Seritage Growth Properties
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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Schedule III—Real estate and accumulated depreciation
DECEMBER 31, 2024
(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 |
| Riverside | CA | (4) | 1,054 | 494 | — | 194 | 1,054 | 688 | 1,742 | (163) | July, 2015 | (3) |
| Riverside | CA | (4) | 3,343 | 2,778 | — | 3,128 | 3,343 | 5,906 | 9,249 | (914) | July, 2015 | (3) |
| Boca Raton | FL | (4) | 16,089 | 7,480 | — | (514) | 16,089 | 6,966 | 23,055 | (2,134) | July, 2015 | (3) |
| Clearwater/Cntrysd | FL | (4) | 5,852 | 17,777 | — | 1,605 | 5,852 | 19,382 | 25,234 | (6,291) | July, 2015 | (3) |
| Miami | FL | (4) | 13,264 | 61,577 | (8,757) | 83,141 | 4,507 | 144,718 | 149,225 | (10,747) | July, 2015 | (3) |
| Panama City | FL | (4) | 3,227 | 1,614 | — | (53) | 3,227 | 1,561 | 4,788 | (1,153) | July, 2015 | (3) |
| Braintree | MA | (4) | 6,585 | 5,614 | — | 14,969 | 6,585 | 20,583 | 27,168 | (5,271) | July, 2015 | (3) |
| King of Prussia | PA | (4) | — | 42,300 | — | 1,496 | - | 43,796 | 43,796 | (12,450) | July, 2015 | (3) |
| Valley View | TX | (4) | 4,706 | 3,230 | — | 41,451 | 4,706 | 44,681 | 49,387 | - | July, 2015 | (3) |
| Redmond-Overlake Pk | WA | (4) | 5,133 | 4,133 | 14,513 | 41,151 | 19,646 | 45,284 | 64,930 | (817) | July, 2015 | (3) |
| $59,253 | $146,997 | $5,756 | $186,568 | $65,009 | $333,565 | $398,574 | $(39,940) | |||||
(1)
Includes reductions related to partial site sales and impairment of long-lived assets.
(2)
The aggregate cost of land, buildings and improvements for U.S. federal income tax purposes is approximately $686 million (unaudited).
(3)
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
| 2024 | 2023 | |
|---|---|---|
| Balance at beginning of year | $627,950 | $1,341,849 |
| Additions | 24,688 | 59,182 |
| Impairments | (87,536) | (107,043) |
| Dispositions | (159,373) | (663,089) |
| Write-offs | (7,155) | (2,949) |
| Balance at end of year | $398,574 | $627,950 |
Reconciliation of Accumulated Depreciation
| 2024 | 2023 | |
|---|---|---|
| Balance at beginning of year | $43,634 | $124,131 |
| Depreciation expense | 11,777 | 13,020 |
| Dispositions | (15,471) | (89,815) |
| Write-offs | — | (3,702) |
| Balance at end of year | $39,940 | $43,634 |
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