NYSE : SRG
Seritage Growth Properties — Financial statements
Real Estate · Real Estate Services · United States
Last price 1.64 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 92.37M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 12.28M | 17.60M | 17.05M | 15.06M | 104.61M | 115.65M |
| Property Management Fees | 593.00K | 607.00K | 567.00K | 5.72M | 2.45M | 1.03M |
| Other Revenue | -356.00K | 2.43M | -3.05M | -2.36M | -34.18M | -9.23M |
| Total Revenue | 12.52M | 20.64M | 14.57M | 18.42M | 72.88M | 107.46M |
| Property Expenses | 11.59M | 16.44M | 26.01M | 27.41M | 65.72M | 80.26M |
| Selling, General & Administrative | 20.47M | 31.95M | 30.02M | 45.99M | 47.63M | 41.95M |
| Depreciation & Amortization | 2.96M | 6.28M | 13.12M | 14.47M | 41.11M | 51.20M |
| Total Operating Expenses | 35.02M | 54.67M | 69.14M | 87.87M | 154.47M | 173.41M |
| Operating Income | -22.50M | -34.03M | -54.58M | -69.45M | -81.59M | -65.95M |
| Interest Expense | -15.74M | -20.27M | -24.97M | -44.57M | -86.73M | -107.97M |
| Interest & Investment Income | 1.17M | 1.57M | 2.51M | 17.07M | 37.75M | 9.29M |
| EBT Excluding Unusual Items | -37.07M | -52.74M | -77.04M | -96.95M | -130.57M | -164.64M |
| Gain (Loss) on Sale of Investments | -12.30M | -17.02M | 1.94M | -47.09M | -38.58M | |
| Gain (Loss) on Sale of Assets | 11.47M | 20.34M | 10.68M | 96.21M | 211.94M | 221.68M |
| Asset Writedown | -15.98M | -18.80M | -87.54M | -107.04M | -126.89M | -95.83M |
| Total Legal Settlements | -35.53M | |||||
| Pretax Income | -53.88M | -68.22M | -151.95M | -154.87M | -119.63M | -38.79M |
| Income Tax Expense | 75.00K | 1.58M | 38.00K | 466.00K | 196.00K | |
| Earnings From Continuing Operations | -53.95M | -68.22M | -153.54M | -154.91M | -120.10M | -38.98M |
| Minority Interest in Earnings | 46.15M | 10.84M | ||||
| Net Income | -53.95M | -68.22M | -153.54M | -154.91M | -73.94M | -28.15M |
| Preferred Dividends & Other Adjustments | 4.90M | 4.90M | 4.90M | 4.90M | 4.90M | 4.90M |
| Net Income to Common | -58.85M | -73.11M | -158.44M | -159.81M | -78.84M | -33.05M |
| Basic Shares Outstanding | 56.32M | 56.31M | 56.26M | 56.15M | 49.73M | 42.39M |
| Diluted Shares Outstanding | 56.32M | 56.31M | 56.26M | 56.15M | 49.73M | 42.39M |
| EPS (Basic) | -1.04 | -1.30 | -2.82 | -2.85 | -1.59 | -0.78 |
| EPS (Diluted) | -1.05 | -1.30 | -2.82 | -2.85 | -1.59 | -0.78 |
| Operating Margin | -179.69% | -164.94% | -374.64% | -376.98% | -111.96% | -61.38% |
| Profit Margin | -470.07% | -354.32% | -1,087.56% | -867.50% | -108.19% | -30.76% |
| EBITDA | -19.39M | -27.60M | -41.27M | -54.80M | -40.26M | -14.58M |
| EBITDA Margin | -154.89% | -133.75% | -283.29% | -297.47% | -55.24% | -13.57% |
| D&A For Ebitda | 3.10M | 6.43M | 13.31M | 14.65M | 41.34M | 51.38M |
| EBIT | -22.50M | -34.03M | -54.58M | -69.45M | -81.59M | -65.95M |
| EBIT Margin | -179.69% | -164.94% | -111.96% | -61.38% | ||
| Funds From Operations (FFO) | -105.67M | |||||
| FFO Per Share | -1.89 | |||||
| Adjusted Funds From Operations (AFFO) | -105.67M | |||||
| AFFO Per Share | -1.89 | |||||
| Revenue as Reported | 12.88M | 18.20M | 17.62M | 20.78M | 107.06M | 116.68M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 139.23M | 156.27M | 370.13M | 560.74M | 780.62M | 1.71B |
