0000000000-24-005223.txt : 20240624 0000000000-24-005223.hdr.sgml : 20240624 20240508133607 ACCESSION NUMBER: 0000000000-24-005223 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20240508 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Seritage Growth Properties CENTRAL INDEX KEY: 0001628063 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 383976287 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD SEC FILE NUMBER: 001-37420 BUSINESS ADDRESS: STREET 1: 500 FIFTH AVENUE STREET 2: SUITE 1530 CITY: NEW YORK STATE: NY ZIP: 10110 BUSINESS PHONE: 2123557800 MAIL ADDRESS: STREET 1: 500 FIFTH AVENUE STREET 2: SUITE 1530 CITY: NEW YORK STATE: NY ZIP: 10110 FORMER COMPANY: FORMER CONFORMED NAME: Seritage Growth Properties, Inc. 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Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Form 10-K for the year ended December 31, 2023 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations Non-GAAP Supplemental Financial Measures and Definitions, page 44 1. We note your disclosure that NOI is defined as income from property operations less property operating expenses; however, your reconciliation of GAAP net loss to NOI indicates that you have made an adjustment for Straight-line rent. Please revise your calculation and/or definition of NOI to ensure the calculation is consistent with the definition. This comment also applies to your earnings release. 2. We note your presentation of total NOI includes your proportionate share of unconsolidated entity activity. Please revise your filing to disclose that you do not control the joint ventures and that the presentation of your proportionate share of NOI does not represent your legal claim to this activity. The comment also applies to your earnings release. John Garilli Seritage Growth Properties May 8, 2024 Page 2 In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Please contact Eric McPhee at 202-551-3693 or Jennifer Monick at 202-551-3295 with any questions. FirstName LastNameJohn Garilli Sincerely, Comapany NameSeritage Growth Properties Division of Corporation Finance May 8, 2024 Page 2 Office of Real Estate & Construction FirstName LastName