Exhibit 99.2
Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “projects,” “would,” “may” or other similar expressions in the Company’s Quarterly Report on Form 10-Q. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 and in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2022. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of the Company’s Quarterly Report on Form 10-Q. The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto included in Part 1 of the Quarterly Report.
Financial Information
Summary Information
September 30, 2022
(in thousands, except per share and PSF amounts)
| | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | | Nine Months Ended September 30, | |
Financial Results | | 2022 | | | 2021 | | | 2022 | | | 2021 | |
Net loss attributable to Seritage
common shareholders | | $ | (4,664 | ) | | $ | (21,759 | ) | | $ | (170,074 | ) | | $ | (104,769 | ) |
Total NOI | | $ | 12,150 | | | $ | 8,075 | | | $ | 33,245 | | | $ | 25,061 | |
Net loss per share attributable to Seritage
common shareholders | | $ | (0.08 | ) | | $ | (0.50 | ) | | $ | (3.57 | ) | | $ | (2.50 | ) |
Wtd. avg. shares - EPS | | | 55,361 | | | | 43,631 | | | | 47,600 | | | | 41,976 | |
Stock trading price range | | $5.40 to $14.06 | | | $14.25 to $18.22 | | | $5.21 to $14.45 | | | $13.86 to $23.22 | |
Condensed Consolidated Balance Sheets (unaudited)
September 30, 2022
(in thousands, except share and per share amounts)
| | | | | | | | |
| | September 30, 2022 | | | December 31, 2021 | |
ASSETS | | | | | | |
Investment in real estate | | | | | | |
Land | | $ | 282,917 | | | $ | 475,667 | |
Buildings and improvements | | | 804,882 | | | | 994,221 | |
Accumulated depreciation | | | (127,043 | ) | | | (154,971 | ) |
| | | 960,756 | | | | 1,314,917 | |
Construction in progress | | | 260,007 | | | | 381,194 | |
Net investment in real estate | | | 1,220,763 | | | | 1,696,111 | |
Real estate held for sale | | | 202,777 | | | | — | |
Investment in unconsolidated entities | | | 383,061 | | | | 498,563 | |
Cash and cash equivalents | | | 129,767 | | | | 106,602 | |
Restricted cash | | | 10,821 | | | | 7,151 | |
Tenant and other receivables, net | | | 39,943 | | | | 29,111 | |
Lease intangible assets, net | | | 4,511 | | | | 14,817 | |
Prepaid expenses, deferred expenses and other assets, net | | | 62,883 | | | | 61,783 | |
Total assets (1) | | $ | 2,054,526 | | | $ | 2,414,138 | |
| | | | | | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | |
Liabilities | | | | | | |
Term loan facility, net | | $ | 1,269,648 | | | $ | 1,439,332 | |
Sales-leaseback financing obligations | | | — | | | | 20,627 | |
Litigation reserve | | | 35,533 | | | | — | |
Accounts payable, accrued expenses and other liabilities | | | 118,700 | | | | 109,379 | |
Total liabilities (1) | | | 1,423,881 | | | | 1,569,338 | |
| | | | | | |
Commitments and contingencies (Note 9) | | | | | | |
| | | | | | |
Shareholders' Equity | | | | | | |
Class A common shares $0.01 par value; 100,000,000 shares authorized;
56,032,381 and 43,632,364 shares issued and outstanding
as of September 30, 2022 and December 31, 2021, respectively | | | 560 | | | | 436 | |
Series A preferred shares $0.01 par value; 10,000,000 shares authorized;
2,800,000 shares issued and outstanding as of September 30, 2022
December 31, 2021; liquidation preference of $70,000 | | | 28 | | | | 28 | |
Additional paid-in capital | | | 1,359,686 | | | | 1,241,048 | |
Accumulated deficit | | | (731,759 | ) | | | (553,771 | ) |
Total shareholders' equity | | | 628,515 | | | | 687,741 | |
Non-controlling interests | | | 2,130 | | | | 157,059 | |
Total equity | | | 630,645 | | | | 844,800 | |
Total liabilities and shareholders' equity | | $ | 2,054,526 | | | $ | 2,414,138 | |
(1) The Company's condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2. The condensed consolidated balance sheets, as of September 30, 2022, include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $6.6 million of land, $3.9 million of building and improvements, $(1.0) million of accumulated depreciation and $4.0 million of other assets included in other line items. The Company's condensed consolidated balance sheets as of December 31, 2021, include the following amounts related to our consolidated VIEs, excluding the Operating Partnership: $6.6 million of land, $3.9 million of building and improvements, $(0.9) million of accumulated depreciation and $4.0 million of other assets included in other line items. | |
Condensed Consolidated Statements of Operations (unaudited)
September 30, 2022
(in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | |
| | September 30, 2022 | | | June 30, 2022 | | | March 31, 2022 | | | December 31, 2021 | | | September 30, 2021 | | | June 30, 2021 | | | March 31, 2021 | |
REVENUE | | | | | | | | | | | | | | | | | | | | | |
Rental income | | $ | 23,253 | | | $ | 29,418 | | | $ | 29,084 | | | $ | 28,091 | | | $ | 28,819 | | | $ | 27,595 | | | $ | 31,146 | |
Management and other fee income / (expense) | | | 248 | | | | 286 | | | | 1,821 | | | | 434 | | | | 184 | | | | 279 | | | | 135 | |
Total revenue | | | 23,501 | | | | 29,704 | | | | 30,905 | | | | 28,525 | | | | 29,003 | | | | 27,874 | | | | 31,281 | |
EXPENSES | | | | | | | | | | | | | | | | | | | | | |
Property operating | | | 9,700 | | | | 10,801 | | | | 11,032 | | | | 11,493 | | | | 11,585 | | | | 11,286 | | | | 10,643 | |
Real estate taxes | | | 6,483 | | | | 6,425 | | | | 8,150 | | | | 7,497 | | | | 8,542 | | | | 9,061 | | | | 10,155 | |
Depreciation and amortization | | | 9,169 | | | | 10,669 | | | | 11,934 | | | | 11,570 | | | | 13,159 | | | | 13,328 | | | | 13,142 | |
General and administrative | | | 10,811 | | | | 11,093 | | | | 9,092 | | | | 9,947 | | | | 8,780 | | | | 11,990 | | | | 11,232 | |
Litigation reserve | | | 533 | | | | 35,000 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Total expenses | | | 36,696 | | | | 73,988 | | | | 40,208 | | | | 40,507 | | | | 42,066 | | | | 45,665 | | | | 45,172 | |
Gain/(loss) on sale of real estate, net | | | 45,433 | | | | 68,031 | | | | (1,015 | ) | | | 156,602 | | | | 22,774 | | | | 18,097 | | | | 24,208 | |
Gain on sale of interests in unconsolidated entities | | | (139 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Impairment of real estate assets | | | (10,275 | ) | | | (109,343 | ) | | | (991 | ) | | | (25,773 | ) | | | (3,814 | ) | | | (64,539 | ) | | | (1,700 | ) |
