Seritage Growth Properties (NYSE: SRG) (the “Company”), a
national owner and developer of retail, residential and mixed-use
properties today reported financial and operating results for the
year ended December 31, 2023.
“In 2023, we sold 68 assets for gross proceeds of $842.7 million
and paid down $670 million of debt. As of today, the overwhelming
majority of our remaining assets have identified counterparties,
are in the market or about to be launched. With respect to the
remaining properties in our portfolio, these are assets for which
we need to overcome important hurdles and/or achieve specific
objectives prior to launching these assets for sale. We have a line
of sight into a significantly more simplified portfolio of
primarily premier development sites in prime markets. This along
with our low run rate corporate overhead and significant tax losses
may position the Company for potential strategic transactions as an
alternative to continuing our Plan of Sale,” said Andrea L. Olshan,
Chief Executive Officer and President.
Sale Highlights:
- Generated $99.5 million of gross proceeds during the quarter
ended December 31, 2023 from sales including:
- $27.5 million in gross proceeds from one income producing
Multi-Tenant Retail asset reflecting a 6.4% capitalization
rate;
- $15.3 million in gross proceeds from three income producing
Non-Core assets reflecting a 7.0% blended capitalization rate;
and
- $56.7 million in gross proceeds from two vacant / non-income
producing Non-Core assets sold at $54.95 PSF eliminating $2.5
million of carry costs.
- Subsequent to quarter end, generated $48.8 million of gross
proceeds from sales including:
- $34.0 million in gross proceeds from one income producing
Multi-Tenant Retail asset reflecting a 7.6% capitalization rate;
and
- $14.8 million in gross proceeds from four vacant / non-income
producing Non-Core assets sold at $28.56 PSF eliminating $0.8
million of carry costs.
- As of March 22, 2024, the Company has four assets under
contract for anticipated gross proceeds of $53.6 million. All
assets for sale are subject to customary closing conditions. Of
these four assets, one is an income producing Non-Core asset for
sale with no due diligence contingencies for total anticipated
gross proceeds of $3.8 million reflecting a 7.8% capitalization
rate. In addition, of these four assets, three are under contract
for sale subject to customary due diligence for total anticipated
gross proceeds of $49.8 million, including:
- $28.0 million in gross proceeds from one income producing
Multi-Tenant Retail asset reflecting a 5.3% capitalization
rate;
- $17.1 million in gross proceeds from one vacant / non-income
producing Non-Core asset priced at $87.43 PSF eliminating $0.5
million of carry costs; and
- $4.7 million in gross proceeds from monetizing one
unconsolidated entity interest.
- As of March 22, 2024, the Company has accepted offers on, and
is currently negotiating definitive purchase and sale agreements on
one unconsolidated equity interest for total gross proceeds of
approximately $7.1 million and one income producing Non-Core asset
for total gross proceeds of approximately $8.1 million.
- The Company currently has two assets in active auction
processes with aggregate reserve prices of $10.0 million.
Financial Highlights:
For the year ended December 31, 2023:
- As of December 31, 2023, the Company had cash on hand of $149.7
million, including $15.7 million of restricted cash. As of March
22, 2024, the Company had cash on hand of $132.6 million, including
$15.8 million of restricted cash.
- Net loss attributable to common shareholders of ($159.8)
million, or ($2.85) per share.
- Total Net Operating Income (“Total NOI”) of $8.6 million.
- During the year, the Company made $670 million in principal
repayments on the Company’s term loan facility having a maturity
date of July 31, 2025 (the “Term Loan Facility”), reducing the
balance of the Term Loan Facility to $360 million at December 31,
2023. Subsequent to year end, the Company made an additional $30
million principal repayment reducing the balance of the Term Loan
Facility to $330 million as of March 22, 2024.
Other Highlights
- Signed six leases covering 25 thousand square feet in the
fourth quarter at an average projected annual net rent of $66.96
PSF.
- Three ground floor leases covering approximately 4.2 thousand
square feet at a Premier asset at a projected annual net rent of
$103.75 PSF; and
- Three upper floor leases covering approximately 20.7 thousand
square feet at a Premier asset at a projected annual net rent of
$59.57 PSF.
- Opened seven tenants in the fourth quarter totaling
approximately 128 thousand square feet (123 thousand square feet at
share) at an average net rent of $36.35 PSF ($34.75 PSF at
share).
