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Sep 30, 2024
Seritage Q3 2024 Earnings Report
Reported financial and operating results for the third quarter of 2024.
Key Takeaways
Seritage Growth Properties reported a net loss attributable to common shareholders of ($23.2) million, or ($0.41) per share, for the three months ended September 30, 2024. The company generated $24.0 million of gross proceeds from the sale of an income producing asset reflecting a 8.5% capitalization rate.
Generated $24.0 million of gross proceeds from the sale of an income producing asset reflecting a 8.5% capitalization rate.
Subsequent to September 30, 2024, generated $17.1 million in gross proceeds from a vacant/non-income producing asset sold at $87.43 PSF eliminating $0.6 million of carry costs.
As of September 30, 2024, the Company had cash on hand of $98.2 million, including $12.6 million of restricted cash.
Signed two leases covering 5.5 thousand square feet in the third quarter at a projected average annual net rent of $65.57 PSF.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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