Equity in loss of unconsolidated entities | | | (2,275 | ) | | | (33,720 | ) | | | (33,076 | ) | | | (202 | ) | | | (5,535 | ) | | | (2,327 | ) | | | (1,162 | ) |
Interest and other income | | | (1,047 | ) | | | 99 | | | | 11 | | | | 1,083 | | | | 48 | | | | 530 | | | | 7,624 | |
Interest expense | | | (21,916 | ) | | | (22,663 | ) | | | (22,588 | ) | | | (26,128 | ) | | | (26,721 | ) | | | (28,976 | ) | | | (26,150 | ) |
(Loss)/income before taxes | | | (3,414 | ) | | | (141,880 | ) | | | (66,962 | ) | | | 93,600 | | | | (26,311 | ) | | | (95,006 | ) | | | (11,071 | ) |
(Provision)/benefit from taxes | | | (67 | ) | | | (203 | ) | | | (25 | ) | | | 1 | | | | (38 | ) | | | (298 | ) | | | 138 | |
Net (loss)/income | | | (3,481 | ) | | | (142,083 | ) | | | (66,987 | ) | | | 93,601 | | | | (26,349 | ) | | | (95,304 | ) | | | (10,933 | ) |
Net loss/(income) attributable to non-controlling interests | | | 42 | | | | 31,328 | | | | 14,782 | | | | (20,655 | ) | | | 5,815 | | | | 22,464 | | | | 3,213 | |
Net (loss)/income attributable to Seritage | | $ | (3,439 | ) | | $ | (110,755 | ) | | $ | (52,205 | ) | | $ | 72,946 | | | $ | (20,534 | ) | | $ | (72,840 | ) | | $ | (7,720 | ) |
Preferred dividends | | | (1,225 | ) | | | (1,225 | ) | | | (1,225 | ) | | | (1,225 | ) | | | (1,225 | ) | | | (1,225 | ) | | | (1,225 | ) |
Net (loss)/income attributable to Seritage common shareholders | | $ | (4,664 | ) | | $ | (111,980 | ) | | $ | (53,430 | ) | | $ | 71,721 | | | $ | (21,759 | ) | | $ | (74,065 | ) | | $ | (8,945 | ) |
| | | | | | | | | | | | | | | | | | | | | |
Net (loss)/income per share attributable to Seritage Class A
common shareholders - Basic | | $ | (0.08 | ) | | $ | (2.56 | ) | | $ | (1.22 | ) | | $ | 1.64 | | | $ | (0.50 | ) | | $ | (1.73 | ) | | $ | (0.23 | ) |
Net (loss)/income per share attributable to Seritage Class A
common shareholders - Diluted | | $ | (0.08 | ) | | $ | (2.56 | ) | | $ | (1.22 | ) | | $ | 1.64 | | | $ | (0.50 | ) | | $ | (1.73 | ) | | $ | (0.23 | ) |
Weighted average Class A common shares
outstanding - Basic | | | 55,361 | | | | 43,677 | | | | 43,634 | | | | 43,632 | | | | 43,631 | | | | 42,772 | | | | 39,477 | |
Weighted average Class A common shares
outstanding - Diluted | | | 55,361 | | | | 43,677 | | | | 43,634 | | | | 43,632 | | | | 43,631 | | | | 42,772 | | | | 39,477 | |
Total Net Operating Income
September 30, 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | |
NOI and Total NOI | | | September 30, 2022 | | | June 30, 2022 | | | March 31, 2022 | | | December 31, 2021 | | | September 30, 2021 | | | June 30, 2021 | | | March 31, 2021 | |
Net (loss)/income | | | $ | (3,481 | ) | | $ | (142,083 | ) | | $ | (66,987 | ) | | $ | 93,601 | | | $ | (26,349 | ) | | $ | (95,304 | ) | | $ | (10,933 | ) |
Termination fee income | | | | - | | | | (92 | ) | | | (277 | ) | | | (388 | ) | | | (379 | ) | | | - | | | | (2,611 | ) |
Management and other fee income | | | | (248 | ) | | | (286 | ) | | | (1,821 | ) | | | (434 | ) | | | (184 | ) | | | (279 | ) | | | (135 | ) |
Depreciation and amortization | | | | 9,169 | | | | 10,669 | | | | 11,934 | | | | 11,570 | | | | 13,159 | | | | 13,328 | | | | 13,142 | |
General and administrative expenses | | | | 10,811 | | | | 11,093 | | | | 9,092 | | | | 9,947 | | | | 8,780 | | | | 11,990 | | | | 11,232 | |
Litigation reserve | | | | 533 | | | | 35,000 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Equity in loss of unconsolidated entities | | | | 2,275 | | | | 33,720 | | | | 33,076 | | | | 202 | | | | 5,535 | | | | 2,327 | | | | 1,162 | |
Gain on sale of interests in unconsolidated
entities | | | | 139 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Gain on sale of real estate, net | | | | (45,433 | ) | | | (68,031 | ) | | | 1,015 | | | | (156,602 | ) | | | (22,774 | ) | | | (18,097 | ) | | | (24,208 | ) |
Impairment of real estate assets | | | | 10,275 | | | | 109,343 | | | | 991 | | | | 25,773 | | | | 3,814 | | | | 64,539 | | | | 1,700 | |
Interest and other (income) expense | | | | 1,047 | | | | (99 | ) | | | (11 | ) | | | (1,083 | ) | | | (48 | ) | | | (530 | ) | | | (7,624 | ) |
Interest expense | | | | 21,916 | | | | 22,663 | | | | 22,588 | | | | 26,128 | | | | 26,721 | | | | 28,976 | | | | 26,150 | |
Provision/(benefit) for income taxes | | | | 67 | | | | 203 | | | | 25 | | | | (2 | ) | | | 38 | | | | 298 | | | | (138 | ) |
Straight-line (rent)/expense | | | | 2,873 | | | | (3,599 | ) | | | (721 | ) | | | (236 | ) | | | (1,005 | ) | | | (1,238 | ) | | | 210 | |
Above/below market rental (income)/expense | | | | 54 | | | | 56 | | | | 65 | | | | 65 | | | | 48 | | | | 102 | | | | (39 | ) |
NOI | | | $ | 9,997 | | | $ | 8,557 | | | $ | 8,969 | | | $ | 8,541 | | | $ | 7,356 | | | $ | 6,112 | | | $ | 7,908 | |
Unconsolidated entities | | | | | | | | | | | | | | | | | | | | | | |
Net operating income of unconsolidated entities | | | $ | 2,450 | | | $ | 2,267 | | | $ | 1,846 | | | $ | 2,193 | | | $ | 666 | | | $ | 1,646 | | | $ | 2,437 | |
Straight-line (rent)/expense | | | | (305 | ) | | | (228 | ) | | | (328 | ) | | | (309 | ) | | | (272 | ) | | | (168 | ) | | | (137 | ) |
Above/below market rental (income)/expense | | | | 8 | | | | 6 | | | | 6 | | | | 12 | | | | 181 | | | | (29 | ) | | | (33 | ) |
Termination fee income | | | | — | | | | — | | | | — | | | | 19 | | | | 144 | | | | (9 | ) | | | (742 | ) |
Total NOI | | | $ | 12,150 | | | $ | 10,602 | | | $ | 10,493 | | | $ | 10,456 | | | $ | 8,075 | | | $ | 7,553 | | | $ | 9,433 | |
Additional Information
September 30, 2022
(in thousands)
| | | | | | | | |
| | As of | | | As of | |
Debt Summary | | September 30, 2022 | | | December 31, 2021 | |
Term Loan Facility (drawn / undrawn) | | $1,270,000 / 400,000 | | | $1,440,000 / 400,000 | |
Interest rate / undrawn rate | | 7.00% / 1.00% | | | 7.00% / 1.00% | |
Maturity | | July 2023 | | | July 2023 | |
| | | | | | |
Prepaid Expenses, Deferred Expenses and Other Assets | | September 30, 2022 | | | December 31, 2021 | |
Deferred expenses | | $ | 21,614 | | | $ | 20,780 | |
Right of Use Asset | | | 16,374 | | | | 16,990 | |
Other assets | | | 12,902 | | | | 9,826 | |
