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Seritage(SRG) - 2023 Q4 - Annual Report
2024-04-01 21:31
For the fiscal year ended December 31, 2023 Commission file number 001-37420 SERITAGE GROWTH PROPERTIES (Exact name of registrant as specified in its charter) Maryland 38-3976287 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 500 Fifth Avenue, Suite 1530, New York, New York 10110 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address ...
Seritage(SRG) - 2023 Q3 - Quarterly Report
2023-11-08 21:43
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to _______ Commission File Number 001-37420 SERITAGE GROWTH PROPERTIES | Title of each class | Trading Symbols | Name of each exchange on which registered | | ...
Seritage(SRG) - 2023 Q2 - Quarterly Report
2023-08-14 20:52
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to _______ Commission File Number 001-37420 SERITAGE GROWTH PROPERTIES (Exact name of registrant as specified in its charter) Maryland 38-3976287 (State of Incorpo ...
Seritage(SRG) - 2023 Q1 - Quarterly Report
2023-05-10 11:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State of Incorporation) (I.R.S. Employer Identification No.) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to _______ Commission File Number 001-37420 SERITAGE GROWTH PROPERTIES (Exact name of registrant as ...
Seritage(SRG) - 2022 Q4 - Annual Report
2023-03-14 20:50
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 Commission file number 001-37420 SERITAGE GROWTH PROPERTIES (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 500 Fifth Avenue, Suite 1530, New York, New York 10110 (Address of principal executi ...
Seritage(SRG) - 2022 Q3 - Quarterly Report
2022-11-09 14:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to _______ Commission File Number 001-37420 SERITAGE GROWTH PROPERTIES (Exact name of registrant as specified in its charter) Maryland 38-3976287 (State of In ...
Seritage(SRG) - 2022 Q2 - Quarterly Report
2022-08-09 21:14
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to _______ Commission File Number 001-37420 SERITAGE GROWTH PROPERTIES (Exact name of registrant as specified in its charter) Maryland 38-3976287 (State of Incorpo ...
Seritage(SRG) - 2022 Q1 - Quarterly Report
2022-05-10 21:16
Financial Performance - For the three months ended March 31, 2022, rental income decreased by $2.1 million to $29.1 million compared to $31.1 million in the same period of 2021, primarily due to a reduction in Sears/Kmart rental income [180][182]. - The company recorded a net operating cash outflow of $30.0 million for the three months ended March 31, 2022, as property rental income did not fully cover obligations incurred [194]. - For the three months ended March 31, 2022, the Company reported a net loss of $66,987 thousand, compared to a net loss of $10,933 thousand for the same period in 2021 [223]. - The Company's Net Operating Income (NOI) for Q1 2022 was $8,969 thousand, an increase from $7,908 thousand in Q1 2021, representing a growth of approximately 13.4% [223]. - Total NOI for Q1 2022 was $10,493 thousand, up from $9,433 thousand in Q1 2021, indicating an increase of about 11.2% [223]. - The Company incurred interest expense of $22,588 thousand in Q1 2022, down from $26,150 thousand in Q1 2021, reflecting a decrease of approximately 13.5% [223]. - General and administrative expenses decreased to $9,092 thousand in Q1 2022 from $11,232 thousand in Q1 2021, a reduction of about 19.1% [223]. - The Company reported an equity loss of $33,076 thousand from unconsolidated entities in Q1 2022, significantly higher than the $1,162 thousand loss in Q1 2021 [223]. - Depreciation and amortization expenses were $11,934 thousand in Q1 2022, slightly lower than $13,142 thousand in Q1 2021 [223]. - The Company recognized a gain of $1,015 thousand on the sale of real estate in Q1 2022, compared to a loss of $24,208 thousand in Q1 2021 [223]. Asset Management - As of March 31, 2022, the company's portfolio consisted of 161 properties with approximately 19.0 million square feet of gross leasable area (GLA) and 3.8 million square feet held by unconsolidated entities [166]. - The company collected 96% of rental income for the three months ended March 31, 2022, with no additional deferrals agreed upon [176]. - The company's multi-tenant retail portfolio was 82.7% leased as of March 31, 2022, with a pipeline of 0.2 million square feet [176]. - The company recognized $95.8 million of impairment losses during the year ended December 31, 2021, and $1.0 million during the three months ended March 31, 2022 [177]. - The company recognized $1.0 million in impairment on four real estate assets during the same period, reflecting a strategic decision to sell these properties [190]. - The loss from unconsolidated entities increased by $31.9 million, primarily due to a $61.1 million impairment charge in one investment, resulting in the company's share of this impairment being $30.6 million [191]. - The company sold one property for $9.0 million but recorded a loss of $1.0 million on the sale [189]. - As of March 31, 2022, the company had sold 91 consolidated properties since July 2017, generating approximately $995.8 million in gross proceeds [198]. - The company invested $22.5 million in consolidated development and operating properties and $7.6 million in unconsolidated joint ventures during the three months ended March 31, 2022 [208]. - The company had nine assets under contract for sale with anticipated proceeds of $85.0 million as of May 9, 2022 [195]. - The company is currently marketing assets with an estimated fair value of $636.3 million, which could help meet the $640 million principal pay down required for the Term Loan Facility [201]. Corporate Strategy - The company plans to terminate its REIT status and become a taxable C Corporation effective for the year ending December 31, 2022, allowing greater flexibility in using free cash flow [172]. - The company intends to execute a strategic review process to enhance shareholder value, overseen by a special committee of the Board of Trustees [171]. - The company expects ongoing impacts from the COVID-19 pandemic, which may significantly affect future financial results [175]. Debt and Financing - The outstanding balance of the Term Loan Facility as of March 31, 2022, was $1.44 billion, following a repayment of $160.0 million during the year ended December 31, 2021 [200]. - The company did not declare dividends on Class A common shares during the three months ended March 31, 2022, and 2021 [204]. Market Risk - There were no material changes in the quantitative and qualitative disclosures about market risk compared to the previous year [224].
Seritage(SRG) - 2021 Q4 - Annual Report
2022-03-16 10:23
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 Commission file number 001-37420 SERITAGE GROWTH PROPERTIES (Exact name of registrant as specified in its charter) Maryland 38-3976287 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 500 Fifth Avenue, Suite 1530, New York, New York 10110 (Address ...
Seritage(SRG) - 2021 Q3 - Quarterly Report
2021-11-04 12:47
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to _______ Commission File Number 001-37420 SERITAGE GROWTH PROPERTIES (Exact name of registrant as specified in its charter) Maryland 38-3976287 (State of In ...