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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Schedule III—Real estate and accumulated depreciation
DECEMBER 31, 2025
(Dollars in thousands)
| Costs Capitalized · Gross Amount at Which Carried | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | (3) | $1,054 | $494 | $ | - | $629 | $1,054 | $1,123 | $2,177 | $(180) | July, 2015 | (4) |
| King of Prussia | PA | (3) | - | 42,300 | - | 1,496 | - | 43,796 | 43,796 | (13,825) | July, 2015 | (4) | |
| Valley View | TX | (3) | 4,706 | 3,230 | - | 41,445 | 4,706 | 44,675 | 49,381 | - | July, 2015 | (4) | |
| Redmond-Overlake Pk | WA | (3) | 5,133 | 4,133 | 14,513 | 41,848 | 19,646 | 45,981 | 65,627 | (903) | July, 2015 | (4) | |
| $10,893 | $50,157 | $14,513 | $85,418 | $25,406 | $135,575 | $160,981 | $(14,908) | ||||||
| Real Estate Held for Sale | |||||||||||||
| Riverside | CA | (3) | 3,343 | 2,778 | - | 3,504 | 3,343 | 6,282 | 9,625 | (933) | July, 2015 | (4) | |
| $3,343 | $2,778 | $ | - | $3,504 | $3,343 | $6,282 | $9,625 | $(933) | |||||
(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 $106 million (unaudited).
(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 of the Notes to the Consolidated Financial Statements.
(4)
Depreciation is computed based on the following estimated useful lives:
| Buildings: | 25 – 40 years |
|---|---|
| Site improvements: | 0 – 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
| 2025 | 2024 | |
|---|---|---|
| Balance at beginning of year | $398,574 | $627,950 |
| Additions | 9,341 | 24,688 |
| Impairments | (18,800) | (87,536) |
| Dispositions | (218,480) | (159,373) |
| Write-offs | (29) | (7,155) |
| Real estate held for sale | (9,625) | - |
| Balance at end of year | $160,981 | $398,574 |
Reconciliation of Accumulated Depreciation
| 2025 | 2024 | |
|---|---|---|
| Balance at beginning of year | $39,940 | $43,634 |
| Depreciation expense | 5,441 | 11,777 |
| Dispositions | (29,540) | (15,471) |
| Real estate held for sale | (933) | - |
| Balance at end of year | $14,908 | $39,940 |
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