Seritage Growth Properties

For the period ended Dec 31, 2023. Filed Apr 1, 2024.

About this filing

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FY2023 · Filed Apr 1, 2024

SRG$1.66-2.9%Stored close · as of Nov 9, 2026

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Contents

Item 2. Properties

As of December 31, 2023, the Company’s portfolio consisted of interests in 32 properties comprised of approximately 4.1 million square feet of GLA or build-to-suit leased area, approximately 1.2 million square feet of which consists of Unconsolidated Properties, approximately 126 acres held for or under development until time of sale and approximately 1.6 million square feet or approximately 138 acres to be disposed of in its current state. The following tables set forth certain information regarding our Consolidated Properties and Unconsolidated Properties based on signed leases as of December 31, 2023, including signed but not yet open leases (“SNO” or “SNO Leases”):

GLA (1) · Land
City · State · Planned Usage (3) · Total · Leased · Not Leased · Acres · Significant Tenants (1) · Leased
1	Temecula	CA		Multi-Tenant Retail	126,500	126,500	-		10		Round One Entertainment, Dick's Sporting Goods, Texas Roadhouse	100.0%
2	Braintree	MA		Multi-Tenant Retail	85,100	85,100	-		34		Nordstrom Rack, Ulta Beauty, Amazon	100.0%
3	Watchung (4)	NJ		Multi-Tenant Retail	87,300	87,300	-		7		HomeGoods, Sierra Trading Post, Ulta Beauty, Chick-fil-A , City MD, Starbucks	100.0%
4	King of Prussia (2)	PA		Multi-Tenant Retail	208,700	174,500	34,200		14		Dick's Sporting Goods, Primark,Yardhouse	83.6%
5	Clearwater	FL		Multi-Tenant Retail	212,900	75,500	137,400		14		Whole Foods, Nordstrom Rack	35.5%
6	Albany	NY		Multi-Tenant Retail	242,800	141,100	101,700		21		Whole Foods, Ethan Allen	58.1%
7	Aventura	FL		Premier	216,100	149,400	66,700		13		CCRM, Industrious, Pinstripes	69.1%
8	Boca Raton	FL		Premier	4,200	4,200	-		19		n/a	100.0%
9	Dallas	TX		Premier	-	-	-		23		n/a	0.0%
10	Redmond	WA		Premier	7,500	7,500	-		15		n/a	100.0%
11	Riverside - Resi	CA		Residential	-	-	-		14		n/a	0.0%
12	Riverside - Retail	CA		Residential	33,200	33,200	-		5		Bank of America, Aldi	100.0%
13	North Little Rock - Outparcel	AR		Non-Core Properties	16,800	13,000	3,800		13		Aspen Dental, Longhorn Steakhouse	77.4%
14	North Little Rock - Box (4)	AR		Non-Core Properties	160,500	-	160,500		2		n/a	0.0%
15	Yuma (4)	AZ		Non-Core Properties	90,100	-	90,100		15		n/a	0.0%
16	Doral	FL		Non-Core Properties	195,600	-	195,600		13		n/a	0.0%
17	Panama City	FL		Non-Core Properties	134,300	-	134,300		15		n/a	0.0%
18	Cedar Rapids (4)	IA		Non-Core Properties	146,300	-	146,300		12		n/a	0.0%
19	Plantation	FL		Non-Core Properties	204,100	-	204,100		18		n/a	0.0%
20	Mesa	AZ		Non-Core Properties	136,000	-	136,000		5		n/a	0.0%
21	San Bernardino	CA		Non-Core Properties	264,700	-	264,700		20		n/a	0.0%
22	Ft. Myers	FL		Non-Core Properties	146,800	-	146,800		12		n/a	0.0%
23	Edgewater (4)	MD		Non-Core Properties	122,000	-	122,000		14		n/a	0.0%
	Total - Consolidated Properties		2,841,500		897,300	1,944,200		328		31.6%
	Average - Consolidated Properties		123,543		39,013	84,530		14		31.6%

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GLA (1) · Land
City · State · Planned Usage (3) · Total · Leased · Not Leased · Joint Venture · Acres · Significant Tenants (1) · Leased
1	Santa Monica	CA		Premier	103,000	-	103,000		Mark 302 JV	3		n/a	0.0%
2	San Diego	CA		Premier	212,500	212,500	-		UTC JV	13		Amazon, Williams-Sonoma, Rejuvenation	100.0%
3	Alexandria	VA		Premier	-	-	-		Foulger Pratt / Howard Hughes	41		n/a	0.0%
4	Altamonte Springs	FL		Other Unconsolidated Properties	186,900	9,500	177,400		GGP II JV	17		n/a	5.1%
5	Frisco	TX		Other Unconsolidated Properties	174,900	12,000	162,900		GGP I JV	11		n/a	6.9%
6	Santa Rosa	CA		Other Unconsolidated Properties	165,400	-	165,400		Simon JV	7		n/a	0.0%
7	Nanuet	NY		Other Unconsolidated Properties	221,400	-	221,400		Simon JV	14		n/a	0.0%
8	Austin	TX		Other Unconsolidated Properties	164,600	-	164,600		Simon JV	16		n/a	0.0%
9	Austin	TX		Other Unconsolidated Properties	-	-	-		RD Development JV	11		n/a	0.0%
	Total - Unconsolidated Properties		1,228,700		234,000	994,700		133			19.0%
	Average - Unconsolidated Properties		136,522		26,000	110,522		15			19.0%
(1) Based on signed leases as of December 31, 2023, including SNO Leases.
(2) Property subject to a lease or ground lease.
(3) Planned usage may be subject to entitlements.
(4) Asset sold subsequent to December 31, 2023.
	Grand Total - All Properties		4,070,200		1,131,300	2,938,900		461			27.8%
	Grand Total - All Properties (at Share)		3,455,850		1,014,300	2,441,550		395			29.4%

Planned Usage	Total	Built SF / Acreage(2)	Leased SF (2) (3)	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 Entities	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.

