Seritage Growth Properties (SRG) 10-Q 2 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 30, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	SRG
Entity Registrant Name	SERITAGE GROWTH PROPERTIES
Entity Central Index Key	0001628063
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-37420
Entity Tax Identification Number	383976287
Entity Address, Address Line One	500 Fifth Avenue
Entity Address, Address Line Two	Suite 1530
Entity Address, City or Town	New York
Entity Address, State or Province	New York
Entity Address, Postal Zip Code	10110
City Area Code	212
Local Phone Number	355-7800
Class A Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		36,828,522
Class B Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,247,060
Class C Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investment in real estate
Land	$ 686,160	$ 696,792
Buildings and improvements	932,624	900,173
Accumulated depreciation	(158,446)	(137,947)
Real Estate Investment Property, at Cost, Total	1,460,338	1,459,018
Construction in progress	393,655	292,049
Net investment in real estate	1,853,993	1,751,067
Real estate held for sale	5,277	3,094
Investment in unconsolidated joint ventures	418,967	398,577
Cash and cash equivalents	325,505	532,857
Tenant and other receivables, net	50,388	36,926
Lease intangible assets, net	96,332	123,656
Prepaid expenses, deferred expenses and other assets, net	48,286	29,899
Total assets	2,798,748	2,876,076
Liabilities
Term Loan Facility, net	1,598,276	1,598,053
Accounts payable, accrued expenses and other liabilities	104,952	127,565
Total liabilities	1,703,228	1,725,618
Commitments and contingencies (Note 9)
Shareholders' Equity
Additional paid-in capital	1,144,458	1,124,504
Accumulated deficit	(380,734)	(344,132)
Total shareholders' equity	764,132	780,770
Non-controlling interests	331,388	369,688
Total equity	1,095,520	1,150,458
Total liabilities and equity	2,798,748	2,876,076
Class A Common Shares [Member]
Shareholders' Equity
Common shares	368	357
Total equity	368	357
Class B Common Shares [Member]
Shareholders' Equity
Common shares	12	13
Total equity	12	13
Series A Preferred Shares [Member]
Shareholders' Equity
Preferred shares	28	28
Total equity	$ 28	$ 28

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Class A Common Shares [Member]
Common shares, par value	$ 0.01	$ 0.01
Common shares, authorized	100,000,000	100,000,000
Common shares, outstanding	36,828,991	35,667,521
Common shares, issued	36,828,991	35,667,521
Class B Common Shares [Member]
Common shares, par value	$ 0.01	$ 0.01
Common shares, authorized	5,000,000	5,000,000
Common shares, outstanding	1,247,060	1,322,365
Common shares, issued	1,247,060	1,322,365
Series A Preferred Shares [Member]
Common shares, outstanding	2,800,000	2,800,000
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, authorized	10,000,000	10,000,000
Preferred shares, outstanding	2,800,000	2,800,000
Preferred shares, issued	2,800,000	2,800,000
Preferred shares, liquidation preference	$ 70,000	$ 70,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
REVENUE
Rental revenue	$ 38,697	$ 48,356	$ 82,275	$ 102,133
Management and other fee income	$ 1,814	$ 914	$ 2,096	$ 914
Type of Revenue [Extensible List]	us-gaap:ManagementServiceMember	us-gaap:ManagementServiceMember	us-gaap:ManagementServiceMember	us-gaap:ManagementServiceMember
Total revenue	$ 40,511	$ 49,270	$ 84,371	$ 103,047
EXPENSES
Property operating	9,302	6,533	19,539	13,774
Real estate taxes	10,159	9,217	20,351	20,598
Depreciation and amortization	20,194	49,551	46,410	84,218
General and administrative	8,297	8,673	18,056	16,470
Provision for doubtful accounts		109		170
Total expenses	47,952	74,083	104,356	135,230
Gain on sale of real estate, net	11,612	34,187	32,873	76,018
Equity in loss of unconsolidated joint ventures	(9,944)	(2,158)	(8,722)	(4,740)
Interest and other income	2,175	456	4,773	1,136
Interest expense	(22,141)	(17,862)	(45,595)	(34,281)
Change in fair value of interest rate cap		(172)		(7)
(Loss) income before taxes	(25,739)	(10,362)	(36,656)	5,943
Provision for taxes	(146)	(240)	(123)	(344)
Net (loss) income	(25,885)	(10,602)	(36,779)	5,599
Net income (loss) attributable to non-controlling interests	8,982	3,831	12,909	(2,042)
Net loss (income) attributable to Seritage	(16,903)	(6,771)	(23,870)	3,557
Preferred dividends	(1,225)	(1,225)	(2,450)	(2,453)
Net (loss) income attributable to Seritage common shareholders	$ (18,128)	$ (7,996)	$ (26,320)	$ 1,104
Net (loss) income per share attributable to Seritage Class A and Class C common shareholders - Basic	$ (0.50)	$ (0.23)	$ (0.73)	$ 0.03
Net (loss) income per share attributable to Seritage Class A and Class C common shareholders - Diluted	$ (0.50)	$ (0.23)	$ (0.73)	$ 0.03
Weighted average Class A and Class C common shares outstanding - Basic	36,291	35,483	35,983	35,449
Weighted average Class A and Class C common shares outstanding - Diluted	36,291	35,483	35,983	35,588

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Class A Common Shares [Member]	Class B Common Shares [Member]	Class C Common Shares [Member]	Series A Preferred Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Non-Controlling Interest [Member]
Beginning balance at Dec. 31, 2017	$ 1,320,860	$ 324	$ 13	$ 31	$ 28	$ 1,116,060	$ (229,760)	$ 434,164
Beginning balance, shares at Dec. 31, 2017		32,416,000	1,329,000	3,151,000	2,800,000
Net income (loss)	5,599						3,557	2,042
Common dividends and distributions declared	(28,078)						(17,994)	(10,084)
Preferred dividends declared	(2,453)						(2,453)
Vesting of restricted share units, shares		14,000
Share-based compensation	3,379					3,379
Share class surrenders, shares			(7,000)
Preferred stock offering costs	(113)					(113)
Stock issued in conversion of securities		$ 31
Stock issued in conversion securities, shares		3,150,281
Stock sold in conversion of securities, shares				(3,150,000)
Stock sold in conversion of securities				$ (31)
OP Unit exchanges		$ 1				2,925		(2,926)
OP Unit exchanges, shares		98,923
Ending balance at Jun. 30, 2018	1,299,194	$ 356	$ 13		$ 28	1,122,251	(246,650)	423,196
Ending balance, shares at Jun. 30, 2018		35,679,000	1,322,000	1,000	2,800,000
Beginning balance at Mar. 31, 2018	1,322,569	$ 352	$ 13	$ 4	$ 28	1,116,841	(229,652)	434,983
Beginning balance, shares at Mar. 31, 2018		35,209,000	1,329,000	372,000	2,800,000
Net income (loss)	(10,602)						(6,771)	(3,831)
Common dividends and distributions declared	(14,032)						(9,002)	(5,030)
Preferred dividends declared	(1,225)						(1,225)
Share-based compensation	2,510					2,510
Share class surrenders, shares			(7,000)
Preferred stock offering costs	(25)					(25)
Stock issued in conversion of securities	(1)	$ 3
Stock issued in conversion securities, shares		371,160
Stock sold in conversion of securities, shares				(371,000)
Stock sold in conversion of securities				$ (4)
OP Unit exchanges		$ 1				2,925		(2,926)
OP Unit exchanges, shares		98,923
Ending balance at Jun. 30, 2018	1,299,194	$ 356	$ 13		$ 28	1,122,251	(246,650)	423,196
Ending balance, shares at Jun. 30, 2018		35,679,000	1,322,000	1,000	2,800,000
Beginning balance at Dec. 31, 2018	1,150,458	$ 357	$ 13		$ 28	1,124,504	(344,132)	369,688
Beginning balance, shares at Dec. 31, 2018		35,667,521	1,322,365		2,800,000
Net income (loss)	(36,779)						(23,870)	(12,909)
Cumulative effect of accounting change (see Note 2)	(1,286)						(1,286)
Common dividends and distributions declared	(14,026)						(8,996)	(5,030)
Preferred dividends declared	(2,450)						(2,450)
Vesting of restricted share units, shares		(57,000)
Vesting of restricted share units	(3,413)	$ (1)				(3,412)
Share-based compensation	3,016	$ 1				3,015
Share-based compensation, shares		72,000
Share class surrenders			$ (1)			1
Share class surrenders, shares			(75,000)
OP Unit exchanges		$ 11				20,350		(20,361)
OP Unit exchanges, shares		1,145,735
Ending balance at Jun. 30, 2019	1,095,520	$ 368	$ 12		$ 28	1,144,458	(380,734)	331,388
Ending balance, shares at Jun. 30, 2019		36,828,991	1,247,060		2,800,000
Beginning balance at Mar. 31, 2019	1,122,980	$ 357	$ 13		$ 28	1,124,457	(362,606)	360,731
Beginning balance, shares at Mar. 31, 2019		35,690,000	1,322,000		2,800,000
Net income (loss)	(25,885)						(16,903)	(8,982)
Preferred dividends declared	(1,225)						(1,225)
Vesting of restricted share units, shares		(34,000)
Vesting of restricted share units	(1,800)	$ (1)				(1,799)
Share-based compensation	1,450	$ 1				1,449
Share-based compensation, shares		27,000
Share class surrenders			$ (1)			1
Share class surrenders, shares			(75,000)
OP Unit exchanges		$ 11				20,350		(20,361)
OP Unit exchanges, shares		1,145,735
Ending balance at Jun. 30, 2019	$ 1,095,520	$ 368	$ 12		$ 28	$ 1,144,458	$ (380,734)	$ 331,388
Ending balance, shares at Jun. 30, 2019		36,828,991	1,247,060		2,800,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Dividends and distributions declared, per share	$ 0.25	$ 0.50
Preferred dividends declared, per share	$ 0.4375	$ 0.8750
Class A Common Shares [Member]
Share class exchanges, common shares	371,160	3,150,281
OP Unit exchanges, shares	98,923	98,923
Class B Common Shares [Member]
Share class surrenders, shares	6,501	6,501

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOW FROM OPERATING ACTIVITIES
Net (loss) income	$ (36,779)	$ 5,599
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in loss of unconsolidated joint ventures	8,722	4,740
Distributions from unconsolidated joint ventures	781
Gain on sale of real estate, net	(32,873)	(76,018)
Unrealized loss on interest rate cap		7
Share-based compensation	2,885	3,379
Depreciation and amortization	46,410	84,218
Amortization of deferred financing costs	223	3,590
Amortization of above and below market leases, net	(247)	(414)
Straight-line rent adjustment	(8,964)	(2,832)
Change in operating assets and liabilities
Tenants and other receivables	(1,994)	(3,076)
Prepaid expenses, deferred expenses and other assets	4,931	(2,968)
Accounts payable, accrued expenses and other liabilities	(9,625)	(20)
Net cash (used in) provided by operating activities	(26,530)	16,205
CASH FLOW FROM INVESTING ACTIVITIES
Investment in unconsolidated joint ventures	(19,618)	(6,160)
Distributions from unconsolidated joint ventures	1,484	8,505
Net proceeds from sale of real estate	53,758	134,599
Development of real estate	(182,560)	(142,003)
Net cash used by investing activities	(146,936)	(5,059)
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of mortgage loans payable		(131,414)
Payment of deferred financing costs		(363)
Payment of preferred offering costs		(113)
Purchase of shares related to stock grant recipients' tax withholdings	(3,412)
Preferred dividends paid	(2,450)	(1,661)
Common dividends paid	(17,964)	(17,865)
Non-controlling interests distributions paid	(10,060)	(10,058)
Net cash used in financing activities	(33,886)	(161,474)
Net decrease in cash, cash equivalents, and restricted cash	(207,352)	(150,328)
Cash, cash equivalents, and restricted cash, beginning of period	532,857	417,234
Cash, cash equivalents, and restricted cash, end of period	325,505	266,906
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	56,622	43,296
Capitalized interest	12,960	12,144
Income taxes paid	171	344
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Development of real estate financed with accounts payable	18,964	14,465
Common dividends and OP unit distributions declared and unpaid		14,046
Preferred dividends declared and unpaid	1,225
Decrease in real estate, net resulting from deconsolidated properties
Real estate, net	(14,656)
Tenants and other receivables, net	(2)
Prepaid expenses, deferred expenses and other assets, net	(84)
Accounts payable, accrued expenses and other liabilities	6
Transfer to real estate assets held for sale	2,183	15,139
Transfer of below market asset to right of use asset	(11,005)
Recording of right of use assets	19,373
Recording of lease liabilities	(8,368)
Property delivered in exchange	(2,075)
Property received in exchange	11,326
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	325,505	100,448
Restricted cash	0	166,458
Cash, cash equivalents, and restricted cash, end of period	$ 325,505	$ 266,906

Organization

Organization	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	Note 1 – Organization Seritage Growth Properties (“Seritage” or the “Company”) was organized in Maryland on June 3, 2015. The Company is a fully-integrated, self-administered, self-managed real estate investment trust (“REIT”) primarily engaged in the real property business through its investment in Seritage Growth Properties, L.P. (the “Operating Partnership”), a Delaware limited partnership that was formed on April 22, 2015. Unless the context otherwise requires, “Seritage” and the “Company” refer to Seritage, the Operating Partnership, and its subsidiaries. On June 11, 2015, Sears Holdings Corporation (“Sears Holdings”) effected a rights offering to Sears Holdings stockholders to purchase common shares of Seritage in order to fund, in part, the $2.7 billion acquisition of (i) 234 of Sears Holdings’ owned properties and one of its ground leased properties (the “Acquired Properties”), and (ii) Sears Holdings’ 50% interests in three joint ventures that collectively owned 28 properties, ground leased one property and leased two properties (the “Acquired JV Properties”). Concurrent with the acquisition, the Company leased back to Sears Holdings space at 224 of the Acquired Properties under a master lease agreement (the “Original Master Lease”) and space at all 31 Acquired JV Properties under multiple master lease agreements (the “Original JV Master Leases”). The rights offering ended on July 2, 2015, and the Company’s Class A common shares were listed on the New York Stock Exchange (“NYSE”) on July 6, 2015. On July 7, 2015, the Company completed the transactions with Sears Holdings and commenced operations. The Company did not have any operations prior to the completion of the rights offering and the transactions with Sears Holdings. On October 15, 2018, Sears Holdings and certain of its affiliates filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code with the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). On February 11, 2019, Transform Holdco LLC (“Holdco”), an affiliate of ESL Investments, Inc. (“ESL”), completed the acquisition of an approximately 425-store retail footprint and other assets and component businesses of Sears Holdings on a going-concern basis (the “Holdco Acquisition”). In connection with the Holdco Acquisition, Holdco acquired certain designation rights with respect to certain executory contracts and leases of Sears Holdings, including the Original Master Lease. On February 28, 2019, the Company and certain affiliates of Holdco executed a master lease with respect to 51 Acquired Properties (the “Holdco Master Lease”). The Holdco Master Lease became effective on March 12, 2019, when the Bankruptcy Court issued an order approving the rejection of the Original Master Lease. For accounting purposes, the Holdco Master Lease is treated as a modification to the Original Master Lease. As of June 30, 2019, the Company’s portfolio consisted of interests in 221 properties totaling approximately 35.1 million square feet of gross leasable area (“GLA”), including 194 wholly owned properties totaling approximately 30.3 million square feet of GLA across 45 states and Puerto Rico (the “Wholly Owned Properties), and interests in 27 joint venture properties totaling approximately 4.8 million square feet of GLA across 14 states (the “JV Properties”). As of June 30, 2019, the Company leased space at 50 Wholly Owned Properties to Holdco pursuant to the Holdco Master Lease and also leased space to Holdco at four JV Properties (the “Holdco JV Leases”). Under the Holdco Master Lease and the Holdco JV Leases, the Company has the right to recapture certain space at each property occupied by Holdco for retenanting or redevelopment purposes. Under the Holdco Master Lease and the Holdco JV Leases, Holdco also has rights to terminate leases at individual locations subject to certain parameters (see Note 5).