Prepaid insurance | | | 3,789 | | | | 6,156 | |
FF&E | | | 1,345 | | | | 2,055 | |
Other prepaid expenses | | | 4,971 | | | | 4,169 | |
Prepaid real estate taxes | | | 1,888 | | | | 1,807 | |
Total prepaid expenses, deferred expenses and other assets | | $ | 62,883 | | | $ | 61,783 | |
| | | | | | | | |
| | September 30, 2022 | | | December 31, 2021 | |
Accounts payable and accrued expenses | | $ | 36,891 | | | $ | 36,022 | |
Accrued development expenditures | | | 31,524 | | | | 27,198 | |
Accrued real estate taxes | | | 16,189 | | | | 11,751 | |
Environmental reserve | | | 9,477 | | | | 9,477 | |
Prepaid rental income | | | 8,423 | | | | 6,478 | |
Lease liability | | | 6,079 | | | | 6,543 | |
Accrued interest | | | 3,908 | | | | 4,978 | |
Below-market leases | | | 2,933 | | | | 3,656 | |
Deferred maintenance | | | 1,722 | | | | 1,722 | |
Common and preferred dividends and OP
Unit distributions payable | | | 1,554 | | | | 1,554 | |
| | | | | | |
Total accounts payable, accrued expenses and
other liabilities | | $ | 118,700 | | | $ | 109,379 | |
Additional Information (cont’d)
September 30, 2022
(in thousands, except per share amounts)
| | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | | Nine Months Ended September 30, | |
Rental Revenue Detail | | 2022 | | | 2021 | | | 2022 | | | 2021 | |
Revenue | | | | | | | | | | | | |
Rental income | | $ | 19,004 | | | $ | 22,893 | | | | 66,998 | | | | 67,999 | |
Tenant reimbursements | | | 4,249 | | | | 5,547 | | | | 14,387 | | | | 16,571 | |
Termination income | | | - | | | | 379 | | | | 370 | | | | 2,990 | |
Total | | $ | 23,253 | | | $ | 28,819 | | | $ | 81,755 | | | $ | 87,560 | |
| | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | | Nine Months Ended September 30, | |
| | 2022 | | | 2021 | | | 2022 | | | 2021 | |
Select Non-Cash Items | | | | | | | | | | | | |
Straight-line rental income | | | | | | | | | | | | |
Wholly-owned | | $ | (2,873 | ) | | $ | 1,005 | | | $ | 1,447 | | | $ | 2,033 | |
Joint ventures | | | 305 | | | | 272 | | | | 860 | | | | 576 | |
Total | | $ | (2,568 | ) | | $ | 1,277 | | | $ | 2,307 | | | $ | 2,609 | |
| | | | | | | | | | | | |
Net amortization of above/below market
rental income/expense | | | | | | | | | | | | |
Wholly-owned | | $ | (54 | ) | | $ | (48 | ) | | $ | (175 | ) | | $ | (111 | ) |
Joint ventures | | | (8 | ) | | | (181 | ) | | | (19 | ) | | | (119 | ) |
Total | | $ | (62 | ) | | $ | (229 | ) | | $ | (194 | ) | | $ | (230 | ) |
| | | | | | | | | | | | |
Amortization of deferred financing costs | | $ | (105 | ) | | $ | (106 | ) | | $ | (316 | ) | | $ | (317 | ) |
Share-based compensation expense | | | (843 | ) | | | (272 | ) | | | (1,735 | ) | | | (1,225 | ) |
SNO Lease Summary
Multi-Tenant Retail
The table below provides a summary of all multi-tenant Retail signed leases as of September 30, 2022, including unconsolidated entities at the Company’s proportional share:
| | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands except number of leases and PSF data) | | | | | | | | | | | | | | | | |
| | Number of | | | Leased | | | % of Total | | | Gross Annual Base | | | % of | | | Gross Annual | |
Tenant | | Leases | | | GLA | | | Leasable GLA | | | Rent ("ABR") | | | Total ABR | | | Rent PSF ("ABR PSF") | |
In-place retail leases | | | 161 | | | | 4,306 | | | | 80.7 | % | | $ | 71,277 | | | | 94.0 | % | | $ | 16.55 | |
SNO retail leases (1) | | | 17 | | | | 185 | | | | 3.5 | % | | | 4,510 | | | | 6.0 | % | | | 24.38 | |
Leases in negotiation | | | 2 | | | | 102 | | | | 1.9 | % | | | 1,076 | | | N/A | | | | 10.65 | |
Total retail leases | | | 180 | | | | 4,593 | | | | 86.1 | % | | $ | 76,863 | | | | 100.0 | % | | $ | 16.73 | |
(1) SNO = signed not yet opened leases. | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
(in thousands except number of leases and PSF data) | | Number of | | | | | | | | | Annual | | |
| | SNO Leases | | | GLA | | | ABR | | | Rent PSF | | |
As of June 30, 2022 | | | 17 | | | | 357 | | | $ | 6,833 | | | $ | 19.14 | | |
Opened | | | (5 | ) | | | (188 | ) | | | (3,028 | ) | | | 16.11 | | |
Sold / terminated | | | (1 | ) | | | (8 | ) | | | (125 | ) | | | 15.63 | | |
Signed | | | 6 | | | | 24 | | | | 830 | | | | 34.58 | | |
As of September 30, 2022 | | | 17 | | | | 185 | | | $ | 4,510 | | | $ | 24.38 | | |
Premier Mixed-Use
The table below provides a summary of all signed leases at Premier assets as of September 30, 2022, including unconsolidated entities at the Company’s proportional share:
| | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands except number of leases and PSF data) | | | | | | | | | | | | | | | | |
| | Number of | | | Leased | | | % of Total | | | Gross Annual Base | | | % of | | | Gross Annual | |
Tenant | | Leases | | | GLA | | | Leasable GLA | | | Rent ("ABR") | | | Total ABR | | | Rent PSF ("ABR PSF") | |
In-place retail leases | | | 17 | | | | 43 | | | | 10.9 | % | | $ | 2,527 | | | | 15.2 | % | | $ | 58.77 | |
SNO retail leases (1) | | | 22 | | | | 93 | | | | 23.8 | % | | | 7,422 | | | | 44.4 | % | | | 79.81 | |
SNO office\ leases (1) | | | 5 | | | | 112 | | | | 28.5 | % | | | 6,758 | | | | 40.4 | % | | | 60.34 | |
Leases in negotiation | | | 6 | | | | 23 | | | | 5.8 | % | | | 1,880 | | | N/A | | | | 85.45 | |
Total Premier leases | | | 50 | | | | 271 | | | | 69.0 | % | | $ | 18,587 | | | | 100.0 | % | | $ | 68.59 | |
(1) SNO = signed not yet opened leases. | | | | | | | | | | | | | | | | | | |
Premier Mixed-Use - Retail
| | | | | | | | | | | | | | | | |
(in thousands except number of leases and PSF data) | | Number of | | | | | | | | | Annual | |
| | SNO Leases | | | GLA | | | ABR | | | Rent PSF | |
As of June 30, 2022 | | | 23 | | | | 105 | | | $ | 8,781 | | | $ | 83.63 | |
Opened | | | (2 | ) | | | (3 | ) | | | (262 | ) | | | 96.00 | |
Terminated | | | (2 | ) | | | (11 | ) | | | (1,211 | ) | | | 112.52 | |
Signed | | | 3 | | | | 3 | | | | 244 | | | | 81.33 | |
Changes in Asset Categories / Tenant Amendments (1) | | | - | | | | (1 | ) | | | (130 | ) | | N/A | |
As of September 30, 2022 | | | 22 | | | | 93 | | | $ | 7,422 | | | $ | 79.81 | |
(1) Represents short-term leases now represented in specialty leasing or amendments negotiated with the tenant. | |
Premier Mixed-Use - Office
| | | | | | | | | | | | | | | | |
