8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 02, 2021

SERITAGE GROWTH PROPERTIES

(Exact name of Registrant as Specified in Its Charter)

Maryland	001-37420	38-3976287
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
500 Fifth Avenue, Suite 1530
New York, New York		10110
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 212 355-7800

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common shares of beneficial interest, par value $0.01 per share	SRG	New York Stock Exchange
7.00% Series A cumulative redeemable preferred shares of beneficial interest, par value $0.01 per share	SRG-PA	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 2, 2021, the Company issued a press release regarding its financial results for the three and nine months ended September 30, 2021. A copy of the press release is furnished as Exhibit 99.1 to this report.

In addition, on November 3, 2021, the Company published certain supplementary financial information relating to the three and nine months ended September 30, 2021. Such information is furnished as Exhibit 99.2 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press release dated November 2, 2021.
99.2	Supplementary Financial Information dated November 3, 2021.
104	Cover Page Interactive Data File (embedded within Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SERITAGE GROWTH PROPERTIES
By:	/s/ Matthew Fernand
	Matthew Fernand
	Chief Legal Officer

Date: November 3, 2021

EX-99.1

Exhibit 99.1

 

Seritage Growth Properties Reports Third Quarter 2021 Operating Results

New York – November 2, 2021– Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of 170 retail, residential and mixed-use properties today reported financial and operating results for the three and nine months ended September 30, 2021.

“In the third quarter of 2021, we continued the repositioning of our portfolio into three main business lines: residential developments, both in conjunction with best-in-class partners or led by our in-house team; premier mixed-use assets, including large-scale master planned projects; and multi-tenant retail destinations such as grocery-anchored shopping centers and NNN outparcels,” said Andrea Olshan, Chief Executive Officer and President. “We are particularly excited about our residential opportunities, where we have accelerated the development of roughly 420 acres across 30 sites utilizing our integrated platform. Our team is hard at work advancing our site diligence and rigorously pursuing all necessary entitlements. This in house effort is dual tracked with our residential joint venture developments, and we are excited to be opening the first of these projects in the fourth quarter of this year.”

“As we focus on executing our development and leasing plans, we will continue to evaluate all facets of our company to ensure Seritage is optimally positioned to drive maximum value creation for our shareholders,” Ms. Olshan continued. “As part of this evaluation process, we are engaged in conversations with both our current and potential future lenders as to how to best capitalize our portfolio going forward.”

Financial Highlights:

During the third quarter, the Company reported:

Net loss attributable to common shareholders of ($21.8) million, or ($0.50) per share

Total Net Operating Income (“Total NOI”) of $8.1 million

Funds from Operations (“FFO”) of ($27.7) million, or ($0.49) per share

As of September 30, 2021, the Company had cash on hand of $160.5 million, including $7.2 million of restricted cash

For the nine months ended September 30, 2021:

Net loss attributable to common shareholders of ($104.8) million, or ($2.50) per share

Total NOI of $25.1 million

FFO of ($80.4) million, or ($1.44) per share

Business Highlights

Generated $76.8 million of gross proceeds through disposition activity during the three months ended September 30, 2021 for total gross proceeds of $201.0 million year to date. The Company has additional asset sales under contract for anticipated gross proceeds of $224.4 million, subject to buyer diligence and closing conditions;

Closed on joint venture partnerships for the residential redevelopment of two properties located in West Covina, Calif. and Riverside, Calif. The Company contributed only the portion of the site slated for residential, or 66% of the acreage, to the joint venture at a value of $15.9 million (in aggregate), representing $21,300 per unit, and retained an 80% interest in each entity;

Signed four leases covering 101 thousand square feet in the third quarter at an average projected annual rent of $13.86 PSF; and,

Subsequent to quarter end, the Company signed new leases totaling 49 thousand square feet at a base rent of $18.42 PSF (47 thousand square feet at $17.57 at share). Additionally, the Company generated a leasing pipeline of over 350 thousand square feet (approximately 300 thousand square feet at share), of which approximately 120 thousand square feet are office tenants (approximately 60 thousand square feet at share), with the remainder primarily big box value retailers and other national tenants.

1

Financial Summary

The table below provides a summary of the Company’s financial results for the three months ended September 30, 2021:

(in thousands except per share amounts)	Three Months Ended
	September 30, 2021			June 30, 2021			September 30, 2020
Net loss attributable to Seritage    common shareholders	$	(21,759	)	$	(74,065	)	$	(51,278	)
Net loss per diluted share attributable to Seritage    common shareholders		(0.50	)		(1.73	)		(1.33	)
Total NOI		8,075			7,553			5,979
FFO		(27,696	)		(33,911	)		(19,898	)
FFO per diluted share		(0.49	)		(0.61	)		(0.36	)
Company FFO		(24,909	)		(29,305	)		(25,093	)
Company FFO per diluted share		(0.44	)		(0.52	)		(0.45	)

For the quarter ended September 30, 2021:

Net loss attributable to common shareholders for the third quarter of 2021 includes net gains of $22.8 million, or $0.41 per share, as compared to a net loss of $(14.7) million, or ($0.26) per share, in the third quarter of 2020.

Total NOI for the third quarter of 2021 reflects the impact of property sales and the termination of the remaining Sears leases in the first quarter.

Total NOI is comprised of:

(in thousands)	Three Months Ended
Consolidated Properties	September 30, 2021
Multi-tenant retail	$	11,395
Premier		(458	)
Residential		(3,099	)
Sell		(974	)
Sold		492
Total		7,356
Unconsolidated Properties
Residential		50
Premier		132
Other joint ventures		537
Total		719
Total NOI	$	8,075

Company FFO for the third quarter of 2021 includes net $2.9 million, or $0.05 per share, of charges for severance and restructuring costs.

The Company collected 97% of its billed rent and other recoverable expenses for the third quarter and deferred an additional 1%. The reduction in collections from the first quarter is due to a fitness tenant at one location.

As of September 30, 2021, the Company had cash on hand of $160.5 million, including $7.2 million of restricted cash. The Company expects to use these sources of liquidity, together with a combination of future sales and/or potential debt and capital markets transactions, to fund its operations and select development activity. The availability of funding from sales of assets, partnerships and credit or capital markets transactions is subject to various conditions, including the consent of the Company’s lender under its $1.6 billion term loan facility (the “Term Loan Facility”), and there can be no assurance that such transactions will be consummated.

Dispositions

2

During the three months ended September 30, 2021, the Company sold fiveproperties, generating $76.8 million of gross proceeds. Of the third quarter transactions:

$5.1 million of gross proceeds were from vacant assets sold at $22.87 PSF. The sale of these assets eliminates $0.5 million of carrying costs.

$71.7 million of gross proceeds were from stabilized asset sales at a 5.6% blended in-place capitalization rate.

As of November 2, 2021, the Company had assets under contract for sale representing anticipated gross proceeds of $224.4 million, subject to buyer diligence and closing conditions. The Company intends to realize cumulative gross proceeds of more than $350.0 million in 2021 through its ongoing capital recycling program. Since Seritage began its capital recycling program in July 2017, the Company has raised approximately $1.3 billion of gross cash proceeds from the sale of wholly-owned properties or joint venture interests in 110 properties, plus outparcels at various properties.

Development Activity

During the nine months ended September 30, 2021, the Company invested $77.6 million in its consolidated development and operating properties and an additional $31.7 million into its unconsolidated entities, including $32.6 million and $10.4 million, respectively during the three months ended September 30, 2021.

Multi-Tenant Retail: During the nine months ended September 30, 2021, the Company invested $32.1 million in its multi-tenant retail properties. The last two multi-tenant retail development projects at Roseville, Calif. and Ft. Wayne, Ind. are slated for their grand openings in the fourth quarter of 2021 and third quarter of 2022, respectively, and the remaining capital expenditures in the multi-tenant retail portfolio are primarily comprised of tenant improvements. During the third quarter, the Company opened stores representing 115 thousand square feet and $1.9 million of annual base rent. In total, for the first nine months of 2021, the Company opened stores representing 347 thousand square feet and $5.5 million of annual base rent.

Premier Mixed-Use:During the third quarter of 2021, the Company completed the first phase of its infrastructure work at its Park Heritage project in Dallas, Texas, and expects to complete the second and final phase by the second quarter of 2022. This project is entitled for residential, office and retail, and the Company is in active negotiations with various tenants. During the nine months ended September 30, 2021, the Company invested $33.0 million in its premier mixed-use projects and contributed $3.2 million to its premier mixed-used projects held in unconsolidated entities.

