Seritage Growth Properties Reports Second Quarter 2023 Operating Results
Seritage Growth Properties (NYSE: SRG) reported financial and operating results for the three and six months ended June 30, 2023. The company has sold 127 properties for $1.4 billion in gross proceeds, paid down $960 million on its term loan, and has over $200 million of assets under contract or with accepted offers. The company is making progress on its strategy to maximize value for shareholders.
Positive
Rapid deleveraging and significant reduction in debt service and negative carry
Sale of 127 properties for $1.4 billion in gross proceeds
Over $200 million of assets under contract or with accepted offers
Negative
Net loss attributable to common shareholders of ($96.9) million
Total Net Operating Income of $3.0 million
Impairment of $101.5 million on development property
08/14/2023 - 04:59 PM
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 and six months ended June 30, 2023.
“We continue to make to progress on our strategy to maximize value for our shareholders. Since initiating our plan of sale in March of 2022, we have sold 127 properties for approximately $1.4 billion $960 million $67.2 million $21.9 million $654.6 million $200 million
Sale Highlights:
Generated $295.4 million
Subsequent to quarter end, generated $68.4 million
The Company has nine assets under contract for sale with no due diligence contingencies or with an exercised put option for total anticipated proceeds of $133.3 million $26.9 million
The Company has accepted offers on and is currently negotiating definitive purchase and sale agreements on six wholly owned assets and one joint venture asset for total gross proceeds of approximately $62.2 million
Financial Highlights:
For the three months ended June 30, 2023:
As of June 30, 2023, the Company had cash on hand of $137.8 million $12.9 million $190.9 million $12.9 million $70 million
Net loss attributable to common shareholders of ($96.9) million , or ($1.73
Total Net Operating Income (“Total NOI”) of $3.0 million
During the quarter, the Company made $250 million $550 million $70 million $480 million
During the quarter, the Company recorded a total of $104.5 million
Other Highlights
Signed one lease and one lease expansion covering 11 thousand square feet in the second quarter at an average projected annual net rent of $30.91
One ground lease covering approximately 5 thousand square feet at a Multi-Tenant Retail asset at a projected annual net rent of $38.50
One ground floor lease expansion covering approximately 6 thousand square feet at a Multi-Tenant Retail asset at a projected annual net rent of $24.30
Opened seven tenants in the second quarter totaling approximately 26 thousand square feet (18 thousand square feet at share) at an average net rent of $57.90
Sales Activity
The two tables below provide additional information regarding the Company’s disposition activity. The first table provides disposition information as of August 11, 2023. The second table provides updated information, as of August 11, 2023, on portfolio status by market, property type and transaction size consistent.
Sales Progress as of August 11, 2023 (1) (2)
Stabilized
Number
Cap
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Closed since March 31, 2023
2
7.2%
2
-
$
36,650
Under Contract - No DD
2
7.5%
2
-
$
48,200
Under Contract - In DD
1
6.6%
1
-
$
5,200
PSA Neg. / Accepted Offer
1
7.4%
1
-
$
34,000
Total
6
7.3%
6
-
$
124,050
Remaining Stabilized Sales Parcels
3
-
3
Partially Stabilized
Number
Cap
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Closed since March 31, 2023
5
7.3%
5
-
$
102,450
Under Contract - No DD
2
5.8%
1
1
$
43,500
Under Contract - In DD
-
N/A
-
-
$
-
PSA Neg. / Accepted Offer
-
N/A
-
-
$
-
Total
7
6.8%
6
1
$
145,950
Remaining Partially Stabilized Sales Parcels
5
2
3
Pads
Number
Cap
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Closed since March 31, 2023
2
5.7%
2
-
$
7,015
Under Contract - No DD
1
9.8%
1
-
$
2,450
Under Contract - In DD
1
5.5%
1
-
$
2,727
PSA Neg. / Accepted Offer
1
6.1%
1
-
$
4,000
Total
5
6.4%
5
-
$
16,192
Remaining Pad Sales Parcels
-
-
-
Joint Ventures
Number
PSF
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Closed since March 31, 2023
7
$
101.47
7
-
$
114,675
Under Contract - No DD
1
$
97.82
1
-
$
25,964
Under Contract - In DD
-
N/A
-
-
$
-
PSA Neg. / Accepted Offer
1
$
43.53
1
-
$
8,139
