Séritage Propriétés de la croissance (SRG): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'immobilier commercial, les propriétés de croissance des séritions (SRG) émergent comme une puissance transformatrice, réinventant stratégiquement les espaces de vente au détail sous-utilisés en développements dynamiques et polyvalents. En tirant parti d'une toile de modèle commercial sophistiqué qui mélange le repositionnement des propriétés innovantes avec des partenariats stratégiques sur les investisseurs, SRG a sculpté un créneau unique dans la conversion des lieux de vente au détail hérités en actifs immobiliers modernes et à grande valeur. Leur approche transcende l'investissement immobilier traditionnel, offrant un récit convaincant de rénovation urbaine et d'opportunités économiques adaptatives qui promet de remodeler la façon dont nous percevons le développement de propriétés commerciales.

Séritage Growth Properties (SRG) - Modèle d'entreprise: partenariats clés

Investisseurs immobiliers majeurs et sociétés de développement

Seritage Growth Properties a établi des partenariats stratégiques avec les entités d'investissement immobilier suivantes:

Partenaire	Type d'investissement	Valeur d'investissement totale
Berkshire Hathaway	Investissement immobilier	2,2 milliards de dollars
Alexander Vitas Capital Management	Réaménagement des biens	185 millions de dollars

Locataires de détail et partenariats historiques

Les relations historiques des locataires comprennent:

• Sears Holdings (locataire historique primaire)
• Kmart
• Fin des terres

Partenaires commerciaux de réaménagement des propriétés

Seritage collabore avec des sociétés de réaménagement spécialisées:

Partenaire de réaménagement	Projets terminés	Valeur totale de réaménagement
Groupe CBRE	12 propriétés commerciales	476 millions de dollars
Jll (Jones Lang Lasalle)	8 développements à usage mixte	342 millions de dollars

Institutions financières et investisseurs en capital

Les partenariats financiers clés comprennent:

• Goldman Sachs (Capital Advisory)
• Morgan Stanley (banque d'investissement)
• Bank of America (financement de la dette)

Institution financière	Service financier	Capital total fourni
Goldman Sachs	Restructuration des capitaux	650 millions de dollars
Morgan Stanley	Investissement en capitaux propres	425 millions de dollars

Propriétés de croissance de la sérification (SRG) - Modèle d'entreprise: activités clés

Transformation et réaménagement du portefeuille immobilier

Les propriétés de croissance de la sérification se concentrent sur la transformation des propriétés de vente au détail existantes grâce à un réaménagement stratégique. En 2024, la société gère un portefeuille de 167 propriétés couvrant environ 33,6 millions de pieds carrés dans 44 États.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Lieux de vente au détail	167	33,6 millions de pieds carrés
Projets de réaménagement	52	15,2 millions de pieds carrés

Acquisition de biens et repositionnement stratégique

La stratégie d'acquisition de la société cible les propriétés de vente au détail sous-performantes avec un potentiel de réaménagement important.

• Coût moyen d'acquisition de la propriété: 12,5 millions de dollars par propriété
• Investissement de réaménagement typique: 3 à 5 millions de dollars par propriété
• Retour cible sur le réaménagement: 8-12% par an

Louer des espaces commerciaux et de vente au détail

Métrique de location	2024 données
Taux d'occupation	72.3%
Taux de location moyen	24,50 $ par pied carré
Durée de location	5-7 ans

Gestion des actifs et optimisation de la valeur

Seritage utilise une approche complète de gestion des actifs pour maximiser les valeurs des propriétés.

• Total des actifs sous gestion: 2,3 milliards de dollars
• Dépenses annuelles de gestion immobilière: 45,2 millions de dollars
• Appréciation moyenne de la valeur de la propriété: 6,5% par an

Les principaux indicateurs de performance démontrent l'approche ciblée de l'entreprise à la transformation immobilière et à la création de valeur.

