Seritage Growth Properties Reports First Quarter 2023 Operating Results
05/10/2023 - 07:00 AM
NEW YORK --(BUSINESS WIRE)--
Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of retail, residential and mixed-use properties today reported financial and operating results for the three months ended March 31, 2023.
“We continue to make steady progress on our plan of sale since initiating the process in March of 2022. Year to date we have sold 31 wholly owned properties for total gross proceeds of $311.9 million $500 million
Sale Highlights:
Generated $290.8 million
Subsequent to quarter end, generated $21.1 million
The Company has 15 assets under contract for sale with no due diligence contingencies for total anticipated proceeds of $295.6 million $37.9 million
The Company has exercised its put rights on four joint venture properties with anticipated proceeds of $106.5 million
The Company has accepted offers on and is currently negotiating definitive purchase and sale agreements for assets with accepted offers of approximately $67.7 million $35 million
Financial Highlights:
For the quarter ended March 31, 2023:
As of March 31, 2023, the Company had cash on hand of $132.1 million $11.6 million $143.5 million $11.6 million
Net loss attributable to common shareholders of ($63.2) million , or ($1.13
Total Net Operating Income (“Total NOI”) of $3.1 million
During the quarter, the Company made $230 million $800 million
Other Highlights
Signed three leases covering 84 thousand square feet in the first quarter at an average projected annual rent of $16.33
One new lease covering approximately eight thousand square feet at a Premier asset at an average projected annual net rent of $71.25
Two ground floor leases covering approximately 76 thousand square feet at a Multi-Tenant Retail asset at an average projected annual net rent of $10.54
Opened seven tenants in the first quarter totaling approximately 139 thousand square feet (70 thousand square feet at share) at an average net rent of $67.47
Sales Activity
The tables below provide additional information regarding the Company’s sales activity. The first table provides in chart format certain information contained in the Company’s April 4, 2023 business update. The second table updates this information as of May 9, 2023. The third table provides updated information, as of May 9, 2023, on portfolio status by market, property type and transaction size consistent with the Company’s prior disclosure on April 4, 2023.
Sales Progress as of April 4, 2023 (1)
Stabilized
Number
Cap
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Under Contract - No DD
2
7.2
%
2
-
$
36,650
Under Contract - In DD
1
8.6
%
1
-
$
25,313
PSA Neg. / Accepted Offer
1
9.2
%
1
-
$
10,400
Total
4
8.0
%
4
-
$
72,363
Remaining Stabilized Sales Parcels
5
2
3
Partially Stabilized
Number
Cap
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Under Contract - No DD
4
7.6
%
4
-
$
115,850
Under Contract - In DD
-
N/A
-
-
$
-
PSA Neg. / Accepted Offer
1
4.0
%
1
-
$
7,600
Total
5
7.5
%
5
-
$
123,450
Remaining Partially Stabilized Sales
7
2
5
Pads
Number
Cap
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Under Contract - No DD
-
N/A
-
-
$
-
Under Contract - In DD
2
5.7
%
2
-
$
7,015
PSA Neg. / Accepted Offer
-
N/A
-
-
$
-
Total
2
5.7
%
2
-
$
7,015
Remaining Pad Sales Parcels
3
3
-
Joint Ventures
Number
PSF
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Under Contract - No DD
4
$
171.52
4
-
$
104,850
Under Contract - In DD
-
N/A
-
-
$
-
PSA Neg. / Accepted Offer
