Seritage Growth Properties

What Seritage Growth Properties does

Seritage Growth Properties (NYSE: SRG) is a publicly traded, fully integrated C-corp real estate company headquartered at 500 Fifth Avenue, New York, that was formed in July 2015 to acquire and unlock the underlying real estate value of a 72-property, approximately 15.5 million square foot portfolio formerly owned by Sears Holdings. The company structures its operations across ownership, development, redevelopment, management, leasing, and disposition of retail, residential, and mixed-use properties, with peak coverage across California, Florida, Pennsylvania, Texas, Virginia, and Washington. It finances acquisitions primarily through a single $1.6 billion term loan facility originally provided by Berkshire Hathaway Life Insurance Company of Nebraska, of which approximately $1.55 billion has been repaid.

Since shareholder approval of the Plan of Sale in October 2022, the company's core operating activity has shifted from leasing and redevelopment to portfolio monetization. As of Q1 2026, the remaining portfolio consists of 10 properties totaling approximately 0.8 million square feet of gross leasable area and 156 acres of land. Revenue is generated from three streams: rental income from tenants (department stores such as Macy's, Bloomingdale's, Nordstrom, JCPenney, and Neiman Marcus, plus entertainment operators such as AMC Theatres and Dillard's), management and other fee income from unconsolidated joint-venture properties, and one-time gross proceeds from asset sales (which produced $230.7M in 2025). Pricing is property-by-property rather than product-based; capital allocation is dictated by debt amortization and disposition targets rather than recurring SaaS-style contracts.

The company faces material financial stress heading into mid-2026. Auditors have raised substantial doubt about Seritage's ability to continue as a going concern because its $50 million remaining term loan balance matures on July 31, 2026. FY2025 net loss was $73.1M and Q1 2026 net loss was $31.3M. The company is pursuing refinancing, additional asset sales, and is exploring a possible sale of the company, while operating with 1-10 employees and defending against securities class action and derivative lawsuits.

Name

Seritage Growth Properties

Legal name

Seritage Growth Properties

Website

https://seritage.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Seritage Growth Properties (NYSE: SRG) is a publicly traded C-corp real estate company currently executing a shareholder-approved Plan of Sale to monetize its remaining 10 retail and mixed-use properties across six U.S. states following its 2015 spin-off from Sears Holdings.

Ownership category

akta.pro rank

Product category

Retail and Mixed-Use Real Estate

NAICS

Real Estate Property Managers (53131), Portfolio Management and Investment Advice (52394)

SIC

Real Estate Investment Trusts (6798), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Real Estate Investment Management (Acquisitions & Dispositions) (BPAJAMAK)

akta.pro secondary industries

Capital Markets Advisory (Equity Placement, JV & Recapitalization) (BPAJABAL), Real Estate Development Asset Management (Project/Construction-to-Stabilization) (BPAJAMAL)

Keywords

• Commercial real estate
• Retail leasing
• Property disposition
• Mixed-use development
• Real estate investment

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others, Supply Chain

Revenue model

1. Rental income: Rental income from leasing retail, residential and mixed-use properties to tenants. Q1 2026 rental income was $1.9 million, down from $4.5 million in Q1 2025, reflecting the ongoing wind-down of the portfolio.
2. Management and other fee income: Fees earned from managing properties, including unconsolidated joint venture properties.
3. Asset sales and dispositions: Proceeds from selling properties to buyers. The company generated $230.7 million in gross proceeds from asset sales in 2025, with continued sales efforts in 2026.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Seritage Growth Properties owns, operates, develops, leases, and sells retail, residential, and mixed-use real estate properties. The company generates revenue by leasing anchor retail space to department stores and entertainment operators, redeveloping select parcels into mixed-use or residential projects, and monetizing assets through a shareholder-approved Plan of Sale. Operations are conducted through consolidated subsidiaries and unconsolidated joint venture entities across six U.S. states.

Product overview

Seritage Growth Properties is a fully integrated real estate investment trust (REIT) structured as a C Corp that operates as a single, unified platform for owning, developing, managing, and selling retail, residential, and mixed-use properties. Originally formed in 2015 to unlock value from Sears Holdings properties, the company has been executing a shareholder-approved Plan of Sale since 2022, progressively reducing its portfolio through asset dispositions. The core offering consists of a portfolio of properties available for leasing and development, supplemented by development/redevelopment services for new projects and asset disposition services for selling properties. The company operates across multiple states including California, Florida, Pennsylvania, Texas, Virginia, and Washington, with active development projects in over a dozen locations.

Differentiator

Problem solved

Functional benefit

Products and services

• Seritage Real Estate Portfolio Owned real estate portfolio of retail, residential, and mixed-use properties available for leasing, redevelopment, or sale. As of December 31, 2025, the portfolio consisted of interests in 10 properties comprising approximately 0.8 million square feet of gross leasable area and 156 acres of land across California, Florida, Pennsylvania, Texas, Virginia, and Washington.
• Property Development Services Development and redevelopment of retail, residential, and mixed-use properties, including new development projects in Albany NY, Aventura FL, Braintree MA, Clearwater FL, Honolulu HI, King of Prussia PA, Madison WI, Memphis TN, Orlando FL, Springfield IL, St. Petersburg FL, Virginia Beach VA, Wayne NJ, and West Hartford CT.
• Construction Activity Services Construction and development management services for properties under development, including active projects in Memphis TN, Honolulu HI, San Antonio TX, and Braintree MA.
• Asset Disposition Services Sale and disposition of real estate assets as part of the shareholder-approved Plan of Sale, including marketing properties through real estate advisors such as Heartland LLC. Generated $230.7 million in gross proceeds during 2025 and an additional $11.0 million from one consolidated property subsequent to March 31, 2026.
• Leasing and Property Management Services Leasing and management of retail, residential, and mixed-use properties to tenants, including management of unconsolidated joint venture properties. Q1 2026 rental income was $1.9 million (down from $4.5 million in Q1 2025), reflecting the ongoing portfolio wind-down.

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor.

• Dallas Mavericks (Arena Development Intermediate, LLC)minorStrategic or Co-development Partner · 27 June 2026Dallas Mavericks entered into option agreement to purchase Seritage's Valley View property for $50.76 million with up to $4.5 million in additional option payments. Deal closing could occur as late as January 2028, with Mavericks planning to complete a new arena by 2031.
• Heartland LLCminorChannel Partner/ Reseller/ DistributorReal estate advisor marketing former Sears site at Overlake Plaza in Redmond, Washington for sale. 14-acre property with 6.9 net developable acres and approved mixed-use development plan.

Scale indicators6 records

Recent moves9 records

Expansion highlights4 records

Market position

Strengths3 records

Competitive moat2 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/seritage-growth-properties

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Seritage Growth Properties