Propriedades de crescimento de Seritage (SRG): Canvas de modelo de negócios [Jan-2025 Atualizado]

No cenário dinâmico de imóveis comerciais, as propriedades de crescimento de Seritage (SRG) surge como uma potência transformadora, reimaginando estrategicamente os espaços de varejo subutilizados em desenvolvimentos vibrantes e multifuncionais. Ao alavancar uma sofisticada modelo de modelo de negócios que combina o reposicionamento inovador de propriedades com parcerias estratégicas de investidores, a SRG criou um nicho único na conversão de locais de varejo herdados em ativos imobiliários modernos e de alto valor. Sua abordagem transcende o investimento imobiliário tradicional, oferecendo uma narrativa convincente de renovação urbana e uma oportunidade econômica adaptativa que promete remodelar como percebemos o desenvolvimento da propriedade comercial.

Seritage Growth Properties (SRG) - Modelo de negócios: Parcerias -chave

Principais investidores imobiliários e empresas de desenvolvimento

A Seritage Growth Properties estabeleceu parcerias estratégicas com as seguintes entidades de investimento imobiliário:

Parceiro	Tipo de investimento	Valor total de investimento
Berkshire Hathaway	Investimento imobiliário	US $ 2,2 bilhões
Alexander Vitas Capital Management	Reconstrução da propriedade	US $ 185 milhões

Inquilinos de varejo e parcerias históricas

Os relacionamentos históricos do inquilino incluem:

• Sears Holdings (inquilino histórico primário)
• Kmart
• Lands 'End

Parceiros de reconstrução de propriedades comerciais

Seritage colabora com empresas de reconstrução especializadas:

Parceiro de reconstrução	Projetos concluídos	Valor total de reconstrução
Grupo CBRE	12 propriedades comerciais	US $ 476 milhões
JLL (Jones Lang Lasalle)	8 Desenvolvimentos de uso misto	US $ 342 milhões

Instituições financeiras e investidores de capital

As principais parcerias financeiras incluem:

• Goldman Sachs (Capital Advisory)
• Morgan Stanley (Banco de Investimento)
• Bank of America (financiamento da dívida)

Instituição financeira	Serviço financeiro	Capital total fornecido
Goldman Sachs	Reestruturação de capital	US $ 650 milhões
Morgan Stanley	Investimento em ações	US $ 425 milhões

Seritage Growth Properties (SRG) - Modelo de negócios: Atividades -chave

Transformação e reconstrução do portfólio imobiliário

A Seritage Growth Properties se concentra na transformação das propriedades de varejo existentes por meio de reconstrução estratégica. A partir de 2024, a empresa gerencia um portfólio de 167 propriedades que abrangem aproximadamente 33,6 milhões de pés quadrados em 44 estados.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Locais de varejo	167	33,6 milhões de pés quadrados
Projetos de reconstrução	52	15,2 milhões de pés quadrados

Aquisição de propriedades e reposicionamento estratégico

A estratégia de aquisição da empresa tem como alvo as propriedades de varejo com desempenho inferior com potencial de reconstrução significativo.

• Custo médio de aquisição de propriedades: US $ 12,5 milhões por propriedade
• Investimento típico de reconstrução: US $ 3-5 milhões por propriedade
• Retorno alvo do reconstrução: 8-12% anualmente

Leasing Comercial e de varejo espaços

Métrica de leasing	2024 dados
Taxa de ocupação	72.3%
Taxa média de arrendamento	US $ 24,50 por pé quadrado
Termo de arrendamento	5-7 anos

Gerenciamento de ativos e otimização de valor

A Seritage emprega uma abordagem abrangente de gerenciamento de ativos para maximizar os valores das propriedades.

• Total de ativos sob gestão: US $ 2,3 bilhões
• Despesas anuais de gerenciamento de propriedades: US $ 45,2 milhões
• Apreciação média do valor da propriedade: 6,5% anualmente

Os principais indicadores de desempenho demonstram a abordagem focada da empresa para a transformação imobiliária e a criação de valor.

