Seritage Growth Properties
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
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Item 2. Properties
As of December 31, 2025, the Company’s portfolio consisted of interests in 10 properties comprised of approximately 0.8 million square feet of GLA or build-to-suit leased area and 156 acres of land. The portfolio consists of approximately 0.3 million square feet of GLA and 71 acres held by five Consolidated Properties and 0.5 million square feet of GLA and 85 acres held by five Unconsolidated Properties. The following tables set forth certain information regarding our Consolidated Properties and Unconsolidated Properties based on signed leases as of December 31, 2025, including signed but not yet open leases (“SNO” or “SNO Leases”):
| City · State · Total · GLA Leased (1) · Not Leased · Land Acres · Significant Tenants (1) · Leased | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | King of Prussia (2) | PA | 208,700 | 174,500 | 34,200 | 14 | Dick's Sporting Goods, Primark | 83.6% | |||
| 2 | Dallas | TX | - | - | - | 23 | n/a | 0.0% | |||
| 3 | Redmond | WA | 7,500 | 7,500 | - | 15 | Red Robin | 100.0% | |||
| 4 | Riverside - Resi | CA | - | - | - | 14 | n/a | 0.0% | |||
| 5 | Riverside - Retail | CA | 33,200 | 12,200 | 21,000 | 5 | Bank of America | 36.7% | |||
| Total - Consolidated Properties | 249,400 | 194,200 | 55,200 | 71 | 77.9% | ||||||
| City · State · Total · GLA Leased (1) · Not Leased · Joint Venture · Land Acres · Significant Tenants (1) · Leased | |||||||||||
| 1 | Santa Monica | CA | 103,000 | - | 103,000 | Mark 302 JV | 3 | n/a | 0.0% | ||
| 2 | San Diego | CA | 212,500 | 210,100 | 2,400 | UTC JV | 13 | Amazon | 98.9% | ||
| 3 | Alexandria | VA | - | - | - | Foulger Pratt / Howard Hughes | 41 | n/a | 0.0% | ||
| 4 | Altamonte Springs | FL | 186,900 | 9,500 | 177,400 | GGP II JV | 17 | Darden | 5.1% | ||
| 5 | Austin | TX | - | - | - | RD Development JV | 11 | n/a | 0.0% | ||
| Total - Unconsolidated Properties | 502,400 | 219,600 | 282,800 | 85 | 43.7% | ||||||
| Grand Total - All Properties | 751,800 | 413,800 | 338,000 | 156 | 55.0% | ||||||
| Grand Total - All Properties (at Share) | 500,600 | 304,000 | 196,600 | 114 | 60.7% | ||||||
(1)
Based on signed leases as of December 31, 2025, including SNO Leases.
(2)
Property subject to a lease or ground lease.
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, 2025:
| State | Number of Properties | Annual Rent | % of Annual Rent | PSF |
|---|---|---|---|---|
| Pennsylvania | 1 | $4,901,000 | 95.6% | $28.08 |
| California | 2 | 34,000 | 0.7% | 1.03 |
| Washington | 1 | 190,000 | 3.7% | 25.33 |
| Texas | 1 | - | 0.0% | - |
| Total | 5 | $5,125,000 | 100.0% | $26.39 |
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Tenant Overview
The following table provides a summary of annual base rent for the portfolio based on signed leases as of December 31, 2025:
| Tenant | Number of Leases | Leased GLA | % of Total Leasable GLA | Gross Annual Base Rent ("ABR") | % of Total Annual Rent | Gross Annual Rent PSF ("ABR PSF") |
|---|---|---|---|---|---|---|
| In-place leases | 7 | 194,000 | 77.9% | $5,125,000 | 83.1% | $26.39 |
| Total | 7 | 194,000 | 77.9% | $5,125,000 | 83.1% | $26.39 |
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, 2025:
| State | Number of Properties | Annual Rent | % of Annual Rent | PSF |
|---|---|---|---|---|
| California | 2 | $15,474,000 | 98.8% | $73.66 |
| Florida | 1 | 186,000 | 1.2% | 19.72 |
| Texas | 1 | - | 0.0% | - |
| Virginia | 1 | - | 0.0% | - |
| Total | 5 | $15,660,000 | 100.0% | $71.34 |
Tenant Overview
The following table provides a summary of annual base rent for the Unconsolidated Properties based on signed leases as of December 31, 2025:
| Tenant | Number of Leases | Leased GLA | % of Total Leasable GLA | Gross Annual Base Rent ("ABR") | % of Total Annual Rent | Gross Annual Rent PSF ("ABR PSF") |
|---|---|---|---|---|---|---|
| In-place leases | 26 | 220,000 | 43.7% | $15,660,000 | 100.0% | $71.34 |
| Total | 26 | 220,000 | 43.7% | $15,660,000 | 100.0% | $71.34 |
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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.