| Cash & Equivalents | 48.43M | 48.09M | 85.21M | 134.00M | 133.48M | 106.60M |
| Accounts Receivable | 3.37M | 3.67M | 7.89M | 12.25M | 41.49M | 28.91M |
| Other Intangible Assets | 171.00K | 1.05M | 886.00K | 1.79M | 14.82M | |
| Restricted Cash | 14.44M | 14.20M | 12.50M | 15.70M | 11.46M | 7.15M |
| Other Current Assets | 2.28M | 8.69M | 39.33M | 490.28M | 44.78M | |
| Deferred Long-Term Charges | 200.00K | |||||
| Other Long-Term Assets | 145.83M | 162.69M | 200.99M | 210.96M | 382.60M | 498.56M |
| Total Assets | 353.58M | 393.78M | 677.77M | 973.86M | 1.84B | 2.41B |
| Current Portion of Leases | 200.00K | 2.02M | ||||
| Long-Term Debt | 49.66M | 47.68M | 240.00M | 360.00M | 1.03B | 1.44B |
| Long-Term Leases | 600.00K | 400.00K | 1.20M | 5.20M | 20.63M | |
| Accounts Payable | 10.44M | 12.02M | 29.69M | 44.65M | 86.36M | 96.22M |
| Accrued Expenses | 9.50M | |||||
| Other Current Liabilities | 659.00K | |||||
| Other Long-Term Liabilities | 679.00K | 1.08M | 848.00K | 978.00K | 3.66M | |
| Total Liabilities | 61.36M | 60.98M | 271.97M | 410.70M | 1.12B | 1.57B |
| Preferred Stock, Convertible | 28.00K | 28.00K | 28.00K | 28.00K | 28.00K | 28.00K |
| Common Stock | 562.00K | 562.00K | 562.00K | 562.00K | 561.00K | 436.00K |
| Additional Paid-In Capital | 1.36B | 1.36B | 1.36B | 1.36B | 1.36B | 1.24B |
| Retained Earnings | -1.07B | -1.03B | -958.78M | -800.34M | -640.53M | -553.77M |
| Total Common Equity | 292.19M | 331.39M | 404.43M | 561.96M | 720.44M | 687.71M |
| Minority Interest | 1.38M | 1.35M | 1.17M | 2.13M | 157.06M | |
| Shareholders' Equity | 292.22M | 332.80M | 405.80M | 563.16M | 722.60M | 844.80M |
| Total Liabilities & Equity | 353.58M | 393.78M | 677.77M | 973.86M | 1.84B | 2.41B |
| Total Debt | 50.26M | 48.28M | 241.20M | 365.20M | 1.03B | 1.46B |
| Net Cash (Debt) | -1.83M | -189.00K | -155.99M | -231.20M | -898.30M | -1.35B |
| Net Cash Per Share | -0.03 | -0.00 | -2.77 | -4.12 | -18.06 | -31.92 |
| Filing Date Shares Outstanding | 56.32M | 56.32M | 56.32M | 56.26M | 56.06M | 43.63M |
| Total Common Shares Outstanding | 56.32M | 56.32M | 56.27M | 56.19M | 56.05M | 43.63M |
| Book Value Per Share | 5.19 | 5.88 | 7.19 | 10.00 | 12.85 | 15.76 |
| Tangible Book Value | 292.19M | 331.22M | 403.38M | 561.08M | 718.65M | 672.90M |
| Tangible Book Value Per Share | 5.19 | 5.88 | 7.17 | 9.98 | 12.82 | 15.42 |
| Land | 19.75M | 25.41M | 65.01M | 102.09M | 172.81M | 475.67M |
| Buildings | 124.83M | 134.95M | 239.98M | 344.97M | 463.62M | 994.22M |
| Construction In Progress | 629.00K | 93.59M | 135.31M | 185.32M | 381.19M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -53.95M | -68.22M | -153.54M | -154.91M | -73.94M | -28.15M |
| Depreciation & Amortization | 3.10M | 6.43M | 13.31M | 14.65M | 41.34M | 51.38M |
| Other Amortization | 3.66M | 1.68M | 246.00K | 422.00K | 422.00K | |
| Gain (Loss) on Sale of Assets | -11.47M | -20.34M | -10.68M | -96.21M | -211.94M | -221.68M |
| Gain (Loss) on Sale of Investments | 1.42M | -2.04M | -6.41M | 714.90K | ||
| Asset Writedown | 15.98M | 18.80M | 87.54M | 107.04M | 126.89M | 95.83M |
| Stock-Based Compensation | 201.00K | 1.49M | 2.73M | 2.77M | 1.86M | |
| Income (Loss) on Equity Investments | 16.55M | 17.32M | 10.15M | 55.86M | 72.04M | 10.85M |
