisory, non-binding, resolution to approve the Company’s executive compensation program for the Company’s named executive officers at the 2023-06-06 meeting. - Proposal: say on pay - Outcome: passed - Meeting: 2023-06-06 source text: 3. Approval of an advisory, non-binding, resolution to approve the Company’s executive compensation program for the Company’s named executive officers. The shareholders approved an advisory, non-binding, resolution to approve the Company’s executive compensation program for the Company’s named executive officers. Approval of this advisory, non-binding, resolution required the affirmative vote of a majority of votes at the annual meeting. The votes on this matter were as follows: For Against Abstain Broker Non-Vote 15,576,078 4,979,785 15,098,390 6,241,638 evidence_url: https://www.sec.gov/Archives/edgar/data/1628063/000119312523163518/0001193125-23-163518-index.htm - Shareholder Votes Seritage Growth Properties shareholders approved Ratification of the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for fiscal year 2023 at the 2023-06-06 meeting. - Proposal: auditor ratification - Outcome: passed - Meeting: 2023-06-06 source text: 2. Ratification of the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for fiscal year 2023. The shareholders ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for fiscal year 2023. Ratification of the appointment of our independent registered public accounting firm required the affirmative vote of a majority of votes at the annual meeting. The votes on this matter were as follows: For Against Abstain Broker Non-Vote 41,712,026 130,977 52,888 0 evidence_url: https://www.sec.gov/Archives/edgar/data/1628063/000119312523163518/0001193125-23-163518-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.