(in thousands except number of leases and PSF data) | | Number of | | | | | | | | | Annual | |
| | SNO Leases | | | GLA | | | ABR | | | Rent PSF | |
As of June 30, 2022 | | | 4 | | | | 110 | | | $ | 6,648 | | | $ | 60.44 | |
Signed | | | 1 | | | | 2 | | | | 110 | | | | 55.00 | |
As of September 30, 2022 | | | 5 | | | | 112 | | | $ | 6,758 | | | $ | 60.34 | |
Top Tenants
September 30, 2022
(rent in thousands)
The following table lists the top tenants in the portfolio as of September 30, 2022, based on signed leases and including Unconsolidated Properties presented at the Company’s proportional share:
| | | | | | | | | |
| Number of | | | Total | | % of Total | |
Tenant | Leases | SF | | Rent | | Rent | Concepts / Brands |
Dick's Sporting Goods | 10 | | 725,912 | | | 11,754 | | 10.6% | Dick's Sporting Goods, House of Sport |
At Home | 5 | | 557,328 | | | 3,217 | | 2.9% | |
Round One Entertainment | 6 | | 267,473 | | | 5,786 | | 5.2% | |
Burlington Stores | 6 | | 259,830 | | | 3,383 | | 3.0% | |
Dave & Buster's | 8 | | 256,526 | | | 7,657 | | 6.9% | |
Nordstrom Rack | 5 | | 182,518 | | | 3,897 | | 3.5% | |
TJX | 8 | | 179,075 | | | 2,312 | | 2.1% | TJ Maxx, Marshalls, HomeGoods, HomeSense, Sierra Trading Post |
Cinemark | 4 | | 166,570 | | | 4,673 | | 4.2% | |
Floor & Décor | 2 | | 163,917 | | | 2,032 | | 1.8% | |
Vasa Fitness | 3 | | 163,912 | | | 1,928 | | 1.7% | |
Ross Dress For Less | 7 | | 158,647 | | | 1,692 | | 1.5% | Ross Dress for Less, dd's Discounts |
The Dump | 1 | | 139,265 | | | 1,114 | | 1.0% | |
Primark | 3 | | 115,685 | | | 3,129 | | 2.8% | |
AMC | 2 | | 99,218 | | | 2,803 | | 2.5% | |
Amazon | 2 | | 99,193 | | | 5,435 | | 4.9% | |
Forman Mills | 1 | | 94,000 | | | 675 | | 0.6% | |
Bed Bath & Beyond | 3 | | 91,331 | | | 1,527 | | 1.4% | Bed Bath & Beyond, BuyBuyBaby, andThat! |
Aldi | 4 | | 83,448 | | | 840 | | 0.8% | |
24 Hour Fitness | 2 | | 77,646 | | | 1,433 | | 1.3% | |
Extra Space Storage | 1 | | 73,996 | | | 499 | | 0.4% | |
Total | 83 | | 3,955,490 | | | 65,786 | | 59.2% | |
Multi-tenant Retail
Consolidated Properties
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total | | | Leased | | | SNO | | | | | Land | | | |
Property Address | | City | | State | | GLA (1) | | | SF (1) | | | SF (1) | | | Leased (1) | | Acres | | | Significant Tenants (1) |
12025 North 32nd Street | | Phoenix | | AZ | | | 151,200 | | | | 151,200 | | | | - | | | 100.0% | | | 11 | | | At Home |
575 Fletcher Parkway | | El Cajon | | CA | | | 227,300 | | | | 184,400 | | | | - | | | 81.1% | | | 20 | | | Ashley Furniture, Bob's Discount Furniture, Burlington Stores, Extra Space Storage |
1191 Galleria Boulevard | | Roseville | | CA | | | 122,700 | | | | 107,800 | | | | - | | | 87.9% | | | 7 | | | Cinemark, Round One Entertainment |
40710 Winchester Road | | Temecula | | CA | | | 126,500 | | | | 112,800 | | | | 8,000 | | | 95.5% | | | 10 | | | Round One Entertainment, Dick's Sporting Goods, Texas Roadhouse |
145 West Hillcrest Drive | | Thousand Oaks | | CA | | | 172,000 | | | | 113,700 | | | | - | | | 66.1% | | | 11 | | | Dave & Busters, DSW, Nordstrom Rack |
19563 Coastal Highway | | Rehoboth Beach | | DE | | | 101,900 | | | | 75,900 | | | | 26,000 | | | 100.0% | | | 13 | | | andThat!, PetSmart, Aldi, TJ Maxx |
10700 Biscayne Boulevard | | North Miami(3) | | FL | | | 129,300 | | | | 129,300 | | | | - | | | 100.0% | | | 11 | | | Aldi, Burlington Stores, Ross Dress for Less, Michaels Stores |
3111 East Colonial Drive | | Orlando | | FL | | | 107,600 | | | | 94,300 | | | | 2,300 | | | 89.8% | | | 18 | | | Floor & Décor, Aspen Dental, Del Taco |
2300 Tyrone Boulevard North | | St. Petersburg(4) | | FL | | | 134,700 | | | | 134,700 | | | | - | | | 100.0% | | | 15 | | | Dick's Sporting Goods, Five Below, PetSmart, Verizon |
2860 South Highland Avenue | | Lombard | | IL | | | 139,300 | | | | 139,300 | | | | - | | | 100.0% | | | 8 | | | The Dump |
7503 West Cermak Road | | North Riverside | | IL | | | 214,700 | | | | 163,900 | | | | 19,700 | | | 85.5% | | | 13 | | | Round One Entertainment, Aldi, Blink Fitness, Amita Health |
2500 Wabash Avenue | | Springfield | | IL | | | 119,400 | | | | 108,000 | | | | 11,400 | | | 100.0% | | | 5 | | | Binny's Beverage Depot, Burlington Stores, Marshalls |
4201 Coldwater Road | | Ft. Wayne | | IN | | | 84,100 | | | | 76,700 | | | | 6,200 | | | 98.6% | | | 19 | | | Five Below, HomeGoods, Bob's Discount Furniture, LensCrafters |
101 West Lincoln Highway | | Merrillville | | IN | | | 171,300 | | | | 163,000 | | | | 1,600 | | | 96.1% | | | 9 | | | At Home, Dollar Tree |
200 Grossman Drive | | Braintree | | MA | | | 85,100 | | | | 47,600 | | | | 37,500 | | | 100.0% | | | 34 | | | Nordstrom Rack, Ulta Beauty |
1302 Bridford Parkway | | Greensboro | | NC | | | 168,200 | | | | 168,200 | | | | - | | | 100.0% | | | 16 | | | Floor & Décor, Gabriel Brothers |
4700 2nd Avenue | | Kearney | | NE | | | 64,900 | | | | 64,900 | | | | - | | | 100.0% | | | 8 | | | Ross Dress for Less, Five Below, Marshall's, Petsmart |
1500 South Willow Street | | Manchester | | NH | | | 105,700 | | | | 80,400 | | | | - | | | 76.1% | | | 11 | | | Dick's Sporting Goods, Dave & Buster's |
1640 Route 22 | | Watchung | | NJ | | | 124,900 | | | | 117,100 | | | | 7,900 | | | 100.1% | | | 12 | | | Cinemark, HomeGoods, Sierra Trading Post, Ulta Beauty, Chick-fil-A , City MD, Starbucks |
4000 Jericho Turnpike | | East Northport | | NY | | | 179,800 | | | | 167,600 | | | | - | | | 93.2% | | | 18 | | | 24 Hour Fitness, AMC, At Home |
200 Eastview Mall | | Victor(3) | | NY | | | 139,700 | | | | 119,600 | | | | - | | | 85.6% | | | 14 | | | Dick's House of Sport |
4100 Belden Village Avenue Northwest | | Canton | | OH | | | 192,300 | | | | 116,300 | | | | 22,000 | | | 71.9% | | | 19 | | | Dick's Sporting Goods, Dave & Busters |
160 North Gulph Road | | King of Prussia (2) | | PA | | | 208,700 | | | | 174,500 | | | | 34,200 | | | 100.0% | | | 14 | | | Dick's Sporting Goods, Primark, Outback Steakhouse, Yardhouse, Dave & Busters |
3801B Clemson Boulevard | | Anderson | | SC | | | 117,100 | | | | 117,100 | | | | - | | | 100.0% | | | 12 | | | Burlington Stores, Sportsman's Warehouse, Golds Gym |
7801 Rivers Avenue | | Charleston | | SC | | | 106,200 | | | | 52,900 | | | | - | | | 49.8% | | | 15 | | | Burlington Stores |