Subsequent to quarter end, the Company announced that the first tenant in its inaugural premier redevelopment opened at The Collection at UTC in San Diego, Calif. The Company continues to believe it is on track to open its project in Aventura, Fla., (Miami MSA), in the fourth quarter of 2022.

Residential: During the third quarter of 2021, the Company closed on legacyjoint venture partnerships for the residential redevelopment of two properties located in West Covina, Calif. and Riverside, Calif. The Company contributed only the residential portion of these projects, or 66% of the acreage, to the joint venture at a value of $15.9 million (in aggregate), representing $21,300 per unit, and retained an 80% interest in each entity. The Company expects to open its first residential joint venture project in the fourth quarter of 2021. During the nine months ended September 30, 2021, the Company invested $1.2 million in its consolidated residential properties and an additional $12.3 million into its residential unconsolidated joint ventures.

Leasing Results

The table below provides a summary of all signed leases as of September 30, 2021, including unconsolidated entities at the Company’s proportional share:

(in thousands except number of leases and per square foot metrics)

	Number of		Leased		% of Total			Annual Base		% of
Tenant	Leases		GLA		Leased GLA			Rent ("ABR")		Total ABR			ABR PSF
In-place diversified leases		255		5,673		82.2	%	$	92,105		76.4	%	$	16.24
SNO diversified leases (1)		71		1,226		17.8	%		28,527		23.6	%		23.27
Total diversified leases		326		6,899		100.0	%	$	120,632		100.0	%	$	17.49

(1)SNO = signed not yet opened leases.

Multi-tenant Retail:The Company has 3.5 million leased square feet and 560 thousand square feet signed but not opened. With occupancy at 82%, the Company has 897 thousand square feet available for lease. During the three months ended September 30, 2021, the Company signed new leases at its retail properties totaling 96 thousand square feet at an average base rent of $13.11 PSF.

3

Additionally, the Company generated a leasing pipeline of over 200 thousand square feet comprised of big box value retailers and other national tenants.

Premier Mixed-Use: The Company has three premier mixed-use projects in the active leasing stage. In addition, for the office components of its mixed-use projects, the Company plans to sign leases prior to construction. As of September 30, 2021, the Company has 59 thousand leased square feet (47 thousand at share), 166 thousand square feet signed but not opened (157 thousand at share), and 389 thousand square feet available for lease (246 thousand at share). Additionally, the Company generated a leasing pipeline of approximately 150 thousand square feet (73 thousand at share).

The table below provides a reconciliation of SNO leases from June 30, 2021 to September 30, 2021, including unconsolidated entities at the Company’s proportional share:

(in thousands except number of leases and per square foot metrics)

(in thousands except number of leases and PSF data)	Number of									Annual
	SNO Leases			GLA			ABR			Rent PSF
As of June 30, 2021		83			1,349		$	32,339		$	23.97
Opened		(14	)		(208	)		(3,793	)		18.26
Sold / Contributed to JVs / terminated		(2	)		(50	)		(1,025	)		20.50
Signed (1)		4			135			1,006			7.44
As of September 30, 2021		71			1,226		$	28,527		$	23.27

(1)One signed lease is at a property the Company expects to sell.

During the three months ended September 30, 2021, the majority of the $1.0 million of SNO leases that were sold, contributed to unconsolidated entities or terminated were comprised of leases opportunistically terminated, or expected to be terminated, at the Company’s option to either mitigate tenant exposure risk or retain the space to execute on what we believe is a more accretive plan.

Dividends

On July 27, 2021, the Company’s Board of Trustees declared a preferred stock dividend of $0.4375 per each Series A Preferred Share. The preferred dividend was paid on October 15, 2021 to holders of record on September 30, 2021.

On October 26, 2021, the Company’s Board of Trustees declared a preferred stock dividend of $0.4375 per each Series A Preferred Share. The preferred dividend will be payable on January 14, 2022 to holders of record on December 31, 2021.

The Company’s Board of Trustees does not expect to declare dividends on its common shares in 2021 unless required to do so to maintain REIT status.

Supplemental Report

A Supplemental Report will be available in the Investors section of the Company’s website, www.seritage.com.

COVID-19 Pandemic

The Coronavirus (“COVID-19”) pandemic has caused and continues to cause significant impacts on the real estate industry in the United States, including the Company’s properties.

As a result of the development, fluidity and uncertainty surrounding this situation, the Company expects that these conditions may change, potentially significantly, in future periods and results for the three and nine months ended September 30, 2021 may not be indicative of the impact of the COVID-19 pandemic on the Company’s business for future periods. As such, the Company cannot reasonably estimate the impact of COVID-19 on its financial condition, results of operations or cash flows over the foreseeable future.

Non-GAAP Financial Measures

The Company makes reference to NOI, Total NOI, FFO and Company FFO which are financial measures that include adjustments to accounting principles generally accepted in the United States (“GAAP”).

4

None of NOI, Total NOI, FFO or Company FFO, 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 REITs may use different methodologies for calculating NOI, and accordingly the Company’s depiction of NOI may not be comparable to other REITs. 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.

Funds from Operations ("FFO") and Company FFO

FFO is calculated in accordance with NAREIT which defines FFO as net income computed in accordance with GAAP, excluding gains (or losses) from property sales, real estate related depreciation and amortization, and impairment charges on depreciable real estate assets. The Company considers FFO a helpful supplemental measure of the operating performance for equity REITs and a complement to GAAP measures because it is a recognized measure of performance by the real estate industry.

The Company makes certain adjustments to FFO, which it refers to as Company FFO, to account for certain non-cash and noncomparable items, such as termination fee income, severance and restructuring costs, unrealized loss on interest rate cap, litigation charges, acquisition-related expenses, amortization of deferred financing costs and certain up-front-hiring costs, that it does not believe are representative of ongoing operating results.

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, the Company’s historical exposure to Sears Holdings and the effects of its previously announced bankruptcy filing; the litigation filed against us and other defendants in the Sears Holdings adversarial proceeding pending in bankruptcy court; risks relating to redevelopment activities; contingencies to the commencement of rent under leases; the terms of the Company’s indebtedness; restrictions with which the Company is required to comply in order to maintain REIT status 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, 2020. 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.

5

About Seritage Growth Properties

Seritage is principally engaged in the ownership, development, redevelopment, management and leasing of diversified and mixed-use properties throughout the United States. As of September 30, 2021, the Company’s portfolio consisted of interests in 170 properties comprised of approximately 10.0 million square feet of GLA or build-to-suit leased area (approximately 8.0 million at share), approximately 4.0 million of which is held by unconsolidated entities (approximately 2.0 million at share), approximately 600 acres held for or under development and approximately 10.0 million square feet of GLA or approximately 850 acres to be disposed of.

Contact

Seritage Growth Properties

(212) 355-7800

IR@Seritage.com

6

Seritage Growth Properties

CONDENSED Consolidated Balance SheetS

(In thousands, except share and per share amounts)

(Unaudited)

	September 30, 2021			December 31, 2020
ASSETS
Investment in real estate
Land	$	516,488		$	592,770
Buildings and improvements		999,343			1,107,532
Accumulated depreciation		(159,347	)		(142,206	)
		1,356,484			1,558,096
Construction in progress		390,443			352,776
Net investment in real estate		1,746,927			1,910,872
Real estate held for sale		12,273			1,864
Investment in unconsolidated entities		464,244			457,033
Cash and cash equivalents		153,378			143,728
Restricted cash		7,150			6,526
Tenant and other receivables, net		27,499			46,570
Lease intangible assets, net		15,970			18,595
Prepaid expenses, deferred expenses and other assets, net		67,265			63,755
Total assets (1)	$	2,494,706		$	2,648,943
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Term Loan Facility, net	$	1,599,226		$	1,598,909
Sales-leaseback financing obligations		20,613			20,425
Accounts payable, accrued expenses and other liabilities		123,178			146,882
Total liabilities (1)		1,743,017			1,766,216
Commitments and contingencies (Note 9)
Shareholders' Equity
Class A common shares $0.01 par value; 100,000,000 shares authorized;    43,631,345 and 38,896,428 shares issued and outstanding    as of September 30, 2021 and December 31, 2020, respectively		436			389
Series A preferred shares $0.01 par value; 10,000,000 shares authorized;    2,800,000 shares issued and outstanding as of September 30, 2021    December 31, 2020; liquidation preference of $70,000		28			28
Additional paid-in capital		1,240,311			1,177,260
Accumulated deficit		(625,491	)		(528,637	)
Total shareholders' equity		615,284			649,040
Non-controlling interests		136,405			233,687
Total equity		751,689			882,727
Total liabilities and shareholders' equity	$	2,494,706		$	2,648,943
(1) The Company's condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The condensed consolidated balance sheets, as of September 30, 2021, include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $6.6 million of land, $3.9 million of building and improvements, $(0.9) million of accumulated depreciation and $4.3 million of other assets included in other line items. The Company's condensed consolidated balance sheets as of December 31, 2020, do not include assets and liabilities of consolidated variable interest entities.