Séritage Growth Properties (SRG) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier commercial diversifié

Au quatrième trimestre 2023, les propriétés de croissance de la sérification possédaient 166 propriétés dans 48 États, totalisant environ 31,5 millions de pieds carrés de biens immobiliers.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Propriétés de vente au détail	134	22,3 millions de pieds carrés
Propriétés à usage mixte	32	9,2 millions de pieds carrés

Équipe de gestion expérimentée

Composition du leadership à partir de 2024:

• Membres totaux de l'équipe de direction: 7
• Expérience moyenne de l'industrie immobilière: 18 ans
• Leadership avec une expérience précédente de la gestion du REIT: 5 cadres

Emplacements de propriétés stratégiques

Distribution géographique des propriétés:

Région	Nombre de propriétés	Pourcentage de portefeuille
Côte ouest	42	25.3%
Midwest	38	22.9%
Nord-est	35	21.1%
Sud	33	19.9%
Au sud-est	18	10.8%

Capital et flexibilité financière

Mesures financières pour 2023:

• Actif total: 1,2 milliard de dollars
• Equivalents en espèces et en espèces: 87,3 millions de dollars
• Dette totale: 684,5 millions de dollars
• Ratio dette / fonds propres: 0,57

Expertise en réaménagement

Statistiques du portefeuille de réaménagement:

Métrique	Valeur
Projets de réaménagement total	47
Projets de réaménagement terminés	29
Investissement de réaménagement projeté	412,6 millions de dollars
Temps d'achèvement moyen du projet	24 mois

Propriétés de croissance de la sérification (SRG) - Modèle d'entreprise: propositions de valeur

Réutiliser les propriétés de vente au détail sous-utilisées

Depuis le quatrième trimestre 2023, les propriétés de croissance de la sérification détient 166 propriétés dans 32 États, 64% des propriétés nécessitant un réaménagement. La taille moyenne des propriétés est d'environ 136 000 pieds carrés.

Métrique immobilière	Valeur actuelle
Propriétés totales	166
Propriétés nécessitant un réaménagement	64%
Taille moyenne de la propriété	136 000 pieds carrés

Création d'espaces de développement à usage mixte modernes

Seritage a identifié le potentiel de transformation des espaces de vente au détail en développements à usage mixte avec la composition suivante:

• Résidentiel: 40 à 50% du potentiel de réaménagement
• Bureau commercial: 25 à 35% du potentiel de réaménagement
• Retail: 15-25% du potentiel de réaménagement

Générer des revenus de location plus élevés grâce à un réaménagement

Métrique de revenu locatif	Valeur 2023
Taux de location moyen pré-redéveloppement	15,50 $ / pieds carrés
Taux de location projeté après le développement	35,75 $ / pieds carrés
Augmentation potentielle des revenus de location	130%

Fournir des solutions immobilières commerciales flexibles

Le portefeuille de Seritage propose des configurations d'espace flexibles avec:

• Capacités de conception modulaires
• Approbations de zonage adaptables dans 85% des marchés
• Potentiel de transition rapide des locataires

Évaluation actuelle du marché du portefeuille de réaménagement de Seritage: 1,2 milliard de dollars en décembre 2023.

Séritage Growth Properties (SRG) - Modèle d'entreprise: relations avec les clients

Accords de location à long terme

Les propriétés de croissance de la sérification maintiennent une durée de location moyenne de 9,2 ans dans son portefeuille au quatrième trimestre 2023. Le portefeuille de location de la société comprend 64 propriétés avec environ 9,6 millions de pieds carrés de superficie de location brute.

Métrique de location	Valeur
Terme de location moyenne	9.2 ans
Propriétés totales	64
Zone de levage brute totale	9,6 millions de pieds carrés

Services de gestion immobilière personnalisés

Seritage propose des solutions de gestion immobilière personnalisées avec une équipe dédiée à gérer les relations de locataire.

• Options de personnalisation des espaces spécifiques aux locataires
• Arrangements de modification de location flexible
• Programmes de maintenance et de mise à niveau des propriétés proactives

Programmes de rétention des locataires stratégiques

En 2023, Seritage a déclaré un taux de rétention des locataires de 82,5% dans son portefeuille immobilier commercial.