4570 Poplar Avenue | | Memphis | | TN | | | 116,000 | | | | 101,200 | | | | 8,800 | | | 94.8% | | | 11 | | | LA Fitness, Hopdoddy, Nordstrom Rack, Ulta Beauty, Chase |
12625 North Interstate Highway 35 | | Austin | | TX | | | 52,700 | | | | 45,000 | | | | - | | | 85.4% | | | 13 | | | AMC |
12605 North Gessner Road | | Houston | | TX | | | 134,000 | | | | 134,000 | | | | - | | | 100.0% | | | 11 | | | At Home |
201 Central Park Mall | | San Antonio | | TX | | | 164,600 | | | | 158,200 | | | | - | | | 96.1% | | | 17 | | | Tru Fit, Bed Bath & Beyond, Buy Buy Baby |
2010 North Main Street | | Layton | | UT | | | 82,700 | | | | 67,500 | | | | - | | | 81.6% | | | 7 | | | Vasa Fitness |
12000 Fair Oaks Mall | | Fairfax | | VA | | | 212,700 | | | | 154,400 | | | | - | | | 72.6% | | | 15 | | | Dave & Busters, Dick's Sporting Goods |
4588 Virginia Beach Boulevard | | Virginia Beach (3) | | VA | | | 124,200 | | | | 124,200 | | | | - | | | 100.0% | | | 15 | | | DSW, The Fresh Market, Nordstrom Rack |
141 West Lee Highway | | Warrenton | | VA | | | 71,500 | | | | 62,400 | | | | - | | | 87.3% | | | 9 | | | HomeGoods, Ulta, Five Below |
5200 South 76th Street | | Greendale | | WI | | | 217,600 | | | | 133,700 | | | | - | | | 61.4% | | | 19 | | | Dick's Sporting Goods, Round One Entertainment, TJ Maxx |
27001 U.S. 19 North | | Clearwater | | FL | | | 212,900 | | | | 75,500 | | | | - | | | 35.5% | | | 14 | | | Whole Foods, Nordstrom Rack |
1425 Central Avenue | | Albany | | NY | | | 232,500 | | | | 59,600 | | | | - | | | 25.6% | | | 21 | | | Whole Foods, Ethan Allen |
9484 Dyer Street | | El Paso | | TX | | | 107,800 | | | | 99,100 | | | | - | | | 91.9% | | | 11 | | | dd's Discount, Ross Dress for Less, Five Below, Burlington Stores |
53 West Towne Mall | | Madison | | WI | | | 110,600 | | | | 110,600 | | | | - | | | 100.0% | | | 17 | | | Dave & Busters, Total Wine & More, Hobby Lobby |
Total | | | | | | | 5,334,400 | | | | 4,306,600 | | | | 185,600 | | | 84.2% | | | 523 | | | |
(1) Based on signed leases as of September 30, 2022; GLA presented at the Company’s proportional share
(2) Property is subject to a ground lease
(3) Asset sold subsequent to September 30, 2022.
(4) Asset with a partial sale subsequent to September 30, 2022.
Residential
Consolidated Properties
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Land | | | % of Auxiliary | | Auxiliary | | | Outparcel | | | |
Property Address | | City | | State | | Acres | | | Leased SF (1) | | Leased SF (1) | | | Opportunities | | | Significant Tenants (1) |
5261 Arlington Avenue | | Riverside - Resi | | CA | | | 14 | | | 0% | | | - | | | | - | | | n/a |
100 Inland Center | | San Bernardino | | CA | | | 20 | | | 0% | | | - | | | | 2 | | | n/a |
1209 Plaza Drive | | West Covina - Resi | | CA | | | 8 | | | 0% | | | - | | | | - | | | n/a |
850 Hartford Turnpike | | Waterford | | CT | | | 11 | | | 0% | | | - | | | | - | | | n/a |
4125 Cleveland Avenue | | Ft. Myers | | FL | | | 12 | | | 0% | | | - | | | | - | | | n/a |
3800 US Highway 98 North | | Lakeland | | FL | | | 12 | | | 0% | | | - | | | | - | | | n/a |
3340 Mall Loop Drive | | Joliet | | IL | | | 17 | | | 0% | | | - | | | | - | | | n/a |
14250 Buck Hill Road | | Burnsville | | MN | | | 15 | | | 0% | | | - | | | | 2 | | | n/a |
3001 White Bear Avenue North | | Maplewood | | MN | | | 14 | | | 0% | | | - | | | | 3 | | | n/a |
5261 Arlington Avenue | | Riverside - Retail | | CA | | | 5 | | | 100% | | | 33,200 | | | | - | | | Bank of America, Aldi |
1209 Plaza Drive | | West Covina - Retail | | CA | | | 7 | | | 100% | | | 11,000 | | | | - | | | VinFast |
Total | | | | | | | 135 | | | 100% | | | 44,200 | | | 7 | | | |
(1) Based on signed leases as of September 30, 2022; GLA presented at the Company’s proportional share
(2) Riverside & West Covina Retail doesn’t include residential but includes retail leasing that is 100% SRG owned and complementary to the Residential developments at the sites.
Residential
Joint Ventures
| | | | | | | | | | | | | | | | |
Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties | |
| | | | | | | | % of Auxiliary | | Auxiliary | | | Outparcel | | |
Mall Name | | City | | State | | Joint Venture | | Leased SF | | SF (1) | | | Opportunities | | Significant Tenants (1) |
Alderwood | | Lynnwood | | WA | | GGP I JV | | 62.6% | | | 97,167 | | | - | | Dave & Busters, Cheesecake Factory, Fogo De Chao, Shake Shack |
Total | | | | | | | | 62.6% | | | 97,167 | | | - | | |
(1) Based on signed leases as of September 30, 2022; GLA presented at the Company’s proportional share
Premier Mixed-Use Properties
Consolidated Properties
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total | | | Leased | | | SNO | | | | | | Land | | |
Property Address | | City | | State | | GLA (1) | | | SF (1) | | | SF (1) | | | Leased (1) | | | Acres | | Site Opportunities |
19505 Biscayne Boulevard | | Aventura | | FL | | | 216,100 | | | | - | | | | 127,500 | | | | 59.0 | % | | 13 | | Retail, Office |
5900 Glades Road | | Boca Raton | | FL | | | 4,200 | | | | 4,200 | | | | - | | | | 100.0 | % | | 19 | | Retail |
195 North Broadway | | Hicksville | | NY | | | 7,600 | | | | 7,600 | | | | - | | | | 100.0 | % | | 30 | | Retail |
13131 Preston Road | | Dallas | | TX | | | - | | | | - | | | | - | | | | 0.0 | % | | 23 | | Residential, Retail, Office |
2200 148th Avenue Northeast | | Redmond | | WA | | | 7,500 | | | | 7,500 | | | | - | | | | 100.0 | % | | 15 | | Residential, Retail, Office |
Total | | | | | | | 235,400 | | | | 19,300 | | | | 127,500 | | | | 62.4 | % | | 100 | | |
Joint Ventures
| | | | | | | | | | | | | | | | | | | | | | | | |
Invesco Real Estate Joint Venture Properties | | | | | | | | |
| | | | | | | | Total | | | Leased | | | SNO | | | | | Land | | |
Property Address | | City | | State | | Joint Venture | | GLA (1) | | | SF (1) | | | SF (1) | | | Leased (1) | | Acres | | Site Opportunities |
302 Colorado Ave | | Santa Monica | | CA | | Mark 302 JV | | | 51,500 | | | | - | | | | - | | | 0.0% | | 3 | | Residential, Retail, Office |
4575 La Jolla Village Dr | | San Diego | | CA | | UTC JV | | | 106,300 | | | | 23,500 | | | | 77,900 | | | 95.4% | | 13 | | Life Sciences / Office, Retail |
Total | | | | | | | | | 157,800 | | | | 23,500 | | | | 77,900 | | | 64.3% | | 16 | | |
