Seritage Growth Properties (SRG): Business Model Canvas [Dec-2025 Updated]

You're digging into the Seritage Growth Properties (SRG) Business Model Canvas, and honestly, the story right now isn't about growth-it's about the wind-down. After the shareholder vote, the model simplified to a laser focus: maximizing the sale of the remaining real estate portfolio to clear that $70 million Term Loan and get cash back to you, the shareholder. We're looking at a tight operation where Q3 2025 rental income was $4.8 million, while keeping overhead like G&A expenses to just $4.9 million in the same quarter, all in service of that final liquidation. If you want to see exactly how this experienced team is structuring the final asset dispositions and managing the remaining liabilities to maximize that final net asset value per share, you need to look closely at the nine building blocks below.

Seritage Growth Properties (SRG) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Seritage Growth Properties (SRG) relies on to execute its Plan of Sale and wind down operations, which is a highly specific set of partners focused on debt management and asset disposition as of late 2025.

Berkshire Hathaway Life Insurance Company of Nebraska as Term Loan lender

The relationship with Berkshire Hathaway Life Insurance Company of Nebraska centers entirely on the Senior Secured Term Loan Facility. This partnership is critical for managing the final stages of the company's debt obligations. Seritage Growth Properties made another voluntary prepayment on December 4, 2025.

Here are the key figures related to this partnership as of late 2025:

• 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.
• Latest voluntary prepayment amount (December 4, 2025): $20 million.
• Expected annual interest expense reduction from the latest prepayment: approximately $1.4 million.
• Cumulative annual interest expense reduction since December 2021: approximately $110.0 million.
• Maturity date extension fee paid in July 2025: $4 million (2% extension fee) plus an additional $4 million Incremental Facility Fee.

The remaining $50 million balance is governed by the Term Loan Agreement, as amended, with the maturity date now set for July 31, 2026. That remaining debt load is small relative to the original facility.

Joint venture partners for unconsolidated property interests

Seritage Growth Properties maintains interests in properties accounted for under the equity method, meaning they partner with other entities. As of September 30, 2025, the portfolio included interests in five unconsolidated entities covering approximately 0.5 million square feet of gross leasable area and 85 acres of land. These partnerships require ongoing coordination for asset disposition or development.

The current focus involves monetizing these shared assets:

For example, Seritage Growth Properties is involved in building a 33-story condominium and an 800-room hotel in Miami Beach with joint venture partner Terra. The company received $2.1 million in distributions from its unconsolidated properties during the third quarter of 2025.

Commercial real estate brokers for asset disposition

The entire liquidation strategy hinges on the effectiveness of brokers and advisors in securing buyers for the remaining assets. As of late 2025, Seritage Growth Properties had moved nearly all its portfolio into active sale processes.

The asset pipeline as of November 13, 2025, shows the following:

• Assets under contract (including one subject to due diligence): 4, for anticipated gross proceeds of $240.8 million.
• Assets in Purchase and Sale Agreement (PSA) negotiations: 3, for anticipated gross distributions of approximately $47.3 million (at share).
• Remaining assets being marketed (not yet under contract or in PSA negotiations): 6, with estimates up to $310 million in combined gross proceeds.

To be fair, the pace of sales has been variable; in Q2 2025, Seritage Growth Properties completed the sale of three properties for approximately $31 million in gross proceeds, netting about $30.9 million. Separately, the sale of the Aventura, Florida property was agreed upon for $131 million.

Legal and financial advisors for dissolution process

While specific advisory fees aren't always public, the ongoing dissolution process involves significant legal and financial oversight, especially given past litigation. The company is operating under a Plan of Sale approved in 2022 to sell all assets and dissolve. A securities investigation was noted as active as of September 30, 2025, stemming from disclosures that indicated a potential overstatement of portfolio value by at least $325 million as of May 10, 2024.

Internal legal leadership, such as the Chief Legal Officer, has a background in commercial property financing and disposition, having been a partner at Sidley Austin LLP from 2005 to 2015.

Property management firms for minimal remaining operations

With the portfolio shrinking rapidly, the property management function is minimal, focused on carrying costs until final sales close. As of September 30, 2025, the portfolio consisted of only 13 properties (eight consolidated and five unconsolidated). The company reported $4.8 million in revenue against $4.2 million in property operating expenses and real estate taxes for the third quarter of 2025. General and administrative (G&A) expense was $4.9 million in Q3 2025, down from $6.2 million in Q2 2025, reflecting a reduction in corporate overhead as operations scale down. Finance: draft 13-week cash view by Friday.

Seritage Growth Properties (SRG) - Canvas Business Model: Key Activities

You're managing the wind-down of a complex real estate entity, so every activity must be laser-focused on asset monetization and liability reduction. Here's the breakdown of Seritage Growth Properties' key activities as of late 2025, grounded in the latest figures.

Executing the shareholder-approved Plan of Sale for remaining assets

The core activity remains the systematic execution of the Plan of Sale, approved by shareholders back in 2022. As of November 13, 2025, Seritage Growth Properties had interests in a total of 13 properties, which included eight consolidated properties and five unconsolidated entities. The goal is to convert these remaining real estate interests into cash to satisfy all remaining obligations.