Future Sales Projections
The data below provides additional information regarding current
estimated gross sales proceeds per asset in the portfolio as of
March 22, 2024, excluding assets under contract, in PSA
negotiation, or in active auction processes, which are described
above. The assets listed below are either being marketed or are to
be marketed and, as a result, any sales thereof are anticipated to
occur in 2024 and beyond. Sales projections are based on the
Company’s latest forecasts and assumptions, but the Company
cautions that actual results may differ materially. In addition,
see “Market Update” below and the “Risk Factors” section contained
in the Company’s filings with the Securities and Exchange
Commission for discussion of the risks associated with such
estimated gross sale proceeds.
Gateway Markets
- One Multi-Tenant Asset $25 - $30 million
- Nine Premier Assets (Dallas & UTC are each assumed to be
sold in two transactions)
- One Asset $15 - $20 million
- One Asset $30 - $35 million
- Two Assets $40 - $45 million each
- One Asset $50 - $60 million
- One Asset $70 - $80 million
- One Asset $100 - $150 million
- Two Assets $200 – $300 million each
Primary Markets
- Three Multi-Tenant Assets
- Two Asset $25 - $30 million each
- One Asset $30 - $35 million
- Three Joint Venture Assets $5 - $10 million each
- Two Non-Core Assets
- One Asset $5 - $10 million
- One Asset $30 - $35 million
Secondary Markets
- One Residential Asset with adjacent Retail asset $5 - 10
million
- One Joint Venture Asset $5 - $10 million
- One Non-Core Asset $5 - $10 million
Portfolio
The table below represents a summary of the Company’s properties
by planned usage as of December 31, 2023:
(in thousands except number of leases and acreage data):
Planned Usage
Total
Built SF / Acreage (1)
Leased SF (1)(2)
Avg. Acreage / Site
Consolidated
Multi-Tenant Retail
6
963 sf / 100 acres
690
16.7
Residential (3)
2
33 sf / 19 acres
33
9.5
Premier
4
228 sf / 69 acres
161
17.2
Non-Core (4)
11
1,617 sf / 138 acres
13
12.5
Unconsolidated
Other Joint Ventures
6
457 sf / 77 acres
11
12.8
Premier
3
158 sf / 57 acres
106
19.0
(1) Square footage is presented at the Company’s proportional
share. (2) Based on signed leases at December 31, 2023. (3) Square
footage represents built ancillary retail space whereas acreage
represents both retail and residential acreage. (4) Represents
assets the Company previously designated for sale.
Multi-Tenant Retail
During the three months ended December 31, 2023, the Company
invested $1.3 million in its Multi-Tenant retail properties. The
remaining capital expenditures in the Multi-Tenant retail portfolio
are primarily comprised of tenant improvements.
The table below provides a summary of all Multi-Tenant Retail
signed and in negotiation leases as of December 31, 2023:
(in thousands except number of leases and
PSF data)
Number of
Leased
% of Total
Gross Annual Base
% of
Gross Annual
Tenant
Leases
GLA
Leasable GLA
Rent ("ABR")
Total ABR
Rent PSF ("ABR PSF")
In-place retail leases
27
604.1
62.7
%
$
14,123.0
81.1
%
$
23.38
SNO retail leases (1)
6
86.1
8.9
%
$
2,540.0
14.6
%
29.53
Tenants in lease negotiation
1
102.0
10.6
%
$
749.5
4.3
%
7.35
Total retail leases
34
792.2
82.2
%
$
17,412.5
100.0
%
$
21.98
(1) SNO = signed not yet opened
leases.
As of December 31, 2023, the Company has a leasing pipeline of
over 100 thousand square feet. The Company has 604 thousand leased
square feet and approximately 86 thousand square feet signed but
not opened. The Company has total occupancy of 71.6% for its
Multi-Tenant retail properties. As of December 31, 2023, there is
an additional approximately 273 thousand square feet available for
lease.
(in thousands except number of leases and
PSF data)
Number of
Leased
Gross Annual Base
Gross Annual
SNO Leases
GLA
Rent ("ABR")
Rent PSF ("ABR PSF")
As of September 30, 2023
7
143.3
3,054.8
$
21.36
Opened
(1
)
(57.2
)
(514.8
)
9.04
As of December 31, 2023
6
86.1
2,540.0
$
29.53
Premier Mixed-Use
The Company has three premier mixed-use projects in the active
leasing/tenant opening stage: Aventura, FL, Santa Monica, CA and
San Diego, CA. As of December 31, 2023, the Company has 316
thousand in-place leased square feet (210 thousand square feet at
share), 36 thousand square feet signed but not opened (36 thousand
square feet at share), and 170 thousand square feet available for
lease (118 thousand square feet at share).
