Seritage Q2 net loss $96.9M, $1.73/shr; $101.5M impairment on Aventura development

Seritage Growth Properties

2023-Q2 EPS reported -$2.85 revenue$6,564,000

Net loss of $96.9M ($1.73/share) vs. $112M loss in prior year; Total NOI $3.0M vs $10.6M.
Recognized $101.5M impairment on Aventura, FL development property due to rising costs and market conditions.
Sold 24 properties in Q2 for $295.4M gross proceeds; subsequent sales $68.4M; 9 assets under contract for $133.3M.
Made $250M term loan principal repayment in Q2 and $70M after quarter end; balance reduced to $480M; annual interest saving $4.9M.
D&O insurance settlements yielded $7.8M in Q2; no common dividend until term loan repaid; plan of sale ongoing.

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 three and six months ended June 30, 2023 results: net income Net loss attributable to common shareholders of ($96.9) million, or ($1.73) per share., EPS ($1.73) per share.

Period: the three and six months ended June 30, 2023
Net income: Net loss attributable to common shareholders of ($96.9) million, or ($1.73) per share.
EPS: ($1.73) per share
Result: reported results

Exact text from the filing

On August 14, 2023, the Company issued a press release regarding its financial results for the three and six months ended June 30, 2023.

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Source: SEC EDGAR

accession 0000950170-23-042513

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