EX-99.2 3 srg-ex99_2.htm EX-99.2 EX-99.2

Exhibit 99.2

 

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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, 2021 and in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2022. 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, 2022

(in thousands, except per share and PSF amounts)

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

Financial Results

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss attributable to Seritage
   common shareholders

 

$

(4,664

)

 

$

(21,759

)

 

$

(170,074

)

 

$

(104,769

)

Total NOI

 

$

12,150

 

 

$

8,075

 

 

$

33,245

 

 

$

25,061

 

Net loss per share attributable to Seritage
   common shareholders

 

$

(0.08

)

 

$

(0.50

)

 

$

(3.57

)

 

$

(2.50

)

Wtd. avg. shares - EPS

 

 

55,361

 

 

 

43,631

 

 

 

47,600

 

 

 

41,976

 

Stock trading price range

 

$5.40 to $14.06

 

 

$14.25 to $18.22

 

 

$5.21 to $14.45

 

 

$13.86 to $23.22

 

 

 

 

Condensed Consolidated Balance Sheets (unaudited)

September 30, 2022

(in thousands, except share and per share amounts)

 

 

 

September 30, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

Investment in real estate

 

 

 

 

 

 

Land

 

$

282,917

 

 

$

475,667

 

Buildings and improvements

 

 

804,882

 

 

 

994,221

 

Accumulated depreciation

 

 

(127,043

)

 

 

(154,971

)

 

 

 

960,756

 

 

 

1,314,917

 

Construction in progress

 

 

260,007

 

 

 

381,194

 

Net investment in real estate

 

 

1,220,763

 

 

 

1,696,111

 

Real estate held for sale

 

 

202,777

 

 

 

—

 

Investment in unconsolidated entities

 

 

383,061

 

 

 

498,563

 

Cash and cash equivalents

 

 

129,767

 

 

 

106,602

 

Restricted cash

 

 

10,821

 

 

 

7,151

 

Tenant and other receivables, net

 

 

39,943

 

 

 

29,111

 

Lease intangible assets, net

 

 

4,511

 

 

 

14,817

 

Prepaid expenses, deferred expenses and other assets, net

 

 

62,883

 

 

 

61,783

 

Total assets (1)

 

$

2,054,526

 

 

$

2,414,138

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Term loan facility, net

 

$

1,269,648

 

 

$

1,439,332

 

Sales-leaseback financing obligations

 

 

—

 

 

 

20,627

 

Litigation reserve

 

 

35,533

 

 

 

—

 

Accounts payable, accrued expenses and other liabilities

 

 

118,700

 

 

 

109,379

 

Total liabilities (1)

 

 

1,423,881

 

 

 

1,569,338

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

Class A common shares $0.01 par value; 100,000,000 shares authorized;
   56,032,381 and 43,632,364 shares issued and outstanding
   as of September 30, 2022 and December 31, 2021, respectively

 

 

560

 

 

 

436

 

Series A preferred shares $0.01 par value; 10,000,000 shares authorized;
   2,800,000 shares issued and outstanding as of September 30, 2022
   December 31, 2021; liquidation preference of $70,000

 

 

28

 

 

 

28

 

Additional paid-in capital

 

 

1,359,686

 

 

 

1,241,048

 

Accumulated deficit

 

 

(731,759

)

 

 

(553,771

)

Total shareholders' equity

 

 

628,515

 

 

 

687,741

 

Non-controlling interests

 

 

2,130

 

 

 

157,059

 

Total equity

 

 

630,645

 

 

 

844,800

 

Total liabilities and shareholders' equity

 

$

2,054,526

 

 

$

2,414,138

 

(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, 2022, 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, $(1.0) million of accumulated depreciation and $4.0 million of other assets included in other line items. The Company's condensed consolidated balance sheets as of December 31, 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 $4.0 million of other assets included in other line items.

 

 

 

 

Condensed Consolidated Statements of Operations (unaudited)

September 30, 2022

(in thousands, except per share amounts)

 

 

 

Three Months Ended

 

 

 

September 30, 2022

 

 

June 30, 2022

 

 

March 31, 2022

 

 

December 31, 2021

 

 

September 30, 2021

 

 

June 30, 2021

 

 

March 31, 2021

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

23,253

 

 

$

29,418

 

 

$

29,084

 

 

$

28,091

 

 

$

28,819

 

 

$

27,595

 

 

$

31,146

 

Management and other fee income / (expense)

 

 

248

 

 

 

286

 

 

 

1,821

 

 

 

434

 

 

 

184

 

 

 

279

 

 

 

135

 

Total revenue

 

 

23,501

 

 

 

29,704

 

 

 

30,905

 

 

 

28,525

 

 

 

29,003

 

 

 

27,874

 

 

 

31,281

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating

 

 

9,700

 

 

 

10,801

 

 

 

11,032

 

 

 

11,493

 

 

 

11,585

 

 

 

11,286

 

 

 

10,643

 

Real estate taxes

 

 

6,483

 

 

 

6,425

 

 

 

8,150

 

 

 

7,497

 

 

 

8,542

 

 

 

9,061

 

 

 

10,155

 

Depreciation and amortization

 

 

9,169

 

 

 

10,669

 

 

 

11,934

 

 

 

11,570

 

 

 

13,159

 

 

 

13,328

 

 

 

13,142

 

General and administrative

 

 

10,811

 

 

 

11,093

 

 

 

9,092

 

 

 

9,947

 

 

 

8,780

 

 

 

11,990

 

 

 

11,232

 

Litigation reserve

 

 

533

 

 

 

35,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total expenses

 

 

36,696

 

 

 

73,988

 

 

 

40,208

 

 

 

40,507

 

 

 

42,066

 

 

 

45,665

 

 

 

45,172

 

Gain/(loss) on sale of real estate, net

 

 

45,433

 

 

 

68,031

 

 

 

(1,015

)

 

 

156,602

 

 

 

22,774

 

 

 

18,097

 

 

 

24,208

 

Gain on sale of interests in unconsolidated entities

 

 

(139

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Impairment of real estate assets

 

 

(10,275

)

 

 

(109,343

)

 

 

(991

)

 

 

(25,773

)

 

 

(3,814

)

 

 

(64,539

)

 

 

(1,700

)

Equity in loss of unconsolidated entities

 

 

(2,275

)

 

 

(33,720

)

 

 

(33,076

)

 

 

(202

)

 

 

(5,535

)

 

 

(2,327

)

 

 

(1,162

)

Interest and other income

 

 

(1,047

)

 

 

99

 

 

 

11

 

 

 

1,083

 

 

 

48

 

 

 

530

 

 

 

7,624

 

Interest expense

 

 

(21,916

)

 

 

(22,663

)

 

 

(22,588

)

 

 

(26,128

)

 

 

(26,721

)

 

 

(28,976

)

 

 

(26,150

)

(Loss)/income before taxes

 

 

(3,414

)

 

 

(141,880

)

 

 

(66,962

)

 

 

93,600

 

 

 

(26,311

)

 

 

(95,006

)

 

 

(11,071

)

(Provision)/benefit from taxes

 

 

(67

)

 

 

(203

)

 

 

(25

)

 

 

1

 

 

 

(38

)

 

 

(298

)

 

 

138

 

Net (loss)/income

 

 

