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Mar 31
Seritage Q1 2025 Earnings Report
Reported financial and operating results for the first quarter of 2025
Key Takeaways
Seritage Growth Properties reported a net loss of $22.2 million for the first quarter of 2025, an increase from the $19 million net loss in the same period last year. Revenue decreased to $4.6 million from $5.8 million year-over-year. The company continues its Plan of Sale strategy to repay debt and monetize assets amidst challenging market conditions.
Net loss for Q1 2025 was $22.2 million, compared to a net loss of $19 million in Q1 2024.
Total revenue for Q1 2025 was $4.6 million, down from $5.8 million in Q1 2024.
NOI-cash basis at share for Q1 2025 increased to $2.6 million from $2.1 million in Q1 2024.
Cash on hand as of March 31, 2025, was $107.1 million, including restricted cash.
Seritage
Seritage
Seritage Revenue by Segment
Revenue by Segment
Rental income Revenue
CapyFin.comManagement and other fee income Revenue
CapyFin.com Forward Guidance
The company will continue to pursue its Plan of Sale with the priority of repaying debt, focusing on executing transactions for assets already in the market and monetizing remaining assets. Sales projections are based on current forecasts, but challenging market conditions may impact proceeds and timing.
Positive Outlook
- Continued focus on executing the Plan of Sale to generate value.
- Prioritizing debt repayment through asset sales.
- Team is focused on monetizing remaining assets.
- Exploring potential alternative financing arrangements.
- Management is actively assessing market conditions for optimal timing of sales.
Challenges Ahead
- Challenging market conditions with elevated interest rates persist.
- Potential macroeconomic impacts including supply chain issues and international conflicts.
- Potential labor issues.
- Expectation of downward pricing pressures on remaining assets if challenging conditions persist.
- No assurance that asset sales or alternative financing will be consummated.