Company Overview and Strategy - Seritage owns 199 properties encompassing 316 million square feet across 44 states[2] - The company aims to revitalize shopping, dining, entertainment, and mixed-use destinations[2] - The company focuses on re-leasing existing space, densifying sites with mixed-use development, and transforming retail real estate[3] - The company has raised over $860 million from the sale or joint venture of interests in 78 properties and several outparcels[3] Portfolio and Demographics - The portfolio includes 111 properties attached to regional malls and 88 freestanding or shopping center properties[7] - The average population density within a 10-mile radius of the properties is 653000, with an average household income of $88000[7] - Top states for investment include California (228%), Florida (171%), and New York (61%)[9] COVID-19 Impact and Response - As of August 4, 2020, 93% of tenants were open or partially open[12] - The company collected 66% of cash rents in Q2 2020 and executed deferral agreements for 21%[12] - Year-to-date asset sales totaled $1663 million, including $986 million in Q2 2020[12] Tenant Activity and Rent Collection - 93% of in-place tenants are open and/or operating, representing 92% of leased GLA and 86% of annual ABR[16] - In Q2 2020, the company collected 66% of rental income and deferred an additional 21%[18] - In July 2020, the company collected 74% of rental income and deferred an additional 7%[18] Capital Resources and Allocation - Year-to-date, the company sold 13 assets and five outparcels, generating $166 million in cash proceeds[21] - Since July 2017, the company has monetized 78 assets and several outparcels, generating $860 million in cash proceeds[21] - The company has $915 million of assets under contract for sale as of August 4, 2020[22]

| --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|--------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | GE | | | | | | | | | | | | | | | | | | | | | SERITAC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | WTH PROPERTI | | | | SUPPLEMENTAL INFORMATION INTRODUCTION Overview Seritage Growth Properties (NYSE: SRG) ("Seritage" or the "Company") is a fully-integrated, self-administered and self-managed REIT that is ...

Company Overview - As of December 31, 2019, Seritage Growth Properties had interests in 212 properties totaling approximately 334 million square feet of gross leasable area (GLA)[3] - The company's primary objective is to re-lease and redevelop its Wholly Owned Properties and JV Properties to grow net operating income and diversify its tenant base[4] Financial Performance - Net loss attributable to Seritage common shareholders for the year ended December 31, 2019 was $64297 thousand, compared to a net loss of $78375 thousand in 2018[15] - Total Net Operating Income (NOI) for the year ended December 31, 2019 was $72667 thousand, a decrease from $143107 thousand in 2018[15] - Company Funds From Operations (FFO) for the year ended December 31, 2019 was $(33896) thousand, compared to $15746 thousand in 2018[15] - Total debt to total market capitalization was 410% as of December 31, 2019, compared to 461% as of December 31, 2018[13] Portfolio Composition - As of December 31, 2019, the portfolio included 113 properties attached to regional malls and 99 shopping center or freestanding properties[38] - The percentage leased (total / at share) was 426% / 429% as of December 31, 2019, compared to 670% / 663% as of December 31, 2018[13] - In-place diversified leases accounted for $97109 thousand or 506% of total annual rent, with an annual rent per square foot (PSF) of $1379[17] - Signed not yet opened (SNO) diversified leases accounted for $84348 thousand or 439% of total annual rent, with an annual rent PSF of $2006[17] - Sears/Kmart leases accounted for $10577 thousand or 55% of total annual rent, with an annual rent PSF of $510[17] Redevelopment Activity - As of December 31, 2019, the company had originated 91 retail redevelopment projects since inception, representing an estimated total investment of $1580-1660 million[51]

SERITAGE WTH PROPERTI SUPPLEMENTAL INFORMATION INTRODUCTION Overview Seritage Growth Properties (NYSE: SRG) ("Seritage" or the "Company") is a fully-integrated, self-administered and self-managed REIT that is principally engaged in the acquisition, ownership, development, redevelopment, management, and leasing of diversified retail and mixed-use real estate throughout the United States. As of June 30, 2019, the Company's portfolio consisted of interests in 221 properties totaling approximately 35.1 million ...

CORPORATE PROFILE MAY 2019 | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-----------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | ( L | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | OWTH PROPERTIES | | | | | F O R W A R D - L O O K I N G S T A T E M E N T S This document contains forward-looking statements within the me ...

| --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|--------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | H | PROPER | | | | SUPPLEMENTAL INFORMATION INTRODUCTION Background Seritage Growth Properties (NYSE: SRG) ("Seritage" or the "Company") is a fully-integrated, self-administered and self-managed retail REIT with interests in ...