Seritage Growth Properties (SRG) Q4 2025 earnings summary

Executive summary

• Generated $230.7 million in gross proceeds from asset sales in 2025 and repaid $190.0 million of debt, reducing the term loan facility balance to $50.0 million as of year-end.

• Focus remains on monetizing remaining assets and exploring financing alternatives and strategic transactions in 2026.

Financial highlights

• Net loss attributable to common shareholders was ($6.3) million for Q4 2025 and ($73.1) million for the full year, or ($0.11) and ($1.30) per share, respectively.

• Cash on hand was $62.3 million as of December 31, 2025, including $14.2 million of restricted cash.

• Impairment charges totaled $18.8 million on consolidated properties and $8.5 million on unconsolidated entities for the year.

• Received $11.3 million in distributions from unconsolidated properties in 2025.

• Invested $26.3 million in consolidated properties and $0.5 million in unconsolidated properties during 2025.

Outlook and guidance

• Management is focused on continuing asset monetization, addressing the upcoming term loan maturity, and considering strategic alternatives.

• As of March 31, 2026, one asset is under contract for anticipated gross proceeds of $11.0 million.