Seritage Growth Properties Reports Fourth Quarter and Full Year 2018 Operating Results

– Signed new leases totaling 3.1 million square feet at an average
re-leasing multiple of 3.9x –

– Ended year with nearly $1.0 billion of cash on hand and committed
capital –

– Subsequent to year end, signed a master lease with successor to
Sears Holdings for 51 locations –

NEW YORK–(BUSINESS WIRE)–Seritage Growth Properties (NYSE: SRG) (the “Company”), a national owner
of 232 retail and mixed-use properties totaling approximately 36.3
million square feet of gross leasable area (“GLA”), today reported
financial and operating results for the quarter and year ended December
31, 2018.

Summary Financial Results

For the quarter ended December 31, 2018:

  • Net loss attributable to common shareholders of $56.0 million, or
    $1.57 per share
  • Total Net Operating Income (“Total NOI”) of $34.1 million
  • Funds from Operations (“FFO”) of $7.0 million, or $0.13 per share
  • Company FFO of ($4.4) million, or ($0.08) per share

For the year ended December 31, 2018:

  • Net loss attributable to common shareholders of $78.4 million, or
    $2.20 per share
  • Total NOI of $143.1 million
  • FFO of $24.1 million, or $0.43 per share
  • Company FFO of $15.7 million, or $0.28 per share

We are very pleased with our fourth quarter performance, which included
878,000 square feet of new leasing at an average re-leasing multiple of
4.0x for space previously occupied by Sears. Since inception, we have
leased nearly 8.0 million square feet at an average re-leasing multiple
of 4.1x, and completed or commenced 97 redevelopment projects totaling
approximately $1.5 billion of total capital investment with targeted
incremental yields of approximately 11% on an unlevered basis,” said
Benjamin Schall, President and Chief Executive Officer. “To fund this
transformative redevelopment program, we have maintained access to
multiple sources of liquidity and currently have $533 million of cash on
hand and a committed $400 million incremental funding facility. Further,
having generated over $230 million in 2018 through the formation of
joint ventures and divestiture of smaller market assets, we continue to
recycle capital into the highest value creation opportunities in our
portfolio.”

Mr. Schall continued, “We have rapidly diversified our tenant base, with
over 70% of our annual base rent under lease now derived from
diversified, non-Sears tenants (up from 20% at inception). In February,
we signed a new master lease with the successor to Sears Holdings that
maintains 51 locations leased to Sears or Kmart, which will become
effective following the rejection of the existing Master Lease with
Sears Holdings. The new lease provides Seritage with expanded rights to
execute on our redevelopment initiatives. As we look forward, we expect
to continue to utilize our platform and expand our relationships with
growing retailers, mixed-use developers and institutional capital
allocators to further unlock embedded value through our retail
redevelopments and larger mixed-use pipeline.”

Operating Highlights

Rental Income

During the year ended December 31, 2018, the Company added $45.2 million
of new diversified, non-Sears income and increased annual base rent
attributable to diversified, non-Sears tenants to 70.9% of total annual
base rent from 52.2% as of December 31, 2017, including all signed
leases and net of rent attributable to the associated space to be
recaptured.

The table below provides a summary of all the Company’s signed leases as
of December 31, 2018, including unconsolidated joint ventures presented
at the Company’s proportional share:

(in thousands except number of leases and PSF data)
                 
Number of Leased % of Total Annual % of Total Annual
Tenant Leases GLA Leased GLA Rent Annual Rent Rent PSF
Sears Holdings (1)(2)   105   12,619   56.0 % $ 61,341   29.1 % $ 4.86
In-place diversified, non-Sears leases (2) 236 5,043 22.4 % 66,200 31.4 % 13.13
SNO diversified, non-Sears leases (2)(3)   170   4,852   21.6 %   83,297   39.5 %   17.17
Sub-total diversified, non-Sears leases   406   9,895   44.0 %   149,497   70.9 %   15.11
Total   511   22,514   100.0 % $ 210,838   100.0 % $ 9.36
 
(1)   Number of leases reflects number of properties subject to the 2015
Sears Holdings Master Lease and JV Master Leases.
(2) Metrics include four properties subject to previously exercised
recapture notices and five properties under contract for sale.
(3) SNO = signed but not yet opened leases.
 

