Seritage Q1 net loss $63.2M (-$1.13/share); Total NOI $3.1M; sold 27 assets for $290.8M

Seritage Growth Properties

2023-Q1 EPS reported -$1.13 revenue$680,000

Net loss attributable to common shareholders $63.2M ($1.13 per share) for Q1 2023.
Total NOI $3.1M vs $10.5M in prior year quarter, reflecting property sales and lower income.
Sold 27 wholly owned assets for $290.8M gross proceeds in Q1; YTD total $311.9M.
Term loan balance reduced to $800M after $230M repayment; maturity extended to July 2025.
Cash on hand $132.1M at March 31; board expects no common dividends until term loan repaid.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Seritage Growth Properties reported the quarter ended March 31, 2023 results: net income ($63.2) million, EPS ($1.13) per share.

Period: the quarter ended March 31, 2023
Net income: ($63.2) million
EPS: ($1.13) per share
Result: reported results

Exact text from the filing

Financial Highlights: For the quarter ended March 31, 2023: • As of March 31, 2023, the Company had cash on hand of $132.1 million, including $11.6 million of restricted cash. As of May 8, 2023, the Company had cash on hand of $143.5 million, including $11.6 million of restricted cash. • Net loss attributable to common shareholders of ($63.2) million, or ($1.13) per share.

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Source: SEC EDGAR

accession 0000950170-23-020066

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