SERITAGE GROWTH PROPERTIES

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2017

(Dollars in thousands)

							Costs Capitalized						Gross Amount at Which Carried
			Acquisition Costs				Subsequent to Acquisition						at Close of Period (1)										Life Upon Which
					Buildings and					Buildings and					Buildings and				Accumulated			Date	Depreciation
Name of Center	Location	Encumbrances	Land		Improvements		Land			Improvements			Land		Improvements		Total		Depreciation			Acquired	is Computed
The Mall at Sears	Anchorage(Sur), AK	(2)	$	11,517	$	11,729	$	—		$	884		$	11,517	$	12,613	$	24,130	$	(2,209	)	July, 2015	(3)
Stand-Alone Location	Cullman, AL	(2)		947		846		—			1,616			947		2,462		3,409		(200	)	July, 2015	(3)
McCain Mall	North Little Rock, AR	(2)		1,288		2,881		—			—			1,288		2,881		4,169		(656	)	July, 2015	(3)
Stand-Alone Location	Russellville, AR	(2)		318		1,270		—			—			318		1,270		1,588		(253	)	July, 2015	(3)
Flagstaff Mall	Flagstaff, AZ	(2)		932		2,179		—			—			932		2,179		3,111		(372	)	July, 2015	(3)
Superstition Springs Center	Mesa/East, AZ	(2)		2,661		2,559		—			—			2,661		2,559		5,220		(582	)	July, 2015	(3)
Shopping Center	Peoria, AZ	(2)		1,204		509		—			—			1,204		509		1,713		(245	)	July, 2015	(3)
Desert Sky Mall	Phoenix-Desert Sky, AZ	(2)		2,605		2,448		—			—			2,605		2,448		5,053		(501	)	July, 2015	(3)
Stand-Alone Location	Phoenix , AZ	(2)		568		1,088		—			13			568		1,101		1,669		(322	)	July, 2015	(3)
Prescott Gateway	Prescott, AZ	(2)		1,071		835		—			—			1,071		835		1,906		(314	)	July, 2015	(3)
Mall at Sierra Vista	Sierra Vista, AZ	(2)		1,252		1,791		—			—			1,252		1,791		3,043		(305	)	July, 2015	(3)
Stand-Alone Location	Sierra Vista, AZ	(2)		938		1,736		—			—			938		1,736		2,674		(470	)	July, 2015	(3)
Park Place	Park Mall, AZ	(2)		5,207		3,458		—			—			5,207		3,458		8,665		(683	)	July, 2015	(3)
Southgate Mall	Yuma, AZ	(2)		1,485		1,596		—			—			1,485		1,596		3,081		(468	)	July, 2015	(3)
Kmart Center	Antioch, CA	(2)		1,594		2,525		—			—			1,594		2,525		4,119		(428	)	July, 2015	(3)
Big Bear Lake Shopping Center	Big Bear Lake, CA	(2)		3,664		2,945		—			66			3,664		3,011		6,675		(426	)	July, 2015	(3)
Southbay Pavilion	Carson, CA	(2)		11,476		5,223		—			64			11,476		5,287		16,763		(958	)	July, 2015	(3)
Chula Vista Center	Chula Vista, CA	(2)		7,315		6,834		—			—			7,315		6,834		14,149		(1,044	)	July, 2015	(3)
Sunrise Mall	Citrus Hts-Sunrise, CA	(2)		3,778		2,088		—			—			3,778		2,088		5,866		(994	)	July, 2015	(3)
Stand-Alone Location	Delano, CA	(2)		1,905		2,208		—			—			1,905		2,208		4,113		(404	)	July, 2015	(3)
Westfield Parkway	El Cajon, CA	(2)		10,573		2,883		—			—			10,573		2,883		13,456		(1,111	)	July, 2015	(3)
Imperial Valley Mall	El Centro, CA	(2)		3,877		3,977		—			—			3,877		3,977		7,854		(700	)	July, 2015	(3)
Westfield Solano	Fairfield, CA	(2)		3,679		1,366		—			—			3,679		1,366		5,045		(310	)	July, 2015	(3)
Florin Mall	Florin, CA	(2)		1,022		1,366		—			—			1,022		1,366		2,388		(418	)	July, 2015	(3)
Manchester Center	Fresno, CA	(2)		1,370		2,000		—			—			1,370		2,000		3,370		(877	)	July, 2015	(3)
Mill Creek Marketplace	McKinleyville, CA	(2)		1,354		1,655		—			—			1,354		1,655		3,009		(394	)	July, 2015	(3)
Merced Mall	Merced, CA	(2)		2,534		1,604		—			—			2,534		1,604		4,138		(557	)	July, 2015	(3)
Montclair Plaza	Montclair, CA	(2)		2,498		2,119		—			—			2,498		2,119		4,617		(223	)	July, 2015	(3)
Moreno Valley Mall at Towngate	Moreno Vly, CA	(2)		3,898		3,407		—			—			3,898		3,407		7,305		(690	)	July, 2015	(3)
Newpark Mall	Newark, CA	(2)		4,312		3,268		—			—			4,312		3,268		7,580		(818	)	July, 2015	(3)
Valley Plaza	No Hollywood, CA	(2)		8,049		3,172		—			—			8,049		3,172		11,221		(314	)	July, 2015	(3)
Westfield Palm Desert	Palm Desert, CA	(2)		5,473		1,705		(542	)		(169	)		4,931		1,536		6,467		(383	)	July, 2015	(3)
Ramona Station	Ramona, CA	(2)		7,239		1,452		—			16			7,239		1,468		8,707		(434	)	July, 2015	(3)
Stand-Alone Location	Riverside, CA	(2)		4,397		4,407		—			—			4,397		4,407		8,804		(1,062	)	July, 2015	(3)
Stand-Alone Location	Riverside, CA	(2)		2,670		2,489		—			54			2,670		2,543		5,213		(567	)	July, 2015	(3)
Westfield Galleria at Roseville	Roseville, CA	(2)		4,848		3,215		—			—			4,848		3,215		8,063		(553	)	July, 2015	(3)
Northridge Center	Salinas, CA	(2)		2,644		4,394		—			—			2,644		4,394		7,038		(844	)	July, 2015	(3)
Inland Center	San Bernardino, CA	(2)		4,131		2,066		—			—			4,131		2,066		6,197		(639	)	July, 2015	(3)
Shops at Tanforan	San Bruno, CA	(2)		7,854		4,642		—			—			7,854		4,642		12,496		(932	)	July, 2015	(3)