| Change in Accounts Receivable | 1.46M | 1.63M | 5.11M | 12.54M | -10.82M | 5.77M |
| Change in Accounts Payable | 1.98M | 6.14M | -13.07M | -11.42M | -21.25M | -35.77M |
| Change in Other Net Operating Assets | 2.08M | -715.00K | 911.00K | 5.95M | 2.84M | -3.59M |
| Other Operating Activities | -347.00K | 757.00K | 7.27M | 16.87M | -46.98M | -12.90M |
| Operating Cash Flow | -20.96M | -34.90M | -53.55M | -53.06M | -117.92M | -136.00M |
| Acquisition of Real Estate Assets | -9.18M | -26.32M | -27.51M | -79.75M | -99.29M | -105.66M |
| Sale of Real Estate Assets | 167.50M | 210.07M | 155.69M | 673.47M | 643.29M | 392.42M |
| Net Sale / Acq. of Real Estate Assets | 158.32M | 183.75M | 128.17M | 593.73M | 544.00M | 286.77M |
| Investment in Marketable & Equity Securities | 6.07M | 14.72M | -1.30M | 139.18M | 42.08M | -26.06M |
| Investing Cash Flow | 164.38M | 198.47M | 126.87M | 732.91M | 586.08M | 260.71M |
| Long-Term Debt Repaid | -190.00M | -120.00M | -670.00M | -432.07M | -160.00M | |
| Total Debt Repaid | -150.00M | -190.00M | -120.00M | -670.00M | -432.07M | -160.00M |
| Net Debt Issued (Repaid) | -150.00M | -190.00M | -120.00M | -670.00M | -432.07M | -160.00M |
| Repurchase of Common Stock | -126.00K | -126.00K | -586.00K | -315.00K | -269.00K | |
| Preferred Dividends Paid | -4.90M | -4.90M | -4.90M | -4.90M | -4.90M | -4.90M |
| Total Dividends Paid | -4.90M | -4.90M | -4.90M | -4.90M | -4.90M | -4.90M |
| Other Financing Activities | -5.67M | -3.96M | 173.00K | 126.00K | 3.96M | |
| Net Cash Flow | -17.27M | -35.42M | -51.99M | 4.76M | 31.19M | -36.50M |
| Levered Free Cash Flow | -23.31M | -49.45M | -3.00M | 380.61M | -542.42M | -77.96M |
| Unlevered Free Cash Flow | -17.13M | -38.46M | 12.60M | 408.22M | -488.63M | -10.89M |
| Cash Interest Paid | 12.44M | 19.20M | 25.36M | 46.05M | 98.95M | 46.05M |
| Cash Income Tax Paid | 1.57M | 38.00K | 466.00K | 197.00K | ||
| Change in Working Capital | 5.52M | 7.05M | -7.04M | 7.07M | -29.24M | -33.59M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 92.37M | 183.05M | 231.83M | 525.34M | 662.87M | 579.00M |
| Enterprise Value | 94.21M | 330.18M | 427.51M | 827.57M | 1.80B | 2.18B |
| Last Close Price | 1.64 | 3.25 | 4.12 | 9.35 | 11.83 | 13.27 |
| Price/FFO Ratio | -7.02 | |||||
| Price/AFFO Ratio | -7.03 | |||||
| PS Ratio | 7.38 | 8.87 | 15.91 | 28.52 | 9.10 | 5.39 |
| PB Ratio | 0.32 | 0.55 | 0.57 | 0.93 | 0.92 | 0.69 |
| EV/Sales Ratio | 7.52 | 16.00 | 29.35 | 44.92 | 24.77 | 20.30 |
| Debt / Equity Ratio | 0.17 | 0.14 | 0.59 | 0.65 | 1.43 | 1.73 |
| Net Debt / Equity Ratio | 0.01 | 0.00 | 0.38 | 0.41 | 1.24 | 1.60 |
| Net Debt / EBITDA Ratio | -0.10 | -0.01 | -3.78 | -4.22 | -22.32 | -92.83 |
| Asset Turnover | 0.03 | 0.04 | 0.02 | 0.01 | 0.03 | 0.04 |
| Quick Ratio | 4.67 | 4.23 | 3.14 | 3.27 | 1.98 | 1.28 |
| Current Ratio | 6.17 | 6.11 | 3.56 | 4.51 | 7.66 | 1.77 |
| Return on Equity (ROE) | -16.73% | -18.47% | -31.69% | -24.10% | -15.32% | -4.51% |
| Return on Assets (ROA) | -3.03% | -3.97% | -4.13% | -3.08% | -2.40% | -1.63% |
| Earnings Yield | -64.03% | -37.27% | -66.23% | -29.49% | -11.15% | -4.86% |
| Buyback Yield / Dilution | -0.07% | -0.10% | -0.18% | -12.91% | -17.30% | -10.69% |
| Total Shareholder Return | -0.07% | -0.10% | -0.18% | -12.91% | -17.30% | -10.69% |