Seritage Growth Properties (NYSE: SRG-PA)

Seritage Growth Properties is a real estate company that focuses on the ownership development redevelopment management sale and leasing of retail and mixed use properties in the United States. As of December 31 2025 it held interests in ten properties totaling approximately 0.8 million square feet of gross leasable area and 156 acres of land, with five properties consolidated and five held through unconsolidated entities. The company’s mission is to maximize shareholder value through the execution of its Plan of Sale which involves the monetization of its real estate assets.

The company generates revenue primarily from leasing its properties to tenants and from the sale of its real estate assets. Rental income provides the bulk of ongoing revenue while proceeds from property disposals add cash inflows. Tenants are retail operators and other businesses that occupy the space, and buyers include private investors real estate firms and other entities seeking to acquire land or built assets.

The company operates through the following segments.

• Single Reportable Segment: ownership development redevelopment management sale and leasing of real estate properties.

Seritage Growth Properties operates in a competitive real estate market where it faces rivalry from larger REITs private equity firms and other property owners. Competitors often benefit from greater economies of scale broader national tenant relationships and stronger brand recognition. The company’s competitive advantages stem from its ability to enhance asset value through leasing efforts site densification entitlement achievement and lease modifications while it prepares its remaining assets for sale under the Plan of Sale.

The company’s customers consist primarily of retail tenants who lease space in its properties and of buyers who acquire its real estate holdings. As of December 31 2025 two tenants accounted for 43.5 percent and 32.1 percent of annualized base rent respectively while no other tenant exceeded ten percent of that metric. The buyer pool includes private investors real estate investment firms and other entities interested in purchasing land or developed assets.