Seritage Q3 net loss $2.1M; asset sales $156.8M; prepaid $40M on term loan

Seritage Growth Properties

2023-Q2 EPS reported -$2.89 revenue$11,611,000

Net loss attributable to common shareholders of $2.1M (EPS $(0.04)); total NOI $1.1M.
Generated $156.8M gross proceeds from asset sales in Q3, including $94M from unconsolidated entities.
Subsequent to quarter end, prepaid $40M on term loan; total repaid $1.24B since Dec 2021; balance $360M.
Prepayment reduces annual interest expense by approx $2.8M.
Signed 3 leases covering 12k sq ft at avg projected net rent $55.94 PSF.

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 0.95

Seritage Growth Properties reported the three and nine months ended September 30, 2023 results: net income Net loss attributable to common shareholders of ($3.8) million, or ($0.07) per share.

Period: the three and nine months ended September 30, 2023
Net income: Net loss attributable to common shareholders of ($3.8) million, or ($0.07) per share
Result: reported results

Exact text from the filing

On November 8, 2023, the Company issued a press release regarding its financial results for the three and nine months ended September 30, 2023.

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Source: SEC EDGAR

accession 0000950170-23-061196

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