							Costs Capitalized					Gross Amount at Which Carried
			Acquisition Costs				Subsequent to Acquisition					at Close of Period (1)										Life Upon Which
					Buildings and				Buildings and					Buildings and				Accumulated			Date	Depreciation
Name of Center	Location	Encumbrances	Land		Improvements		Land		Improvements			Land		Improvements		Total		Depreciation			Acquired	is Computed
Westfield UTC	San Diego-North, CA	(2)	$	22,445	$	14,094	$	—	$	2,605		$	22,445	$	16,699	$	39,144	$	(1,529	)	July, 2015	(3)
Eastridge Mall	San Jose-Eastridge, CA	(2)		1,531		2,356		—		—			1,531		2,356		3,887		(1,042	)	July, 2015	(3)
Capitola Mall	Santa Cruz, CA	(2)		4,338		4,803		—		—			4,338		4,803		9,141		(684	)	July, 2015	(3)
Town Center Mall 81	Santa Maria, CA	(2)		3,967		2,635		—		—			3,967		2,635		6,602		(371	)	July, 2015	(3)
Stand-Alone Location	Santa Monica, CA	(2)		43,916		3,973		—		—			43,916		3,973		47,889		(395	)	July, 2015	(3)
Stand-Alone Location	Santa Paula, CA	(2)		2,002		1,147		—		—			2,002		1,147		3,149		(426	)	July, 2015	(3)
Promenade in Temecula	Temecula, CA	(2)		6,098		2,214		—		—			6,098		2,214		8,312		(676	)	July, 2015	(3)
Janss Marketplace	Thousand Oaks, CA	(2)		9,853		14,785		—		2,804			9,853		17,589		27,442		(1,637	)	July, 2015	(3)
Pacific View Mall	Ventura, CA	(2)		5,578		6,172		—		—			5,578		6,172		11,750		(385	)	July, 2015	(3)
Sequoia Mall	Visalia, CA	(2)		2,967		2,243		—		—			2,967		2,243		5,210		(408	)	July, 2015	(3)
Westfield West Covina	West Covina, CA	(2)		5,972		2,053		—		—			5,972		2,053		8,025		(762	)	July, 2015	(3)
Westminster Mall	Westminster, CA	(2)		6,845		5,651		—		—			6,845		5,651		12,496		(884	)	July, 2015	(3)
Westland Shopping Center	Lakewood, CO	(2)		1,290		4,550		—		—			1,290		4,550		5,840		(571	)	July, 2015	(3)
Thornton Place	Thornton, CO	(2)		1,881		1,300		—		—			1,881		1,300		3,181		(839	)	July, 2015	(3)
Crystal Mall	Waterford, CT	(2)		1,371		2,534		—		—			1,371		2,534		3,905		(503	)	July, 2015	(3)
Corbin's Corner	West Hartford, CT	(2)		6,434		10,466		—		—			6,434		10,466		16,900		(999	)	July, 2015	(3)
Stand-Alone Location	Rehoboth Beach, DE	(2)		714		4,523		—		5,373			714		9,896		10,610		(713	)	July, 2015	(3)
Town Center at Boca Raton	Boca Raton, FL	(2)		16,090		7,479		—		—			16,090		7,479		23,569		(1,080	)	July, 2015	(3)
Desoto Square	Bradenton, FL	(2)		958		900		—		7			958		907		1,865		(447	)	July, 2015	(3)
