XML 11 R4.htm IDEA: XBRL DOCUMENT v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUE        
Rental income $ 4,526 $ 4,166 $ 8,983 $ 9,891
Management and other fee income $ 127 $ 50 $ 269 $ 98
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 $ 4,653 $ 4,216 $ 9,252 $ 9,989
EXPENSES        
Property operating 3,237 4,160 6,145 7,833
Real estate taxes 692 1,238 1,645 2,631
Depreciation and amortization 2,040 1,212 4,115 6,483
General and administrative 6,172 6,874 21,865 16,066
Total expenses 12,141 13,484 33,770 33,013
Gain on sale of real estate, net 1,967 2,034 8,903 3,173
Loss on sale of interests in unconsolidated entities (1,417) 0 (1,417) 0
Impairment of real estate assets (18,000) (86,388) (18,000) (87,536)
Equity in income (loss) of unconsolidated entities 756 (566) (7,172) (187)
Interest and other income (expense), net 930 717 1,790 2,140
Interest expense (5,139) (6,282) (10,369) (13,293)
Loss before income taxes (28,391) (99,753) (50,783) (118,727)
Benefit (provision) for income taxes (115) (1,474) 75 (1,485)
Net loss (28,506) (101,227) (50,708) (120,212)
Preferred dividends (1,225) (1,225) (2,450) (2,450)
Net loss attributable to Seritage common shareholders $ (29,731) $ (102,452) $ (53,158) $ (122,662)
Net loss per share attributable to Seritage Class A common shareholders - Basic $ (0.53) $ (1.82) $ (0.94) $ (2.18)
Net loss per share attributable to Seritage Class A common shareholders - Diluted $ (0.53) $ (1.82) $ (0.94) $ (2.18)
Weighted average Class A common shares outstanding - Basic 56,324 56,268 56,304 56,242
Weighted average Class A common shares outstanding - Diluted 56,324 56,268 56,304 56,242