Exhibit 99.2
1
Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “projects,” “would,” “may” or other similar expressions in the Company’s Annual Report on Form 10-K. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 and in any of our subsequent Form 10-Qs. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date hereof. The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included in Part 1 of the Quarterly Report.
2
Financial Information
3
Summary Information
June 30, 2023
(in thousands, except per share and PSF amounts)
|
| Three Months Ended June 30, |
|
| Six Months Ended June 30, |
| ||||||||||
Financial Results |
| 2023 |
|
| 2022 |
|
| 2022 |
|
| 2021 |
| ||||
Net loss attributable to Seritage |
| $ | (96,932 | ) |
| $ | (53,430 | ) |
| $ | (160,143 | ) |
| $ | (104,769 | ) |
Total NOI |
| $ | 2,996 |
|
| $ | 10,493 |
|
| $ | 6,099 |
|
| $ | 25,061 |
|
Net loss per share attributable to Seritage |
| $ | (1.73 | ) |
| $ | (1.22 | ) |
| $ | (2.85 | ) |
| $ | (2.50 | ) |
Wtd. avg. shares - EPS |
|
| 56,173 |
|
|
| 43,634 |
|
|
| 56,116 |
|
|
| 41,976 |
|
Stock trading price range |
| $7.25 to $8.94 |
|
| $5.24 to $13.20 |
|
| $7.25 to $12.70 |
|
| $5.24 to $14.45 |
|
4
Consolidated Balance Sheets (unaudited)
June 30, 2023
(in thousands, except share and per share amounts)
|
| June 30, 2023 |
|
| December 31, 2022 |
| ||
ASSETS |
|
|
|
|
|
| ||
Investment in real estate |
|
|
|
|
|
| ||
Land |
| $ | 134,291 |
|
| $ | 172,813 |
|
Buildings and improvements |
|
| 356,952 |
|
|
| 463,616 |
|
Accumulated depreciation |
|
| (43,369 | ) |
|
| (57,330 | ) |
|
|
| 447,874 |
|
|
| 579,099 |
|
Construction in progress |
|
| 128,931 |
|
|
| 185,324 |
|
Net investment in real estate |
|
| 576,805 |
|
|
| 764,423 |
|
Real estate held for sale |
|
| 98,084 |
|
|
| 455,617 |
|
Investment in unconsolidated entities |
|
| 301,493 |
|
|
| 382,597 |
|
Cash and cash equivalents |
|
| 124,850 |
|
|
| 133,480 |
|
Restricted cash |
|
| 12,904 |
|
|
| 11,459 |
|
Tenant and other receivables, net |
|
| 22,188 |
|
|
| 41,495 |
|
Lease intangible assets, net |
|
| 1,524 |
|
|
| 1,791 |
|
Prepaid expenses, deferred expenses and other assets, net |
|
| 30,119 |
|
|
| 50,859 |
|
Total assets (1) |
| $ | 1,167,967 |
|
| $ | 1,841,721 |
|
|
|
|
|
|
|
| ||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
| ||
Liabilities |
|
|
|
|
|
| ||
Term loan facility, net |
| $ | 549,965 |
|
| $ | 1,029,754 |
|
Accounts payable, accrued expenses and other liabilities |
|
| 56,320 |
|
|
| 89,368 |
|
Total liabilities (1) |
|
| 606,285 |
|
|
| 1,119,122 |
|
|
|
|
|
|
|
| ||
Commitments and contingencies (Note 9) |
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
Shareholders' Equity |
|
|
|
|
|
| ||
Class A common shares $0.01 par value; 100,000,000 shares authorized; |
|
| 562 |
|
|
| 561 |
|
Series A preferred shares $0.01 par value; 10,000,000 shares authorized; |
|
| 28 |
|
|
| 28 |
|
Additional paid-in capital |
|
| 1,360,718 |
|
|
| 1,360,411 |
|
Accumulated deficit |
|
| (800,674 | ) |
|
| (640,531 | ) |
Total shareholders' equity |
|
| 560,634 |
|
|
| 720,469 |
|
Non-controlling interests |
|
| 1,048 |
|
|
| 2,130 |
|
Total equity |
|
| 561,682 |
|
|
| 722,599 |
|
Total liabilities and equity |
| $ | 1,167,967 |
|
| $ | 1,841,721 |
|
(1) The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The consolidated balance sheets, as of June 30, 2023, include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $3.3 million of land, $2.8 million of building and improvements, $(0.8) million of accumulated depreciation and $2.3 million of other assets included in other line items. The Company's consolidated balance sheets as of December 31, 2022, include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $6.6 million of land, $3.9 million of building and improvements, $(1.0) million of accumulated depreciation and $4.0 million of other assets included in other line items. |
|
5
Consolidated Statements of Operations (unaudited)
June 30, 2023
(in thousands, except per share amounts)
|
| Three Months Ended |
|
| Six Months Ended |
| ||||||||||
|
| 2023 |
|
| 2022 |
|
| 2023 |
|
| 2022 |
| ||||
REVENUE |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Rental income |
| $ | 5,517 |
|
| $ | 29,418 |
|
| $ | 5,935 |
|
| $ | 58,502 |
|
Management and other fee income |
|
| 367 |
|
|
| 286 |
|
|
| 629 |
|
|
| 2,107 |
|
Total revenue |
|
| 5,884 |
|
|
| 29,704 |
|
|
| 6,564 |
|
|
| 60,609 |
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Property operating |
|
| 5,196 |
|
|
| 10,801 |
|
|
| 13,381 |