1
$
38.75
1
-
$
4,500
Total
5
$
150.32
5
-
$
109,350
Remaining Joint Venture Sales Parcels
10
2
8
Non-Income Producing
Number
PSF
Per Acre
Carry Cost
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Under Contract - No DD
9
$
128.06
$
1,277
$
(5,019
)
9
-
$
155,375
Under Contract - In DD
2
$
38.92
$
491
$
(854
)
2
-
$
11,000
PSA Neg. / Accepted Offer
7
$
33.81
$
453
$
(1,811
)
7
-
$
42,489
Total
18
$
75.87
$
878
$
(7,683
)
18
-
$
208,864
Remaining Non-Income
19
9
10
Sales Progress as of May 9, 2023 (1)
Stabilized
Number
Cap
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Closed since April 4, 2023
-
N/A
-
-
$
-
Under Contract - No DD
2
7.2%
2
-
$
36,650
Under Contract - In DD
1
9.2%
1
-
$
10,400
PSA Neg. / Accepted Offer
-
N/A
-
-
$
-
Total
3
7.6%
3
-
$
47,050
Remaining Stabilized Sales Parcels (2)
6
4
2
Partially Stabilized
Number
Cap
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Closed since April 4, 2023
-
N/A
-
-
$
-
Under Contract - No DD
4
7.6%
4
-
$
115,850
Under Contract - In DD
1
3.0%
1
-
$
16,500
PSA Neg. / Accepted Offer
2
4.3%
2
-
$
14,600
Total
7
6.9%
7
-
$
146,950
Remaining Partially Stabilized Sales Parcels
5
2
3
Pads
Number
Cap
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Closed since April 4, 2023
-
N/A
-
-
$
-
Under Contract - No DD
2
5.7%
2
-
$
7,015
Under Contract - In DD
-
N/A
-
-
$
-
PSA Neg. / Accepted Offer
1
5.3%
1
-
$
2,857
Total
3
5.5%
3
-
$
9,872
Remaining Pad Sales Parcels
2
2
-
Joint Ventures
Number
PSF
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Closed since April 4, 2023
$
-
Under Contract - No DD
4
$
174.24
4
-
$
106,515
Under Contract - In DD
-
N/A
-
-
$
-
PSA Neg. / Accepted Offer
4
$
44.63
4
-
$
35,000
Total
8
$
101.40
8
-
$
141,515
Remaining Joint Venture Sales Parcels
7
2
5
Non-Income Producing
Number
PSF
Per Acre
Carry Cost
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Closed since April 4, 2023
4
$
33.77
$
457
$
(1,601
)
4
-
$
21,125
Under Contract - No DD (3)
7
$
142.25
$
1,481
$
(4,200
)
5
2
$
136,055
Under Contract - In DD
2
$
38.92
$
491
$
(854
)
2
-
$
11,000
PSA Neg. / Accepted Offer
8
$
41.81
$
491
$
(2,392
)
6
2
$
50,239
Total
21
$
74.13
$
831
$
(9,047
)
17
4
$
218,419
Remaining Non-Income
16
7
9
(1) 2023 and 2024 sales projections are based on the Company’s latest forecasts and assumptions, but the Company cautions that actual results may differ materially
(2) Remaining Stabilized Sales Parcels includes one asset under contract as of April 4, 2023 that was subsequently terminated
(3) Gross sales price per square foot excludes one asset which is land only
As of January
2023 Sales Projections as of May 9, 2023
2024 & Beyond Sales Projections as of
Category
Sales Portfolio
Sold
Under
Under
PSA Neg. /
Pipeline
Under
PSA Neg. /
Pipeline
Gateway markets
11
-
1
-
-
-
1
-
9
Primary markets
43
11
8
1
4
11
1
-
7
Secondary markets
35
14
6
1
7
3
-
1
3
Tertiary markets
16
6
2
2
2
3
-
1
-
Market Composition
105
31
17
4
13
17
2
2
19
Multi-Tenant Retail
32
18
6
1
-
4
-
-
3
Premier
10
-
1
-
-
-
1
-
8
Residential
5
2
1
-
-
-
-
-
2
Other Unconsolidated
13
-
3
-
4
2
-
-
4
Non-Core Properties
45
11
6
3
9
11
1
2
2
Property Type Total
105
31
17
4
13
17
2
2
19
Under $10M
57
20
5
2
10
12
-
2
6
$10M $30M
29
10
8
2
3
3
1
-
2
$30M $50M
11
1
2
-
-
2
1
-
5
Over $50M
8
-
2
-
-
-
-
-
6
Transaction Size Total
105
31
17
4
13
17
2
2
19
(1) 2023 and 2024 sales projections are based on the Company’s latest forecasts and assumptions, but the Company cautions that actual results may differ materially.