(3,481

)

 

 

(142,083

)

 

 

(66,987

)

 

 

93,601

 

 

 

(26,349

)

 

 

(95,304

)

 

 

(10,933

)

Net loss/(income) attributable to non-controlling interests

 

 

42

 

 

 

31,328

 

 

 

14,782

 

 

 

(20,655

)

 

 

5,815

 

 

 

22,464

 

 

 

3,213

 

Net (loss)/income attributable to Seritage

 

$

(3,439

)

 

$

(110,755

)

 

$

(52,205

)

 

$

72,946

 

 

$

(20,534

)

 

$

(72,840

)

 

$

(7,720

)

Preferred dividends

 

 

(1,225

)

 

 

(1,225

)

 

 

(1,225

)

 

 

(1,225

)

 

 

(1,225

)

 

 

(1,225

)

 

 

(1,225

)

Net (loss)/income attributable to Seritage common shareholders

 

$

(4,664

)

 

$

(111,980

)

 

$

(53,430

)

 

$

71,721

 

 

$

(21,759

)

 

$

(74,065

)

 

$

(8,945

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss)/income per share attributable to Seritage Class A
   common shareholders - Basic

 

$

(0.08

)

 

$

(2.56

)

 

$

(1.22

)

 

$

1.64

 

 

$

(0.50

)

 

$

(1.73

)

 

$

(0.23

)

Net (loss)/income per share attributable to Seritage Class A
   common shareholders - Diluted

 

$

(0.08

)

 

$

(2.56

)

 

$

(1.22

)

 

$

1.64

 

 

$

(0.50

)

 

$

(1.73

)

 

$

(0.23

)

Weighted average Class A common shares
   outstanding - Basic

 

 

55,361

 

 

 

43,677

 

 

 

43,634

 

 

 

43,632

 

 

 

43,631

 

 

 

42,772

 

 

 

39,477

 

Weighted average Class A common shares
   outstanding - Diluted

 

 

55,361

 

 

 

43,677

 

 

 

43,634

 

 

 

43,632

 

 

 

43,631

 

 

 

42,772

 

 

 

39,477

 

 

 

Total Net Operating Income

September 30, 2022

(in thousands)

 

 

 

 

Three Months Ended

 

NOI and Total NOI

 

 

September 30, 2022

 

 

June 30, 2022

 

 

March 31, 2022

 

 

December 31, 2021

 

 

September 30, 2021

 

 

June 30, 2021

 

 

March 31, 2021

 

Net (loss)/income

 

 

$

(3,481

)

 

$

(142,083

)

 

$

(66,987

)

 

$

93,601

 

 

$

(26,349

)

 

$

(95,304

)

 

$

(10,933

)

Termination fee income

 

 

 

-

 

 

 

(92

)

 

 

(277

)

 

 

(388

)

 

 

(379

)

 

 

-

 

 

 

(2,611

)

Management and other fee income

 

 

 

(248

)

 

 

(286

)

 

 

(1,821

)

 

 

(434

)

 

 

(184

)

 

 

(279

)

 

 

(135

)

Depreciation and amortization

 

 

 

9,169

 

 

 

10,669

 

 

 

11,934

 

 

 

11,570

 

 

 

13,159

 

 

 

13,328

 

 

 

13,142

 

General and administrative expenses

 

 

 

10,811

 

 

 

11,093

 

 

 

9,092

 

 

 

9,947

 

 

 

8,780

 

 

 

11,990

 

 

 

11,232

 

Litigation reserve

 

 

 

533

 

 

 

35,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Equity in loss of unconsolidated entities

 

 

 

2,275

 

 

 

33,720

 

 

 

33,076

 

 

 

202

 

 

 

5,535

 

 

 

2,327

 

 

 

1,162

 

Gain on sale of interests in unconsolidated
   entities

 

 

 

139

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Gain on sale of real estate, net

 

 

 

(45,433

)

 

 

(68,031

)

 

 

1,015

 

 

 

(156,602

)

 

 

(22,774

)

 

 

(18,097

)

 

 

(24,208

)

Impairment of real estate assets

 

 

 

10,275

 

 

 

109,343

 

 

 

991

 

 

 

25,773

 

 

 

3,814

 

 

 

64,539

 

 

 

1,700

 

Interest and other (income) expense

 

 

 

1,047

 

 

 

(99

)

 

 

(11

)

 

 

(1,083

)

 

 

(48

)

 

 

(530

)

 

 

(7,624

)

Interest expense

 

 

 

21,916

 

 

 

22,663

 

 

 

22,588

 

 

 

26,128

 

 

 

26,721

 

 

 

28,976

 

 

 

26,150

 

Provision/(benefit) for income taxes

 

 

 

67

 

 

 

203

 

 

 

25

 

 

 

(2

)

 

 

38

 

 

 

298

 

 

 

(138

)

Straight-line (rent)/expense

 

 

 

2,873

 

 

 

(3,599

)

 

 

(721

)

 

 

(236

)

 

 

(1,005

)

 

 

(1,238

)

 

 

210

 

Above/below market rental (income)/expense

 

 

 

54

 

 

 

56

 

 

 

65

 

 

 

65

 

 

 

48

 

 

 

102

 

 

 

(39

)

NOI

 

 

$

9,997

 

 

$

8,557

 

 

$

8,969

 

 

$

8,541

 

 

$

7,356

 

 

$

6,112

 

 

$

7,908

 

Unconsolidated entities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income of unconsolidated entities

 

 

$

2,450

 

 

$

2,267

 

 

$

1,846

 

 

$

2,193

 

 

$

666

 

 

$

1,646

 

 

$

2,437

 

Straight-line (rent)/expense

 

 

 

(305

)

 

 

(228

)

 

 

(328

)

 

 

(309

)

 

 

(272

)

 

 

(168

)

 

 

(137

)

Above/below market rental (income)/expense

 

 

 

8

 

 

 

6

 

 

 

6

 

 

 

12

 

 

 

181

 

 

 

(29

)

 

 

(33

)

Termination fee income

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

19

 

 

 

144

 

 

 

(9

)

 

 

(742

)

Total NOI

 

 

$

12,150

 

 

$

10,602

 

 

$

10,493

 

 

$

10,456

 

 

$

8,075

 

 

$

7,553

 

 

$

9,433

 

 

 

Additional Information

September 30, 2022

(in thousands)

 

 

 

As of

 

 

As of

 

Debt Summary

 

September 30, 2022

 

 

December 31, 2021

 

Term Loan Facility (drawn / undrawn)

 

$1,270,000 / 400,000

 

 

$1,440,000 / 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, 2022

 

 

December 31, 2021

 

Deferred expenses

 

$

21,614

 

 

$

20,780

 

Right of Use Asset

 

 

16,374

 

 

 

16,990

 

Other assets

 

 

12,902

 

 

 

9,826

 

Prepaid insurance

 

 

3,789

 

 

 

6,156

 

FF&E

 

 

1,345

 

 

 

2,055

 

Other prepaid expenses

 

 

4,971

 

 

 

4,169

 

Prepaid real estate taxes

 

 

1,888

 

 

 

1,807

 

Total prepaid expenses, deferred expenses and other assets

 

$

62,883

 

 

$

61,783

 

 

 

 

September 30, 2022

 

 

