Seritage Growth Properties Reports 2024 Earnings

Seritage Growth Properties Class A ( (SRG) ) has released its Q4 earnings. Here is a breakdown of the information Seritage Growth Properties Class A presented to its investors.

Seritage Growth Properties is a national owner and developer of retail, residential, and mixed-use properties, primarily engaged in the sale and leasing of diversified real estate assets across the United States. The company is currently executing a strategic Plan of Sale to optimize its portfolio value.

In its latest earnings report for the year ended December 31, 2024, Seritage Growth Properties highlighted significant progress in preparing assets for sale, despite fewer closings compared to previous quarters. The company generated $50.8 million from the sale of three vacant assets and $11.0 million from monetizing interests in unconsolidated entities, with additional proceeds expected from future transactions.

Financially, Seritage reported a net loss of $158.4 million for the year, with a net operating income-cash basis at share of $2.6 million. The company reduced its term loan facility balance to $240.0 million and secured an extension option to July 2026. As of March 2025, Seritage had $107.0 million in cash on hand, including restricted cash, and continued to invest in its properties.

Looking ahead, Seritage is negotiating significant asset sales, including a premier development asset for approximately $70.0 million. The company remains focused on executing its Plan of Sale, navigating challenging market conditions, and exploring value-maximizing alternatives.

The management’s outlook remains cautiously optimistic, with a focus on asset sales and strategic alternatives to enhance shareholder value amid ongoing market challenges.