Beachway Plaza	Bradenton, FL	(2)		1,420		1,479		—		—			1,420		1,479		2,899		(362	)	July, 2015	(3)
Westfield Countryside	Clearwater/Cntrysd, FL	(2)		5,852		17,777		—		834			5,852		18,611		24,463		(1,726	)	July, 2015	(3)
Miami International Mall	Doral(Miami), FL	(2)		9,214		2,654		—		—			9,214		2,654		11,868		(782	)	July, 2015	(3)
Edison Mall	Ft Myers, FL	(2)		3,168		2,853		—		—			3,168		2,853		6,021		(484	)	July, 2015	(3)
The Oaks Mall	Gainesville, FL	(2)		2,439		1,205		—		—			2,439		1,205		3,644		(277	)	July, 2015	(3)
Westfield Hialeah	Hialeah/Westland, FL	(2)		9,683		3,472		—		1,438			9,683		4,910		14,593		(700	)	July, 2015	(3)
Stand-Alone Location	Hialeah, FL	(2)		5,492		2,344		—		681			5,492		3,025		8,517		(374	)	July, 2015	(3)
Center of Osceola	Kissimmee, FL	(2)		2,107		2,556		—		7			2,107		2,563		4,670		(533	)	July, 2015	(3)
Lakeland Square	Lakeland, FL	(2)		1,503		1,045		—		—			1,503		1,045		2,548		(324	)	July, 2015	(3)
Stand-Alone Location	Melbourne, FL	(2)		2,441		1,981		—		—			2,441		1,981		4,422		(561	)	July, 2015	(3)
Aventura Mall	Miami, FL	(2)		13,265		61,576		—		(61,577	)		13,265		—		13,265		—		July, 2015	(3)
Southland Mall	Miami/Cutler Rdg, FL	(2)		5,219		1,236		—		—			5,219		1,236		6,455		(409	)	July, 2015	(3)
Stand-Alone Location	North Miami, FL	(2)		4,748		2,434		—		—			4,748		2,434		7,182		(473	)	July, 2015	(3)
Paddock Mall	Ocala, FL	(2)		2,468		1,150		—		—			2,468		1,150		3,618		(370	)	July, 2015	(3)
Kmart Shopping Center	Orange Park, FL	(2)		1,477		1,701		—		443			1,477		2,144		3,621		(431	)	July, 2015	(3)
Orlando Fashion Square	Orlando Colonial, FL	(2)		4,403		3,626		—		(3,626	)		4,403		—		4,403		—		July, 2015	(3)
Panama City Mall	Panama City, FL	(2)		3,227		1,614		—		—			3,227		1,614		4,841		(1,320	)	July, 2015	(3)
University Mall	Pensacola, FL	(2)		2,620		2,990		—		—			2,620		2,990		5,610		(621	)	July, 2015	(3)
Westfield Broward	Plantation, FL	(2)		6,933		2,509		—		—			6,933		2,509		9,442		(713	)	July, 2015	(3)
Westfield Sarasota	Sarasota, FL	(2)		3,920		2,200		—		—			3,920		2,200		6,120		(545	)	July, 2015	(3)
Stand-Alone Location	St. Petersburg, FL	(2)		1,653		777		—		—			1,653		777		2,430		(361	)	July, 2015	(3)
Tyrone Square Mall	St Petersburg, FL	(2)		2,381		2,420		—		(2,420	)		2,381		—		2,381		—		July, 2015	(3)
Oglethorpe Mall	Savannah, GA	(2)		5,285		3,012		—		—			5,285		3,012		8,297		(479	)	July, 2015	(3)