7

Seritage Growth Properties

CONDENSED Consolidated Statements of OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
REVENUE
Rental income	$	28,819		$	33,966		$	87,560		$	88,724
Management and other fee income / (expense)		184			(259	)		598			119
Total revenue		29,003			33,707			88,158			88,843
EXPENSES
Property operating		11,585			11,154			33,514			30,152
Real estate taxes		8,542			9,487			27,758			28,096
Depreciation and amortization		13,159			23,647			39,629			81,446
General and administrative		8,780			11,203			32,002			29,267
Total expenses		42,066			55,491			132,903			168,961
Gain / (loss) on sale of real estate, net		22,774			(14,706	)		65,079			59,959
Impairment of real estate assets		(3,814	)		(14,594	)		(70,053	)		(16,407	)
Equity in loss of unconsolidated entities		(5,535	)		(335	)		(9,024	)		(2,551	)
Interest and other income		48			1,986			8,202			2,460
Interest expense		(26,721	)		(22,742	)		(81,847	)		(66,400	)
Loss before taxes		(26,311	)		(72,175	)		(132,388	)		(103,057	)
Provision for taxes		(38	)		(226	)		(198	)		(215	)
Net loss		(26,349	)		(72,401	)		(132,586	)		(103,272	)
Net loss attributable to non-controlling interests		5,815			22,348			31,492			32,627
Net loss attributable to Seritage	$	(20,534	)	$	(50,053	)	$	(101,094	)	$	(70,645	)
Preferred dividends		(1,225	)		(1,225	)		(3,675	)		(3,675	)
Net loss attributable to Seritage common shareholders	$	(21,759	)	$	(51,278	)	$	(104,769	)	$	(74,320	)
Net loss per share attributable to Seritage Class A    common shareholders - Basic	$	(0.50	)	$	(1.33	)	$	(2.50	)	$	(1.95	)
Net loss per share attributable to Seritage Class A    common shareholders - Diluted	$	(0.50	)	$	(1.33	)	$	(2.50	)	$	(1.95	)
Weighted average Class A common shares    outstanding - Basic		43,631			38,645			41,976			38,172
Weighted average Class A common shares    outstanding - Diluted		43,631			38,645			41,976			38,172

8

Reconciliation of Net Loss to NOI and Total NOI (in thousands)

	Three Months Ended									Nine Months Ended September 30,
NOI and Total NOI	September 30, 2021			June 30, 2021			September 30, 2020			2021			2020
Net loss	$	(26,349	)	$	(95,304	)	$	(72,401	)	$	(132,586	)	$	(103,272	)
Termination fee income		(379	)		—			(5,300	)		(2,990	)		(6,290	)
Management and other fee (income) / expense		(184	)		(279	)		259			(598	)		(119	)
Depreciation and amortization		13,159			13,328			23,647			39,629			81,446
General and administrative expenses		8,780			11,990			11,203			32,002			29,267
Equity in loss of unconsolidated entities		5,535			2,327			335			9,024			2,551
(Gain) / loss on sale of real estate, net		(22,774	)		(18,097	)		14,706			(65,079	)		(59,959	)
Impairment of real estate assets		3,814			64,539			14,594			70,053			16,407
Interest and other income		(48	)		(530	)		(1,986	)		(8,202	)		(2,460	)
Interest expense		26,721			28,976			22,742			81,847			66,400
Provision for income taxes		38			298			226			198			215
Straight-line rent / (expense)		(1,005	)		(1,238	)		(1,774	)		(2,033	)		3,621
Above/below market rental (income) / expense		48			102			(1,541	)		111			(1,677	)
NOI	$	7,356		$	6,112		$	4,710		$	21,376		$	26,130
Unconsolidated entities
Net operating income of unconsolidated entities		666			1,646			1,481			4,749			4,297
Straight-line rent		(272	)		(168	)		(136	)		(576	)		(407	)
Above/below market rental (income) / expense		181			(29	)		(76	)		119			(616	)
Termination fee (income) / expense		144			(9	)		—			(607	)		(293	)
Total NOI	$	8,075		$	7,553		$	5,979		$	25,061		$	29,111

9

Reconciliation of Net Loss to FFO and Company FFO (in thousands)

	Three Months Ended									Nine Months Ended September 30,
FFO and Company FFO	September 30, 2021			June 30, 2021			September 30, 2020			2021			2020
Net income / (loss)	$	(26,349	)	$	(95,304	)	$	(72,401	)	$	(132,586	)	$	(103,272	)
Real estate depreciation and amortization    (consolidated properties)		12,781			12,959			23,158			38,496			79,946
Real estate depreciation and amortization    (unconsolidated entities)		3,971			3,217			1,270			10,354			5,711
(Gain) / loss on sale of real estate		(22,774	)		(18,097	)		14,706			(65,079	)		(59,959	)
Impairment of real estate assets		3,814			64,539			14,594			70,053			16,407
Loss on disposition of real estate    (unconsolidated entities)		2,086			—			—			2,086			—
Dividends on preferred shares		(1,225	)		(1,225	)		(1,225	)		(3,675	)		(3,675	)
FFO attributable to common shareholders    and unitholders	$	(27,696	)	$	(33,911	)	$	(19,898	)	$	(80,351	)	$	(64,842	)
Termination fee income		(379	)		—			(5,300	)		(2,990	)		(6,290	)
Termination fee income    (unconsolidated entities)		144			(9	)		—			(607	)		(293	)
Amortization of deferred financing costs		105			106			105			317			316
Severance and restructuring costs		2,891			2,196			—			5,087			425
Mortgage recording costs		26			2,313			—			2,339			—
Company FFO attributable to common    shareholders and unitholders	$	(24,909	)	$	(29,305	)	$	(25,093	)	$	(76,205	)	$	(70,684	)
FFO per diluted common share and unit	$	(0.49	)	$	(0.61	)	$	(0.36	)	$	(1.44	)	$	(1.16	)
Company FFO per diluted common share and unit	$	(0.44	)	$	(0.52	)	$	(0.45	)	$	(1.36	)	$	(1.27	)
Weighted Average Common Shares and Units Outstanding
Weighted average common shares outstanding		43,631			42,772			38,645			41,976			38,172
Weighted average OP units outstanding		12,355			13,191			17,255			13,978			17,694
Weighted average common shares and    units outstanding		55,986			55,963			55,900			55,954			55,866

10

EX-99.2

Exhibit 99.2

Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “projects,” “would,” “may” or other similar expressions in the Company’s Quarterly Report on Form 10-Q. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 and in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of the Company’s Quarterly Report on Form 10-Q. The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included in Part 1 of the Quarterly Report.

