0000950170-24-057882.txt : 20240510 0000950170-24-057882.hdr.sgml : 20240510 20240510163031 ACCESSION NUMBER: 0000950170-24-057882 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20240510 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240510 DATE AS OF CHANGE: 20240510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Seritage Growth Properties CENTRAL INDEX KEY: 0001628063 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 383976287 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37420 FILM NUMBER: 24935428 BUSINESS ADDRESS: STREET 1: 500 FIFTH AVENUE STREET 2: SUITE 1530 CITY: NEW YORK STATE: NY ZIP: 10110 BUSINESS PHONE: 2123557800 MAIL ADDRESS: STREET 1: 500 FIFTH AVENUE STREET 2: SUITE 1530 CITY: NEW YORK STATE: NY ZIP: 10110 FORMER COMPANY: FORMER CONFORMED NAME: Seritage Growth Properties, Inc. DATE OF NAME CHANGE: 20141215 8-K 1 srg-20240510.htm 8-K 8-K
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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): May 10, 2024

 

 

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 May 10, 2024, the Company issued a press release regarding its financial results for the three months ended March 31, 2024. A copy of the press release is furnished as Exhibit 99.1 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, 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 May 10, 2024.

 

 

 

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: May 10, 2024

 


EX-99.1 2 srg-ex99_1.htm EX-99.1 EX-99.1

 

Exhibit 99.1

 

img42621_0.jpg 

 

 

Seritage Growth Properties Reports First Quarter 2024 Operating Results

 

New York – May 10, 2024 – Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner and developer of retail, residential and mixed-use properties today reported financial and operating results for the three months ended March 31, 2024.

 

"We are continuing to advance our Plan of Sale, having sold $80 million of assets year to date and repaid an equal amount of debt in the process. Since the announcement of our strategic review and election to be taxed as a C-Corp two years ago, we have sold 151 assets for approximately $1.7 billion of gross proceeds and repaid roughly $1.2 billion in debt. Based on our broad transaction experience, we are seeing a few themes emerge. Assets previously underwritten for life sciences or tech office are now frequently being reconsidered for other uses in higher demand but with less aggressive rent profiles, which, taken together with high construction costs, drives down the amount that can be paid for land. We are also seeing investors focusing on less risky debt or cash flowing equity investments to generate double-digit returns. Yet, some with a longer-term view are starting to come back to the development market. With more stability in interest rates and inflation, buyers are able to underwrite deals more confidently, albeit at lower valuations. As such we are adjusting our pricing projections for some of our assets.” said Andrea L. Olshan, Chief Executive Officer and President.

Sale Highlights:

Generated $48.8 million of gross proceeds from sales including:
$34.0 million in gross proceeds from one income producing Multi-Tenant Retail asset reflecting a 7.6% capitalization rate; and
$14.8 million in gross proceeds from four vacant/non-income producing Non-Core assets sold at $28.56 PSF eliminating $0.8 million of carry costs.
Subsequent to quarter end, generated $31.8 million of gross proceeds from sales including:
$28.0 million in gross proceeds from one income producing Multi-Tenant Retail asset reflecting a 5.3% capitalization rate; and
$3.8 million in gross proceeds from one income producing Non-Core assets reflecting a 7.8% capitalization rate.
As of May 7, the Company has four assets under contract for anticipated gross proceeds of $30.1 million. All assets for sale are subject to customary closing conditions. Of these four assets, two are for sale with no due diligence contingencies for total anticipated gross proceeds of $8.3 million and two assets are under contract for sale subject to customary due diligence for total anticipated gross proceeds of $21.8 million including:
$25.4 million in gross proceeds from three vacant/non- income producing Non-Core assets to be sold at $42.64 PSF eliminating $1.2 million of carry costs; and
$4.7 million in gross proceeds from monetizing an unconsolidated entity interest.
The Company has accepted offers on and is currently negotiating definitive purchase and sale agreements on four assets for total gross proceeds of approximately $79.1 million including:
$24.0 million in gross proceeds from one income producing Multi-Tenant Retail asset reflecting a 8.5% capitalization rate;
$8.1 million in gross proceeds from one vacant / non-income producing Non-Core assets to be sold at $55.18 PSF eliminating $0.3 million of carry costs; and
$47.0 million in gross proceeds from monetizing two unconsolidated entity interests.