							Costs Capitalized				Gross Amount at Which Carried
			Acquisition Costs				Subsequent to Acquisition				at Close of Period (1)										Life Upon Which
					Buildings and				Buildings and				Buildings and				Accumulated			Date	Depreciation
Name of Center	Location	Encumbrances	Land		Improvements		Land		Improvements		Land		Improvements		Total		Depreciation			Acquired	is Computed
Stand-Alone Location	Honolulu, HI	(2)	$	6,824	$	2,195	$	—	$	19,207	$	6,824	$	21,402	$	28,226	$	(579	)	July, 2015	(3)
Stand-Alone Location	Algona, IA	(2)		644		2,796		—		—		644		2,796		3,440		(395	)	July, 2015	(3)
Lindale Mall	Cedar Rapids, IA	(2)		2,833		2,197		—		—		2,833		2,197		5,030		(446	)	July, 2015	(3)
Stand-Alone Location	Charles City, IA	(2)		793		1,914		—		—		793		1,914		2,707		(453	)	July, 2015	(3)
Webster City Plaza	Webster City, IA	(2)		392		896		—		—		392		896		1,288		(177	)	July, 2015	(3)
Boise Towne Center	Boise, ID	(2)		1,828		1,848		—		—		1,828		1,848		3,676		(372	)	July, 2015	(3)
Stand-Alone Location	Chicago, IL	(2)		3,665		3,504		—		—		3,665		3,504		7,169		(279	)	July, 2015	(3)
Stand-Alone Location	Chicago, IL	(2)		905		804		—		—		905		804		1,709		(254	)	July, 2015	(3)
Kedzie Square	Chicago, IL	(2)		2,385		7,924		—		—		2,385		7,924		10,309		(855	)	July, 2015	(3)
Homewood Square	Homewood, IL	(2)		3,954		4,766		—		36		3,954		4,802		8,756		(868	)	July, 2015	(3)
Louis Joliet Mall	Joliet, IL	(2)		2,557		3,108		—		—		2,557		3,108		5,665		(886	)	July, 2015	(3)
Stand-Alone Location	Lombard, IL	(2)		2,685		8,281		—		—		2,685		8,281		10,966		(742	)	July, 2015	(3)
Stand-Alone Location	Moline, IL	(2)		2,010		751		—		17		2,010		768		2,778		(367	)	July, 2015	(3)
North Riverside Park Mall	N Riverside, IL	(2)		1,846		3,178		—		—		1,846		3,178		5,024		(665	)	July, 2015	(3)
Orland Square	Orland Park, IL	(2)		1,783		974		—		—		1,783		974		2,757		(372	)	July, 2015	(3)
Sherwood Plaza	Springfield, IL	(2)		2,182		5,051		—		—		2,182		5,051		7,233		(856	)	July, 2015	(3)
Stand-Alone Location	Steger, IL	(2)		589		2,846		—		—		589		2,846		3,435		(260	)	July, 2015	(3)
North Pointe Plaza	Elkhart, IN	(2)		1,349		869		—		34		1,349		903		2,252		(213	)	July, 2015	(3)
Glenbrook Square	Ft Wayne, IN	(2)		3,247		5,476		—		1,024		3,247		6,500		9,747		(863	)	July, 2015	(3)
Broadway Center	Merrillville, IN	(2)		3,413		3,224		—		280		3,413		3,504		6,917		(847	)	July, 2015	(3)
Stand-Alone Location	Leavenworth, KS	(2)		397		705		—		—		397		705		1,102		(273	)	July, 2015	(3)
Metcalf South Shopping Center	Overland Pk, KS	(2)		2,775		1,766		—		—		2,775		1,766		4,541		(686	)	July, 2015	(3)
Pennyrile Marketplace	Hopkinsville, KY	(2)		553		2,815		—		—		553		2,815		3,368		(556	)	July, 2015	(3)
Audubon Plaza	Owensboro, KY	(2)		411		1,083		—		—		411		1,083		1,494		(180	)	July, 2015	(3)
Kentucky Oaks Mall	Paducah, KY	(2)		1,022		2,868		—		—		1,022		2,868		3,890		(509	)	July, 2015	(3)
Stand-Alone Location	Houma, LA	(2)		590		2,030		—		—		590		2,030		2,620		(411	)	July, 2015	(3)
Mall of Acadiana	Lafayette, LA	(2)		1,406		5,094		—		—		1,406		5,094		6,500		(875	)	July, 2015	(3)
Stand-Alone Location	New Iberia, LA	(2)		450		1,819		—		—		450		1,819		2,269		(504	)	July, 2015	(3)
Braintree Marketplace	Braintree, MA	(2)		6,585		5,614		—		11,607		6,585		17,221		23,806		(1,165	)	July, 2015	(3)
Square One Mall	Saugus, MA	(2)		1,656		2,835		—		—		1,656		2,835		4,491		(716	)	July, 2015	(3)
Bowie Town Center	Bowie, MD	(2)		4,583		2,335		—		492		4,583		2,827		7,410		(490	)	July, 2015	(3)
Hunt Valley Mall	Cockeysville, MD	(2)		5,768		2,319		—		—		5,768		2,319		8,087		(495	)	July, 2015	(3)
South River Colony	Edgewater, MD	(2)		5,534		2,116		—		—		5,534		2,116		7,650		(549	)	July, 2015	(3)
Valley Mall	Hagerstown, MD	(2)		2,877		1,378		—		33		2,877		1,411		4,288		(516	)	July, 2015	(3)
Midtown Shopping Center	Madawaska, ME	(2)		140		942		—		—		140		942		1,082		(104	)	July, 2015	(3)
Stand-Alone Location	Alpena, MI	(2)		782		1,427		—		—		782		1,427		2,209		(395	)	July, 2015	(3)
Jackson Crossing	Jackson, MI	(2)		2,720		1,184		—		7		2,720		1,191		3,911		(406	)	July, 2015	(3)
Lincoln Park Shopping Center	Lincoln Park, MI	(2)		1,106		3,198		—		—		1,106		3,198		4,304		(644	)	July, 2015	(3)
Hillside Plaza	Manistee, MI	(2)		508		3,045		—		—		508		3,045		3,553		(608	)	July, 2015	(3)
Macomb Mall	Roseville, MI	(2)		3,286		4,778		—		740		3,286		5,518		8,804		(894	)	July, 2015	(3)
Stand-Alone Location	Sault Ste. Marie, MI	(2)		946		917		—		—		946		917		1,863		(344	)	July, 2015	(3)
Stand-Alone Location	St. Clair Shores, MI	(2)		2,399		1,797		—		15		2,399		1,812		4,211		(373	)	July, 2015	(3)

