Investments in Unconsolidated Entities (Tables)

6 Months Ended

Jun. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Summary of Company's Investments in Unconsolidated Entities

As of June 30, 2025, the Company had investments in five unconsolidated entities as follows:

		Seritage %	# of	Total
Unconsolidated Entities	Entity Partner(s)	Ownership	Properties	GLA
GS Portfolio Holdings (2017) LLC    ("GGP II JV")	Brookfield Properties Retail    (formerly GGP Inc.)	50.0%	1		93,500
Mark 302 JV LLC    ("Mark 302 JV")	An investment fund managed by    Invesco Real Estate	50.0%	1		51,500
SI UTC LLC    ("UTC JV")	A separate account advised by    Invesco Real Estate	50.0%	1		106,200
Tech Ridge JV Holding LLC    ("Tech Ridge JV")	An affiliate of    RD Management	50.0%	1		—
Landmark Land Holdings, LLC    ("Landmark JV")	The Howard Hughes Corporation    and Foulger-Pratt	31.3%	1		—
			5		251,200

Summary of Combined Condensed Financial Data of Unconsolidated Entities

The following tables present summarized financial data for UTC JV (in thousands):

	June 30, 2025			December 31, 2024
ASSETS
Investment in real estate
Land	$	27,992		$	27,992
Buildings and improvements		149,396			149,628
Accumulated depreciation		(14,669	)		(11,943	)
		162,719			165,677
Construction in progress		3,302			3,013
Net investment in real estate		166,021			168,690
Cash and cash equivalents		2,152			2,839
Tenant and other receivables, net		11,501			11,408
Other assets, net		10,590			11,131
Total assets	$	190,264		$	194,068
LIABILITIES AND MEMBERS' INTERESTS
Accounts payable, accrued expenses and other liabilities		4,038			6,335
Total liabilities		4,038			6,335
Members' Interest
Total members' interest		186,226			187,733
Total liabilities and members' interest	$	190,264		$	194,068
Carrying value of Company's investments in equity investments	$	97,760		$	98,587

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Total revenue	$	5,052		$	4,478		$	9,834		$	9,049
Property operating expenses		(641	)		(1,561	)		(1,289	)		(2,346	)
Depreciation and amortization		(1,692	)		(1,565	)		(3,257	)		(3,040	)
Operating income		2,719			1,352			5,288			3,663
Other expenses		(134	)		(202	)		(293	)		(345	)
Net income	$	2,585		$	1,150		$	4,995		$	3,318
Equity in income of unconsolidated entities (1)	$	1,328		$	612		$	2,606		$	1,734

(1)Equity in income (loss) of unconsolidated entities on the condensed consolidated statements of operations includes basis difference adjustments.

Summarized Financial Information for Unconsolidated Entities

The following tables present combined condensed financial data for all of the Company’s Unconsolidated Entities, excluding UTC JV (in thousands):

	June 30, 2025			December 31, 2024
ASSETS
Investment in real estate
Land	$	82,214		$	88,153
Buildings and improvements		40,902			74,644
Accumulated depreciation		(9,561	)		(30,854	)
		113,555			131,943
Construction in progress		68,122			64,212
Net investment in real estate		181,677			196,155
Cash and cash equivalents		10,027			18,164
Tenant and other receivables, net		287			35
Other assets, net		17,088			17,921
Total assets	$	209,079		$	232,275
LIABILITIES AND MEMBERS' INTERESTS
Liabilities
Accounts payable, accrued expenses and other liabilities		15,481			12,194
Total liabilities		15,481			12,194
Members' Interest
Total members' interest		193,598			220,081
Total liabilities and members' interest	$	209,079		$	232,275
Carrying value of Company's investments in equity investments	$	68,177		$	91,112

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Total revenue	$	695		$	695		$	984		$	894
Property operating expenses		(1,053	)		(1,573	)		(1,889	)		(2,496	)
Depreciation and amortization		(754	)		(1,337	)		(1,696	)		(2,095	)
Operating loss		(1,112	)		(2,215	)		(2,601	)		(3,697	)
Other expenses		22			(125	)		157			(107	)
Gains (losses) and (impairments)		-			3			-			3
Net loss	$	(1,090	)	$	(2,337	)	$	(2,444	)	$	(3,801	)
Equity in loss of unconsolidated entities (1)	$	(572	)	$	(1,178	)	$	(9,778	)	$	(1,921	)

(1)Equity in income (loss) of unconsolidated entities on the condensed consolidated statements of operations includes basis difference adjustments.