 

 

1


 

Financial Highlights:

For the three months ended March 31, 2024:

As of March 31, 2024, the Company had cash on hand of $130.8 million, including $15.9 million of restricted cash. As of May 7, 2024, the Company had cash on hand of $102.4 million, including $11.7 million of restricted cash.
Net loss attributable to common shareholders of ($20.2) million, or ($0.36) per share.
Total Net Operating Income (“Total NOI”) of $2.1 million.
During the quarter, the Company made $30.0 million in principal repayments on the Company’s term loan facility having a maturity date of July 31, 2025 (the “Term Loan Facility”), reducing the balance of the Term Loan Facility to $330.0 million at March 31, 2024. Subsequent to quarter end, the Company made additional principal payments totaling $50.0 million reducing the balance of the Term Loan Facility to $280.0 million as of May 7, 2024.

Other Highlights

Signed one lease covering 1.6 thousand square feet in the first quarter at a projected annual net rent of $110.25 PSF.
Opened five tenants in the first quarter totaling approximately 53.5 thousand square feet at an average net rent of $53.98 PSF.

Future Sales Projections

The data below provides additional information regarding current estimated gross sales proceeds per asset in the portfolio as of May 7, 2024, excluding assets under contract or in PSA negotiation, which are described above. The assets listed below are either being marketed or are to be marketed and, as a result, any sales thereof are anticipated to occur in 2024 and beyond. Sales projections are based on the Company’s latest forecasts and assumptions, but the Company cautions that actual results may differ materially. In addition, see “Market Update” below and the “Risk Factors” section contained in the Company’s filings with the Securities and Exchange Commission for discussion of the risks associated with such estimated gross sale proceeds.

Gateway Markets

One Multi-Tenant Asset $25 - $30 million
Eight Premier Assets (Dallas & San Diego are each assumed to be sold in two transactions)
One Asset $15 - $20 million
Two Assets $30 - $35 million
Two Assets $50 - $60 million
One Asset $60 - $70 million
One Asset $100 - $150 million
One Asset $150 - $200 million

Primary Markets

Three Multi-Tenant Assets $25 - $30 million
Three Joint Venture Assets $5 - $10 million
One Non-Core Asset $25 - $30 million

 

Secondary Markets

One Residential Asset with adjacent Retail asset $5 - $10 million
One Joint Venture Asset $5 - $10 million
One Non-Core Asset $5 - $10 million

 

 

2


 

Portfolio

The table below represents a summary of the Company’s properties by planned usage as of March 31, 2024 (in thousands except number of leases and acreage data):

 

Planned Usage

 

Total

 

Built SF / Acreage (1)

 

Leased SF (1)(2)

 

 

% Leased

 

Avg. Acreage / Site

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

Multi-Tenant Retail

 

5

 

 876 sf / 93 acres

 

 

603

 

 

68.8%

 

 

18.7

 

Residential (3)

 

2

 

 33 sf / 19 acres

 

 

33

 

 

100.0%

 

 

9.5

 

Premier

 

4

 

 228 sf / 69 acres

 

 

138

 

 

71.4%

 

 

17.2

 

Non-Core (4)

 

7

 

 1098 sf / 95 acres

 

 

13

 

 

1.2%

 

 

13.7

 

Unconsolidated

 

 

 

 

 

 

 

 

 

 

 

 

Other Joint Ventures

 

6

 

 457 sf / 77 acres

 

 

11

 

 

2.3%

 

 

12.8

 

Premier

 

3

 

 158 sf / 57 acres

 

 

106

 

 

69.1%

 

 

19.0

 

(1) Square footage is presented at the Company’s proportional share.

(2) Based on signed leases at March 31, 2024.

(3) Square footage represents built ancillary retail space whereas acreage represents both retail and residential acreage.

(4) Represents assets the Company previously designated for sale.

Multi-Tenant Retail

During the three months ended March 31, 2024, the Company invested $1.8 million in its Multi-Tenant retail properties. Any future capital expenditures in the Multi-Tenant retail portfolio are primarily comprised of tenant improvements.