The table below provides a summary of all signed leases at
Premier assets as of December 31, 2023, including unconsolidated
entities at the Company’s proportional share:
(in thousands except number of leases and
PSF data)
Number
Leased
% of Total
Gross Annual
% of
Gross Annual
Tenant
of Leases
GLA
Leasable GLA
Base Rent ("ABR")
Total ABR
Rent PSF ("ABR PSF")
In-place retail leases
31
101.9
26.4
%
$
6,709.1
40.0
%
$
65.77
In-place office leases
4
108.0
28.0
%
$
6,763.7
40.3
%
62.63
SNO retail leases as of September 30,
2023(1)
16
72.2
$
5,387.0
74.82
Opened
(4
)
(38.1
)
$
(2,227.6
)
58.63
Terminated
(1
)
(1.6
)
$
(174.2
)
87.00
Signed
6
3.5
$
311.6
78.00
SNO retail leases as of December 31,
2023(1)
17
36.0
9.3
%
$
3,296.8
19.7
%
91.58
SNO office leases as of September 30,
2023(1)
2
28.0
$
1,541.2
55.04
Opened
(2
)
(28.0
)
$
(1,541.2
)
55.04
SNO office leases as of December 31,
2023(1)
—
—
0.0
%
$
—
0.0
%
—
Total diversified leases as of December
31, 2023
52
245.9
63.7
%
$
16,769.6
100.0
%
$
68.20
(1) SNO = Signed not yet opened leases
During the three months ended December 31, 2023, the Company
invested $15.6 million in its consolidated premier development and
operating properties and an additional $0.8 million into its
unconsolidated premier entities.
Aventura
During the fourth quarter of 2023, the Company continued to
advance 216 thousand square feet of office and retail leasing at
the project in Aventura, FL. The Company is finalizing construction
on the asset and opened its first tenants to the public in July
2023 with approximately 92 thousand square feet representing 43% of
the asset opened through December 31, 2023 and will continue with
rolling openings going forward.
With 69% leased through December 31, 2023, the Company has 67
thousand square feet or 31% available for lease, of which
approximately 10 thousand square feet or 4.8% is in lease
negotiation.
San Diego
During the fourth quarter of 2023, the Company continued to
bring the project to completion. As of December 31, 2023, the
property is 100% leased and 96.6% open and operating, with the
final tenant set to open in the second quarter of 2024.
Financial Summary
The table below provides a summary of the Company’s financial
results for the three months and year ended December 31, 2023:
(in thousands except per share
amounts)
Three Months Ended
Year Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Net income (loss) attributable to Seritage
common shareholders
$
4,739
$
91,229
$
(159,811
)
$
(78,845
)
Net income (loss) per share attributable
to Seritage common shareholders
0.08
1.63
(2.85
)
(1.59
)
Total NOI
1,381
10,233
8,600
43,477
For the quarter ended December 31, 2023:
- Total NOI for the fourth quarter of 2023 reflects the impact of
$(0.6) million Total NOI relating to sold properties.
Total NOI is comprised of:
(in thousands)
Three Months Ended December
31,
Year Ended December
31,
Consolidated Properties
2023
2022
2023
2022
Multi-tenant retail
$
2,878
$
3,622
$
11,213
$
13,026
Premier
10
(768
)
(2,261
)
(2,879
)
Residential
49
9
49
—
Non-Core
(628
)
(932
)
(3,131
)
(2,237
)
Sold
(1,494
)
8,018
(1,170
)
29,562
Total
815
9,949
4,700
37,472
Unconsolidated Properties
Residential
—
112
333
189
Premier
569
(2,707
)
984
(853
)
Other joint ventures
(3
)
2,879
2,583
6,669
Total
566
284
3,900
6,005
Total NOI
$
1,381
$
10,233
$
8,600
$
43,477
As of December 31, 2023, the Company had cash on hand of $149.7
million, including $15.7 million of restricted cash. The Company
expects to use these sources of liquidity, together with a
combination of capital sources including, but not limited to, sales
of Consolidated Properties, sales of interests in Unconsolidated
Properties and potential financings to fund its obligations. The
availability of funding from sales of assets is subject to various
conditions, and there can be no assurance that such transactions
will be consummated. For more information on our liquidity
position, including our going concern analysis, please see the
notes to the consolidated financial statements included in Part II,
Item 8 and in the section titled “Management’s Discussion and
Analysis of Financial Condition and Results of Operations,” each in
our Annual Report on Form 10-K.
