Seritage Growth Properties reported a net loss attributable to common shareholders of $(29.731) million for the three months ended June 30, 2025, compared to a net loss of $(102.452) million in the prior-year period. The net loss per share for the quarter was $(0.53), an improvement from $(1.82) in the second quarter of 2024.
The company's NOI-cash basis at share was $2.582 million for the quarter, a significant improvement from $(0.137) million in the second quarter of 2024. As of June 30, 2025, Seritage had $80.1 million in cash on hand, including $8.3 million of restricted cash.
Interim CEO Adam Metz announced that the company exercised its option to extend the maturity date of its Term Loan Facility, which was set to mature on July 31, 2025. This extension provides additional time to execute asset sales at appropriate pricing. The company also reported progress on asset sales, including signing three purchase and sales agreements and having five others in negotiations. Updates on the ongoing class action and derivative lawsuits were also provided.
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