Leasing

In 2018, the Company signed new leases totaling 3.1 million square feet,
representing a 17% increase over 2017 leasing activity, including
approximately 878,000 square feet signed in the fourth quarter at an
average base rent of $18.03 PSF (retail leases represented 664,000
square feet at an average base rent of $20.98 PSF).

Below is a summary of the Company’s leasing activity, including its
proportional share of unconsolidated joint ventures, as of December 31,
2018:

      (in thousands, except PSF amounts)
          Since
Q4 2018   FY2018   Inception  
Leases 31 119 $ 287
Square feet 878,000 3,055,000 7,885,000
Annual base rent $ 15,830 $ 45,197 $ 131,164
Annual base rent PSF (1) $ 20.98 $ 17.30 $ 17.64
Re-leasing multiple (1)(2) 4.0 x 3.9 x 4.1 x
 
(1)   Reflects retail leases only; excludes certain self storage, auto
dealership, medical office and ground leases.
(2) Excludes densification square footage (e.g. new outparcel
developments) and backfill of vacant space not previously occupied
by Sears.
 

Development

In 2018, the Company commenced projects totaling $382 million, including
19 new redevelopments and the expansion of seven previously announced
projects. This activity included three new projects representing $65.0
million of capital investment in the fourth quarter.

Below is a summary of the Company’s announced development activity from
inception through December 31, 2018, presented at 100% share and
including certain assets that have been monetized through sale or joint
venture:

(in thousands)                                    
Estimated Estimated Estimated
Number Project Development Project Projected Annual Income (2) Incremental
Estimated Project Costs (1) of Projects Square Feet Costs (1) Costs (1) Total Existing Incremental Yield (3)
< $10,000 28 2,182 $ 125,600 $ 127,900 $ 23,400 $ 5,700 $ 17,700
$10,001 – $20,000 (4) 32 3,721 439,000 458,900 63,100 15,300 47,900
> $20,001   22   3,738   803,100   861,900   115,100   23,100   91,900  
Announced projects 82   9,641 $ 1,367,700 $ 1,448,700 $ 201,600 $ 44,100 $ 157,500 10.5-11.5%
Acquired projects   15   63,600   63,600
Total projects   97 $ 1,431,300 $ 1,512,300
 
(1)   Total estimated development costs exclude, and total estimated
project costs include, termination fees to recapture 100% of certain
properties.
(2) Projected annual income includes assumptions on stabilized rents to
be achieved for space under redevelopment. There can be no assurance
that stabilized rent targets will be achieved.
(3) Projected incremental annual income divided by total estimated
project costs.
(4) Includes Saugus, MA project which has been temporarily postponed
while the Company identifies a new lead tenant.
 

Transactions

In 2018, the Company contributed its assets in Santa Monica (CA), La
Jolla (CA) and West Hartford (CT) into three joint ventures with
institutional capital partners representing a total transaction value of
$362 million, or $744 PSF, and generated $117.0 million of gross
proceeds.

In 2018, the Company also sold 21 properties, primarily those in smaller
markets, totaling 2.1 million square feet that generated gross proceeds
of $114.3 million, or $54 PSF. These transactions included five
dispositions in the fourth quarter that generated gross proceeds of
$47.3 million, or $78 PSF.

Balance Sheet

On July 31, 2018, the Company entered into a new $2.0 billion term loan
facility with Berkshire Hathaway Life Insurance Company (the “Term Loan
Facility”). The Term Loan Facility, which matures on July 31, 2023,
provided for an initial funding of $1.6 billion at closing and includes
a committed $400 million incremental funding facility (subject to
certain conditions).

The Company used a portion of the proceeds from the initial funding to
fully repay its outstanding mortgage loan and unsecured term loan. The
Company expects the remaining proceeds from the initial funding, as well
as borrowings under the incremental funding facility, will be used to
fund the Company’s redevelopment pipeline and to pay operating expenses
of the Company and its subsidiaries.

As of December 31, 2018, the Company had nearly $1.0 billion of
identified liquidity, including $532.9 million of cash on the balance
sheet, the $400 million incremental funding facility (subject to certain
conditions) and assets under contract for sale for anticipated gross
proceeds of $59.8 million (assets under contract for sale are subject to
customary closing conditions and there can be no assurance that such
transactions will be consummated).

