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Seritage Growth Properties

Seritage Growth Properties

NYSE•SRG
CEO: Ms. Andrea L. Olshan
Sector: Real Estate
Industry: REIT - Retail
Listing Date: 2015-07-06
Prior to the adoption of the Company's Plan of Sale, 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”).
Contact Information
500 Fifth Avenue, Suite 1530, New York, NY, 10110-1502, United States
212-355-7800
www.seritage.com
Market Cap
$207.27M
P/E (TTM)
-2.8
36.9
Dividend Yield
--
52W High
$4.56
52W Low
$2.43
52W Range
59%
Rank69Top 98.7%
1.2
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 1.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$4.79M+47.19%
4-Quarter Trend

EPS

-$0.24-41.46%
4-Quarter Trend

FCF

-$12.51M-19.14%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Quarterly Revenue Surge Total revenue reached 4.8M USD for the quarter, a significant 1.5M USD increase over 3.3M USD reported in 2024.
Net Loss Significantly Narrows Net loss for common shareholders narrowed to 13.6M USD loss, improving by 9.6M USD compared to 23.2M USD loss last year.
Term Loan Principal Reduced Term loan facility balance reduced to 196.7M USD as of September 30, 2025, down from 240.0M USD at year-end 2024.
Real Estate Impairment Recorded Real estate asset impairment charge of 0.8M USD recorded in Q3 2025 due to Aventura property transfer to held for sale status.

Risk Factors

Going Concern Uncertainty Remains Anticipated cash flows will not cover obligations, including Term Loan maturing July 2026, raising substantial doubt about continuation.
Significant Litigation Exposure Facing multiple shareholder class and derivative lawsuits alleging disclosure failures regarding asset impairment indicators and valuations.
Asset Sales Impacted by Market Challenging market conditions may adversely impact Plan of Sale proceeds and timing of shareholder distributions moving forward.
Continued Asset Impairment Risk Management continues evaluating portfolio, expecting potential future impairment charges on consolidated properties and unconsolidated investments.

Outlook

Plan of Sale Execution Focus Primary objective remains monetizing assets via the Plan of Sale, enhancing value through leasing and site densification efforts.
Debt Maturity Extended Term Loan maturity extended to July 31, 2026, following a 2% extension fee payment of $4.0 million in July 2025.
Funding Strategy Confirmed Expect to fund obligations using cash on hand, property sales, and potential financing transactions, subject to loan agreement terms.
C Corp Structure Benefits Termination of REIT status allows greater flexibility in using free cash flow without mandatory 90% distribution requirements.

Peer Comparison

Revenue (TTM)

Douglas Elliman Inc.DOUG
$1.03B
+6.7%
Seritage Growth PropertiesSRG
$18.42M
-17.4%

Gross Margin (Latest Quarter)

Douglas Elliman Inc.DOUG
93.3%
+58.1pp
Seritage Growth PropertiesSRG
11.6%
+207.0pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
DOUG$233.59M-3.7-41.4%29.7%
SRG$207.27M-2.8-20.2%35.2%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
3.0%
Moderate Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention

Research & Insights

Next earnings:May 13, 2026
|
EPS:-
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Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 14, 2025|
    Revenue: $4.79M+47.2%
    |
    EPS: $-0.24-41.5%
    N/A
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 14, 2025|
    Revenue: $4.65M+11.7%
    |
    EPS: $-0.53-70.9%
    N/A
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 15, 2025|
    Revenue: $4.60M-19.6%
    |
    EPS: $-0.42+16.7%
    N/A
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 31, 2025|
    Revenue: $17.62M-15.2%
    |
    EPS: $-2.82+0.7%
    N/A
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 12, 2024|
    Revenue: $3.25M-35.6%
    |
    EPS: $-0.41+2446.6%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 14, 2024|
    Revenue: $4.17M-29.2%
    |
    EPS: $-1.82+7.1%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 10, 2024|
    Revenue: $5.72M+741.5%
    |
    EPS: $-0.36-68.1%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 1, 2024|
    Revenue: $20.58M-80.8%
    |
    EPS: $-2.84-17.4%
    Miss