Seritage Growth Properties (SRG): Business Model Canvas

In der dynamischen Landschaft der Gewerbeimmobilien erweist sich Seritage Growth Properties (SRG) als transformatives Kraftpaket, das ungenutzte Einzelhandelsflächen strategisch in lebendige, vielseitige Entwicklungen umwandelt. Durch die Nutzung eines ausgefeilten Geschäftsmodells, das innovative Neupositionierung von Immobilien mit strategischen Investorenpartnerschaften verbindet, hat SRG eine einzigartige Nische bei der Umwandlung alter Einzelhandelsstandorte in moderne, hochwertige Immobilienwerte geschaffen. Ihr Ansatz geht über traditionelle Immobilieninvestitionen hinaus und bietet eine überzeugende Darstellung der Stadterneuerung und anpassungsfähiger wirtschaftlicher Möglichkeiten, die verspricht, die Art und Weise, wie wir die Entwicklung von Gewerbeimmobilien wahrnehmen, neu zu gestalten.

Seritage Growth Properties (SRG) – Geschäftsmodell: Wichtige Partnerschaften

Große Immobilieninvestoren und Entwicklungsfirmen

Seritage Growth Properties hat strategische Partnerschaften mit den folgenden Immobilieninvestmentunternehmen aufgebaut:

Partner	Anlagetyp	Gesamtinvestitionswert
Berkshire Hathaway	Immobilieninvestition	2,2 Milliarden US-Dollar
Alexander Vitas Kapitalmanagement	Immobiliensanierung	185 Millionen Dollar

Einzelhandelsmieter und historische Partnerschaften

Zu den historischen Mieterbeziehungen gehören:

• Sears Holdings (historischer Hauptmieter)
• Kmart
• Lands' End

Partner für die Sanierung von Gewerbeimmobilien

Seritage arbeitet mit spezialisierten Sanierungsunternehmen zusammen:

Sanierungspartner	Projekte abgeschlossen	Gesamtwert der Sanierung
CBRE-Gruppe	12 Gewerbeimmobilien	476 Millionen US-Dollar
JLL (Jones Lang LaSalle)	8 gemischt genutzte Siedlungen	342 Millionen Dollar

Finanzinstitute und Kapitalanleger

Zu den wichtigsten Finanzpartnerschaften gehören:

• Goldman Sachs (Kapitalberatung)
• Morgan Stanley (Investmentbanking)
• Bank of America (Schuldenfinanzierung)

Finanzinstitut	Finanzdienstleistung	Gesamtkapital bereitgestellt
Goldman Sachs	Kapitalrestrukturierung	650 Millionen Dollar
Morgan Stanley	Eigenkapitalinvestition	425 Millionen Dollar

Seritage Growth Properties (SRG) – Geschäftsmodell: Hauptaktivitäten

Transformation und Sanierung des Immobilienportfolios

Seritage Growth Properties konzentriert sich auf die Umgestaltung bestehender Einzelhandelsimmobilien durch strategische Neuentwicklung. Ab 2024 verwaltet das Unternehmen ein Portfolio von 167 Immobilien mit einer Fläche von etwa 33,6 Millionen Quadratfuß in 44 Bundesstaaten.

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Einzelhandelsstandorte	167	33,6 Millionen Quadratfuß
Sanierungsprojekte	52	15,2 Millionen Quadratfuß

Immobilienakquise und strategische Neupositionierung

Die Akquisitionsstrategie des Unternehmens zielt auf leistungsschwache Einzelhandelsimmobilien mit erheblichem Sanierungspotenzial ab.

• Durchschnittliche Immobilienerwerbskosten: 12,5 Millionen US-Dollar pro Immobilie
• Typische Sanierungsinvestition: 3–5 Millionen US-Dollar pro Immobilie
• Angestrebte Sanierungsrendite: 8-12 % jährlich

Vermietung von Gewerbe- und Einzelhandelsflächen

Leasingmetrik	Daten für 2024
Auslastung	72.3%
Durchschnittliche Leasingrate	24,50 $ pro Quadratfuß
Mietdauer	5-7 Jahre

Asset Management und Wertoptimierung

Seritage nutzt einen umfassenden Asset-Management-Ansatz, um den Immobilienwert zu maximieren.

• Gesamtes verwaltetes Vermögen: 2,3 Milliarden US-Dollar
• Jährliche Kosten für die Immobilienverwaltung: 45,2 Millionen US-Dollar
• Durchschnittliche Wertsteigerung der Immobilie: 6,5 % jährlich

Wichtige Leistungsindikatoren verdeutlichen den fokussierten Ansatz des Unternehmens bei der Transformation und Wertschöpfung im Immobilienbereich.

Seritage Growth Properties (SRG) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Gewerbeimmobilienportfolio

Im vierten Quartal 2023 besaß Seritage Growth Properties 166 Immobilien in 48 Bundesstaaten mit einer Gesamtfläche von etwa 31,5 Millionen Quadratfuß.

