Seritage Growth Properties (SRG): Marketing Mix Analysis [Dec-2025 Updated]

You're looking at a company deep into its final chapter, and honestly, the standard marketing playbook is out the window. For Seritage Growth Properties (SRG), the entire 4 Ps strategy-Product, Place, Promotion, and Price-is now laser-focused on one thing: liquidation under its Plan of Sale. As of late 2025, this means the 'Product' is really just the monetization of those last 13 properties totaling about 1.3 million square feet of GLA, with the 'Price' strategy aiming to net close to balance sheet value from expected sales stretching into 2026 and beyond. We need to look past typical growth metrics to see how they are maximizing the return on these final assets, so dig into the details below to see the exact numbers driving this wind-down.

Seritage Growth Properties (SRG) - Marketing Mix: Product

You're looking at the physical assets Seritage Growth Properties (SRG) is offering to the market, which is essentially the execution of its Plan of Sale. The product here isn't a traditional good or service; it's the disposition of high-quality, former Sears/Kmart retail real estate assets to unlock shareholder value. This involves selling, developing, or forming partnerships around these sites.

As of the third quarter of 2025, the remaining portfolio of Seritage Growth Properties (SRG) consisted of interests in 13 properties. This portfolio is the final stage of a process that began with a much larger set of assets acquired from Sears Holdings. The core product is the monetization of this former Sears/Kmart retail real estate, which is now being actively managed until sale.

The total physical footprint remaining in the portfolio as of September 30, 2025, was approximately 1.3 million square feet of Gross Leasable Area (GLA) or build-to-suit leased area, alongside 198 acres of land. This remaining inventory is categorized into premier development sites, income-producing properties, and vacant land, all being positioned for sale.

Here's a quick breakdown of the property composition as of Q3 2025:

• The portfolio includes 13 properties in total.
• Total size is approximately 1.3 million square feet of GLA and 198 acres of land.
• Assets include premier development sites, income-producing properties, and vacant land.

To give you a clearer picture of the asset split, look at this table detailing the consolidated versus unconsolidated interests as of the reporting date:

The value proposition, the true product Seritage Growth Properties is delivering now, is the expected cash proceeds from these final dispositions. The team is focused on executing transactions at appropriate pricing for assets already in the market and monetizing the rest.

The status of the monetization pipeline as of mid-November 2025 shows significant progress toward completion:

• Four assets are under contract, expected to generate gross proceeds of $240.8 million.
• Three joint venture assets are in purchase and sale negotiations, anticipating gross distributions to Seritage of approximately $47.3 million.
• The six remaining assets not under contract or in negotiation have an estimated gross sales proceeds range of $220 - $310 million.

For the income-producing portion of the product, specifically the Multi-Tenant retail properties, the total occupancy stood at 92% as of September 30, 2025. At that time, there was an additional approximately 34 thousand square feet available for lease, against 391 thousand square feet already leased. The company's mission remains maximizing shareholder value by executing this sale strategy.

Seritage Growth Properties (SRG) - Marketing Mix: Place

You're looking at the distribution strategy for Seritage Growth Properties (SRG) right now, and honestly, it's less about traditional market access and more about a systematic, asset-by-asset wind-down. The 'Place' here is defined by the physical locations of its remaining real estate portfolio across the United States, which historically represented a dispersed national footprint.

The core of the current 'Place' strategy is the execution of the Plan of Sale, meaning the distribution channel is the transactional market for commercial real estate. This involves selling assets whether they are in various stages of redevelopment or are currently vacant and non-income producing. The focus is purely on disposition to maximize shareholder value by repaying debt, like the remaining $200 million in term loan debt as of Q3 2025, against $60 million in cash on hand at that time.

The progress in moving assets out of the portfolio is quite specific as of mid-November 2025. You need to know exactly where the remaining properties stand in the sales pipeline. Here's the quick math on what's already moving:

The key takeaway for 'Place' is the final stage of the wind-down. As of November 13, 2025, Seritage Growth Properties confirmed that only six assets remain that are not currently under contract or in active Purchase and Sale Agreement (PSA) negotiations. These final properties are either being marketed or are slated for marketing when market conditions are right.

This directly impacts the timeline for the final distribution of capital. Those final six assets are the bottleneck, and management has signaled that final sales are anticipated to occur in 2026 and beyond. What this estimate hides is the variability; a premier development asset under contract already has a long-dated closing tied to a master plan amendment, for example. If the wind-down extends to the end of 2027, the estimated value per share drops to $4.00, down from an estimated $4.50 per share if they could wrap up by the end of 2026. Finance: draft 13-week cash view by Friday.

