X0306 4 2016-07-07 0 0001628063 Seritage Growth Properties SRG 0001544531 Schall Benjamin 489 FIFTH AVENUE, 18TH FLOOR NEW YORK NY 10017 1 1 0 0 CEO, President Class A Common Shares 2016-07-07 4 M 0 7184 A 212235 D Restricted Share Units (time-based) 2016-07-07 4 M 0 7184 0 D Class A Common Shares 7184 0 D Represents vesting of 1/3 of a grant of 21,552 Restricted Share Units ("RSUs") under the Seritage Growth Properties 2015 Share Plan (the "Plan") granted on July 7, 2015 that vests in three equal installments beginning on July 7, 2016. When vested RSUs are converted into Class A Common Shares on a one-to-one basis. Includes 171,145 unvested RSU and Restricted Shares, including (a) 33,807 unvested Restricted Shares, which will vest in two remaining tranches on July 7, 2017 and 2018 and which were previously reported on Table I on July 9, 2015; (b) 101,419 unvested Restricted Shares representing the target number of shares that will vest upon the achievement of applicable performance goals, which were granted under the Plan and previously reported on Table II on July 9, 2015, (c) 21,551 unvested Restricted Shares representing the target number of shares that will vest upon the achievement of applicable performance goals, which were granted under the Plan and previously reported on Table II on July 9, 2015, and (d) 14,368 unvested RSUs representing the remainder of the RSU award granted on July 7, 2015 and previously reported in Table II on July 9, 2015. The Reporting Person has elected to report his ownership of these unvested RSUs and performance-based Restricted Shares in Table I of his Form 4 filings. /s/ Benjamin Schall 2017-03-24