(2) Includes both partial and full asset transactions currently being forecasted by Seritage. At January 1, 2023, the Company had an interest in 97 properties. It is currently projected that seven of these properties will be parceled and sold in two or more separate transactions each, which is subject to change, resulting in a total portfolio count of 105 transactions at this time.
Portfolio
The table below represents a summary of the Company’s properties by planned usage as of March 31, 2023:
(in thousands except number of leases and acreage data)
Planned Usage
Total
Built SF / Acreage (1)
Leased SF (1)(2)
Avg. Acreage / Site
Consolidated
Multi-Tenant Retail
13
2,019 sf / 198 acres
1,534
15.2
Residential (3)
2
33 sf / 19 acres
33
9.5
Premier
5
235 sf / 99 acres
163
19.7
Non-Core (4)
35
5,292 sf / 428 acres
325
12.2
Unconsolidated
Other Entities
13
1,106 sf / 185 acres
278
14.2
Residential (3)
1
49 sf / 12 acres
32
11.7
Premier
3
158 sf / 57 acres
106
19.0
(1) Square footage is presented at the Company’s proportional share.
(2) Based on signed leases at March 31, 2023.
(3) Square footage represents built ancillary retail space whereas acreage represents both retail and residential acreage.
(4) Represents assets the Company previously designated for sale.
Multi-Tenant Retail
During the three months ended March 31, 2023, the Company invested $4.1 million
The table below provides a summary of all Multi-Tenant Retail signed leases as of March 31, 2023, including unconsolidated entities at the Company’s proportional share:
(in thousands except number of leases and PSF data)
Number of
Leased
% of Total
Gross Annual
% of
Gross Annual
Tenant
Leases
GLA
Leasable GLA
Rent ("ABR")
Total ABR
Rent PSF
In-place retail leases
55
1,374
68.1
%
$
30,014
90.7
%
$
21.84
SNO retail leases (1)
9
160
7.9
%
3,085
9.3
%
19.28
Total retail leases
64
1,534
76.0
%
$
33,099
100.0
%
$
21.58
(1) SNO = signed not yet opened leases.
During the three months ended March 31, 2023, the Company signed new leases at its retail properties totaling approximately 76 thousand square feet at an average base rent of $10.54 76.0% for its multi-tenant retail properties. As of March 31, 2023, there is an additional approximately 484 thousand square feet available for lease.
(in thousands except number of leases and PSF data)
Number of
GLA
ABR
Annual
As of December 31, 2022
15
141
$
3,355
$
23.79
Sold / terminated
(8
)
(58
)
(1,071
)
18.47
Signed
2
76
801
10.54
As of March 31, 2023
9
159
$
3,085
$
19.28
Premier Mixed-Use
The Company has three premier mixed-use projects in the active leasing/tenant opening stage: Aventura, FL , Santa Monica, CA and San Diego, CA. As of March 31, 2023, the Company has 205 thousand in-place leased square feet (112 thousand square feet at share), 171 thousand square feet signed but not opened (157 thousand square feet at share), and 175 thousand square feet available for lease (124 thousand square feet at share).