|
|
| 21,833 |
|
Real estate taxes |
|
| 2,170 |
|
|
| 6,425 |
|
|
| 3,707 |
|
|
| 14,575 |
|
Depreciation and amortization |
|
| 4,151 |
|
|
| 10,669 |
|
|
| 8,715 |
|
|
| 22,603 |
|
General and administrative |
|
| 10,099 |
|
|
| 11,093 |
|
|
| 22,319 |
|
|
| 20,185 |
|
Litigation settlement |
|
| — |
|
|
| 35,000 |
|
|
| — |
|
|
| 35,000 |
|
Total expenses |
|
| 21,616 |
|
|
| 73,988 |
|
|
| 48,122 |
|
|
| 114,196 |
|
Gain on sale of real estate, net |
|
| 33,488 |
|
|
| 68,031 |
|
|
| 45,880 |
|
|
| 67,016 |
|
Gain on sale of interest in unconsolidated entities |
|
| 7,323 |
|
|
| — |
|
|
| 7,323 |
|
|
| — |
|
Impairment of real estate assets |
|
| (104,467 | ) |
|
| (109,343 | ) |
|
| (107,043 | ) |
|
| (110,334 | ) |
Equity in loss of unconsolidated entities |
|
| (13,698 | ) |
|
| (33,720 | ) |
|
| (50,070 | ) |
|
| (66,796 | ) |
Interest and other income |
|
| 9,869 |
|
|
| 99 |
|
|
| 15,454 |
|
|
| 110 |
|
Interest expense |
|
| (12,528 | ) |
|
| (22,663 | ) |
|
| (27,730 | ) |
|
| (45,251 | ) |
Loss before income taxes |
|
| (95,745 | ) |
|
| (141,880 | ) |
|
| (157,744 | ) |
|
| (208,842 | ) |
Benefit (provision) for income taxes |
|
| 38 |
|
|
| (203 | ) |
|
| 51 |
|
|
| (228 | ) |
Net loss |
|
| (95,707 | ) |
|
| (142,083 | ) |
|
| (157,693 | ) |
|
| (209,070 | ) |
Net loss attributable to non-controlling interests |
|
| — |
|
|
| 31,328 |
|
|
| — |
|
|
| 46,110 |
|
Net loss attributable to Seritage |
| $ | (95,707 | ) |
| $ | (110,755 | ) |
| $ | (157,693 | ) |
| $ | (162,960 | ) |
Preferred dividends |
|
| (1,225 | ) |
|
| (1,225 | ) |
|
| (2,450 | ) |
|
| (2,450 | ) |
Net loss attributable to Seritage common shareholders |
| $ | (96,932 | ) |
| $ | (111,980 | ) |
| $ | (160,143 | ) |
| $ | (165,410 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net loss per share attributable to Seritage Class A |
| $ | (1.73 | ) |
| $ | (2.56 | ) |
| $ | (2.85 | ) |
| $ | (3.79 | ) |
Net loss per share attributable to Seritage Class A |
| $ | (1.73 | ) |
| $ | (2.56 | ) |
| $ | (2.85 | ) |
| $ | (3.79 | ) |
Weighted average Class A common shares |
|
| 56,173 |
|
|
| 43,677 |
|
|
| 56,116 |
|
|
| 43,656 |
|
Weighted average Class A common shares |
|
| 56,173 |
|
|
| 43,677 |
|
|
| 56,116 |
|
|
| 43,656 |
|
6
Total Net Operating Income
June 30, 2023
(in thousands)
|
| Three Months Ended June 30, |
|
| Six Months Ended June 30, |
| ||||||||||
NOI and Total NOI |
| 2023 |
|
| 2022 |
|
| 2023 |
|
| 2022 |
| ||||
Net loss |
| $ | (95,707 | ) |
| $ | (142,083 | ) |
| $ | (157,693 | ) |
| $ | (209,070 | ) |
Termination fee income |
|
| — |
|
|
| (92 | ) |
|
| — |
|
|
| (369 | ) |
Management and other fee income |
|
| (367 | ) |
|
| (286 | ) |
|
| (629 | ) |
|
| (2,107 | ) |
Depreciation and amortization |
|
| 4,151 |
|
|
| 10,669 |
|
|
| 8,715 |
|
|
| 22,603 |
|
General and administrative expenses |
|
| 10,099 |
|
|
| 11,093 |
|
|
| 22,319 |
|
|
| 20,185 |
|
Litigation settlement |
|
| — |
|
|
| 35,000 |
|
|
| — |
|
|
| 35,000 |
|
Equity in loss of unconsolidated entities |
|
| 13,698 |
|
|
| 33,720 |
|
|
| 50,070 |
|
|
| 66,796 |
|
Gain on sale of interest in unconsolidated entities |
|
| (7,323 | ) |
|
| — |
|
|
| (7,323 | ) |
|
| — |
|
Gain on sale of real estate, net |
|
| (33,488 | ) |
|
| (68,031 | ) |
|
| (45,880 | ) |
|
| (67,016 | ) |
Impairment of real estate assets |
|
| 104,467 |
|
|
| 109,343 |
|
|
| 107,043 |
|
|
| 110,334 |
|
Interest and other income |
|
| (9,869 | ) |
|
| (99 | ) |
|
| (15,454 | ) |
|
| (110 | ) |
Interest expense |
|
| 12,528 |
|
|
| 22,663 |
|
|
| 27,730 |
|
|
| 45,251 |
|
(Benefit) provision for income taxes |
|
| (38 | ) |
|
| 203 |
|
|
| (51 | ) |
|
| 228 |
|
Straight-line rent |
|
| 3,796 |
|
|
| (3,599 | ) |
|
| 14,638 |
|
|
| (4,320 | ) |
Above/below market rental expense |
|
| 45 |
|
|
| 56 |
|
|
| 93 |
|
|
| 121 |
|
NOI |
| $ | 1,992 |
|
| $ | 8,557 |
|
| $ | 3,578 |
|
| $ | 17,526 |
|
Unconsolidated entities |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net operating income of unconsolidated entities |
|
| 1,301 |
|
|
| 2,267 |
|
|
| 2,959 |
|
|
| 4,113 |
|
Straight-line rent |
|
| (294 | ) |
|
| (228 | ) |
|
| (440 | ) |
|
| (556 | ) |
Above/below market rental expense |
|
| (3 | ) |
|
| 6 |
|
|
| 2 |
|
|
| 12 |
|
Total NOI |
| $ | 2,996 |
|
| $ | 10,602 |
|
| $ | 6,099 |
|
| $ | 21,095 |
|
7
Additional Information
June 30, 2023
(in thousands)
|
| As of |
|
| As of |
| ||
Debt Summary |
| June 30, 2023 |
|
| December 31, 2022 |
| ||
Term Loan Facility (drawn / undrawn) |
| $550,000 / 400,000 |
|
| $1,030,000 / 400,000 |
