Seritage posts FY2024 net loss of $158.4M; CEO Olshan to step down April 11

Seritage Growth Properties

2025-Q1 EPS reported -$0.42 revenue$4,599,000

FY2024 net loss $158.4M ($2.82/sh); Q4 net loss $12.6M vs Q4 2023 profit $4.7M.
NOI-cash basis at share fell to $2.6M for FY2024 from $8.6M in FY2023.
CEO Andrea Olshan steps down April 11; Board Chair Adam Metz becomes Interim CEO.
Proceeds of $50.8M from three vacant asset sales in Q4; post-year $29.9M sale at 7.7% cap.
Cash on hand $107M as of March 28; $240M term loan balance after $120M repayments in 2024.

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