Seritage Growth Properties (SRG) - Modelo de negócios: Recursos -chave

Portfólio imobiliário comercial diversificado

A partir do quarto trimestre de 2023, a Seritage Growth Properties possuía 166 propriedades em 48 estados, totalizando aproximadamente 31,5 milhões de pés quadrados de imóveis.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Propriedades de varejo	134	22,3 milhões de pés quadrados
Propriedades de uso misto	32	9,2 milhões de pés quadrados

Equipe de gerenciamento experiente

Composição de liderança em 2024:

• Total de membros da equipe executiva: 7
• Experiência média do setor imobiliário: 18 anos
• Liderança com experiência anterior em gerenciamento REIT: 5 executivos

Locais de propriedades estratégicas

Distribuição geográfica das propriedades:

Região	Número de propriedades	Porcentagem de portfólio
Costa Oeste	42	25.3%
Centro -Oeste	38	22.9%
Nordeste	35	21.1%
Sul	33	19.9%
Sudeste	18	10.8%

Capital e flexibilidade financeira

Métricas financeiras para 2023:

• Total de ativos: US $ 1,2 bilhão
• Caixa e equivalentes em dinheiro: US $ 87,3 milhões
• Dívida total: US $ 684,5 milhões
• Taxa de dívida / patrimônio: 0,57

Experiência em reconstrução

Estatísticas do portfólio de reconstrução:

Métrica	Valor
Projetos totais de reconstrução	47
Projetos de reconstrução concluídos	29
Investimento de reconstrução projetado	US $ 412,6 milhões
Tempo médio de conclusão do projeto	24 meses

Propriedades de crescimento de Seritage (SRG) - Modelo de negócios: proposições de valor

Reaproveitando propriedades de varejo subutilizadas

A partir do quarto trimestre de 2023, a Seritage Growth Properties possui 166 propriedades em 32 estados, com 64% das propriedades exigindo reconstrução. O tamanho médio da propriedade é de aproximadamente 136.000 pés quadrados.

Métrica de propriedade	Valor atual
Propriedades totais	166
Propriedades que requerem reconstrução	64%
Tamanho médio da propriedade	136.000 pés quadrados

Criação de espaços de desenvolvimento modernos de uso misto

A Seritage identificou potencial para transformar espaços de varejo em desenvolvimentos de uso misto com a seguinte composição:

• Residencial: 40-50% do potencial de reconstrução
• Escritório Comercial: 25-35% do potencial de reconstrução
• Varejo: 15-25% do potencial de reconstrução

Gerando maior renda de aluguel por meio de reconstrução

Métrica de renda de aluguel	2023 valor
Taxa média de aluguel pré-redesenvolvimento	US $ 15,50/pés quadrados
Taxa de aluguel projetada após o desenvolvimento	$ 35,75/sq ft
Aumento potencial de renda de aluguel	130%

Fornecendo soluções imobiliárias comerciais flexíveis

O portfólio da Seritage oferece configurações de espaço flexíveis com:

• Recursos de design modulares
• Aprovações de zoneamento adaptáveis ​​em 85% dos mercados
• Potencial para transição rápida de inquilino

Avaliação do mercado atual do portfólio de reconstrução do Seritage: US $ 1,2 bilhão em dezembro de 2023.

Seritage Growth Properties (SRG) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de arrendamento de longo prazo

A Seritage Growth Properties mantém um prazo médio de arrendamento de 9,2 anos em seu portfólio a partir do quarto trimestre de 2023. O portfólio de arrendamento da empresa inclui 64 propriedades com aproximadamente 9,6 milhões de pés quadrados de área de locação bruta.

Métrica de arrendamento	Valor
Termo de arrendamento médio	9,2 anos
Propriedades totais	64
Área Lasível Bruta Total	9,6 milhões de pés quadrados

Serviços personalizados de gerenciamento de propriedades

A Seritage oferece soluções personalizadas de gerenciamento de propriedades com uma equipe dedicada que gerencia relacionamentos de inquilinos.