| ||
Interest rate / undrawn rate |
| 7.00% / 1.00% |
|
| 7.00% / 1.00% |
| ||
Maturity |
| July 2025 |
|
| July 2023 |
| ||
|
|
|
|
|
|
| ||
Prepaid Expenses, Deferred Expenses and Other Assets |
| June 30, 2023 |
|
| December 31, 2022 |
| ||
Right of Use Asset |
| $ | 15,722 |
|
| $ | 16,161 |
|
Other assets |
|
| 5,128 |
|
|
| 5,551 |
|
Deferred expenses |
|
| 4,770 |
|
|
| 17,367 |
|
Prepaid insurance |
|
| 2,847 |
|
|
| 5,492 |
|
Other prepaid expenses |
|
| 1,190 |
|
|
| 4,133 |
|
FF&E |
|
| 825 |
|
|
| 1,129 |
|
Prepaid real estate taxes |
|
| 443 |
|
|
| 1,026 |
|
Total prepaid expenses, deferred expenses and other assets |
| $ | 30,925 |
|
| $ | 50,859 |
|
|
| June 30, 2023 |
|
| December 31, 2022 |
| ||
Accrued development expenditures |
| $ | 21,799 |
|
| $ | 37,983 |
|
Accounts payable and accrued expenses |
|
| 18,388 |
|
|
| 25,454 |
|
Lease liability |
|
| 5,579 |
|
|
| 5,916 |
|
Accrued real estate taxes |
|
| 4,088 |
|
|
| 8,638 |
|
Prepaid rental income |
|
| 2,439 |
|
|
| 4,977 |
|
Accrued interest |
|
| 1,604 |
|
|
| 3,286 |
|
Below-market leases |
|
| 1,361 |
|
|
| 1,560 |
|
Common and preferred dividends and OP |
|
| 1,062 |
|
|
| 1,554 |
|
Total accounts payable, accrued expenses and |
| $ | 56,320 |
|
| $ | 89,368 |
|
8
Additional Information (cont’d)
June 30, 2023
(in thousands, except per share amounts)
|
| Three Months Ended June 30, |
|
| Six Months Ended June 30, |
| ||||||||||
Rental Revenue Detail |
| 2023 |
|
| 2022 |
|
| 2023 |
|
| 2022 |
| ||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Rental income |
| $ | 5,506 |
|
| $ | 24,016 |
|
|
| 4,730 |
|
|
| 47,994 |
|
Tenant reimbursements |
|
| 11 |
|
|
| 5,310 |
|
|
| 1,205 |
|
|
| 10,138 |
|
Termination income |
|
| - |
|
|
| 92 |
|
|
| - |
|
|
| 370 |
|
Total |
| $ | 5,517 |
|
| $ | 29,418 |
|
| $ | 5,935 |
|
| $ | 58,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| Three Months Ended June 30, |
|
| Six Months Ended June 30, |
| ||||||||||
|
| 2023 |
|
| 2022 |
|
| 2023 |
|
| 2022 |
| ||||
Select Non-Cash Items |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Straight-line rental income |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Wholly-owned |
| $ | (3,796 | ) |
| $ | 3,599 |
|
| $ | (14,638 | ) |
| $ | 4,320 |
|
Joint ventures |
|
| 294 |
|
|
| 228 |
|
|
| 440 |
|
|
| 556 |
|
Total |
| $ | (3,502 | ) |
| $ | 3,827 |
|
| $ | (14,198 | ) |
| $ | 4,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net amortization of above/below market |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Wholly-owned |
| $ | (45 | ) |
| $ | (56 | ) |
| $ | (93 | ) |
| $ | (121 | ) |
Joint ventures |
|
| 3 |
|
|
| (6 | ) |
|
| (2 | ) |
|
| (12 | ) |
Total |
| $ | (42 | ) |
| $ | (62 | ) |
| $ | (95 | ) |
| $ | (133 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Amortization of deferred financing costs |
| $ | (106 | ) |
| $ | (106 | ) |
| $ | (211 | ) |
| $ | (211 | ) |
Share-based compensation expense |
|
| (653 | ) |
|
| 467 |
|
|
| (1,427 | ) |
|
| 892 |
|
9
SNO Lease Summary
Multi-Tenant Retail
The table below provides a summary of all multi-tenant Retail signed leases as of June 30, 2023, including unconsolidated entities at the Company’s proportional share:
(in thousands except number of leases and PSF data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
| Number of |
|
| Leased |
|
| % of Total |
|
| Gross Annual Base |
|
| % of |
|
| Gross Annual |
| ||||||
Tenant |
| Leases |
|
| GLA |
|
| Leasable GLA |
|
| Rent ("ABR") |
|
| Total ABR |
|
| Rent PSF ("ABR PSF") |
| ||||||
In-place retail leases |
|
| 38 |
|
|
| 784 |
|
|
| 60.3 | % |
| $ | 19,126 |
|
|
| 85.9 | % |
| $ | 24.40 |
|
SNO retail leases (1)(2) |
|
| 8 |
|
|
| 164 |
|
|
| 12.7 | % |
|
| 3,146 |
|
|
| 14.1 | % |
|
| 19.18 |
|
Total retail leases |
|
| 46 |
|
|
| 948 |
|
|
| 73.0 | % |
| $ | 22,272 |
|
|
| 100.0 | % |
| $ | 23.49 |
|
(1) SNO = signed not yet opened leases. |
| |||||||||||||||||||||||
(2) SNO GLA and rent include one tenant expansion signed in Q2 2023 not counted as a lease. |
|
(in thousands except number of leases and PSF data) |
| Number of |
|
|
|
|
|
|
|
| Annual |
|
| ||||
|
| SNO Leases |
|
| GLA |
|
| ABR |
|
| Rent PSF |
|
| ||||
As of March 31, 2023 |
|
| 9 |
|
|
| 159 |
|
| $ | 3,085 |
|
| $ | 19.40 |
|
|
Opened |
|
| (1 | ) |
|
| (4 | ) |
|
| (129 | ) |
|
| 32.25 |
|
|
Sold / terminated |
|
| (1 | ) |
|
| (2 | ) |
|
| (150 | ) |
|
| 75.00 |
|
|
Signed |
|
| 1 |
|
|
| 11 |
|
|
| 340 |
|
|
| 30.91 |
|
|
As of June 30, 2023 |
|
| 8 |
|
|
| 164 |
|
| $ | 3,146 |
|
| $ | 19.18 |