The table below provides a summary of all signed leases at Premier assets as of March 31, 2023, including unconsolidated entities at the Company’s proportional share:
Number of
Leased
% of Total
Net Annual
% of Total
Net Annual
Tenant
Leases
GLA
Leasable GLA
Base Rent
Annual Rent
Rent PSF
In-place retail leases
22
50
12.8
%
$
3,215
17.6
%
$
64.30
In-place office leases
1
62
15.7
%
4,220
23.2
%
68.06
SNO retail leases as of December 31, 2022(1)
27
111
8,612
77.59
Opened
(6
)
(8
)
(503
)
62.88
Signed
1
8
570
71.25
SNO retail leases as of March 31, 2023(1)
22
111
28.2
%
8,679
47.6
%
78.19
SNO office leases as of December 31, 2022(1)
4
108
$
6,329
58.60
Opened
(1
)
(62
)
$
(4,220
)
68.06
SNO retail leases as of March 31, 2023(1)
3
46
11.8
%
$
2,109
11.6
%
45.85
Total diversified leases as of March 31, 2023
48
270
68.5
%
$
18,223
100.0
%
$
67.49
(1) SNO = Signed not yet opened leases
(2) In thousands except number of leases and PSF data
During the three months ended March 31, 2023, the Company invested $27.2 million $2.8 million
Aventura
During the first quarter of 2023, the Company continued to advance 216 thousand square feet of office and retail leasing at the project in Aventura, FL. The Company is finalizing construction on the asset and remains on track to open its first tenants to the public in the second quarter of 2023, with rolling openings thereafter.
During the quarter ended March 31, 2023, the Company signed one new lease totaling eight thousand square feet at an average base rent of $71.25 66.6% , the Company has 72 thousand square feet available for lease, of which one thousand square feet is in lease negotiation and has leasing activity on over an additional 71 thousand square feet.
Financial Summary
The table below provides a summary of the Company’s financial results for the three months ended March 31, 2023:
(in thousands except per share amounts)
Three Months Ended
March 31, 2023
March 31, 2022
Net loss attributable to Seritage
$
(63,211
)
$
(53,430
)
Net loss per share attributable to Seritage
(1.13
)
(1.22
)
Total NOI
3,104
10,493
For the quarter ended March 31, 2023:
Total NOI for the first quarter of 2023 reflects the impact of $0.5 million
Total NOI is comprised of:
(in thousands)
Three Months Ended March 31,
Consolidated Properties
2023
2022
Multi-tenant retail
$
6,432
$
6,205
Premier
(1,441
)
(1,400
)
Residential
(735
)
(717
)
Non-Core
(2,317
)
(687
)
Sold
(352
)
5,568
Total
1,587
8,969
Unconsolidated Properties
Residential
9
(289
)
Premier
331
(209
)
Other joint ventures
1,177
2,022
Total
1,517
1,524
Total NOI
$
3,104
$
10,493
As of March 31, 2023, the Company had cash on hand of $132.1 million $11.6 million
Dividends
On February 15, 2023, the Company’s Board of Trustees declared a preferred stock dividend of $0.43 75
On April 27, 2023, the Company’s Board of Trustees declared a preferred stock dividend of $0.43 75
The Company’s Board of Trustees does not expect to declare dividends on its common shares until such time as the Term Loan Facility has been repaid in full.
Strategic Review
At the 2022 Annual Meeting of Shareholders on October 24, 2022, Seritage shareholders approved the Company’s Plan of Sale. The strategic review process remains ongoing as the Company executes the Plan of Sale, and the Company remains open minded to pursuing value maximizing alternatives, including a potential sale of the Company. There can be no assurance regarding the success of the process.
Market Update
As the Company has previously disclosed, the Company, along with the commercial real estate market as a whole, has experienced and continues to experience progressively more challenging market conditions as a result of a variety of factors. These conditions have applied and continue to apply downward pricing pressure on all of our assets. In making decisions regarding whether and when to transact on each of the Company’s remaining assets, the Company will consider various factors including, but not limited to, the breadth of the buyer universe, macroeconomic conditions, the availability and cost of financing, as well as corporate, operating and other capital expenses required to carry the asset. If these challenging market conditions persist, then we expect that they will impact the Plan of Sale proceeds from our assets and the amounts and timing of distributions to shareholders.