The table below provides a summary of all Multi-Tenant Retail signed and in negotiation leases as of March 31, 2024 (in thousands except for 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

 

 

18

 

 

 

556.6

 

 

 

63.5

%

 

$

12,852.3

 

 

 

87.0

%

 

$

23.07

 

SNO retail leases (1)

 

 

4

 

 

 

46.2

 

 

 

5.3

%

 

 

1,175

 

 

 

8.0

%

 

 

25.54

 

Tenants in lease negotiation

 

 

1

 

 

 

102.0

 

 

 

10.6

%

 

 

750

 

 

 

5.1

%

 

 

7.35

 

Total retail leases

 

 

23

 

 

 

704.8

 

 

 

79.4

%

 

$

14,776.7

 

 

 

100.0

%

 

$

20.97

 

(1) SNO = signed not yet opened leases.

 

 

 

During the three months ended March 31, 2024, the Company has a leasing pipeline of over 100 thousand square feet. The Company has 557 thousand leased square feet and approximately 46 thousand square feet signed but not opened. The Company has total occupancy of 68.8% for its Multi-Tenant retail properties. As of March 31, 2024, there is an additional approximately 273 thousand square feet available for lease.

 

 

Number of

 

 

Leased

 

 

Gross Annual Base

 

 

Gross Annual

 

 

 

 

SNO Leases

 

 

GLA

 

 

Rent ("ABR")

 

 

Rent PSF ("ABR PSF")

 

 

As of December 31, 2023

 

 

6

 

 

 

86.1

 

 

$

2,540.0

 

 

$

29.53

 

 

Opened

 

 

(1

)

 

 

(37.5

)

 

 

(1,215.0

)

 

 

32.40

 

 

Sold / terminated

 

 

(1

)

 

 

(2.4

)

 

 

(150.1

)

 

 

63.42

 

 

As of March 31, 2024

 

 

4

 

 

 

46.2

 

 

$

1,174.9

 

 

$

25.54

 

 

Premier Mixed-Use

The Company has three premier mixed-use projects in the active leasing/tenant opening stage: Aventura, FL, Santa Monica, CA and San Diego, CA. As of March 31, 2024, the Company has 332 thousand in-place leased square feet (226 thousand square feet at share), 43 thousand square feet signed but not opened (43 thousand square feet at share), and 168 thousand square feet available for lease (116 thousand square feet at share).

 

3


 

The table below provides a summary of all signed leases at Premier assets as of March 31, 2024, including unconsolidated entities at the Company’s proportional share (in thousands except for number of leases and PSF data):

 

 

 

 

 

 

 

 

 

 

 

 

Number of

 

 

Leased

 

 

% of Total

 

 

Gross Annual

 

 

% of

 

 

Gross Annual

 

Tenant

Leases

 

 

GLA

 

 

Leasable GLA

 

 

Base Rent ("ABR")

 

 

Total ABR

 

 

Rent PSF ("ABR PSF")

 

In-place retail leases

 

35

 

 

 

117.9

 

 

 

30.6

%

 

$

8,406.2

 

 

 

45.6

%

 

$

71.30

 

In-place office leases

 

4

 

 

 

108.0

 

 

 

28.0

%

 

 

6,889.5

 

 

 

37.3

%

 

 

63.82

 

SNO retail leases as of December 31, 2023(1)

 

17

 

 

 

57.5

 

 

 

 

 

$

4,652.8

 

 

 

 

 

 

80.92

 

Opened

 

(4

)

 

 

(16.0

)

 

 

 

 

 

(1,673.4

)

 

 

 

 

 

104.55

 

Signed

 

1

 

 

 

1.6

 

 

 

 

 

 

174.6

 

 

 

 

 

 

110.23

 

SNO retail leases as of March 31, 2024(1)

 

14

 

 

 

43.1

 

 

 

18.7

%

 

$

3,154.0

 

 

 

17.1

%

 

 

73.22

 

Total diversified leases as of March 31, 2024

 

53

 

 

 

268.9

 

 

 

63.3

%

 

$

18,449.7

 

 

 

100.0

%

 

$

68.60

 

(1) SNO = Signed not yet opened leases

 

 

 

 

 

 

 

 

 

 

During the three months ended March 31, 2024, the Company invested $6.4 million in its consolidated premier development and operating properties and an additional $2.3 million into its unconsolidated premier entities.