|
|
Premier Mixed-Use
The table below provides a summary of all signed leases at Premier assets as of June 30, 2023, including unconsolidated entities at the Company’s proportional share:
| Number of |
|
| Leased |
|
| % of Total |
|
| Net Annual |
|
| % of Total |
|
| Net Annual |
| ||||||
Tenant | Leases |
|
| GLA |
|
| Leasable GLA |
|
| Base Rent |
|
| Annual Rent |
|
| Rent PSF |
| ||||||
In-place retail leases |
| 24 |
|
|
| 47 |
|
|
| 12.1 | % |
| $ | 3,070 |
|
|
| 17.3 | % |
| $ | 65.32 |
|
In-place office leases |
| 1 |
|
|
| 62 |
|
|
| 16.0 | % |
|
| 4,220 |
|
|
| 23.8 | % |
|
| 68.06 |
|
SNO retail leases as of March 31, 2022(1) |
| 22 |
|
|
| 111 |
|
|
|
|
|
| 8,679 |
|
|
|
|
|
| 78.19 |
| ||
Opened |
| (4 | ) |
|
| (4 | ) |
|
|
|
|
| (381 | ) |
|
|
|
|
| 95.25 |
| ||
SNO retail leases as of June 30, 2023(1) |
| 18 |
|
|
| 107 |
|
|
| 27.8 | % |
|
| 8,298 |
|
|
| 46.9 | % |
|
| 77.55 |
|
SNO office leases as of March 31, 2022(1) |
| 3 |
|
|
| 46 |
|
|
|
|
|
| 2,109 |
|
|
|
|
|
| 45.85 |
| ||
Opened |
| — |
|
|
| — |
|
|
|
|
|
| — |
|
|
|
|
|
| — |
| ||
SNO retail leases as of June 30, 2023(1) |
| 3 |
|
|
| 46 |
|
|
| 11.9 | % |
|
| 2,109 |
|
|
| 11.9 | % |
|
| 45.85 |
|
Total diversified leases as of June 30, 2023 |
| 46 |
|
|
| 262 |
|
|
| 67.8 | % |
| $ | 17,697 |
|
|
| 100.0 | % |
| $ | 67.55 |
|
(1) SNO = Signed not yet opened leases |
|
|
|
|
|
|
|
|
|
| |||||||||||||
(2) In thousands except number of leases and PSF data |
|
|
|
|
|
|
|
|
|
|
10
Top Tenants
June 30, 2023
(rent in thousands)
The following table lists the top tenants in the portfolio as of June 30, 2023, based on signed leases and including Unconsolidated Properties presented at the Company’s proportional share:
| Number of |
|
| Total |
| % of Total |
| ||
Tenant | Leases | SF |
| Rent |
| Rent | Concepts / Brands | ||
Amazon | 2 |
| 99,193 |
|
| 5,435 |
| 11.1% |
|
Dick's Sporting Goods | 4 |
| 232,038 |
|
| 4,889 |
| 10.0% |
|
Nordstrom Rack | 3 |
| 116,868 |
|
| 2,578 |
| 5.3% |
|
Dave & Buster's | 3 |
| 83,805 |
|
| 2,365 |
| 4.8% |
|
Round One Entertainment | 2 |
| 96,922 |
|
| 2,205 |
| 4.5% |
|
Mixtura | 1 |
| 22,038 |
|
| 1,820 |
| 3.7% |
|
Cinemark | 2 |
| 59,470 |
|
| 1,750 |
| 3.6% |
|
Primark | 1 |
| 65,747 |
|
| 1,644 |
| 3.4% |
|
Pinstripes | 1 |
| 26,515 |
|
| 1,482 |
| 3.0% |
|
Whole Foods | 2 |
| 71,235 |
|
| 1,258 |
| 2.6% |
|
CCRM | 1 |
| 18,179 |
|
| 1,000 |
| 2.0% |
|
Industrious | 1 |
| 26,501 |
|
| 999 |
| 2.0% |
|
GameTime | 1 |
| 49,811 |
|
| 996 |
| 2.0% |
|
BJ's Wholesale Club | 1 |
| 52,516 |
|
| 840 |
| 1.7% |
|
TJX | 2 |
| 41,926 |
|
| 839 |
| 1.7% | HomeGoods, Sierra Trading Post |
Grupo Carolo | 1 |
| 7,742 |
|
| 774 |
| 1.6% |
|
Darden | 3 |
| 23,818 |
|
| 762 |
| 1.6% | Longhorn Steakhouse, Yardhouse, Bahama Breeze |
Joey | 1 |
| 8,150 |
|
| 734 |
| 1.5% |
|
Ulta Salon | 2 |
| 21,498 |
|
| 686 |
| 1.4% |
|
Aldi | 2 |
| 49,000 |
|
| 615 |
| 1.3% |
|
Total | 36 |
| 1,172,972 |
|
| 33,670 |
| 68.7% |
|
11
Multi-tenant Retail
Consolidated Properties
|
|
|
|
|
| Total |
|
| Leased |
|
| SNO |
|
|
|
| Land |
|
|
| ||||
Property Address |
| City |
| State |
| GLA (1) |
|
| SF (1) |
|
| SF (1) |
|
| Leased (1) |
| Acres |
|
| Significant Tenants (1) | ||||
40710 Winchester Road |
| Temecula |
| CA |
|
| 126,500 |
|
|
| 112,800 |
|
|
| 13,800 |
|
| 100.0% |
|
| 10 |
|
| Round One Entertainment, Dick's Sporting Goods, Texas Roadhouse |
145 West Hillcrest Drive |
| Thousand Oaks |
| CA |
|
| 172,000 |
|
|
| 102,600 |
|
|
| - |
|
| 59.7% |
|
| 11 |
|
| Dave & Busters, DSW, Nordstrom Rack |
2300 Tyrone Boulevard North |
| St. Petersburg |
| FL |
|
| 125,700 |
|
|
| 97,700 |
|
|
| 28,000 |
|
| 100.0% |
|
| 13 |
|
| Dick's Sporting Goods, Five Below, PetSmart, Verizon |
200 Grossman Drive |
| Braintree |
| MA |
|
| 85,100 |
|
|
| 47,600 |
|
|
| 37,500 |
|
| 100.0% |
|
| 34 |
|
| Nordstrom Rack, Ulta Beauty |
1640 Route 22 |
| Watchung |
| NJ |
|
| 124,900 |
|
|
| 121,400 |
|
|
| 3,600 |
|
| 100.0% |
|
| 12 |
|
| Cinemark, HomeGoods, Sierra Trading Post, Ulta Beauty, Chick-fil-A , City MD, Starbucks |
160 North Gulph Road |
| King of Prussia (2) |
| PA |
|
| 208,700 |
|
|
| 166,400 |
|
|
| - |
|
| 79.7% |
|
| 14 |
|
| Dick's Sporting Goods, Primark,Yardhouse |
27001 U.S. 19 North |
| Clearwater |
| FL |
|
| 212,900 |
|
|
| 75,500 |
|
|
| - |
|
| 35.5% |
|
| 14 |
|
| Whole Foods, Nordstrom Rack |
1425 Central Avenue |
| Albany |
| NY |
|
| 242,800 |
|
|
| 59,600 |
|
|
| 81,500 |
|
| 58.1% |
|
| 21 |
|
| Whole Foods, Ethan Allen |
Total |
|
|
|
|
|
| 1,298,600 |
|
|
