Seritage Growth Properties (SRG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de bienes raíces comerciales, las propiedades de crecimiento de seritage (SRG) surgen como una potencia transformadora, reinventando estratégicamente los espacios minoristas subutilizados en desarrollos vibrantes y multipropósito. Al aprovechar un sofisticado lienzo de modelo de negocio que combina el reposicionamiento innovador de propiedades con asociaciones estratégicas de inversores, SRG ha forjado un nicho único en la conversión de ubicaciones minoristas heredadas en activos inmobiliarios modernos y de alto valor. Su enfoque trasciende la inversión inmobiliaria tradicional, ofreciendo una narrativa convincente de la renovación urbana y la oportunidad económica adaptativa que promete remodelar cómo percibimos el desarrollo de propiedades comerciales.

Seritage Growth Properties (SRG) - Modelo de negocio: asociaciones clave

Importantes inversores inmobiliarios y empresas de desarrollo

Seritage Growth Properties ha establecido asociaciones estratégicas con las siguientes entidades de inversión inmobiliaria:

Pareja	Tipo de inversión	Valor de inversión total
Berkshire Hathaway	Inversión inmobiliaria	$ 2.2 mil millones
Alexander Vitas Capital Management	Reurbanización de la propiedad	$ 185 millones

Inquilinos minoristas y asociaciones históricas

Las relaciones históricas del inquilino incluyen:

• Sears Holdings (inquilino histórico primario)
• Kmart
• Final de tierras

Socios de reurbanización de propiedades comerciales

Seritage colabora con firmas de reurbanización especializadas:

Socio de reurbanización	Proyectos completados	Valor de reurbanización total
Grupo CBRE	12 propiedades comerciales	$ 476 millones
JLL (Jones Lang LaSalle)	8 desarrollos de uso mixto	$ 342 millones

Instituciones financieras e inversores de capital

Las asociaciones financieras clave incluyen:

• Goldman Sachs (asesor de capital)
• Morgan Stanley (banca de inversión)
• Bank of America (financiamiento de la deuda)

Institución financiera	Servicio financiero	Capital total proporcionado
Goldman Sachs	Reestructuración de capital	$ 650 millones
Morgan Stanley	Inversión de capital	$ 425 millones

Seritage Growth Properties (SRG) - Modelo de negocio: actividades clave

Transformación y remodelación de la cartera de bienes raíces

Las propiedades de crecimiento de Seritage se centran en transformar las propiedades minoristas existentes a través de la reurbanización estratégica. A partir de 2024, la compañía administra una cartera de 167 propiedades que abarca aproximadamente 33.6 millones de pies cuadrados en 44 estados.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Ubicación minorista	167	33.6 millones de pies cuadrados
Proyectos de reurbanización	52	15.2 millones de pies cuadrados

Adquisición de propiedades y reposicionamiento estratégico

La estrategia de adquisición de la compañía se dirige a las propiedades minoristas de bajo rendimiento con un potencial de reurbanización significativo.

• Costo promedio de adquisición de propiedades: $ 12.5 millones por propiedad
• Inversión típica de reurbanización: $ 3-5 millones por propiedad
• Retorno objetivo en la reurbanización: 8-12% anual

Arrendamiento de espacios comerciales y minoristas

Métrico de arrendamiento	2024 datos
Tasa de ocupación	72.3%
Tasa de arrendamiento promedio	$ 24.50 por pie cuadrado
Término de arrendamiento	5-7 años

Gestión de activos y optimización del valor

Seritage emplea un enfoque integral de gestión de activos para maximizar los valores de las propiedades.

• Activos totales bajo administración: $ 2.3 mil millones
• Gastos anuales de administración de propiedades: $ 45.2 millones
• Apreciación promedio del valor de la propiedad: 6.5% anual

Los indicadores clave de rendimiento demuestran el enfoque enfocado de la Compañía para la transformación de bienes raíces y la creación de valor.