Financial Information

Summary Information

September 30, 2021

(in thousands, except per share and PSF amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
Financial Results	2021			2020			2021			2020
Net loss attributable to Seritage    common shareholders	$	(21,759	)	$	(51,278	)	$	(104,769	)	$	(74,320	)
Total NOI	$	8,075		$	5,979		$	25,061		$	29,111
FFO	$	(27,696	)	$	(19,898	)	$	(80,351	)	$	(64,842	)
Company FFO	$	(24,909	)	$	(25,093	)	$	(76,205	)	$	(70,684	)
Net loss per diluted share attributable to Seritage    common shareholders	$	(0.50	)	$	(1.33	)	$	(2.50	)	$	(1.95	)
FFO per diluted share	$	(0.49	)	$	(0.36	)	$	(1.44	)	$	(1.16	)
Company FFO per diluted share	$	(0.44	)	$	(0.45	)	$	(1.36	)	$	(1.27	)
Wtd. avg. diluted shares - EPS		43,631			38,645			41,976			38,172
Wtd. avg diluted shares - FFO/share		55,986			55,900			55,954			55,866
Stock trading price range	$14.25to$18.22			$9.24to$15.97			$13.86to$23.22			$6.49to$40.50

Condensed Consolidated Balance Sheets (unaudited)

September 30, 2021

(in thousands, except share and per share amounts)

	September 30, 2021			December 31, 2020
ASSETS
Investment in real estate
Land	$	516,488		$	592,770
Buildings and improvements		999,343			1,107,532
Accumulated depreciation		(159,347	)		(142,206	)
		1,356,484			1,558,096
Construction in progress		390,443			352,776
Net investment in real estate		1,746,927			1,910,872
Real estate held for sale		12,273			1,864
Investment in unconsolidated entities		464,244			457,033
Cash and cash equivalents		153,378			143,728
Restricted cash		7,150			6,526
Tenant and other receivables, net		27,499			46,570
Lease intangible assets, net		15,970			18,595
Prepaid expenses, deferred expenses and other assets, net		67,265			63,755
Total assets (1)	$	2,494,706		$	2,648,943
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Term Loan Facility, net	$	1,599,226		$	1,598,909
Sales-leaseback financing obligations		20,613			20,425
Accounts payable, accrued expenses and other liabilities		123,178			146,882
Total liabilities (1)		1,743,017			1,766,216
Commitments and contingencies (Note 9)
Shareholders' Equity
Class A common shares $0.01 par value; 100,000,000 shares authorized;    43,631,345 and 38,896,428 shares issued and outstanding    as of September 30, 2021 and December 31, 2020, respectively		436			389
Series A preferred shares $0.01 par value; 10,000,000 shares authorized;    2,800,000 shares issued and outstanding as of September 30, 2021    December 31, 2020; liquidation preference of $70,000		28			28
Additional paid-in capital		1,240,311			1,177,260
Accumulated deficit		(625,491	)		(528,637	)
Total shareholders' equity		615,284			649,040
Non-controlling interests		136,405			233,687
Total equity		751,689			882,727
Total liabilities and shareholders' equity	$	2,494,706		$	2,648,943
(1) The Company's condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The condensed consolidated balance sheets, as of September 30, 2021, include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $6.6 million of land, $3.9 million of building and improvements, $(0.9) million of accumulated depreciation and $4.3 million of other assets included in other line items. The Company's condensed consolidated balance sheets as of December 31, 2020, do not include assets and liabilities of consolidated variable interest entities.

Condensed Consolidated Statements of Operations (unaudited)

September 30, 2021

(in thousands, except per share amounts)

	Three Months Ended
	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
REVENUE
Rental income	$	28,819		$	27,595		$	31,146		$	27,478		$	33,966		$	21,648		$	33,110
Management and other fee income / (expense)		184			279			135			174			(259	)		171			207
Total revenue		29,003			27,874			31,281			27,652			33,707			21,819			33,317
EXPENSES
Property operating		11,585			11,286			10,643			11,012			11,154			8,697			10,301
Real estate taxes		8,542			9,061			10,155			8,672			9,487			9,384			9,225
Depreciation and amortization		13,159			13,328			13,142			14,551			23,647			23,702			34,097
General and administrative		8,780			11,990			11,232			(418	)		11,203			8,644			9,420
Total expenses		42,066			45,665			45,172			33,817			55,491			50,427			63,043
Gain / (loss) on sale of real estate, net		22,774			18,097			24,208			28,596			(14,706	)		53,877			20,788
Gain on sale of interests in unconsolidated    joint ventures		—			—			—			1,758			—			—			—
Impairment of real estate assets		(3,814	)		(64,539	)		(1,700	)		(47,701	)		(14,594	)		(1,813	)		—
Equity in loss of unconsolidated entities		(5,535	)		(2,327	)		(1,162	)		(2,161	)		(335	)		(1,322	)		(894	)
Interest and other income		48			530			7,624			934			1,986			141			333
Interest expense		(26,721	)		(28,976	)		(26,150	)		(24,916	)		(22,742	)		(22,145	)		(21,513	)
Income / (loss) before taxes		(26,311	)		(95,006	)		(11,071	)		(49,655	)		(72,175	)		130			(31,012	)
Benefit / (provision) for taxes		(38	)		(298	)		138			(37	)		(226	)		(26	)		37
Net income /(loss)		(26,349	)		(95,304	)		(10,933	)		(49,692	)		(72,401	)		104			(30,975	)
Net income / (loss) attributable to non-controlling interests		5,815			22,464			3,213			15,311			22,348			(32	)		10,311
Net income / (loss) attributable to Seritage	$	(20,534	)	$	(72,840	)	$	(7,720	)	$	(34,381	)	$	(50,053	)	$	72		$	(20,664	)
Preferred dividends		(1,225	)		(1,225	)		(1,225	)		(1,225	)		(1,225	)		(1,225	)		(1,225	)
Net loss attributable to Seritage common shareholders	$	(21,759	)	$	(74,065	)	$	(8,945	)	$	(35,606	)	$	(51,278	)	$	(1,153	)	$	(21,889	)
Net loss per share attributable to Seritage Class A    common shareholders - Basic	$	(0.50	)	$	(1.73	)	$	(0.23	)	$	(0.92	)	$	(1.33	)	$	(0.03	)	$	(0.59	)
Net loss per share attributable to Seritage Class A    common shareholders - Diluted	$	(0.50	)	$	(1.73	)	$	(0.23	)	$	(0.92	)	$	(1.33	)	$	(0.03	)	$	(0.59	)
Weighted average Class A common shares    outstanding - Basic		43,631			42,772			39,477			38,675			38,645			38,634			37,232
Weighted average Class A common shares    outstanding - Diluted		43,631			42,772			39,477			38,675			38,645			38,634			37,232

Total Net Operating Income

September 30, 2021

(in thousands)

	Three Months Ended
NOI and Total NOI	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Net income / (loss)	$	(26,349	)	$	(95,304	)	$	(10,933	)	$	(49,692	)	$	(72,401	)	$	104		$	(30,975	)
Termination fee income		(379	)		—			(2,611	)		(1,314	)		(5,300	)		—			(990	)
Management and other fee (income) / expense		(184	)		(279	)		(135	)		(174	)		259			(171	)		(207	)
Depreciation and amortization		13,159			13,328			13,142			14,551			23,647			23,702			34,097
General and administrative expenses		8,780			11,990			11,232			(418	)		11,203			8,644			9,420
Equity in loss of unconsolidated entities		5,535			2,327			1,162			2,161			335			1,322			894
Gain on sale of interests in unconsolidated    entities		—			—			—			(1,758	)		—			—			—
(Gain) / loss on sale of real estate, net		(22,774	)		(18,097	)		(24,208	)		(28,596	)		14,706			(53,877	)		(20,788	)
Impairment of real estate assets		3,814			64,539			1,700			47,701			14,594			1,813			—
Interest and other income		(48	)		(530	)		(7,624	)		(934	)		(1,986	)		(141	)		(333	)
Interest expense		26,721			28,976			26,150			24,916			22,742			22,145			21,513
Provision / (benefit) for income taxes		38			298			(138	)		37			226			26			(37	)
Straight-line rent / (expense)		(1,005	)		(1,238	)		210			1,362			(1,774	)		2,694			2,701
Above/below market rental (income) / expense		48			102			(39	)		(116	)		(1,541	)		(39	)		(97	)
NOI	$	7,356		$	6,112		$	7,908		$	7,726		$	4,710		$	6,222		$	15,198
Unconsolidated entities
Net operating income of unconsolidated entities	$	666		$	1,646		$	2,437		$	1,825		$	1,481		$	1,514		$	1,302
Straight-line rent		(272	)		(168	)		(137	)		(274	)		(136	)		(100	)		(171	)
Above/below market rental (income) / expense		181			(29	)		(33	)		(97	)		(76	)		(58	)		(482	)
Termination fee (income) / expense		144			(9	)		(742	)		(534	)		—			(293	)		—
Total NOI	$	8,075		$	7,553		$	9,433		$	8,646		$	5,979		$	7,285		$	15,847

Funds from Operations and Company FFO

September 30, 2021

(in thousands, except per share amounts)

