Seritage Growth Properties (NYSE: SRG) is a real estate company that owns, manages, and is actively disposing of a portfolio of retail and mixed-use properties across the United States. Revenue has historically come from leasing gross leasable area (GLA) to retail and mixed-use tenants, though the company adopted a Plan of Sale and is winding down its portfolio. As of December 31, 2025, the portfolio consisted of interests in 10 properties encompassing approximately 0.8 million square feet of GLA or build-to-suit leased area and 156 acres of land, split between five consolidated properties (approximately 0.3 million square feet, 71 acres) and five unconsolidated joint-venture entities (approximately 0.5 million square feet, 85 acres). The company originated in 2015 as a spin-off from Sears Holdings Corporation and carried significant tenant concentration in Sears-related entities until the Holdco Master Lease was terminated in March 2021. As of March 31, 2026, Adam Metz serves as President and CEO, and John Garilli serves as Interim CFO. Total indebtedness as of December 31, 2025 was $50.0 million, owed under a senior secured term loan with Berkshire Hathaway Life Insurance Company of Nebraska.

Revenue model

Lease income from retail and mixed-use tenants paying rent on GLA within the portfolio. The company is executing a Plan of Sale announced March 1, 2022, with asset dispositions replacing development and leasing as the primary activity. No specific revenue figures were extractable from the filing excerpts provided.

Products and services

Ownership and leasing of retail and mixed-use real estate properties; redevelopment and disposition of former Sears and Kmart anchor sites; joint-venture interests in properties including build-to-suit leased areas and undeveloped land parcels.

Customers and end markets

Retail and mixed-use tenants. Tenants identified in the filing as of the 10-K dated March 31, 2026 include Dick's Sporting Goods, Primark, Red Robin, Bank of America, and Amazon across specific properties. The company previously had heavy tenant concentration in Sears Holdings and its successors, which ended in March 2021.

Value-chain role

Property owner and landlord in the retail real estate value chain. The company is a real estate investment trust (REIT) structured as a Maryland trust, now operating under a wind-down and asset-sale mandate rather than an active development and leasing strategy.

Geographic exposure

United States only. Properties identified in the filing as of the 10-K dated March 31, 2026 are located in Pennsylvania (King of Prussia), Texas (Dallas), Washington (Redmond), California (Riverside, Santa Monica, San Diego), Virginia (Alexandria), and Florida (Altamonte Springs).

Source: SEC 10-K, filed 2026-03-31

Industry: Real Estate Peers: American Realty Investors Inc WeWork Inc. Brookfield Property Partners LP DigitalBridge Group Inc FRP Holdings Inc Kennedy-Wilson Holdings Inc New England Realty Associates LP Transcontinental Realty Investors Inc