Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

Warren Buffett Is Making Money on This REIT, but You Probably Won't

TheMotleyFool

0 0

Warren Buffett Is Making Money on This REIT, but You Probably Won't

Seritage Growth Properties (NYSE: SRG) has taken investors on a wild ride in 2020. Shares traded for around $40 in January, reflecting shareholders' optimism about the REIT's plans to redevelop former Sears and Kmart stores for new tenants that would pay much higher rents.

Unfortunately, the COVID-19 pandemic severely disrupted Seritage's plans. Seritage Growth Properties stock plummeted at a breathtaking pace in March, briefly falling as low as $5 in mid-March. Seritage shares remained in single-digit territory for most of April and May. The stock then tripled in the first six trading days of June, peaking at $24, before giving up most of its gains and falling to around $13 on Thursday.