(1) Based on signed leases as of September 30, 2022; GLA presented at the Company’s proportional share
Other Unconsolidated Entities
Other Joint Ventures
| | | | | | | | | | | | | | | | | | | | | | | | |
Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties | | | | |
| | | | | | | | Total | | | In-Place | | | SNO | | | | | Land | | |
Mall Name | | City | | State | | Joint Venture | | SF (1) | | | SF (1) | | | SF (1) | | | Leased (1) | | Acres | | Significant Tenants (1) |
Altamonte Mall | | Altamonte Springs | | FL | | GGP II JV | | | 93,500 | | | | 4,700 | | | | - | | | 5.0% | | 17 | | n/a |
Coastland Center | | Naples (2) | | FL | | GGP II JV | | | 36,300 | | | | 28,300 | | | | 8,000 | | | 100.0% | | 12 | | CMX Cinebistro, Uncle Julio’s |
Willowbrook Mall | | Wayne (2) | | NJ | | GGP II JV | | | 132,700 | | | | 52,700 | | | | 52,500 | | | 79.3% | | 41 | | Cinemark, Dave & Busters, Yardhouse, BJ's Wholesale |
Total | | | | | | | | | 262,500 | | | | 85,700 | | | | 60,500 | | | 55.7% | | 70 | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Total | | | Leased | | | SNO | | | | | Land | | |
Mall Name | | City | | State | | Joint Venture | | GLA (1) | | | SF (1) | | | SF (1) | | | Leased (1) | | Acres | | Significant Tenants (1) |
Stonebriar Centre | | Frisco | | TX | | GCP I JV | | | 87,500 | | | | 6,000 | | | | - | | | 6.9% | | 11 | | 4 Wheel Parts |
Total | | | | | | | | | 87,500 | | | | 6,000 | | | | - | | | 6.9% | | 11 | | |
| | | | | | | | | | | | | | | | | | | | | |
Simon Joint Venture Properties | | | | | | | |
| | | | | | | | Total | | | Leased | | | SNO | | | | | Land | | |
Mall Name | | City | | State | | Joint Venture | | GLA (1) | | | SF (1) | | | SF (1) | | | Leased (1) | | Acres | | Significant Tenants (1) |
Santa Rosa Plaza | | Santa Rosa | | CA | | Simon JV | | | 82,700 | | | | - | | | | - | | | 0.0% | | 7 | | n/a |
The Shops at Nanuet | | Nanuet | | NY | | Simon JV | | | 110,700 | | | | - | | | | - | | | 0.0% | | 14 | | n/a |
Barton Creek Square | | Austin | | TX | | Simon JV | | | 82,300 | | | | - | | | | - | | | 0.0% | | 16 | | n/a |
Total | | | | | | | | | 275,700 | | | | - | | | | - | | | 0.0% | | 37 | | |
| | | | | | | | | | | | | | | | | | | | | |
Macerich Joint Venture Properties | | | | |
| | | | | | | | Total | | | Leased | | | SNO | | | | | Land | | |
Mall Name | | City | | State | | Joint Venture | | GLA (1) | | | SF (1) | | | SF (1) | | | Leased (1) | | Acres | | Significant Tenants (1) |
Chandler Fashion Center | | Chandler | | AZ | | Macerich JV | | | 70,300 | | | | 5,000 | | | | 32,500 | | | 53.3% | | 10 | | Firestone |
Los Cerritos Center | | Cerritos | | CA | | Macerich JV | | | 138,800 | | | | - | | | | - | | | 0.0% | | 20 | | n/a |
Danbury Fair | | Danbury | | CT | | Macerich JV | | | 88,000 | | | | 24,700 | | | | 63,300 | | | 100.0% | | 12 | | Primark, Target |
Freehold Raceway Mall | | Freehold | | NJ | | Macerich JV | | | 68,800 | | | | 25,200 | | | | 7,500 | | | 47.5% | | 10 | | Primark, Bob's Discount Furniture |
Washington Square Mall | | Portland | | OR | | Macerich JV | | | 114,300 | | | | - | | | | - | | | 0.0% | | 4 | | n/a |
Total | | | | | | | | | 480,200 | | | | 54,900 | | | | 103,300 | | | 32.9% | | 56 | | |
| | | | | | | | | | | | | | | | | | | | | |
Other | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Total | | | Leased | | | SNO | | | | | Land | | |
Property Address | | City | | State | | Joint Venture | | GLA (1) | | | SF (1) | | | SF (1) | | | Leased (1) | | Acres | | Significant Tenants (1) |
12625 North Interstate Highway 35 | | Austin | | TX | | RD Development JV | | | - | | | | - | | | | - | | | 0.0% | | 11 | | n/a |
5901 Duke Street | | Alexandria | | VA | | Foulger Pratt/ Howard Hughes | | | - | | | | - | | | | - | | | 0.0% | | 41 | | n/a |
Total | | | | | | | | | - | | | | - | | | | - | | | 0.0% | | 52 | | |
(1) Based on signed leases as of September 30, 2022; GLA presented at the Company’s proportional share
(2) Indicates assets that are put right eligible as of November 4, 2022
(3) Indicates assets that have been sold subsequent to September 30, 2022
Non-core Properties
Consolidated Properties
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Total | | | Leased | | | SNO | | | | | Land | | | |
Property Address | | City | | State | | GLA (1) | | | SF (1) | | | SF (1) | | | Leased (1) | | Acres | | | Significant Tenants (1) |
3930 McCain Boulevard | | North Little Rock | | AR | | | 177,300 | | | | 13,000 | | | | - | | | 7.3% | | | 15 | | | Aspen Dental, Longhorn Steakhouse |
3150 South 4th Avenue | | Yuma | | AZ | | | 90,100 | | | | - | | | | - | | | 0.0% | | | 15 | | | n/a |
42126 Big Bear Boulevard | | Big Bear Lake | | CA | | | 92,600 | | | | 4,000 | | | | - | | | 4.3% | | | 7 | | | Subway, Wells Fargo Bank |
3751 South Dogwood Road | | El Centro | | CA | | | 139,900 | | | | 9,700 | | | | - | | | 6.9% | | | 13 | | | n/a |
3636 North Blackstone Avenue | | Fresno | | CA | | | 201,800 | | | | 43,400 | | | | 21,500 | | | 32.2% | | | 13 | | | Ross Dress for Less, dd's Discounts, UEI College |
1011 West Olive Avenue | | Merced | | CA | | | 92,700 | | | | - | | | | 5,600 | | | 6.0% | | | 9 | | | Chilis |
10785 West Colfax Avenue | | Lakewood | | CO | | | 164,000 | | | | - | | | | - | | | 0.0% | | | 8 | | | n/a |
1400 East 104th Avenue | | Thornton | | CO | | | 193,700 | | | | 61,700 | | | | - | | | 31.9% | | | 23 | | | Vasa Fitness |
1625 Northwest 107th Avenue | | Doral | | FL | | | 195,600 | | | | - | | | | - | | | 0.0% | | | 13 | | | n/a |
733 North Highway 231 | | Panama City | | FL | | | 134,300 | | | | - | | | | - | | | 0.0% | | | 15 | | | n/a |
7171 North Davis Highway | | Pensacola | | FL | | | 7,900 | | | | 7,900 | | | | - | | | 100.0% | | | 14 | | | Bubba's 33 |
8201 South Tamiami Trail | | Sarasota(2) | | FL | | | 217,000 | | | | - | | | | - | | | 0.0% | | | 15 | | | n/a |
4600 1st Avenue Northeast | | Cedar Rapids | | IA | | | 146,300 | | | | - | | | | - | | | 0.0% | | | 12 | | | n/a |
5050 South Kedzie Avenue | | Chicago | | IL | | | 175,900 | | | | 17,200 | | | | - | | | 9.8% | | | 9 | | | Chuck E Cheese |
3231 Chicago Road | | Steger | | IL | | | 101,700 | | | | - | | | | - | | | 0.0% | | | 3 | | | n/a |
3010 Fort Campbell Boulevard | | Hopkinsville(2) | | KY | | | 85,100 | | | | 64,600 | | | | - | | | 75.9% | | | 13 | | | Bargain Hunt, Farmer's Furniture, Harbor Freight |