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Einzelhandelsimmobilien	134	22,3 Millionen Quadratfuß
Gemischt genutzte Immobilien	32	9,2 Millionen Quadratfuß

Erfahrenes Management-Team

Zusammensetzung der Führung ab 2024:

• Gesamtzahl der Mitglieder des Führungsteams: 7
• Durchschnittliche Erfahrung in der Immobilienbranche: 18 Jahre
• Führung mit vorheriger Erfahrung im REIT-Management: 5 Führungskräfte

Strategische Immobilienstandorte

Geografische Verteilung der Immobilien:

Region	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Westküste	42	25.3%
Mittlerer Westen	38	22.9%
Nordosten	35	21.1%
Süden	33	19.9%
Südosten	18	10.8%

Kapital- und Finanzflexibilität

Finanzkennzahlen für 2023:

• Gesamtvermögen: 1,2 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 87,3 Millionen US-Dollar
• Gesamtverschuldung: 684,5 Millionen US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,57

Sanierungskompetenz

Statistiken zum Sanierungsportfolio:

Metrisch	Wert
Gesamtsanierungsprojekte	47
Abgeschlossene Sanierungsprojekte	29
Geplante Sanierungsinvestition	412,6 Millionen US-Dollar
Durchschnittliche Projektabschlusszeit	24 Monate

Seritage Growth Properties (SRG) – Geschäftsmodell: Wertversprechen

Umnutzung ungenutzter Einzelhandelsimmobilien

Im vierten Quartal 2023 besitzt Seritage Growth Properties 166 Immobilien in 32 Bundesstaaten, wobei 64 % der Immobilien saniert werden müssen. Die durchschnittliche Grundstücksgröße beträgt etwa 136.000 Quadratmeter.

Eigenschaftsmetrik	Aktueller Wert
Gesamteigenschaften	166
Sanierungsbedürftige Immobilien	64%
Durchschnittliche Grundstücksgröße	136.000 Quadratfuß

Schaffung moderner gemischt genutzter Entwicklungsräume

Seritage hat Potenzial für die Umwandlung von Einzelhandelsflächen in gemischt genutzte Entwicklungen mit der folgenden Zusammensetzung identifiziert:

• Wohnen: 40-50 % des Sanierungspotenzials
• Gewerbebüro: 25-35 % des Sanierungspotenzials
• Einzelhandel: 15-25 % des Sanierungspotenzials

Erzielung höherer Mieteinnahmen durch Sanierung

Metrik für Mieteinnahmen	Wert 2023
Durchschnittlicher Mietpreis vor der Sanierung	15,50 $/Quadratfuß
Voraussichtlicher Mietpreis nach der Sanierung	35,75 $/Quadratfuß
Mögliche Erhöhung der Mieteinnahmen	130%

Bereitstellung flexibler gewerblicher Immobilienlösungen

Das Portfolio von Seritage bietet flexible Raumkonfigurationen mit:

• Modulare Designmöglichkeiten
• Anpassbare Bebauungsgenehmigungen in 85 % der Märkte
• Potenzial für einen schnellen Mieterwechsel

Aktuelle Marktbewertung des Sanierungsportfolios von Seritage: 1,2 Milliarden US-Dollar, Stand Dezember 2023.

Seritage Growth Properties (SRG) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mietverträge

Seritage Growth Properties hat ab dem vierten Quartal 2023 eine durchschnittliche Mietlaufzeit von 9,2 Jahren für sein gesamtes Portfolio. Das Mietportfolio des Unternehmens umfasst 64 Immobilien mit einer Bruttomietfläche von etwa 9,6 Millionen Quadratfuß.

Mietmetrik	Wert
Durchschnittliche Mietdauer	9,2 Jahre
Gesamteigenschaften	64
Gesamtbruttomietfläche	9,6 Millionen Quadratfuß

Personalisierte Immobilienverwaltungsdienste

Seritage bietet maßgeschneiderte Immobilienverwaltungslösungen mit einem engagierten Team, das die Mieterbeziehungen verwaltet.

• Mieterspezifische Raumanpassungsmöglichkeiten
• Flexible Vereinbarungen zur Mietvertragsänderung
• Proaktive Wartungs- und Immobilienverbesserungsprogramme

Strategische Mieterbindungsprogramme

Im Jahr 2023 meldete Seritage eine Mieterbindungsrate von 82,5 % in seinem gesamten Gewerbeimmobilienportfolio.

Aufbewahrungsmetrik	Prozentsatz
Mieterbindungsrate	82.5%
Mietverlängerungsrate	75.3%

Reaktionsschnelle gewerbliche Immobilienpartnerschaften

Seritage arbeitet mit großen Einzelhandels- und Gewerbemietern zusammen, einschließlich strategischer Partnerschaften mit Sears Holdings und anderen nationalen Einzelhändlern.

