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Seritage Growth Properties Class A (SRG-5.26%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that Seritage Growth Properties is executing a Plan of Sale to divest its assets and dissolve the company. This plan was approved by shareholders on October 24, 2022, following a strategic review process initiated by the Board of Trustees.
During the fiscal year, the company sold 13 wholly owned properties and monetized two unconsolidated properties, generating gross proceeds of $174.3 million. The proceeds were used to reduce the outstanding balance of the company's term loan facility to $240 million.
The company reported a net loss of $153.5 million for the year, compared to a net loss of $154.9 million in the previous year. The loss is attributed to impairment charges on real estate assets and investments in unconsolidated entities.
Rental income for the year was $17.1 million, an increase from $15.1 million in the previous year. The increase in rental income is primarily due to new leases at the Aventura, Florida property.
General and administrative expenses decreased to $30 million from $46 million in the previous year, primarily due to a reduction in third-party consulting fees and personnel costs.
The company did not declare dividends on its Class A common shares during the year. However, dividends were declared on its Series A Preferred Shares, totaling $4.9 million for the year.
As of December 31, 2024, the company had interests in 17 properties comprising approximately 1.7 million square feet of gross leasable area and 274 acres of land.
The company's portfolio is diversified across seven states, with Florida properties contributing the highest percentage of annual rent at 64.2%.
The company continues to explore strategic alternatives to maximize shareholder value, including potential sale of the company, as part of its ongoing strategic review process.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Seritage Growth Properties Class A annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.