December 31, 2021

 

Accounts payable and accrued expenses

 

$

36,891

 

 

$

36,022

 

Accrued development expenditures

 

 

31,524

 

 

 

27,198

 

Accrued real estate taxes

 

 

16,189

 

 

 

11,751

 

Environmental reserve

 

 

9,477

 

 

 

9,477

 

Prepaid rental income

 

 

8,423

 

 

 

6,478

 

Lease liability

 

 

6,079

 

 

 

6,543

 

Accrued interest

 

 

3,908

 

 

 

4,978

 

Below-market leases

 

 

2,933

 

 

 

3,656

 

Deferred maintenance

 

 

1,722

 

 

 

1,722

 

Common and preferred dividends and OP
   Unit distributions payable

 

 

1,554

 

 

 

1,554

 

 

 

 

 

 

 

 

Total accounts payable, accrued expenses and
   other liabilities

 

$

118,700

 

 

$

109,379

 

 

 

 

Additional Information (cont’d)

September 30, 2022

(in thousands, except per share amounts)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

Rental Revenue Detail

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

19,004

 

 

$

22,893

 

 

 

66,998

 

 

 

67,999

 

Tenant reimbursements

 

 

4,249

 

 

 

5,547

 

 

 

14,387

 

 

 

16,571

 

Termination income

 

 

-

 

 

 

379

 

 

 

370

 

 

 

2,990

 

      Total

 

$

23,253

 

 

$

28,819

 

 

$

81,755

 

 

$

87,560

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Select Non-Cash Items

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line rental income

 

 

 

 

 

 

 

 

 

 

 

 

Wholly-owned

 

$

(2,873

)

 

$

1,005

 

 

$

1,447

 

 

$

2,033

 

Joint ventures

 

 

305

 

 

 

272

 

 

 

860

 

 

 

576

 

Total

 

$

(2,568

)

 

$

1,277

 

 

$

2,307

 

 

$

2,609

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net amortization of above/below market
   rental income/expense

 

 

 

 

 

 

 

 

 

 

 

 

Wholly-owned

 

$

(54

)

 

$

(48

)

 

$

(175

)

 

$

(111

)

Joint ventures

 

 

(8

)

 

 

(181

)

 

 

(19

)

 

 

(119

)

Total

 

$

(62

)

 

$

(229

)

 

$

(194

)

 

$

(230

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of deferred financing costs

 

$

(105

)

 

$

(106

)

 

$

(316

)

 

$

(317

)

Share-based compensation expense

 

 

(843

)

 

 

(272

)

 

 

(1,735

)

 

 

(1,225

)

 

 

 

SNO Lease Summary

 

Multi-Tenant Retail

The table below provides a summary of all multi-tenant Retail signed leases as of September 30, 2022, 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 ("ABR PSF")

 

In-place retail leases

 

 

161

 

 

 

4,306

 

 

 

80.7

%

 

$

71,277

 

 

 

94.0

%

 

$

16.55

 

SNO retail leases (1)

 

 

17

 

 

 

185

 

 

 

3.5

%

 

 

4,510

 

 

 

6.0

%

 

 

24.38

 

Leases in negotiation

 

 

2

 

 

 

102

 

 

 

1.9

%

 

 

1,076

 

 

N/A

 

 

 

10.65

 

Total retail leases

 

 

180

 

 

 

4,593

 

 

 

86.1

%

 

$

76,863

 

 

 

100.0

%

 

$

16.73

 

(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, 2022

 

 

17

 

 

 

357

 

 

$

6,833

 

 

$

19.14

 

 

Opened

 

 

(5

)

 

 

(188

)

 

 

(3,028

)

 

 

16.11

 

 

Sold / terminated

 

 

(1

)

 

 

(8

)

 

 

(125

)

 

 

15.63

 

 

Signed

 

 

6

 

 

 

24

 

 

 

830

 

 

 

34.58

 

 

As of September 30, 2022

 

 

17

 

 

 

185

 

 

$

4,510

 

 

$

24.38

 

 

 

Premier Mixed-Use

The table below provides a summary of all signed leases at Premier assets as of September 30, 2022, 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 ("ABR PSF")

 

In-place retail leases

 

 

17

 

 

 

43

 

 

 

10.9

%

 

$

2,527

 

 

 

15.2

%

 

$

58.77

 

SNO retail leases (1)

 

 

22

 

 

 

93

 

 

 

23.8

%

 

 

7,422

 

 

 

44.4

%

 

 

79.81

 

SNO office\ leases (1)

 

 

5

 

 

 

112

 

 

 

28.5

%

 

 

6,758

 

 

 

40.4

%

 

 

60.34

 

Leases in negotiation

 

 

6

 

 

 

23

 

 

 

5.8

%

 

 

1,880

 

 

N/A

 

 

 

85.45

 

Total Premier leases

 

 

50

 

 

 

271

 

 

 

69.0

%

 

$

18,587

 

 

 

100.0

%

 

$

68.59

 

(1) SNO = signed not yet opened leases.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Premier Mixed-Use - Retail

 

(in thousands except number of leases and PSF data)

 

Number of

 

 

 

 

 

 

 

 

Annual

 

 

 

SNO Leases

 

 

GLA

 

 

ABR

 

 

Rent PSF

 

As of June 30, 2022

 

 

23

 

 

 

105

 

 

$

8,781

 

 

$

83.63

 

Opened

 

 

(2

)

 

 

(3

)

 

 

(262

)

 

 

96.00

 

Terminated

 

 

(2

)

 

 

(11

)

 

 

(1,211

)

 

 

112.52

 

Signed

 

 

3

 

 

 

3

 

 

 

244

 

 

 

81.33

 

Changes in Asset Categories / Tenant Amendments (1)

 

 

-

 

 

 

(1

)

 

 

(130

)

 

N/A

 

As of September 30, 2022

 

 

22

 

 

 

93

 

 

$

7,422

 

 

$

79.81

 

(1) Represents short-term leases now represented in specialty leasing or amendments negotiated with the tenant.

 

 

Premier Mixed-Use - Office

 

(in thousands except number of leases and PSF data)

 

Number of

 

 

 

 

 

 

 

 

Annual

 

 

 

SNO Leases

 

 

GLA

 

 

ABR

 

 

Rent PSF

 

As of June 30, 2022

 

 

4

 

 

 

110

 

 

$

6,648

 

 

$

60.44

 

Signed

 

 

1

 

 

 

2

 

 

 

110

 

 

 

55.00

 

As of September 30, 2022

 

 

5

 

 

 

112

 

 

$

6,758

 

 

$

60.34

 

 

Top Tenants

September 30, 2022

(rent in thousands)

 

The following table lists the top tenants in the portfolio as of September 30, 2022, 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

10

 

725,912

 

 

11,754

 

10.6%

Dick's Sporting Goods, House of Sport

At Home

5

 

557,328

 

 

3,217

 

2.9%

 

Round One Entertainment

6

 

267,473

 

 

5,786

 

5.2%

 

Burlington Stores

6

 

259,830

 

 

3,383

 

3.0%

 

Dave & Buster's

8

 

256,526

 

 

7,657

 

6.9%

 

Nordstrom Rack

5

 

182,518

 

 

3,897

 

3.5%

 

TJX

8

 

179,075

 

 

2,312

 

2.1%

TJ Maxx, Marshalls, HomeGoods, HomeSense, Sierra Trading Post

Cinemark

4

 

166,570

 

 

4,673

 

4.2%

 

Floor & Décor

2

 

163,917

 

 

2,032

 

1.8%

 

Vasa Fitness

3

 

163,912

 

 

1,928

 

1.7%

 

Ross Dress For Less

7

 

158,647

 

 

1,692

 

1.5%

Ross Dress for Less, dd's Discounts

The Dump

1

 

139,265

 

 

1,114

 

1.0%

 

Primark

3

 

115,685

 

 

3,129

 

2.8%

 

AMC

2

 

99,218

 

 

2,803

 

2.5%

 

Amazon

2

 

99,193

 

 

5,435

 

4.9%

 

Forman Mills

1

 

94,000

 

 

675

 

0.6%

 

Bed Bath & Beyond

3

 

91,331

 

 

1,527

 

1.4%

Bed Bath & Beyond, BuyBuyBaby, andThat!