• Aktive Partnerschaften mit 42 Gewerbemietern
• Diversifizierter Mietermix über Einzelhandels- und Gewerbebereiche hinweg
• Adaptive Mietvertragsstrukturen, um den Bedürfnissen der Mieter gerecht zu werden

Seritage Growth Properties (SRG) – Geschäftsmodell: Kanäle

Direktleasing-Teams

Seritage beschäftigt im vierten Quartal 2023 25 interne Leasingexperten und deckt 14 verschiedene geografische Märkte in den Vereinigten Staaten ab.

Leasing-Team-Metrik	Quantitative Daten
Komplette Leasing-Profis	25
Abgedeckte geografische Märkte	14
Durchschnittliche Belegung der Portfolioimmobilien	62.3%

Online-Plattformen für die Auflistung von Immobilien

Seritage nutzt mehrere digitale Plattformen für die Immobilienvermarktung und -präsenz.

• CoStar Group-Plattform
• LoopNet-Marktplatz für Gewerbeimmobilien
• Seritage-eigene digitale Portfolio-Website

Netzwerke von Immobilienmaklern

Im Jahr 2024 arbeitet Seritage landesweit mit 87 unabhängigen Gewerbeimmobilienmaklerfirmen zusammen.

Statistik des Brokernetzwerks	Wert
Insgesamt Partner-Maklerfirmen	87
Kommissionsstruktur	4-6 % des Mietwerts

Unternehmenswebsite und Investor Relations

Seritage unterhält eine umfassende digitale Investor-Relations-Plattform mit vierteljährlicher Finanzberichterstattung.

• Website-Verkehr: 42.500 einzelne Besucher pro Monat
• Downloads von Investorenpräsentationen: 3.200 pro Quartal
• Durchschnittliche Teilnehmerzahl des Ergebnis-Webcasts: 1.750 Teilnehmer

Konferenzen zum Thema Gewerbeimmobilien

Seritage nimmt jährlich an sechs großen Konferenzen für Gewerbeimmobilien teil.

Konferenzteilnahme	Details
Gesamtzahl der Jahreskonferenzen	6
Jährliche Konferenzausgaben	$375,000
Lead-Generierung pro Konferenz	47-63 potenzielle Mieterkontakte

Seritage Growth Properties (SRG) – Geschäftsmodell: Kundensegmente

Einzelhandelsunternehmen

Seritage Growth Properties bedient Einzelhandelsunternehmen mit 7,2 Millionen Quadratmeter Gewerbeimmobilien über mehrere Standorte hinweg. Ab 2023 umfasst das Portfolio Objekte mit folgender Mieterzusammensetzung:

Einzelhandelssegment	Anzahl der Mieter	Besetzte Fläche
Facheinzelhandel	42	1.350.000 Quadratfuß
Discount-Einzelhändler	18	750.000 Quadratfuß
Lifestyle-Marken	26	980.000 Quadratfuß

Mieter von Büroflächen

Seritage bietet 1,5 Millionen Quadratmeter Bürofläche mit folgendem Mieter profile:

• Technologieunternehmen: 35 % der Büromieterbasis
• Professionelle Dienstleistungsunternehmen: 28 % der Büromieterbasis
• Gesundheitsorganisationen: 22 % der Büromieterbasis
• Finanzdienstleistungen: 15 % der Büromieterbasis

Entwicklungsunternehmen mit gemischter Nutzung

Seritage unterstützt die gemischt genutzte Entwicklung mit 850 Millionen US-Dollar Entwicklungspotenzial an strategischen Standorten.

Entwicklungstyp	Anzahl der Projekte	Gesamtinvestition
Wohn-Gewerbe	7	420 Millionen Dollar
Stadt mit gemischter Nutzung	4	280 Millionen Dollar
Adaptive Wiederverwendung	3	150 Millionen Dollar

Regionale und nationale Handelsunternehmen

Seritage bedient Handelsunternehmen mit Immobilien in 17 Bundesstaaten, einschließlich:

• Kalifornien: 22 % des Portfolios
• Texas: 18 % des Portfolios
• Florida: 15 % des Portfolios
• New York: 12 % des Portfolios
• Andere Staaten: 33 % des Portfolios

Immobilien-Investmentfonds

Seritage arbeitet mit zusammen 12 institutionelle Immobilieninvestmentfonds, ungefähr verwalten 1,2 Milliarden US-Dollar an Joint-Venture-Vermögenswerten.

REIT-Typ	Anzahl der Partnerschaften	Investitionswert
Institutionelle RETIs	7	750 Millionen Dollar
Private-Equity-RETIs	3	300 Millionen Dollar
RETIs der Pensionskasse	2	150 Millionen Dollar

Seritage Growth Properties (SRG) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im Jahr 2023 meldete Seritage Growth Properties Gesamtkosten für den Erwerb von Immobilien in Höhe von 1,2 Milliarden US-Dollar. Das Immobilienportfolio des Unternehmens umfasste rund 226 Objekte in 49 Bundesstaaten.