3100 Washtenaw Road | | Ypsilanti | | MI | | | 91,700 | | | | 91,700 | | | | - | | | 100.0% | | | 11 | | | At Home |
2308 Highway 45 North | | Columbus | | MS | | | 121,900 | | | | - | | | | - | | | 0.0% | | | 15 | | | n/a |
77 Rockingham Park Boulevard | | Salem (2) | | NH | | | 233,000 | | | | 123,800 | | | | - | | | 53.1% | | | 12 | | | Cinemark, Dick's Sporting Goods |
4000 Meadows Lane | | Las Vegas | | NV | | | 132,600 | | | | 42,500 | | | | - | | | 32.1% | | | 11 | | | Round One Entertainment |
5400 Meadowood Mall Circle | | Reno | | NV | | | 174,900 | | | | 41,300 | | | | 18,000 | | | 33.9% | | | 3 | | | Round One Entertainment, 4 Wheel Parts |
317 Greece Ridge Center Drive | | Rochester | | NY | | | 139,600 | | | | - | | | | - | | | 0.0% | | | 14 | | | n/a |
600 Lee Boulevard | | Yorktown Heights | | NY | | | 153,200 | | | | 38,500 | | | | - | | | 25.1% | | | 12 | | | 24 Hour Fitness |
2700 Miamisburg Centerville Road | | Dayton | | OH | | | 13,400 | | | | 13,400 | | | | - | | | 100.0% | | | 5 | | | Outback Steakhouse, Hook & Reel |
4400 South Western Avenue | | Oklahoma City(3) | | OK | | | 197,800 | | | | 50,300 | | | | - | | | 25.4% | | | 19 | | | Vasa Fitness |
400 Calle Betances | | Caguas (2) | | PR | | | 138,800 | | | | - | | | | - | | | 0.0% | | | 8 | | | n/a |
Plaza Carolina Station | | Carolina (2) | | PR | | | 194,300 | | | | - | | | | - | | | 0.0% | | | 11 | | | n/a |
2 Orland Square Drive | | Orland Park | | IL | | | 202,800 | | | | - | | | | - | | | 0.0% | | | 16 | | | n/a |
1675 West 49th Street | | Hialeah | | FL | | | 153,200 | | | | - | | | | - | | | 0.0% | | | 15 | | | n/a |
4000 North Shepherd | | Houston | | TX | | | 201,600 | | | | - | | | | - | | | 0.0% | | | 12 | | | n/a |
2501 Irving Mall | | Irving | | TX | | | 107,400 | | | | 12,500 | | | | - | | | 11.6% | | | 18 | | | CareNow, Chick-fil-A |
20701 Southwest 112th Avenue | | Miami(2) | | FL | | | 178,300 | | | | - | | | | - | | | 0.0% | | | 15 | | | n/a |
5900 Sunrise Mall | | Citrus Heights | | CA | | | 281,300 | | | | - | | | | - | | | 0.0% | | | 21 | | | n/a |
5901 Florin Road | | Florin (2) | | CA | | | 245,600 | | | | - | | | | - | | | 0.0% | | | 20 | | | n/a |
72880 Highway 111 | | Palm Desert | | CA | | | 136,400 | | | | - | | | | - | | | 0.0% | | | 7 | | | n/a |
8000 West Broward Boulevard | | Plantation | | FL | | | 204,100 | | | | - | | | | 49,800 | | | 24.4% | | | 18 | | | GameTime |
15700 Emerald Way | | Bowie | | MD | | | 126,400 | | | | - | | | | - | | | 0.0% | | | 11 | | | n/a |
425 Rice Street | | St. Paul | | MN | | | 201,900 | | | | 100 | | | | - | | | 0.0% | | | 17 | | | n/a |
310 Daniel Webster Highway | | Nashua | | NH | | | 166,300 | | | | - | | | | - | | | 0.0% | | | 12 | | | n/a |
1180 Southeast 82nd Avenue | | Happy Valley | | OR | | | 139,800 | | | | 45,000 | | | | - | | | 32.2% | | | 12 | | | Dick's Sporting Goods |
300 Baybrook Mall | | Friendswood | | TX | | | 165,800 | | | | - | | | | - | | | 0.0% | | | 13 | | | n/a |
6301 Northwest Loop 410 | | Ingram | | TX | | | 169,900 | | | | - | | | | - | | | 0.0% | | | 12 | | | n/a |
7780 W Arrowhead Towne Center | | Glendale | | AZ | | | 125,000 | | | | - | | | | - | | | 0.0% | | | 9 | | | n/a |
6515 East Southern Avenue | | Mesa | | AZ | | | 136,000 | | | | - | | | | - | | | 0.0% | | | 5 | | | n/a |
7611 West Thomas Road | | Phoenix | | AZ | | | 144,500 | | | | - | | | | - | | | 0.0% | | | 5 | | | n/a |
6950 West 130th Street | | Middleburg Heights | | OH | | | 369,500 | | | | 35,800 | | | | - | | | 9.7% | | | 19 | | | Carvana |
7875 Johnnycake Ridge Road | | Mentor | | OH | | | 215,300 | | | | - | | | | - | | | 0.0% | | | 20 | | | n/a |
1700 North Main Street | | Salinas | | CA | | | 138,400 | | | | - | | | | 3,300 | | | 2.4% | | | 10 | | | Raising Can'es |
2800 North Germantown Parkway | | Cordova | | TN | | | 160,600 | | | | - | | | | - | | | 0.0% | | | 12 | | | n/a |
3207 Solomons Island Road | | Edgewater | | MD | | | 122,000 | | | | - | | | | - | | | 0.0% | | | 14 | | | n/a |
Total | | | | | | | 7,899,200 | | | | 716,400 | | | | 98,200 | | | 10.3% | | 631 | | | |
(1) Based on signed leases as of September 30, 2022; GLA presented at the Company’s proportional share
(2) Indicates assets that have been sold subsequent to September 30, 2022
(3) Indicates assets with a partial sale subsequent to September 30, 2022
Sold Properties through September 30, 2022
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Total | | | In-Place | | | SNO | | | | | 2022 Qtr | |
Property Address | | City | | State | | Full / Partial Sale | | SF (1) | | | SF (1) | | | SF (1) | | | Leased (1) | | Sold | |
1420 Travis Boulevard | | Fairfield | | CA | | Full Site | | | 150,013 | | | | 28,469 | | | | 3,500 | | | 21.3% | | Q1 | |
700 East Northern Lights Boulevard | | Anchorage | | AK | | Full Site | | | 158,517 | | | | 133,972 | | | | - | | | 84.5% | | Q2 | |
3101 Northview Drive | | Elkhart | | IN | | Full Site | | | 86,581 | | | | 86,581 | | | | - | | | 100.0% | | Q2 | |
3408 West Central Avenue | | Toledo | | OH | | Full Site | | | 218,720 | | | | - | | | | - | | | 0.0% | | Q2 | |
4155 State Route 31 | | Clay | | NY | | Full Site | | | 146,504 | | | | - | | | | - | | | 0.0% | | Q2 | |
5101 Hinkleville Road | | Paducah | | KY | | Full Site | | | 97,261 | | | | 64,403 | | | | - | | | 66.2% | | Q2 | |
400 North Best Avenue | | Walnutport | | PA | | Full Site | | | 121,159 | | | | - | | | | - | | | 0.0% | | Q2 | |
195 North Broadway | | Hicksville | | NY | | Partial Site | | | 14,856 | | | | 14,856 | | | | - | | | 100.0% | | Q2 | |
2100 Southfield Road | | Lincoln Park | | MI | | Full Site | | | 297,905 | | | | - | | | | - | | | 0.0% | | Q2 | |
3001 Iowa Avenue | | Riverside (Iowa) | | CA | | Full Site | | | 132,632 | | | | 38,132 | | | | - | | | 28.8% | | Q2 | |
200 Town Center East | | Santa Maria | | CA | | Full Site | | | 108,596 | | | | - | | | | - | | | 0.0% | | Q2 | |
4588 Virginia Beach Boulevard | | Virginia Beach | | VA | | Partial Site | | | 7,800 | | | | 7,800 | | | | - | | | 100.0% | | Q2 | |
2801 West State Street | | Olean | | NY | | Full Site | | | 120,685 | | | | 55,360 | | | | - | | | 45.9% | | Q2 | |