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K, as amended, (the “Annual Report”), for the year ended December 31, 2018. Certain footnote disclosures which would substantially duplicate those contained in our Annual Report have been condensed or omitted from this quarterly report. In the opinion of management, all adjustments necessary for a fair presentation (which include only normal recurring adjustments) have been included in this quarterly report. Operating results of three months and six months ended June 30, 2019 may not be indicative of the results that may be expected for any other interim period or for the year ending December 31, 2019. Capitalized terms used, but not defined in this quarterly report, have the same meanings as set forth in our Annual Report. The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, each of their wholly-owned subsidiaries, and all other entities in which they have a controlling financial interest or entities that meet the definition of a variable interest entity (“VIE”) in which the Company has, as a result of ownership, contractual interests or other financial interests, both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. All intercompany accounts and transactions have been eliminated. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and over which the Company has the ability to exercise significant influence, but does not have a controlling financial interest, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. As of June 30, 2019, and December 31, 2018, the Company has several unconsolidated VIEs in the form of joint ventures (see Note 4). The Company does not consolidate these entities because the Company is not the primary beneficiary and the nature of its involvement in the activities of these entities does not give the Company power over decisions that significantly affect these entities’ economic performance. As of June 30, 2019, the Company holds a 66.0% interest in the Operating Partnership and is the sole general partner which gives the Company exclusive and complete responsibility for the day-to-day management, authority to make decisions, and control of the Operating Partnership. The Company has determined that the Operating Partnership is a VIE as the limited partners in the Operating Partnership, although entitled to vote on certain matters, do not possess kick-out rights or substantive participating rights. Accordingly, the Company consolidates its interest in the Operating Partnership. The assets and liabilities of the Operating Partnership are the same as those of the Company and are presented in the consolidated balance sheet. To the extent such variable interests are in entities that are not evaluated under the VIE model, the Company evaluates its interests using the voting interest entity model. Reclassification Upon adoption of the new lease standard, rental recoveries for 2018 have been reclassified to rental revenues in the consolidated statements of operations to conform to the 2019 financial statement presentation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant assumptions and estimates relate to the useful lives of tangible and intangible assets, real estate impairment assessments, and assessing the recoverability of accounts receivable. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from these estimates. Segment Reporting The Company currently operates in a single reportable segment which includes the acquisition, ownership, development, redevelopment, management, and leasing of real estate properties. The Company’s chief operating decision maker, its Chief Executive Officer, assesses and measures the operating and financial results for each property on an individual basis and does not distinguish or group properties based on geography, size, or type. The Company, therefore, aggregates all properties into one reportable segment due to their similarities with regard to the nature and economics of the properties, tenants, and operational process. Real Estate Investments Real estate assets are recorded at cost, less accumulated depreciation and amortization. Expenditures for ordinary repairs and maintenance will be expensed as incurred. Significant renovations which improve the property or extend the useful life of the assets are capitalized. As real estate is undergoing redevelopment activities, all amounts directly associated with and attributable to the project, including planning, development and construction costs, interest costs, personnel costs of employees directly involved, and other miscellaneous costs incurred during the period of redevelopment, are capitalized. The capitalization period begins when redevelopment activities are underway and ends when the project is substantially complete. Depreciation of real estate assets, excluding land, is recognized on a straight-line basis over their estimated useful lives as follows: Building: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease The Company amortizes identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired, generally the remaining non-cancelable term of a related lease. On a periodic basis, management assesses whether there are indicators that the value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If an indicator is identified, a real estate asset is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and unleveraged), taking into account the anticipated and probability weighted holding period, are less than a real estate asset’s carrying value. Various factors are considered in the estimation process, including expected future operating income, trends and prospects and the effects of demand, competition, and other economic factors. If management determines that the carrying value of a real estate asset is impaired, a loss will be recorded for the excess of its carrying amount over its estimated fair value. No impairment losses were recognized for the three months and six months ended June 30, 2019 or June 30, 2018. During the three months ended June 30, 2019, the Company sold four properties and recognized gain on sale of real estate of $4.4 million and during the six months ended June 30, 2019, the Company sold eleven properties and recognized gain on sale of real estate of $22.1 million. In June 2019, the Company also exchanged a portion of one land parcel for two parcels of land parcel of approximately equal size and recorded a gain of $7.2 million. Real Estate Held for Sale When a real estate asset is identified by management as held for sale, the Company ceases depreciation of the asset and estimates its fair value, net of estimated costs to sell. If the estimated fair value, net of estimated costs to sell, of an asset is less than its net carrying value, an adjustment is recorded to reflect the estimated fair value. Properties classified as real estate held for sale generally represent properties that are under contract for sale and are expected to close within a year. In evaluating whether a property meets the held for sale criteria, the Company makes a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period or at all. As of June 30, 2019, two properties were classified as held for sale with assets of $5.3 million and no liabilities and as of December 31, 2018, one property was classified as held for sale with assets of $3.1 million and no liabilities. Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting as the Company exercises significant influence, but does not control these entities. These investments are initially recorded at cost and are subsequently adjusted for cash contributions, cash distributions, and earnings which are recognized in accordance with the terms of the applicable agreement. On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the Company’s investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. No such impairment losses were recognized for the three months and six months ended June 30, 2019 or June 30, 2018. Cash and Cash Equivalents The Company considers instruments with an original maturity of three months or less to be cash and cash equivalents. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions and primarily in funds that are insured by the United States federal government. Restricted Cash Restricted cash represents cash deposited in escrow accounts which generally can only be used for the payment of real estate taxes, debt service, insurance, and future capital expenditures as required by certain loan and lease agreements, as well as legally restricted tenant security deposits. As of June 30, 2019 and December 31, 2018, the Company did not have any restricted cash . Restricted cash accounts were closed in conjunction with the full repayment of the Mortgage Loans and the Future Funding Facility on July 31, 2018. Tenant and Other Receivables Accounts receivable includes unpaid amounts billed to tenants, accrued revenues for future billings to tenants for property expenses, and amounts arising from the straight-lining of rent. The Company periodically reviews its receivables for collectability, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area where the property is located. For accrued rental revenues related to the straight-line method of reporting rental revenue, the Company performs a periodic review of receivable balances to assess the risk of uncollectible amounts and establish appropriate provisions. Any receivables that are deemed to be uncollectible are recognized as a reduction to rental revenue in the Company’s consolidated statements of operations. Prior period provision for doubtful accounts is presented on the Company's consolidated statements of operations in accordance with the Company's previous presentation and has not been reclassified to rental revenue. Tenant and other receivables also includes management fees receivable for services performed for the benefit of certain unconsolidated joint ventures. In the event that the collectability of a management fee receivable is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific receivable will be made. Revenue Recognition Rental income is comprised of base rent and reimbursements of property operating expenses. Base rent is recognized on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable base rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as deferred rent receivable and included as a component of tenant and other receivables on the condensed consolidated balance sheets. In leasing tenant space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company will determine whether the allowance represents funding for the construction of leasehold improvements and evaluate the ownership of such improvements. If the Company is considered the owner of the improvements for accounting purposes, the Company will capitalize the amount of the tenant allowance and depreciate it over the shorter of the useful life of the improvements or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as reduction of rental revenue on a straight-line basis. The Company commences recognizing revenue based on an evaluation of several factors. Revenue recognition under a lease begins when the lessee takes control of the physical use of the leased asset. Generally, this occurs on the rent commencement date. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. Reimbursement of property operating expenses arises from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred. Management and Other Fee Income Management and other fee income represents management, leasing, and development fees for services performed for the benefit of certain unconsolidated joint ventures and is reported at 100% of the revenue earned from such joint ventures in management and other fee income on the condensed consolidated statements of operations. The Company’s share of management expenses incurred by the unconsolidated joint ventures is reported in equity in income (loss) of unconsolidated joint ventures on the condensed consolidated statements of operations and in other expenses in the combined condensed financial data in Note 4. Management determined that property and asset management and construction and development management services each represent a series of stand-ready performance obligations satisfied over time with each day of service being a distinct performance obligation. For property and asset management, the Company is typically compensated for its services through a monthly management fee earned based on a specified percentage of monthly rental income or rental receipts generated from the property under management. For construction and development services, the Company is typically compensated for planning, administering and monitoring the design and construction of projects at our unconsolidated joint venture properties based on a percentage of project costs or a fixed fee. Revenues from such management contracts are recognized over the life of the applicable contract. Conversely, leasing services are considered to be a single performance obligation, satisfied as of a point in time. The Company’s leasing fee is typically paid upon the occurrence of certain contractual event(s) that may be contingent and the pattern of revenue recognition may differ from the timing of payment. For these services, the obligation is typically the execution of the lease and, as such, revenues are recognized at the point in time when that obligation has been satisfied. Accounting for Recapture and Termination Activity Pursuant to the Original Master Lease and Holdco Master Lease (see Note 5) Seritage 100% Recapture Rights. The Company generally treats the delivery of a 100% recapture notice as a modification of the lease as of the date of notice. Such a notice and lease modification result in the following accounting adjustments for the recaptured property: − Accrued rental revenues related to the straight-line method of reporting rental revenue that are deemed uncollectable as result of the lease modification are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. − Intangible lease assets and liabilities that are deemed to be impacted by the lease modification are amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. A 100% recapture will generally occur in conjunction with obtaining a new tenant or a real estate development project. As such, termination fees, if any, associated with the 100% recapture notice are generally capitalized as either an initial direct cost of obtaining a new lease or a necessary cost of the real estate project and depreciated over the life of the new lease obtained or the real estate asset being constructed or improved. Seritage Partial Recapture Rights. The Company generally treats the delivery of a partial recapture notice as a modification of the lease as of the date of notice. Such a notice and lease modification result in the following accounting adjustments for the recaptured property: − The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that are subject to the lease modification are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that is attributable to the retained space is amortized over the remaining life of the lease. − The portion of intangible lease assets and liabilities that is deemed to be impacted by the lease modification is amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. The portion of intangible lease assets and liabilities that is attributable to the retained space is amortized over the remaining useful life of the asset or liability. Termination Rights. The Original Master Lease provided, and the Holdco Master Lease provides the tenant with certain rights to terminate their lease. Such terminations would generally result in the following accounting adjustments for the terminated property: − Accrued rental revenues related to the straight-line method of reporting rental revenue that are subject to the termination are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. − Intangible lease assets and liabilities that are deemed to be impacted by the termination are amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. − Termination fees required to be paid are recognized as follows: • For the portion of the termination fee attributable to the annual base rent of the subject property, termination income is recognized on a straight-line basis over the shortened life of the lease from the date the termination fee becomes legally binding to the date of vacancy. • For the portion of the termination fee attributable to estimated real estate taxes and property operating expenses for the subject property, prepaid rental income is recorded in the period such fee is received and recognized as tenant reimbursement revenue in the same periods as the expenses are incurred. Derivatives The Company’s use of derivative instruments is limited to the management of interest rate exposure and not for speculative purposes. In connection with the issuance of the Company’s Mortgage Loans and Future Funding Facility on July 7, 2015, the Company purchased for $5.0 million an interest rate cap with a term of four years, a notional amount of $1,261 million and a strike rate of 3.5%. The interest rate cap was measured at fair value and included as a component of prepaid expenses, deferred expenses and other assets on the condensed consolidated balance sheets. The Company elected not to utilize hedge accounting, and therefore, the change in fair value is included within change in fair value of interest rate cap on the condensed consolidated statements of operations. During the year ended December 31, 2018, t he Company terminated its interest rate cap concurrent with the repayment of the Mortgage Loans and the Future Funding Facility and as such there was no balance outstanding as of June 30 , 2019 and December 31, 2018 . For the three months and six month s ended June 30 , 201 9, the Company did no t record any gain or loss compared to a loss of $ 0.2 million for the three months ended June 30, 2018 and a loss of $ 7 thousand for the six months ended June 30, 2018. Share-Based Compensation The Company generally recognizes equity awards to employees as compensation expense and includes such expense within general and administrative expenses in the condensed consolidated statements of operations. Compensation expense for equity awards is based on the grant date fair value of the awards and is recognized (i) ratably over the vesting period for awards with time-based vesting and awards with market-based vesting conditions (e.g. total shareholder return) and (ii) for awards with performance-based vesting determined by Company operating criteria, at the date the achievement of performance criteria is deemed probable, an amount equal to that which would have been recognized ratably from the date of the grant through the date the achievement of performance criteria is deemed probable, and then ratably from the date the achievement of performance criteria is deemed probable through the remainder of the vesting period. The Company utilizes a third-party valuation firm to measure the grant date fair value of restricted stock unit awards with market-based criteria using the Monte Carlo model. Forfeitures are recorded on an actual basis. Concentration of Credit Risk Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of June 30, 2019, 50 of the Company's real estate properties were leased to Holdco and a material amount of the Company’s rental revenues was derived from the Holdco Master Lease. Until the Company further diversifies the tenancy of its portfolio, an event that has a material adverse effect on Holdco’s business, financial condition or results of operations could have a material adverse effect on the Company’s business, financial condition or results of operations. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of June 30, 2019, the Company's portfolio of 194 Wholly Owned Properties and 27 JV Properties was diversified by location across 45 states and Puerto Rico. Earnings per Share The Company has three classes of common stock. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A common shares and Class C non-voting common shares are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. The net earnings (loss) per share amounts are the same for Class A and Class C common shares because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. As of August 29, 2018, all outstanding Class C common shares had been exchanged for Class A common shares and there are currently no Class C common shares outstanding. Class B non-economic common shares are excluded from earnings per share computations as they do not have economic rights. All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing earnings per share pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of earnings per share. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-02 (“ASU 2016-02”) establishing Accounting Standards Codification, Topic 842, Leases ("ASC 842"), as amended by subsequent ASUs on the topic, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. Additional guidance and targeted improvements to the February 2016 ASU were made through the issuance of supplementary ASUs in July 2018, December 2018 and March 2019. The accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. However, ASU 2016-02 requires lessees to apply a two-method approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less should be accounted for consistent with earlier guidance under ASC 840 for operating leases. Lessees should recognize an expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. Effective January 1, 2019, the Company adopted ASU 2016-02 electing the package of practical expedients without hindsight which permits the Company to not reassess (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the adoption date. The Company has a ground lease and several corporate office leases, which are classified as operating leases, for which the Company is required to record a right-of-use asset and a lease liability equal to the present value of the remaining minimum lease payments and will continue to recognize expense on a straight-line basis for these leases. On January 1, 2019, the Company recorded an aggregate of approximately $8.4 million of right-of-use assets and corresponding $8.4 million of lease liabilities upon adoption of this standard. Right-of-use assets and corresponding lease liabilities are included in the prepaid expenses, deferred expenses and other assets and accounts payable, accrued expenses and other liabilities line item respectively on the condensed consolidated balance sheets. Additionally, the Company is no longer able to capitalize certain internal and external leasing costs. Because of this change, $1.3 million of such costs incurred in previous periods for leases which had not commenced at the beginning of current period were adjusted against opening equity upon adoption. The Company also combined $11,005 of below-market lease assets pertaining to the ground lease where we are a lessee with the right of use asset recorded for the ground lease as required upon adoption of ASU 2016-02. The below-market lease asset was previously recorded within the lease intangibles on the condensed consolidated balance sheets. In March 2018, the FASB finalized changes with respect to optional transition relief and approved a practical expedient for lessors that would permit lessors to make an accounting policy election to not separate non-lease components from the associated lease components, by class of underlying asset, if the following two criteria are met: (1) the timing and pattern of transfer of the lease and non-lease components are the same and (2) the lease component would be classified as an operating lease if accounted for separately. For leases where the Company is the lessor, the Company has elected the optional transition relief and has determined that it is not required to bifurcate and separately report non-lease components, such as common area maintenance revenue, for operating leases on the condensed consolidated statements of operations. As a result, leases where the Company is the lessor have been accounted for in a similar method to earlier guidance under ASC 840. The Company’s adoption of ASC 842 did not have a material impact on our condensed consolidated financial statements.