Aldi

4

 

83,448

 

 

840

 

0.8%

 

24 Hour Fitness

2

 

77,646

 

 

1,433

 

1.3%

 

Extra Space Storage

1

 

73,996

 

 

499

 

0.4%

 

Total

83

 

3,955,490

 

 

65,786

 

59.2%

 

 

 

Multi-tenant Retail

 

Consolidated Properties

 

 

 

 

 

 

 

Total

 

 

Leased

 

 

SNO

 

 

 

 

Land

 

 

 

Property Address

 

City

 

State

 

GLA (1)

 

 

SF (1)

 

 

SF (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

 

 

227,300

 

 

 

184,400

 

 

 

-

 

 

81.1%

 

 

20

 

 

Ashley Furniture, Bob's Discount Furniture, Burlington Stores, Extra Space Storage

1191 Galleria Boulevard

 

Roseville

 

CA

 

 

122,700

 

 

 

107,800

 

 

 

-

 

 

87.9%

 

 

7

 

 

Cinemark, Round One Entertainment

40710 Winchester Road

 

Temecula

 

CA

 

 

126,500

 

 

 

112,800

 

 

 

8,000

 

 

95.5%

 

 

10

 

 

Round One Entertainment, Dick's Sporting Goods, Texas Roadhouse

145 West Hillcrest Drive

 

Thousand Oaks

 

CA

 

 

172,000

 

 

 

113,700

 

 

 

-

 

 

66.1%

 

 

11

 

 

Dave & Busters, DSW, Nordstrom Rack

19563 Coastal Highway

 

Rehoboth Beach

 

DE

 

 

101,900

 

 

 

75,900

 

 

 

26,000

 

 

100.0%

 

 

13

 

 

andThat!, PetSmart, Aldi, TJ Maxx

10700 Biscayne Boulevard

 

North Miami(3)

 

FL

 

 

129,300

 

 

 

129,300

 

 

 

-

 

 

100.0%

 

 

11

 

 

Aldi, Burlington Stores, Ross Dress for Less, Michaels Stores

3111 East Colonial Drive

 

Orlando

 

FL

 

 

107,600

 

 

 

94,300

 

 

 

2,300

 

 

89.8%

 

 

18

 

 

Floor & Décor, Aspen Dental, Del Taco

2300 Tyrone Boulevard North

 

St. Petersburg(4)

 

FL

 

 

134,700

 

 

 

134,700

 

 

 

-

 

 

100.0%

 

 

15

 

 

Dick's Sporting Goods, Five Below, PetSmart, Verizon

2860 South Highland Avenue

 

Lombard

 

IL

 

 

139,300

 

 

 

139,300

 

 

 

-

 

 

100.0%

 

 

8

 

 

The Dump

7503 West Cermak Road

 

North Riverside

 

IL

 

 

214,700

 

 

 

163,900

 

 

 

19,700

 

 

85.5%

 

 

13

 

 

Round One Entertainment, Aldi, Blink Fitness, Amita Health

2500 Wabash Avenue

 

Springfield

 

IL

 

 

119,400

 

 

 

108,000

 

 

 

11,400

 

 

100.0%

 

 

5

 

 

Binny's Beverage Depot, Burlington Stores, Marshalls

4201 Coldwater Road

 

Ft. Wayne

 

IN

 

 

84,100

 

 

 

76,700

 

 

 

6,200

 

 

98.6%

 

 

19

 

 

Five Below, HomeGoods, Bob's Discount Furniture, LensCrafters

101 West Lincoln Highway

 

Merrillville

 

IN

 

 

171,300

 

 

 

163,000

 

 

 

1,600

 

 

96.1%

 

 

9

 

 

At Home, Dollar Tree

200 Grossman Drive

 

Braintree

 

MA

 

 

85,100

 

 

 

47,600

 

 

 

37,500

 

 

100.0%

 

 

34

 

 

Nordstrom Rack, Ulta Beauty

1302 Bridford Parkway

 

Greensboro

 

NC

 

 

168,200

 

 

 

168,200

 

 

 

-

 

 

100.0%

 

 

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, Petsmart

1500 South Willow Street

 

Manchester

 

NH

 

 

105,700

 

 

 

80,400

 

 

 

-

 

 

76.1%

 

 

11

 

 

Dick's Sporting Goods, Dave & Buster's

1640 Route 22

 

Watchung

 

NJ

 

 

124,900

 

 

 

117,100

 

 

 

7,900

 

 

100.1%

 

 

12

 

 

Cinemark, HomeGoods, Sierra Trading Post, Ulta Beauty, Chick-fil-A , City MD, Starbucks

4000 Jericho Turnpike

 

East Northport

 

NY

 

 

179,800

 

 

 

167,600

 

 

 

-

 

 

93.2%

 

 

18

 

 

24 Hour Fitness, AMC, At Home

200 Eastview Mall

 

Victor(3)

 

NY

 

 

139,700

 

 

 

119,600

 

 

 

-

 

 

85.6%

 

 

14

 

 

Dick's House of Sport

4100 Belden Village Avenue Northwest

 

Canton

 

OH

 

 

192,300

 

 

 

116,300

 

 

 

22,000

 

 

71.9%

 

 

19

 

 

Dick's Sporting Goods, Dave & Busters

160 North Gulph Road

 

King of Prussia (2)

 

PA

 

 

208,700

 

 

 

174,500

 

 

 

34,200

 

 

100.0%

 

 

14

 

 

Dick's Sporting Goods, Primark, Outback Steakhouse, Yardhouse, Dave & Busters

3801B Clemson Boulevard

 

Anderson

 

SC

 

 

117,100

 

 

 

117,100

 

 

 

-

 

 

100.0%

 

 

12

 

 

Burlington Stores, Sportsman's Warehouse, Golds Gym

7801 Rivers Avenue

 

Charleston

 

SC

 

 

106,200

 

 

 

52,900

 

 

 

-

 

 

49.8%

 

 

15

 

 

Burlington Stores

4570 Poplar Avenue

 

Memphis

 

TN

 

 

116,000

 

 

 

101,200

 

 

 

8,800

 

 

94.8%

 

 

11

 

 

LA Fitness, Hopdoddy, Nordstrom Rack, Ulta Beauty, Chase

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

 

 

164,600

 

 

 