Dividends
On February 15, 2023, the Company’s Board of Trustees declared a
preferred stock dividend of $0.4375 per each Series A Preferred
Share. The preferred dividend was paid on April 17, 2023 to holders
of record on March 31, 2023.
On April 27, 2023, the Company’s Board of Trustees declared a
preferred stock dividend of $0.4375 per each Series A Preferred
Share. The preferred dividend was paid on July 14, 2023 to holders
of record on June 30, 2023.
On July 25, 2023, the Company’s Board of Trustees declared a
preferred stock dividend of $0.4375 per each Series A Preferred
Share. The preferred dividend was paid on October 13, 2023 to
holders of record on September 30, 2023.
On October 30, 2023, the Company’s Board of Trustees declared a
preferred stock dividend of $0.4375 per each Series A Preferred
Share. The preferred dividend will be paid on January 16, 2024 to
holders of record on December 29, 2023.
On February 29, 2024, the Company’s Board of Trustees declared a
preferred stock dividend of $0.4375 per each Series A Preferred
Share. The preferred dividend will be paid on April 15, 2024 to
holders of record on March 29, 2024.
The Company’s Board of Trustees does not expect to declare
dividends on its common shares until such time as the Term Loan
Facility has been repaid in full.
Strategic Review
At the 2022 Annual Meeting of Shareholders on October 24, 2022,
Seritage shareholders approved the Company’s Plan of Sale. The
strategic review process remains ongoing as the Company executes
the Plan of Sale, and the Company remains open minded to pursuing
value maximizing alternatives, including a potential sale of the
Company. There can be no assurance regarding the success of the
process.
Market Update
As the Company has previously disclosed, the Company, along with
the commercial real estate market as a whole, has experienced and
continues to experience challenging market conditions as a result
of a variety of factors. These conditions have applied and continue
to apply downward pricing pressure on all of our assets. In making
decisions regarding whether and when to transact on each of the
Company’s remaining assets, the Company will consider various
factors including, but not limited to, the breadth of the buyer
universe, macroeconomic conditions, the availability and cost of
financing, as well as corporate, operating and other capital
expenses required to carry the asset. If these challenging market
conditions persist, then we expect that they will impact the Plan
of Sale proceeds from our assets and the amounts and timing of
distributions to shareholders.
Non-GAAP Financial
Measures
The Company makes references to NOI and Total NOI which are
financial measures that include adjustments to accounting
principles generally accepted in the United States (“GAAP”).
Neither of NOI or Total NOI are measures that (i) represent cash
flow from operations as defined by GAAP; (ii) are indicative of
cash available to fund all cash flow needs, including the ability
to make distributions; (iii) are alternatives to cash flow as a
measure of liquidity; or (iv) should be considered alternatives to
net income (which is determined in accordance with GAAP) for
purposes of evaluating the Company’s operating performance.
Reconciliations of these measures to the respective GAAP measures
the Company deems most comparable have been provided in the tables
accompanying this press release.
Net Operating Income ("NOI”) and Total
NOI
NOI is defined as income from property operations less property
operating expenses. Other real estate companies may use different
methodologies for calculating NOI, and accordingly the Company’s
depiction of NOI may not be comparable to other real estate
companies. The Company believes NOI provides useful information
regarding Seritage, its financial condition, and results of
operations because it reflects only those income and expense items
that are incurred at the property level.
The Company also uses Total NOI, which includes its proportional
share of unconsolidated properties. This form of presentation
offers insights into the financial performance and condition of the
Company as a whole given the Company’s ownership of unconsolidated
properties that are accounted for under GAAP using the equity
method.
The Company also considers NOI and Total NOI to be a helpful
supplemental measure of its operating performance because it
excludes from NOI variable items such as termination fee income, as
well as non-cash items such as straight-line rent and amortization
of lease intangibles.