Aventura

During the first quarter of 2024, the Company continued to advance 216 thousand square feet of office and retail leasing at the project in Aventura, FL. The Company is finalizing construction on the asset. As of March 31, 2024, 108 thousand square feet or 50% of the asset is opened and the Company will continue with rolling openings going forward.

With 70% leased through March 31, 2024, the Company has 65 thousand square feet or 30% available for lease, of which approximately 17 thousand square feet or 8.0% is in lease negotiation.

San Diego

As of March 31, 2024, the property is 100% leased and 100.0% open and operating.

Financial Summary

The table below provides a summary of the Company’s financial results for the three months ended March 31, 2024 (in thousands except for per share amounts):

 

 

Three Months Ended

 

 

 

March 31, 2024

 

 

March 31, 2023

 

Net loss attributable to Seritage
   common shareholders

 

$

(20,210

)

 

$

(63,211

)

Net loss per share attributable to Seritage
   common shareholders

 

 

(0.36

)

 

 

(1.13

)

Total NOI

 

 

2,098

 

 

 

3,104

 

For the quarter ended March 31, 2024:

Total NOI for the first quarter of 2024 reflects the impact of ($0.8) million Total NOI relating to sold properties.

 

4


 

Total NOI is comprised of:

 

(in thousands)

 

Three Months Ended March 31,

 

Consolidated Properties

 

2024

 

 

2023

 

Multi-tenant retail

 

$

2,368

 

 

$

2,163

 

Premier

 

 

(301

)

 

 

(1,280

)

Non-Core

 

 

(433

)

 

 

(702

)

Sold

 

 

(870

)

 

 

1,406

 

Total

 

 

764

 

 

 

1,587

 

Unconsolidated Properties

 

 

 

 

Residential

 

 

-

 

 

 

9

 

Premier

 

 

1,545

 

 

 

331

 

Other joint ventures

 

 

(211

)

 

 

1,177

 

Total

 

 

1,334

 

 

 

1,517

 

Total NOI

 

$

2,098

 

 

$

3,104

 

As of March 31, 2024, the Company had cash on hand of $130.8 million, including $15.9 million of restricted cash. The Company expects to use these sources of liquidity, together with a combination of future sales, to pay its financing obligations and fund its operations and development activity. The availability of funding from sales of assets is subject to various conditions, and there can be no assurance that such transactions will be consummated. For more information on our liquidity position, including our going concern analysis, please see the notes to the consolidated financial statements included in Part I, Item 1 and in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” each in our Quarterly Report on Form 10-Q.

Dividends

 

On February 29, 2024, 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 April 15, 2024 to holders of record on March 29, 2024.

 

On May 2, 2024, 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 paid on July 15, 2024 to holders of record on June 28, 2024.

The Company’s Board of Trustees does not expect to declare dividends on its common shares until such time as the Term Loan Facility has been repaid in full.

Strategic Review

At the 2022 Annual Meeting of Shareholders on October 24, 2022, Seritage shareholders approved the Company’s Plan of Sale. The strategic review process remains ongoing as the Company executes the Plan of Sale, and the Company remains open minded to pursuing value maximizing alternatives, including a potential sale of the Company. There can be no assurance regarding the success of the process.

Market Update

As the Company has previously disclosed, the Company, along with the commercial real estate market as a whole, has experienced and continues to experience challenging market conditions as a result of a variety of factors. These conditions have applied and continue to apply downward pricing pressure on all of our assets. In making decisions regarding whether and when to transact on each of the Company’s remaining assets, the Company will consider various factors including, but not limited to, the breadth of the buyer universe, macroeconomic conditions, the availability and cost of financing, as well as corporate, operating and other capital expenses required to carry the asset. If these challenging market conditions persist, then we expect that they will impact the Plan of Sale proceeds from our assets and the amounts and timing of distributions to shareholders.

Non-GAAP Financial Measures

The Company makes references 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.

 

5


 

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.

