Seritage Q3 net loss widens to $23.2M; NOI-cash turns negative amid ongoing asset sales

Seritage Growth Properties

2024-Q3 EPS reported -$2.59 revenue$13,240,000

Net loss of $23.2M ($0.41/share) vs $2.1M loss ($0.04/share) in Q3 2023.
NOI-cash basis at share was ($0.9M) vs $1.1M positive in prior year; includes $0.5M from sold properties.
Cash on hand $87.7M as of Nov 11; exploring options to address July 2025 term loan maturity.
Generated $24M from sale of income producing asset at 8.5% cap; five assets under contract for $87.9M.
Class action securities lawsuit filed July 2024 alleging false disclosures about impairment and asset values.

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