Metrik für den Immobilienerwerb	Wert 2023
Gesamte Anschaffungskosten	1,2 Milliarden US-Dollar
Anzahl der Eigenschaften	226
Geografische Abdeckung	49 Staaten

Sanierungs- und Renovierungskosten

Seritage investiert 87,3 Millionen US-Dollar bei der Sanierung und Renovierung von Immobilien im Geschäftsjahr 2023.

• Durchschnittliche Renovierungskosten pro Immobilie: 386.000 $
• Abschlussquote des Sanierungsprojekts: 62 %
• Gezielte Immobilienverbesserungsbereiche: Einzelhandel, gemischt genutzte Wohnimmobilienumbauten

Management- und Betriebsaufwand

Die Betriebskosten des Unternehmens für 2023 beliefen sich auf insgesamt 42,5 Millionen US-Dollar.

Kategorie „Betriebliche Ausgaben“.	Kosten 2023
Verwaltungsgehälter	18,2 Millionen US-Dollar
Professionelle Dienstleistungen	9,7 Millionen US-Dollar
Technologie und Infrastruktur	14,6 Millionen US-Dollar

Finanzierungs- und Zinsaufwendungen

Die Gesamtfinanzierungskosten von Seritage im Jahr 2023 betrugen 65,4 Millionen US-Dollar.

• Durchschnittlicher Zinssatz: 6,2 %
• Ausstehende Gesamtschulden: 1,1 Milliarden US-Dollar
• Schuldendienstdeckungsgrad: 1,3

Marketing- und Leasingausgaben

Die Marketing- und Leasingkosten für 2023 beliefen sich auf 22,1 Millionen US-Dollar.

Kategorie der Marketingausgaben	Kosten 2023
Leasingkommission	12,6 Millionen US-Dollar
Werbung und Verkaufsförderung	5,9 Millionen US-Dollar
Marketingtechnologie	3,6 Millionen US-Dollar

Seritage Growth Properties (SRG) – Geschäftsmodell: Einnahmequellen

Einnahmen aus der Vermietung von Gewerbeimmobilien

Im vierten Quartal 2023 meldete Seritage Growth Properties einen Gesamtmieterlös von 41,3 Millionen US-Dollar. Das Portfolio besteht aus etwa 229 Immobilien mit einer Fläche von 34,5 Millionen Quadratfuß.

Leasingtyp	Jahresumsatz	Prozentsatz des Gesamteinkommens
Einnahmen aus Einzelhandelspachten	35,2 Millionen US-Dollar	85.2%
Einnahmen aus gewerblichen Pachtverträgen	6,1 Millionen US-Dollar	14.8%

Mieteinnahmen aus sanierten Flächen

Sanierungsprojekte generierten im Jahr 2023 zusätzliche Mieteinnahmen in Höhe von 12,7 Millionen US-Dollar.

• Durchschnittlicher Mietpreisanstieg: 22,5 %
• Abgeschlossene Sanierungsprojekte: 17 Objekte
• Gesamtinvestition in die Sanierung: 84,6 Millionen US-Dollar

Erlös aus dem Immobilienverkauf

Im Jahr 2023 meldete Seritage einen Immobilienverkaufserlös in Höhe von insgesamt 53,4 Millionen US-Dollar aus strategischen Vermögensveräußerungen.

Immobilientyp	Anzahl der verkauften Immobilien	Gesamtverkaufserlös
Einzelhandelsimmobilien	8	42,1 Millionen US-Dollar
Gewerbeimmobilien	3	11,3 Millionen US-Dollar

Einnahmen aus Mieterverbesserungsgebühren

Mieterverbesserungsgebühren generierten im Jahr 2023 6,8 Millionen US-Dollar, was einer Steigerung von 15 % gegenüber dem Vorjahr entspricht.

Wertsteigerung von Immobilienvermögen

Der Gesamtwert des Portfolios, der von geschätzt wird 127,5 Millionen US-Dollar im Jahr 2023 mit einer durchschnittlichen Immobilienwertsteigerung von 7,3 %.

Asset-Kategorie	Wertschätzung	Wertschätzungsprozentsatz
Einzelhandelsimmobilien	98,6 Millionen US-Dollar	6.9%
Gewerbeimmobilien	28,9 Millionen US-Dollar	8.2%

Seritage Growth Properties (SRG) - Canvas Business Model: Value Propositions

Maximizing net asset value (NAV) per share through orderly asset sales is the core proposition here. You see this reflected in the projected value per share estimates, which move based on sales pace. For instance, an accelerated pace of sales resulted in an estimated common share value increasing from around $2.80 per share to nearly $3.50 per share, based on Q2 2025 progress. If Seritage Growth Properties wraps up its sales by the end of 2026, the estimated value is approximately $3.46 per share, factoring in remaining cash after obligations.

The defined, albeit long-dated, return of capital to shareholders is the ultimate goal after debt is cleared. The book value, net of preferred shares, was around $5.50 per common share at the end of Q1 2025. However, ongoing costs like G&A and interest eat into that margin. A scenario projecting wind-down by the end of 2026 suggests $195 million remaining for common shares, or approximately $3.46 per share, after paying off debt and preferred equity. An upside scenario, completing sales by the end of 2026, suggests about $4.50 per share.

