Seritage Q2 net loss $102.5M, Aventura impairment $85.8M, securities lawsuit filed

Seritage Growth Properties

2024-Q2 EPS reported -$2.18 revenue$9,989,000

Net loss attributable to common shareholders of $102.5M ($1.82 per share) vs. $96.9M loss a year ago.
Recorded $85.8M impairment on Aventura development property due to higher discount/cap rates.
Generated $40.4M gross proceeds from asset sales; five assets under contract for $138.6M total.
Class action lawsuit filed July 1 alleging false disclosures about impairment review and asset values; seeks unspecified damages.
Term loan reduced by $50M to $280M; cash on hand $100.5M as of June 30, 2024.

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