Lease Intangible Assets and Lia

Lease Intangible Assets and Liabilities	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Lease Intangible Assets and Liabilities	Note 3 – Lease Intangible Assets and Liabilities Lease intangible assets (acquired in-place leases, above-market leases and below-market ground leases) and liabilities (acquired below-market leases), net of accumulated amortization, were $96.3 million and $11.9 million, respectively, as of June 30, 2019 and $123.7 million and $12.3 million, respectively, as of December 31, 2018. The following table summarizes the Company’s lease intangible assets and liabilities (in thousands): June 30, 2019 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 253,198 $ (160,355 ) $ 92,843 Above-market leases, net 7,126 (3,637 ) 3,489 Total $ 260,324 $ (163,992 ) $ 96,332 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 16,816 $ (4,963 ) $ 11,853 Total $ 16,816 $ (4,963 ) $ 11,853 December 31, 2018 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 266,897 $ (158,235 ) $ 108,662 Below-market ground leases, net 11,766 (710 ) 11,056 Above-market leases, net 8,338 (4,400 ) 3,938 Total $ 287,001 $ (163,345 ) $ 123,656 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 19,720 $ (7,439 ) $ 12,281 Total $ 19,720 $ (7,439 ) $ 12,281 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $0.1 million and $0.2 million for the three months ended June 30, 2019, and June 30, 2018, respectively and $0.2 million and $0.5 million for the six months ended June 30, 2019 and June 30, 2018, respectively Remainder of 2019 $ 254 2020 326 2021 171 2022 141 2023 199 Amortization of an acquired below-market ground lease resulted in additional property expense of $51 thousand for each of the three months ended June 30, 2019, and June 30, 2018, respectively, and $0.1 million for the six months ended June 30, 2019 and June 30, 2018, respectively Remainder of 2019 $ 101 2020 203 2021 203 2022 203 2023 203 Amortization of acquired in-place leases resulted in additional depreciation and amortization expense of $5.0 million and $35.2 million for the three months ended June 30, 2019 and June 30, 2018, respectively and $15.3 million and $53.3 million for the six months ended June 30, 2019 and June 30, 2018, respectively Remainder of 2019 $ 7,806 2020 14,344 2021 13,808 2022 13,500 2023 12,683

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2019
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Note 4 – Investments in Unconsolidated Joint Ventures The Company conducts a portion of its property rental activities through investments in unconsolidated joint ventures. The Company’s partners in these joint ventures are unrelated real estate entities or commercial enterprises. The Company and its joint venture partners make initial and/or ongoing capital contributions to these unconsolidated joint ventures. The obligations to make capital contributions are governed by each unconsolidated joint venture’s respective operating agreement and related governing documents. As of June 30, 2019, the Company had investments in eight unconsolidated joint ventures as follows: Seritage % # of Total Unconsolidated Joint Venture Joint Venture Partner Ownership Properties GLA GS Portfolio Holdings II LLC ("GGP I JV") Brookfield Properties Retail (formerly GGP Inc.) 50.0 % 4 598,200 GS Portfolio Holdings (2017) LLC ("GGP II JV") Brookfield Properties Retail (formerly GGP Inc.) 50.0 % 5 1,168,000 MS Portfolio LLC ("Macerich JV") The Macerich Company 50.0 % 9 1,572,000 SPS Portfolio Holdings II LLC ("Simon JV") Simon Property Group, Inc. 50.0 % 5 872,200 Mark 302 JV LLC ("Mark 302 JV") An investment fund managed by Invesco Real Estate 50.1 % 1 96,400 SI UTC LLC ("UTC JV") A separate account advised by Invesco Real Estate 50.0 % 1 226,200 SF WH Joint Venture LLC ("West Hartford JV") An affiliate of First Washington Realty 50.0 % 1 163,600 GGCAL SRG HV LLC ("Cockeysville JV") An affiliate of Greenberg Gibbons 50.0 % 1 159,000 27 4,855,600 Mark 302 JV On March 20, 2018, the Company contributed its property located in Santa Monica, CA to the Mark 302 JV and sold a 49.9% interest to an investment fund managed by Invesco Real Estate based on a contribution value of $90.0 million (the “Initial Mark 302 Contribution Value”) and pre-transaction development and other costs of approximately $10.4 million. As a result of the transaction, the Company received cash of approximately $50.1 million and recorded a gain of $38.8 million (the “Initial Mark 302 Gain”) which is included in gain on sale of real estate within the consolidated statements of operations for the year ended December 31, 2018. The Initial Mark 302 Gain is comprised of $19.4 million attributable to the increase in fair value of the retained 50.1% interest due to application of the ASU 2017-05, while the remaining $19.4 million is the gain on sale of the remaining 49.9% interest. The Mark 302 JV is subject to a revaluation upon the earlier of the first anniversary of project stabilization (as defined in the operating agreement of the Mark 302 JV) or December 31, 2020. Upon revaluation, the primary inputs in determining the Initial Mark 302 Contribution Value, which consist of property operating income and total project costs, will be updated for actual results and a value (the “Final Mark 302 Contribution Value”) will be calculated to yield a pre-determined rate of return to the investment fund managed by Invesco Real Estate. The Final Mark 302 Contribution Value cannot be more than $105.0 million or less than $60.0 million and will result in a cash settlement between the two parties. The Company recorded the Initial Mark 302 Gain based on the Initial Mark 302 Contribution Value because it determined it to be the expected amount in the range of possible amounts. The Company made this determination based on its analysis of the primary inputs that determine both the Initial Mark 302 Contribution Value and Final Mark 302 Contribution Value, which consist of property operating income and total project costs. The gain on sale of real estate based on the Final Mark 302 Contribution Value (the “Final Mark 302 Gain”) will not be more than $53.8 million or less than $8.8 million. Each reporting period the Company re-analyzes the primary inputs that determine the Final Mark 302 Contribution Value and Final Mark 302 Gain. For the three and six months ended June 30, 2019, there were no adjustments to the Initial Mark 302 Contribution Value or the Initial Mark 302 Gain resulting from such analysis. West Hartford JV On May 18, 2018, the Company contributed its property located in West Hartford, CT to the West Hartford JV and sold a 50.0% interest to First Washington Realty based on a contribution value of $25.0 million (the “Initial West Hartford JV Contribution Value”) and pre-transaction development and other costs of approximately $20.2 million. As a result of the transaction, the Company received cash of approximately $22.6 million and recorded a gain of $1.2 million (the “Initial West Hartford JV Gain”) which is included in gain on sale of real estate within the consolidated statements of operations for the year ended December 31, 2018. The Initial West Hartford JV Gain is comprised of $0.6 million attributable to the increase in fair value of the retained 50.0% interest due to application of the ASU 2017-05, while the remaining $0.6 million is the gain on sale of the remaining 50.0% interest. The West Hartford JV is subject to (i) a revaluation upon the earlier of the first anniversary of project stabilization (as defined in the operating agreement of the West Hartford JV) or December 31, 2019, and (ii) an adjustment based on the timing, method and magnitude of the reassessment of the property for real estate tax purposes between 2018 and 2022. Upon revaluation, the primary inputs in determining the Initial West Hartford JV Contribution Value, which consist of property operating income and total project costs, will be updated for actual results and a value (the “Final West Hartford JV Contribution Value”) will be calculated to yield a pre-determined rate of return to First Washington Realty. The Final West Hartford JV Contribution Value cannot be more than $29.6 million or less than $20.4 million. Upon adjustment for real estate tax purposes, an amount based on the difference between actual real estate taxes and tenant recoveries for such real estate taxes will be determined and the capitalized value of such amount will be applied as an adjustment to the transaction price (the “Real Estate Tax Adjustment Amount”). The Real Estate Tax Adjustment Amount, and the aggregate transaction price adjustment resulting from (i) the difference between the Initial West Hartford JV Contribution Value and the Final West Hartford JV Contribution Value, and (ii) the Real Estate Tax Adjustment Amount, cannot exceed $4.6 million and will result in a cash settlement between the two parties. The Company recorded the Initial West Hartford JV Gain based on the Initial West Hartford JV Contribution Value because it determined it to be the expected amount in the range of possible amounts. The Company made this determination based on its analysis of the primary inputs that determine both the Initial West Hartford JV Contribution Value and Initial West Hartford JV Contribution Value, which consist of property operating income, including the difference between actual real estate taxes and tenant recoveries for such real estate taxes, and total project costs. The gain or loss on sale of real estate based on the Final West Hartford JV Contribution Value (the “Final West Hartford JV Gain”) will not be more than a $5.8 million gain or more than a $3.4 million loss. Each reporting period the Company re-analyzes the primary inputs that determine the Initial West Hartford JV Contribution Value and Initial West Hartford JV Gain. For the three and six months ended June 30, 2019, there were no adjustments to the Initial West Hartford JV Contribution Value or the Initial West Hartford JV Gain resulting from such analysis. Cockeysville JV On March 29, 2019, the Company contributed its property located in Cockeysville, MD to the Cockeysville JV and sold a 50.0% interest to an affiliate of the owner of the adjacent shopping center based on a contribution value of $12.5 million and pre-transaction development and other costs of approximately $6.2 million. As a result of the transaction, the Company received cash of approximately $9.3 million and recorded a gain of $3.8 million which is included in gain on sale of real estate within the condensed consolidated statements of operations for the six months ended June 30, 2019. The gain is comprised of $1.9 million attributable to the increase in fair value of the retained 50.0% interest due to application of the ASU 2017-05, while the remaining $1.9 million is the gain on sale of the remaining 50.0% interest. Each unconsolidated joint venture is obligated to maintain financial statements in accordance with GAAP. The Company shares in the profits and losses of these unconsolidated joint ventures generally in accordance with the Company’s respective equity interests. In some instances, the Company may recognize profits and losses related to investment in an unconsolidated joint venture that differ from the Company’s equity interest in the unconsolidated joint venture. This may arise from impairments that the Company recognizes related to its investment that differ from the impairments the unconsolidated joint venture recognizes with respect to its assets, differences between the Company’s basis in assets it has transferred to the unconsolidated joint venture and the unconsolidated joint venture’s basis in those assets or other items. There were no joint venture impairment charges for the three or six months ended June 30, 2019 or June 30, 2018. The Company acts as the operating partner and day-to-day manager for the Mark 302 JV, the West Hartford JV, and the UTC JV. The Company is entitled to receive fees for providing management, leasing, and construction supervision services to these joint ventures. The Company earned $1.8 million and $914 thousand from these services for the three months ended June 30, 2019 and June 30, 2018, respectively, and $2.1 million and $914 thousand from these services for the six months ended June 30, 2019 and June 30, 2018, respectively. The following tables present combined condensed financial data for the Company’s unconsolidated joint ventures (in thousands): June 30, 2019 December 31, 2018 ASSETS Investment in real estate Land $ 329,349 $ 321,853 Buildings and improvements 521,784 508,302 Accumulated depreciation (77,514 ) (72,239 ) 773,619 757,916 Construction in progress 98,135 78,227 Net investment in real estate 871,754 836,143 Cash and cash equivalents 21,126 14,741 Tenant and other receivables, net 6,679 5,220 Other assets, net 21,633 38,285 Total assets $ 921,192 $ 894,389 LIABILITIES AND MEMBERS' INTERESTS Liabilities Mortgage loans payable, net $ 13,989 $ 10,406 Accounts payable, accrued expenses and other liabilities 59,557 71,791 Total liabilities 73,546 82,197 Additional paid in capital 865,160 833,168 Retained earnings (17,514 ) (20,976 ) Total members interest 847,646 812,192 Total liabilities and members interest $ 921,192 $ 894,389 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Total revenue $ 8,968 $ 12,116 $ 20,186 $ 23,343 Property operating expenses (2,898 ) (2,103 ) (5,496 ) (3,815 ) Depreciation and amortization (25,510 ) (7,030 ) (30,763 ) (14,616 ) Operating income (19,440 ) 2,983 (16,073 ) 4,912 Other expenses (448 ) (7,298 ) (1,370 ) (14,392 ) Net (loss) income $ (19,888 ) $ (4,315 ) $ (17,443 ) $ (9,480 ) Equity in (loss) income of unconsolidated joint ventures $ (9,944 ) $ (2,158 ) $ (8,722 ) $ (4,740 )

