Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

SERITAGE GROWTH PROPERTIES

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2022

(Dollars in thousands)

									Costs Capitalized						Gross Amount at Which Carried
					Acquisition Costs				Subsequent to Acquisition (1)						at Close of Period (2)										Life Upon Which
							Buildings and					Buildings and					Buildings and				Accumulated			Date	Depreciation
City	State	Encumbrances			Land		Improvements		Land			Improvements			Land		Improvements		Total		Depreciation			Acquired	is Computed
North Little Rock	AR		(3	)	$	1,288	$	2,881	$	—		$	2,819		$	1,288	$	5,700	$	6,988	$	(871	)	July, 2015	(4)
Glendale	AZ		(3	)		19,040		-		(12,041	)		300			6,999		300		7,299		(200	)	December, 2020	(4)
Mesa/East	AZ		(3	)		2,661		2,559		—			(642	)		2,661		1,917		4,578		(436	)	July, 2015	(4)
Phoenix	AZ		(3	)		568		1,088		—			(624	)		568		464		1,032		(99	)	July, 2015	(4)
Phoenix-Desert Sky	AZ		(3	)		2,605		2,448		(682	)		(1,026	)		1,923		1,422		3,345		(427	)	July, 2015	(4)
Yuma	AZ		(3	)		1,485		1,596		—			(401	)		1,485		1,195		2,680		(299	)	July, 2015	(4)
El Cajon	CA		(3	)		10,573		2,883		(3,046	)		18,816			7,527		21,699		29,226		(2,359	)	July, 2015	(4)
El Centro	CA		(3	)		3,877		3,977		(3,664	)		(3,842	)		213		135		348		(45	)	July, 2015	(4)
Fresno	CA		(3	)		1,370		2,000		(278	)		6,375			1,092		8,375		9,467		(482	)	July, 2015	(4)
Merced	CA		(3	)		2,534		1,604		(2,534	)		4,241			-		5,845		5,845		(590	)	July, 2015	(4)
Riverside	CA		(3	)		1,054		494		—			—			1,054		494		1,548		(128	)	July, 2015	(4)
Riverside	CA		(3	)		3,343		2,778		—			—			3,343		2,778		6,121		(721	)	July, 2015	(4)
San Bernardino	CA		(3	)		4,131		2,066		—			(780	)		4,131		1,286		5,417		(322	)	July, 2015	(4)
Temecula	CA		(3	)		6,098		2,214		—			12,115			6,098		14,329		20,427		(1,626	)	July, 2015	(4)
Thousand Oaks	CA		(3	)		9,853		14,785		(535	)		6,760			9,318		21,545		30,863		(5,924	)	July, 2015	(4)
West Covina	CA		(3	)		2,754		244		—			—			2,754		244		2,998		(63	)	July, 2015	(4)
West Covina	CA		(3	)		3,218		1,161		—			—			3,218		1,161		4,379		(300	)	July, 2015	(4)
Thornton	CO		(3	)		1,881		1,300		—			3,050			1,881		4,350		6,231		(1,072	)	July, 2015	(4)
Waterford	CT		(3	)		1,371		2,534		(404	)		(1,104	)		967		1,430		2,397		(440	)	July, 2015	(4)
Boca Raton	FL		(3	)		16,089		7,480		—			(515	)		16,089		6,965		23,054		(1,685	)	July, 2015	(4)
Clearwater/Cntrysd	FL		(3	)		5,852		17,777		—			182			5,852		17,959		23,811		(4,964	)	July, 2015	(4)
Doral(Miami)	FL		(3	)		9,214		2,654		—			(600	)		9,214		2,054		11,268		(497	)	July, 2015	(4)
Ft Myers	FL		(3	)		3,168		2,853		—			(418	)		3,168		2,435		5,603		(630	)	July, 2015	(4)
Hialeah/Westland	FL		(3	)		9,683		3,472		—			89			9,683		3,561		13,244		(795	)	July, 2015	(4)
Lakeland	FL		(3	)		1,503		1,045		—			(378	)		1,503		667		2,170		(152	)	July, 2015	(4)
Miami	FL		(3	)		13,264		61,577		—			130,515			13,264		192,092		205,356		(705	)	July, 2015	(4)
Orlando Colonial	FL		(3	)		4,403		3,626		(1,345	)		17,697			3,058		21,323		24,381		(2,113	)	July, 2015	(4)
Panama City	FL		(3	)		3,227		1,614		—			(461	)		3,227		1,153		4,380		(279	)	July, 2015	(4)
Pensacola	FL		(3	)		2,620		2,990		(1,606	)		(2,422	)		1,014		568		1,582		(50	)	July, 2015	(4)
Plantation	FL		(3	)		6,933		2,509		(3,361	)		(1,641	)		3,572		868		4,440		(344	)	July, 2015	(4)
St Petersburg	FL		(3	)		2,381		2,420		(305	)		23,173			2,076		25,593		27,669		(5,434	)	July, 2015	(4)
Cedar Rapids	IA		(3	)		2,833		2,197		(1,841	)		(790	)		992		1,407		2,399		(487	)	July, 2015	(4)

