Business
Seritage Growth Properties Reports Fourth Quarter and Full Year 2024 Operating Results
NEW YORK, March 31, 2025--Seritage Growth Properties (NYSE: SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties today reported financial and operating results for the year ended December 31, 2024.
About this update from Seritage Growth Properties
[{"type":"text","content":"NEW YORK, March 31, 2025--(BUSINESS WIRE)--Seritage Growth Properties (NYSE: SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties today reported financial and operating results for the year ended December 31, 2024.","length":272,"tagName":"p"},{"type":"text","content":""This quarter we have made strides to ready more assets for sale: signing critical leases, achieving partnership approvals, securing zoning and other important milestones. As a result, we anticipate that a majority of our assets, whether fully or partially for certain assets anticipated to be sold in multiple transactions, will be in the market in 2025. These include a mix of large development sites, smaller leased properties and vacant assets, all of which have varying anticipated sales processes and closing timelines. In sum, although we have had fewer closings this quarter than previous ones, we have made significant progress towards the completion of our Plan of Sale" said Andrea Olshan, CEO & President.","length":731,"tagName":"p"},{"type":"text","content":"Q4 Sale Highlights:","length":19,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Generated $50.8 million of gross proceeds from the sale of three vacant/non-income producing assets sold at $92.87 PSF eliminating $1.2 million of carry costs and generated $11.0 million of gross proceeds from monetizing two unconsolidated entity interests.","length":257,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Subsequent to December 31, 2024, generated $29.9 million in gross proceeds from an income producing asset sold reflecting a 7.7% capitalization rate.","length":149,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"As of March 31, 2025, the Company has one asset owned by our consolidated joint venture under contract for sale subject to customary due diligence for anticipated gross proceeds of $14.0 million or $11.2 million at share.","length":221,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"The Company is currently negotiating a definitive purchase and sale agreement on one premier development asset for anticipated gross proceeds of approximately $70.0 million. The purchase and sales agreement, if executed, contemplates a long-dated closing due to the agreed upon pursuit...