Total
9
$
94.01
9
-
$
148,778
Remaining Joint Venture Sales Parcels
7
1
6
Non-Income Producing
Number
PSF
Per Acre
Carry Cost
2023 Sales
2024 & Beyond Sales
Gross Proceeds
Closed since March 31, 2023
11
$
76.19
$
754
$
(5,809
)
11
-
$
102,997
Under Contract - No DD (3)
3
$
19.60
$
417
$
(822
)
3
-
$
13,137
Under Contract - In DD
2
$
69.73
$
890
$
(602
)
2
-
$
18,952
PSA Neg. / Accepted Offer
4
$
24.28
$
259
$
(1,241
)
3
1
$
16,100
Total
20
$
51.13
$
601
$
(8,474
)
19
1
$
151,186
Remaining Non-Income Producing Sales Parcels
18
5
13
As of
2023 Sales Projections as of August 11, 2023
2024 & Beyond Sales Projections as of August 11, 2023
Category
Sales Portfolio
Sold
Under Contract - No DD
Under Contract - in DD
PSA Neg. / Accepted Offer
Pipeline
Under Contract - No DD
PSA Neg. / Accepted Offer
Pipeline
Gateway markets
11
1
-
-
-
-
-
-
10
Primary markets
44
20
5
2
1
4
1
-
11
Secondary markets
35
24
1
2
2
2
-
1
3
Tertiary markets
17
9
2
-
3
2
-
-
1
Market Composition Total
107
54
8
4
6
8
1
1
25
Multi-Tenant Retail
32
23
2
-
1
1
1
-
4
Premier
10
1
-
-
-
-
-
-
9
Residential
5
3
-
-
-
-
-
-
2
Other Unconsolidated Entities
13
6
1
-
1
1
-
-
4
Non-Core Properties
47
21
5
4
4
6
-
1
6
Property Type Total
107
54
8
4
6
8
1
1
25
Under $10M
60
31
5
3
5
7
-
1
8
$10M $30M
28
19
2
1
-
1
-
-
5
$30M $50M
11
2
1
-
1
-
1
-
6
Over $50M
8
2
-
-
-
-
-
-
6
Transaction Size Total
107
54
8
4
6
8
1
1
25
(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.
Portfolio
The table below represents a summary of the Company’s properties by planned usage as of June 30, 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
8
1,299 sf / 130 acres
948
16.3
Residential (3)
2
33 sf / 19 acres
33
9.5
Premier
4
228 sf / 69 acres
156
17.2
Non-Core (4)
24
3,624 sf / 303 acres
182
12.6
Unconsolidated
Other Entities
8
626 sf / 130 acres
152
16.2
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.
Multi-Tenant Retail
During the three months ended June 30, 2023, the Company invested $1.2 million
The table below provides a summary of all Multi-Tenant Retail signed leases as of June 30, 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 Base
% of
Gross Annual
Tenant
Leases
GLA
Leasable GLA
Rent ("ABR")
Total ABR
Rent PSF
In-place retail leases
38
784
60.3
%
$
19,126
85.9
%
$
24.40
SNO retail leases (1)(2)
8
164
12.7
%
3,146
14.1
%
19.18
Total retail leases
46
948
73.0
%
$
22,272
100.0
%
$
23.49
(1) SNO = signed not yet opened leases.
(2) SNO GLA and rent include one tenant expansion signed in Q2 2023 not counted as a lease.
During the three months ended June 30, 2023, the Company signed one new lease and one lease expansion at its retail properties totaling approximately 11 thousand square feet at an average base rent of $30.91 73.0% for its multi-tenant retail properties. As of June 30, 2023, there is an additional approximately 351 thousand square feet available for lease.
(in thousands except number of leases and PSF data)
Number of
Annual
SNO Leases
GLA
ABR
Rent PSF
As of March 31, 2023
9
159
$
3,085
$
19.40
Opened
(1
)
(4
)
(129
)
32.25
Sold / terminated
(1
)
(2
)
(150
)
75.00
Signed
1
11
340
30.91
As of June 30, 2023
8
164
$
3,146
$
19.18
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 June 30, 2023, the Company has 205 thousand in-place leased square feet (109 thousand square feet at share), 163 thousand square feet signed but not opened (153 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 June 30, 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
24
47
12.1
%
$
3,070
17.3
%
$
65.32
In-place office leases
1
62
16.0
%
4,220
23.8
%
68.06
SNO retail leases as of March 31, 2022(1)
22
111
8,679
78.19
Opened
(4
)
(4
)
(381
)
95.25
SNO retail leases as of June 30, 2023(1)
18
107
27.8
%
8,298
46.9
%
77.55
SNO office leases as of March 31, 2022(1)
3
46
2,109
45.85
Opened
—
—
—
—
SNO retail leases as of June 30, 2023(1)
3
46
11.9
%
2,109
11.9
%
45.85
Total diversified leases as of June 30, 2023
46
262
67.8
%
$
17,697
100.0
%
$
67.55
(1) SNO = Signed not yet opened leases
(2) In thousands except number of leases and PSF data
During the three months ended June 30, 2023, the Company invested $15.4 million $3.0 million
Aventura
During the second 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 opened its first tenants to the public in July and August 2023 representing approximately 26 thousand square feet and will continue with rolling openings going forward.
