XML 17 R4.htm IDEA: XBRL DOCUMENT v3.24.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
REVENUE      
Rental income $ 15,060 $ 104,609 $ 115,651
Management and other fee income $ 5,719 $ 2,446 $ 1,032
Type of Revenue [Extensible List] Management and Other Fee Income [Member] Management and Other Fee Income [Member] Management and Other Fee Income [Member]
Total revenue $ 20,779 $ 107,055 $ 116,683
EXPENSES      
Property operating 21,282 41,770 45,007
Real estate taxes 6,128 23,950 35,256
Depreciation and amortization 14,471 41,114 51,199
General and administrative 45,988 47,634 41,949
Litigation settlement   35,533  
Total expenses 87,869 190,001 173,411
Gain on sale of real estate, net 96,214 211,936 221,681
Gain (loss) on sale of interest in unconsolidated entities 6,407 (677)  
Impairment of real estate assets (107,043) (126,887) (95,826)
Equity in loss of unconsolidated entities (55,857) (72,080) (9,226)
Interest and other income, net 17,067 37,753 9,285
Interest expense (44,571) (86,730) (107,975)
Loss before income taxes (154,873) (119,631) (38,789)
Provision for income taxes (38) (466) (196)
Net loss (154,911) (120,097) (38,985)
Net loss attributable to non-controlling interests   46,152 10,836
Net loss attributable to Seritage (154,911) (73,945) (28,149)
Preferred dividends (4,900) (4,900) (4,900)
Net loss attributable to Seritage common shareholders $ (159,811) $ (78,845) $ (33,049)
Net loss per share attributable to Seritage Class A common shareholders - Basic $ (2.85) $ (1.59) $ (0.78)
Net loss per share attributable to Seritage Class A common shareholders - Diluted $ (2.85) $ (1.59) $ (0.78)
Weighted average Class A common shares outstanding - Basic 56,151 49,729 42,393
Weighted average Class A common shares outstanding - Diluted 56,151 49,729 42,393