Forward-Looking
Statements
This document contains forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. In some cases,
you can identify forward-looking statements by the use of
forward-looking terminology such as “may,” “should,” “expects,”
“intends,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “potential,” "will," "approximately," or "anticipates"
or the negative of these words and phrases or similar words or
phrases that are predictions of or indicate future events or trends
and that do not relate solely to historical matters.
Forward-looking statements involve known and unknown risks,
uncertainties, assumptions and contingencies, many of which are
beyond the Company’s control, which may cause actual results to
differ significantly from those expressed in any forward-looking
statement. Factors that could cause or contribute to such
differences include, but are not limited to: declines in retail,
real estate and general economic conditions; risks relating to
redevelopment activities; contingencies to the commencement of rent
under leases; the terms of the Company’s indebtedness and other
legal requirements to which the Company is subject; failure to
achieve expected occupancy and/or rent levels within the projected
time frame or at all; the impact of ongoing negative operating cash
flow on the Company’s ability to fund operations and ongoing
development; the Company’s ability to access or obtain sufficient
sources of financing to fund the Company’s liquidity needs;
environmental, health, safety and land use laws and regulations;
and possible acts of war, terrorist activity or other acts of
violence or cybersecurity incidents. For additional discussion of
these and other applicable risks, assumptions and uncertainties,
see the “Risk Factors” and forward-looking statement disclosure
contained in the Company’s filings with the Securities and Exchange
Commission, including the Company’s annual report on Form 10-K for
the year ended December 31, 2023 and any subsequent Form 10-Qs.
While the Company believes that its forecasts and assumptions are
reasonable, the Company cautions that actual results may differ
materially. The Company intends the forward-looking statements to
speak only as of the time made and do not undertake to update or
revise them as more information becomes available, except as
required by law.
About Seritage Growth
Properties
Prior to the adoption of the Company’s Plan of Sale (defined
below), Seritage was principally engaged in the ownership,
development, redevelopment, management, sale and leasing of
diversified retail and mixed-use properties throughout the United
States. Seritage will continue to actively manage each location
until such time as each property is sold. As of December 31, 2023,
the Company’s portfolio consisted of interests in 32 properties
comprised of approximately 4.1 million square feet of gross
leasable area (“GLA”) or build-to-suit leased area and 460 acres.
The portfolio consists of approximately 2.8 million square feet of
GLA and 326 held by 23 wholly owned properties (such properties,
the “Consolidated Properties”) and 1.2 million square feet of GLA
and 134 acres held by nine unconsolidated entities (such
properties, the “Unconsolidated Properties”).
SERITAGE GROWTH PROPERTIES
CONSOLIDATED BALANCE SHEETS (In thousands, except share
and per share amounts) (Unaudited)
December 31, 2023
December 31, 2022
ASSETS
Investment in real estate
Land
$
102,090
$
172,813
Buildings and improvements
344,972
463,616
Accumulated depreciation
(36,025
)
(57,330
)
411,037
579,099
Construction in progress
135,305
185,324
Net investment in real estate
546,342
764,423
Real estate held for sale
39,332
455,617
Investment in unconsolidated entities
196,437
382,597
Cash and cash equivalents
134,001
133,480
Restricted cash
15,699
11,459
Tenant and other receivables, net
12,246
41,495
Lease intangible assets, net
886
1,791
Prepaid expenses, deferred expenses and
other assets, net
28,921
50,859
Total assets (1)
$
973,864
$
1,841,721
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Term loan facility, net
$
360,000
$
1,029,754
Accounts payable, accrued expenses and
other liabilities
50,700
89,368
Total liabilities (1)
410,700
1,119,122
Commitments and contingencies (Note 9)
Shareholders' Equity
Class A common shares $0.01 par value;
100,000,000 shares authorized; 56,194,727 and 56,052,546 shares
issued and outstanding as of December 31, 2023 and December 31,
2022, respectively
562
561
Series A preferred shares $0.01 par value;
10,000,000 shares authorized; 2,800,000 shares issued and
outstanding as of December 31, 2023 and December 31, 2022;
liquidation preference of $70,000
28
28
Additional paid-in capital
1,361,742
1,360,411
Accumulated deficit
(800,342
)
(640,531
)
Total shareholders' equity
561,990
720,469
Non-controlling interests
1,174
2,130
Total equity
563,164
722,599
Total liabilities and equity
$
973,864
$
1,841,721
(1) The Company's consolidated balance
sheets include assets and liabilities of consolidated variable
interest entities ("VIEs"). See Note 2. The consolidated balance
sheets, as of December 31, 2023, include the following amounts
related to our consolidated VIEs, excluding the Operating
Partnership: $3.3 million of land, $2.8 million of building and
improvements, $(0.8) million of accumulated depreciation and $2.4
million of other assets included in other line items. The Company's
consolidated balance sheets as of December 31, 2022, include the
following amounts related to our consolidated VIEs, excluding the
Operating Partnership: $6.6 million of land, $3.9 million of
building and improvements, $(1.0) million of accumulated
depreciation and $4.0 million of other assets included in other
line items.