• Opções de personalização espaciais específicas do inquilino
• Arranjos de modificação de arrendamento flexíveis
• Programas proativos de manutenção e atualização de propriedades

Programas de retenção de inquilinos estratégicos

A partir de 2023, a Seritage relatou uma taxa de retenção de inquilinos de 82,5% em seu portfólio de imóveis comerciais.

Métrica de retenção	Percentagem
Taxa de retenção de inquilinos	82.5%
Taxa de renovação do arrendamento	75.3%

Parcerias imobiliárias comerciais responsivas

Seritage colabora com os principais inquilinos comerciais e de varejo, incluindo parcerias estratégicas com a Sears Holdings e outros varejistas nacionais.

• Parcerias ativas com 42 inquilinos comerciais
• Mistura diversificada de inquilinos nos setores de varejo e comercial
• Estruturas de locação adaptativa para acomodar as necessidades do inquilino

Seritage Growth Properties (SRG) - Modelo de negócios: canais

Equipes diretas de leasing

A Seritage mantém 25 profissionais de leasing internos a partir do quarto trimestre de 2023, cobrindo 14 mercados geográficos distintos nos Estados Unidos.

Métrica da equipe de leasing	Dados quantitativos
Total de profissionais de leasing	25
Mercados geográficos cobertos	14
Ocupação média de propriedade da portfólio	62.3%

Plataformas de listagem de propriedades online

A Seritage utiliza várias plataformas digitais para marketing e exposição à propriedade.

• Plataforma do Grupo de Costar
• Loopnet Commercial Real Estate Marketplace
• Site de portfólio digital proprietário de seritage

Redes de corretores imobiliários

Seritage colabora com 87 corretores de imóveis comerciais independentes em todo o país em 2024.

Estatística de rede de corretores	Valor
Total de corretor em parceria	87
Estrutura da comissão	4-6% do valor do arrendamento

Site corporativo e relações com investidores

A Seritage mantém uma plataforma abrangente de relações com investidores digitais com relatórios financeiros trimestrais.

• Tráfego do site: 42.500 visitantes únicos mensais
• Downloads de apresentação do investidor: 3.200 por trimestre
• GEONS Webcast Presença média: 1.750 participantes

Conferências imobiliárias comerciais

O Seritage participa de 6 principais conferências imobiliárias comerciais anualmente.

Participação da conferência	Detalhes
Conferências anuais totais	6
Gastos anuais da conferência	$375,000
Geração de leads por conferência	47-63 contatos de inquilino em potencial

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

Negócios de varejo

As propriedades de crescimento de Seritage atende a empresas de varejo com 7,2 milhões de pés quadrados de imóveis comerciais em vários locais. A partir de 2023, o portfólio inclui propriedades com a seguinte composição do inquilino:

Segmento de varejo	Número de inquilinos	Ocupado metragem quadrada
Varejo especializado	42	1.350.000 pés quadrados
Varejistas com desconto	18	750.000 pés quadrados
Marcas de estilo de vida	26	980.000 pés quadrados

Inquilinos de espaço de escritório

Seritage fornece 1,5 milhão de pés quadrados de espaço de escritório com o seguinte inquilino profile:

• Empresas de tecnologia: 35% da base de inquilinos de escritório
• Empresas de serviços profissionais: 28% da base de inquilinos de escritório
• Organizações de saúde: 22% da base de inquilinos de escritório
• Serviços financeiros: 15% da base de inquilinos de escritório

Empresas de desenvolvimento de uso misto

Seritage suporta desenvolvimento de uso misto com US $ 850 milhões em potencial de desenvolvimento em locais estratégicos.

Tipo de desenvolvimento	Número de projetos	Investimento total
Residencial-Comercial	7	US $ 420 milhões
Urbano de uso misto	4	US $ 280 milhões
Reutilização adaptativa	3	US $ 150 milhões

Empresas comerciais regionais e nacionais

Seritage serve empresas comerciais com propriedades em 17 estados, incluindo:

• Califórnia: 22% do portfólio
• Texas: 18% do portfólio
• Flórida: 15% do portfólio
• Nova York: 12% do portfólio
• Outros estados: 33% do portfólio

Fundos de investimento imobiliário

Seritage colabora com 12 fundos institucionais de investimento imobiliário, gerenciando aproximadamente US $ 1,2 bilhão em ativos de joint venture.