With occupancy at 66.6% , the Company has 72 thousand square feet available for lease, of which 32 thousand square feet is in lease negotiation and has leasing activity on over an additional 31 thousand square feet. See the “Impairment” section below for a discussion of the impairment the Company recognized for the three months ended June 30, 2023 on its development property in Aventura, FL.
Financial Summary
The table below provides a summary of the Company’s financial results for the three and six months ended June 30, 2023:
(in thousands except per share amounts)
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Net loss attributable to Seritage
$
(96,932
)
$
(111,980
)
$
(160,143
)
$
(165,410
)
Net loss per share attributable to Seritage
(1.73
)
(2.56
)
(2.85
)
(3.79
)
Total NOI
2,996
10,602
6,099
21,095
For the quarter ended June 30, 2023:
Total NOI for the second quarter of 2023 reflects the impact of $(0.1) million
Total NOI is comprised of:
(in thousands)
Three Months Ended June 30,
Consolidated Properties
2023
2022
Multi-tenant retail
$
3,920
$
3,936
Premier
(402
)
(163
)
Residential
(57
)
—
Non-Core
(1,331
)
(1,044
)
Sold
(138
)
5,828
Total
1,992
8,557
Unconsolidated Properties
Residential
194
84
Premier
306
(96
)
Other joint ventures
504
2,057
Total
1,004
2,045
Total NOI
$
2,996
$
10,602
As of June 30, 2023, the Company had cash on hand of $137.8 million $12.9 million
Impairment
During the quarter ended June 30, 2023, due to increasing development and construction costs and deteriorating market conditions, the Company recognized a $101.5 million Aventura, FL. In accordance with GAAP, the impairment was recognized as a result of the carrying value of the asset exceeding the undiscounted cash flows over the estimated holding period. The amount of the impairment is determined by applying a discount to the projected cash flows and writing down the carrying value to the discounted current fair value.
The Company will continue to evaluate its portfolio, including its development plans and holding periods, which may result in additional impairments in future periods.
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
On July 23, 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 and any subsequent Form 10-Qs. 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 June 30, 2023, the Company’s portfolio consisted of interests in 50 properties comprised of approximately 6.8 million square feet of gross leasable area (“GLA”) or build-to-suit leased area, approximately 157 acres held for or under development and approximately 3.6 million square feet or approximately 303 acres to be disposed of. The portfolio consists of approximately 5.2 million square feet of GLA held by 38 wholly owned properties (such properties, the “Consolidated Properties”) and 1.7 million square feet of GLA held by 12 unconsolidated entities (such properties, the “Unconsolidated Properties”).
SERITAGE GROWTH PROPERTIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)
June 30, 2023
December 31, 2022
ASSETS
Investment in real estate
Land
$
134,291
$
172,813
Buildings and improvements
356,952
463,616
Accumulated depreciation
(43,369
)
(57,330
)
447,874
579,099
Construction in progress
128,931
185,324
Net investment in real estate
576,805
764,423
Real estate held for sale
98,084
455,617
Investment in unconsolidated entities
301,493
382,597
Cash and cash equivalents
124,850
133,480
Restricted cash
12,904
11,459
Tenant and other receivables, net
22,188
41,495
Lease intangible assets, net
1,524
1,791
Prepaid expenses, deferred expenses and other assets, net
30,119
50,859
Total assets (1)
$
1,167,967
$
1,841,721
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Term loan facility, net
$
549,965
$
1,029,754
Accounts payable, accrued expenses and other liabilities
56,320
89,368
Total liabilities (1)
606,285
1,119,122
Commitments and contingencies (Note 9)
Shareholders' Equity
Class A common shares $0.01
562
561
Series A preferred shares $0.01 $70,000
28
28
Additional paid-in capital
1,360,718
1,360,411
Accumulated deficit
(800,674
)
(640,531
)
Total shareholders' equity
560,634
720,469