158,200

 

 

 

-

 

 

96.1%

 

 

17

 

 

Tru Fit, Bed Bath & Beyond, Buy Buy Baby

2010 North Main Street

 

Layton

 

UT

 

 

82,700

 

 

 

67,500

 

 

 

-

 

 

81.6%

 

 

7

 

 

Vasa Fitness

12000 Fair Oaks Mall

 

Fairfax

 

VA

 

 

212,700

 

 

 

154,400

 

 

 

-

 

 

72.6%

 

 

15

 

 

Dave & Busters, Dick's Sporting Goods

4588 Virginia Beach Boulevard

 

Virginia Beach (3)

 

VA

 

 

124,200

 

 

 

124,200

 

 

 

-

 

 

100.0%

 

 

15

 

 

DSW, The Fresh Market, Nordstrom Rack

141 West Lee Highway

 

Warrenton

 

VA

 

 

71,500

 

 

 

62,400

 

 

 

-

 

 

87.3%

 

 

9

 

 

HomeGoods, Ulta, Five Below

5200 South 76th Street

 

Greendale

 

WI

 

 

217,600

 

 

 

133,700

 

 

 

-

 

 

61.4%

 

 

19

 

 

Dick's Sporting Goods, Round One Entertainment, TJ Maxx

27001 U.S. 19 North

 

Clearwater

 

FL

 

 

212,900

 

 

 

75,500

 

 

 

-

 

 

35.5%

 

 

14

 

 

Whole Foods, Nordstrom Rack

1425 Central Avenue

 

Albany

 

NY

 

 

232,500

 

 

 

59,600

 

 

 

-

 

 

25.6%

 

 

21

 

 

Whole Foods, Ethan Allen

9484 Dyer Street

 

El Paso

 

TX

 

 

107,800

 

 

 

99,100

 

 

 

-

 

 

91.9%

 

 

11

 

 

dd's Discount, Ross Dress for Less, Five Below, Burlington Stores

53 West Towne Mall

 

Madison

 

WI

 

 

110,600

 

 

 

110,600

 

 

 

-

 

 

100.0%

 

 

17

 

 

Dave & Busters, Total Wine & More, Hobby Lobby

Total

 

 

 

 

 

 

5,334,400

 

 

 

4,306,600

 

 

 

185,600

 

 

84.2%

 

 

523

 

 

 

 

(1) Based on signed leases as of September 30, 2022; GLA presented at the Company’s proportional share

(2) Property is subject to a ground lease

(3) Asset sold subsequent to September 30, 2022.

(4) Asset with a partial sale subsequent to September 30, 2022.

 

Residential

 

Consolidated Properties

 

 

 

 

 

 

Land

 

 

% of Auxiliary

 

Auxiliary

 

 

Outparcel

 

 

 

Property Address

 

City

 

State

 

Acres

 

 

Leased SF (1)

 

Leased SF (1)

 

 

Opportunities

 

 

Significant Tenants (1)

5261 Arlington Avenue

 

Riverside - Resi

 

CA

 

 

14

 

 

0%

 

 

-

 

 

 

-

 

 

n/a

100 Inland Center

 

San Bernardino

 

CA

 

 

20

 

 

0%

 

 

-

 

 

 

2

 

 

n/a

1209 Plaza Drive

 

West Covina - Resi

 

CA

 

 

8

 

 

0%

 

 

-

 

 

 

-

 

 

n/a

850 Hartford Turnpike

 

Waterford

 

CT

 

 

11

 

 

0%

 

 

-

 

 

 

-

 

 

n/a

4125 Cleveland Avenue

 

Ft. Myers

 

FL

 

 

12

 

 

0%

 

 

-

 

 

 

-

 

 

n/a

3800 US Highway 98 North

 

Lakeland

 

FL

 

 

12

 

 

0%

 

 

-

 

 

 

-

 

 

n/a

3340 Mall Loop Drive

 

Joliet

 

IL

 

 

17

 

 

0%

 

 

-

 

 

 

-

 

 

n/a

14250 Buck Hill Road

 

Burnsville

 

MN

 

 

15

 

 

0%

 

 

-

 

 

 

2

 

 

n/a

3001 White Bear Avenue North

 

Maplewood

 

MN

 

 

14

 

 

0%

 

 

-

 

 

 

3

 

 

n/a

5261 Arlington Avenue

 

Riverside - Retail

 

CA

 

 

5

 

 

100%

 

 

33,200

 

 

 

-

 

 

Bank of America, Aldi

1209 Plaza Drive

 

West Covina - Retail

 

CA

 

 

7

 

 

100%

 

 

11,000

 

 

 

-

 

 

VinFast

Total

 

 

 

 

 

 

135

 

 

100%

 

 

44,200

 

 

7

 

 

 

 

(1) Based on signed leases as of September 30, 2022; GLA presented at the Company’s proportional share

(2) Riverside & West Covina Retail doesn’t include residential but includes retail leasing that is 100% SRG owned and complementary to the Residential developments at the sites.

 

Residential

 

Joint Ventures

Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties

 

 

 

 

 

 

 

 

 

% of Auxiliary

 

Auxiliary

 

 

Outparcel

 

 

Mall Name

 

City

 

State

 

Joint Venture

 

Leased SF

 

SF (1)

 

 

Opportunities

 

Significant Tenants (1)

Alderwood

 

Lynnwood

 

WA

 

GGP I JV

 

62.6%

 

 

97,167

 

 

-

 

Dave & Busters, Cheesecake Factory, Fogo De Chao, Shake Shack

Total

 

 

 

 

 

 

 

62.6%

 

 

97,167

 

 

-

 

 

 

(1) Based on signed leases as of September 30, 2022; GLA presented at the Company’s proportional share

 

Premier Mixed-Use Properties

 

Consolidated Properties

 

 

 

 

 

 

Total

 

 

Leased

 

 

SNO

 

 

 

 

 

Land

 

 

Property Address

 

City

 

State

 

GLA (1)

 

 

SF (1)

 

 

SF (1)

 

 

Leased (1)

 

 

Acres

 

Site Opportunities

19505 Biscayne Boulevard

 

Aventura

 

FL

 

 

216,100

 

 

 

-

 

 

 

127,500

 

 

 

59.0

%

 

13

 

Retail, Office

5900 Glades Road

 

Boca Raton

 

FL

 

 

4,200

 

 

 

4,200

 

 

 

-

 

 

 

100.0

%

 

19

 

Retail

195 North Broadway

 

Hicksville

 

NY

 

 

7,600

 

 

 

7,600

 

 

 

-

 

 

 

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

 

 

 

 

 

 

235,400

 

 

 

19,300

 

 

 

127,500

 

 

 

62.4

%

 

100

 

 

 

 

Joint Ventures

Invesco Real Estate Joint Venture Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

Leased

 

 

SNO

 

 

 

 

Land

 

 

Property Address

 

City

 

State

 

Joint Venture

 

GLA (1)

 

 

SF (1)

 

 

SF (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

 

 

106,300

 

 

 

23,500

 

 

 

77,900

 

 

95.4%

 

13

 

Life Sciences / Office, Retail

Total

 

 

 

 

 

 

 

 

157,800

 

 

 

23,500

 

 

 

77,900

 

 

64.3%

 

16

 

 

 