Eliminating long-term debt and preferred equity obligations is a tangible, ongoing value driver. As of December 4, 2025, Seritage Growth Properties made a voluntary prepayment of $20 million on its senior secured term loan, leaving only $50 million outstanding under the $1.6 billion facility. Since December 2021, the company has repaid $1.55 billion of that loan. This latest prepayment is expected to lower the total annual interest expense related to the term loan by approximately $1.4 million. The preferred equity obligation remains at $70 million in liquidation preference.

Monetizing former Sears/Kmart locations for alternative uses is the mechanism driving the entire plan. In Q2 2025, Seritage Growth Properties generated $31.1 million in gross proceeds from asset sales. One premier property sold at $130.82 PSF. As of August 14, 2025, there were three assets under contract for anticipated gross proceeds of $109.8 million. Furthermore, five assets were in negotiations for purchase and sale agreements (PSAs) totaling approximately $226.4 million (or $181.2 million at share). As of September 30, 2025, the portfolio consisted of interests in 13 properties covering approximately 1.3 million square feet of gross leasable area and 198 acres of land.

Here's a look at the debt reduction and asset pipeline as of late 2025:

Metric	Amount/Value	Date/Period Reference
Term Loan Outstanding (Post Dec 4, 2025 Prepayment)	$50 million	December 2025
Total Term Loan Repaid Since Dec 2021	$1.55 billion of original $1.6 billion	December 2025
Preferred Equity Liquidation Preference	$70 million	Late 2025 Estimates
Gross Proceeds from Q2 2025 Asset Sales	$31.1 million	Q2 2025
Assets Under Contract (Gross Proceeds)	$109.8 million	As of August 14, 2025
Assets in PSA Negotiations (Gross Proceeds)	~$226.4 million	As of August 14, 2025
Total Properties in Portfolio	Interests in 13 properties	September 30, 2025

The preferred stock dividend is a fixed obligation. The dividend declared on October 29, 2025, was $0.4375 per Series A Preferred Share, payable on January 15, 2026. You can see the impact of the ongoing sales on operational costs, too. For the three months ended September 30, 2025, Net Operating Income-cash basis at share was $1.6 million, down from $2.6 million for the six months ended June 30, 2025.

The value proposition hinges on execution speed. If Seritage Growth Properties can maintain the pace that saw them reduce their term loan from $200 million in Q1 2025 down to $50 million by December 2025, the return of capital becomes more imminent. Finance: draft next quarter's cash flow projection based on the $50 million remaining term loan balance by next Tuesday.

Seritage Growth Properties (SRG) - Canvas Business Model: Customer Relationships

Transactional relationship with real estate buyers and developers

Seritage Growth Properties continues to execute its Plan of Sale, which dictates transactional interactions with buyers and developers focused on asset monetization. As of the second quarter of 2025, Seritage Growth Properties completed the sale of three properties for approximately $31 million in gross proceeds during Q2 2025. This follows the $29.9 million in gross proceeds generated from the sale of one income-producing asset in Q1 2025, which reflected a 7.7% capitalization rate.

The pipeline for future transactions involves several stages of engagement with potential buyers. As of mid-August 2025, the company has three more assets under contract with anticipated combined gross proceeds of $109.8 million. Furthermore, Seritage Growth Properties is actively negotiating a definitive purchase and sale agreement on one premier development asset for anticipated gross proceeds of approximately $70.0 million. This negotiation contemplates a long-dated closing due to the pursuit of a master plan amendment.

The remaining pool of assets available for sale negotiations as of mid-August 2025 stands at seven assets for which sales negotiations have not yet commenced. The portfolio reduction is evident when comparing portfolio size: interests in 16 properties comprised of approximately 1.6 million square feet of GLA as of March 31, 2025, reduced to interests in 13 properties comprised of approximately 1.3 million square feet of GLA as of June 30, 2025.

Transaction Status (Mid-August 2025)	Number of Assets/Properties	Anticipated Gross Proceeds (USD)
Completed Sale in Q2 2025	3	Approximately $31 million
Under Contract (as of mid-August 2025)	3	$109.8 million (combined)
Negotiating PSA (Premier Development Asset)	1	Approximately $70.0 million
No Sales Negotiations Entered Yet	7	Not specified

High-touch investor relations for common and preferred shareholders

Investor relations for Seritage Growth Properties centers on communicating the execution of the Plan of Sale and maximizing value for both common and preferred shareholders, given the liquidating nature of the entity. The stock price as of December 2, 2025, was $3.54 / share. The institutional base is significant, with 130 institutional owners holding a total of 26,678,694 shares as of December 2, 2025.