									Costs Capitalized						Gross Amount at Which Carried
					Acquisition Costs				Subsequent to Acquisition (1)						at Close of Period (2)										Life Upon Which
							Buildings and					Buildings and					Buildings and				Accumulated			Date	Depreciation
City	State	Encumbrances			Land		Improvements		Land			Improvements			Land		Improvements		Total		Depreciation			Acquired	is Computed
Chicago	IL		(3	)		2,385		7,924		(2,197	)		(5,991	)		188		1,933		2,121		(1,533	)	July, 2015	(4)
Lombard	IL		(3	)		2,685		8,281		(9	)		(20	)		2,676		8,261		10,937		(2,298	)	July, 2015	(4)
N Riverside	IL		(3	)		1,846		3,178		(697	)		9,861			1,149		13,039		14,188		(2,327	)	July, 2015	(4)
Orland Park	IL		(3	)		1,783		974		(1,416	)		(738	)		367		236		603		(144	)	July, 2015	(4)
Springfield	IL		(3	)		2,182		5,051		(213	)		15,233			1,969		20,284		22,253		(4,153	)	July, 2015	(4)
Steger	IL		(3	)		589		2,846		(538	)		(1,918	)		51		928		979		(749	)	July, 2015	(4)
Ft Wayne	IN		(3	)		3,247		5,476		(2,131	)		6,311			1,116		11,787		12,903		(258	)	July, 2015	(4)
Merrillville	IN		(3	)		3,413		3,224		—			(88	)		3,413		3,136		6,549		(729	)	July, 2015	(4)
Braintree	MA		(3	)		6,585		5,614		—			14,578			6,585		20,192		26,777		(3,535	)	July, 2015	(4)
Bowie	MD		(3	)		4,583		2,335		(1,168	)		(790	)		3,415		1,545		4,960		(310	)	July, 2015	(4)
Edgewater	MD		(3	)		5,534		2,116		(841	)		(856	)		4,693		1,260		5,953		(323	)	July, 2015	(4)
Burnsville	MN		(3	)		3,513		1,281		—			(505	)		3,513		776		4,289		(188	)	July, 2015	(4)
Maplewood	MN		(3	)		3,605		1,162		—			(521	)		3,605		641		4,246		(160	)	July, 2015	(4)
St Paul	MN		(3	)		1,866		1,028		—			(309	)		1,866		719		2,585		(188	)	July, 2015	(4)
Kearney	NE		(3	)		272		483		—			7,841			272		8,324		8,596		(2,031	)	July, 2015	(4)
Manchester	NH		(3	)		1,458		4,160		(643	)		7,544			815		11,704		12,519		(1,928	)	July, 2015	(4)
Las Vegas(Meadows)	NV		(3	)		3,354		1,879		(532	)		5,566			2,822		7,445		10,267		(1,054	)	July, 2015	(4)
Reno	NV		(3	)		2,135		5,748		(545	)		3,739			1,590		9,487		11,077		(1,771	)	July, 2015	(4)
Albany	NY		(3	)		8,289		6,523		(1,012	)		6,553			7,277		13,076		20,353		(2,897	)	July, 2015	(4)
East Northport	NY		(3	)		7,617		2,065		(2,627	)		30,351			4,990		32,416		37,406		(3,756	)	July, 2015	(4)
Rochester-Greece	NY		(3	)		3,082		1,560		(636	)		(601	)		2,446		959		3,405		(276	)	July, 2015	(4)
Yorktown Hts	NY		(3	)		3,584		1,569		(2,763	)		3,580			821		5,149		5,970		(780	)	July, 2015	(4)
Hicksville	NYC		(3	)		38,629		19,061		(14,603	)		(6,953	)		24,025		12,111		36,136		(3,593	)	July, 2015	(4)
Watchung	NYC		(3	)		6,704		4,110		—			33,356			6,704		37,466		44,170		(4,351	)	July, 2015	(4)
Canton	OH		(3	)		1,650		5,854		(696	)		15,792			954		21,646		22,600		(4,218	)	July, 2015	(4)
Dayton Mall	OH		(3	)		2,650		1,223		(2,054	)		1,649			596		2,872		3,468		(457	)	July, 2015	(4)
Mentor	OH		(3	)		1,092		1,776		—			(726	)		1,092		1,050		2,142		(260	)	July, 2015	(4)
Middleburg Hts	OH		(3	)		698		1,547		—			(322	)		698		1,225		1,923		(321	)	July, 2015	(4)
Okla City/Sequoyah	OK		(3	)		1,542		2,210		(739	)		(1,362	)		803		848		1,651		(224	)	July, 2015	(4)
Happy Valley	OR		(3	)		6,659		1,271		(3,617	)		6,374			3,042		7,645		10,687		(1,283	)	July, 2015	(4)
King of Prussia	PA		(3	)		—		42,300		—			4,039			—		46,339		46,339		(12,442	)	July, 2015	(4)
Chrlstn/Northwoods	SC		(3	)		3,576		1,497		(2,631	)		3,749			945		5,246		6,191		(1,180	)	July, 2015	(4)