Métrique de rétention	Pourcentage
Taux de rétention des locataires	82.5%
Taux de renouvellement de location	75.3%

Partenariats immobiliers commerciaux réactifs

Seritage collabore avec les principaux locataires de détail et commerciaux, y compris des partenariats stratégiques avec Sears Holdings et d'autres détaillants nationaux.

• Partenariats actifs avec 42 locataires commerciaux
• Mélange de locataires diversifié dans les secteurs de la vente au détail et commerciaux
• Structures de location adaptatives pour répondre aux besoins des locataires

Séritage Growth Properties (SRG) - Modèle d'entreprise: canaux

Équipes de location directe

Seritage maintient 25 professionnels de la location interne au quatrième trimestre 2023, couvrant 14 marchés géographiques distincts à travers les États-Unis.

Métrique de l'équipe de location	Données quantitatives
Professionnels totaux de location	25
Marchés géographiques couverts	14
Occupation des biens du portefeuille moyen	62.3%

Plateformes d'inscription de propriétés en ligne

Seritage utilise plusieurs plateformes numériques pour le marketing et l'exposition immobilières.

• Plate-forme de groupe de costar
• Loopnet Commercial Real Estate Marketplace
• Site Web de portefeuille numérique propriétaire de Seritage

Réseaux de courtiers immobiliers

Seritage collabore avec 87 sociétés de courtage immobilier commerciales indépendantes à l'échelle nationale en 2024.

Statistiques du réseau de courtiers	Valeur
Sociétés de courtage en partenariat total	87
Structure de commission	4 à 6% de la valeur de location

Relations sur le site Web de l'entreprise et les investisseurs

Seritage maintient une plate-forme complète des relations avec les investisseurs numériques avec des rapports financiers trimestriels.

• Trafic de site Web: 42 500 visiteurs uniques mensuels
• Téléchargements de présentation des investisseurs: 3 200 par trimestre
• Féloge sur la diffusion sur la diffusion enhiand: 1 750 participants

Conférences immobilières commerciales

Seritage participe à 6 grandes conférences immobilières commerciales chaque année.

Participation de la conférence	Détails
Conférences annuelles totales	6
Dépenses annuelles de conférence	$375,000
Génération de leads par conférence	47-63 Contacts potentiels des locataires

Séritage Growth Properties (SRG) - Modèle d'entreprise: segments de clientèle

Commerces de détail

Les propriétés de croissance de la sérification sert les entreprises de vente au détail avec 7,2 millions de pieds carrés de biens immobiliers commerciaux sur plusieurs emplacements. En 2023, le portefeuille comprend des propriétés avec la composition du locataire suivant:

Segment de vente au détail	Nombre de locataires	En pieds carrés occupés
Spécialité de vente au détail	42	1 350 000 pieds carrés
Détaillants à prix réduit	18	750 000 pieds carrés
Marques de style de vie	26	980 000 pieds carrés

Locataires spatiaux de bureau

Seritage fournit 1,5 million de pieds carrés d'espace de bureau avec le locataire suivant profile:

• Sociétés technologiques: 35% de la base de locataires de bureaux
• Entreprises de services professionnels: 28% de la base de locataires de bureaux
• Organisations de soins de santé: 22% de la base de locataires de bureaux
• Services financiers: 15% de la base de locataires de bureaux

Entreprises de développement à usage mixte

Séritage prend en charge le développement à usage mixte avec 850 millions de dollars en potentiel de développement sur des emplacements stratégiques.

Type de développement	Nombre de projets	Investissement total
Résidentiel commercial	7	420 millions de dollars
Urbain à usage mixte	4	280 millions de dollars
Réutilisation adaptative	3	150 millions de dollars

Entreprises commerciales régionales et nationales

Seritage sert des entreprises commerciales avec Propriétés dans 17 États, y compris:

• Californie: 22% du portefeuille
• Texas: 18% du portefeuille
• Floride: 15% du portefeuille
• New York: 12% du portefeuille
• Autres États: 33% du portefeuille

Fiducies d'investissement immobilier

Seritage collabore avec 12 fiducies d'investissement immobilier institutionnel, gérant approximativement 1,2 milliard de dollars d'actifs de coentreprise.