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,” “potential,” "will," "approximately," or "anticipates" 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; risks relating to redevelopment activities; contingencies to the commencement of rent under leases; the terms of the Company’s indebtedness 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; environmental, health, safety and land use laws and regulations; and possible acts of war, terrorist activity or other acts of violence or cybersecurity incidents. 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, 2023 and any subsequent Form 10-Qs. 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.

About Seritage Growth Properties

Prior to the adoption of the Company’s Plan of Sale (defined below), Seritage was principally engaged in the ownership, development, redevelopment, disposition, management and leasing of diversified retail and mixed-use properties throughout the United States. Seritage will continue to actively manage each remaining location until such time as each property is sold. As of March 31, 2024, the Company’s portfolio consisted of interests in 27 properties comprised of approximately 3.5 million square feet of gross leasable area (“GLA”) or build-to-suit leased area, and 410 acres of land. The portfolio consists of approximately 2.3 million square feet of GLA and 276 acres held by 18 consolidated properties (such properties, the “Consolidated Properties”) and 1.2 million square feet of GLA and 134 acres held by nine unconsolidated properties (such properties, the “Unconsolidated Properties”).

Contact

Seritage Growth Properties

(212) 355-7800

IR@Seritage.com

 

6


 

Seritage Growth Properties

Consolidated Balance SheetS

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

March 31, 2024

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

 

Investment in real estate

 

 

 

 

 

 

Land

 

$

72,562

 

 

$

102,090

 

Buildings and improvements

 

 

300,148

 

 

 

344,972

 

Accumulated depreciation

 

 

(31,514

)

 

 

(36,025

)

 

 

 

341,196

 

 

 

411,037

 

Construction in progress

 

 

132,210

 

 

 

135,305

 

Net investment in real estate

 

 

473,406

 

 

 

546,342

 

Real estate held for sale

 

 

75,574

 

 

 

39,332

 

Investment in unconsolidated entities

 

 

199,810

 

 

 

196,437

 

Cash and cash equivalents

 

 

114,875

 

 

 

134,001

 

Restricted cash

 

 

15,883

 

 

 

15,699

 

Tenant and other receivables, net

 

 

9,907

 

 

 

12,246

 

Lease intangible assets, net

 

 

191

 

 

 

886

 

Prepaid expenses, deferred expenses and other assets, net

 

 

24,922

 

 

 

28,921

 

Total assets (1)

 

$

914,568

 

 

$

973,864

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Term loan facility, net

 

$

330,000

 

 

$

360,000

 

Accounts payable, accrued expenses and other liabilities

 

 

40,970

 

 

 

50,700

 

Total liabilities (1)

 

 

370,970

 

 

 

410,700

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

Class A common shares $0.01 par value; 100,000,000 shares authorized;
   56,262,944 and 56,194,727 shares issued and outstanding
   as of March 31, 2024 and December 31, 2023, respectively

 

 

562

 

 

 

562

 

Series A preferred shares $0.01 par value; 10,000,000 shares authorized;
   2,800,000 shares issued and outstanding as of March 31, 2024 and
   December 31, 2023; liquidation preference of $70,000

 

 

28

 

 

 

28

 

Additional paid-in capital

 

 

1,362,386

 

 

 

1,361,742

 

Accumulated deficit

 

 

(820,552

)

 

 

(800,342

)

Total shareholders' equity

 

 

542,424

 

 

 

561,990

 

Non-controlling interests

 

 

1,174

 

 

 

1,174

 

Total equity

 

 

543,598

 

 

 

563,164

 

Total liabilities and equity

 

$

914,568

 

 

$

973,864

 

(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets, as of March 31, 2024, include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $3.3 million of land, $2.8 million of building and improvements, $(0.8) million of accumulated depreciation and $2.6 million of other assets included in other line items. The Company's consolidated balance sheets as of December 31, 2023, include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $3.3 million of land, $2.8 million of building and improvements, $(0.8) million of accumulated depreciation and $2.4 million of other assets included in other line items.