							Costs Capitalized				Gross Amount at Which Carried
			Acquisition Costs				Subsequent to Acquisition				at Close of Period (1)										Life Upon Which
					Buildings and				Buildings and				Buildings and				Accumulated			Date	Depreciation
Name of Center	Location	Encumbrances	Land		Improvements		Land		Improvements		Land		Improvements		Total		Depreciation			Acquired	is Computed
Oakland Mall	Troy, MI	(2)	$	7,954	$	2,651	$	—	$	4,426	$	7,954	$	7,077	$	15,031	$	(1,060	)	July, 2015	(3)
Stand-Alone Location	Ypsilanti, MI	(2)		2,462		1,277		—		—		2,462		1,277		3,739		(531	)	July, 2015	(3)
Burnsville Center	Burnsville, MN	(2)		3,513		1,281		—		—		3,513		1,281		4,794		(639	)	July, 2015	(3)
Detroit Lakes K Mart Plaza	Detroit Lakes, MN	(2)		1,130		1,220		—		—		1,130		1,220		2,350		(501	)	July, 2015	(3)
Maplewood Mall	Maplewood, MN	(2)		3,605		1,162		—		—		3,605		1,162		4,767		(504	)	July, 2015	(3)
Stand-Alone Location	St Paul, MN	(2)		1,866		1,028		—		—		1,866		1,028		2,894		(458	)	July, 2015	(3)
Stand-Alone Location	Cape Girardeau, MO	(2)		609		908		—		—		609		908		1,517		(167	)	July, 2015	(3)
Flower Valley Shopping Center	Florissant, MO	(2)		2,430		1,607		—		—		2,430		1,607		4,037		(489	)	July, 2015	(3)
Stand-Alone Location	Jefferson City, MO	(2)		957		2,224		—		—		957		2,224		3,181		(406	)	July, 2015	(3)
Kickapoo Corners	Springfield, MO	(2)		922		2,050		—		31		922		2,081		3,003		(330	)	July, 2015	(3)
Columbus Centre	Columbus, MS	(2)		2,940		2,547		—		1,064		2,940		3,611		6,551		(710	)	July, 2015	(3)
Stand-Alone Location	Havre, MT	(2)		600		790		—		—		600		790		1,390		(241	)	July, 2015	(3)
Asheville Mall	Asheville, NC	(2)		4,141		2,036		—		—		4,141		2,036		6,177		(584	)	July, 2015	(3)
Concord Plaza	Concord, NC	(2)		2,325		1,275		—		—		2,325		1,275		3,600		(578	)	July, 2015	(3)
Landmark Center	Greensboro, NC	(2)		3,869		4,387		—		749		3,869		5,136		9,005		(806	)	July, 2015	(3)
Kmart Shopping Center	Minot, ND	(2)		1,724		2,925		—		—		1,724		2,925		4,649		(534	)	July, 2015	(3)
Stand-Alone Location	Kearney, NE	(2)		272		483		—		—		272		483		755		(164	)	July, 2015	(3)
The Mall of New Hampshire	Manchester, NH	(2)		1,458		4,160		—		—		1,458		4,160		5,618		(592	)	July, 2015	(3)
Pheasant Lane Mall	Nashua, NH	(2)		1,794		7,255		—		—		1,794		7,255		9,049		(566	)	July, 2015	(3)