D&O Insurance Litigation
On March 2, 2021, the Company brought a lawsuit in Delaware state court against QBE Insurance Corporation, Endurance American Insurance Company, Allianz Global Risks US Insurance Company and Continental Casualty Company, each of which are D&O insurance providers of the Company (the “D&O Insurers”). The Company’s lawsuit sought, among other things, declaratory relief and money damages as a result of certain of the D&O Insurers refusal to pay certain costs and expenses related to the defense of the Sears Bankruptcy Litigation. During the fourth quarter of 2022, the Company reached settlement agreements with two of the D&O Insurers and received gross proceeds of $12.7 million $11.6 million $3.8 million $7.8 million
Supplemental Report
A Supplemental Report will be available in the Investors section of the Company’s website, www.seritage.com .
Non-GAAP Financial Measures
The Company makes references to NOI and Total NOI which are financial measures that include adjustments to accounting principles generally accepted in the United States (“GAAP”).
Neither of NOI or Total NOI are measures that (i) represent cash flow from operations as defined by GAAP; (ii) are indicative of cash available to fund all cash flow needs, including the ability to make distributions; (iii) are alternatives to cash flow as a measure of liquidity; or (iv) should be considered alternatives to net income (which is determined in accordance with GAAP) for purposes of evaluating the Company’s operating performance. Reconciliations of these measures to the respective GAAP measures the Company deems most comparable have been provided in the tables accompanying this press release.
Net Operating Income ("NOI”) and Total NOI
NOI is defined as income from property operations less property operating expenses. Other real estate companies may use different methodologies for calculating NOI, and accordingly the Company’s depiction of NOI may not be comparable to other real estate companies. The Company believes NOI provides useful information regarding Seritage, its financial condition, and results of operations because it reflects only those income and expense items that are incurred at the property level.
The Company also uses Total NOI, which includes its proportional share of unconsolidated properties. This form of presentation offers insights into the financial performance and condition of the Company as a whole given the Company’s ownership of unconsolidated properties that are accounted for under GAAP using the equity method.
The Company also considers NOI and Total NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI variable items such as termination fee income, as well as non-cash items such as straight-line rent and amortization of lease intangibles.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that could cause or contribute to such differences include, but are not limited to: declines in retail, real estate and general economic conditions; the impact of the COVID-19 pandemic on the business of the Company’s tenants and business, income, cash flow, results of operations, financial condition, liquidity, prospects, ability to service the Company’s debt obligations and ability to pay dividends and other distributions to shareholders; risks relating to redevelopment activities; contingencies to the commencement of rent under leases; the terms of the Company’s indebtedness and other legal requirements to which the Company is subject; failure to achieve expected occupancy and/or rent levels within the projected time frame or at all; the impact of ongoing negative operating cash flow on the Company’s ability to fund operations and ongoing development; the Company’s ability to access or obtain sufficient sources of financing to fund the Company’s liquidity needs; the Company’s relatively limited history as an operating company; and environmental, health, safety and land use laws and regulations. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the “Risk Factors” and forward-looking statement disclosure contained in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2022. While the Company believes that its forecasts and assumptions are reasonable, the Company cautions that actual results may differ materially. The Company intends the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.
About Seritage Growth Properties
Seritage is principally engaged in the ownership, development, redevelopment, management and leasing of retail and mixed-use properties throughout the United States . As of March 31, 2023, the Company’s portfolio consisted of interests in 72 properties comprised of approximately 10.2 million square feet of gross leasable area (“GLA”) or build-to-suit leased area, approximately 157 acres held for or under development and approximately 5.3 million square feet or approximately 428 acres to be disposed of. The portfolio consists of approximately 7.6 million square feet of GLA held by 55 wholly owned properties (such properties, the “Consolidated Properties”) and 2.6 million square feet of GLA held by 17 unconsolidated entities (such properties, the “Unconsolidated Properties”).