SERITAGE GROWTH PROPERTIES
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands,
except per share amounts) (Unaudited)
Year Ended December
31,
2023
2022
2021
REVENUE
Rental income
$
15,060
$
104,609
$
115,651
Management and other fee income
5,719
2,446
1,032
Total revenue
20,779
107,055
116,683
EXPENSES
Property operating
21,282
41,770
45,007
Real estate taxes
6,128
23,950
35,256
Depreciation and amortization
14,471
41,114
51,199
General and administrative
45,988
47,634
41,949
Litigation settlement
—
35,533
—
Total expenses
87,869
190,001
173,411
Gain on sale of real estate, net
96,214
211,936
221,681
Gain (loss) on sale of interest in
unconsolidated entities
6,407
(677
)
—
Impairment of real estate assets
(107,043
)
(126,887
)
(95,826
)
Equity in loss of unconsolidated
entities
(55,857
)
(72,080
)
(9,226
)
Interest and other income, net
17,067
37,753
9,285
Interest expense
(44,571
)
(86,730
)
(107,975
)
Loss before income taxes
(154,873
)
(119,631
)
(38,789
)
Provision for income taxes
(38
)
(466
)
(196
)
Net loss
(154,911
)
(120,097
)
(38,985
)
Net loss attributable to non-controlling
interests
—
46,152
10,836
Net loss attributable to Seritage
$
(154,911
)
$
(73,945
)
$
(28,149
)
Preferred dividends
(4,900
)
(4,900
)
(4,900
)
Net loss attributable to Seritage common
shareholders
$
(159,811
)
$
(78,845
)
$
(33,049
)
Net loss per share attributable to
Seritage Class A common shareholders - Basic
$
(2.85
)
$
(1.59
)
$
(0.78
)
Net loss per share attributable to
Seritage Class A common shareholders - Diluted
$
(2.85
)
$
(1.59
)
$
(0.78
)
Weighted average Class A common shares
outstanding - Basic
56,151
49,729
42,393
Weighted average Class A common shares
outstanding - Diluted
56,151
49,729
42,393
Reconciliation of Net Loss to NOI and Total NOI (in
thousands)
Year Ended December
31,
NOI and Total NOI
2023
2022
2021
Net loss
$
(154,911
)
$
(120,097
)
$
(38,985
)
Termination fee income
—
(369
)
(3,378
)
Management and other fee income
(5,719
)
(2,446
)
(1,032
)
Depreciation and amortization
14,471
41,114
51,199
General and administrative expenses
45,988
47,634
41,949
Litigation settlement
—
35,533
—
Equity in loss of unconsolidated
entities
55,857
72,080
9,226
(Gain) loss on sale of interest in
unconsolidated entities
(6,407
)
677
—
Gain on sale of real estate, net
(96,214
)
(211,936
)
(221,681
)
Impairment of real estate assets
107,043
126,887
95,826
Interest and other income, net
(17,067
)
(37,753
)
(9,285
)
Interest expense
44,571
86,730
107,975
Provision for income taxes
38
466
196
Straight-line rent
16,874
(1,271
)
(2,269
)
Above/below market rental expense
176
223
176
NOI
$
4,700
$
37,472
$
29,917
Unconsolidated
entities
Net operating income of unconsolidated
entities
8,384
7,785
6,942
Straight-line rent
(4,512
)
(1,017
)
(885
)
Above/below market rental expense
28
24
131
Termination fee income
—
(787
)
(588
)
Total NOI
$
8,600
$
43,477
$
35,517
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240401806774/en/
Seritage Growth Properties (212) 355-7800 IR@Seritage.com
Grafico Azioni Seritage Growth Properties (NYSE:SRG)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Seritage Growth Properties (NYSE:SRG)
Storico
Da Gen 2024 a Gen 2025