| 783,600 |
|
|
| 164,400 |
|
| 73.0% |
|
| 130 |
|
|
|
(1) Based on signed leases as of June 30, 2023; GLA presented at the Company’s proportional share
(2) Property is subject to a ground lease
12
Residential
Consolidated Properties
|
|
|
|
|
| Land |
|
| % of Auxiliary |
| Auxiliary |
|
|
| ||
Property Address |
| City |
| State |
| Acres |
|
| Leased SF (1) |
| Leased SF (1) |
|
| Significant Tenants (1) | ||
5261 Arlington Avenue |
| Riverside - Resi |
| CA |
|
| 14 |
|
| 0% |
|
| - |
|
| n/a |
5261 Arlington Avenue |
| Riverside - Retail (2) |
| CA |
|
| 5 |
|
| 100% |
|
| 33,200 |
|
| Bank of America, Aldi |
Total |
|
|
|
|
|
| 19 |
|
| 100% |
|
| 33,200 |
|
|
|
(1) Based on signed leases as of June 30, 2023; GLA presented at the Company’s proportional share
(2) Riverside Retail doesn’t include residential but includes retail leasing that is 100% SRG owned and complementary to the Residential developments at the sites.
Joint Ventures
Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties |
| |||||||||||||||||
|
|
|
|
|
|
|
| Land |
|
| % of Auxiliary |
| Auxiliary |
|
|
| ||
Mall Name |
| City |
| State |
| Joint Venture |
| Acres |
|
| Leased SF |
| SF (1) |
|
| Significant Tenants (1) | ||
Alderwood |
| Lynnwood (2) |
| WA |
| GGP I JV |
|
| 12 |
|
| 65.5% |
|
| 31,900 |
|
| Dave & Busters, Cheesecake Factory, Shake Shack |
(1) Based on signed leases as of June 30, 2023; GLA presented at the Company’s proportional share
(2) Indicates assets that have been sold subsequent to June 30, 2023
13
Premier Mixed-Use Properties
Consolidated Properties
|
|
|
|
|
| Total |
|
| Leased |
|
| SNO |
|
|
|
|
| Land |
|
| ||||
Property Address |
| City |
| State |
| GLA (1) |
|
| SF (1) |
|
| SF (1) |
|
| Leased (1) |
|
| Acres |
| Significant Tenants (1) | ||||
19505 Biscayne Boulevard |
| Aventura |
| FL |
|
| 216,100 |
|
|
| - |
|
|
| 143,900 |
|
|
| 66.6 | % |
| 13 |
| CCRM, Industrious, One Medical |
5900 Glades Road |
| Boca Raton |
| FL |
|
| 4,200 |
|
|
| 4,200 |
|
|
| - |
|
|
| 100.0 | % |
| 19 |
| n/a |
13131 Preston Road |
| Dallas |
| TX |
|
| - |
|
|
| - |
|
|
| - |
|
|
| 0.0 | % |
| 23 |
| n/a |
2200 148th Avenue Northeast |
| Redmond |
| WA |
|
| 7,500 |
|
|
| 7,500 |
|
|
| - |
|
|
| 100.0 | % |
| 15 |
| n/a |
Total |
|
|
|
|
|
| 227,800 |
|
|
| 11,700 |
|
|
| 143,900 |
|
|
| 68.3 | % |
| 70 |
|
|
Joint Ventures
|
|
|
|
|
| Total |
|
| Leased |
|
| SNO |
|
|
|
| Land |
|
| |||
Property Address |
| City |
| State |
| GLA (1) |
|
| SF (1) |
|
| SF (1) |
|
| Leased (1) |
| Acres |
| Significant Tenants (1) | |||
302 Colorado Ave |
| Santa Monica |
| CA |
|
| 51,500 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| 3 |
| n/a |
4575 La Jolla Village Dr |
| San Diego |
| CA |
|
| 106,200 |
|
|
| 92,800 |
|
|
| 13,400 |
|
| 100.0% |
| 13 |
| Amazon, Williams-Sonoma, One Medical, Rejuvenation |
5901 Duke St |
| Alexandria |
| VA |
|
| - |
|
|
| - |
|
|
| - |
|
| 0.0% |
| 41 |
| n/a |
Total |
|
|
|
|
|
| 157,700 |
|
|
| 92,800 |
|
|
| 13,400 |
|
| 67.3% |
| 57 |
|
|
(1) Based on signed leases as of June 30, 2023; GLA presented at the Company’s proportional share
14
Other Unconsolidated Entities
Other Joint Ventures
Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties |
|
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
| Total |
|
| In-Place |
|
| SNO |
|
|
|
| Land |
|
| |||
Mall Name |
| City |
| State |
| Joint Venture |
| SF (1) |
|
| SF (1) |
|
| SF (1) |
|
| Leased (1) |
| Acres |
| Significant Tenants (1) | |||
Altamonte Mall |
| Altamonte Springs |
| FL |
| GGP II JV |
|
| 93,500 |
|
|
| 4,700 |
|
|
| - |
|
| 5.0% |
| 17 |
| n/a |
Coastland Center |
| Naples (2) |
| FL |
| GGP II JV |
|
| 36,300 |
|
|
| 28,300 |
|
|
| 8,000 |
|
| 100.0% |
| 12 |
| CMX Cinebistro, Uncle Julio’s |
Willowbrook Mall |
| Wayne (3) |
| NJ |
| GGP II JV |
|
| 132,700 |
|
|
| 105,200 |
|
|
| - |
|
| 79.3% |
| 41 |
| Cinemark, Dave & Busters, Yardhouse, BJ's Wholesale |
Stonebriar Centre |
| Frisco |
| TX |
| GCP I JV |
|
| 87,500 |
|
|
| 6,000 |
|
|
| - |
|
| 6.9% |
| 11 |
| n/a |
Total |
|
|
|
|
|
|
|
| 350,000 |
|
|
| 144,200 |
|
|
| 8,000 |
|
| 43.5% |
| 81 |
|
|
Simon Joint Venture Properties |
|
|
|
|
|
|
| |||||||||||||||||
|
|
|
|
|
|
|
| Total |
|
| Leased |
|
| SNO |
|
|
|
| Land |
|
| |||
Mall Name |
| City |
| State |
| Joint Venture |
| GLA (1) |
|
| SF (1) |
|
| SF (1) |
|
| Leased (1) |
| Acres |
| Significant Tenants (1) | |||
Santa Rosa Plaza |
| Santa Rosa |
| CA |
| Simon JV |
|
| 82,700 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| 7 |
| n/a |