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Note 5 – Leases On February 28, 2019, the Company and certain affiliates of Holdco executed the Holdco Master Lease which became effective on March 12, 2019 when the Bankruptcy Lease Structure The structure of the Holdco Master Lease is consistent with the structure of the Original Master Lease in all material respects, including (i) it is a unitary, non-divisible lease as to all properties, pursuant to which the tenant’s obligations as to each property are cross-defaulted with all obligations of the tenant with respect to all other properties; (ii) it is a triple net lease with respect to all space which is leased thereunder to the tenant, subject to proportional sharing by the tenant for repair and maintenance charges, real property taxes, insurance and other costs and expenses which are common to both the space leased by the tenant and other space occupied by other tenants in the same or other buildings, space which is recaptured pursuant to the Company’s recapture rights described below and all other space which is constructed on the properties; (iii) the tenant is required to make all expenditures reasonably necessary to maintain the premises in good appearance, repair and condition for as long as they are in occupancy; and (iv) the tenant is generally prohibited from subleasing any space demised under the lease. Term and Renewals Consistent with the terms of the Original Master Lease, the Holdco Master Lease will expire in July 2025, and contains three options for five-year renewals of the term and a final option for a four-year renewal, as was the case under the Original Master Lease. Rental Revenue The Holdco Master Lease provides for an initial base rent at the same rates which were in place at the time of the modification for accounting purposes. In each of the initial term and the first two renewal terms, consistent with the Original Master Lease, base rent under the Holdco Master Lease will be increased in August of each year by 2.0% per annum for each lease year over the rent for the immediately preceding lease year. For subsequent renewal terms, consistent with the Original Master Lease, rent will be set at the commencement of the renewal term for the Holdco Master Lease at a fair market rent based on a customary third-party appraisal process, taking into account all the terms of the Holdco Master Lease and other relevant factors, but in no event will the renewal rent be less than the rent payable in the immediately preceding lease year. The base rent under the Holdco Master Lease will be subject to an adjustment in the form of a rent credit of up to approximately $12 million in each of the first and second years of the Holdco Master Lease. The rent credit is allocated to specific properties based on the trailing twelve- month EBITDA of the particular property Revenues from the Holdco Master Lease and the Original Master Lease for the three and six months ended June 30, 2019 and June 30, 2018 are as follows (in thousands and excluding straight-line rental income of $1.2 million and ($1.0) million for the three months ended June 30, 2019 and June 30, 2018, respectively, and $1.7 million and $1.8 million for the six months ended June 30, 2019 and June 30, 2018, respectively): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Fixed lease revenue $ 5,667 $ 22,605 $ 17,955 $ 45,136 Variable lease revenue 5,853 10,950 14,251 24,392 Total rental revenue $ 11,520 $ 33,555 $ 32,206 $ 69,528 Seritage Recapture Rights The Holdco Master Lease, consistent with the Original Master Lease, provides the Company with the right to recapture up to approximately 50% of the space occupied by the tenant at all properties (other than five specified properties) and the right to recapture any automotive care centers which are free-standing or attached as “appendages” to the properties, all outparcels or outlots and certain portions of parking areas and common areas. Upon exercise of any of these partial recapture rights, consistent with the Original Master Lease, the Company will generally incur, as applicable, certain costs and expenses for the separation of the recaptured space from the remaining tenant space. Additionally, in contrast to Original Master Lease, which permitted the Company to recapture 100% of certain properties upon payment of a specified recapture fee, the Holdco Master Lease provides the Company with the right, beginning in the second year of the term, to recapture 100% of the space occupied by the tenant at any of the properties included in the Holdco Master Lease (other than five specified properties) without paying a recapture fee. This right to recapture 100% of any property is limited to 10 properties in each year of the Holdco Master Lease term, with carry-over rights if less than 10 properties are recaptured in any given lease year. In the event of a 100% recapture of a property (or termination of a property by Holdco that is subject to a termination fee) and any subsequent redevelopment of such property for retail purposes, Holdco has certain rights of first offer to lease space at specified predefined rates depending on the condition the space is delivered. If the Company does not provide Holdco with a right of first offer on at least one-third of any such properties that are recaptured 100% by the Company (or terminated by Holdco with payment of a termination fee) in a given lease year, then the Company’s 100% recaptures rights are subject to payment of a recapture fee until such time as the Company has complied with the foregoing ratio. Upon the exercise of any of its recapture rights, the Company can reconfigure and rent the recaptured space to new, diversified tenants on potentially superior terms as determined by the Company and for its own account. As shown in the table below, the Company exercised certain recapture rights with respect to 70 properties under the Original Master Lease prior to its rejection on March 12, 2019. At two of these properties, the Company exercised additional recapture rights under the Holdco Master Lease during the three months ended June 30, 2019. Property Recapture Type Notice Date(s) North Riverside, IL Auto center + partial April 2019 / June 2017 Hialeah, FL (Westland) Out parcel + auto center April 2019 / September 2018 Saugus, MA Auto center + partial December 2018 / December 2016 Cape Girardeau, MO 100% (1) September 2018 Doral, FL 100% (1) September 2018 Fairfax, VA 100% (1) September 2018 / May 2016 Gillette, WY 100% (1) September 2018 Happy Valley, OR 100% (1) September 2018 Houston, TX (Memorial City) 100% (1) September 2018 Santa Cruz, CA 100% (1) September 2018 / December 2016 Vancouver, WA 100% (1) September 2018 Fresno, CA Partial May 2018 Asheville, NC 100% (1) March 2018 Chicago, IL (Six Corners) 100% (1) March 2018 Clearwater, FL 100% (1) March 2018 El Cajon, CA 100% (1) March 2018 Fairfield, CA 100% (1) March 2018 / December 2017 Oklahoma City, OK Out parcel March 2018 Plantation, FL 100% (1) March 2018 / December 2017 Redmond, WA 100% (1) March 2018 / September 2017 Reno, NV 100% (1) March 2018 Tucson, AZ 100% (1) March 2018 Anchorage, AK 100% December 2017 Boca Raton, FL 100% December 2017 Westminster, CA 100% December 2017 Hicksville, NY 100% December 2017 Orland Park, IL 100% (1) December 2017 Florissant, MO Out parcel December 2017 Salem, NH Out parcel December 2017 Las Vegas, NV Partial December 2017 Yorktown Heights, NY Partial December 2017 Austin, TX (Tech Ridge) 100% (1) December 2017 / September 2017 Ft. Wayne, IN Out parcel September 2017 / July 2016 North Little Rock, AR Auto center September 2017 St. Clair Shores, MI 100% September 2017 Canton, OH Partial June 2017 Dayton, OH Auto center June 2017 Roseville, CA Auto center June 2017 Temecula, CA Partial June 2017 Watchung, NJ 100% June 2017 Anderson, SC 100% (1) April 2017 / July 2016 Aventura, FL 100% April 2017 Carson, CA 100% (1) April 2017 / December 2016 Charleston, SC 100% (1) April 2017 / October 2016 Hialeah, FL (freestanding) 100% (1) April 2017 San Diego, CA (2) 100% (1) April 2017 Valley View, TX 100% April 2017 Cockeysville, MD (3) Partial March 2017 North Miami, FL 100% March 2017 Olean, NY Partial March 2017 Guaynabo, PR Partial December 2016 Santa Monica, CA (4) 100% December 2016 Roseville, MI Partial November 2016 Troy, MI Partial November 2016 Rehoboth Beach, DE Partial October 2016 St. Petersburg, FL (Tyrone Square) 100% October 2016 Warwick, RI Auto center October 2016 West Hartford, CT (5) 100% October 2016 Madison, WI Partial July 2016 North Hollywood, CA Partial July 2016 Orlando, FL 100% July 2016 West Jordan, UT Partial + auto center July 2016 Albany, NY Auto center May 2016 Bowie, MD Auto center May 2016 Hagerstown, MD Auto center May 2016 Wayne, NJ (6) Partial + auto center May 2016 San Antonio, TX Auto center March 2016 Braintree, MA 100% November 2015 Honolulu, HI 100% December 2015 Memphis, TN 100% December 2015 (1) The Company converted partial recapture rights at this property to 100% recapture rights and exercised such rights. (2) In May 2018, the Company contributed this property to the UTC JV and retained a 50.0 % interest in the joint venture. (3) In March 2019, the Company contributed this property to the Cockeysville JV and retained a 50.0% interest in the joint venture. (4) In March 2018, the Company contributed this asset to the Mark 302 JV and retained a 50.1% interest in the joint venture. (5) In May 2018, the Company contributed this property to the West Hartford JV and retained a 50.0% interest in the joint venture. (6) In July 2017, the Company contributed this asset to the GGP II JV and retained a 50.0% interest in the joint venture. Tenant Termination Rights Under the terms of the Holdco Master Lease, Holdco has the right, at any time, to terminate any property upon the payment of a termination fee equal to one year of base rent plus annual taxes and other operating expenses. Additionally, unlike the Original Master Lease, beginning in the second year of the term of the Holdco Master Lease, the tenant has the right to terminate without payment of a termination fee: (i) up to 16 properties in the second year, (ii) up to 12 properties in the third year, (iii) up to 10 properties in the fourth year, and (iv) thereafter, the remaining properties, in each instance with carry over rights if less than the maximum permitted number of properties are terminated in any lease year. As of June 30, 2019, Holdco had not exercised any of its termination rights under the Holdco Master Lease. The table below includes the 87 properties at which Sears Holdings had exercised its termination rights under the Original Master Lease prior to its rejection on March 12, 2019: Announced Property Square Feet Notice Termination Redevelopment Antioch, CA 95,200 August 2018 December 2018 Columbus, MS 117,100 August 2018 December 2018 Dayton, OH 148,800 August 2018 December 2018 Q2 2017 Flagstaff, AZ 66,200 August 2018 December 2018 Ft. Wayne, IN 213,600 August 2018 December 2018 Q3 2016 / Q3 2017 / Q2 2019 Jackson, MI 144,200 August 2018 December 2018 Manchester, NH 135,100 August 2018 December 2018 Q4 2018 Salem, NH 119,000 August 2018 December 2018 Q4 2017 Savannah, GA 155,700 August 2018 December 2018 Scott Depot, WV 89,800 August 2018 December 2018 Sold Steger, IL 87,400 August 2018 December 2018 Victor, NY 115,300 August 2018 December 2018 Q2 2019 West Jordan, UT 117,300 August 2018 December 2018 Q3 2016 / Q3 2018 Chesapeake, VA 169,400 June 2018 November 2018 Clay, NY 138,000 June 2018 November 2018 Havre, MT 94,700 June 2018 November 2018 Sold Newark, CA 145,800 June 2018 November 2018 Oklahoma City, OK 173,700 June 2018 November 2018 Q3 2017 Troy, MI 271,300 June 2018 November 2018 Q3 2016 Virginia Beach, VA 86,900 June 2018 November 2018 Q3 2015 Madison, WI 88,100 June 2018 October 2018 Q2 2016 Thousand Oaks, CA 50,300 June 2018 October 2018 Q3 2015 Cedar Rapids, IA 141,100 April 2018 August 2018 Citrus Heights, CA 280,700 April 2018 August 2018 Gainesville, FL 140,500 April 2018 August 2018 Q2 2018 Maplewood, MN 168,500 April 2018 August 2018 Pensacola, FL 212,300 April 2018 August 2018 Q2 2018 Rochester, NY 128,500 April 2018 August 2018 Roseville, CA 121,000 April 2018 August 2018 Q2 2017 / Q1 2018 San Antonio, TX 187,800 April 2018 August 2018 Q4 2015 Warrenton, VA 113,900 April 2018 August 2018 Q1 2018 Westwood, TX 215,000 June 2017 January 2018 Q3 2018 Friendswood, TX 166,000 June 2017 November 2017 Albany, NY 216,200 June 2017 October 2017 Q1 2016 Burnsville, MN 161,700 June 2017 October 2017 Chicago, IL (N Harlem) 293,700 June 2017 October 2017 Cockeysville, MD 83,900 June 2017 October 2017 Q1 2017 East Northport, NY 187,000 June 2017 October 2017 Q2 2017 Greendale, WI 238,400 June 2017 October 2017 Q4 2017 Hagerstown, MD 107,300 June 2017 October 2017 Q1 2016 / Sold Johnson City, NY 155,100 June 2017 October 2017 Sold Lafayette, LA 194,900 June 2017 October 2017 Mentor, OH 208,700 June 2017 October 2017 Middleburg Heights, OH 351,600 June 2017 October 2017 Olean, NY 75,100 June 2017 October 2017 Q1 2017 Overland Park, KS 215,000 June 2017 October 2017 Roseville, MI 277,000 June 2017 October 2017 Q3 2016 Sarasota, FL 204,500 June 2017 October 2017 Toledo, OH 209,900 June 2017 October 2017 Warwick, RI 169,200 June 2017 October 2017 Q3 2016 / Q3 2017 York, PA 82,000 June 2017 October 2017 Sold Chapel Hill, OH 187,179 January 2017 April 2017 Concord, NC 137,499 January 2017 April 2017 Sold Detroit Lakes, MN 79,102 January 2017 April 2017 El Paso, TX 103,657 January 2017 April 2017 Q2 2018 Elkins, WV 94,885 January 2017 April 2017 Sold Henderson, NV 122,823 January 2017 April 2017 Q1 2017 Hopkinsville, KY 70,326 January 2017 April 2017 Q1 2018 Jefferson City, MO 92,016 January 2017 April 2017 Q2 2017 Kenton, OH 96,066 January 2017 April 2017 Announced Property Square Feet Notice Termination Redevelopment Kissimmee, FL 112,505 January 2017 April 2017 Layton, UT 90,010 January 2017 April 2017 Q3 2018 Leavenworth, KS 76,853 January 2017 April 2017 Sold Mt. Pleasant, PA 83,536 January 2017 April 2017 Q2 2018 Muskogee, OK 87,500 January 2017 April 2017 Sold Owensboro, KY 68,334 January 2017 April 2017 Sold Paducah, KY 108,244 January 2017 April 2017 Q3 2017 Platteville, WI 94,841 January 2017 April 2017 Sold Riverside, CA (Iowa Ave.) 94,500 January 2017 April 2017 Sioux Falls, SD 72,511 January 2017 April 2017 Sold Alpena, MI 118,200 September 2016 January 2017 Chicago, IL (S Kedzie) 118,800 September 2016 January 2017 Q3 2018 Cullman, AL 98,500 September 2016 January 2017 Q2 2017 Deming, NM 96,600 September 2016 January 2017 Elkhart, IN 86,500 September 2016 January 2017 Q4 2016 Harlingen, TX 91,700 September 2016 January 2017 Sold Houma, LA 96,700 September 2016 January 2017 Sold Kearney, NE 86,500 September 2016 January 2017 Q3 2016 Manistee, MI 87,800 September 2016 January 2017 Merrillville, IN 108,300 September 2016 January 2017 Q4 2016 New Iberia, LA 91,700 September 2016 January 2017 Q2 2017 Riverton, WY 94,800 September 2016 January 2017 Sold Sault Sainte Marie, MI 92,700 September 2016 January 2017 Sierra Vista, AZ 86,100 September 2016 January 2017 Sold Springfield, IL 84,200 September 2016 January 2017 Q3 2016 Thornton, CO 190,200 September 2016 January 2017 Q1 2017 Yakima, WA 97,300 September 2016 January 2017 Sold Total square feet 11,728,387 As of June 30, 2019, the Company had commenced or completed redevelopment projects at 40 of the terminated properties and will continue to announce redevelopment activity as new leases are signed to occupy the space formerly occupied by Sears Holdings. Lessor Disclosures Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, under non-cancelable operating leases executed as of June 30, 2019 and December 31, 2018 are approximately as follows: (in thousands) June 30, 2019 Remainder of 2019 $ 47,117 2020 95,978 2021 105,332 2022 106,781 2023 102,668 2024 101,228 Thereafter 343,903 Total Lease Payments $ 903,007 (in thousands) December 31, 2018 2019 $ 120,132 2020 122,263 2021 125,963 2022 124,949 2023 120,672 Thereafter 412,789 Total Lease Payments $ 1,026,768 The components of lease revenues for the three months and six months ended June 30, 2019 were as follows: (in thousands) Three months ended June 30, 2019 Six months ended June 30, 2019 Fixed lease revenues $ 23,513 $ 52,502 Variable lease revenues 9,431 20,561 Lease revenues $ 32,944 $ 73,063 Lessee Disclosures The Company has one ground lease and multiple corporate office leases which are classified as operating leases. The Company initially recorded $8.6 million of right-of-use, or ROU, assets and lease liabilities. The Company’s ROU assets were subsequently increased by $11.0 million as a result of the reclassification of acquired below-market lease assets, net, from lease intangible assets, net, during the six months ended 2019. As of June 30, 2019, the outstanding amount of ROU assets were $19.1 million. The Company recorded rent expense related to leased corporate office space of $401 thousand and $188 thousand for the three months ended June 30, 2019 and June 30, 2018, respectively. The Company recorded rent expense related to leased corporate office space of $686 thousand and $364 thousand for the six months ended June 30, 2019 and June 30, 2018, respectively. Such rent expense is classified within general and administrative expenses on the consolidated statements of operations. In addition, the Company recorded ground rent expense of approximately $11 The following table sets forth information related to the measurement of our lease liabilities as of June 30, 2019: (in thousands) As of June 30, 2019 Weighted average remaining lease term (in years) 11.04 Weighted average discount rate 7.20 % Cash paid for operating leases $ 1,007

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Note 6 – Debt Term Loan Facility On July 31, 2018, the Operating Partnership, as borrower, and the Company, as guarantor, entered into a Senior Secured Term Loan Agreement (the “Term Loan Agreement”) providing for a The Term Loan Facility matures on July 31, 2023. The Company used a portion of the proceeds from the Initial Funding to (i) repay the Mortgage Loans and Future Funding Facility due July 2019; (ii) repay the Unsecured Term Loan due December 2018; and (iii) pay transaction and related costs. The Company expects the remaining proceeds from the Initial Funding, as well as borrowings under the Incremental Funding Facility, will be used to fund the Company’s redevelopment pipeline and to pay operating expenses of the Company and its subsidiaries Funded amounts under the Term Loan Facility bear interest at an annual rate of 7.0% and unfunded amounts under the Incremental Funding Facility are subject to an annual fee of 1.0% until drawn. The Company prepaid an annual fee of $4.0 million at closing and is amortizing the expense to interest expense on the consolidated statement of operations. As of June 30, 2019, the aggregate principal amount outstanding under the Term Loan Facility was $1.6 billion. The Company’s ability to access the Incremental Funding Facility is subject to (i) the Company achieving rental income from non-Sears Holdings tenants, on an annualized basis (after giving effect to certain signed but not open leases) for the fiscal quarter ending prior to the date of incurrence of the Incremental Funding Facility, of not less than $200 million and (ii) the Company’s good faith projection that rental income from non-Sears Holdings tenants (after giving effect to certain signed but not open leases) for the succeeding four consecutive fiscal quarters (beginning with the fiscal quarter during which the incremental facility is accessed) will be not less than $200 million. The Term Loan Facility is guaranteed by the Company and, subject to certain exceptions, is required to be guaranteed by all existing and future subsidiaries of the Borrower. The Term Loan Facility is secured on a first lien basis by a pledge of the capital stock of the direct subsidiaries of the Borrower and the guarantors, including its joint venture interests, except as prohibited by the organizational documents of such entities or any joint venture agreements applicable to such entities, and contains a springing requirement to provide mortgages and other customary collateral upon the breach of certain financial metrics described below, the occurrence and continuation of an event of default and certain other conditions set forth in the Term Loan Agreement . The Term Loan Facility includes certain financial metrics to govern springing collateral and certain covenant exceptions set forth in the Term Loan Agreement, including: (i) a total fixed charge coverage ratio of not less than 1.00 to 1.00 for each fiscal quarter beginning with the fiscal quarter ending September 30, 2018 through the fiscal quarter ending June 30, 2021, and not less than 1.20 to 1.00 for each fiscal quarter thereafter; (ii) an unencumbered fixed charge coverage ratio of not less than 1.05 to 1.00 for each fiscal quarter beginning with the fiscal quarter ending September 30, 2018 through the fiscal quarter ending June 30, 2021, and not less than 1.30 to 1.00 for each fiscal quarter thereafter; (iii) a total leverage ratio of not more than 65%; (iv) an unencumbered ratio of not more than 60%; and (v) a minimum net worth of at least $1.2 billion. Any failure to satisfy any of these financial metrics will limit the Company’s ability to dispose of assets via sale or joint venture and will trigger the springing mortgage and collateral requirements but will not result in an event of default. The Term Loan Facility also includes certain limitations relating to, among other activities, the Company’s ability to: sell assets or merge, consolidate or transfer all or substantially all of its assets; incur additional debt; incur certain liens; enter into, terminate or modify certain material leases and/or the material agreements for the Company’s properties; make certain investments (including limitations on joint ventures) and other restricted payments; pay distributions on or repurchase the Company’s capital stock; and enter into certain transactions with affiliates. The Term Loan Facility contains customary events of default, including (subject to certain materiality thresholds and grace periods) payment default, material inaccuracy of representations or warranties, and bankruptcy or insolvency proceedings. If there is an event of default, the lenders may declare all or any portion of the outstanding indebtedness to be immediately due and payable, exercise any rights they might have under any of the Term Loan Facility documents, and require the Company to pay a default interest rate on overdue amounts equal to 2.0% in excess of the then applicable interest rate. As of June 30, 2019, the Company was not in compliance with certain of the financial metrics described above. As a result, the Company must receive the consent of Berkshire Hathaway to dispose of assets via sale or joint venture and Berkshire Hathaway has the right to request mortgages against the Company’s assets pursuant to the springing mortgage and collateral requirement. The Company believes it is in compliance with all other terms and conditions of the Term Loan Agreement. The Company incurred $2.1 million of debt issuance costs related to the Term Loan Facility which are recorded as a direct deduction from the carrying amount of the Term Loan Facility and amortized over the term of the Term Loan Agreement. As of June 30, 2019, the unamortized balance of the Company’s debt issuance costs was $1.7 million.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 7 – Income Taxes The Company has elected to be taxed as a REIT as defined under Section 856(c) of the Code for federal income tax purposes and expects to continue to operate to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to currently distribute at least 90% of its adjusted REIT taxable income to its shareholders. As a REIT, the Company generally will not be subject to federal income tax on taxable income that is distributed to its shareholders. If the Company fails to qualify as a REIT or does not distribute 100% of its taxable income in any taxable year, it will be subject to federal taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain state, local and Puerto Rico taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. On December 22, 2017, H.R. 1, known as the Tax Cuts and Jobs Act (the “TCJA”) was signed into law and included wide-scale changes to individual, pass-through and corporation tax laws, including those that impact the real estate industry, the ownership of real estate and real estate investments, and REITs. The Company has reviewed the provisions of the law that pertain to the Company and has determined that they have no material income tax effect for financial statement purposes.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8 – Fair Value Measurements ASC 820, Fair Value Measurement Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities Level 2 - observable prices based on inputs not quoted in active markets, but corroborated by market data Level 3 - unobservable inputs used when little or no market data is available The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company also considers counterparty credit risk in its assessment of fair value. Financial Assets and Liabilities Measured at Fair Value on a Recurring or Non-Recurring Basis All derivative instruments are carried at fair value and are valued using Level 2 inputs. The Company had no derivative instruments as of June 30, 2019 (an interest rate cap associated with the Mortgage Loans and Future Funding Facility was terminated subsequent to the repayment of the Mortgage Loans and Future Funding Facility on July 31, 2018). The Company utilized an independent third party and interest rate market pricing models to assist management in determining the fair value of this instrument. The Company had elected not to utilize hedge accounting, and therefore, the change in fair value was included in previous periods within change in fair value of interest rate cap on the condensed consolidated statements of operations. For the three months and six months ended June 30, 2019, the Company did not record any gain or loss compared to a loss of $0.2 million for the three months ended June 30, 2018 and a loss of $7 thousand for the six months ended June 30, 2018. Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on the condensed consolidated balance sheets include cash equivalents and debt obligations. The fair value of cash equivalents is classified as Level 1 and the fair value of debt obligations is classified as Level 2. Cash equivalents are carried at cost, which approximates fair value. The fair value of debt obligations is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings. As of June 30, 2019 and December 31, 2018

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 – Commitments and Contingencies In accordance with accounting standards regarding loss contingencies, the Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued or discloses the fact that such a range of loss cannot be estimated. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. On April 18, 2019, at the direction of the Restructuring Sub-Committee of the Restructuring Committee of the Board of Directors of Sears Holdings, Sears Holdings, Sears, Roebuck & Co., Sears Development Co., Kmart Corporation, and Kmart of Washington, LLC filed a lawsuit (the “Litigation”) in the United States Bankruptcy Court for the Southern District of New York against, among others, Edward S. Lampert, ESL Investments, Inc. and certain of its affiliates and investors, Fairholme Capital Management, L.L.C., certain members of the Sears Holdings board of directors, and the Company, the Operating Partnership, and certain of our affiliates and subsidiaries (the Company, the Operating Partnership, and certain of our affiliates and subsidiaries collectively, the “Seritage Defendants”). The Litigation is dual captioned as In re: Sears Holdings Corporation, et al., Case No. 18-23538 (RDD) and Sears Holdings Corporation et al., v. Lampert et al., Case No. 19-08250 (RDD). The Litigation alleges, among other things, that certain transactions undertaken by Sears Holdings since 2011 constituted actual and/or constructive fraudulent transfers and/or illegal dividends by Sears Holdings. The challenged transactions include the July 2015 transactions giving rise to Seritage, the execution of the master lease with Sears Holdings, and the acquisition of real estate from Sears Holdings. The Litigation alleges, among other things, that the real estate acquired by Seritage from Sears Holdings in July 2015 was worth at least $649 to $749 million more than the purchase price paid. The Litigation seeks as relief, among other things, declaratory relief, avoidance of the allegedly actual and/or constructive fraudulent transfers and either (i) rescission of the transfers of real estate from Sears Holdings to Seritage in 2015 and return of the proceeds of the transactions between Sears Holdings and Seritage, or, in the alternative, (ii) payment by Seritage to Sears Holdings of damages at least equal to the value of the transferred property. The Litigation is at its early stages, and the defendants thereto have not yet filed a response to the complaint described above. The Company believes that the claims against the Seritage Defendants in the Litigation are without merit and intends to defend against them vigorously. In addition to the litigation described above, the Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of such matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material effect on the condensed consolidated financial position, results of operations, cash flows or liquidity of the Company. As of June 30 , 2019, and December 31, 2018, the Company did not record any amounts for litigation or other matters.