The company is in the final stages, with a significant portion of the portfolio either under contract or in active negotiation. The remaining assets are categorized by their sales status:

The total expected gross proceeds from assets under contract or in PSA negotiations is over $288 million from seven properties in the pipeline. Honestly, the timeline for the final six assets is pushed out, with sales anticipated in 2026 and beyond.

Negotiating and closing sales of the final 13 properties

This activity involves finalizing the deals for the assets that are currently under contract or in PSA talks. Four assets are under contract for a combined anticipated gross proceeds of $240.8 million before closing costs. The immediate focus is on closing the three assets under contract with no due diligence contingencies, which account for $170.0 million of that total. Closing these deals is critical because the proceeds directly fund the next major activity: debt reduction.

Managing the remaining $70 million Term Loan balance

Managing the senior secured term loan facility, originally $1.6 billion, has been central to the Plan of Sale. Seritage Growth Properties made a voluntary prepayment of $130.0 million toward this loan in late November 2025, funded by property sales like the Aventura, Florida property. This action reduced the outstanding balance from $200 million (as of September 30, 2025) down to $70 million. A subsequent prepayment of $20 million on December 4, 2025, brought the final remaining balance to $50 million. Cumulatively, Seritage Growth Properties has repaid $1.55 billion since December 2021, reducing annual interest expense by approximately $110 million or $108.6 million. The management focus is now on eliminating that final $50 million balance.

Minimizing property carrying costs and general and administrative (G&A) expenses

As assets are sold, the associated carrying costs are eliminated, which directly improves the cash flow profile. For example, one premier property sale in Q2 2025 eliminated $0.6 million in carrying costs. On the operational side, G&A expenses are being actively managed down. G&A expense was $4.9 million in Q3 2025, down from $6.2 million in Q2 2025, partly due to shrinking corporate office space. Earlier in the year, an estimate suggested cash G&A spending of around $70 million over the seven quarters leading up to the end of 2026.

The current cash position reflects this focus:

• Cash on hand as of November 13, 2025: $65.0 million.
• Cash on hand as of September 30, 2025: $59.9 million, including $8.3 million of restricted cash.
• Quarterly cash burn estimate post-Q3 2025: $10+ million per quarter.

Preparing and distributing liquidation proceeds to shareholders

Once the Term Loan is fully retired, the focus shifts entirely to maximizing distributions to common shareholders. The liquidation preference for the preferred shares stands at $70 million. If Seritage realizes the estimated $512 million in net proceeds, after paying off the $200 million term loan and redeeming the preferred shares, approximately $302 million would remain for common shareholders before accounting for ongoing cash burn. The company is using its current liquidity, which includes the $65.0 million cash on hand as of mid-November 2025, to fund operations and development activity while waiting for final sales to close.

Seritage Growth Properties (SRG) - Canvas Business Model: Key Resources

The Key Resources for Seritage Growth Properties (SRG) as of late 2025 are anchored in its remaining real estate interests and the capital generated from its ongoing Plan of Sale execution.

Remaining real estate portfolio of approximately 1.3 million square feet GLA

As of September 30, 2025, Seritage Growth Properties' portfolio consisted of interests in 13 properties, totaling approximately 1.3 million square feet of gross leasable area (GLA) or build-to-suit leased area, alongside 198 acres of land. This portfolio is segmented between wholly owned and unconsolidated entities.

The breakdown of the physical assets as of September 30, 2025, is:

Cash on hand of $65.0 million as of November 2025

The accessible liquidity for Seritage Growth Properties stood at $65.0 million in cash on hand as of November 13, 2025, which included $8.3 million of restricted cash. This figure represents an increase from the $59.9 million reported as of September 30, 2025.

Premier development assets and income-producing properties

A significant portion of the remaining value resides in assets either under contract or in Purchase and Sale Agreement (PSA) negotiations as of mid-November 2025. This pipeline represents premier development and income-producing assets targeted for near-term monetization.

The asset under due diligence contingency includes one premier development asset for anticipated gross proceeds of $70.8 million, subject to a long dated closing and the pursuit of a master plan amendment.

Rights to future distributions from unconsolidated joint ventures

Seritage Growth Properties maintains rights to future cash flows from its unconsolidated properties, which are accounted for under the equity method. The company was actively working to realize these rights through sales negotiations.

• The Company was currently negotiating definitive purchase and sale agreements on three joint venture assets as of November 13, 2025.
• These negotiations were expected to result in anticipated gross distributions to Seritage Growth Properties of approximately $47.3 million, if executed.
• For the three months ended September 30, 2025, Seritage Growth Properties received $2.1 million in distributions from its unconsolidated properties.

Experienced management team focused on wind-down execution

The management structure is geared toward the final stages of the Plan of Sale. Adam Metz was appointed as the non-interim CEO & President in July 2025, leading the execution phase. The focus is on completing asset sales to repay financing obligations.

The status of the remaining portfolio as of November 13, 2025, shows the team is deep into the execution phase:

• All but six of the remaining assets are either under contract or in PSA negotiations.
• The estimated gross sales proceeds for assets not under contract or in PSA negotiation is between $220 - $310 million.

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:

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.

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.

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:

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.

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.

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.

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.

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.