									Costs Capitalized						Gross Amount at Which Carried
					Acquisition Costs				Subsequent to Acquisition (1)						at Close of Period (2)										Life Upon Which
							Buildings and					Buildings and					Buildings and				Accumulated			Date	Depreciation
City	State	Encumbrances			Land		Improvements		Land			Improvements			Land		Improvements		Total		Depreciation			Acquired	is Computed
Cordova	TN		(3	)	$	2,581	$	4,279	$	(1,745	)	$	(1,721	)	$	836	$	2,558	$	3,394	$	(1,678	)	July, 2015	(4)
Memphis/Poplar	TN		(3	)		2,827		2,475		—			25,421			2,827		27,896		30,723		(5,713	)	July, 2015	(4)
Austin	TX		(3	)		3,164		2,858		(2,288	)		7,369			876		10,227		11,103		(2,556	)	July, 2015	(4)
Central Park	TX		(3	)		5,468		1,457		(4,805	)		15,593			663		17,050		17,713		(3,680	)	July, 2015	(4)
El Paso	TX		(3	)		2,008		1,778		—			8,528			2,008		10,306		12,314		(1,028	)	July, 2015	(4)
Houston	TX		(3	)		6,110		1,525		—			(525	)		6,110		1,000		7,110		(214	)	July, 2015	(4)
Ingram	TX		(3	)		4,651		2,560		(597	)		(924	)		4,054		1,636		5,690		(440	)	July, 2015	(4)
Irving	TX		(3	)		4,493		5,743		(2,395	)		(262	)		2,098		5,481		7,579		(1,236	)	July, 2015	(4)
Shepherd	TX		(3	)		5,457		2,081		—			(510	)		5,457		1,571		7,028		(393	)	July, 2015	(4)
Valley View	TX		(3	)		4,706		3,230		—			(3,230	)		4,706		-		4,706		-		July, 2015	(4)
Layton	UT		(3	)		2,234		974		(824	)		3,626			1,410		4,600		6,010		(1,560	)	July, 2015	(4)
Fairfax	VA		(3	)		10,873		1,491		—			28,570			10,873		30,061		40,934		(4,185	)	July, 2015	(4)
Warrenton	VA		(3	)		1,956		2,480		(667	)		5,987			1,289		8,467		9,756		(918	)	July, 2015	(4)
Redmond-Overlake Pk	WA		(3	)		5,133		4,133		10,513			(1,243	)		15,646		2,890		18,536		(954	)	July, 2015	(4)
Greendale	WI		(3	)		3,208		2,340		(1,384	)		9,653			1,824		11,993		13,817		(2,495	)	July, 2015	(4)
Madison-West	WI		(3	)		3,053		2,130		(340	)		16,893			2,713		19,023		21,736		(2,825	)	July, 2015	(4)
Various			(3	)		—		—		—			218,902			—		218,911		218,911		—		n/a	(4)
					$	365,603	$	357,686	$	(78,482	)	$	697,031		$	287,120	$	1,054,729	$	1,341,849	$	(124,131	)

(1)Includes reductions related to partial site sales and impairment of long-lived assets.

(2)The aggregate cost of land, building and improvements for U.S. federal income tax purposes is approximately $1.6 billion.

(3)The Term Loan Facility is secured on a first lien basis by individual mortgages and a pledge of the capital stock of the direct subsidiaries of the Company, including those that own each of the Company’s properties. See Note 6.

(4)Depreciation is computed based on the following estimated useful lives:

Building:	25 – 40 years
Site improvements:	5 – 15 years
Tenant improvements:	shorter of the estimated useful life or non-cancelable term of lease

SERITAGE GROWTH PROPERTIES

NOTES TO SCHEDULE III

(Dollars in thousands)

Reconciliation of Real Estate

	2022			2021			2020
Balance at beginning of year	$	1,851,082		$	2,053,078		$	2,118,329
Additions		106,511			109,549			256,126
Impairments		(126,887	)		(95,826	)		(64,108	)
Dispositions		(486,976	)		(208,413	)		(226,889	)
Write-offs		(1,881	)		(7,306	)		(30,380	)
Balance at end of year	$	1,341,849		$	1,851,082		$	2,053,078

Reconciliation of Accumulated Depreciation

	2022			2021			2020
Balance at beginning of year	$	154,971		$	142,206		$	147,696
Depreciation expense		35,123			43,744			48,569
Dispositions		(65,963	)		(23,145	)		(23,679	)
Write-offs		—			(7,834	)		(30,380	)
Balance at end of year	$	124,131		$	154,971		$	142,206