 

 

 

 

7


 

Seritage Growth Properties

Consolidated Statements of OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended
March 31,

 

 

 

 

2024

 

 

2023

 

 

REVENUE

 

 

 

 

 

 

 

Rental income

 

$

5,725

 

 

$

418

 

 

Management and other fee income

 

 

48

 

 

 

262

 

 

Total revenue

 

 

5,773

 

 

 

680

 

 

EXPENSES

 

 

 

 

 

 

 

Property operating

 

 

3,673

 

 

 

8,185

 

 

Real estate taxes

 

 

1,393

 

 

 

1,537

 

 

Depreciation and amortization

 

 

5,271

 

 

 

4,564

 

 

General and administrative

 

 

9,192

 

 

 

12,220

 

 

Total expenses

 

 

19,529

 

 

 

26,506

 

 

Gain on sale of real estate, net

 

 

1,139

 

 

 

12,392

 

 

Impairment of real estate assets

 

 

(1,148

)

 

 

(2,576

)

 

Equity in income (loss) of unconsolidated entities

 

 

379

 

 

 

(36,372

)

 

Interest and other income, net

 

 

1,423

 

 

 

5,585

 

 

Interest expense

 

 

(7,011

)

 

 

(15,202

)

 

Loss before income taxes

 

 

(18,974

)

 

 

(61,999

)

 

(Provision) benefit for income taxes

 

 

(11

)

 

 

13

 

 

Net loss

 

 

(18,985

)

 

 

(61,986

)

 

Preferred dividends

 

 

(1,225

)

 

 

(1,225

)

 

Net loss attributable to Seritage common shareholders

 

$

(20,210

)

 

$

(63,211

)

 

 

 

 

 

 

 

 

 

Net loss per share attributable to Seritage Class A
   common shareholders - Basic

 

$

(0.36

)

 

$

(1.13

)

 

Net loss per share attributable to Seritage Class A
   common shareholders - Diluted

 

$

(0.36

)

 

$

(1.13

)

 

Weighted average Class A common shares
   outstanding - Basic

 

 

56,215

 

 

 

56,059

 

 

Weighted average Class A common shares
   outstanding - Diluted

 

 

56,215

 

 

 

56,059

 

 

 

8


 

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

 

 

 

Three Months Ended March 31,

 

NOI and Total NOI

 

2024

 

 

2023

 

Net loss

 

$

(18,985

)

 

$

(61,986

)

Management and other fee income

 

 

(48

)

 

 

(262

)

Depreciation and amortization

 

 

5,271

 

 

 

4,564

 

General and administrative expenses

 

 

9,192

 

 

 

12,220

 

Equity in (income) loss of unconsolidated entities

 

 

(379

)

 

 

36,372

 

Gain on sale of real estate, net

 

 

(1,139

)

 

 

(12,392

)

Impairment of real estate assets

 

 

1,148

 

 

 

2,576

 

Interest and other income, net

 

 

(1,423

)

 

 

(5,585

)

Interest expense

 

 

7,011

 

 

 

15,202

 

Provision (Benefit) for income taxes

 

 

11

 

 

 

(13

)

Straight-line rent

 

 

67

 

 

 

10,843

 

Above/below market rental expense

 

 

38

 

 

 

48

 

NOI

 

$

764

 

 

$

1,587

 

Unconsolidated entities

 

 

 

 

 

 

Net operating income of unconsolidated entities

 

 

1,531

 

 

 

1,659

 

Straight-line rent

 

 

(188

)

 

 

(147

)

Above/below market rental expense

 

 

(9

)

 

 

5

 

Total NOI

 

$

2,098

 

 

$

3,104

 

 

 

 

 

Properties sold during first quarter of 2024:

 

 

 

 

 

 

 

Total

 

 

2024 Qtr

 

City

 

State

 

Full / Partial Sale

 

SF (1)

 

 

Sold

 

North Little Rock

 

AR

 

Box

 

 

160,500

 

 

Q1

 

Watchung

 

NJ

 

Full Site

 

 

87,300

 

 

Q1

 

Cedar Rapids

 

IA

 

Full Site

 

 

146,200

 

 

Q1

 

Yuma

 

AZ

 

Full Site

 

 

90,100

 

 

Q1

 

Edgewater

 

MD

 

Full Site

 

 

122,000

 

 

Q1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9


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May 10, 2024
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date May 10, 2024
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
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Common Stock [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
7.00% Series A cumulative redeemable preferred shares of beneficial interest, par value $0.01 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
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