Related Party Disclosure

Related Party Disclosure	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Disclosure	Note 10 – Related Party Disclosure Edward S. Lampert Edward S. Lampert is the Chairman and Chief Executive Officer of ESL, which owns Holdco, and was Chairman of Sears Holdings. Mr. Lampert is also the Chairman of Seritage. As of June 30, 2019, Mr. Lampert beneficially owned a 34.0% interest in the Operating Partnership and approximately 2.4% and 100% of the outstanding Class A common shares and Class B non-economic common shares, respectively. Subsidiaries of Holdco, as lessees, and subsidiaries of the Company, as lessors, are parties to the Holdco Master Lease and subsidiaries of Sears Holdings, as lessees, and subsidiaries of the Company, as lessors, were parties to the Original Master Lease (see Note 5). Unconsolidated Joint Ventures Certain unconsolidated joint ventures have engaged the Company to provide management, leasing and development services at the properties owned by the unconsolidated joint ventures. Fees for the services performed are reported at 100% of the revenue earned from such joint ventures in management and other fee income on the condensed consolidated statements of operations. The Company’s In addition, as of June 30, 2019, the Company had incurred $2.4 million of development expenditures at properties owned by certain unconsolidated joint ventures for which the Company will be repaid by the respective unconsolidated joint ventures. These amounts are included in tenant and other receivables, net on the Company’s condensed consolidated balance sheets. $2.1 .

Non-Controlling Interests

Non-Controlling Interests	6 Months Ended
	Jun. 30, 2019
Noncontrolling Interest [Abstract]
Non-Controlling Interests	Note 11 – Non-Controlling Interests Partnership Agreement On July 7, 2015, Seritage and ESL entered into the agreement of limited partnership of the Operating Partnership (the “Partnership Agreement”). Pursuant to the Partnership Agreement, as the sole general partner of the Operating Partnership, Seritage exercises exclusive and complete responsibility and discretion in its day-to-day management, authority to make decisions, and control of the Operating Partnership, and may not be removed as general partner by the limited partners. As of June 30, 2019, the Company held a 66.0% interest in the Operating Partnership and ESL held a 34.0% interest. The portions of consolidated entities not owned by the Company are presented as non-controlling interest as of and during the periods presented.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Shareholders' Equity	Note 12 – Shareholders’ Equity Class A Common Shares During the six months ended June 30, 2019, 1,145,735 Operating Partnership Units were exchanged for an equal number of Class A shares. As of June 30, 2019, 36,828,991 Class A common shares were issued and outstanding. Class B Non-Economic Common Shares During the six months ended June 30, 2019, 75,305 Class B non-economic common shares were surrendered to the Company. As of June 30, 2019, Class B non-economic common shares were issued and outstanding. The Class B non-economic common shares have voting rights, but do not have economic rights and, as such, do not receive dividends and are not included in earnings per share computations . Class C Non-Voting Common Shares As of June 30, 2019, there were no Series A Preferred Shares In December 2017, the Company issued 2,800,000 7.00% Series A Cumulative Redeemable Preferred Shares (the “Series A Preferred Shares”) in a public offering at $25.00 per share. The Company received net proceeds from the offering of approximately $66.7 million, after deducting payment of the underwriting discount and offering expenses, which it used to fund its redevelopment pipeline and for general corporate purposes The Company may not redeem the Series A Preferred Shares before December 14, 2022 except to preserve its status as a REIT or upon the occurrence of a Change of Control, as defined in the Trust Agreement addendum designating the Series A Preferred Shares. On and after December 14, 2022, the Company may redeem any or all of the Series A Preferred Shares at $25.00 per share plus any accrued and unpaid dividends. In addition, upon the occurrence of a Change of Control, the Company may redeem any or all of the Series A Preferred Shares for cash within 120 days after the first date on which such Change of Control occurred at $25.00 per share plus any accrued and unpaid dividends. The Series A Preferred Shares have no stated maturity, are not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless the Company redeems or otherwise repurchases them or they are converted. Dividends and Distributions The Company’s Board of Trustees declared the following common stock dividends during 2019 and 2018, with holders of Operating Partnership units entitled to an equal distribution per Operating Partnership unit held on the record date: Dividends per Class A and Class C Declaration Date Record Date Payment Date Common Share 2019 February 25 March 29 April 11 $ 0.25 2018 October 23 December 31 January 10, 2019 $ 0.25 July 24 September 28 October 11 0.25 April 24 June 29 July 12 0.25 February 20 March 30 April 12 0.25 The Company’s Board of Trustees declared the following preferred stock dividends during 2019 and 2018: Series A Declaration Date Record Date Payment Date Preferred Share 2019 July 23 September 30 October 15, 2019 $ 0.43750 April 30 June 28 July 15 0.43750 February 25 March 29 April 15 0.43750 2018 October 23 December 31 January 14, 2019 $ 0.43750 July 24 September 28 October 15 0.43750 April 24 June 29 July 16 0.43750 February 20 March 30 April 16 0.43750 February 20 (1) March 30 April 16 0.15556 (1) This dividend covers the period from, and including, December 14, 2017 to December 31, 2017. As previously disclosed, t he Company ’s Board of Trustees does not currently expect to declare additional dividends on the Company’s Class A and Class C common shares for the remainder of 2019 , based on its assessment of the Company’s investment opportunities and its expectations of taxable income for the year. The Board of Trustees will reevaluate this position at the end of 2019, if necessary, to ensure that the Company meets its distribution requirements as a REIT. Also as previously disclosed, t he Company ’s Board of Trustees expects that cash dividends for the Company’s preferred shares will continue to be paid each quarter.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings per Share	Note 13 – Earnings per Share The table below provides a reconciliation of net income (loss) and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares. Potentially dilutive securities consist of shares of non-vested restricted stock and the redeemable non-controlling interests in the Operating Partnership. All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing EPS pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of EPS. Earnings per share has not been presented for Class B shareholders, as they do not have economic rights. (in thousands except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator Net loss (income) $ (25,885 ) (10,602 ) $ (36,779 ) $ 5,599 Net income (loss) attributable to non-controlling interests 8,982 3,831 12,909 (2,042 ) Preferred dividends (1,225 ) (1,225 ) (2,450 ) (2,453 ) Net income (loss) attributable to common shareholders $ (18,128 ) $ (7,996 ) $ (26,320 ) $ 1,104 Earnings allocated to unvested participating securities — — — (4 ) Net income (loss) available to common shareholders - Basic and diluted $ (18,128 ) $ (7,996 ) $ (26,320 ) $ 1,100 Denominator Weighted average Class A common shares outstanding 36,291 35,372 35,983 34,527 Weighted average Class C common shares outstanding — 111 — 922 Weighted average Class A and Class C common shares outstanding - Basic 36,291 35,483 35,983 35,449 Restricted shares and share units — — — 139 Weighted average Class A and Class C common shares outstanding - Diluted 36,291 35,483 35,983 35,588 Net income (loss) per share attributable to Class A and Class C common shareholders - Basic $ (0.50 ) $ (0.23 ) $ (0.73 ) $ 0.03 Net income (loss) per share attributable to Class A and Class C common shareholders - Diluted $ (0.50 ) $ (0.23 ) $ (0.73 ) $ 0.03 No adjustments were made to the numerator for the three and six months ended June 30, 2019 or the six months ended June 30, 2018 because the Company generated a net loss. During periods of net loss, undistributed losses are not allocated to the participating securities as they are not required to absorb losses. No adjustments were made to the denominator for the three and six months ended June 30, 2019 or the six months ended June 30, 2018 because (i) the inclusion of outstanding non-vested restricted shares would have had an anti-dilutive effect and (ii) including the non-controlling interest in the Operating Partnership would also require that the share of the Operating Partnership loss attributable to such interests be added back to net loss, therefore, resulting in no effect on earnings per share. As of June 30, 2019, and December 31, 2018, there were 355,990 and 403,129 shares, respectively, of non-vested restricted shares and share units outstanding.

Share Based Compensation

Share Based Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share Based Compensation	Note 14 – Share Based Compensation On July 7, 2015, the Company adopted the Seritage Growth Properties 2015 Share Plan (the “Plan”). The number of shares of common stock reserved for issuance under the Plan is 3,250,000. The Plan provides for grants of restricted shares, share units, other share-based awards, options, and share appreciation rights, each as defined in the Plan (collectively, the "Awards"). Directors, officers, other employees, and consultants of the Company and its subsidiaries and affiliates are eligible for Awards. Restricted Shares and Share Units Pursuant to the Plan, the Company has periodically made grants of restricted shares or share units. The vesting terms of these grants are specific to the individual grant and vary in that a portion of the restricted shares and share units vest in equal annual amounts over the subsequent three years (time-based vesting) and a portion of the restricted shares and share units vest on the third, and in some instance, the fourth, anniversary of the grants subject to the achievement of certain performance criteria (performance-based vesting). In general, participating employees are required to remain employed for vesting to occur (subject to certain limited exceptions). Restricted shares and share units that do not vest are forfeited. Dividends on restricted shares and share units with time-based vesting are paid to holders of such shares and share units and are not returnable, even if the underlying shares or share units do not ultimately vest. Dividends on restricted shares and share units with performance-based vesting are accrued when declared and paid to holders of such shares on the third , and in some instance, the fourth, See Note 2 for valuation information related to the grants of the performance-based awards that are subject to market conditions. The following table summarizes restricted share activity for the six months ended June 30, 2019: Six Months Ended June 30, 2019 Weighted- Average Grant Shares Date Fair Value Unvested restricted shares at beginning of period 403,129 $ 41.57 Share units granted 76,948 57.04 Restricted shares vested (121,205 ) 41.80 Restricted shares forfeited (2,882 ) 44.80 Unvested restricted shares at end of period 355,990 44.81 The Company recognized $1.4 million and $2.5 million in compensation expense related to the restricted shares for the three months ended June 30, 2019 and June 30, 2018, respectively, and $2.9 million and $3.4 million for the six months ended June 30, 2019 and June 30, 2018, respectively. As of June 30, 2019, there were approximately $9.4 million of total unrecognized compensation costs related to the outstanding restricted shares which are expected to be recognized over a weighted-average period of approximately 1.9 years. As of June 30, 2018, there were approximately $9.4 million of total unrecognized compensation costs related to the outstanding restricted shares which were expected to be recognized over a weighted-average period of approximately 2.2 years.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2019
Payables And Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	Note 15 – Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the significant components of accounts payable, accrued expenses and other liabilities as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Accounts payable and accrued expenses $ 25,666 $ 28,065 Accrued development expenditures 18,964 26,180 Accrued real estate taxes 13,958 14,108 Below-market leases 11,853 12,281 Environmental reserve 9,477 9,477 Lease liability 8,141 — Unearned tenant reimbursements 5,417 10,975 Accrued interest 4,667 4,978 Prepaid rental income 3,299 4,021 Common and preferred dividends and OP Unit distributions payable 1,788 15,758 Deferred maintenance 1,722 1,722 Total accounts payable, accrued expenses and other liabilities $ 104,952 $ 127,565