The Shops at Nanuet |
| Nanuet |
| NY |
| Simon JV |
|
| 110,700 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| 14 |
| n/a |
Barton Creek Square |
| Austin |
| TX |
| Simon JV |
|
| 82,300 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| 16 |
| n/a |
Total |
|
|
|
|
|
|
|
| 275,700 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| 37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| Total |
|
| Leased |
|
| SNO |
|
|
|
| Land |
|
| |||
Property Address |
| City |
| State |
| Joint Venture |
| GLA (1) |
|
| SF (1) |
|
| SF (1) |
|
| Leased (1) |
| Acres |
| Significant Tenants (1) | |||
12625 North Interstate Highway 35 |
| Austin |
| TX |
| RD Development JV |
|
| - |
|
|
| - |
|
|
| - |
|
| 0.0% |
| 11 |
| n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Based on signed leases as of June 30, 2023; GLA presented at the Company’s proportional share
(2) Indicates assets that have been sold subsequent to June 30, 2023
(3) Indicates assets that are put right eligible as of August 11, 2023
15
Non-core Properties
Consolidated Properties
|
|
|
|
|
| Total |
|
| Leased |
|
| SNO |
|
|
|
| Land |
|
|
| ||||
Property Address |
| City |
| State |
| GLA (1) |
|
| SF (1) |
|
| SF (1) |
|
| Leased (1) |
| Acres |
|
| Significant Tenants (1) | ||||
3930 McCain Boulevard |
| North Little Rock |
| AR |
|
| 177,300 |
|
|
| 13,000 |
|
|
| - |
|
| 7.3% |
|
| 15 |
|
| Aspen Dental, Longhorn Steakhouse |
3150 South 4th Avenue |
| Yuma |
| AZ |
|
| 90,100 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 15 |
|
| n/a |
1011 West Olive Avenue |
| Merced |
| CA |
|
| 5,300 |
|
|
| 5,300 |
|
|
| - |
|
| 100.0% |
|
| 9 |
|
| Chilis |
1625 Northwest 107th Avenue |
| Doral |
| FL |
|
| 195,600 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 13 |
|
| n/a |
733 North Highway 231 |
| Panama City |
| FL |
|
| 134,300 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 15 |
|
| n/a |
7171 North Davis Highway |
| Pensacola |
| FL |
|
| 7,900 |
|
|
| 7,900 |
|
|
| - |
|
| 100.0% |
|
| 14 |
|
| Bubba's 33 |
4600 1st Avenue Northeast |
| Cedar Rapids |
| IA |
|
| 146,300 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 12 |
|
| n/a |
4000 Meadows Lane |
| Las Vegas |
| NV |
|
| 132,600 |
|
|
| 42,500 |
|
|
| - |
|
| 32.1% |
|
| 11 |
|
| Round One Entertainment |
5400 Meadowood Mall Circle |
| Reno |
| NV |
|
| 18,000 |
|
|
| 18,000 |
|
|
| - |
|
| 100.0% |
|
| 3 |
|
| 4 Wheel Parts |
4000 North Shepherd |
| Houston |
| TX |
|
| 201,600 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 12 |
|
| n/a |
8000 West Broward Boulevard |
| Plantation |
| FL |
|
| 204,100 |
|
|
| - |
|
|
| 49,800 |
|
| 24.4% |
|
| 18 |
|
| GameTime |
1180 Southeast 82nd Avenue |
| Happy Valley |
| OR |
|
| 139,800 |
|
|
| 45,000 |
|
|
| - |
|
| 32.2% |
|
| 12 |
|
| Dick's Sporting Goods |
6515 East Southern Avenue |
| Mesa |
| AZ |
|
| 136,000 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 5 |
|
| n/a |
7611 West Thomas Road |
| Phoenix |
| AZ |
|
| 144,500 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 5 |
|
| n/a |
6950 West 130th Street |
| Middleburg Heights (2) |
| OH |
|
| 369,500 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 19 |
|
| n/a |
7875 Johnnycake Ridge Road |
| Mentor |
| OH |
|
| 215,300 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 20 |
|
| n/a |
100 Inland Center |
| San Bernardino |
| CA |
|
| 264,700 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 20 |
|
| n/a |
850 Hartford Turnpike |
| Waterford |
| CT |
|
| 149,200 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 11 |
|
| n/a |
4125 Cleveland Avenue |
| Ft. Myers |
| FL |
|
| 146,800 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 12 |
|
| n/a |
3800 US Highway 98 North |
| Lakeland |
| FL |
|
| 156,200 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 12 |
|
| n/a |
14250 Buck Hill Road |
| Burnsville |
| MN |
|
| 167,300 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 15 |
|
| n/a |
3001 White Bear Avenue North |
| Maplewood |
| MN |
|
| 175,000 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 14 |
|
| n/a |
7780 W Arrowhead Towne Center |
| Glendale |
| AZ |
|
| 125,000 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 15 |
|
| n/a |
3207 Solomons Island Road |
| Edgewater |
| MD |
|
| 122,000 |
|
|
| - |
|
|
| - |
|
| 0.0% |
|
| 14 |
|
| n/a |
Total |
|
|
|
|
|
| 3,624,400 |
|
|
| 131,700 |
|
|
| 49,800 |
|
| 5.0% |
|
| 311 |
|
|
|
(1) Based on signed leases as of June 30, 2023; GLA presented at the Company’s proportional share
