Seritage Growth Properties

seritage.com

What Do They Do?

Owns, leases, develops and sells retail and mixed-use properties to tenants and property buyers.

How Do They Make Money?

Tenants pay fixed base rent under leases and reimburse property operating expenses and taxes; base rent is spread across the lease term, and reimbursements correspond to the periods when those costs arise.

FY2025 revenue

Who Are Their Customers?

Tenants lease space at the company’s properties; retail operators are among the prospective tenants it seeks.

Do Revenues Turn Into Profits?

No. It lost $68.2M in FY2025.

Net income, FY2025

−375% of revenue

▼ −56% (Loss) vs FY2024 (−$153.5M, −871%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −60%; vs $4.7M in Q2 FY2025
Net income: ▼ −79% (Loss); vs −$28.5M in Q2 FY2025

Shrinking. Revenue fell 84% in 4 years, from $116.7M in FY2021 to $18.2M in FY2025, about 37% a year.

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