SERITAGE GROWTH PROPERTIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)
March 31, 2023
December 31, 2022
ASSETS
Investment in real estate
Land
$
154,807
$
172,813
Buildings and improvements
464,586
463,616
Accumulated depreciation
(55,347
)
(57,330
)
564,046
579,099
Construction in progress
157,824
185,324
Net investment in real estate
721,870
764,423
Real estate held for sale
245,894
455,617
Investment in unconsolidated entities
353,919
382,597
Cash and cash equivalents
120,476
133,480
Restricted cash
11,576
11,459
Tenant and other receivables, net
25,982
41,495
Lease intangible assets, net
1,615
1,791
Prepaid expenses, deferred expenses and other assets, net
35,041
50,859
Total assets (1)
$
1,516,373
$
1,841,721
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Term loan facility, net
$
799,859
$
1,029,754
Accounts payable, accrued expenses and other liabilities
58,559
89,368
Total liabilities (1)
858,418
1,119,122
Commitments and contingencies (Note 9)
Shareholders' Equity
Class A common shares $0.01
561
561
Series A preferred shares $0.01 $70,000
28
28
Additional paid-in capital
1,360,060
1,360,411
Accumulated deficit
(703,742
)
(640,531
)
Total shareholders' equity
656,907
720,469
Non-controlling interests
1,048
2,130
Total equity
657,955
722,599
Total liabilities and shareholders' equity
$
1,516,373
$
1,841,721
(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets, as of March 31, 2023, include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $3.3 million $2.8 million $(0.7) million $3.4 million $6.6 million $3.9 million $(1.0) million $4.0 million
SERITAGE GROWTH PROPERTIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
2023
2022
REVENUE
Rental income
$
418
$
29,084
Management and other fee income
262
1,821
Total revenue
680
30,905
EXPENSES
Property operating
8,185
11,032
Real estate taxes
1,537
8,150
Depreciation and amortization
4,564
11,934
General and administrative
12,220
9,092
Total expenses
26,506
40,208
Gain (loss) on sale of real estate, net
12,392
(1,015
)
Impairment of real estate assets
(2,576
)
(991
)
Equity in loss of unconsolidated entities
(36,372
)
(33,076
)
Interest and other income
5,585
11
Interest expense
(15,202
)
(22,588
)
Loss before income taxes
(61,999
)
(66,962
)
Benefit (provision) for income taxes
13
(25
)
Net loss
(61,986
)
(66,987
)
Net loss attributable to non-controlling interests
—
14,782
Net loss attributable to Seritage
$
(61,986
)
$
(52,205
)
Preferred dividends
(1,225
)
(1,225
)
Net loss attributable to Seritage common shareholders
$
(63,211
)
$
(53,430
)
Net loss per share attributable to Seritage Class A
$
(1.13
)
$
(1.22
)
Net loss per share attributable to Seritage Class A
$
(1.13
)
$
(1.22
)
Weighted average Class A common shares
56,059
43,634
Weighted average Class A common shares
56,059
43,634
Reconciliation of Net Loss to NOI and Total NOI (in thousands)
Three Months Ended March 31,
NOI and Total NOI
2023
2022
Net loss
$
(61,986
)
$
(66,987
)
Termination fee income
—
(277
)
Management and other fee income
(262
)
(1,821
)
Depreciation and amortization
4,564
11,934
General and administrative expenses
12,220
9,092
Equity in loss of unconsolidated entities
36,372
33,076
(Gain) loss on sale of real estate, net
(12,392
)
1,015
Impairment of real estate assets
2,576
991
Interest and other income
(5,585
)
(11
)
Interest expense
15,202
22,588
(Benefit) provision for income taxes
(13
)
25
Straight-line rent
10,843
(721
)
Above/below market rental expense
48
65
NOI
$
1,587
$
8,969
Unconsolidated entities
Net operating income of unconsolidated entities
1,659
1,846
Straight-line rent
(147
)
(328
)
Above/below market rental expense
5
6
Total NOI
$
3,104
$
10,493
View source version on businesswire.com: https://www.businesswire.com/news/home/20230509006215/en/
Seritage Growth Properties
IR@Seritage.com
Source: Seritage Growth Properties