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation These condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K, as amended, (the “Annual Report”), for the year ended December 31, 2018. Certain footnote disclosures which would substantially duplicate those contained in our Annual Report have been condensed or omitted from this quarterly report. In the opinion of management, all adjustments necessary for a fair presentation (which include only normal recurring adjustments) have been included in this quarterly report. Operating results of three months and six months ended June 30, 2019 may not be indicative of the results that may be expected for any other interim period or for the year ending December 31, 2019. Capitalized terms used, but not defined in this quarterly report, have the same meanings as set forth in our Annual Report. The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed consolidated financial statements include the accounts of the Company, the Operating Partnership, each of their wholly-owned subsidiaries, and all other entities in which they have a controlling financial interest or entities that meet the definition of a variable interest entity (“VIE”) in which the Company has, as a result of ownership, contractual interests or other financial interests, both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. All intercompany accounts and transactions have been eliminated. If the Company has an interest in a VIE but it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and over which the Company has the ability to exercise significant influence, but does not have a controlling financial interest, the Company accounts for its interests under the equity method of accounting. The Company continually reconsiders its determination of whether an entity is a VIE and whether the Company qualifies as its primary beneficiary. As of June 30, 2019, and December 31, 2018, the Company has several unconsolidated VIEs in the form of joint ventures (see Note 4). The Company does not consolidate these entities because the Company is not the primary beneficiary and the nature of its involvement in the activities of these entities does not give the Company power over decisions that significantly affect these entities’ economic performance. As of June 30, 2019, the Company holds a 66.0% interest in the Operating Partnership and is the sole general partner which gives the Company exclusive and complete responsibility for the day-to-day management, authority to make decisions, and control of the Operating Partnership. The Company has determined that the Operating Partnership is a VIE as the limited partners in the Operating Partnership, although entitled to vote on certain matters, do not possess kick-out rights or substantive participating rights. Accordingly, the Company consolidates its interest in the Operating Partnership. The assets and liabilities of the Operating Partnership are the same as those of the Company and are presented in the consolidated balance sheet. To the extent such variable interests are in entities that are not evaluated under the VIE model, the Company evaluates its interests using the voting interest entity model.
Reclassification	Reclassification Upon adoption of the new lease standard, rental recoveries for 2018 have been reclassified to rental revenues in the consolidated statements of operations to conform to the 2019 financial statement presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant assumptions and estimates relate to the useful lives of tangible and intangible assets, real estate impairment assessments, and assessing the recoverability of accounts receivable. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from these estimates.
Segment Reporting	Segment Reporting The Company currently operates in a single reportable segment which includes the acquisition, ownership, development, redevelopment, management, and leasing of real estate properties. The Company’s chief operating decision maker, its Chief Executive Officer, assesses and measures the operating and financial results for each property on an individual basis and does not distinguish or group properties based on geography, size, or type. The Company, therefore, aggregates all properties into one reportable segment due to their similarities with regard to the nature and economics of the properties, tenants, and operational process.
Real Estate Investments	Real Estate Investments Real estate assets are recorded at cost, less accumulated depreciation and amortization. Expenditures for ordinary repairs and maintenance will be expensed as incurred. Significant renovations which improve the property or extend the useful life of the assets are capitalized. As real estate is undergoing redevelopment activities, all amounts directly associated with and attributable to the project, including planning, development and construction costs, interest costs, personnel costs of employees directly involved, and other miscellaneous costs incurred during the period of redevelopment, are capitalized. The capitalization period begins when redevelopment activities are underway and ends when the project is substantially complete. Depreciation of real estate assets, excluding land, is recognized on a straight-line basis over their estimated useful lives as follows: Building: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease The Company amortizes identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired, generally the remaining non-cancelable term of a related lease. On a periodic basis, management assesses whether there are indicators that the value of the Company’s real estate assets (including any related intangible assets or liabilities) may be impaired. If an indicator is identified, a real estate asset is considered impaired only if management’s estimate of current and projected operating cash flows (undiscounted and unleveraged), taking into account the anticipated and probability weighted holding period, are less than a real estate asset’s carrying value. Various factors are considered in the estimation process, including expected future operating income, trends and prospects and the effects of demand, competition, and other economic factors. If management determines that the carrying value of a real estate asset is impaired, a loss will be recorded for the excess of its carrying amount over its estimated fair value. No impairment losses were recognized for the three months and six months ended June 30, 2019 or June 30, 2018. During the three months ended June 30, 2019, the Company sold four properties and recognized gain on sale of real estate of $4.4 million and during the six months ended June 30, 2019, the Company sold eleven properties and recognized gain on sale of real estate of $22.1 million. In June 2019, the Company also exchanged a portion of one land parcel for two parcels of land parcel of approximately equal size and recorded a gain of $7.2 million.
Real Estate Held for Sale	Real Estate Held for Sale When a real estate asset is identified by management as held for sale, the Company ceases depreciation of the asset and estimates its fair value, net of estimated costs to sell. If the estimated fair value, net of estimated costs to sell, of an asset is less than its net carrying value, an adjustment is recorded to reflect the estimated fair value. Properties classified as real estate held for sale generally represent properties that are under contract for sale and are expected to close within a year. In evaluating whether a property meets the held for sale criteria, the Company makes a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period or at all. As of June 30, 2019, two properties were classified as held for sale with assets of $5.3 million and no liabilities and as of December 31, 2018, one property was classified as held for sale with assets of $3.1 million and no liabilities.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures using the equity method of accounting as the Company exercises significant influence, but does not control these entities. These investments are initially recorded at cost and are subsequently adjusted for cash contributions, cash distributions, and earnings which are recognized in accordance with the terms of the applicable agreement. On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions, that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment’s value is impaired only if management’s estimate of the fair value of the Company’s investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. No such impairment losses were recognized for the three months and six months ended June 30, 2019 or June 30, 2018.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers instruments with an original maturity of three months or less to be cash and cash equivalents. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions and primarily in funds that are insured by the United States federal government.
Restricted Cash	Restricted Cash Restricted cash represents cash deposited in escrow accounts which generally can only be used for the payment of real estate taxes, debt service, insurance, and future capital expenditures as required by certain loan and lease agreements, as well as legally restricted tenant security deposits. As of June 30, 2019 and December 31, 2018, the Company did not have any restricted cash . Restricted cash accounts were closed in conjunction with the full repayment of the Mortgage Loans and the Future Funding Facility on July 31, 2018.
Tenant and Other Receivables	Tenant and Other Receivables Accounts receivable includes unpaid amounts billed to tenants, accrued revenues for future billings to tenants for property expenses, and amounts arising from the straight-lining of rent. The Company periodically reviews its receivables for collectability, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, and economic conditions in the area where the property is located. For accrued rental revenues related to the straight-line method of reporting rental revenue, the Company performs a periodic review of receivable balances to assess the risk of uncollectible amounts and establish appropriate provisions. Any receivables that are deemed to be uncollectible are recognized as a reduction to rental revenue in the Company’s consolidated statements of operations. Prior period provision for doubtful accounts is presented on the Company's consolidated statements of operations in accordance with the Company's previous presentation and has not been reclassified to rental revenue. Tenant and other receivables also includes management fees receivable for services performed for the benefit of certain unconsolidated joint ventures. In the event that the collectability of a management fee receivable is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific receivable will be made.
Revenue Recognition	Revenue Recognition Rental income is comprised of base rent and reimbursements of property operating expenses. Base rent is recognized on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable base rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as deferred rent receivable and included as a component of tenant and other receivables on the condensed consolidated balance sheets. In leasing tenant space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company will determine whether the allowance represents funding for the construction of leasehold improvements and evaluate the ownership of such improvements. If the Company is considered the owner of the improvements for accounting purposes, the Company will capitalize the amount of the tenant allowance and depreciate it over the shorter of the useful life of the improvements or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered to be a lease incentive and is recognized over the lease term as reduction of rental revenue on a straight-line basis. The Company commences recognizing revenue based on an evaluation of several factors. Revenue recognition under a lease begins when the lessee takes control of the physical use of the leased asset. Generally, this occurs on the rent commencement date. In addition, in circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. Reimbursement of property operating expenses arises from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred.
Management and Other Fee Income	Management and Other Fee Income Management and other fee income represents management, leasing, and development fees for services performed for the benefit of certain unconsolidated joint ventures and is reported at 100% of the revenue earned from such joint ventures in management and other fee income on the condensed consolidated statements of operations. The Company’s share of management expenses incurred by the unconsolidated joint ventures is reported in equity in income (loss) of unconsolidated joint ventures on the condensed consolidated statements of operations and in other expenses in the combined condensed financial data in Note 4. Management determined that property and asset management and construction and development management services each represent a series of stand-ready performance obligations satisfied over time with each day of service being a distinct performance obligation. For property and asset management, the Company is typically compensated for its services through a monthly management fee earned based on a specified percentage of monthly rental income or rental receipts generated from the property under management. For construction and development services, the Company is typically compensated for planning, administering and monitoring the design and construction of projects at our unconsolidated joint venture properties based on a percentage of project costs or a fixed fee. Revenues from such management contracts are recognized over the life of the applicable contract. Conversely, leasing services are considered to be a single performance obligation, satisfied as of a point in time. The Company’s leasing fee is typically paid upon the occurrence of certain contractual event(s) that may be contingent and the pattern of revenue recognition may differ from the timing of payment. For these services, the obligation is typically the execution of the lease and, as such, revenues are recognized at the point in time when that obligation has been satisfied.
Accounting for Recapture and Termination Activity Pursuant to the Original Master Lease and Holdco Master Lease	Accounting for Recapture and Termination Activity Pursuant to the Original Master Lease and Holdco Master Lease (see Note 5) Seritage 100% Recapture Rights. The Company generally treats the delivery of a 100% recapture notice as a modification of the lease as of the date of notice. Such a notice and lease modification result in the following accounting adjustments for the recaptured property: − Accrued rental revenues related to the straight-line method of reporting rental revenue that are deemed uncollectable as result of the lease modification are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. − Intangible lease assets and liabilities that are deemed to be impacted by the lease modification are amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. A 100% recapture will generally occur in conjunction with obtaining a new tenant or a real estate development project. As such, termination fees, if any, associated with the 100% recapture notice are generally capitalized as either an initial direct cost of obtaining a new lease or a necessary cost of the real estate project and depreciated over the life of the new lease obtained or the real estate asset being constructed or improved. Seritage Partial Recapture Rights. The Company generally treats the delivery of a partial recapture notice as a modification of the lease as of the date of notice. Such a notice and lease modification result in the following accounting adjustments for the recaptured property: − The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that are subject to the lease modification are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that is attributable to the retained space is amortized over the remaining life of the lease. − The portion of intangible lease assets and liabilities that is deemed to be impacted by the lease modification is amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. The portion of intangible lease assets and liabilities that is attributable to the retained space is amortized over the remaining useful life of the asset or liability. Termination Rights. The Original Master Lease provided, and the Holdco Master Lease provides the tenant with certain rights to terminate their lease. Such terminations would generally result in the following accounting adjustments for the terminated property: − Accrued rental revenues related to the straight-line method of reporting rental revenue that are subject to the termination are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. − Intangible lease assets and liabilities that are deemed to be impacted by the termination are amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. − Termination fees required to be paid are recognized as follows: • For the portion of the termination fee attributable to the annual base rent of the subject property, termination income is recognized on a straight-line basis over the shortened life of the lease from the date the termination fee becomes legally binding to the date of vacancy. • For the portion of the termination fee attributable to estimated real estate taxes and property operating expenses for the subject property, prepaid rental income is recorded in the period such fee is received and recognized as tenant reimbursement revenue in the same periods as the expenses are incurred.
Derivatives	Derivatives The Company’s use of derivative instruments is limited to the management of interest rate exposure and not for speculative purposes. In connection with the issuance of the Company’s Mortgage Loans and Future Funding Facility on July 7, 2015, the Company purchased for $5.0 million an interest rate cap with a term of four years, a notional amount of $1,261 million and a strike rate of 3.5%. The interest rate cap was measured at fair value and included as a component of prepaid expenses, deferred expenses and other assets on the condensed consolidated balance sheets. The Company elected not to utilize hedge accounting, and therefore, the change in fair value is included within change in fair value of interest rate cap on the condensed consolidated statements of operations. During the year ended December 31, 2018, t he Company terminated its interest rate cap concurrent with the repayment of the Mortgage Loans and the Future Funding Facility and as such there was no balance outstanding as of June 30 , 2019 and December 31, 2018 . For the three months and six month s ended June 30 , 201 9, the Company did no t record any gain or loss compared to a loss of $ 0.2 million for the three months ended June 30, 2018 and a loss of $ 7 thousand for the six months ended June 30, 2018.
Stock-Based Compensation	Share-Based Compensation The Company generally recognizes equity awards to employees as compensation expense and includes such expense within general and administrative expenses in the condensed consolidated statements of operations. Compensation expense for equity awards is based on the grant date fair value of the awards and is recognized (i) ratably over the vesting period for awards with time-based vesting and awards with market-based vesting conditions (e.g. total shareholder return) and (ii) for awards with performance-based vesting determined by Company operating criteria, at the date the achievement of performance criteria is deemed probable, an amount equal to that which would have been recognized ratably from the date of the grant through the date the achievement of performance criteria is deemed probable, and then ratably from the date the achievement of performance criteria is deemed probable through the remainder of the vesting period. The Company utilizes a third-party valuation firm to measure the grant date fair value of restricted stock unit awards with market-based criteria using the Monte Carlo model. Forfeitures are recorded on an actual basis.
Concentration of Credit Risk	Concentration of Credit Risk Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of June 30, 2019, 50 of the Company's real estate properties were leased to Holdco and a material amount of the Company’s rental revenues was derived from the Holdco Master Lease. Until the Company further diversifies the tenancy of its portfolio, an event that has a material adverse effect on Holdco’s business, financial condition or results of operations could have a material adverse effect on the Company’s business, financial condition or results of operations. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of June 30, 2019, the Company's portfolio of 194 Wholly Owned Properties and 27 JV Properties was diversified by location across 45 states and Puerto Rico.
Earnings per Share	Earnings per Share The Company has three classes of common stock. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A common shares and Class C non-voting common shares are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. The net earnings (loss) per share amounts are the same for Class A and Class C common shares because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. As of August 29, 2018, all outstanding Class C common shares had been exchanged for Class A common shares and there are currently no Class C common shares outstanding. Class B non-economic common shares are excluded from earnings per share computations as they do not have economic rights. All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing earnings per share pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of earnings per share.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-02 (“ASU 2016-02”) establishing Accounting Standards Codification, Topic 842, Leases ("ASC 842"), as amended by subsequent ASUs on the topic, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. Additional guidance and targeted improvements to the February 2016 ASU were made through the issuance of supplementary ASUs in July 2018, December 2018 and March 2019. The accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. However, ASU 2016-02 requires lessees to apply a two-method approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less should be accounted for consistent with earlier guidance under ASC 840 for operating leases. Lessees should recognize an expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. Effective January 1, 2019, the Company adopted ASU 2016-02 electing the package of practical expedients without hindsight which permits the Company to not reassess (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the adoption date. The Company has a ground lease and several corporate office leases, which are classified as operating leases, for which the Company is required to record a right-of-use asset and a lease liability equal to the present value of the remaining minimum lease payments and will continue to recognize expense on a straight-line basis for these leases. On January 1, 2019, the Company recorded an aggregate of approximately $8.4 million of right-of-use assets and corresponding $8.4 million of lease liabilities upon adoption of this standard. Right-of-use assets and corresponding lease liabilities are included in the prepaid expenses, deferred expenses and other assets and accounts payable, accrued expenses and other liabilities line item respectively on the condensed consolidated balance sheets. Additionally, the Company is no longer able to capitalize certain internal and external leasing costs. Because of this change, $1.3 million of such costs incurred in previous periods for leases which had not commenced at the beginning of current period were adjusted against opening equity upon adoption. The Company also combined $11,005 of below-market lease assets pertaining to the ground lease where we are a lessee with the right of use asset recorded for the ground lease as required upon adoption of ASU 2016-02. The below-market lease asset was previously recorded within the lease intangibles on the condensed consolidated balance sheets. In March 2018, the FASB finalized changes with respect to optional transition relief and approved a practical expedient for lessors that would permit lessors to make an accounting policy election to not separate non-lease components from the associated lease components, by class of underlying asset, if the following two criteria are met: (1) the timing and pattern of transfer of the lease and non-lease components are the same and (2) the lease component would be classified as an operating lease if accounted for separately. For leases where the Company is the lessor, the Company has elected the optional transition relief and has determined that it is not required to bifurcate and separately report non-lease components, such as common area maintenance revenue, for operating leases on the condensed consolidated statements of operations. As a result, leases where the Company is the lessor have been accounted for in a similar method to earlier guidance under ASC 840. The Company’s adoption of ASC 842 did not have a material impact on our condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Estimated Useful Lives	Depreciation of real estate assets, excluding land, is recognized on a straight-line basis over their estimated useful lives as follows: Building: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease

Lease Intangible Assets and L_2

Lease Intangible Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Summary of Lease Intangible Assets	The following table summarizes the Company’s lease intangible assets and liabilities (in thousands): June 30, 2019 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 253,198 $ (160,355 ) $ 92,843 Above-market leases, net 7,126 (3,637 ) 3,489 Total $ 260,324 $ (163,992 ) $ 96,332 December 31, 2018 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 266,897 $ (158,235 ) $ 108,662 Below-market ground leases, net 11,766 (710 ) 11,056 Above-market leases, net 8,338 (4,400 ) 3,938 Total $ 287,001 $ (163,345 ) $ 123,656
Summary of Lease Intangible Liabilities	The following table summarizes the Company’s lease intangible assets and liabilities (in thousands): Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 16,816 $ (4,963 ) $ 11,853 Total $ 16,816 $ (4,963 ) $ 11,853 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 19,720 $ (7,439 ) $ 12,281 Total $ 19,720 $ (7,439 ) $ 12,281
Schedule of Future Amortization for Below-Market Ground Leases	Future amortization of the below-market ground lease is estimated to increase property expenses as set forth below (in thousands): Remainder of 2019 $ 101 2020 203 2021 203 2022 203 2023 203
Above-Market Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Schedule of Future Amortization of Acquired Leases	Future amortization of these intangibles is estimated to increase rental income as set forth below (in thousands): Remainder of 2019 $ 254 2020 326 2021 171 2022 141 2023 199
In-Place Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Schedule of Future Amortization of Acquired Leases	Future estimated amortization of acquired in-place leases is set forth below (in thousands): Remainder of 2019 $ 7,806 2020 14,344 2021 13,808 2022 13,500 2023 12,683

Investments in Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2019
Equity Method Investments And Joint Ventures [Abstract]
Summary of Company's Investments in Unconsolidated Joint Ventures	As of June 30, 2019, the Company had investments in eight unconsolidated joint ventures as follows: Seritage % # of Total Unconsolidated Joint Venture Joint Venture Partner Ownership Properties GLA GS Portfolio Holdings II LLC ("GGP I JV") Brookfield Properties Retail (formerly GGP Inc.) 50.0 % 4 598,200 GS Portfolio Holdings (2017) LLC ("GGP II JV") Brookfield Properties Retail (formerly GGP Inc.) 50.0 % 5 1,168,000 MS Portfolio LLC ("Macerich JV") The Macerich Company 50.0 % 9 1,572,000 SPS Portfolio Holdings II LLC ("Simon JV") Simon Property Group, Inc. 50.0 % 5 872,200 Mark 302 JV LLC ("Mark 302 JV") An investment fund managed by Invesco Real Estate 50.1 % 1 96,400 SI UTC LLC ("UTC JV") A separate account advised by Invesco Real Estate 50.0 % 1 226,200 SF WH Joint Venture LLC ("West Hartford JV") An affiliate of First Washington Realty 50.0 % 1 163,600 GGCAL SRG HV LLC ("Cockeysville JV") An affiliate of Greenberg Gibbons 50.0 % 1 159,000 27 4,855,600
Summary of Combined Condensed Financial Data of Unconsolidated Joint Ventures	The following tables present combined condensed financial data for the Company’s unconsolidated joint ventures (in thousands): June 30, 2019 December 31, 2018 ASSETS Investment in real estate Land $ 329,349 $ 321,853 Buildings and improvements 521,784 508,302 Accumulated depreciation (77,514 ) (72,239 ) 773,619 757,916 Construction in progress 98,135 78,227 Net investment in real estate 871,754 836,143 Cash and cash equivalents 21,126 14,741 Tenant and other receivables, net 6,679 5,220 Other assets, net 21,633 38,285 Total assets $ 921,192 $ 894,389 LIABILITIES AND MEMBERS' INTERESTS Liabilities Mortgage loans payable, net $ 13,989 $ 10,406 Accounts payable, accrued expenses and other liabilities 59,557 71,791 Total liabilities 73,546 82,197 Additional paid in capital 865,160 833,168 Retained earnings (17,514 ) (20,976 ) Total members interest 847,646 812,192 Total liabilities and members interest $ 921,192 $ 894,389 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Total revenue $ 8,968 $ 12,116 $ 20,186 $ 23,343 Property operating expenses (2,898 ) (2,103 ) (5,496 ) (3,815 ) Depreciation and amortization (25,510 ) (7,030 ) (30,763 ) (14,616 ) Operating income (19,440 ) 2,983 (16,073 ) 4,912 Other expenses (448 ) (7,298 ) (1,370 ) (14,392 ) Net (loss) income $ (19,888 ) $ (4,315 ) $ (17,443 ) $ (9,480 ) Equity in (loss) income of unconsolidated joint ventures $ (9,944 ) $ (2,158 ) $ (8,722 ) $ (4,740 )