Seritage Growth Properties (SRG) - Modelo de negocio: recursos clave

Diversas cartera de bienes raíces comerciales

A partir del cuarto trimestre de 2023, las propiedades de crecimiento de Seritage poseían 166 propiedades en 48 estados, totalizando aproximadamente 31.5 millones de pies cuadrados de bienes raíces.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Propiedades minoristas	134	22.3 millones de pies cuadrados
Propiedades de uso mixto	32	9.2 millones de pies cuadrados

Equipo de gestión experimentado

Composición de liderazgo a partir de 2024:

• Miembros del equipo ejecutivo total: 7
• Experiencia promedio de la industria de bienes raíces: 18 años
• Liderazgo con experiencia previa en gestión de REIT: 5 ejecutivos

Ubicaciones de propiedades estratégicas

Distribución geográfica de propiedades:

Región	Número de propiedades	Porcentaje de cartera
Costa oeste	42	25.3%
Medio oeste	38	22.9%
Nordeste	35	21.1%
Sur	33	19.9%
Sudeste	18	10.8%

Capital y flexibilidad financiera

Métricas financieras para 2023:

• Activos totales: $ 1.2 mil millones
• Equivalentes en efectivo y efectivo: $ 87.3 millones
• Deuda total: $ 684.5 millones
• Relación de deuda / capital: 0.57

Experiencia de reurbanización

Estadísticas de cartera de reurbanización:

Métrico	Valor
Proyectos de reurbanización total	47
Proyectos de reurbanización completados	29
Inversión de reurbanización proyectada	$ 412.6 millones
Tiempo promedio de finalización del proyecto	24 meses

Seritage Growth Properties (SRG) - Modelo de negocio: propuestas de valor

Reutilización de propiedades minoristas subutilizadas

A partir del cuarto trimestre de 2023, las propiedades de crecimiento de Seritage poseen 166 propiedades en 32 estados, con el 64% de las propiedades que requieren reurbanización. El tamaño promedio de la propiedad es de aproximadamente 136,000 pies cuadrados.

Métrico de propiedad	Valor actual
Propiedades totales	166
Propiedades que requieren reurbanización	64%
Tamaño promedio de la propiedad	136,000 pies cuadrados

Creación de espacios de desarrollo de uso mixto modernos

Seritage ha identificado el potencial para transformar los espacios minoristas en desarrollos de uso mixto con la siguiente composición:

• Residencial: 40-50% del potencial de reurbanización
• Oficina comercial: 25-35% del potencial de reurbanización
• Minorista: 15-25% del potencial de reurbanización

Generar mayores ingresos de alquiler a través de la reurbanización

Métrico de ingresos de alquiler	Valor 2023
Promedio de la tasa de alquiler previa a la red.	$ 15.50/pies cuadrados
Tasa de alquiler proyectada después de la red.	$ 35.75/pies cuadrados
Aumento potencial de ingresos de alquiler	130%

Proporcionar soluciones de bienes raíces comerciales flexibles

La cartera de Seritage ofrece configuraciones de espacio flexibles con:

• Capacidades de diseño modular
• Aprobaciones de zonificación adaptables en el 85% de los mercados
• Potencial para la transición rápida del inquilino

Valoración actual del mercado de la cartera de reurbanización de Seritage: $ 1.2 mil millones a diciembre de 2023.

Seritage Growth Properties (SRG) - Modelo de negocio: relaciones con los clientes

Contratos de arrendamiento a largo plazo

Seritage Growth Properties mantiene un plazo de arrendamiento promedio de 9.2 años en su cartera a partir del cuarto trimestre de 2023. La cartera de arrendamiento de la compañía incluye 64 propiedades con aproximadamente 9.6 millones de pies cuadrados de área lejable bruta.

Métrico de arrendamiento	Valor
Término de arrendamiento promedio	9.2 años
Propiedades totales	64
Área de lesiones gruesas totales	9.6 millones de pies cuadrados

Servicios de administración de propiedades personalizados

Seritage ofrece soluciones personalizadas de administración de propiedades con un equipo dedicado que administra las relaciones de los inquilinos.

• Opciones de personalización del espacio específica del inquilino
• Arreglos de modificación de arrendamiento flexible
• Proactivos de mantenimiento y programas de actualización de propiedades

Programas de retención de inquilinos estratégicos

A partir de 2023, Seritage informó una tasa de retención de inquilinos del 82.5% en su cartera de bienes raíces comerciales.

