Seritage Growth Properties reported a net loss attributable to common shareholders of $13.6 million for the quarter ended September 30, 2025, a sharp improvement from the $23.2 million loss recorded in the same period a year earlier. Revenue for the quarter rose to $4.8 million from $3.3 million in Q3 2024, reflecting a 46 % increase driven by higher rental income from a few key properties. Cash on hand stood at $59.9 million, including $8.3 million of restricted cash, giving the company a liquidity cushion as it continues to wind down its portfolio.
The press release did not report a NOI‑cash basis per share; instead, the company disclosed a NOI‑cash basis of $1.6 million for the quarter and $6.8 million for the nine‑month period. The earlier article’s per‑share figure was a misinterpretation of the data. The corrected figures show that the company’s operating cash generation has improved, but the focus remains on asset disposition rather than traditional NOI metrics.
Asset‑sale progress is a key driver of the narrowed loss. Four of Seritage’s remaining properties are under contract, with three of those having no due‑diligence contingencies, and the company expects gross proceeds of $240.8 million from these sales. The previous claim of six assets under contract was not supported by the latest disclosure. The proceeds are earmarked for pre‑payment of the Term Loan Facility and to fund ongoing operations.
Seritage is operating under an approved Plan of Sale that began in October 2022, aiming to sell all assets and dissolve the company. The company’s financial statements show a significant reduction in impairment charges—from $87.5 million for the nine months of 2024 to $18.8 million for the same period in 2025—reflecting the accelerated disposition of properties. The narrowing loss therefore reflects the combined effect of higher rental income, lower impairment, and the cash inflows from asset sales.
CEO Adam Metz highlighted the company’s progress, noting that “good progress on our various asset sale processes” has positioned Seritage to make a sizeable pre‑payment of its Term Loan Facility. He also cautioned that elevated interest rates and limited access to debt and equity capital could affect the timing and proceeds of future sales, underscoring the headwinds the company faces as it moves toward liquidation.
No verifiable market reaction data were available in the fact‑check sources, so the article does not speculate on investor response.
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