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SRG

Seritage Growth Properties

SRG

Seritage Growth Properties • NYSE
$3.74 ▼ -0.80% (-0.03)
Market Cap $210.65 M
52w High $4.69
52w Low $2.43
Dividend Yield 0%
P/E -2.63
Volume 37.88K
Outstanding Shares 56.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.785M ▲ $6.62M ▲ $-12.422M ▲ -259.603% ▲ $-0.24 ▲ $-9.785M ▼
Q2-2025 $4.653M ▲ $6.172M ▼ $-28.506M ▼ -612.637% ▼ $-0.53 ▼ $-5.448M ▲
Q1-2025 $4.599M ▲ $17.768M ▲ $-22.202M ▼ -482.757% ▼ $-0.42 ▼ $-15.044M ▼
Q4-2024 $4.382M ▲ $9.035M ▼ $-11.351M ▲ -259.037% ▲ $-0.22 ▲ $-3.409M ▲
Q3-2024 $3.251M $11.555M $-21.973M -675.884% $-0.41 $-10.517M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $51.54M ▼ $558.61M ▼ $219.52M ▼ $337.725M ▼
Q2-2025 $71.802M ▼ $575.707M ▼ $222.97M ▼ $351.372M ▼
Q1-2025 $94.268M ▲ $649.7M ▼ $267.25M ▼ $381.103M ▼
Q4-2024 $85.206M ▼ $677.774M ▼ $271.971M ▼ $404.456M ▼
Q3-2024 $85.599M $735.022M $316.228M $417.536M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-12.422M ▲ $-12.508M ▼ $-2.525M ▼ $-5.225M ▲ $-20.258M ▲ $-12.508M ▼
Q2-2025 $-28.506M ▼ $-12.041M ▼ $26.246M ▲ $-41.207M ▼ $-27.002M ▼ $-12.041M ▼
Q1-2025 $-22.202M ▼ $-9.193M ▲ $19.841M ▼ $-1.225M ▲ $9.423M ▲ $-9.193M ▲
Q4-2024 $-11.351M ▲ $-13.927M ▲ $55.146M ▲ $-41.722M ▼ $-503K ▲ $-13.927M ▲
Q3-2024 $-21.973M $-15.469M $14.362M $-1.196M $-2.303M $-15.469M

Revenue by Products

Product Q2-2018Q3-2018Q4-2018Q2-2025
Operating Segments
Operating Segments
 $0 ▲$0 ▲$0 ▲$0 ▲
Management Service
Management Service
 $0 ▲$0 ▲$0 ▲$0 ▲
Tenant Reimbursements
Tenant Reimbursements
 $10.00M ▲$20.00M ▲$10.00M ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Seritage’s income statement looks like that of a business being wound down rather than one trying to grow. Rental and related revenue has become very small and has drifted lower as properties are sold. The company has posted operating losses every year, with no sign of a turn to profitability, and cash earnings (EBITDA) have slipped from modestly positive a few years ago to consistently negative. Net losses have been sizable and persistent, reflecting low revenue on a shrinking asset base, interest costs, and likely sale- and impairment-related charges as assets are exited.

Balance Sheet

Balance Sheet The balance sheet tells the story of an active liquidation. Total assets have fallen sharply over the past few years as properties are sold. Debt has also come down substantially, which reduces financial risk and interest costs, but it also confirms that asset sale proceeds are being used primarily to pay lenders. Equity remains positive, meaning assets still exceed liabilities on the books, but the cushion has narrowed as losses accumulate and assets are reduced. Cash on hand is modest and not growing, suggesting continued reliance on ongoing asset sales to cover obligations and wind-down costs.

Cash Flow

Cash Flow Seritage has not generated self-sustaining cash from its operations. Operating cash flow has been consistently negative, indicating the underlying real estate portfolio and remaining leases do not cover corporate costs and interest on their own. In earlier years, heavy redevelopment spending led to very weak free cash flow, as the company invested in transforming old retail boxes. As the strategy shifted to liquidation, redevelopment spending has been sharply curtailed, so free cash flow now mainly reflects operating burn rather than new investment. In practice, the company appears dependent on cash from property sales to fund operations, reduce debt, and move toward final distributions, which makes the timing and pricing of those sales critical.

Competitive Edge

Competitive Edge Seritage no longer competes as a traditional retail REIT trying to grow rents and occupancy. Its “competitive position” now rests on the underlying quality and locations of its remaining properties, and on management’s skill in marketing and selling those assets efficiently. Other landlords and developers will ultimately realize most of the long-term value from these sites. For Seritage itself, the key external factor is the broader property market: buyer demand, interest rates, and financing conditions will strongly influence achievable sale prices. With the portfolio shrinking and the plan of sale well underway, scale, brand, and tenant relationships are less relevant than execution on an orderly wind-down.

Innovation and R&D

Innovation and R&D Historically, Seritage’s strategy was innovative in how it sought to repurpose large, obsolete Sears and Kmart boxes into mixed-use projects. That redevelopment angle required creativity, entitlement work, and capital, functioning as a kind of R&D in real estate. That chapter is effectively over. Under the approved plan of sale, Seritage is no longer aiming to build a differentiated, long-lived platform or moat. Instead, management’s focus is transactional: prepare assets for sale, negotiate terms, close deals, and unwind obligations. As a result, ongoing innovation, technology investments, and long-horizon project pipelines are minimal and not central to the company’s remaining life.

Summary

Seritage Growth Properties is best viewed as a liquidation vehicle, not as a continuing retail REIT. The income statement shows a small and declining revenue base with ongoing losses, consistent with a company exiting its properties rather than expanding them. The balance sheet reflects large reductions in assets and meaningful paydown of debt, while still retaining a positive but shrinking equity base. Cash flows from operations remain negative, and the company depends on asset sale proceeds to service debt, cover costs, and, ultimately, return capital to shareholders. Competitive dynamics now center on real estate market conditions and execution quality, not on building a lasting operating franchise. Innovation and redevelopment, once central to the story, have essentially been replaced by a disciplined wind-down process. The key uncertainties going forward are how much value will ultimately be realized from the remaining assets, how quickly the plan can be completed, and how market conditions evolve during the rest of the liquidation period.

NEWS

November 25, 2025 · 5:30 PM UTC

Seritage Growth Properties Makes $130 Million Loan Prepayment

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November 14, 2025 · 5:10 PM UTC

Seritage Growth Properties Reports Third Quarter 2025 Operating Results

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October 16, 2025 · 12:00 PM UTC

REVOLVE AND SOFIA RICHIE GRAINGE INTRODUCE SRG

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September 27, 2025 · 8:55 AM UTC

SERITAGE INVESTIGATION ALERT: Bragar Eagel & Squire, P.C. is Investigating Seritage Growth Properties on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

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