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Consolidated Properties

Geographic Diversification

The following table sets forth information regarding the geographic diversification of the portfolio based on signed leases as of December 31, 2023:

	Number of	Annual	% of Total	Rent
State	Properties	Rent	Annual Rent	PSF
Florida	7	$12,049	43.1%	$52.58
California	4	2,910	10.4%	18.22
Pennsylvania	1	4,897	17.5%	28.06
New Jersey	1	2,643	9.5%	30.27
New York	1	2,454	8.8%	17.39
Massachusetts	1	2,421	8.7%	28.44
Arkansas	2	347	1.2%	26.65
Washington	1	190	0.7%	25.33
Texas	1	13	0.0%	-
Arizona	2	-	0.0%	-
Iowa	1	-	0.0%	-
Maryland	1	-	0.0%	-
Total	23	$27,924	100.0%	$31.13

Tenant Overview

The following table provides a summary of annual base rent for the portfolio based on signed leases as of December 31, 2023:

	Number of	Leased	% of Total	Gross Annual Base	% of Total	Gross Annual
Tenant	Leases	GLA	Leasable GLA	Rent ("ABR")	Annual Rent	Rent PSF ("ABR PSF")
In-place leases	41	733	25.8%	$20,530	73.5%	$28.01
SNO leases (1)	24	165	5.8%	7,394	26.5%	44.81
Total	65	897	31.6%	$27,924	100.0%	$31.13
(1) SNO = Signed not yet opened leases

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Top Tenants

The following table lists the top tenants in our portfolio based on rental income as of December 31, 2023:

Number of · Total · % of Total
Tenant	Leases	SF	Rent	Rent	Concepts / Brands
Dick's Sporting Goods	2	137,020	$3,223,480	15.7%
Round One Entertainment	1	48,658	1,179,957	5.7%
Nordstrom Rack	2	74,668	1,758,604	8.6%
Primark	1	65,747	1,643,675	8.0%
Pinstripes	1	26,515	1,482,139	7.2%
Industrious	1	26,501	1,431,054	7.0%
Whole Foods	2	71,235	1,257,772	6.1%
CCRM	1	18,230	1,002,650	4.9%
TJX	2	41,926	838,520	4.1%	HomeGoods, Sierra Trading Post
Joey	1	8,150	733,500	3.6%
Ulta Salon	2	21,498	686,485	3.3%
Darden	2	18,661	581,658	2.8%	Longhorn Steakhouse, Yardhouse
Floor & Décor	1	57,204	514,836	2.5%
One Medical	1	4,093	429,765	2.1%
North Italia	1	6,883	378,565	1.8%
BJ's Restaurants & Brewhouse	1	7,807	343,508	1.7%
CityMD	1	4,225	295,750	1.4%
David's Bridal	1	7,802	284,773	1.4%
Ethan Allen	1	8,000	256,000	1.2%

Unconsolidated Properties

Geographic Diversification

The following table sets forth information regarding the geographic diversification of the Unconsolidated Properties based on signed leases as of December 31, 2023:

	Number of	Annual	% of Total	Rent
State	Properties	Rent	Annual Rent	PSF
California	3	$14,921	97.2%	$140.44
Texas	3	240	1.6%	40.00
Florida	1	186	1.2%	39.44
New York	1	-	0.0%	-
Virginia	1	-	0.0%	-
Total	9	$15,347	100.0%	$131.21

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Tenant Overview

The following table provides a summary of annual base rent for the Unconsolidated Properties based on signed leases as of December 31, 2023:

	Number of	Leased	% of Total	Gross Annual Base	% of Total	Gross Annual
Tenant	Leases	GLA	Leasable GLA	Rent ("ABR")	Annual Rent	Rent PSF ("ABR PSF")
In-place leases	28	234	19.0%	$15,347	100.0%	$65.59
SNO leases (1)	0	-	0.0%	-	0.0%	-
Total	28	234	19.0%	$15,347	100.0%	$65.59
(1) SNO = Signed not yet opened leases

Top Tenants

The following table lists the top tenants in our Unconsolidated Properties based on signed leases as of December 31, 2023:

Number of · Total · % of Total
Tenant	Leases	SF	Rent	Rent	Concepts / Brands
Amazon	1	123,386	$8,439,602	55.0%
Williams-Sonoma	1	16,315	734,139	4.8%
Amalfi Llama	1	7,138	571,040	3.7%
CB2	1	9,688	494,088	3.2%
Rejuvenation	1	9,608	480,400	3.1%
Natuzzi	1	6,324	399,993	2.6%
Purple Innovation	1	3,863	397,889	2.6%
Pacific Catch	1	4,724	363,748	2.4%
Sweetgreen	1	2,963	325,000	2.1%
Westfield	1	-	303,298	2.0%
P.volve Fitness	1	3,157	260,453	1.7%
4 Wheel Parts	1	12,000	240,000	1.6%
Feast California Café	1	3,693	223,427	1.5%
Brilliant Earth	1	1,983	204,923	1.3%
Ideal Image	1	2,403	204,255	1.3%
Darden	1	9,450	186,340	1.2%	Seasons 52
Pilates Republic	1	2,169	162,675	1.1%
Menya Ultra	1	1,842	154,728	1.0%
Smashburger	1	1,921	149,838	1.0%
Board & Brew	1	1,729	138,364	0.9%

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.