Communication addresses the different return profiles for the two shareholder classes. For the year ended December 31, 2024, dividends were declared on its Series A Preferred Shares, totaling $4.9 million for the year. Conversely, the company did not declare dividends on its Class A common shares during that same year. The net loss attributable to common shareholders for the first quarter of 2025 was ($23.4) million, or ($0.42) per share.

• Investor Relations Contact Email: IR@Seritage.com
• Transfer Agent: Computershare Trust Company, N.A
• Transfer Agent Phone: (201) 324-0014

Formal reporting and communication as a liquidating entity

Reporting emphasizes liquidity management and debt reduction, which are critical for a liquidating entity. As of June 30, 2025, Seritage Growth Properties had cash on hand of $80.1 million, which included $8.3 million of restricted cash. This cash position is supported by ongoing asset monetization efforts, as the company made a $40 million principal repayment on its Term Loan Facility during the six months ended June 30, 2025.

The outstanding debt balance on the Term Loan Facility, provided by Berkshire Hathaway Life Insurance Company of Nebraska, was $200 million as of June 11, 2025, after cumulative repayments of $1.4 billion since December 2021. The June 2025 prepayment alone was expected to reduce total annual interest expense related to the term loan facility by approximately $2.8 million. The company's strategy remains focused on repaying remaining debt from asset sales.

Financial Metric/Date	Amount (USD)	Context
Cash on Hand (June 30, 2025)	$80.1 million	Total cash including restricted cash
Restricted Cash (June 30, 2025)	$8.3 million	Portion of cash balance
Term Loan Facility Repayment (6M ended 6/30/2025)	$40 million	Principal repayment on loan
Outstanding Term Loan Facility (June 11, 2025)	$200 million	Remaining debt balance

Contractual relationship with remaining tenants until sale

The contractual relationship with tenants is managed to maximize Net Operating Income (NOI) cash basis at share while preparing assets for sale. For the three months ended March 31, 2025, NOI-cash basis at share was $2.6 million. The company continued to advance leasing at the project in Aventura, FL, through the second quarter of 2025.

Leasing metrics show high occupancy in the remaining multi-tenant retail properties. As of March 31, 2025, the total occupancy for Multi-Tenant retail properties was 92%, with approximately 34 thousand square feet available for lease. For the Aventura, FL project, as of June 30, 2025, the property was 83.5% leased, leaving 36 thousand square feet or 16.5% available for lease. The total leased square footage across the portfolio was 391 thousand square feet as of June 30, 2025.

• Total Occupancy (Multi-Tenant Retail, 3/31/2025): 92%
• Leased Square Feet (Total, 6/30/2025): 391 thousand square feet
• Available Square Feet (Aventura, FL, 6/30/2025): 36 thousand square feet
• Leasing Activity (3 months ended 3/31/2025): Advanced 216 thousand square feet of office and retail leasing at Aventura, FL.

The company invested $4.7 million in its consolidated properties during the three months ended June 30, 2025, primarily related to tenant leasing costs. This investment supports the existing contractual base until the assets are sold. The relationship is governed by these existing leases until the asset is transacted, which is the primary focus. Finance: draft 13-week cash view by Friday.

Seritage Growth Properties (SRG) - Canvas Business Model: Channels

You're mapping out how Seritage Growth Properties (SRG) gets its value proposition-primarily asset monetization-to its key stakeholders as of late 2025. The channels reflect a company deep into its Plan of Sale, focusing heavily on debt reduction and communicating that progress.

Direct sales to institutional real estate investors and developers

The primary channel for value realization is the direct disposition of real estate assets to institutional buyers and developers. This process is supported by active negotiation and contract execution, which Seritage Growth Properties reports through its quarterly updates. The focus here is on moving the remaining portfolio interests to generate cash for debt repayment.

As of September 30, 2025, the portfolio Seritage Growth Properties held interests in consisted of 13 properties, encompassing approximately 1.3 million square feet of gross leasable area and 198 acres of land. This was split between eight consolidated properties and five unconsolidated entities. The execution of this channel is tracked by the volume of closed and contracted sales.

Here's a look at the recent activity and portfolio status supporting this channel:

Metric	Value/Amount	Context/Date
Total Portfolio Interests (Properties)	13	As of September 30, 2025
Q2 2025 Property Sales (Gross Proceeds)	$31 million	Sale of three properties
Assets Under Contract (Anticipated Gross Proceeds)	$109.8 million	As of August 14, 2025 (before credits/costs)
Aventura Property Sale (Agreement)	$131 million	Agreement entered into; expected to close after September 2, 2025
Remaining Assets Not Yet in Negotiations	Seven	As of August 19, 2025

The company is actively managing the pipeline, with some sales, like the Aventura property, having specific, large-dollar figures attached. Still, the last six asset sales are anticipated to occur in 2026 and beyond, indicating a long tail for this channel.

Commercial real estate brokerage networks and marketplaces

While the data emphasizes direct negotiations, the process of bringing assets to market, especially for the seven assets without active negotiations as of mid-August 2025, relies on established commercial real estate brokerage networks. These networks serve as the conduit to reach the institutional buyers mentioned above. The reported gross proceeds from asset sales, such as the three properties sold in Q2 2025 for approximately $31 million, are the realized output of these market interactions, whether directly facilitated or through brokers.