Fox Run Mall	Portsmouth, NH	(2)		3,934		3,375		—		—		3,934		3,375		7,309		(717	)	July, 2015	(3)
The Mall at Rockingham Park	Salem, NH	(2)		3,321		12,198		—		—		3,321		12,198		15,519		(1,285	)	July, 2015	(3)
Stand-Alone Location	Middletown, NJ	(2)		5,647		2,941		—		233		5,647		3,174		8,821		(1,323	)	July, 2015	(3)
Stand-Alone Location	Watchung, NYC	(2)		6,704		4,110		—		—		6,704		4,110		10,814		(910	)	July, 2015	(3)
Stand-Alone Location	Deming, NM	(2)		1,085		1,194		—		—		1,085		1,194		2,279		(338	)	July, 2015	(3)
Stand-Alone Location	Farmington, NM	(2)		1,480		1,845		—		—		1,480		1,845		3,325		(417	)	July, 2015	(3)
Kmart Shopping Center	Hobbs, NM	(2)		1,386		2,557		—		—		1,386		2,557		3,943		(438	)	July, 2015	(3)
Eastern Commons Shopping Center	Henderson, NV	(2)		3,124		1,362		—		2,150		3,124		3,512		6,636		(522	)	July, 2015	(3)
Meadows Mall	Las Vegas(Meadows), NV	(2)		3,354		1,879		—		—		3,354		1,879		5,233		(554	)	July, 2015	(3)
Meadowood Mall	Reno, NV	(2)		2,135		5,748		—		—		2,135		5,748		7,883		(481	)	July, 2015	(3)
Colonie Center	Albany, NY	(2)		8,289		6,523		—		—		8,289		6,523		14,812		(1,191	)	July, 2015	(3)
Great Northern Mall	Clay, NY	(2)		787		4,134		—		—		787		4,134		4,921		(619	)	July, 2015	(3)
Huntington Square Mall	East Northport, NY	(2)		7,617		2,065		—		—		7,617		2,065		9,682		(632	)	July, 2015	(3)
Stand-Alone Location	Hicksville, NYC	(2)		38,626		19,065		—		9		38,626		19,074		57,700		(2,596	)	July, 2015	(3)
Oakdale Mall	Johnson City, NY	(2)		2,169		934		—		—		2,169		934		3,103		(307	)	July, 2015	(3)
Stand-Alone Location	Olean, NY	(2)		249		2,124		—		—		249		2,124		2,373		(407	)	July, 2015	(3)
Greece Ridge Center	Rochester-Greece, NY	(2)		3,082		1,560		—		—		3,082		1,560		4,642		(515	)	July, 2015	(3)
Sidney Plaza	Sidney, NY	(2)		1,942		1,769		—		—		1,942		1,769		3,711		(836	)	July, 2015	(3)
Eastview Mal	Victor, NY	(2)		4,144		1,391		—		—		4,144		1,391		5,535		(538	)	July, 2015	(3)
Jefferson Valley Mall	Yorktown Hts, NY	(2)		3,584		1,569		—		—		3,584		1,569		5,153		(573	)	July, 2015	(3)
Westfield Belden Village	Canton, OH	(2)		1,650		5,854		—		—		1,650		5,854		7,504		(1,075	)	July, 2015	(3)
Chapel Hill Mall	Chapel Hill, OH	(2)		444		1,460		—		—		444		1,460		1,904		(777	)	July, 2015	(3)
Dayton Mall	Dayton Mall, OH	(2)		2,650		1,223		—		—		2,650		1,223		3,873		(528	)	July, 2015	(3)