(1) Based on signed leases as of September 30, 2022; GLA presented at the Company’s proportional share

 

Other Unconsolidated Entities

Other Joint Ventures

 

Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

In-Place

 

 

SNO

 

 

 

 

Land

 

 

Mall Name

 

City

 

State

 

Joint Venture

 

SF (1)

 

 

SF (1)

 

 

SF (1)

 

 

Leased (1)

 

Acres

 

Significant Tenants (1)

Altamonte Mall

 

Altamonte Springs

 

FL

 

GGP II JV

 

 

93,500

 

 

 

4,700

 

 

 

-

 

 

5.0%

 

17

 

n/a

Coastland Center

 

Naples (2)

 

FL

 

GGP II JV

 

 

36,300

 

 

 

28,300

 

 

 

8,000

 

 

100.0%

 

12

 

CMX Cinebistro, Uncle Julio’s

Willowbrook Mall

 

Wayne (2)

 

NJ

 

GGP II JV

 

 

132,700

 

 

 

52,700

 

 

 

52,500

 

 

79.3%

 

41

 

Cinemark, Dave & Busters, Yardhouse, BJ's Wholesale

Total

 

 

 

 

 

 

 

 

262,500

 

 

 

85,700

 

 

 

60,500

 

 

55.7%

 

70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

Leased

 

 

SNO

 

 

 

 

Land

 

 

Mall Name

 

City

 

State

 

Joint Venture

 

GLA (1)

 

 

SF (1)

 

 

SF (1)

 

 

Leased (1)

 

Acres

 

Significant Tenants (1)

Stonebriar Centre

 

Frisco

 

TX

 

GCP I JV

 

 

87,500

 

 

 

6,000

 

 

 

-

 

 

6.9%

 

11

 

4 Wheel Parts

Total

 

 

 

 

 

 

 

 

87,500

 

 

 

6,000

 

 

 

-

 

 

6.9%

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Simon Joint Venture Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

Leased

 

 

SNO

 

 

 

 

Land

 

 

Mall Name

 

City

 

State

 

Joint Venture

 

GLA (1)

 

 

SF (1)

 

 

SF (1)

 

 

Leased (1)

 

Acres

 

Significant Tenants (1)

Santa Rosa Plaza

 

Santa Rosa

 

CA

 

Simon JV

 

 

82,700

 

 

 

-

 

 

 

-

 

 

0.0%

 

7

 

n/a

The Shops at Nanuet

 

Nanuet

 

NY

 

Simon JV

 

 

110,700

 

 

 

-

 

 

 

-

 

 

0.0%

 

14

 

n/a

Barton Creek Square

 

Austin

 

TX

 

Simon JV

 

 

82,300

 

 

 

-

 

 

 

-

 

 

0.0%

 

16

 

n/a

Total

 

 

 

 

 

 

 

 

275,700

 

 

 

-

 

 

 

-

 

 

0.0%

 

37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Macerich Joint Venture Properties

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

Leased

 

 

SNO

 

 

 

 

Land

 

 

Mall Name

 

City

 

State

 

Joint Venture

 

GLA (1)

 

 

SF (1)

 

 

SF (1)

 

 

Leased (1)

 

Acres

 

Significant Tenants (1)

Chandler Fashion Center

 

Chandler

 

AZ

 

Macerich JV

 

 

70,300

 

 

 

5,000

 

 

 

32,500

 

 

53.3%

 

10

 

Firestone

Los Cerritos Center

 

Cerritos

 

CA

 

Macerich JV

 

 

138,800

 

 

 

-

 

 

 

-

 

 

0.0%

 

20

 

n/a

Danbury Fair

 

Danbury

 

CT

 

Macerich JV

 

 

88,000

 

 

 

24,700

 

 

 

63,300

 

 

100.0%

 

12

 

Primark, Target

Freehold Raceway Mall

 

Freehold

 

NJ

 

Macerich JV

 

 

68,800

 

 

 

25,200

 

 

 

7,500

 

 

47.5%

 

10

 

Primark, Bob's Discount Furniture

Washington Square Mall

 

Portland

 

OR

 

Macerich JV

 

 

114,300

 

 

 

-

 

 

 

-

 

 

0.0%

 

4

 

n/a

Total

 

 

 

 

 

 

 

 

480,200

 

 

 

54,900

 

 

 

103,300

 

 

32.9%

 

56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

Leased

 

 

SNO

 

 

 

 

Land

 

 

Property Address

 

City

 

State

 

Joint Venture

 

GLA (1)

 

 

SF (1)

 

 

SF (1)

 

 

Leased (1)

 

Acres

 

Significant Tenants (1)

12625 North Interstate Highway 35

 

Austin

 

TX

 

RD Development JV

 

 

-

 

 

 

-

 

 

 

-

 

 

0.0%

 

11

 

n/a

5901 Duke Street

 

Alexandria

 

VA

 

Foulger Pratt/ Howard Hughes

 

 

-

 

 

 

-

 

 

 

-

 

 

0.0%

 

41

 

n/a

Total

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

0.0%

 

52

 

 

(1) Based on signed leases as of September 30, 2022; GLA presented at the Company’s proportional share

(2) Indicates assets that are put right eligible as of November 4, 2022

(3) Indicates assets that have been sold subsequent to September 30, 2022

 

Non-core Properties

 

Consolidated Properties

 

 

 

 

 

 

Total

 

 

Leased

 

 

SNO

 

 

 

 

Land

 

 

 

Property Address

 

City

 

State

 

GLA (1)

 

 

SF (1)

 

 

SF (1)

 

 

Leased (1)

 

Acres

 

 

Significant Tenants (1)

3930 McCain Boulevard

 

North Little Rock

 

AR

 

 

177,300

 

 

 

13,000

 

 

 

-

 

 

7.3%

 

 

15

 

 

Aspen Dental, Longhorn Steakhouse

3150 South 4th Avenue

 

Yuma

 

AZ

 

 

90,100

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

15

 

 

n/a

42126 Big Bear Boulevard

 

Big Bear Lake

 

CA

 

 

92,600

 

 

 

4,000

 

 

 

-

 

 

4.3%

 

 

7

 

 

Subway, Wells Fargo Bank

3751 South Dogwood Road

 

El Centro

 

CA

 

 

139,900

 

 

 

9,700

 

 

 

-

 

 

6.9%

 

 

13

 

 

n/a

3636 North Blackstone Avenue

 

Fresno

 

CA

 

 

201,800

 

 

 

43,400

 

 

 

21,500

 

 

32.2%

 

 

13

 

 

Ross Dress for Less, dd's Discounts, UEI College

1011 West Olive Avenue

 

Merced

 

CA

 

 

92,700

 

 

 

-

 

 

 

5,600

 

 

6.0%

 

 

9

 

 

Chilis

10785 West Colfax Avenue

 

Lakewood

 

CO

 

 

164,000

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

8

 

 

n/a

1400 East 104th Avenue

 

Thornton

 

CO

 

 

193,700

 

 

 

61,700

 

 

 

-

 

 

31.9%

 

 

23

 

 

Vasa Fitness

1625 Northwest 107th Avenue

 

Doral

 

FL

 

 

195,600

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

13

 

 

n/a

733 North Highway 231

 

Panama City

 

FL

 

 

134,300

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

15

 

