$SRG

Seritage Growth Properties

CIK:0001628063|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE
Rental income	$ 1,760,000	$ 4,526,000	$ 3,669,000	$ 8,983,000
Management and other fee income	$ 114,000	$ 127,000	$ 255,000	$ 269,000
Type of Revenue [Extensible List]	Management and Other Fee Income [Member]	Management and Other Fee Income [Member]	Management and Other Fee Income [Member]	Management and Other Fee Income [Member]
Total revenue	$ 1,874,000	$ 4,653,000	$ 3,924,000	$ 9,252,000
EXPENSES
Property operating	761,000	3,237,000	2,222,000	6,145,000
Real estate taxes	384,000	692,000	717,000	1,645,000
Depreciation and amortization	390,000	2,040,000	790,000	4,115,000
General and administrative	5,096,000	6,172,000	10,388,000	21,865,000
Total expenses	6,631,000	12,141,000	14,117,000	33,770,000
Gain on sale of real estate	35,000	1,967,000	35,000	8,903,000
Loss on sale of interests in unconsolidated entities	0	(1,417,000)	0	(1,417,000)
Impairment of real estate assets	0	(18,000,000)	(15,183,000)	(18,000,000)
Equity in income (loss) of unconsolidated entities	508,000	756,000	(6,659,000)	(7,172,000)
Interest and other income (expense), net	1,022,000	930,000	1,393,000	1,790,000
Interest expense	(2,936,000)	(5,139,000)	(5,839,000)	(10,369,000)
Loss before income taxes	(6,128,000)	(28,391,000)	(36,446,000)	(50,783,000)
Benefit (provision) from income taxes	0	(115,000)	0	75,000
Net loss	(6,128,000)	(28,506,000)	(36,446,000)	(50,708,000)
Preferred dividends	(1,225,000)	(1,225,000)	(2,450,000)	(2,450,000)
Net loss attributable to Seritage common shareholders	$ (7,353,000)	$ (29,731,000)	$ (38,896,000)	$ (53,158,000)
Net loss per share attributable to Seritage Class A common shareholders - Basic	$ (0.13)	$ (0.53)	$ (0.69)	$ (0.94)
Net loss per share attributable to Seritage Class A common shareholders - Diluted	$ (0.13)	$ (0.53)	$ (0.69)	$ (0.94)
Weighted average Class A common shares outstanding - Basic	56,324	56,324	56,324	56,304
Weighted average Class A common shares outstanding - Diluted	56,324	56,324	56,324	56,304

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	$ (6,128,000)	$ (28,506,000)	$ (36,446,000)	$ (50,708,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in loss of unconsolidated entities	(508,000)	(756,000)	6,659,000	7,172,000
Loss on sale of interests in unconsolidated entities	0	1,417,000	0	1,417,000
Distributions from unconsolidated entities			2,346,000	2,605,000
Gain on sale of real estate			(35,000)	(8,903,000)
Impairment of real estate assets	0	18,000,000	15,183,000	18,000,000
Share-based compensation			0	201,000
Depreciation and amortization	390,000	2,040,000	790,000	4,115,000
Amortization of deferred financing costs			1,983,000	0
Amortization of above and below market leases, net			82,000	87,000
Straight-line rent adjustment			(5,000)	225,000
Non-cash lease expense			1,000	875,000
Change in operating assets and liabilities
Tenant and other receivables			298,000	470,000
Prepaid expenses, deferred expenses and other assets			3,766,000	970,000
Accounts payable, accrued expenses and other liabilities			(1,913,000)	2,240,000
Net cash used in operating activities			(7,291,000)	(21,234,000)
CASH FLOW FROM INVESTING ACTIVITIES
Investment in unconsolidated entities			(2,519,000)	(362,000)
Distributions from unconsolidated entities			6,430,000	4,838,000
Net proceeds from sale of interests in unconsolidated entities			0	8,092,000
Net proceeds from sale of real estate			8,989,000	51,560,000
Development of real estate			(896,000)	(18,041,000)
Net cash provided by investing activities			12,004,000	46,087,000
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of term loan			0	(40,000,000)
Preferred dividends paid			(2,450,000)	(2,450,000)
Contributions from non-controlling member of consolidated variable interest entities			54,000	18,000
Distributions to non-controlling member of consolidated variable interest entities			(1,741,000)	0
Net cash used in financing activities			(4,137,000)	(42,432,000)
Net increase (decrease) in cash and cash equivalents, and restricted cash			576,000	(17,579,000)
Cash and cash equivalents, and restricted cash, beginning of period			62,285,000	97,709,000
Cash and cash equivalents, and restricted cash, end of period	62,861,000	80,130,000	62,861,000	80,130,000
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period			48,088,000	85,206,000
Restricted cash at beginning of period			14,197,000	12,503,000
Cash and cash equivalents at end of period	48,426,000	71,802,000	48,426,000	71,802,000
Restricted cash at end of period	14,435,000	8,328,000	14,435,000	8,328,000
Cash and cash equivalents and restricted cash at end of period	$ 62,861,000	$ 80,130,000	62,861,000	80,130,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest			3,774,000	10,536,000
Income taxes paid			0	128,000
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Accounts payable related to development of real estate			332,000	6,220,000
Preferred dividends declared and unpaid			$ 1,225,000	$ 1,225,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investment in real estate
Land	$ 19,754	$ 25,406
Buildings and improvements	124,834	134,946
Accumulated depreciation	(15,455)	(14,908)
Real Estate Investment Property, at Cost, Total	129,133	145,444
Construction in progress	0	629
Net investment in real estate	129,133	146,073
Real estate held for sale	2,281	8,692
Investment in unconsolidated entities	143,326	156,242
Cash and cash equivalents	48,426	48,088
Restricted cash	14,435	14,197
Tenant and other receivables, net	3,372	3,665
Lease intangible assets, net	0	171
Prepaid expenses, deferred expenses and other assets, net	12,606	16,651
Total assets	353,579	393,779
Liabilities
Term loan facility, net	49,660	47,677
Accounts payable, accrued expenses and other liabilities	11,043	13,302
Liabilities related to real estate held for sale	659	0
Total liabilities	61,362	60,979
Commitments and Contingencies (Note 9)
Shareholders' Equity
Additional paid-in capital	1,362,028	1,362,719
Accumulated deficit	(1,070,401)	(1,031,893)
Total shareholders' equity	292,217	331,416
Non-controlling interests	0	1,384
Total equity	292,217	332,800
Total liabilities and equity	353,579	393,779
Class A Common Shares [Member]
Shareholders' Equity
Common shares	562	562
Series A Preferred Shares [Member]
Shareholders' Equity
Preferred shares	$ 28	$ 28