							Costs Capitalized				Gross Amount at Which Carried
			Acquisition Costs				Subsequent to Acquisition				at Close of Period (1)										Life Upon Which
					Buildings and				Buildings and				Buildings and				Accumulated			Date	Depreciation
Name of Center	Location	Encumbrances	Land		Improvements		Land		Improvements		Land		Improvements		Total		Depreciation			Acquired	is Computed
Stand-Alone Location	Kenton, OH	(2)	$	340	$	417	$	—	$	—	$	340	$	417	$	757	$	(273	)	July, 2015	(3)
Stand-Alone Location	Marietta, OH	(2)		598		706		—		—		598		706		1,304		(225	)	July, 2015	(3)
Great Lakes Mall	Mentor, OH	(2)		1,092		1,776		—		—		1,092		1,776		2,868		(572	)	July, 2015	(3)
Southland Shopping Center	Middleburg Hts, OH	(2)		698		1,547		—		—		698		1,547		2,245		(374	)	July, 2015	(3)
Kmart Plaza	North Canton, OH	(2)		1,044		1,126		—		—		1,044		1,126		2,170		(324	)	July, 2015	(3)
Stand-Alone Location	Tallmadge, OH	(2)		870		682		—		—		870		682		1,552		(296	)	July, 2015	(3)
Westgate Village Shopping Center	Toledo, OH	(2)		1,664		1,289		—		—		1,664		1,289		2,953		(378	)	July, 2015	(3)
Stand-Alone Location	Muskogee, OK	(2)		647		966		—		—		647		966		1,613		(361	)	July, 2015	(3)
Stand-Alone Location	Okla City/Sequoyah, OK	(2)		1,542		2,210		—		—		1,542		2,210		3,752		(1,017	)	July, 2015	(3)
Stand-Alone Location	Tulsa, OK	(2)		2,048		5,386		—		1,711		2,048		7,097		9,145		(921	)	July, 2015	(3)
Clackamas Town Center	Happy Valley, OR	(2)		6,659		1,271		—		—		6,659		1,271		7,930		(270	)	July, 2015	(3)
Stand-Alone Location	The Dalles, OR	(2)		616		775		—		—		616		775		1,391		(256	)	July, 2015	(3)
Walnut Bottom Towne Centre	Carlisle, PA	(2)		1,103		1,725		—		—		1,103		1,725		2,828		(130	)	July, 2015	(3)
Shops at Prospect	Columbia, PA	(2)		897		2,202		—		6		897		2,208		3,105		(342	)	July, 2015	(3)
King of Prussia	King of Prussia, PA	(2)		—		42,300		—		2,705		-		45,005		45,005		(3,264	)	July, 2015	(3)
Kmart & Lowes Shopping Center	Lebanon, PA	(2)		1,333		2,085		—		—		1,333		2,085		3,418		(743	)	July, 2015	(3)
Countryside Shopping Center	Mount Pleasant, PA	(2)		970		1,520		—		—		970		1,520		2,490		(474	)	July, 2015	(3)
Stand-Alone Location	Walnutport, PA	(2)		885		3,452		—		—		885		3,452		4,337		(756	)	July, 2015	(3)
Haines Acres Shopping Center	York, PA	(2)		1,096		1,414		—		3		1,096		1,417		2,513		(302	)	July, 2015	(3)
Rexville (Bayamon) Towne Center	Bayamon, PR	(2)		656		7,173		—		1		656		7,174		7,830		(731	)	July, 2015	(3)
Caguas Mall	Caguas, PR	(2)		431		9,362		—		—		431		9,362		9,793		(902	)	July, 2015	(3)
Plaza Carolina Mall	Carolina, PR	(2)		611		8,640		—		—		611		8,640		9,251		(981	)	July, 2015	(3)
Plaza Guaynabo	Guaynabo, PR	(2)		1,603		26,695		—		123		1,603		26,818		28,421		(2,362	)	July, 2015	(3)
Western Plaza	Mayaguez, PR	(2)		564		4,555		—		—		564		4,555		5,119		(647	)	July, 2015	(3)
Ponce Towne Center	Ponce, PR	(2)		473		3,965		—		—		473		3,965		4,438		(533	)	July, 2015	(3)
Rhode Island Mall	Warwick, RI	(2)		9,166		3,388		—		—		9,166		3,388		12,554		(927	)	July, 2015	(3)
Boulevard Market Fair	Anderson, SC	(2)		1,297		638		—		5,357		1,297		5,995		7,292		(289	)	July, 2015	(3)
Northwoods Mall	Chrlstn/Northwoods, SC	(2)		3,576		1,497		—		—		3,576		1,497		5,073		(479	)	July, 2015	(3)
Kmart Plaza	Rock Hill, SC	(2)		1,432		1,079		—		—		1,432		1,079		2,511		(391	)	July, 2015	(3)
Stand-Alone Location	Sioux Falls, SD	(2)		1,025		1,783		—		—		1,025		1,783		2,808		(260	)	July, 2015	(3)
Wolfchase Galleria	Cordova, TN	(2)		2,581		4,279		—		—		2,581		4,279		6,860		(578	)	July, 2015	(3)
Stand-Alone Location	Memphis/Poplar, TN	(2)		2,827		2,475		—		15,581		2,827		18,056		20,883		(45	)	July, 2015	(3)
Tech Ridge	Austin, TX	(2)		3,164		2,858		—		—		3,164		2,858		6,022		(778	)	July, 2015	(3)
Southwest Center Mall	Southwest Ctr, TX	(2)		1,154		1,314		—		—		1,154		1,314		2,468		(475	)	July, 2015	(3)
Stand-Alone Location	El Paso, TX	(2)		2,008		1,778		—		—		2,008		1,778		3,786		(415	)	July, 2015	(3)
Baybrook Mall	Friendswd/Baybrk, TX	(2)		6,124		2,038		—		—		6,124		2,038		8,162		(530	)	July, 2015	(3)
Kmart Plaza	Harlingen, TX	(2)		1,795		1,183		—		—		1,795		1,183		2,978		(207	)	July, 2015	(3)
Memorial City SC	Memorial, TX	(2)		7,967		4,625		—		—		7,967		4,625		12,592		(1,062	)	July, 2015	(3)
Stand-Alone Location	Houston, TX	(2)		6,110		1,525		—		—		6,110		1,525		7,635		(415	)	July, 2015	(3)
Ingram Park Mall	Ingram, TX	(2)		4,651		2,560		—		—		4,651		2,560		7,211		(513	)	July, 2015	(3)
Irving Mall	Irving, TX	(2)		4,493		5,743		—		—		4,493		5,743		10,236		(942	)	July, 2015	(3)
Stand-Alone Location	Central Park, TX	(2)		5,468		1,457		—		2,840		5,468		4,297		9,765		(458	)	July, 2015	(3)