 

n/a

7171 North Davis Highway

 

Pensacola

 

FL

 

 

7,900

 

 

 

7,900

 

 

 

-

 

 

100.0%

 

 

14

 

 

Bubba's 33

8201 South Tamiami Trail

 

Sarasota(2)

 

FL

 

 

217,000

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

15

 

 

n/a

4600 1st Avenue Northeast

 

Cedar Rapids

 

IA

 

 

146,300

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

12

 

 

n/a

5050 South Kedzie Avenue

 

Chicago

 

IL

 

 

175,900

 

 

 

17,200

 

 

 

-

 

 

9.8%

 

 

9

 

 

Chuck E Cheese

3231 Chicago Road

 

Steger

 

IL

 

 

101,700

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

3

 

 

n/a

3010 Fort Campbell Boulevard

 

Hopkinsville(2)

 

KY

 

 

85,100

 

 

 

64,600

 

 

 

-

 

 

75.9%

 

 

13

 

 

Bargain Hunt, Farmer's Furniture, Harbor Freight

3100 Washtenaw Road

 

Ypsilanti

 

MI

 

 

91,700

 

 

 

91,700

 

 

 

-

 

 

100.0%

 

 

11

 

 

At Home

2308 Highway 45 North

 

Columbus

 

MS

 

 

121,900

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

15

 

 

n/a

77 Rockingham Park Boulevard

 

Salem (2)

 

NH

 

 

233,000

 

 

 

123,800

 

 

 

-

 

 

53.1%

 

 

12

 

 

Cinemark, Dick's Sporting Goods

4000 Meadows Lane

 

Las Vegas

 

NV

 

 

132,600

 

 

 

42,500

 

 

 

-

 

 

32.1%

 

 

11

 

 

Round One Entertainment

5400 Meadowood Mall Circle

 

Reno

 

NV

 

 

174,900

 

 

 

41,300

 

 

 

18,000

 

 

33.9%

 

 

3

 

 

Round One Entertainment, 4 Wheel Parts

317 Greece Ridge Center Drive

 

Rochester

 

NY

 

 

139,600

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

14

 

 

n/a

600 Lee Boulevard

 

Yorktown Heights

 

NY

 

 

153,200

 

 

 

38,500

 

 

 

-

 

 

25.1%

 

 

12

 

 

24 Hour Fitness

2700 Miamisburg Centerville Road

 

Dayton

 

OH

 

 

13,400

 

 

 

13,400

 

 

 

-

 

 

100.0%

 

 

5

 

 

Outback Steakhouse, Hook & Reel

4400 South Western Avenue

 

Oklahoma City(3)

 

OK

 

 

197,800

 

 

 

50,300

 

 

 

-

 

 

25.4%

 

 

19

 

 

Vasa Fitness

400 Calle Betances

 

Caguas (2)

 

PR

 

 

138,800

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

8

 

 

n/a

Plaza Carolina Station

 

Carolina (2)

 

PR

 

 

194,300

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

11

 

 

n/a

2 Orland Square Drive

 

Orland Park

 

IL

 

 

202,800

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

16

 

 

n/a

1675 West 49th Street

 

Hialeah

 

FL

 

 

153,200

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

15

 

 

n/a

4000 North Shepherd

 

Houston

 

TX

 

 

201,600

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

12

 

 

n/a

2501 Irving Mall

 

Irving

 

TX

 

 

107,400

 

 

 

12,500

 

 

 

-

 

 

11.6%

 

 

18

 

 

CareNow, Chick-fil-A

20701 Southwest 112th Avenue

 

Miami(2)

 

FL

 

 

178,300

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

15

 

 

n/a

5900 Sunrise Mall

 

Citrus Heights

 

CA

 

 

281,300

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

21

 

 

n/a

5901 Florin Road

 

Florin (2)

 

CA

 

 

245,600

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

20

 

 

n/a

72880 Highway 111

 

Palm Desert

 

CA

 

 

136,400

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

7

 

 

n/a

8000 West Broward Boulevard

 

Plantation

 

FL

 

 

204,100

 

 

 

-

 

 

 

49,800

 

 

24.4%

 

 

18

 

 

GameTime

15700 Emerald Way

 

Bowie

 

MD

 

 

126,400

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

11

 

 

n/a

425 Rice Street

 

St. Paul

 

MN

 

 

201,900

 

 

 

100

 

 

 

-

 

 

0.0%

 

 

17

 

 

n/a

310 Daniel Webster Highway

 

Nashua

 

NH

 

 

166,300

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

12

 

 

n/a

1180 Southeast 82nd Avenue

 

Happy Valley

 

OR

 

 

139,800

 

 

 

45,000

 

 

 

-

 

 

32.2%

 

 

12

 

 

Dick's Sporting Goods

300 Baybrook Mall

 

Friendswood

 

TX

 

 

165,800

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

13

 

 

n/a

6301 Northwest Loop 410

 

Ingram

 

TX

 

 

169,900

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

12

 

 

n/a

7780 W Arrowhead Towne Center

 

Glendale

 

AZ

 

 

125,000

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

9

 

 

n/a

6515 East Southern Avenue

 

Mesa

 

AZ

 

 

136,000

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

5

 

 

n/a

7611 West Thomas Road

 

Phoenix

 

AZ

 

 

144,500

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

5

 

 

n/a

6950 West 130th Street

 

Middleburg Heights

 

OH

 

 

369,500

 

 

 

35,800

 

 

 

-

 

 

9.7%

 

 

19

 

 

Carvana

7875 Johnnycake Ridge Road

 

Mentor

 

OH

 

 

215,300

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

20

 

 

n/a

1700 North Main Street

 

Salinas

 

CA

 

 

138,400

 

 

 

-

 

 

 

3,300

 

 

2.4%

 

 

10

 

 

Raising Can'es

2800 North Germantown Parkway

 

Cordova

 

TN

 

 

160,600

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

12

 

 

n/a

3207 Solomons Island Road

 

Edgewater

 

MD

 

 

122,000

 

 

 

-

 

 

 

-

 

 

0.0%

 

 

14

 

 

n/a

Total

 

 

 

 

 

 

7,899,200

 

 

 

716,400

 

 

 

98,200

 

 

10.3%

 

631

 

 

 

 

(1) Based on signed leases as of September 30, 2022; GLA presented at the Company’s proportional share

(2) Indicates assets that have been sold subsequent to September 30, 2022

(3) Indicates assets with a partial sale subsequent to September 30, 2022

 

Sold Properties through September 30, 2022

 

 

 

 

 

 

 

 

 

Total

 

 

In-Place

 

 

SNO

 

 

 

 

2022 Qtr

 

Property Address

 

City

 

State

 

Full / Partial Sale

 

SF (1)

 

 

SF (1)

 

 

SF (1)

 

 

Leased (1)

 

Sold

 

1420 Travis Boulevard

 

Fairfield

 

CA

 

Full Site

 

 

150,013

 

 

 

28,469

 

 

 

3,500

 

 

21.3%

 

Q1

 

700 East Northern Lights Boulevard

 

Anchorage

 

AK

 

Full Site

 

 

158,517

 

 

 

133,972

 

 

 

-

 

 

84.5%

 

Q2

 

3101 Northview Drive

 

Elkhart

 

IN

 