The Term Loan Facility includes certain financial metrics, including
fixed charge coverage ratios, leverage ratios and a minimum net worth,
that could be negatively impacted by a loss of revenue from Sears
Holdings, including if the 2015 Sears Holdings Master Lease is rejected
and the Holdco Master Lease becomes effective. A failure to satisfy any
of these financial metrics will require the Company to seek lender
approval to monetize assets via sale or joint venture and also provide
the lender the right to request mortgages on its real estate collateral.
The failure to satisfy any of these financial metrics will not result in
an event of default, mandatory amortization, cash flow sweep or any
similar provision.

Dividends

On October 23, 2018, the Company’s Board of Trustees declared a fourth
quarter common stock dividend of $0.25 per each Class A and Class C
common share. The common dividend was paid on January 10, 2019 to
shareholders of record on December 31, 2018. Holders of units in
Seritage Growth Properties, L.P. (the “Operating Partnership”) were
entitled to an equal distribution per each Operating Partnership unit
held on December 31, 2018. On October 23, 2018, the Company’s Board of
Trustees also declared a preferred stock dividend of $0.4375 per each
Series A Preferred Share. The preferred dividend was paid on January 14,
2019 to holders of record on December 31, 2018.

On February 20, 2019, the Company’s Board of Trustees declared a first
quarter common stock dividend of $0.25 per each Class A and Class C
common share. The common dividend will be paid on April 11, 2019 to
shareholders of record on March 29, 2019. Holders of units in the
Operating Partnership are entitled to an equal distribution per each
Operating Partnership unit held on March 29, 2019. On February 20, 2019,
the Company’s Board of Trustees also declared a preferred stock dividend
of $0.4375 per each Series A Preferred Share. The preferred dividend
will be paid on April 15, 2019 to holders of record on March 29, 2019.

The Company has announced that the Board of Trustees does not currently
expect to declare additional common dividends for the remainder of 2019,
based on its assessment of the Company’s investment opportunities and
its expectations of taxable income for the year. The Board of Trustees
will reevaluate this position at the end of 2019, if necessary, to
ensure that the Company meets its distribution requirements as a REIT.
The Company has also announced that the Board of Trustees expects that
cash dividends for the Company’s preferred shares will continue to be
paid each quarter.

Sears Holdings Bankruptcy and Holdco Master
Lease

On October 15, 2018, Sears Holdings and certain of its affiliates filed
voluntary petitions for relief under chapter 11 of title 11 of the
United States Code (the “Bankruptcy Code”) with the United States
Bankruptcy Court for the Southern District of New York (the “Bankruptcy
Court”). On February 11, 2019, Transform Holdco LLC (“Holdco”), an
affiliate of ESL Investments, Inc., completed the acquisition of an
approximately 425-store retail footprint and other assets and component
businesses of Sears Holdings on a going-concern basis.

On February 28, 2019, the Company entered into a master lease with
affiliates of Holdco (the “Holdco Master Lease”) comprising 51 of the
Company’s wholly-owned properties that remained subject to the master
lease with Sears Holdings (the “2015 Sears Holdings Master Lease”) at
the time Sears Holdings filed for bankruptcy protection.

A condition to the performance and obligations provided for in the
Holdco Master Lease is the rejection of the 2015 Sears Holdings Master
Lease. The 2015 Sears Holdings Master Lease will be rejected if either
(i) the Bankruptcy Court issues an order approving the rejection of the
2015 Sears Holdings Master Lease or (ii) the 2015 Sears Holdings Master
Lease is deemed to be rejected pursuant to the operation of the
Bankruptcy Code. As a result of this condition, there can be no
assurance as to the commencement of our and Holdco’s performance and
obligations provided for in the Holdco Master Lease and/or the timing
thereof.

The Holdco Master Lease, as executed, contains terms that are similar to
the 2015 Sears Holdings Master Lease with the addition of certain
enhanced landlord recapture and tenant termination rights. Additional
information regarding the Holdco Master Lease can be found in the Form
8-K filed with the Securities and Exchange Commission on February 28,
2019.