	Three Months Ended
FFO and Company FFO	September 30, 2021			June 30, 2021			March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Net income / (loss)	$	(26,349	)	$	(95,304	)	$	(10,933	)	$	(49,692	)	$	(72,401	)	$	104		$	(30,975	)
Real estate depreciation and amortization    (consolidated properties)		12,781			12,959			12,756			14,017			23,158			23,201			33,587
Real estate depreciation and amortization    (unconsolidated entities)		3,971			3,217			3,165			3,397			1,270			2,597			1,844
Gain on sale of interests in unconsolidated entities		—			—			—			(1,758	)		—			—			—
(Gain) / loss on sale of real estate, net		(22,774	)		(18,097	)		(24,208	)		(28,596	)		14,706			(53,877	)		(20,788	)
Impairment of real estate assets		3,814			64,539			1,700			47,701			14,594			1,813			—
Loss on disposition of real estate    (unconsolidated entities)		2,086			—			—			—			—			—			—
Dividends on preferred shares		(1,225	)		(1,225	)		(1,225	)		(1,225	)		(1,225	)		(1,225	)		(1,225	)
FFO attributable to common shareholders    and unitholders	$	(27,696	)	$	(33,911	)	$	(18,745	)	$	(16,156	)	$	(19,898	)	$	(27,387	)	$	(17,557	)
Termination fee income		(379	)		—			(2,611	)		(1,314	)		(5,300	)		—			(990	)
Termination fee (income) / expense    (unconsolidated entities)		144			(9	)		(742	)		(534	)		—			(293	)		—
Amortization of deferred financing costs		105			106			106			105			105			105			106
Severance and restructuring costs		2,891			2,196			—			—			—			425			—
Mortgage recording costs		26			2,313			—			—			—			—			—
Company FFO attributable to common    shareholders and unitholders	$	(24,909	)	$	(29,305	)	$	(21,992	)	$	(17,899	)	$	(25,093	)	$	(27,150	)	$	(18,441	)
FFO per diluted common share and unit	$	(0.49	)	$	(0.61	)	$	(0.34	)	$	(0.29	)	$	(0.36	)	$	(0.49	)	$	(0.31	)
Company FFO per diluted common share and unit	$	(0.44	)	$	(0.52	)	$	(0.39	)	$	(0.32	)	$	(0.45	)	$	(0.49	)	$	(0.33	)

Additional Information

September 30, 2021

(in thousands)

	As of		As of
Debt Summary	September 30, 2021		December 31, 2020
Term Loan Facility (drawn / undrawn)	$1,600,000 / 400,000		$1,600,000 / 400,000
Interest rate / undrawn rate	7.00% / 1.00%		7.00% / 1.00%
Maturity	July 2023		July 2023
Prepaid Expenses, Deferred Expenses and Other Assets	September 30, 2021		December 31, 2020
Deferred expenses	$	20,370	$	22,972
Right of Use Asset		17,188		18,849
Other assets		10,442		9,412
Prepaid insurance		9,002		5,143
FF&E		2,341		2,870
Other prepaid expenses		5,062		4,065
Prepaid real estate taxes		2,860		444
Total prepaid expenses, deferred expenses and other assets	$	67,265	$	63,755

Additional Information

September 30, 2021

(in thousands)

	September 30, 2021		December 31, 2020
Accounts payable and accrued expenses	$	51,760	$	44,777
Accrued development expenditures		23,876		20,586
Accrued real estate taxes		16,490		29,290
Variable consideration payment		156		16,125
Below-market leases		3,861		4,186
Environmental reserve		9,477		9,477
Lease liability		6,690		8,199
Prepaid rental income		2,469		3,375
Accrued interest		4,667		4,978
Deferred maintenance		1,722		1,722
Unearned tenant reimbursements		456		2,613
Common and preferred dividends and OP    Unit distributions payable		1,554		1,554
Total accounts payable, accrued expenses and    other liabilities	$	123,178	$	146,882

Additional Information (cont’d)

September 30, 2021

(in thousands, except per share amounts)

	Three Months Ended September 30,				Nine Months Ended September 30,
Rental Revenue Detail	2021		2020		2021		2020
Revenue
Rental income	$	22,893	$	22,201		67,999		63,775
Tenant reimbursements		5,547		6,465		16,571		18,659
Termination income		379		5,300		2,990		6,290
Total	$	28,819	$	33,966	$	87,560	$	88,724

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Select Non-Cash Items
Straight-line rental income
Wholly-owned	$	1,005		$	1,774		$	2,033		$	(3,621	)
Joint ventures		272			136			576			407
Total	$	1,277		$	1,910		$	2,609		$	(3,214	)
Net amortization of above/below market    rental income/expense
Wholly-owned	$	(48	)	$	1,541		$	(111	)	$	1,677
Joint ventures		(181	)		76			(119	)		616
Total	$	(229	)	$	1,617		$	(230	)	$	2,293
Amortization of deferred financing costs	$	(106	)	$	(105	)	$	(317	)	$	(316	)
Share-based compensation expense		(272	)		(626	)		(1,225	)		(3,179	)

SNO Lease Summary

The table below provides a reconciliation of SNO leases from June 30, 2021 to September 30, 2021, including unconsolidated entities at the Company’s proportional share:

(in thousands except number of leases and PSF data)
	Number of		Leased		% of Total			Annual Base		% of
Tenant	Leases		GLA		Leased GLA			Rent ("ABR")		Total ABR			ABR PSF
In-place diversified leases		255		5,673		82.2	%	$	92,105		76.4	%	$	16.24
SNO diversified leases (1)		71		1,226		17.8	%		28,527		23.6	%		23.27
Total diversified leases		326		6,899		100.0	%	$	120,632		100.0	%	$	17.49
(1) SNO = signed not yet opened leases.

(in thousands except number of leases and PSF data)	Number of									Annual
	SNO Leases			GLA			ABR			Rent PSF
As of June 30, 2021		83			1,349		$	32,339		$	23.97
Opened		(14	)		(208	)		(3,793	)		18.26
Sold / Contributed to JVs / terminated		(2	)		(50	)		(1,025	)		20.50
Signed (1)		4			135			1,006			7.44
As of September 30, 2021		71			1,226		$	28,527		$	23.27
(1) One signed lease is at a property the Company expects to sell.

Top Tenants

September 30, 2021

(in thousands)

The following table lists the top tenants in the portfolio as of September 30, 2021, based on signed leases and including Unconsolidated Properties presented at the Company’s proportional share:

	Number of			Total		% of Total
Tenant	Leases	SF		Rent		Rent			Concepts / Brands
Dick's Sporting Goods	12		780,970		12,511,539		10.4	%
Dave & Buster's	10		288,181		8,355,362		6.9	%
Round One Entertainment	8		342,623		7,225,205		6.0	%
Cinemark	4		168,074		4,915,923		4.1	%
Nordstrom Rack	6		217,259		4,676,390		3.9	%
Burlington Stores	9		342,720		4,420,706		3.7	%
At Home	7		773,665		4,231,030		3.5	%
Primark	3		134,065		3,168,751		2.6	%
Ross Dress For Less	11		243,866		2,960,412		2.5	%	Ross Dress for Less, dd's Discounts
AMC	2		99,218		2,802,681		2.3	%
Bed Bath & Beyond	6		137,738		2,489,450		2.1	%	Bed Bath & Beyond, buybuyBaby, Cost Plus World Market, andThat!
TJX	9		184,116		2,355,774		2.0	%	TJ Maxx, Marhsalls, HomeGoods, HomeSense, Sierra Trading Post
Amazon	2		73,300		2,217,400		1.8	%
Vasa Fitness	3		163,912		1,865,502		1.5	%
Floor & Décor	2		143,548		1,691,216		1.4	%
24 Hour Fitness	2		77,646		1,628,966		1.4	%
Mercado del Rio	1		17,053		1,534,770		1.3	%
Pinstripes	1		26,515		1,482,139		1.2	%
Whole Foods	2		71,235		1,257,772		1.0	%
Total	100		4,285,702		71,790,987		59.5	%