Full Site

 

 

86,581

 

 

 

86,581

 

 

 

-

 

 

100.0%

 

Q2

 

3408 West Central Avenue

 

Toledo

 

OH

 

Full Site

 

 

218,720

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q2

 

4155 State Route 31

 

Clay

 

NY

 

Full Site

 

 

146,504

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q2

 

5101 Hinkleville Road

 

Paducah

 

KY

 

Full Site

 

 

97,261

 

 

 

64,403

 

 

 

-

 

 

66.2%

 

Q2

 

400 North Best Avenue

 

Walnutport

 

PA

 

Full Site

 

 

121,159

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q2

 

195 North Broadway

 

Hicksville

 

NY

 

Partial Site

 

 

14,856

 

 

 

14,856

 

 

 

-

 

 

100.0%

 

Q2

 

2100 Southfield Road

 

Lincoln Park

 

MI

 

Full Site

 

 

297,905

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q2

 

3001 Iowa Avenue

 

Riverside (Iowa)

 

CA

 

Full Site

 

 

132,632

 

 

 

38,132

 

 

 

-

 

 

28.8%

 

Q2

 

200 Town Center East

 

Santa Maria

 

CA

 

Full Site

 

 

108,596

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q2

 

4588 Virginia Beach Boulevard

 

Virginia Beach

 

VA

 

Partial Site

 

 

7,800

 

 

 

7,800

 

 

 

-

 

 

100.0%

 

Q2

 

2801 West State Street

 

Olean

 

NY

 

Full Site

 

 

120,685

 

 

 

55,360

 

 

 

-

 

 

45.9%

 

Q2

 

100 Westminster Mall

 

Westminster

 

CA

 

Full Site

 

 

197,904

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q2

 

3700 South Campbell Avenue

 

Springfield

 

MO

 

Full Site

 

 

112,900

 

 

 

112,900

 

 

 

-

 

 

100.0%

 

Q3

 

5950 East Broadway Boulevard

 

Tucson

 

AZ

 

Full Site

 

 

237,600

 

 

 

50,600

 

 

 

-

 

 

21.3%

 

Q3

 

1675 West 49th Street

 

Hialeah

 

FL

 

Full Site

 

 

145,200

 

 

 

-

 

 

 

3,000

 

 

2.1%

 

Q3

 

2700 Miamisburg Centerville Road

 

Dayton

 

OH

 

Partial Asset

 

 

167,582

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

1405 South Grand Avenue

 

Charles City

 

IA

 

Full Site

 

 

109,900

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

2307 Superior Street

 

Webster City

 

IA

 

Full Site

 

 

41,000

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

3100 Southwest College Road

 

Ocala

 

FL

 

Full Site

 

 

145,900

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

650 Bald Hill Road

 

Warwick

 

RI

 

Full Site

 

 

130,900

 

 

 

123,100

 

 

 

-

 

 

94.0%

 

Q3

 

2760 I-75 Business Spur

 

Sault Ste. Marie

 

MI

 

Full Site

 

 

98,500

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

1560 US 31 South

 

Manistee

 

MI

 

Full Site

 

 

107,800

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

1855 Main Street

 

Ramona

 

CA

 

Full Site

 

 

122,000

 

 

 

14,700

 

 

 

-

 

 

12.0%

 

Q3

 

417 Main Street

 

Madawaska

 

ME

 

Full Site

 

 

55,000

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

171 Delaware Avenue

 

Sidney

 

NY

 

Full Site

 

 

113,300

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

32123 Gratiot Avenue

 

Roseville

 

MI

 

Full Site

 

 

364,300

 

 

 

154,600

 

 

 

-

 

 

42.4%

 

Q3

 

2180 Tully Road

 

San Jose

 

CA

 

Full Site

 

 

260,100

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

1401 Greenbrier Parkway

 

Chesapeake

 

VA

 

Full Site

 

 

179,300

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

1325 Broadway

 

Saugus

 

MA

 

Full Site

 

 

211,500

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

50 Fox Run Road

 

Portsmouth

 

NH

 

Full Site

 

 

129,700

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

5901 Florin Road

 

Florin

 

CA

 

Full Site

 

 

245,600

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

3295 East Main Street

 

Ventura

 

CA

 

Full Site

 

 

183,100

 

 

 

-

 

 

 

14,100

 

 

7.7%

 

Q3

 

2250 El Mercado Loop

 

Sierra Vista

 

AZ

 

Full Site

 

 

95,500

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

5715 Johnston Street

 

Lafayette

 

LA

 

Full Site

 

 

196,000

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

20700 South Avalon Boulevard

 

Carson

 

CA

 

Full Site

 

 

36,400

 

 

 

21,900

 

 

 

5,000

 

 

73.9%

 

Q3

 

Vintage Faire Mall

 

Modesto

 

CA

 

Full Site

 

 

60,200

 

 

 

40,300

 

 

 

-

 

 

66.9%

 

Q3

 

Chandler Fashion Center

 

Deptford

 

NJ

 

Full Site

 

 

95,900

 

 

 

74,600

 

 

 

-

 

 

77.8%

 

Q3

 

Briarwood

 

Ann Arbor

 

MI

 

Full Site

 

 

85,300

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

Woodland Hills Mall

 

Tulsa

 

OK

 

Full Site

 

 

75,100

 

 

 

-

 

 

 

-

 

 

0.0%

 

Q3

 

126 Shawan Road

 

Cockeysville

 

MD

 

Full Site

 

 

80,100

 

 

 

65,600

 

 

 

-

 

 

81.9%

 

Q3

 

1445 New Britain Ave

 

West Hartford

 

CT

 

Full Site

 

 

81,100

 

 

 

58,700

 

 

 

1,900

 

 

74.7%

 

Q3

 

Natick Collection

 

Natick

 

MA

 

Full Site

 

 

95,400

 

 

 

44,300

 

 

 

-

 

 

46.4%

 

Q3

 

Total

 

 

 

 

 

 

 

 

5,921,315

 

 

 

1,190,873

 

 

 

27,500

 

 

20.6%

 

 

 

 

(1) Based on signed leases as of September 30, 2022; GLA presented at the Company’s proportional share

 

REA Status by Sites and Category

 

 

 

No / Expired REA

 

 

Expires in <5 years

 

 

Expires in >5 years

 

 

Total

 

Joint Venture (Mall REIT)

 

 

1

 

 

 

-

 

 

 

11

 

 

 

12

 

Joint Venture (Other)

 

 

-

 

 

 

-

 

 

 

1

 

 

 

1

 

Joint Venture (Residential)

 

 

4

 

 

 

-

 

 

 

2

 

 

 

6

 

Multi-Tenant Retail

 

 

12

 

 

 

1

 

 

 

25

 

 

 

38

 

Premier Mixed-use

 

 

5

 

 

 

1

 

 

 

1

 

 

 

7

 

ResiCo

 

 

1

 

 

 

1

 

 

 

5

 

 

 

7

 

Sell

 

 

15

 

 

 

3

 

 

 

32

 

 

 

50

 

Total

 

 

38

 

 

 

6

 

 

 

77

 

 

 

121

 

% of Total

 

 

31

%

 

 

5

%

 

 

64

%

 

 

100

%

 

Non-GAAP Financial Measures

The Company makes reference 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.