Financial Results

Below is a summary of the Company’s financial results for the quarter
and year ended December 31, 2018 and December 31, 2017:

(in thousands except per share amounts)     Quarter Ended December 31,       Year Ended December 31,  
2018       2017   2018       2017  
Net loss attributable to common shareholders $ (56,038 ) $ (43,456 ) $ (78,375 ) $ (73,999 )
Net loss per share attributable to common shareholders (1.57 ) (1.27 ) (2.20 ) (2.19 )
 
Total NOI 34,055 39,560 143,107 174,758
 
FFO 7,009 11,131 24,111 91,690
FFO per share 0.13 0.20 0.43 1.65
 
Company FFO (4,438 ) 11,522 15,746 81,797
Company FFO per share (0.08 ) 0.21 0.28 1.47
 

Net Loss

Net loss for both the quarter and year ended December 31, 2018 include
significant depreciation and amortization expense related to the
accelerated amortization of certain lease intangibles as a result of the
recapture of space from, or the termination of space by, Sears Holdings,
and the demolition of certain buildings for redevelopment. The quarter
and year ended December 31, 2018 also included additional accelerated
amortization of certain lease intangibles as a result of Sears Holdings’
bankruptcy filing.

Total NOI

The decrease in Total NOI for both the quarter and year ended December
31, 2018 was driven primarily by reduced rental income under the 2015
Sears Holdings Master Lease as a result of recapture and termination
activity at our properties. In addition, the Company sold 21
wholly-owned properties and 50% interests in three wholly-owned
properties in 2018, which contributed to the decrease in Total NOI.

Since inception, nearly 20.0 million square feet of leased space,
representing approximately $80.0 million of annual base rent, has been,
or will be, taken offline through recapture and termination activity. To
date, the Company has signed new leases with diversified, non-Sears
tenants for an aggregate annual base rent of $131.2 million across 7.9
million square feet of space. A majority of these newly signed leases
are categorized as SNO leases and are expected to begin paying rent
throughout the next 24 months.

FFO and Company FFO

The decrease in FFO and Company FFO for both the quarter and year ended
December 31, 2018 were driven by the same factors driving the decrease
in Total NOI, as well (i) lower straight-line rent as a result of
recapture and termination activity at our properties, (ii) the write-off
of certain straight-line rent receivables as a result of Sears Holdings’
bankruptcy filing, (iii) higher interest expense resulting from our debt
refinancing in the third quarter of 2018, and (iv) dividends related to
the $70 million preferred equity raise that was completed late in the
fourth quarter of 2017. In addition, FFO for the quarter ended December
31, 2018 included higher termination fee income which partially offset
the other factors driving the decrease in FFO, and both FFO and Company
FFO for the year ended December 31, 2018 were impacted by higher G&A
expenses, including personnel costs related to our growing platform and
certain legal and advisory costs related to Sears Holdings’ bankruptcy
filing.

Portfolio Summary

Below is a summary of the Company’s portfolio as December 31, 2018:

        Wholly Owned   Unconsolidated    
Portfolio   Joint Ventures   Total  
Properties   206   26 232
 
Malls 94 24 118
Strip centers and freestanding 112 2 114
 
GLA (at share) (000s) 31,602 2,348 33,950
% leased 65.6 % 76.4 % 66.3 %
 

The unleased space as of December 31, 2018 included approximately 2.5
million SF of remaining lease-up at announced redevelopment projects,
and approximately 8.9 million SF of additional leasing opportunity at
properties throughout the Company’s portfolio.

Announced Development Projects

As of December 31, 2018, the Company had originated 82 redevelopment
projects since the Company’s inception. These projects represent an
estimated total investment of $1.45 billion ($1.37 billion at share), of
which an estimated $907 million ($849 million at share) remains to be
spent, and are expected to generate an incremental yield on cost of
approximately 11.0%.

The tables below provide brief descriptions of each of the redevelopment
projects originated on the Company’s platform since its inception,
including certain assets that have been monetized through sale or joint
venture:

Total Project Costs under $10 Million
                        Total     Estimated   Estimated
Project Construction Substantial
Property Description Square Feet   Start Completion
King of Prussia, PA Repurpose former auto center space for Outback Steakhouse, Yard
House and small shop retail
  29,100 Complete
Merrillville, IN Termination property; redevelop existing store for At Home and small
shop retail
132,000 Complete
Elkhart, IN Termination property; existing store has been released to Big R
Stores
86,500 Complete
Bowie, MD Recapture and repurpose auto center space for BJ’s Brewhouse 8,200 Complete
Troy, MI Partial recapture; redevelop existing store for At Home 100,000 Complete
Rehoboth Beach, DE Partial recapture; redevelop existing store for andThat! and PetSmart 56,700 Complete
Henderson, NV Termination property; redevelop existing store for At Home, Seafood
City, Blink Fitness and additional retail
144,400 Complete
Cullman, AL Termination property; redevelop existing store for Bargain Hunt,
Tractor Supply and Planet Fitness
99,000 Complete
Jefferson City, MO Termination property; redevelop existing store for Orscheln Farm and
Home
96,000 Complete
Guaynabo, PR Partial recapture; redevelop existing store for Planet Fitness,
Capri and additional retail and restaurants
56,100 Complete
Ft. Wayne, IN Site densification (project expansion); new outparcels for BJ’s
Brewhouse and Chick-Fil-A
12,000 Complete
Westwood, TX Termination property; site has been leased to Sonic Automotive and
will be repurposed as an auto dealership
213,600 Complete
Albany, NY Recapture and repurpose auto center space for BJ’s Brewhouse, Ethan
Allen and additional small shop retail
28,000 Substantially complete
Kearney, NE Termination property; redevelop existing store for Marshall’s,
PetSmart, Ross Dress for Less and Five Below
92,500 Substantially complete
Dayton, OH Recapture and repurpose auto center space for Outback Steakhouse and
additional restaurants
14,100 Substantially complete
Florissant, MO Site densification; new outparcel for Chick-Fil-A 5,000 Delivered to tenant
St. Clair Shores, MI 100% recapture; demolish existing store and develop site for new
Kroger grocery store
107,200 Delivered to tenant
Hagerstown, MD Recapture and repurpose auto center space for BJ’s Brewhouse,
Verizon and additional retail
15,400 Sold
New Iberia, LA Termination property; redevelop existing store for Ross Dress for
Less, Rouses Supermarkets, Hobby Lobby and small shop retail
93,100 Underway Q1 2019
North Little Rock, AR Recapture and repurpose auto center space for LongHorn Steakhouse
and additional small shop retail
17,300 Underway Q2 2019
Hopkinsville, KY Termination property; redevelop existing store for Bargain Hunt,
Farmer’s Furniture, Harbor Freight Tools and small shop retail
87,900 Underway Q2 2019
Mt. Pleasant, PA Termination property; redevelop existing store for Aldi, Big Lots
and additional retail
86,300 Underway Q3 2019
Oklahoma City, OK Site densification; new fitness center for Vasa Fitness 59,500 Underway Q3 2019
Gainesville, FL Termination property; repurpose existing store as office space for
Florida Clinical Practice Association / University of Florida
College of Medicine
139,100 Underway Q4 2019
Layton, UT Termination property; a portion of the space has been leased to
Extra Space Storage and will be repurposed as self storage; existing
tenants include Vasa Fitness and small shop retail
172,100 Q1 2019 Q2 2019
Hampton, VA Site densification; new outparcel for Chick-fil-A 2,200 Sold
Houston, TX 100% recapture; entered into ground lease with adjacent mall with
potential to participate in future redevelopment
214,400 Q1 2019 Q2 2019
Hialeah, FL Recapture and repurpose auto center space for restaurants and small
shop retail
14,000 Q2 2019 Q1 2020
 
