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Dec 31, 2024
Seritage Q4 2024 Earnings Report
Seritage Growth Properties reported its financial and operating results for the fourth quarter and full year ended December 31, 2024.
Key Takeaways
Seritage Growth Properties reported a net loss attributable to common shareholders of $(12.576) million for the three months ended December 31, 2024, with total revenue of $17.622 million. The company made significant progress towards its Plan of Sale, preparing more assets for market in 2025.
Generated $50.8 million in gross proceeds from the sale of three vacant/non-income producing assets, eliminating $1.2 million in carry costs.
Generated $11.0 million in gross proceeds from monetizing two unconsolidated entity interests.
Subsequent to December 31, 2024, generated $29.9 million in gross proceeds from an income-producing asset sale at a 7.7% capitalization rate.
As of March 31, 2025, the Company had cash on hand of $107.0 million, including $12.5 million of restricted cash.
Revenue by Segment
Forward Guidance
The Company anticipates that a majority of its assets will be in the market in 2025, including a mix of large development sites, smaller leased properties, and vacant assets. Sales projections are based on current forecasts, but actual results may differ.
Positive Outlook
- Anticipates a majority of assets to be in the market in 2025.
- Progress made in signing critical leases and achieving partnership approvals.
- Secured zoning and other important milestones for asset sales.
- Negotiating a definitive purchase and sale agreement for a premier development asset for anticipated gross proceeds of approximately $70.0 million.
- Secured an extension right on the Term Loan Facility to July 31, 2026.
Challenges Ahead
- Experienced fewer closings this quarter compared to previous ones.
- Challenging market conditions continue to apply downward pricing pressure on assets.
- Availability and cost of financing may impact sales proceeds and timing of distributions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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