Seritage reports FY2023 net loss of $159.8M; sold $842.7M of assets, cut debt by $670M

Seritage Growth Properties

2024-Q1 EPS reported -$0.36 revenue$5,773,000

Net loss attributable to common shareholders of $159.8M ($2.85 per share) for 2023; Q4 net income of $4.7M.
Sold 68 assets for gross proceeds of $842.7M in 2023; repaid $670M of Term Loan, balance $330M as of March 22, 2024.
Cash on hand $149.7M at Dec 31, 2023 ($132.6M as of March 22, 2024); no common dividend expected until term loan repaid.
Total NOI for 2023 was $8.6M, down from $43.5M in 2022, reflecting asset sales.
Continuing Plan of Sale with focus on premier development sites; four assets under contract for $53.6M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Seritage Growth Properties reported the year ended December 31, 2023 results: net income ($159.8) million, or ($2.85) per share.

Period: the year ended December 31, 2023
Net income: ($159.8) million, or ($2.85) per share
Result: reported results

Exact text from the filing

Seritage Growth Properties Reports Fourth Quarter and Full Year 2023 Operating Results

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Source: SEC EDGAR

accession 0000950170-24-039559

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