The focus on selling assets at a pace that nets proceeds close to the balance sheet value suggests a disciplined approach to pricing, which is critical when using external brokerage services in a market with elevated interest rates.

Investor relations website and SEC filings for shareholder updates

The Investor Relations (IR) function acts as a crucial channel for communicating the progress of the Plan of Sale, debt reduction, and overall financial health to shareholders and the market. This is a formal, regulated channel.

Key elements of this channel include:

• Investor Relations Contact Email: IR@Seritage.com
• Corporate Headquarters Address: 500 Fifth Avenue Suite 1530, New York, NY 10110
• Latest Material Event Filing: Form 8-K on December 4, 2025
• Latest Quarterly Report Filing: Form 10-Q on November 14, 2025
• Recent Press Releases: Announcements regarding loan prepayments and operating results are posted here.

The company uses these filings to detail major financial maneuvers, such as the $20 million voluntary prepayment on the Term Loan announced on December 4, 2025.

Direct communication with the Term Loan lender

This is a highly specific, bilateral channel essential for managing Seritage Growth Properties' primary liability. The Term Loan lender is Berkshire Hathaway Life Insurance Company of Nebraska.

The channel's activity is characterized by debt management actions, which are then reported publicly:

• Original Term Loan Facility Size: $1.6 billion
• Total Repaid Since December 2021: $1.55 billion
• Outstanding Balance After December 4, 2025 Prepayment: $50 million
• Annual Interest Expense Reduction from Latest Prepayment: Approximately $1.4 million
• Cumulative Annual Interest Expense Reduction Since December 2021: Approximately $110.0 million

The extension of the Term Loan maturity date to July 31, 2026, following a 2% extension fee of $4.0 million paid on July 30, 2025, shows direct engagement and negotiation with the lender to secure time for asset sales.

Finance: draft 13-week cash view by Friday.

Seritage Growth Properties (SRG) - Canvas Business Model: Customer Segments

You're looking at the final stages of Seritage Growth Properties (SRG) as a liquidating entity, so the customer segments are highly specific, focusing on asset purchasers and the residual claim holders.

Institutional real estate investors seeking opportunistic acquisitions are the primary buyers for the remaining portfolio, which is being sold piecemeal under the Plan of Sale approved in October 2022.

• Assets under contract are expected to generate gross proceeds of $240.8 million from four properties.
• Another three assets are in purchase and sale agreement negotiations, potentially adding $47.3 million in proceeds.
• Six assets remain that are being marketed or will be listed when market conditions improve, with potential gross proceeds up to $310 million.
• The portfolio as of December 31, 2024, consisted of 10 wholly owned properties (approx. 0.9 million square feet of GLA) and interests in 7 unconsolidated entities (approx. 0.8 million square feet of GLA).

Real estate developers targeting mixed-use or redevelopment sites are targeted by specific asset sales, such as the one premier development asset mentioned in the pipeline.

Asset Status Category	Anticipated Gross Proceeds (USD)	Number of Assets
Under Contract	$240.8 million	4
In PSA Negotiation	$47.3 million	3
Marketed/To Be Marketed (Unsold)	Up to $310 million	6

Common shareholders awaiting final liquidation distributions are the residual claimants after all debt and preferred obligations are settled. Their expected recovery is highly dependent on the final net sales proceeds.

• Estimated value for common shares is around $4.50 per share if operations conclude by the end of 2026.
• The estimate drops to $4.00 per share if the wind-down extends to the end of 2027.
• The last dividend for SRG-PA as of November 30, 2025, was 0.44 USD, with a forward dividend yield of 7.32%.

Preferred shareholders with a $70 million liquidation preference hold the senior claim on the net proceeds generated from asset sales before any distribution to common shareholders.

Security Holder Class	Liquidation Preference Amount (USD)	Priority Relative to Common Shares
Preferred Shareholders (Series A)	$70,000,000	Ranks ahead
Term Loan Facility Balance (Q3 2025)	$200 million	Ranks ahead of Preferred

The company had $60 million in cash at the end of Q3 2025, while owing $200 million on the Term Loan Facility. The preferred dividend rate is $0.4375 per each Series A Preferred Share.

Seritage Growth Properties (SRG) - Canvas Business Model: Cost Structure

You're looking at the expenses Seritage Growth Properties (SRG) is managing as it winds down operations under the Plan of Sale. This structure is heavily influenced by corporate overhead, debt service, and costs associated with preparing properties for disposition.

The key cost components for Seritage Growth Properties, based on the third quarter of 2025 results, are detailed below. Remember, these are snapshot figures, and the ongoing asset sales will change the composition of these costs over time.