Multi-tenant Retail

Consolidated Properties

			Total		In-Place		SNO			Land
Property Address	City	State	GLA (1)		GLA (1)		GLA (1)		Leased (1)	Acres	Significant Tenants (1)
12025 North 32nd Street	Phoenix	AZ		151,200		151,200	-		100.0%	11	At Home
575 Fletcher Parkway	El Cajon	CA		244,900		110,400		74,000	75.3%	20	Ashley Furniture, Bob's Discount Furniture, Burlington Stores, Extra Space Storage
1191 Galleria Boulevard	Roseville	CA		125,800	-			109,500	87.0%	7	AAA, Cinemark, Round One Entertainment
40710 Winchester Road	Temecula	CA		120,100		59,100		53,600	93.8%	10	Round One Entertainment, Dick's Sporting Goods
145 West Hillcrest Drive	Thousand Oaks	CA		161,400		113,700	-		70.4%	11	Dave & Busters, DSW, Nordstrom Rack
19563 Coastal Highway	Rehoboth Beach	DE		102,100		53,100		22,800	74.3%	13	andThat!, PetSmart, Aldi
1460 West 49th Street	Hialeah (2)	FL		106,300		106,300	-		100.0%	9	Aldi, Bed Bath & Beyond, Ross Dress for Less, dd’s Discounts
10700 Biscayne Boulevard	North Miami	FL		129,400		84,100		45,300	100.0%	11	Aldi, Burlington Stores, Ross Dress for Less, Michaels Stores
3111 East Colonial Drive	Orlando	FL		118,400		70,400		26,300	81.7%	18	Floor & Décor
2300 Tyrone Boulevard North	St. Petersburg	FL		141,600		133,800		7,800	100.0%	15	Dick's Sporting Goods, Five Below, PetSmart
2860 South Highland Avenue	Lombard	IL		139,300		139,300	-		100.0%	8	The Dump
7503 West Cermak Road	North Riverside	IL		216,400		69,900		19,900	41.5%	13	Round One Entertainment, Aldi, Blink Fitness, Amita Health
2500 Wabash Avenue	Springfield	IL		119,500		103,000		5,000	90.4%	5	Binny's Beverage Depot, Burlington Stores, Marshalls
4201 Coldwater Road	Ft. Wayne	IN		84,400	-			76,700	90.9%	19	Five Below, HomeGoods
101 West Lincoln Highway	Merrillville	IN		170,900		163,000	-		95.4%	9	At Home, Dollar Tree
200 Grossman Drive	Braintree	MA		89,800		47,600		37,500	94.8%	34	Nordstrom Rack, Ulta Beauty
1302 Bridford Parkway	Greensboro	NC		178,500		140,000		28,200	94.2%	16	Floor & Décor, Gabriel Brothers
4700 2nd Avenue	Kearney	NE		64,900		64,900	-		100.0%	8	Ross Dress for Less, Five Below, Marshall's
1500 South Willow Street	Manchester	NH		106,600		80,400	-		75.4%	11	Dick's Sporting Goods, Dave & Buster's
1640 Route 22	Watchung	NJ		117,100		103,000		14,100	100.0%	12	Cinemark, HomeGoods, Sierra Trading Post, Ulta Beauty, Chick-fil-A , City MD
4000 Jericho Turnpike	East Northport	NY		179,700		93,300	-		51.9%	18	24 Hour Fitness, AMC
200 Eastview Mall	Victor	NY		138,600		119,600	-		86.3%	14	Dick's Sporting Goods
4100 Belden Village Avenue Northwest	Canton	OH		190,600		116,300	-		61.0%	19	Dick's Sporting Goods, Dave & Busters, Cheddar's
160 North Gulph Road	King of Prussia (2)	PA		210,900		174,500	-		82.7%	14	Dick's Sporting Goods, Primark, Outback Steakhouse, Yardhouse
3801B Clemson Boulevard	Anderson	SC		117,100		117,100	-		100.0%	12	Burlington Stores, Sportsman's Warehouse
7801 Rivers Avenue	Charleston	SC		106,400		52,900	-		49.7%	15	Burlington Stores
4570 Poplar Avenue	Memphis	TN		112,700		100,000	-		88.7%	11	LA Fitness, Hopdoddy, Nordstrom Rack, Ulta Beauty
12625 North Interstate Highway 35	Austin	TX		52,700		45,000	-		85.4%	13	AMC
12605 North Gessner Road	Houston	TX		134,000		134,000	-		100.0%	11	At Home

201 Central Park Mall	San Antonio	TX	164,200		121,100	-		73.8%	17	Tru Fit, Bed Bath & Beyond
2010 North Main Street	Layton	UT	86,500		66,400	-		76.8%	7	Vasa Fitness
12000 Fair Oaks Mall	Fairfax	VA	211,000		154,400	-		73.2%	15	Dave & Busters, Dick's Sporting Goods
4588 Virginia Beach Boulevard	Virginia Beach	VA	166,200		132,000	-		79.4%	15	DSW, The Fresh Market, Nordstrom Rack, Smokey Bones
141 West Lee Highway	Warrenton	VA	75,500		30,600		31,600	82.4%	9	HomeGoods
5200 South 76th Street	Greendale	WI	187,400		133,700	-		71.3%	19	Dick's Sporting Goods, Round One Entertainment
5261 Arlington Avenue	Riverside	CA	12,200		12,200	-		100.0%	5	Bank of America
1209 Plaza Drive	West Covina	CA	11,000	-		-		0.0%	7	n/a
53 West Towne Mall	Madison	WI	118,400		110,600		7,800	100.0%	18	Dave & Busters, Total Wine & More, Hobby Lobby
Total			4,963,700		3,506,900		560,100	81.9%	498

(1)Based on signed leases as of September 30, 2021; GLA presented at the Company’s proportional share

(2)Property is subject to a ground lease

Retail

Other Joint Ventures

Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties
				Total		In-Place		SNO			Land
Mall Name	City	State	Joint Venture	GLA (1)		GLA (1)		GLA (1)		Leased (1)	Acres	Significant Tenants (1)
Altamonte Mall	Altamonte Springs	FL	GGP II JV		62,800	-		-		0.0%	17	n/a
Coastland Center	Naples	FL	GGP II JV		33,700		24,100		9,600	100.0%	12	CMX Cinebistro, Uncle Julio’s
Willowbrook Mall	Wayne	NJ	GGP II JV		140,500		50,200		52,500	73.1%	41	Cinemark, Dave & Busters, Yardhouse, BJ's Wholesale
Stonebriar Centre	Frisco	TX	GGP I JV		81,500	-		-		0.0%	11	n/a
Natick Collection	Natick (2)	MA	GGP I JV		95,400		44,300	-		46.4%	2	Dave & Busters, Open World Entertainment
Total					413,900		118,600		62,100	43.7%	83
Simon Joint Venture Properties
				Total		In-Place		SNO			Land
Mall Name	City	State	Joint Venture	GLA (1)		GLA (1)		GLA (1)		Leased (1)	Acres	Significant Tenants (1)
Santa Rosa Plaza	Santa Rosa	CA	Simon JV		82,700	-		-		0.0%	7	n/a
Briarwood	Ann Arbor	MI	Simon JV		85,300	-		-		0.0%	15	n/a
The Shops at Nanuet	Nanuet	NY	Simon JV		110,700	-		-		0.0%	14	n/a
Woodland Hills Mall	Tulsa	OK	Simon JV		75,100	-		-		0.0%	12	n/a
Barton Creek Square	Austin	TX	Simon JV		82,300	-		-		0.0%	16	n/a
Total					436,100	-		-		0.0%	65
Macerich Joint Venture Properties
				Total		In-Place		SNO			Land
Mall Name	City	State	Joint Venture	GLA (1)		GLA (1)		GLA (1)		Leased (1)	Acres	Significant Tenants (1)
Chandler Fashion Center	Chandler	AZ	Macerich JV		69,700		5,000		32,000	53.10%	10	Firestone
Los Cerritos Center	Cerritos	CA	Macerich JV		138,800	-		-		0.00%	20	n/a
Vintage Faire Mall	Modesto	CA	Macerich JV		60,200		22,900		17,300	66.80%	12	Dave & Busters, Dick's Sporting Goods
Danbury Fair	Danbury	CT	Macerich JV		89,300		35,000	-		39.20%	12	Primark
Deptford Mall	Deptford	NJ	Macerich JV		95,900		74,600	-		77.80%	14	Dick's Sporting Goods, Round One Entertainment, Crunch Fitness
Freehold Raceway Mall	Freehold	NJ	Macerich JV		69,400		33,300	-		48.00%	10	Primark
Washington Square Mall	Portland	OR	Macerich JV		110,000	-		-		0.00%	4	n/a
Total					633,300		170,800		49,300	34.80%	81