100 Westminster Mall | | Westminster | | CA | | Full Site | | | 197,904 | | | | - | | | | - | | | 0.0% | | Q2 | |
3700 South Campbell Avenue | | Springfield | | MO | | Full Site | | | 112,900 | | | | 112,900 | | | | - | | | 100.0% | | Q3 | |
5950 East Broadway Boulevard | | Tucson | | AZ | | Full Site | | | 237,600 | | | | 50,600 | | | | - | | | 21.3% | | Q3 | |
1675 West 49th Street | | Hialeah | | FL | | Full Site | | | 145,200 | | | | - | | | | 3,000 | | | 2.1% | | Q3 | |
2700 Miamisburg Centerville Road | | Dayton | | OH | | Partial Asset | | | 167,582 | | | | - | | | | - | | | 0.0% | | Q3 | |
1405 South Grand Avenue | | Charles City | | IA | | Full Site | | | 109,900 | | | | - | | | | - | | | 0.0% | | Q3 | |
2307 Superior Street | | Webster City | | IA | | Full Site | | | 41,000 | | | | - | | | | - | | | 0.0% | | Q3 | |
3100 Southwest College Road | | Ocala | | FL | | Full Site | | | 145,900 | | | | - | | | | - | | | 0.0% | | Q3 | |
650 Bald Hill Road | | Warwick | | RI | | Full Site | | | 130,900 | | | | 123,100 | | | | - | | | 94.0% | | Q3 | |
2760 I-75 Business Spur | | Sault Ste. Marie | | MI | | Full Site | | | 98,500 | | | | - | | | | - | | | 0.0% | | Q3 | |
1560 US 31 South | | Manistee | | MI | | Full Site | | | 107,800 | | | | - | | | | - | | | 0.0% | | Q3 | |
1855 Main Street | | Ramona | | CA | | Full Site | | | 122,000 | | | | 14,700 | | | | - | | | 12.0% | | Q3 | |
417 Main Street | | Madawaska | | ME | | Full Site | | | 55,000 | | | | - | | | | - | | | 0.0% | | Q3 | |
171 Delaware Avenue | | Sidney | | NY | | Full Site | | | 113,300 | | | | - | | | | - | | | 0.0% | | Q3 | |
32123 Gratiot Avenue | | Roseville | | MI | | Full Site | | | 364,300 | | | | 154,600 | | | | - | | | 42.4% | | Q3 | |
2180 Tully Road | | San Jose | | CA | | Full Site | | | 260,100 | | | | - | | | | - | | | 0.0% | | Q3 | |
1401 Greenbrier Parkway | | Chesapeake | | VA | | Full Site | | | 179,300 | | | | - | | | | - | | | 0.0% | | Q3 | |
1325 Broadway | | Saugus | | MA | | Full Site | | | 211,500 | | | | - | | | | - | | | 0.0% | | Q3 | |
50 Fox Run Road | | Portsmouth | | NH | | Full Site | | | 129,700 | | | | - | | | | - | | | 0.0% | | Q3 | |
5901 Florin Road | | Florin | | CA | | Full Site | | | 245,600 | | | | - | | | | - | | | 0.0% | | Q3 | |
3295 East Main Street | | Ventura | | CA | | Full Site | | | 183,100 | | | | - | | | | 14,100 | | | 7.7% | | Q3 | |
2250 El Mercado Loop | | Sierra Vista | | AZ | | Full Site | | | 95,500 | | | | - | | | | - | | | 0.0% | | Q3 | |
5715 Johnston Street | | Lafayette | | LA | | Full Site | | | 196,000 | | | | - | | | | - | | | 0.0% | | Q3 | |
20700 South Avalon Boulevard | | Carson | | CA | | Full Site | | | 36,400 | | | | 21,900 | | | | 5,000 | | | 73.9% | | Q3 | |
Vintage Faire Mall | | Modesto | | CA | | Full Site | | | 60,200 | | | | 40,300 | | | | - | | | 66.9% | | Q3 | |
Chandler Fashion Center | | Deptford | | NJ | | Full Site | | | 95,900 | | | | 74,600 | | | | - | | | 77.8% | | Q3 | |
Briarwood | | Ann Arbor | | MI | | Full Site | | | 85,300 | | | | - | | | | - | | | 0.0% | | Q3 | |
Woodland Hills Mall | | Tulsa | | OK | | Full Site | | | 75,100 | | | | - | | | | - | | | 0.0% | | Q3 | |
126 Shawan Road | | Cockeysville | | MD | | Full Site | | | 80,100 | | | | 65,600 | | | | - | | | 81.9% | | Q3 | |
1445 New Britain Ave | | West Hartford | | CT | | Full Site | | | 81,100 | | | | 58,700 | | | | 1,900 | | | 74.7% | | Q3 | |
Natick Collection | | Natick | | MA | | Full Site | | | 95,400 | | | | 44,300 | | | | - | | | 46.4% | | Q3 | |
Total | | | | | | | | | 5,921,315 | | | | 1,190,873 | | | | 27,500 | | | 20.6% | | | |
(1) Based on signed leases as of September 30, 2022; GLA presented at the Company’s proportional share
REA Status by Sites and Category
| | | | | | | | | | | | | | | | |
| | No / Expired REA | | | Expires in <5 years | | | Expires in >5 years | | | Total | |
Joint Venture (Mall REIT) | | | 1 | | | | - | | | | 11 | | | | 12 | |
Joint Venture (Other) | | | - | | | | - | | | | 1 | | | | 1 | |
Joint Venture (Residential) | | | 4 | | | | - | | | | 2 | | | | 6 | |
Multi-Tenant Retail | | | 12 | | | | 1 | | | | 25 | | | | 38 | |
Premier Mixed-use | | | 5 | | | | 1 | | | | 1 | | | | 7 | |
ResiCo | | | 1 | | | | 1 | | | | 5 | | | | 7 | |
Sell | | | 15 | | | | 3 | | | | 32 | | | | 50 | |
Total | | | 38 | | | | 6 | | | | 77 | | | | 121 | |
% of Total | | | 31 | % | | | 5 | % | | | 64 | % | | | 100 | % |
Non-GAAP Financial Measures
The Company makes reference to NOI and Total NOI which are financial measures that include adjustments to accounting principles generally accepted in the United States (“GAAP”).
Neither of NOI or Total NOI are measures that (i) represent cash flow from operations as defined by GAAP; (ii) are indicative of cash available to fund all cash flow needs, including the ability to make distributions; (iii) are alternatives to cash flow as a measure of liquidity; or (iv) should be considered alternatives to net income (which is determined in accordance with GAAP) for purposes of evaluating the Company’s operating performance. Reconciliations of these measures to the respective GAAP measures the Company deems most comparable have been provided in the tables accompanying this press release.
Net Operating Income (“NOI”) and Total NOI
NOI is defined as income from property operations less property operating expenses. Other real estate companies may use different methodologies for calculating NOI, and accordingly the Company’s depiction of NOI may not be comparable to other real estate companies. The Company believes NOI provides useful information regarding Seritage, its financial condition, and results of operations because it reflects only those income and expense items that are incurred at the property level.
The Company also uses Total NOI, which includes its proportional share of unconsolidated properties. This form of presentation offers insights into the financial performance and condition of the Company as a whole given the Company’s ownership of unconsolidated properties that are accounted for under GAAP using the equity method.
The Company also considers NOI and Total NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI variable items such as termination fee income, as well as non-cash items such as straight-line rent and amortization of lease intangibles.