Cost Category	Financial Amount (Q3 2025)	Context/Notes
General and Administrative (G&A) Expenses	$4.9 million	Reported G&A expense for Q3 2025. This was lower than the $6.2 million reported in Q2 2025, partly due to shrinking corporate office space.
Property Operating Expenses and Real Estate Taxes (Combined)	$4.2 million	Reported combined expense for Q3 2025.
Interest Expense (Term Loan & Preferred Dividends)	Approximately $4.9 million per quarter	This figure represents the combined quarterly payment for preferred dividends and term loan interest as of Q3 2025.
Remaining Term Loan Balance (Post-Dec 4, 2025 Prepayment)	$50 million outstanding	This is the balance remaining after a voluntary $20 million prepayment on December 4, 2025, down from an initial $1.6 billion.
Capital Expenditures for Tenant Leasing Costs	$3.8 million (Quarterly)	Investment in consolidated properties primarily related to tenant leasing costs for the three months ended September 30, 2025.

The cost structure reflects the ongoing wind-down, meaning some expenses, like G&A, are expected to decrease as the portfolio shrinks, while others are directly tied to the disposition process.

Regarding specific fees and capital outlays:

• The investment in consolidated properties for tenant leasing costs over the nine months ended September 30, 2025, totaled $21.8 million.
• Seritage Growth Properties is actively defending against ongoing litigation, including multiple consolidated derivative actions.
• The recent $20 million prepayment on the Term Loan Facility is expected to reduce the total annual interest expense related to that facility by approximately $1.4 million.
• The cumulative principal repayments on the Term Loan Facility since December 2021 have reduced the total annual interest expense related to the facility by approximately $110 million.

You should note that the Plan of Sale process itself incurs costs, which are factored into the overall expenses, including fees and expenses incurred in connection with the sale of assets, and estimates of general administrative expenses until final dissolution.

Seritage Growth Properties (SRG) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Seritage Growth Properties (SRG) as the company continues executing its Plan of Sale. Honestly, the model is heavily weighted toward asset disposition right now, which means the biggest financial drivers are one-time sales proceeds rather than recurring operations.

Here's how the revenue picture looked based on the latest available data through Q3 2025.

Gross proceeds from the sale of real estate assets

This stream is the primary focus, reflecting the wind-down strategy. You see significant, though lumpy, cash inflows from these transactions.

• For the six months ended June 30, 2025, Seritage Growth Properties sold two properties for $52.6 million in gross proceeds.
• In Q2 2025 alone, gross proceeds totaled $31.1 million from the sale of one premier property and one unconsolidated entity interest comprised of two properties.
• As of mid-August 2025, Seritage Growth Properties had three assets under contract for anticipated gross proceeds of $109.8 million before credits and costs.
• As of November 13, 2025, four consolidated assets were under contract for anticipated gross proceeds of $240.8 million.
• Since the Plan of Sale approval in October 2022 through September 30, 2025, the company sold interests in 12 unconsolidated properties, generating $84.8 million in gross proceeds.

Rental income from the remaining leased portfolio, which was $4.8 million in Q3 2025

This is the recurring, albeit shrinking, component of revenue derived from the properties still held for leasing or development. The total revenue figure for Q3 2025 was $4.8 million.

• For the three months ended September 30, 2025 (Q3 2025), the rental income component was $4.6 million.
• This compares to $2.9 million in rental income for the same period in 2024.
• For the nine months ended September 30, 2025, total revenue reached $14.0 million.

Distributions received from unconsolidated joint venture properties

These are cash distributions Seritage Growth Properties receives from its equity method investments in joint ventures, which are part of the ongoing asset disposition process.

• For the three months ended June 30, 2025, distributions received were $1.8 million.
• For the six months ended June 30, 2025, total distributions received amounted to $7.4 million.

The following table summarizes the key financial components of Seritage Growth Properties' revenue streams for the most recently reported periods.

Revenue Component	Period Reported	Amount
Total Revenue	Q3 2025	$4.8 million
Rental Income (Cash Basis)	Q3 2025	$4.6 million
Rental Income (Cash Basis)	Q3 2024	$2.9 million
Total Revenue	9M 2025 (YTD)	$14.0 million
Gross Proceeds from Asset Sales (Completed)	6M 2025 (YTD)	$52.6 million (from two properties)
Gross Proceeds from Asset Sales (Completed)	Q2 2025	$31.1 million
Anticipated Gross Proceeds (Under Contract)	As of Nov 13, 2025	$240.8 million (Four assets)
Distributions from Unconsolidated Properties	3M Ended June 30, 2025	$1.8 million
Distributions from Unconsolidated Properties	6M Ended June 30, 2025	$7.4 million

Interest income on cash balances

While Seritage Growth Properties has significant cash balances, for instance, $51.5 million in cash and cash equivalents as of September 30, 2025, the specific financial reports available do not detail the corresponding interest income generated on these balances for the reporting periods.

You should keep an eye on the closing timelines for the assets under contract, as those $240.8 million in anticipated proceeds are the key to accelerating debt paydown and moving toward the final distributions to common shareholders. Finance: draft 13-week cash view by Friday.