(2) Indicates assets with a partial sale subsequent to June 30, 2023
16
Sold Properties through June 30, 2023
|
|
|
|
|
|
|
| Total |
|
| In-Place |
|
| SNO |
|
|
|
| 2023 Qtr |
| |||
Property Address |
| City |
| State |
| Full / Partial Sale |
| SF (1) |
|
| SF (1) |
|
| SF (1) |
|
| Leased (1) |
| Sold |
| |||
2 Orland Square Drive |
| Orland Park |
| IL |
| Full Site |
|
| 202,800 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| Q1 |
|
4000 Jericho Turnpike |
| East Northport |
| NY |
| Full Site |
|
| 179,800 |
|
|
| 167,600 |
|
|
| - |
|
| 93.2% |
| Q1 |
|
12025 North 32nd Street |
| Phoenix |
| AZ |
| Full Site |
|
| 151,200 |
|
|
| 151,200 |
|
|
| - |
|
| 100.0% |
| Q1 |
|
2860 South Highland Avenue |
| Lombard |
| IL |
| Full Site |
|
| 139,300 |
|
|
| 139,300 |
|
|
| - |
|
| 100.0% |
| Q1 |
|
7503 West Cermak Road |
| North Riverside |
| IL |
| Full Site |
|
| 214,700 |
|
|
| 163,900 |
|
|
| 19,700 |
|
| 85.5% |
| Q1 |
|
2500 Wabash Avenue |
| Springfield |
| IL |
| Full Site |
|
| 119,400 |
|
|
| 108,000 |
|
|
| 11,400 |
|
| 100.0% |
| Q1 |
|
4201 Coldwater Road |
| Ft. Wayne |
| IN |
| Full Site |
|
| 84,100 |
|
|
| 76,700 |
|
|
| 6,200 |
|
| 98.6% |
| Q1 |
|
101 West Lincoln Highway |
| Merrillville |
| IN |
| Full Site |
|
| 171,300 |
|
|
| 163,000 |
|
|
| 1,600 |
|
| 96.1% |
| Q1 |
|
4700 2nd Avenue |
| Kearney |
| NE |
| Full Site |
|
| 64,900 |
|
|
| 64,900 |
|
|
| - |
|
| 100.0% |
| Q1 |
|
4100 Belden Village Avenue Northwest |
| Canton |
| OH |
| Full Site |
|
| 192,300 |
|
|
| 128,300 |
|
|
| 10,000 |
|
| 71.9% |
| Q1 |
|
4570 Poplar Avenue |
| Memphis |
| TN |
| Full Site |
|
| 116,000 |
|
|
| 101,200 |
|
|
| 8,800 |
|
| 94.8% |
| Q1 |
|
12625 North Interstate Highway 35 |
| Austin |
| TX |
| Full Site |
|
| 52,700 |
|
|
| 45,000 |
|
|
| - |
|
| 85.4% |
| Q1 |
|
9484 Dyer Street |
| El Paso |
| TX |
| Full Site |
|
| 107,800 |
|
|
| 99,100 |
|
|
| - |
|
| 91.9% |
| Q1 |
|
12605 North Gessner Road |
| Houston |
| TX |
| Full Site |
|
| 134,000 |
|
|
| 134,000 |
|
|
| - |
|
| 100.0% |
| Q1 |
|
201 Central Park Mall |
| San Antonio |
| TX |
| Full Site |
|
| 164,600 |
|
|
| 158,200 |
|
|
| - |
|
| 96.1% |
| Q1 |
|
5200 South 76th Street |
| Greendale |
| WI |
| Full Site |
|
| 217,600 |
|
|
| 133,700 |
|
|
| - |
|
| 61.4% |
| Q1 |
|
53 West Towne Mall |
| Madison |
| WI |
| Full Site |
|
| 110,600 |
|
|
| 110,600 |
|
|
| - |
|
| 100.0% |
| Q1 |
|
2501 Irving Mall |
| Irving |
| TX |
| Partial Site |
|
| 94,865 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| Q1 |
|
2010 North Main Street |
| Layton |
| UT |
| Full Site |
|
| 82,700 |
|
|
| 67,500 |
|
|
| - |
|
| 81.6% |
| Q1 |
|
7801 Rivers Avenue |
| Charleston |
| SC |
| Full Site |
|
| 106,200 |
|
|
| 52,900 |
|
|
| - |
|
| 49.8% |
| Q1 |
|
1209 Plaza Drive |
| West Covina - Retail |
| CA |
| Full Site |
|
| 11,000 |
|
|
| 11,000 |
|
|
| - |
|
| 100.0% |
| Q1 |
|
1209 Plaza Drive |
| West Covina - Resi |
| CA |
| Full Site |
|
| 11,000 |
|
|
| 11,000 |
|
|
| - |
|
| 100.0% |
| Q1 |
|
2501 Irving Mall |
| Irving |
| TX |
| Partial Site |
|
| 4,992 |
|
|
| 4,992 |
|
|
| - |
|
| 100.0% |
| Q1 |
|
2501 Irving Mall |
| Irving |
| TX |
| Partial Site |
|
| 7,500 |
|
|
| 7,500 |
|
|
| - |
|
| 100.0% |
| Q1 |
|
3636 North Blackstone Avenue |
| Fresno |
| CA |
| Full Site |
|
| 201,800 |
|
|
| 43,400 |
|
|
| - |
|
| 21.5% |
| Q1 |
|
6301 Northwest Loop 410 |
| Ingram |
| TX |
| Full Site |
|
| 169,900 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| Q1 |
|
600 Lee Boulevard |
| Yorktown Heights |
| NY |
| Full Site |
|
| 153,200 |
|
|
| 38,500 |
|
|
| - |
|
| 25.1% |
| Q1 |
|
575 Fletcher Parkway |
| El Cajon |
| CA |
| Full Site |
|
| 227,300 |
|
|
| 184,400 |
|
|
| - |
|
| 81.1% |
| Q2 |
|
3111 East Colonial Drive |
| Orlando |
| FL |
| Full Site |
|
| 107,600 |
|
|
| 94,300 |
|
|
| 2,300 |
|
| 89.8% |
| Q2 |
|
1500 South Willow Street |
| Manchester |
| NH |
| Full Site |
|
| 105,700 |
|
|
| 80,400 |
|
|
| - |
|
| 76.1% |
| Q2 |
|
12000 Fair Oaks Mall |
| Fairfax |
| VA |
| Full Site |
|
| 212,700 |
|
|
| 154,400 |
|
|
| - |
|
| 72.6% |
| Q2 |
|
141 West Lee Highway |
| Warrenton |
| VA |
| Full Site |
|
| 71,500 |
|
|
| 62,400 |
|
|
| - |
|
| 87.3% |
| Q2 |
|
195 North Broadway |
| Hicksville |
| NY |
| Full Site |
|
| 7,600 |
|
|
| 7,600 |
|
|
| - |
|
| 100.0% |
| Q2 |
|
3751 South Dogwood Road |
| El Centro |
| CA |
| Full Site |
|
| 9,700 |
|
|
| 9,700 |
|
|
| - |
|
| 100.0% |
| Q2 |
|
1400 East 104th Avenue |
| Thornton |
| CO |
| Full Site |
|
| 193,700 |
|
|
| 61,700 |
|
|
| - |
|
| 31.9% |
| Q2 |
|