Type de FPI	Nombre de partenariats	Valeur d'investissement
Retis institutionnel	7	750 millions de dollars
Private equity retis	3	300 millions de dollars
Fund de pension réti	2	150 millions de dollars

Propriétés de croissance de la sérification (SRG) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2023, les propriétés de croissance de Seritage ont déclaré que le total des coûts d'acquisition de propriétés de 1,2 milliard de dollars. Le portefeuille immobilier de la société comprenait environ 226 propriétés dans 49 États.

Métrique d'acquisition de biens	Valeur 2023
Total des coûts d'acquisition	1,2 milliard de dollars
Nombre de propriétés	226
Couverture géographique	49 États

Coûts de réaménagement et de rénovation

Séritage investi 87,3 millions de dollars dans le réaménagement et la rénovation des biens au cours de l'exercice 2023.

• Coût moyen de rénovation par propriété: 386 000 $
• Taux d'achèvement du projet de réaménagement: 62%
• Zones d'amélioration des biens ciblés: conversions résidentielles au détail, à usage mixte

Gestion et frais généraux opérationnels

Les dépenses opérationnelles de la société pour 2023 ont totalisé 42,5 millions de dollars.

Catégorie de dépenses opérationnelles	2023 coût
Salaires administratifs	18,2 millions de dollars
Services professionnels	9,7 millions de dollars
Technologie et infrastructure	14,6 millions de dollars

Financement et frais d'intérêt

Les coûts totaux de financement de Seritage en 2023 étaient 65,4 millions de dollars.

• Taux d'intérêt moyen: 6,2%
• Dette totale en circulation: 1,1 milliard de dollars
• Ratio de couverture du service de la dette: 1,3

Dépenses de marketing et de location

Les coûts de marketing et de location pour 2023 se sont élevés 22,1 millions de dollars.

Catégorie de dépenses de marketing	2023 coût
Commission de location	12,6 millions de dollars
Publicité et promotion	5,9 millions de dollars
Technologie marketing	3,6 millions de dollars

Séritage Growth Properties (SRG) - Modèle d'entreprise: Strots de revenus

Revenu de location de propriétés commerciales

Au quatrième trimestre 2023, les propriétés de croissance de la sérification ont déclaré un chiffre d'affaires total de location de 41,3 millions de dollars. Le portefeuille se compose d'environ 229 propriétés couvrant 34,5 millions de pieds carrés.

Type de location	Revenus annuels	Pourcentage du revenu total
Revenu de location de détail	35,2 millions de dollars	85.2%
Revenu de location commerciale	6,1 millions de dollars	14.8%

Revenus de location à partir d'espaces réaménagés

Les projets de réaménagement ont généré 12,7 millions de dollars de revenus de location supplémentaires pour 2023.

• Augmentation moyenne du taux de location: 22,5%
• Projets de réaménagement terminés: 17 propriétés
• Investissement total de réaménagement: 84,6 millions de dollars

Bénéfices de vente de biens

En 2023, Seritage a déclaré que la vente de propriétés se produit 53,4 millions de dollars provenant des dispositions stratégiques d'actifs.

Type de propriété	Nombre de propriétés vendues	Produits totaux de vente
Propriétés de vente au détail	8	42,1 millions de dollars
Propriétés commerciales	3	11,3 millions de dollars

Revenu des frais d'amélioration des locataires

Les frais d'amélioration des locataires ont généré 6,8 millions de dollars en 2023, ce qui représente une augmentation de 15% par rapport à l'année précédente.

Appréciation des actifs immobiliers

La valeur totale du portefeuille appréciée par 127,5 millions de dollars en 2023, avec une augmentation moyenne de la valeur de la propriété de 7,3%.

Catégorie d'actifs	Valeur d'appréciation	Pourcentage d'appréciation
Propriétés de vente au détail	98,6 millions de dollars	6.9%
Propriétés commerciales	28,9 millions de dollars	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.