Seritage Growth Properties (SRG) - Marketing Mix: Promotion

Promotion for Seritage Growth Properties (SRG) centers almost entirely on the disposition of its remaining real estate assets, communicating progress to institutional buyers and the capital markets. The primary promotional activity is the active marketing of remaining assets to institutional real estate buyers, focusing on the value proposition inherent in the remaining portfolio segments.

The current status of the asset sale pipeline, which serves as the core promotional material for prospective buyers, is detailed below as of late 2025:

Management's focus on operational readiness directly supports the promotional narrative for sale. This involves securing zoning and partnership approvals to ready assets for sale, which is critical for realizing the value of certain development parcels. For instance, one premier development asset under contract, anticipated to yield gross proceeds of $70.8 million, is specifically noted as being subject to a long-dated closing contingent upon the pursuit of a master plan amendment.

To maintain focus and avoid setting expectations that might be negatively impacted by capital market volatility, the company ceased providing future sales projections to avoid negatively impacting marketing efforts. Seritage Growth Properties shifted its forward-looking guidance to a single, broad range for assets not yet under contract, stating that the estimated gross sales proceeds for assets not under contract or in PSA negotiation is $220 - $310 million, and confirmed it will cease providing projections going forward.

Public communications center on quarterly earnings reports detailing asset sale progress, which acts as the primary update channel for investors and the broader financial community. Key financial metrics released in the Q3 2025 report provide context for the ongoing disposition strategy:

• Q3 2025 revenue was reported at $4.79 million.
• Net Operating Income-cash basis at share for the three months ended September 30, 2025, was $6.8 million for the nine months ended September 30, 2025.
• Net loss attributable to common shareholders for the nine months ended September 30, 2025, was ($66.8) million, or ($1.19) per share.
• The company made $40.0 million in principal repayments on its Term Loan Facility during the first nine months of 2025.
• Subsequent to the quarter end, a voluntary prepayment of $130 million was made toward the term loan facility, reducing the annual interest expense related to that loan by approximately $1.4 million from that specific payment.
• Cash on hand as of November 13, 2025, stood at $65.0 million, including $8.3 million of restricted cash.

Seritage Growth Properties (SRG) - Marketing Mix: Price

You're looking at the pricing component of Seritage Growth Properties (SRG) as it executes its Plan of Sale. For a company focused on asset monetization, the 'Price' element isn't about setting shelf prices; it's about realizing the maximum possible gross proceeds from property dispositions, which directly impacts shareholder return.

The pricing strategy Seritage Growth Properties employs is centered on executing transactions at what management deems appropriate pricing and timing to help maximize value for its shareholders. Honestly, the entire liquidation value is highly sensitive to the timing and realized price of the remaining assets, which is why you see them extending loan maturities to gain flexibility.

Here's a breakdown of the realized and anticipated gross proceeds as of late 2025, showing the progression of their pricing realization efforts:

• - Q2 2025 sales generated $31.1 million in gross proceeds from three properties. One of those premier property sales was at a price point of $130.82 PSF.
• - Four properties are under contract for anticipated gross proceeds of $240.8 million as of November 2025.
• - The Company is currently negotiating definitive purchase and sale agreements on three joint venture assets, which would result in anticipated gross distributions to Seritage Growth Properties of approximately $47.3 million.
• - Estimated gross sales proceeds for the final six unsold assets, which are either being marketed or expected to be marketed later, are between $220 million and $310 million. These final sales are anticipated to occur in 2026 and beyond.

The pricing strategy aims to net close to the balance sheet value of assets to maximize shareholder return. For instance, net proceeds from past sales tracked relatively close to the balance sheet value of those assets. The execution pace is key; a faster pace of sales helps improve the estimated value due to savings on future carrying costs and interest expenses.

To give you a clearer picture of the pipeline's pricing potential, look at this summary of anticipated gross proceeds from assets in various stages of the disposition process as of the Q3 2025 report:

If you sum the known closed, contracted, and negotiated amounts, you get $319.2 million in currently defined proceeds, plus the wide range for the final six assets. This entire structure underscores that the realized price at the closing table for the remaining assets is what will ultimately determine the final distribution to common shareholders.