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Summary of Revenue from Master Lease	Revenues from the Holdco Master Lease and the Original Master Lease for the three and six months ended June 30, 2019 and June 30, 2018 are as follows (in thousands and excluding straight-line rental income of $1.2 million and ($1.0) million for the three months ended June 30, 2019 and June 30, 2018, respectively, and $1.7 million and $1.8 million for the six months ended June 30, 2019 and June 30, 2018, respectively): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Fixed lease revenue $ 5,667 $ 22,605 $ 17,955 $ 45,136 Variable lease revenue 5,853 10,950 14,251 24,392 Total rental revenue $ 11,520 $ 33,555 $ 32,206 $ 69,528
Summary of Recapture Rights Exercised by the Company	As shown in the table below, the Company exercised certain recapture rights with respect to 70 properties under the Original Master Lease prior to its rejection on March 12, 2019. At two of these properties, the Company exercised additional recapture rights under the Holdco Master Lease during the three months ended June 30, 2019. Property Recapture Type Notice Date(s) North Riverside, IL Auto center + partial April 2019 / June 2017 Hialeah, FL (Westland) Out parcel + auto center April 2019 / September 2018 Saugus, MA Auto center + partial December 2018 / December 2016 Cape Girardeau, MO 100% (1) September 2018 Doral, FL 100% (1) September 2018 Fairfax, VA 100% (1) September 2018 / May 2016 Gillette, WY 100% (1) September 2018 Happy Valley, OR 100% (1) September 2018 Houston, TX (Memorial City) 100% (1) September 2018 Santa Cruz, CA 100% (1) September 2018 / December 2016 Vancouver, WA 100% (1) September 2018 Fresno, CA Partial May 2018 Asheville, NC 100% (1) March 2018 Chicago, IL (Six Corners) 100% (1) March 2018 Clearwater, FL 100% (1) March 2018 El Cajon, CA 100% (1) March 2018 Fairfield, CA 100% (1) March 2018 / December 2017 Oklahoma City, OK Out parcel March 2018 Plantation, FL 100% (1) March 2018 / December 2017 Redmond, WA 100% (1) March 2018 / September 2017 Reno, NV 100% (1) March 2018 Tucson, AZ 100% (1) March 2018 Anchorage, AK 100% December 2017 Boca Raton, FL 100% December 2017 Westminster, CA 100% December 2017 Hicksville, NY 100% December 2017 Orland Park, IL 100% (1) December 2017 Florissant, MO Out parcel December 2017 Salem, NH Out parcel December 2017 Las Vegas, NV Partial December 2017 Yorktown Heights, NY Partial December 2017 Austin, TX (Tech Ridge) 100% (1) December 2017 / September 2017 Ft. Wayne, IN Out parcel September 2017 / July 2016 North Little Rock, AR Auto center September 2017 St. Clair Shores, MI 100% September 2017 Canton, OH Partial June 2017 Dayton, OH Auto center June 2017 Roseville, CA Auto center June 2017 Temecula, CA Partial June 2017 Watchung, NJ 100% June 2017 Anderson, SC 100% (1) April 2017 / July 2016 Aventura, FL 100% April 2017 Carson, CA 100% (1) April 2017 / December 2016 Charleston, SC 100% (1) April 2017 / October 2016 Hialeah, FL (freestanding) 100% (1) April 2017 San Diego, CA (2) 100% (1) April 2017 Valley View, TX 100% April 2017 Cockeysville, MD (3) Partial March 2017 North Miami, FL 100% March 2017 Olean, NY Partial March 2017 Guaynabo, PR Partial December 2016 Santa Monica, CA (4) 100% December 2016 Roseville, MI Partial November 2016 Troy, MI Partial November 2016 Rehoboth Beach, DE Partial October 2016 St. Petersburg, FL (Tyrone Square) 100% October 2016 Warwick, RI Auto center October 2016 West Hartford, CT (5) 100% October 2016 Madison, WI Partial July 2016 North Hollywood, CA Partial July 2016 Orlando, FL 100% July 2016 West Jordan, UT Partial + auto center July 2016 Albany, NY Auto center May 2016 Bowie, MD Auto center May 2016 Hagerstown, MD Auto center May 2016 Wayne, NJ (6) Partial + auto center May 2016 San Antonio, TX Auto center March 2016 Braintree, MA 100% November 2015 Honolulu, HI 100% December 2015 Memphis, TN 100% December 2015 (1) The Company converted partial recapture rights at this property to 100% recapture rights and exercised such rights. (2) In May 2018, the Company contributed this property to the UTC JV and retained a 50.0 % interest in the joint venture. (3) In March 2019, the Company contributed this property to the Cockeysville JV and retained a 50.0% interest in the joint venture. (4) In March 2018, the Company contributed this asset to the Mark 302 JV and retained a 50.1% interest in the joint venture. (5) In May 2018, the Company contributed this property to the West Hartford JV and retained a 50.0% interest in the joint venture. (6) In July 2017, the Company contributed this asset to the GGP II JV and retained a 50.0% interest in the joint venture.
Summary of Termination and Redevelopment Properties	The table below includes the 87 properties at which Sears Holdings had exercised its termination rights under the Original Master Lease prior to its rejection on March 12, 2019: Announced Property Square Feet Notice Termination Redevelopment Antioch, CA 95,200 August 2018 December 2018 Columbus, MS 117,100 August 2018 December 2018 Dayton, OH 148,800 August 2018 December 2018 Q2 2017 Flagstaff, AZ 66,200 August 2018 December 2018 Ft. Wayne, IN 213,600 August 2018 December 2018 Q3 2016 / Q3 2017 / Q2 2019 Jackson, MI 144,200 August 2018 December 2018 Manchester, NH 135,100 August 2018 December 2018 Q4 2018 Salem, NH 119,000 August 2018 December 2018 Q4 2017 Savannah, GA 155,700 August 2018 December 2018 Scott Depot, WV 89,800 August 2018 December 2018 Sold Steger, IL 87,400 August 2018 December 2018 Victor, NY 115,300 August 2018 December 2018 Q2 2019 West Jordan, UT 117,300 August 2018 December 2018 Q3 2016 / Q3 2018 Chesapeake, VA 169,400 June 2018 November 2018 Clay, NY 138,000 June 2018 November 2018 Havre, MT 94,700 June 2018 November 2018 Sold Newark, CA 145,800 June 2018 November 2018 Oklahoma City, OK 173,700 June 2018 November 2018 Q3 2017 Troy, MI 271,300 June 2018 November 2018 Q3 2016 Virginia Beach, VA 86,900 June 2018 November 2018 Q3 2015 Madison, WI 88,100 June 2018 October 2018 Q2 2016 Thousand Oaks, CA 50,300 June 2018 October 2018 Q3 2015 Cedar Rapids, IA 141,100 April 2018 August 2018 Citrus Heights, CA 280,700 April 2018 August 2018 Gainesville, FL 140,500 April 2018 August 2018 Q2 2018 Maplewood, MN 168,500 April 2018 August 2018 Pensacola, FL 212,300 April 2018 August 2018 Q2 2018 Rochester, NY 128,500 April 2018 August 2018 Roseville, CA 121,000 April 2018 August 2018 Q2 2017 / Q1 2018 San Antonio, TX 187,800 April 2018 August 2018 Q4 2015 Warrenton, VA 113,900 April 2018 August 2018 Q1 2018 Westwood, TX 215,000 June 2017 January 2018 Q3 2018 Friendswood, TX 166,000 June 2017 November 2017 Albany, NY 216,200 June 2017 October 2017 Q1 2016 Burnsville, MN 161,700 June 2017 October 2017 Chicago, IL (N Harlem) 293,700 June 2017 October 2017 Cockeysville, MD 83,900 June 2017 October 2017 Q1 2017 East Northport, NY 187,000 June 2017 October 2017 Q2 2017 Greendale, WI 238,400 June 2017 October 2017 Q4 2017 Hagerstown, MD 107,300 June 2017 October 2017 Q1 2016 / Sold Johnson City, NY 155,100 June 2017 October 2017 Sold Lafayette, LA 194,900 June 2017 October 2017 Mentor, OH 208,700 June 2017 October 2017 Middleburg Heights, OH 351,600 June 2017 October 2017 Olean, NY 75,100 June 2017 October 2017 Q1 2017 Overland Park, KS 215,000 June 2017 October 2017 Roseville, MI 277,000 June 2017 October 2017 Q3 2016 Sarasota, FL 204,500 June 2017 October 2017 Toledo, OH 209,900 June 2017 October 2017 Warwick, RI 169,200 June 2017 October 2017 Q3 2016 / Q3 2017 York, PA 82,000 June 2017 October 2017 Sold Chapel Hill, OH 187,179 January 2017 April 2017 Concord, NC 137,499 January 2017 April 2017 Sold Detroit Lakes, MN 79,102 January 2017 April 2017 El Paso, TX 103,657 January 2017 April 2017 Q2 2018 Elkins, WV 94,885 January 2017 April 2017 Sold Henderson, NV 122,823 January 2017 April 2017 Q1 2017 Hopkinsville, KY 70,326 January 2017 April 2017 Q1 2018 Jefferson City, MO 92,016 January 2017 April 2017 Q2 2017 Kenton, OH 96,066 January 2017 April 2017 Announced Property Square Feet Notice Termination Redevelopment Kissimmee, FL 112,505 January 2017 April 2017 Layton, UT 90,010 January 2017 April 2017 Q3 2018 Leavenworth, KS 76,853 January 2017 April 2017 Sold Mt. Pleasant, PA 83,536 January 2017 April 2017 Q2 2018 Muskogee, OK 87,500 January 2017 April 2017 Sold Owensboro, KY 68,334 January 2017 April 2017 Sold Paducah, KY 108,244 January 2017 April 2017 Q3 2017 Platteville, WI 94,841 January 2017 April 2017 Sold Riverside, CA (Iowa Ave.) 94,500 January 2017 April 2017 Sioux Falls, SD 72,511 January 2017 April 2017 Sold Alpena, MI 118,200 September 2016 January 2017 Chicago, IL (S Kedzie) 118,800 September 2016 January 2017 Q3 2018 Cullman, AL 98,500 September 2016 January 2017 Q2 2017 Deming, NM 96,600 September 2016 January 2017 Elkhart, IN 86,500 September 2016 January 2017 Q4 2016 Harlingen, TX 91,700 September 2016 January 2017 Sold Houma, LA 96,700 September 2016 January 2017 Sold Kearney, NE 86,500 September 2016 January 2017 Q3 2016 Manistee, MI 87,800 September 2016 January 2017 Merrillville, IN 108,300 September 2016 January 2017 Q4 2016 New Iberia, LA 91,700 September 2016 January 2017 Q2 2017 Riverton, WY 94,800 September 2016 January 2017 Sold Sault Sainte Marie, MI 92,700 September 2016 January 2017 Sierra Vista, AZ 86,100 September 2016 January 2017 Sold Springfield, IL 84,200 September 2016 January 2017 Q3 2016 Thornton, CO 190,200 September 2016 January 2017 Q1 2017 Yakima, WA 97,300 September 2016 January 2017 Sold Total square feet 11,728,387
Schedule of Future Minimum Rental Receipts excluding Variable Payments and Tenant Reimbursements of Expenses Under Non-cancelable Operating Leases	Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, under non-cancelable operating leases executed as of June 30, 2019 and December 31, 2018 are approximately as follows: (in thousands) June 30, 2019 Remainder of 2019 $ 47,117 2020 95,978 2021 105,332 2022 106,781 2023 102,668 2024 101,228 Thereafter 343,903 Total Lease Payments $ 903,007 (in thousands) December 31, 2018 2019 $ 120,132 2020 122,263 2021 125,963 2022 124,949 2023 120,672 Thereafter 412,789 Total Lease Payments $ 1,026,768
Components of Lease Revenues	The components of lease revenues for the three months and six months ended June 30, 2019 were as follows: (in thousands) Three months ended June 30, 2019 Six months ended June 30, 2019 Fixed lease revenues $ 23,513 $ 52,502 Variable lease revenues 9,431 20,561 Lease revenues $ 32,944 $ 73,063
Information Related to Measurement of Lease Liabilities	The following table sets forth information related to the measurement of our lease liabilities as of June 30, 2019: (in thousands) As of June 30, 2019 Weighted average remaining lease term (in years) 11.04 Weighted average discount rate 7.20 % Cash paid for operating leases $ 1,007

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Class of Stock [Line Items]
Summary of Dividends and Distributions	The Company’s Board of Trustees declared the following preferred stock dividends during 2019 and 2018: Series A Declaration Date Record Date Payment Date Preferred Share 2019 July 23 September 30 October 15, 2019 $ 0.43750 April 30 June 28 July 15 0.43750 February 25 March 29 April 15 0.43750 2018 October 23 December 31 January 14, 2019 $ 0.43750 July 24 September 28 October 15 0.43750 April 24 June 29 July 16 0.43750 February 20 March 30 April 16 0.43750 February 20 (1) March 30 April 16 0.15556 (1) This dividend covers the period from, and including, December 14, 2017 to December 31, 2017.
Class A and Class C Common Share [Member]
Class of Stock [Line Items]
Summary of Dividends and Distributions	The Company’s Board of Trustees declared the following common stock dividends during 2019 and 2018, with holders of Operating Partnership units entitled to an equal distribution per Operating Partnership unit held on the record date: Dividends per Class A and Class C Declaration Date Record Date Payment Date Common Share 2019 February 25 March 29 April 11 $ 0.25 2018 October 23 December 31 January 10, 2019 $ 0.25 July 24 September 28 October 11 0.25 April 24 June 29 July 12 0.25 February 20 March 30 April 12 0.25

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of Basic Earnings Per Share	The table below provides a reconciliation of net income (loss) and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares. Potentially dilutive securities consist of shares of non-vested restricted stock and the redeemable non-controlling interests in the Operating Partnership. All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing EPS pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of EPS. Earnings per share has not been presented for Class B shareholders, as they do not have economic rights. (in thousands except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator Net loss (income) $ (25,885 ) (10,602 ) $ (36,779 ) $ 5,599 Net income (loss) attributable to non-controlling interests 8,982 3,831 12,909 (2,042 ) Preferred dividends (1,225 ) (1,225 ) (2,450 ) (2,453 ) Net income (loss) attributable to common shareholders $ (18,128 ) $ (7,996 ) $ (26,320 ) $ 1,104 Earnings allocated to unvested participating securities — — — (4 ) Net income (loss) available to common shareholders - Basic and diluted $ (18,128 ) $ (7,996 ) $ (26,320 ) $ 1,100 Denominator Weighted average Class A common shares outstanding 36,291 35,372 35,983 34,527 Weighted average Class C common shares outstanding — 111 — 922 Weighted average Class A and Class C common shares outstanding - Basic 36,291 35,483 35,983 35,449 Restricted shares and share units — — — 139 Weighted average Class A and Class C common shares outstanding - Diluted 36,291 35,483 35,983 35,588 Net income (loss) per share attributable to Class A and Class C common shareholders - Basic $ (0.50 ) $ (0.23 ) $ (0.73 ) $ 0.03 Net income (loss) per share attributable to Class A and Class C common shareholders - Diluted $ (0.50 ) $ (0.23 ) $ (0.73 ) $ 0.03

Share Based Compensation (Table

Share Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Share	Six Months Ended June 30, 2019 Weighted- Average Grant Shares Date Fair Value Unvested restricted shares at beginning of period 403,129 $ 41.57 Share units granted 76,948 57.04 Restricted shares vested (121,205 ) 41.80 Restricted shares forfeited (2,882 ) 44.80 Unvested restricted shares at end of period 355,990 44.81

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Payables And Accruals [Abstract]
Components of Accounts Payable, Accrued Expenses and Other Liabilities	The following table summarizes the significant components of accounts payable, accrued expenses and other liabilities as of June 30, 2019 and December 31, 2018 (in thousands): June 30, 2019 December 31, 2018 Accounts payable and accrued expenses $ 25,666 $ 28,065 Accrued development expenditures 18,964 26,180 Accrued real estate taxes 13,958 14,108 Below-market leases 11,853 12,281 Environmental reserve 9,477 9,477 Lease liability 8,141 — Unearned tenant reimbursements 5,417 10,975 Accrued interest 4,667 4,978 Prepaid rental income 3,299 4,021 Common and preferred dividends and OP Unit distributions payable 1,788 15,758 Deferred maintenance 1,722 1,722 Total accounts payable, accrued expenses and other liabilities $ 104,952 $ 127,565

