Seritage Growth Properties
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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FY2023 · Filed Apr 1, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Schedule III—Real estate and accumulated depreciation
DECEMBER 31, 2023
(Dollars in thousands)
| Acquisition Costs · Subsequent to Acquisition (1) · at Close of Period (2) · Life Upon Which | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buildings and · Buildings and · Buildings and · Accumulated · Date · Depreciation | |||||||||||||||||||||||
| City · State · Encumbrances · Land · Improvements · Land · Improvements · Land · Improvements · Total · Depreciation · Acquired · is Computed | |||||||||||||||||||||||
| North Little Rock | AR | (3) | $1,288 | $2,881 | $— | $2,836 | $1,288 | $5,717 | $7,005 | $(1,060) | July, 2015 | (4) | |||||||||||
| Mesa/East | AZ | (3) | 2,661 | 2,559 | — | (642) | 2,661 | 1,917 | 4,578 | (494) | July, 2015 | (4) | |||||||||||
| Yuma | AZ | (3) | 1,485 | 1,596 | — | (401) | 1,485 | 1,195 | 2,680 | (338) | July, 2015 | (4) | |||||||||||
| Riverside | CA | (3) | 1,054 | 494 | — | — | 1,054 | 494 | 1,548 | (146) | July, 2015 | (4) | |||||||||||
| Riverside | CA | (3) | 3,343 | 2,778 | — | — | 3,343 | 2,778 | 6,121 | (817) | July, 2015 | (4) | |||||||||||
| San Bernardino | CA | (3) | 4,131 | 2,066 | — | (780) | 4,131 | 1,286 | 5,417 | (364) | July, 2015 | (4) | |||||||||||
| Temecula | CA | (3) | 6,098 | 2,214 | — | 13,582 | 6,098 | 15,796 | 21,894 | (1,805) | July, 2015 | (4) | |||||||||||
| Boca Raton | FL | (3) | 16,089 | 7,480 | — | (515) | 16,089 | 6,965 | 23,054 | (1,910) | July, 2015 | (4) | |||||||||||
| Clearwater/Cntrysd | FL | (3) | 5,852 | 17,777 | — | 182 | 5,852 | 17,959 | 23,811 | (4,964) | July, 2015 | (4) | |||||||||||
| Doral(Miami) | FL | (3) | 9,214 | 2,654 | — | (600) | 9,214 | 2,054 | 11,268 | (563) | July, 2015 | (4) | |||||||||||
| Ft Myers | FL | (3) | 3,168 | 2,853 | — | (418) | 3,168 | 2,435 | 5,603 | (693) | July, 2015 | (4) | |||||||||||
| Miami | FL | (3) | 13,264 | 61,577 | (5,022) | 135,191 | 8,242 | 196,768 | 205,010 | (5,366) | July, 2015 | (4) | |||||||||||
| Panama City | FL | (3) | 3,227 | 1,614 | — | (461) | 3,227 | 1,153 | 4,380 | (316) | July, 2015 | (4) | |||||||||||
| Plantation | FL | (3) | 6,933 | 2,509 | (3,360) | (1,641) | 3,573 | 868 | 4,441 | (366) | July, 2015 | (4) | |||||||||||
| Cedar Rapids | IA | (3) | 2,833 | 2,197 | (1,841) | (790) | 992 | 1,407 | 2,399 | (533) | July, 2015 | (4) | |||||||||||
| Braintree | MA | (3) | 6,585 | 5,614 | — | 14,596 | 6,585 | 20,210 | 26,795 | (4,352) | July, 2015 | (4) | |||||||||||
| Edgewater | MD | (3) | 5,534 | 2,116 | (1,429) | (970) | 4,105 | 1,146 | 5,251 | (358) | July, 2015 | (4) | |||||||||||
| Watchung | NJ | (3) | 6,704 | 4,110 | (1,945) | 26,612 | 4,759 | 30,722 | 35,481 | (3,881) | July, 2015 | (4) | |||||||||||
| Albany | NY | (3) | 8,289 | 6,523 | (1,012) | 10,194 | 7,277 | 16,717 | 23,994 | (3,491) | July, 2015 | (4) | |||||||||||
| King of Prussia | PA | (3) | — | 42,300 | — | 1,168 | - | 43,468 | 43,468 | (11,086) | July, 2015 | (4) | |||||||||||
| Valley View | TX | (3) | 4,706 | 3,230 | — | (3,230) | 4,706 | - | 4,706 | - | July, 2015 | (4) | |||||||||||
| Redmond-Overlake Pk | WA | (3) | 5,133 | 4,133 | 14,514 | (1,552) | 19,647 | 2,581 | 22,228 | (731) | July, 2015 | (4) | |||||||||||
| Various | (3) | — | — | — | 136,818 | - | 136,818 | 136,818 | — | n/a | (4) | ||||||||||||
| $117,591 | $181,275 | $(95) | $329,179 | $117,496 | $510,454 | $627,950 | $(43,634) | ||||||||||||||||
(1)
Includes reductions related to partial site sales and impairment of long-lived assets.
(2)
The aggregate cost of land, building and improvements for U.S. federal income tax purposes is approximately $858 million.
(3)
The Term Loan Facility is secured on a first lien basis by individual mortgages and a pledge of the capital stock of the direct subsidiaries of the Company, including those that own each of the Company’s properties. See Note 6.
(4)
Depreciation is computed based on the following estimated useful lives:
| Building: | 25 – 40 years |
|---|---|
| Site improvements: | 5 – 15 years |
| Tenant improvements: | shorter of the estimated useful life or non-cancelable term of lease |
NOTES TO SCHEDULE III
(Dollars in thousands)
Reconciliation of Real Estate
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Balance at beginning of year | $1,341,849 | $1,851,082 | $2,053,078 |
| Additions | 59,182 | 106,511 | 109,549 |
| Impairments | (107,043) | (126,887) | (95,826) |
| Dispositions | (663,089) | (486,976) | (208,413) |
| Write-offs | (2,949) | (1,881) | (7,306) |
| Balance at end of year | $627,950 | $1,341,849 | $1,851,082 |
Reconciliation of Accumulated Depreciation
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Balance at beginning of year | $124,131 | $154,971 | $142,206 |
| Depreciation expense | 13,020 | 35,123 | 43,744 |
| Dispositions | (89,815) | (65,963) | (23,145) |
| Write-offs | (3,702) | — | (7,834) |
| Balance at end of year | $43,634 | $124,131 | $154,971 |
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