Other
				Total		In-Place		SNO			Land
Property Address	City	State	Joint Venture	GLA (1)		GLA (1)		GLA (1)		Leased (1)	Acres	Significant Tenants (1)
1445 New Britain Ave	West Hartford	CT	West Hartford JV		81,800		52,900		4,500	70.2%	15	buybuy Baby, REI, Cost Plus World Market, Shake Shack, Saks OFF 5th
126 Shawan Road	Cockeysville	MD	Cockeysville JV		80,100		39,600		26,000	81.9%	12	HomeGoods, Michaels Stores, OneLife Fitness, Ashley Furniture
12625 North Interstate Highway 35	Austin	TX	RD Development JV	-		-		-		0.0%	11	n/a
20700 South Avalon Boulevard	Carson	CA	Carson Investment		36,400		20,400		1,600	60.4%	13	Burlington Stores, Chipotle, Ross Dress for Less
Total					198,300		112,900		32,100	73.1%	51

(1)Based on signed leases as of September 30, 2021; GLA presented at the Company’s proportional share

(2)Property is subject to a ground lease

Residential

Consolidated Properties

			Land	Auxiliary		Auxiliary		Available To Lease
Property Address	City	State	Acres	In-Place GLA (1)		SNO GLA (1)		Auxiliary GLA (1)		Significant Tenants (1)
7780 W Arrowhead Towne Center	Glendale	AZ	9	-		-		-		n/a
6515 East Southern Avenue	Mesa	AZ	5		16,800	-		-		Carvana
7611 West Thomas Road	Phoenix	AZ	5	-		-		-		n/a
5900 Sunrise Mall	Citrus Heights	CA	21	-		-		-		n/a
5901 Florin Road	Florin	CA	20	-		-		-		n/a
72880 Highway 111	Palm Desert	CA	7	-		-		-		n/a
100 Inland Center	San Bernardino	CA	20	-		-		-		n/a
850 Hartford Turnpike	Waterford	CT	11	-		-		-		n/a
4125 Cleveland Avenue	Ft. Myers	FL	12	-		-		-		n/a
3800 US Highway 98 North	Lakeland	FL	12	-		-		-		n/a
20701 Southwest 112th Avenue	Miami	FL	15	-		-		-		n/a
8000 West Broward Boulevard	Plantation	FL	18	-			76,700		107,700	GameTime, Powerhouse Gym
3340 Mall Loop Drive	Joliet	IL	17	-		-		-		n/a
2 Orland Square Drive	Orland Park	IL	16	-		-		-		n/a
15700 Emerald Way	Bowie	MD	11	-		-		-		n/a
3207 Solomons Island Road	Edgewater	MD	14	-		-		-		n/a
2100 Southfield Road	Lincoln Park	MI	17		3,800	-		-		Bank of America
14250 Buck Hill Road	Burnsville	MN	15	-		-		-		n/a
3001 White Bear Avenue North	Maplewood	MN	14	-		-		-		n/a
425 Rice Street	St. Paul	MN	17	100		-		-		n/a
310 Daniel Webster Highway	Nashua	NH	12	-		-		-		n/a
7875 Johnnycake Ridge Road	Mentor	OH	20	-		-		-		n/a
6950 West 130th Street	Middleburg Heights	OH	19		35,800	-		-		Carvana
1180 Southeast 82nd Avenue	Happy Valley	OR	12		45,000	-			99,300	Dick's Sporting Goods
2800 North Germantown Parkway	Cordova	TN	12	-		-		-		n/a
300 Baybrook Mall	Friendswood	TX	13	-		-		-		n/a
4000 North Shepherd	Houston	TX	12	-		-		-		n/a
6301 Northwest Loop 410	Ingram	TX	12	-		-		-		n/a
2501 Irving Mall	Irving	TX	18		7,500		5,000	-		Carvana, CareNow, Chick-fil-A
3001 Iowa Avenue	Riverside	CA	13		38,100	-			94,500	Jack in the Box, Stater Brothers

1675 West 49th Street	Hialeah	FL	15	-			16,500		128,700	Five Below, Panera Bread
5901 Duke Street	Alexandria	VA	18	-		-		-		n/a
5261 Arlington Avenue	Riverside - Resi	CA	14	-		-		-		n/a
1209 Plaza Drive	West Covina - Resi	CA	8	-		-		-		n/a
Total			474		147,100		98,200		430,200

(1)Based on signed leases as of September 30, 2021; GLA presented at the Company’s proportional share

Residential

Joint Ventures

Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties
				Land	Auxiliary		Auxiliary		Available To Lease
Mall Name	City	State	Joint Venture	Acres	In-Place GLA (1)		SNO GLA (1)		Auxiliary GLA (1)	Significant Tenants (1)
Alderwood	Lynnwood	WA	GGP I JV	12		4,600		20,100	-	Dave & Busters, Cheesecake Factory
Total				12		4,600		20,100

(1)Based on signed leases as of September 30, 2021; GLA presented at the Company’s proportional share

Premier Mixed-Use Properties

Consolidated Properties

			Total		In-Place		SNO					Land
Property Address	City	State	GLA (1)		GLA (1)		GLA (1)		Leased (1)			Acres	Site Opportunities
19505 Biscayne Boulevard	Aventura	FL		215,400	-			111,100		51.6	%	13	Retail
5900 Glades Road	Boca Raton	FL		4,200		4,200	-			100.0	%	19	Retail
195 North Broadway	Hicksville	NY		57,900		22,100		35,800		100.0	%	30	Retail
13131 Preston Road	Dallas	TX	-		-		-			0.0	%	23	Residential, Retail, Office
2200 148th Avenue Northeast	Redmond	WA		7,500		7,500	-			100.0	%	15	Residential, Retail, Office
Total				285,000		33,800		146,900		63.4	%	99

Joint Ventures

Invesco Real Estate Joint Venture Properties

Total

In-Place

SNO

Land

Property Address

City

State

Joint Venture

GLA (1)

GLA (1)

GLA (1)

Leased (1)

Acres

Site Opportunities

302 Colorado Ave

Santa Monica

CA

Mark 302 JV

51,500

-

-

0.0%

3

Residential, Retail, Office

4575 La Jolla Village Dr

San Diego

CA

UTC JV

113,100

12,800

9,600

19.8%

13

Life Sciences / Office, Retail, Residential

Total

164,600

12,800

9,600

13.6%

16

(1)Based on signed leases as of September 30, 2021; GLA presented at the Company’s proportional share