							Costs Capitalized					Gross Amount at Which Carried
			Acquisition Costs				Subsequent to Acquisition					at Close of Period (1)										Life Upon Which
					Buildings and					Buildings and				Buildings and				Accumulated			Date	Depreciation
Name of Center	Location	Encumbrances	Land		Improvements		Land			Improvements		Land		Improvements		Total		Depreciation			Acquired	is Computed
Stand-Alone Location	Shepherd, TX	(2)	$	5,457	$	2,081	$	—		$	—	$	5,457	$	2,081	$	7,538	$	(468	)	July, 2015	(3)
Valley View Center	Valley View, TX	(2)		4,706		3,230		—			—		4,706		3,230		7,936		(984	)	July, 2015	(3)
Stand-Alone Location	Westwood, TX	(2)		2,899		1,748		—			—		2,899		1,748		4,647		(598	)	July, 2015	(3)
Antelope Square	Layton, UT	(2)		2,234		974		—			3,477		2,234		4,451		6,685		(590	)	July, 2015	(3)
Jordan Landing Shopping Center	West Jordan, UT	(2)		3,190		2,305		—			6,014		3,190		8,319		11,509		(520	)	July, 2015	(3)
Landmark Mall	Alexandria, VA	(2)		3,728		3,294		—			—		3,728		3,294		7,022		(870	)	July, 2015	(3)
Greenbrier Mall	Chspk/Greenbrier, VA	(2)		4,236		1,700		—			—		4,236		1,700		5,936		(527	)	July, 2015	(3)
Fair Oaks Mall	Fairfax, VA	(2)		10,873		1,491		—			—		10,873		1,491		12,364		(440	)	July, 2015	(3)
Newmarket Fair Mall	Hampton, VA	(2)		771		1,011		—			—		771		1,011		1,782		(470	)	July, 2015	(3)
Pembroke Mall	Virginia Beach, VA	(2)		10,414		4,760		—			13,034		10,414		17,794		28,208		(1,581	)	July, 2015	(3)
Warrenton Village	Warrenton, VA	(2)		1,956		2,480		—			—		1,956		2,480		4,436		(396	)	July, 2015	(3)
Overlake Plaza	Redmond-Overlake Pk, WA	(2)		5,133		4,133		—			—		5,133		4,133		9,266		(849	)	July, 2015	(3)
Westfield Vancouver	Vancouver, WA	(2)		3,378		1,136		—			—		3,378		1,136		4,514		(433	)	July, 2015	(3)
Stand-Alone Location	Yakima, WA	(2)		1,863		2,856		—			—		1,863		2,856		4,719		(743	)	July, 2015	(3)
Southridge Mall	Greendale, WI	(2)		3,208		2,340		—			—		3,208		2,340		5,548		(981	)	July, 2015	(3)
West Towne Mall	Madison-West, WI	(2)		3,053		2,130		—			—		3,053		2,130		5,183		(909	)	July, 2015	(3)
Stand-Alone Location	Platteville, WI	(2)		748		1,195		—			35		748		1,230		1,978		(346	)	July, 2015	(3)
Stand-Alone Location	Charleston, WV	(2)		2,030		797		—			—		2,030		797		2,827		(371	)	July, 2015	(3)
Valley Point	Elkins, WV	(2)		788		1,147		—			—		788		1,147		1,935		(319	)	July, 2015	(3)
Stand-Alone Location	Scott Depot, WV	(2)		987		484		—			—		987		484		1,471		(199	)	July, 2015	(3)
Mountain Plaza	Casper, WY	(2)		509		1,303		—			—		509		1,303		1,812		(307	)	July, 2015	(3)
Stand-Alone Location	Gillette, WY	(2)		846		876		—			—		846		876		1,722		(337	)	July, 2015	(3)
Stand-Alone Location	Riverton, WY	(2)		561		847		—			—		561		847		1,408		(310	)	July, 2015	(3)
Construction in Progress	Various	(2)		—		—		—			224,904		—		224,904		224,904		—		n/a	n/a
			$	800,513	$	787,014	$	(542	)	$	267,058	$	799,971	$	1,054,072	$	1,854,043	$	(139,483	)

(1)	The aggregate cost of land, building and improvements (which includes construction in process) for U.S. federal income tax purposes is approximately $2.2 billion.

(2)	All properties are encumbered by our Mortgage Loans and Future Funding Facility. See Note 6.

(3)	Depreciation is computed based on the following estimated useful lives:

Building:		25 – 40 years
Site improvements:		5 – 15 years
Tenant improvements:		shorter of the estimated useful life or non-cancelable term of lease

SERITAGE GROWTH PROPERTIES

NOTES TO SCHEDULE III

(Dollars in thousands)

Reconciliation of Real Estate

	2017			2016
Balance at beginning of period	$	1,734,892		$	1,668,351
Additions		257,933			69,726
Impairments		—			—
Dispositions		(71,117	)		—
Write-offs		(67,665	)		(3,185	)
Balance at end of period	$	1,854,043		$	1,734,892

Reconciliation of Accumulated Depreciation

	2017			2016
Balance at beginning of period	$	89,940		$	29,076
Depreciation expense		120,709			60,972
Dispositions		(3,501	)		—
Write-offs		(67,665	)		(108	)
Balance at end of period	$	139,483		$	89,940