Non-controlling interests
1,048
2,130
Total equity
561,682
722,599
Total liabilities and equity
$
1,167,967
$
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 June 30, 2023, include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $3.3 million $2.8 million $(0.8) million $2.3 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
Six Months Ended
2023
2022
2023
2022
REVENUE
Rental income
$
5,517
$
29,418
$
5,935
$
58,502
Management and other fee income
367
286
629
2,107
Total revenue
5,884
29,704
6,564
60,609
EXPENSES
Property operating
5,196
10,801
13,381
21,833
Real estate taxes
2,170
6,425
3,707
14,575
Depreciation and amortization
4,151
10,669
8,715
22,603
General and administrative
10,099
11,093
22,319
20,185
Litigation settlement
—
35,000
—
35,000
Total expenses
21,616
73,988
48,122
114,196
Gain on sale of real estate, net
33,488
68,031
45,880
67,016
Gain on sale of interest in unconsolidated entities
7,323
—
7,323
—
Impairment of real estate assets
(104,467
)
(109,343
)
(107,043
)
(110,334
)
Equity in loss of unconsolidated entities
(13,698
)
(33,720
)
(50,070
)
(66,796
)
Interest and other income
9,869
99
15,454
110
Interest expense
(12,528
)
(22,663
)
(27,730
)
(45,251
)
Loss before income taxes
(95,745
)
(141,880
)
(157,744
)
(208,842
)
Benefit (provision) for income taxes
38
(203
)
51
(228
)
Net loss
(95,707
)
(142,083
)
(157,693
)
(209,070
)
Net loss attributable to non-controlling interests
—
31,328
—
46,110
Net loss attributable to Seritage
$
(95,707
)
$
(110,755
)
$
(157,693
)
$
(162,960
)
Preferred dividends
(1,225
)
(1,225
)
(2,450
)
(2,450
)
Net loss attributable to Seritage common shareholders
$
(96,932
)
$
(111,980
)
$
(160,143
)
$
(165,410
)
Net loss per share attributable to Seritage Class A
$
(1.73
)
$
(2.56
)
$
(2.85
)
$
(3.79
)
Net loss per share attributable to Seritage Class A
$
(1.73
)
$
(2.56
)
$
(2.85
)
$
(3.79
)
Weighted average Class A common shares
56,173
43,677
56,116
43,656
Weighted average Class A common shares
56,173
43,677
56,116
43,656
Reconciliation of Net Loss to NOI and Total NOI (in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
NOI and Total NOI
2023
2022
2023
2022
Net loss
$
(95,707
)
$
(142,083
)
$
(157,693
)
$
(209,070
)
Termination fee income
—
(92
)
—
(369
)
Management and other fee income
(367
)
(286
)
(629
)
(2,107
)
Depreciation and amortization
4,151
10,669
8,715
22,603
General and administrative expenses
10,099
11,093
22,319
20,185
Litigation settlement
—
35,000
—
35,000
Equity in loss of unconsolidated entities
13,698
33,720
50,070
66,796
Gain on sale of interest in unconsolidated entities
(7,323
)
—
(7,323
)
—
Gain on sale of real estate, net
(33,488
)
(68,031
)
(45,880
)
(67,016
)
Impairment of real estate assets
104,467
109,343
107,043
110,334
Interest and other income
(9,869
)
(99
)
(15,454
)
(110
)
Interest expense
12,528
22,663
27,730
45,251
(Benefit) provision for income taxes
(38
)
203
(51
)
228
Straight-line rent
3,796
(3,599
)
14,638
(4,320
)
Above/below market rental expense
45
56
93
121
NOI
$
1,992
$
8,557
$
3,578
$
17,526
Unconsolidated entities
Net operating income of unconsolidated entities
1,301
2,267
2,959
4,113
Straight-line rent
(294
)
(228
)
(440
)
(556
)
Above/below market rental expense
(3
)
6
2
12
Total NOI
$
2,996
$
10,602
$
6,099
$
21,095
View source version on businesswire.com: https://www.businesswire.com/news/home/20230814953698/en/
Seritage Growth Properties
IR@Seritage.com
Source: Seritage Growth Properties
How many properties has Seritage Growth Properties sold so far in 2023?
Seritage Growth Properties has sold 127 properties for $1.4 billion in gross proceeds.
What was the net loss attributable to common shareholders for the quarter ended June 30, 2023?
The net loss attributable to common shareholders for the quarter ended June 30, 2023, was ($96.9) million.
What is the ticker symbol for Seritage Growth Properties?
The ticker symbol for Seritage Growth Properties is SRG.
How much cash did Seritage Growth Properties have on hand as of June 30, 2023?
As of June 30, 2023, Seritage Growth Properties had cash on hand of $137.8 million, including $12.9 million of restricted cash.