Other Properties

Consolidated Properties

			Total		In-Place		SNO			Land
Property Address	City	State	GLA (1)		GLA (1)		GLA (1)		Leased (1)	Acres	Significant Tenants (1)
700 East Northern Lights Boulevard	Anchorage	AK		158,500		134,000	-		84.5%	18	Guitar Center, Nordstrom Rack, Planet Fitness, Safeway
3930 McCain Boulevard	North Little Rock	AR		177,100		6,300		6,700	7.3%	15	Aspen Dental, Longhorn Steakhouse
2250 El Mercado Loop	Sierra Vista	AZ		94,700	-		-		0.0%	7	n/a
5950 East Broadway Boulevard	Tucson	AZ		218,800		50,600	-		23.1%	20	Round One Entertainment
3150 South 4th Avenue	Yuma	AZ		90,400	-		-		0.0%	15	n/a
42126 Big Bear Boulevard	Big Bear Lake	CA		80,000		4,000	-		5.0%	7	Subway, Wells Fargo Bank
565 Broadway	Chula Vista	CA		250,100	-		-		0.0%	16	n/a
3751 South Dogwood Road	El Centro	CA		139,700	-		-		0.0%	13	n/a
1420 Travis Boulevard	Fairfield	CA		150,000		28,500		3,500	21.3%	9	Dave & Busters
3636 North Blackstone Avenue	Fresno	CA		216,600		20,900		22,500	20.0%	13	Ross Dress for Less, dd's Discounts
1011 West Olive Avenue	Merced	CA		98,200	-			5,600	5.7%	9	Burlington Stores, dd's Discounts, Five Below
5080 East Montclair Plaza Lane	Montclair	CA		174,700	-		-		0.0%	4	n/a
1855 Main Street	Ramona	CA		107,500		14,700	-		13.7%	11	Dollar Tree
1700 North Main Street	Salinas	CA		133,000	-			32,200	24.2%	10	Burlington
1178 El Camino Real	San Bruno	CA		276,600	-		-		0.0%	11	n/a
2180 Tully Road	San Jose	CA		262,500	-		-		0.0%	22	n/a
200 Town Center East	Santa Maria	CA		108,600	-		-		0.0%	7	n/a
3295 East Main Street	Ventura	CA		178,600	-		-		0.0%	2	n/a
100 Westminster Mall	Westminster	CA		197,900	-		-		0.0%	14	n/a
10785 West Colfax Avenue	Lakewood	CO		153,000	-		-		0.0%	8	n/a
1400 East 104th Avenue	Thornton	CO		203,100		61,700	-		30.4%	23	Vasa Fitness
7350 Manatee Avenue West	Bradenton	FL		82,900	-			49,900	60.2%	9	Target
27001 U.S. 19 North	Clearwater	FL		211,200		75,500	-		35.7%	14	Whole Foods, Nordstrom Rack
1625 Northwest 107th Avenue	Doral	FL		212,900	-		-		0.0%	13	n/a
3100 Southwest College Road	Ocala	FL		146,200	-		-		0.0%	11	n/a
733 North Highway 231	Panama City	FL		139,300	-		-		0.0%	15	n/a
7171 North Davis Highway	Pensacola	FL		7,200		7,200	-		100.0%	14	BJ's Wholesale Club, Bubba's 33
8201 South Tamiami Trail	Sarasota	FL		212,400	-		-		0.0%	15	n/a
4501 66th Street North	St. Petersburg	FL		113,800	-		-		0.0%	11	n/a

4600 1st Avenue Northeast	Cedar Rapids	IA	146,000	-		-		0.0%	12	n/a
1405 South Grand Avenue	Charles City	IA	96,600	-		-		0.0%	11	n/a
2307 Superior Street	Webster City	IA	40,800	-		-		0.0%	4	n/a
5050 South Kedzie Avenue	Chicago	IL	120,700		17,200	-		14.3%	9	n/a
3231 Chicago Road	Steger	IL	87,400	-		-		0.0%	3	n/a
3101 Northview Drive	Elkhart	IN	86,600	-			86,600	100.0%	8	n/a
3010 Fort Campbell Boulevard	Hopkinsville	KY	85,100		64,600	-		75.9%	13	Bargain Hunt, Farmer's Furniture, Harbor Freight
5101 Hinkleville Road	Paducah	KY	97,300		64,400	-		66.2%	9	Burlington Stores, Ross Dress for Less
5715 Johnston Street	Lafayette	LA	194,900	-		-		0.0%	16	n/a
1325 Broadway	Saugus	MA	210,700	-		-		0.0%	15	APEX Entertainment
417 Main Street	Madawaska	ME	49,700	-		-		0.0%	2	n/a
1560 US 31 South	Manistee	MI	94,700	-		-		0.0%	12	n/a
32123 Gratiot Avenue	Roseville	MI	364,600		154,600	-		42.4%	21	At Home, Hobby Lobby
2760 I-75 Business Spur	Sault Ste. Marie	MI	92,700	-		-		0.0%	5	n/a
3100 Washtenaw Road	Ypsilanti	MI	91,700		91,700	-		100.0%	11	At Home
1 Flower Valley Shopping Center	Florissant	MO	119,000		4,300	-		3.6%	11	n/a
3700 South Campbell Avenue	Springfield	MO	112,900		112,900	-		100.0%	8	At Home
2308 Highway 45 North	Columbus	MS	166,700		45,400	-		27.2%	20	Bargain Hunt
1 South Tunnel Road	Asheville	NC	110,600	-		-		0.0%	16	n/a
50 Fox Run Road	Portsmouth	NH	127,100	-		-		0.0%	13	n/a
77 Rockingham Park Boulevard	Salem	NH	251,600		123,800	-		49.2%	12	Cinemark, Dick's Sporting Goods
4000 Meadows Lane	Las Vegas	NV	130,300		42,500	-		32.6%	11	Round One Entertainment
5400 Meadowood Mall Circle	Reno	NV	162,700		41,300	-		25.4%	3	Round One Entertainment
1425 Central Avenue	Albany	NY	277,900		49,600		10,000	21.4%	21	Whole Foods, REI, Ethan Allen
4155 State Route 31	Clay	NY	146,500	-		-		0.0%	11	n/a
2801 West State Street	Olean	NY	120,700		55,400	-		45.9%	13	Marshall's, Ollie's Bargain Hunt
317 Greece Ridge Center Drive	Rochester	NY	128,500	-		-		0.0%	14	n/a
171 Delaware Avenue	Sidney	NY	94,400	-		-		0.0%	19	n/a
600 Lee Boulevard	Yorktown Heights	NY	160,000		38,500	-		24.1%	12	24 Hour Fitness
2700 Miamisburg Centerville Road	Dayton	OH	180,200		13,400	-		7.4%	22	Outback Steakhouse
3408 West Central Avenue	Toledo	OH	218,700	-		-		0.0%	11	n/a
4400 South Western Avenue	Oklahoma City	OK	223,700		50,300	-		22.5%	19	Vasa Fitness
400 North Best Avenue	Walnutport	PA	121,200	-		-		0.0%	17	n/a
PR 167 & Las Cumbres	Bayamon	PR	114,600	-		-		0.0%	10	n/a

400 Calle Betances	Caguas	PR	138,700	-		-		0.0%	8	n/a
Plaza Carolina Station	Carolina	PR	198,000	-		-		0.0%	11	n/a
PR Road 2, Km 149.5	Mayaguez	PR	118,200	-		-		0.0%	9	n/a
650 Bald Hill Road	Warwick	RI	131,500		123,100	-		93.6%	20	At Home, Hook & Reel, Skechers
9484 Dyer Street	El Paso	TX	114,200		68,700		30,400	86.8%	11	dd's Discount, Ross Dress for Less, Five Below, Burlington Stores
1401 Greenbrier Parkway	Chesapeake	VA	169,700	-		-		0.0%	15	n/a
Total			10,292,600		1,565,100		247,400	17.6%	843

(1)Based on signed leases as of September 30, 2021; GLA presented at the Company’s proportional share

Non-GAAP Financial Measures

The Company makes reference to NOI, Total NOI, FFO and Company FFO which are financial measures that include adjustments to accounting principles generally accepted in the United States (“GAAP”).

None of NOI, Total NOI, FFO or Company FFO, 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 REITs may use different methodologies for calculating NOI, and accordingly the Company’s depiction of NOI may not be comparable to other REITs. 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.

Funds from Operations (“FFO”) and Company FFO

FFO is calculated in accordance with NAREIT which defines FFO as net income computed in accordance with GAAP, excluding gains (or losses) from property sales, real estate related depreciation and amortization, and impairment charges on depreciable real estate assets. The Company considers FFO a helpful supplemental measure of the operating performance for equity REITs and a complement to GAAP measures because it is a recognized measure of performance by the real estate industry.

The Company makes certain adjustments to FFO, which it refers to as Company FFO, to account for certain non-cash and non-comparable items, such as termination fee income, severance and restructuring costs, unrealized loss on interest rate cap, litigation charges, acquisition-related expenses, amortization of deferred financing costs and certain up-front-hiring costs, that it does not believe are representative of ongoing operating results.

XML

Document And Entity Information	Nov. 02, 2021
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 02, 2021
Entity Registrant Name	SERITAGE GROWTH PROPERTIES
Entity Central Index Key	0001628063
Entity Emerging Growth Company	false
Entity File Number	001-37420
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	38-3976287
Entity Address, Address Line One	500 Fifth Avenue, Suite 1530
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10110
City Area Code	212
Local Phone Number	355-7800
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A common shares of beneficial interest, par value $0.01 per share
Trading Symbol	SRG
Security Exchange Name	NYSE
Seven Point Zero Zero Percent Series A Cumulative Redeemable Preferred Shares Of Beneficial Interest Par Value001 Per Share [Member]
Document Information [Line Items]
Title of 12(b) Security	7.00% Series A cumulative redeemable preferred shares of beneficial interest, par value $0.01 per share
Trading Symbol	SRG-PA
Security Exchange Name	NYSE