Total Project Costs $10 – $20 Million
                      Total       Estimated   Estimated
Project Construction Substantial
Property Description Square Feet   Start Completion
Braintree, MA 100% recapture; redevelop existing store for Nordstrom Rack, Saks
OFF 5th and additional retail
  90,000 Complete
Honolulu, HI 100% recapture; redevelop existing store for Longs Drugs (CVS),
PetSmart and Ross Dress for Less
79,000 Complete
Anderson, SC 100% recapture (project expansion); redevelop existing store for
Burlington Stores, Gold’s Gym, Sportsman’s Warehouse, additional
retail and restaurants
111,300 Complete
Madison, WI Partial recapture; redevelop existing store for Dave & Busters,
Total Wine & More, additional retail and restaurants
75,300 Substantially complete
Orlando, FL 100% recapture; demolish and construct new buildings for Floor &
Decor, Orchard Supply Hardware, LongHorn Steakhouse, Mission BBQ,
Olive Garden and additional small shop retail and restaurants
139,200 Substantially complete
Paducah, KY Termination property; redevelop existing store for Burlington
Stores, Ross Dress for Less and additional retail
102,300 Substantially complete
Springfield, IL Termination property; redevelop existing store for Burlington
Stores, Binny’s Beverage Depot, Marshall’s, Orangetheory Fitness,
Outback Steakhouse, CoreLife Eatery and additional small shop retail
133,400 Substantially complete
Thornton, CO Termination property; redevelop existing store for Vasa Fitness and
additional junior anchors
191,600 Substantially complete
Cockeysville, MD Partial recapture; redevelop existing store for HomeGoods, Michael’s
Stores, additional junior anchors and restaurants
83,500 Substantially complete
Warwick, RI Termination property (project expansion); redevelop existing store
and detached auto center for At Home, BJ’s Brewhouse, Raymour &
Flanigan, additional retail and restaurants
190,700 Substantially complete
Salem, NH Densify site with new theatre for Cinemark and recapture and
repurpose auto center for restaurant space to join existing tenant
Dick’s Sporting Goods
71,200 Delivered to tenants
Fairfax, VA Partial recapture; redevelop existing store and attached auto center
for Dave & Busters, additional junior anchors and restaurants
110,300 Delivered to tenants
Temecula, CA Partial recapture; redevelop existing store and detached auto center
for Round One, small shop retail and restaurants
65,100 Delivered to tenant
Hialeah, FL 100% recapture; redevelop existing store for Bed, Bath & Beyond,
Ross Dress for Less and dd’s Discounts to join current tenant, Aldi
88,400 Delivered to tenants
Santa Cruz, CA Partial recapture; redevelop existing store for TJ Maxx, HomeGoods
and additional junior anchors
62,200 Sold
North Hollywood, CA Partial recapture; redevelop existing store for Burlington Stores
and Ross Dress for Less
79,800 Underway Q1 2019
North Miami, FL 100% recapture; redevelop existing store for Blink Fitness,
Burlington Stores, Michael’s and Ross Dress for Less
124,300 Underway Q2 2019
Canton, OH Partial recapture; redevelop existing store for Dave & Busters and
restaurants
83,900 Underway Q2 2019
North Riverside, IL Partial recapture; redevelop existing store and detached auto center
for Blink Fitness, Round One, additional junior anchors, small shop
retail and restaurants
103,900 Underway Q2 2019
Olean, NY Termination property (project expansion); redevelop existing store
for Marshall’s, Ollie’s Bargain Basement and additional retail
125,700 Underway Q2 2019
West Jordan, UT Termination property (project expansion); redevelop existing store
and attached auto center for At Home, Burlington Stores and
additional retail
190,300 Underway Q2 2019
Las Vegas, NV Partial recapture; redevelop existing store for Round One and
additional retail
78,800 Underway Q3 2019
Roseville, MI Termination property (project expansion); redevelop existing store
for At Home, Hobby Lobby, Chick-fil-A and additional retail
369,800 Underway Q3 2019
Yorktown Heights, NY Partial recapture; redevelop existing store for 24 Hour Fitness and
retail uses
85,200 Underway Q4 2019
Charleston, SC 100% recapture (project expansion); redevelop existing store and
detached auto center for Burlington Stores and additional retail
126,700 Underway Q4 2019
Chicago, IL (Kedzie) Termination property; redevelop existing store for Ross Dress for
Less, dd’s Discounts, Blink Fitness and additional retail
123,300 Underway Q4 2019
El Paso, TX Termination property; redevelop existing store for Ross Dress for
Less, dd’s Discounts and additional retail
114,700 Underway Q4 2019
Warrenton, VA Termination property; redevelop existing store for HomeGoods and
additional retail
97,300 Q1 2019 Q3 2019
Pensacola, FL Termination property; redevelop existing store for BJ’s Wholesale,
additional retail and restaurants
134,700 Q1 2019 Q1 2020
Vancouver, WA Partial recapture; redevelop existing store for Round One, Hobby
Lobby and additional retail and restaurants
72,400 Q1 2019 Q2 2020
Manchester, NH Termination property; redevelop existing store for Dick’s Sporting
Goods, Dave & Busters, additional retail and restaurants
117,700 Q3 2019 Q3 2020
Saugus, MA Partial recapture; redevelop existing store and detached auto center
(note: temporarily postponed while the Company identifies a new lead
tenant)
99,000 To be determined
 

Contacts

Seritage Growth Properties
646-277-1268
IR@Seritage.com

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