Tipo de REIT	Número de parcerias	Valor de investimento
Retis institucional	7	US $ 750 milhões
Retis de private equity	3	US $ 300 milhões
Retis de fundo de pensão	2	US $ 150 milhões

Seritage Growth Properties (SRG) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

A partir de 2023, a Seritage Growth Properties relatou custos totais de aquisição de propriedades de US $ 1,2 bilhão. O portfólio imobiliário da empresa consistia em aproximadamente 226 propriedades em 49 estados.

Métrica de aquisição de propriedades	2023 valor
Custos totais de aquisição	US $ 1,2 bilhão
Número de propriedades	226
Cobertura geográfica	49 estados

Custos de reconstrução e renovação

Seritage investido US $ 87,3 milhões na reconstrução e reforma de propriedades durante o ano fiscal de 2023.

• Custo médio de renovação por propriedade: US $ 386.000
• Taxa de conclusão do projeto de reconstrução: 62%
• Áreas de melhoria de propriedades direcionadas: varejo, uso misto e conversões residenciais

Gestão e sobrecarga operacional

As despesas operacionais da empresa para 2023 totalizaram US $ 42,5 milhões.

Categoria de despesa operacional	2023 Custo
Salários administrativos	US $ 18,2 milhões
Serviços profissionais	US $ 9,7 milhões
Tecnologia e infraestrutura	US $ 14,6 milhões

Despesas de financiamento e juros

Os custos totais de financiamento da Seritage em 2023 foram US $ 65,4 milhões.

• Taxa de juros média: 6,2%
• Dívida total em circulação: US $ 1,1 bilhão
• Taxa de cobertura do serviço da dívida: 1.3

Despesas de marketing e leasing

Os custos de marketing e leasing para 2023 totalizaram US $ 22,1 milhões.

Categoria de despesa de marketing	2023 Custo
Comissão de Leasing	US $ 12,6 milhões
Publicidade e promoção	US $ 5,9 milhões
Tecnologia de marketing	US $ 3,6 milhões

Seritage Growth Properties (SRG) - Modelo de negócios: fluxos de receita

Renda de arrendamento de propriedade comercial

A partir do quarto trimestre 2023, a Seritage Growth Properties relatou receita total de arrendamento de US $ 41,3 milhões. O portfólio consiste em aproximadamente 229 propriedades que abrangem 34,5 milhões de pés quadrados.

Tipo de arrendamento	Receita anual	Porcentagem de renda total
Renda de arrendamento de varejo	US $ 35,2 milhões	85.2%
Renda de arrendamento comercial	US $ 6,1 milhões	14.8%

Receita de aluguel de espaços reconstruídos

Os projetos de reconstrução geraram US $ 12,7 milhões em receita adicional de aluguel para 2023.

• Aumento da taxa média de aluguel: 22,5%
• Projetos de reconstrução concluídos: 17 propriedades
• Investimento total de reconstrução: US $ 84,6 milhões

Produtos de venda de propriedades

Em 2023, a Seritage relatou a venda de imóveis, totalizando US $ 53,4 milhões em disposições estratégicas de ativos.

Tipo de propriedade	Número de propriedades vendidas	Produtos totais de venda
Propriedades de varejo	8	US $ 42,1 milhões
Propriedades comerciais	3	US $ 11,3 milhões

Renda de taxa de melhoria do inquilino

As taxas de melhoria do inquilino geraram US $ 6,8 milhões em 2023, representando um aumento de 15% em relação ao ano anterior.

Apreciação de ativos imobiliários

O valor total do portfólio apreciado por US $ 127,5 milhões em 2023, com um aumento médio de valor da propriedade de 7,3%.

Categoria de ativos	Valor de apreciação	Porcentagem de apreciação
Propriedades de varejo	US $ 98,6 milhões	6.9%
Propriedades comerciais	US $ 28,9 milhões	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.