5050 South Kedzie Avenue |
| Chicago |
| IL |
| Full Site |
|
| 175,900 |
|
|
| 17,200 |
|
|
| - |
|
| 9.8% |
| Q2 |
|
3231 Chicago Road |
| Steger |
| IL |
| Full Site |
|
| 101,700 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| Q2 |
|
317 Greece Ridge Center Drive |
| Rochester |
| NY |
| Full Site |
|
| 139,600 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| Q2 |
|
2700 Miamisburg Centerville Road |
| Dayton |
| OH |
| Full Site |
|
| 13,400 |
|
|
| 13,400 |
|
|
| - |
|
| 100.0% |
| Q2 |
|
4400 South Western Avenue |
| Oklahoma City |
| OK |
| Full Site |
|
| 147,500 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| Q2 |
|
1675 West 49th Street |
| Hialeah |
| FL |
| Full Site |
|
| 153,200 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| Q2 |
|
15700 Emerald Way |
| Bowie |
| MD |
| Full Site |
|
| 126,400 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| Q2 |
|
425 Rice Street |
| St. Paul |
| MN |
| Full Site |
|
| 201,900 |
|
|
| 100 |
|
|
| - |
|
| 0.0% |
| Q2 |
|
2800 North Germantown Parkway |
| Cordova |
| TN |
| Full Site |
|
| 160,600 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| Q2 |
|
3177 Chandler Village Dr |
| Chandler |
| AZ |
| Full Site |
|
| 70,300 |
|
|
| 5,000 |
|
|
| - |
|
| 7.1% |
| Q2 |
|
100 Los Cerritos Mall |
| Cerritos |
| CA |
| Full Site |
|
| 138,800 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| Q2 |
|
7 Backus Ave (Ex 3 Rt 84) |
| Danbury |
| CT |
| Full Site |
|
| 88,000 |
|
|
| 24,700 |
|
|
| 63,300 |
|
| 100.0% |
| Q2 |
|
3710 US Hwy 9 site 1100 |
| Freehold |
| NJ |
| Full Site |
|
| 68,800 |
|
|
| 32,700 |
|
|
| - |
|
| 47.5% |
| Q2 |
|
9800 SW Washington Square Rd |
| Portland |
| OR |
| Full Site |
|
| 114,300 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| Q2 |
|
1011 West Olive Avenue |
| Merced |
| CA |
| Partial Site |
|
| 87,400 |
|
|
| - |
|
|
| - |
|
| 0.0% |
| Q2 |
|
Total |
|
|
|
|
|
|
|
| 5,989,857 |
|
|
| 2,929,492 |
|
|
| 123,300 |
|
| 51.0% |
|
|
|
(1) Based on signed leases as of June 30, 2023; GLA presented at the Company’s proportional share
17
REA Status by Sites and Category
|
| No / Expired REA |
|
| Expires in <5 years |
|
| Expires in >5 years |
|
| Total |
| ||||
Multi-Tenant Retail |
|
| 2 |
|
|
| - |
|
|
| 6 |
|
|
| 8 |
|
Premier Mixed-use |
|
| 5 |
|
|
| 1 |
|
|
| 1 |
|
|
| 7 |
|
Residential |
|
| 3 |
|
|
| - |
|
|
| - |
|
|
| 3 |
|
Other Unconsolidated Entities |
|
| - |
|
|
| - |
|
|
| 8 |
|
|
| 8 |
|
Non-Core Properties |
|
| 8 |
|
|
| 1 |
|
|
| 15 |
|
|
| 24 |
|
Total |
|
| 18 |
|
|
| 2 |
|
|
| 30 |
|
|
| 50 |
|
% of Total |
|
| 36 | % |
|
| 4 | % |
|
| 60 | % |
|
| 100 | % |
18
Non-GAAP Financial Measures
The Company makes reference to NOI and Total NOI which are financial measures that include adjustments to accounting principles generally accepted in the United States (“GAAP”).
Neither of NOI or Total NOI are measures that (i) represent cash flow from operations as defined by GAAP; (ii) are indicative of cash available to fund all cash flow needs, including the ability to make distributions; (iii) are alternatives to cash flow as a measure of liquidity; or (iv) should be considered alternatives to net income (which is determined in accordance with GAAP) for purposes of evaluating the Company’s operating performance. Reconciliations of these measures to the respective GAAP measures the Company deems most comparable have been provided in the tables accompanying this press release.
Net Operating Income (“NOI”) and Total NOI
NOI is defined as income from property operations less property operating expenses. Other real estate companies may use different methodologies for calculating NOI, and accordingly the Company’s depiction of NOI may not be comparable to other real estate companies. The Company believes NOI provides useful information regarding Seritage, its financial condition, and results of operations because it reflects only those income and expense items that are incurred at the property level.
The Company also uses Total NOI, which includes its proportional share of unconsolidated properties. This form of presentation offers insights into the financial performance and condition of the Company as a whole given the Company’s ownership of unconsolidated properties that are accounted for under GAAP using the equity method.
The Company also considers NOI and Total NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI variable items such as termination fee income, as well as non-cash items such as straight-line rent and amortization of lease intangibles.
19