XML 15 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
REVENUE        
Rental income $ 23,253 $ 28,819 $ 81,755 $ 87,560
Management and other fee income $ 248 $ 184 $ 2,355 $ 598
Type of Revenue [Extensible List] Management and Other Fee Income [Member] Management and Other Fee Income [Member] Management and Other Fee Income [Member] Management and Other Fee Income [Member]
Total revenue $ 23,501 $ 29,003 $ 84,110 $ 88,158
EXPENSES        
Property operating 9,700 11,585 31,535 33,514
Real estate taxes 6,483 8,542 21,056 27,758
Depreciation and amortization 9,169 13,159 31,772 39,629
General and administrative 10,811 8,780 30,996 32,002
Litigation reserve 533   35,533  
Total expenses 36,696 42,066 150,892 132,903
Gain on sale of real estate, net 45,433 22,774 112,449 65,079
Loss on sale of interests in unconsolidated entities (139)   (139)  
Impairment of real estate assets (10,275) (3,814) (120,609) (70,053)
Equity in loss of unconsolidated entities (2,275) (5,535) (69,071) (9,024)
Interest and other (expense) income (1,047) 48 (937) 8,202
Interest expense (21,916) (26,721) (67,167) (81,847)
Loss before income taxes (3,414) (26,311) (212,256) (132,388)
Provision for income taxes (67) (38) (295) (198)
Net loss (3,481) (26,349) (212,551) (132,586)
Net loss attributable to non-controlling interests 42 5,815 46,152 31,492
Net loss attributable to Seritage (3,439) (20,534) (166,399) (101,094)
Preferred dividends (1,225) (1,225) (3,675) (3,675)
Net loss attributable to Seritage common shareholders $ (4,664) $ (21,759) $ (170,074) $ (104,769)
Net loss per share attributable to Seritage Class A common shareholders - Basic $ (0.08) $ (0.50) $ (3.57) $ (2.50)
Net loss per share attributable to Seritage Class A common shareholders - Diluted $ (0.08) $ (0.50) $ (3.57) $ (2.50)
Weighted average Class A common shares outstanding - Basic 55,361 43,631 47,600 41,976
Weighted average Class A common shares outstanding - Diluted 55,361 43,631 47,600 41,976