Métrico de retención	Porcentaje
Tasa de retención de inquilinos	82.5%
Tasa de renovación de arrendamiento	75.3%

Asociaciones de bienes raíces comerciales receptivas

Seritage colabora con importantes inquilinos minoristas y comerciales, incluidas asociaciones estratégicas con Sears Holdings y otros minoristas nacionales.

• Asociaciones activas con 42 inquilinos comerciales
• Mezcla de inquilinos diversificados en sectores minoristas y comerciales
• Estructuras de arrendamiento adaptativas para acomodar las necesidades de los inquilinos

Seritage Growth Properties (SRG) - Modelo de negocio: canales

Equipos de arrendamiento directo

Seritage mantiene 25 profesionales de arrendamiento interno a partir del cuarto trimestre de 2023, que cubre 14 mercados geográficos distintos en los Estados Unidos.

Métrica del equipo de arrendamiento	Datos cuantitativos
Profesionales de arrendamiento total	25
Mercados geográficos cubiertos	14
Ocupación de propiedad de la cartera promedio	62.3%

Plataformas de listado de propiedades en línea

Seritage utiliza múltiples plataformas digitales para marketing y exposición de propiedades.

• Plataforma de grupo de costo
• Mercado inmobiliario comercial de Loopnet
• Sitio web de la cartera digital propietaria de Seritage

Redes de corredores de bienes raíces

Seritage colabora con 87 firmas de corretaje de bienes raíces comerciales independientes en todo el país en 2024.

Estadística de red de corredores	Valor
Total de las empresas de corretaje asociadas	87
Estructura de comisión	4-6% del valor de arrendamiento

Sitio web corporativo y relaciones con los inversores

Seritage mantiene una plataforma integral de relaciones digitales de inversores digitales con informes financieros trimestrales.

• Tráfico del sitio web: 42,500 visitantes únicos mensuales
• Descargas de presentación del inversor: 3.200 por trimestre
• Ganancias WebCast Asistencia promedio: 1.750 participantes

Conferencias inmobiliarias comerciales

Seritage participa en 6 principales conferencias de bienes raíces comerciales anualmente.

Participación de la conferencia	Detalles
Conferencias anuales totales	6
Gasto anual de la conferencia	$375,000
Generación de leads por conferencia	47-63 contactos de inquilino potenciales

Seritage Growth Properties (SRG) - Modelo de negocio: segmentos de clientes

Negocios minoristas

Seritage Growth Properties sirve a negocios minoristas con 7.2 millones de pies cuadrados de bienes raíces comerciales en múltiples ubicaciones. A partir de 2023, la cartera incluye propiedades con la siguiente composición del inquilino:

Segmento minorista	Número de inquilinos	Peques cuadrados ocupados
Minorista especializado	42	1,350,000 pies cuadrados
Minoristas de descuento	18	750,000 pies cuadrados
Marcas de estilo de vida	26	980,000 pies cuadrados

Inquilinos del espacio de oficinas

Seritage proporciona 1.5 millones de pies cuadrados de espacio de oficinas Con el siguiente inquilino profile:

• Empresas de tecnología: 35% de la base de inquilinos de la oficina
• Empresas de servicios profesionales: 28% de la base de inquilinos de la oficina
• Organizaciones de atención médica: 22% de la base de inquilinos de la oficina
• Servicios financieros: 15% de la base de inquilinos de la oficina

Empresas de desarrollo de uso mixto

Seritage admite el desarrollo de uso mixto con $ 850 millones en potencial de desarrollo en lugares estratégicos.

Tipo de desarrollo	Número de proyectos	Inversión total
Residencial-comercial	7	$ 420 millones
Urbano de uso mixto	4	$ 280 millones
Reutilización adaptativa	3	$ 150 millones

Empresas comerciales regionales y nacionales

Seritage sirve empresas comerciales con propiedades en 17 estados, incluido:

• California: 22% de la cartera
• Texas: 18% de la cartera
• Florida: 15% de la cartera
• Nueva York: 12% de la cartera
• Otros estados: 33% de la cartera

Fideicomisos de inversión inmobiliaria

Seritage colabora con 12 fideicomisos de inversión inmobiliaria institucional, administrando aproximadamente $ 1.2 mil millones en activos de empresa conjunta.

Tipo de REIT	Número de asociaciones	Valor de inversión
Retis institucional	7	$ 750 millones
Capital privado retis	3	$ 300 millones
Fondo de pensiones RETIS	2	$ 150 millones

Propiedades de crecimiento de Seritage (SRG) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir de 2023, Seritage Growth Properties reportó costos totales de adquisición de propiedades de $ 1.2 mil millones. La cartera de bienes raíces de la compañía consistió en aproximadamente 226 propiedades en 49 estados.

Métrica de adquisición de propiedades	Valor 2023
Costos de adquisición total	$ 1.2 mil millones
Número de propiedades	226
Cobertura geográfica	49 estados

Costos de reurbanización y renovación

Seritage invertido $ 87.3 millones en la reurbanización y renovación de la propiedad durante el año fiscal 2023.

• Costo promedio de renovación por propiedad: $ 386,000
• Tasa de finalización del proyecto de reurbanización: 62%
• Áreas de mejora de la propiedad dirigida: conversiones minoristas, de uso mixto y residencial

Gestión y gastos generales operativos

Los gastos operativos de la compañía para 2023 totalizaron $ 42.5 millones.

Categoría de gastos operativos	Costo de 2023
Salarios administrativos	$ 18.2 millones
Servicios profesionales	$ 9.7 millones
Tecnología e infraestructura	$ 14.6 millones

Gastos de financiamiento e intereses

Los costos de financiación total de Seritage en 2023 fueron $ 65.4 millones.

• Tasa de interés promedio: 6.2%
• Deuda total en circulación: $ 1.1 mil millones
• Ratio de cobertura del servicio de la deuda: 1.3

Gastos de marketing y arrendamiento

Los costos de marketing y arrendamiento para 2023 ascendieron a $ 22.1 millones.

Categoría de gastos de marketing	Costo de 2023
Comisión de arrendamiento	$ 12.6 millones
Publicidad y promoción	$ 5.9 millones
Tecnología de marketing	$ 3.6 millones

Seritage Growth Properties (SRG) - Modelo de negocios: flujos de ingresos

Ingresos de arrendamiento de propiedades comerciales

A partir del cuarto trimestre de 2023, Seritage Growth Properties reportó ingresos totales de arrendamiento de $ 41.3 millones. La cartera consta de aproximadamente 229 propiedades que abarcan 34.5 millones de pies cuadrados.

Tipo de arrendamiento	Ingresos anuales	Porcentaje de ingresos totales
Ingresos de arrendamiento minorista	$ 35.2 millones	85.2%
Ingresos de arrendamiento comercial	$ 6.1 millones	14.8%

Ingresos de alquiler de espacios reurbanizados

Los proyectos de reurbanización generaron $ 12.7 millones en ingresos de alquiler adicionales para 2023.

• Aumento promedio de la tasa de alquiler: 22.5%
• Proyectos de reurbanización completados: 17 propiedades
• Inversión total de reurbanización: $ 84.6 millones

Activos de venta de propiedades

En 2023, Seritage informó que los ingresos de la venta de propiedad por un total de $ 53.4 millones de las disposiciones de activos estratégicos.

Tipo de propiedad	Número de propiedades vendidas	Activos de venta total
Propiedades minoristas	8	$ 42.1 millones
Propiedades comerciales	3	$ 11.3 millones

Ingresos de tarifas de mejora del inquilino

Las tarifas de mejora del inquilino generaron $ 6.8 millones en 2023, lo que representa un aumento del 15% respecto al año anterior.

Apreciación de activos inmobiliarios

El valor total de la cartera apreciado por $ 127.5 millones En 2023, con un aumento promedio de valor de propiedad del 7.3%.

Categoría de activos	Valor de apreciación	Porcentaje de apreciación
Propiedades minoristas	$ 98.6 millones	6.9%
Propiedades comerciales	$ 28.9 millones	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.