Organization - Additional Infor

Organization - Additional Information (Detail) ft² in Millions, $ in Billions	Feb. 11, 2019RetailFacility	Jun. 11, 2015USD ($)PropertyJointVentureRetailFacility	Jun. 30, 2019ft²sharesPropertyJointVentureState	Feb. 28, 2019Property
Organization And Basis Of Presentation [Line Items]
Number of joint venture acquired | JointVenture			27
Operations Commenced Date			Jul. 7, 2015
Number of properties interested in the portfolio			221
Area of real estate property (in square feet) | ft²			35.1
Number of states in properties located | State			45
Number of properties			27
Joint Venture Properties [Member]
Organization And Basis Of Presentation [Line Items]
Area of real estate property (in square feet) | ft²			4.8
Number of states in properties located | shares			14
Number of properties			27
Joint Venture Properties [Member] | Holdco JV Leases [Member]
Organization And Basis Of Presentation [Line Items]
Number of properties leased			4
Wholly Owned Properties [Member]
Organization And Basis Of Presentation [Line Items]
Area of real estate property (in square feet) | ft²			30.3
Number of wholly owned properties			194
Number of states in properties located | State			45
Sears Holdings Corporation [Member]
Organization And Basis Of Presentation [Line Items]
Business acquisition fair value, purchase price | $		$ 2.7
Number of real estate properties acquired		234
Number of ground leased properties acquired		1
Interests in joint ventures acquired		50.00%
Number of joint venture acquired | JointVenture		3
Sears Holdings Corporation [Member] | Joint Venture [Member]
Organization And Basis Of Presentation [Line Items]
Number of retail facilities | RetailFacility		28
Sears Holdings Corporation [Member] | Original Master Lease [Member]
Organization And Basis Of Presentation [Line Items]
Number of acquired properties leased		224
Sears Holdings Corporation [Member] | Joint Venture Properties [Member] | Joint Venture [Member]
Organization And Basis Of Presentation [Line Items]
Number of retail facilities subject to ground lease | RetailFacility		1
Number of retail facilities subject to lease | RetailFacility		2
Sears Holdings Corporation [Member] | Joint Venture Properties [Member] | Original Joint Venture Master Leases [Member]
Organization And Basis Of Presentation [Line Items]
Number of acquired properties leased		31
Holdco [Member]
Organization And Basis Of Presentation [Line Items]
Number of real estate properties acquired | RetailFacility	425
Holdco Master Lease [Member]
Organization And Basis Of Presentation [Line Items]
Master lease executed, number of acquired properties				51
Holdco Master Lease [Member] | Wholly Owned Properties [Member]
Organization And Basis Of Presentation [Line Items]
Number of wholly owned properties			50

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	Jun. 11, 2015JointVenture	Jun. 30, 2019USD ($)PropertyState	Jun. 30, 2018USD ($)shares	Jun. 30, 2019USD ($)PropertyJointVentureStateSegmentParcel	Jun. 30, 2018USD ($)shares	Mar. 31, 2019USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)	Aug. 29, 2018shares	Mar. 31, 2018shares	Dec. 31, 2017shares
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments | Segment				1
Impairment loss on real estate assets		$ 0	$ 0	$ 0	$ 0
Gain on sale of real estate				32,873,000	76,018,000
Real estate held for sale, assets		5,277,000		5,277,000				$ 3,094,000
Real estate held for sale, liabilities		0		0				0
Impairment loss		0	0	0	0
Restricted cash		$ 0	$ 166,458,000	$ 0	$ 166,458,000			0
Revenue performance obligation satisfied over time method used description				Management determined that property and asset management and construction and development management services each represent a series of stand-ready performance obligations satisfied over time with each day of service being a distinct performance obligation.
Number of real estate properties leased | Property		50		50
Number of wholly owned properties acquired | Property		194		194
Number of joint venture properties acquired | JointVenture				27
Number of states in properties located | State		45		45
Right-of-use assets		$ 19,100,000		$ 19,100,000		$ 8,600,000
Lease liabilities		8,600,000		8,600,000		$ 8,600,000
ASU 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Right-of-use assets							$ 8,400,000
Lease liabilities							$ 8,400,000
Capitalized internal leasing and legal leasing costs				1,300,000
Below-market lease right of use asset		11,005		11,005
Class C Common Shares [Member]
Summary Of Significant Accounting Policies [Line Items]
Common shares, outstanding | shares			1,000		1,000				0	372,000	3,151,000
Interest Rate Cap [Member]
Summary Of Significant Accounting Policies [Line Items]
Interest rate caps purchased		5,000,000		$ 5,000,000
Derivative, term of contract				4 years
Notional amount		1,261,000,000		$ 1,261,000,000
Derivative strike rate				3.50%
Interest rate caps outstanding		0		$ 0				$ 0
Derivative gain (loss)		$ 0	$ (200,000)	$ 0	$ (7,000)
Sears Holdings Corporation [Member]
Summary Of Significant Accounting Policies [Line Items]
Right to recapture property space		100.00%		100.00%
Number of joint venture properties acquired | JointVenture	3
Management and Other Fee Income [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of revenue earned from unconsolidated joint ventures				100.00%
Real Estate Assets Four Properties [Member]
Summary Of Significant Accounting Policies [Line Items]
Interest sold in number of properties | Property		4
Gain on sale of real estate		$ 4,400,000
Real Estate Assets Eleven Properties [Member]
Summary Of Significant Accounting Policies [Line Items]
Interest sold in number of properties | Property				11
Gain on sale of real estate				$ 22,100,000
Real Estate Assets, Land Parcel [Member]
Summary Of Significant Accounting Policies [Line Items]
Gain on sale of real estate				$ 7,200,000
Number of parcels of land, sale in exchange transaction | Parcel				1
Number of parcels of land, purchase in exchange transaction | Parcel				2
Operating Partnership [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of operating partnership interest held by parent		66.00%		66.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Detail)	6 Months Ended
	Jun. 30, 2019
Minimum [Member] | Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Minimum [Member] | Site Improvement [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Maximum [Member] | Building [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Maximum [Member] | Site Improvement [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years

Lease Intangible Assets and L_3

Lease Intangible Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net of accumulated amortization	$ 96,332		$ 96,332		$ 123,656
Identified intangible liability, net of accumulated amortization	11,853		11,853		12,281
Amortization of below-market leases, net of above-market leases	100	$ 200	200	$ 500
Additional property expense	51	51	100	100
In-Place Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net of accumulated amortization	92,843		92,843		$ 108,662
Amortization expense of intangible assets	$ 5,000	$ 35,200	$ 15,300	$ 53,300

Lease Intangible Assets and L_4

Lease Intangible Assets and Liabilities - Summary of Lease Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Asset	$ 260,324	$ 287,001
Accumulated Amortization	(163,992)	(163,345)
Balance	96,332	123,656
In-Place Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Asset	253,198	266,897
Accumulated Amortization	(160,355)	(158,235)
Balance	92,843	108,662
Above-Market Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Asset	7,126	8,338
Accumulated Amortization	(3,637)	(4,400)
Balance	$ 3,489	3,938
Below-Market Ground Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Asset		11,766
Accumulated Amortization		(710)
Balance		$ 11,056

Lease Intangible Assets and L_5

Lease Intangible Assets and Liabilities - Summary of Lease Intangible Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Below Market Lease Net [Abstract]
Gross Liability	$ 16,816	$ 19,720
Accumulated Amortization	(4,963)	(7,439)
Balance	$ 11,853	$ 12,281

Lease Intangible Assets and L_6

Lease Intangible Assets and Liabilities - Schedule of Future Amortization of Intangibles (Detail) - Above-Market Leases, Net [Member] $ in Thousands	Jun. 30, 2019USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder of 2019	$ 254
2020	326
2021	171
2022	141
2023	$ 199

Lease Intangible Assets and L_7

Lease Intangible Assets and Liabilities - Schedule of Future Amortization for Below-Market Ground Lease (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Below Market Lease Amortization Income Maturity Schedule [Abstract]
Remainder of 2019	$ 101
2020	203
2021	203
2022	203
2023	$ 203

Lease Intangible Assets and L_8

Lease Intangible Assets and Liabilities - Schedule of Future Estimated Amortization of Acquired In-Place Leases (Detail) - In-Place Leases, Net [Member] $ in Thousands	Jun. 30, 2019USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Remainder of 2019	$ 7,806
2020	14,344
2021	13,808
2022	13,500
2023	$ 12,683

Investments in Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Summary of Company's Investments in Unconsolidated Joint Ventures (Detail)	6 Months Ended
	Jun. 30, 2019ft²Property
Income Statement Equity Method Investments [Line Items]
Number of properties | Property	27
Total GLA | ft²	4,855,600
Brookfield Properties Retail I [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of properties | Property	4
Total GLA | ft²	598,200
Brookfield Properties Retail II [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of properties | Property	5
Total GLA | ft²	1,168,000
The Macerich Company [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of properties | Property	9
Total GLA | ft²	1,572,000
Simon Property Group Inc [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of properties | Property	5
Total GLA | ft²	872,200
Invesco Real Estate [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.10%
Number of properties | Property	1
Total GLA | ft²	96,400
Invesco Real Estate II [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of properties | Property	1
Total GLA | ft²	226,200
First Washington Realty [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of properties | Property	1
Total GLA | ft²	163,600
Greenberg Gibbons [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of properties | Property	1
Total GLA | ft²	159,000

Investments in Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Additional Information (Detail) - USD ($)	Mar. 29, 2019	May 18, 2018	Mar. 20, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	May 31, 2018	Mar. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Cash proceeds from sale of real estate						$ 53,758,000	$ 134,599,000
Gain on sale of real estate						32,873,000	76,018,000
Joint venture impairment charges				$ 0	$ 0	0	0
West Hartford JV [Member]
Schedule Of Equity Method Investments [Line Items]
Income earned from servicing activities				$ 1,800,000	$ 914,000	$ 2,100,000	$ 914,000
Santa Monica, CA [Member]
Schedule Of Equity Method Investments [Line Items]
Real estate investment, ownerhip interest retained percentage									50.10%
West Hartford, CT [Member]
Schedule Of Equity Method Investments [Line Items]
Real estate investment, ownerhip interest retained percentage								50.00%
Cockeysville, MD [Member]
Schedule Of Equity Method Investments [Line Items]
Real estate investment, ownerhip interest retained percentage				50.00%		50.00%
Invesco Real Estate [Member]
Schedule Of Equity Method Investments [Line Items]
Real estate investment, ownerhip interest retained percentage				50.10%		50.10%
Invesco Real Estate [Member] | Santa Monica, CA [Member] | Mark 302 JV [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage of interest sold			49.90%
Initial contribution value			$ 90,000,000
Pre-transaction development and other costs			10,400,000
Cash proceeds from sale of real estate			50,100,000
Gain on sale of real estate			$ 38,800,000
Real estate investment, ownerhip interest retained percentage			50.10%
Gain on sale of real estate investment, ownership interest			$ 19,400,000
Invesco Real Estate [Member] | Santa Monica, CA [Member] | Mark 302 JV [Member] | Maximum [Member]
Schedule Of Equity Method Investments [Line Items]
Investment in joint venture revaluation date			Dec. 31, 2020
Final contribution value			$ 105,000,000
Gain or loss on sale of real estate based on final contribution value			53,800,000
Invesco Real Estate [Member] | Santa Monica, CA [Member] | Mark 302 JV [Member] | Minimum [Member]
Schedule Of Equity Method Investments [Line Items]
Final contribution value			60,000,000
Gain or loss on sale of real estate based on final contribution value			8,800,000
Invesco Real Estate [Member] | Santa Monica, CA [Member] | Mark 302 JV [Member] | ASU 2017-05 [Member]
Schedule Of Equity Method Investments [Line Items]
Real estate investment, gain from increase in fair value			$ 19,400,000
Invesco Real Estate [Member] | West Hartford, CT [Member] | West Hartford JV [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage of interest sold		50.00%
Initial contribution value		$ 25,000,000
Pre-transaction development and other costs		20,200,000
Cash proceeds from sale of real estate		22,600,000
Gain on sale of real estate		1,200,000
Real estate investment, gain from increase in fair value		600,000
Gain on sale of real estate investment, ownership interest		$ 600,000
Invesco Real Estate [Member] | West Hartford, CT [Member] | West Hartford JV [Member] | Maximum [Member]
Schedule Of Equity Method Investments [Line Items]
Investment in joint venture revaluation date		Dec. 31, 2019
Final contribution value		$ 29,600,000
Gain or loss on sale of real estate based on final contribution value		5,800,000
Real estate tax adjustment amount		4,600,000
Invesco Real Estate [Member] | West Hartford, CT [Member] | West Hartford JV [Member] | Minimum [Member]
Schedule Of Equity Method Investments [Line Items]
Final contribution value		20,400,000
Gain or loss on sale of real estate based on final contribution value		$ (3,400,000)
Invesco Real Estate [Member] | West Hartford, CT [Member] | West Hartford JV [Member] | ASU 2017-05 [Member]
Schedule Of Equity Method Investments [Line Items]
Real estate investment, ownerhip interest retained percentage		50.00%
Invesco Real Estate [Member] | Cockeysville, MD [Member] | Cockeysville JV [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage of interest sold	50.00%
Initial contribution value	$ 12,500,000
Pre-transaction development and other costs	6,200,000
Cash proceeds from sale of real estate	9,300,000
Gain on sale of real estate	3,800,000
Real estate investment, gain from increase in fair value	1,900,000
Gain on sale of real estate investment, ownership interest	$ 1,900,000
Invesco Real Estate [Member] | Cockeysville, MD [Member] | Cockeysville JV [Member] | ASU 2017-05 [Member]
Schedule Of Equity Method Investments [Line Items]
Real estate investment, ownerhip interest retained percentage	50.00%

Investments in Unconsolidated_5

Investments in Unconsolidated Joint Ventures - Summary of Combined Condensed Financial Data of Unconsolidated Joint Ventures (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
ASSETS
Land	$ 329,349		$ 329,349		$ 321,853
Buildings and improvements	521,784		521,784		508,302
Accumulated depreciation	(77,514)		(77,514)		(72,239)
Investment in real estate, gross	773,619		773,619		757,916
Construction in progress	98,135		98,135		78,227
Net investment in real estate	871,754		871,754		836,143
Cash and cash equivalents	21,126		21,126		14,741
Tenant and other receivables, net	6,679		6,679		5,220
Other assets, net	21,633		21,633		38,285
Total assets	921,192		921,192		894,389
LIABILITIES AND MEMBERS' INTERESTS
Mortgage loans payable, net	13,989		13,989		10,406
Accounts payable, accrued expenses and other liabilities	59,557		59,557		71,791
Total liabilities	73,546		73,546		82,197
Additional paid in capital	865,160		865,160		833,168
Retained earnings	(17,514)		(17,514)		(20,976)
Total members interest	847,646		847,646		812,192
Total liabilities and members interest	921,192		921,192		$ 894,389
Total revenue	8,968	$ 12,116	20,186	$ 23,343
Property operating expenses	(2,898)	(2,103)	(5,496)	(3,815)
Depreciation and amortization	(25,510)	(7,030)	(30,763)	(14,616)
Operating income	(19,440)	2,983	(16,073)	4,912
Other expenses	(448)	(7,298)	(1,370)	(14,392)
Net (loss) income	(19,888)	(4,315)	(17,443)	(9,480)
Equity in (loss) income of unconsolidated joint ventures	$ (9,944)	$ (2,158)	$ (8,722)	$ (4,740)

Leases - Additional Information

Leases - Additional Information (Detail)	Feb. 28, 2019USD ($)LeaseOption	Jun. 30, 2019USD ($)Property	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)Property	Jun. 30, 2018USD ($)	Mar. 31, 2019USD ($)	Mar. 12, 2019Property
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Right to recapture property space exercised		100.00%			100.00%
Number of real estate properties acquisition exercised		2			70
Number of terminated properties commenced or completed for redevelopment					40
Number of properties subject to ground lease		1			1
Number of properties subject to corporate office lease		1			1
ROU assets | $		$ 19,100,000			$ 19,100,000		$ 8,600,000
Lease liabilities | $		8,600,000			8,600,000		$ 8,600,000
Increase in ROU assets | $					$ 11,000,000
Operating leases expiration year					2073
General and Administrative Expenses [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Rent expense | $		401,000	$ 188,000		$ 686,000	$ 364,000
Property operating expense [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Rent expense | $		$ 11,000		$ 11,000	$ 23,000	23,000
Sears Holdings Corporation [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Right to recapture property space		100.00%			100.00%
Holdco Master Lease [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Lease expiration date	Jul. 31, 2025
Number of options for renewal of lease | Option	3
Renewal period of leases	5 years
Final option renewal period	4 years
Number of renewal term that will be increased | Lease	2
Percentage of increase annual lease rent	2.00%
Rent credit allocation description					The rent credit is allocated to specific properties based on the trailing twelve- month EBITDA of the particular property as of December 2018.
Right to recapture property space		50.00%			50.00%
Number of real estate specified properties					5
Lease termination, description					Under the terms of the Holdco Master Lease, Holdco has the right, at any time, to terminate any property upon the payment of a termination fee equal to one year of base rent plus annual taxes and other operating expenses.  Additionally, unlike the Original Master Lease, beginning in the second year of the term of the Holdco Master Lease, the tenant has the right to terminate without payment of a termination fee: (i) up to 16 properties in the second year, (ii) up to 12 properties in the third year, (iii) up to 10 properties in the fourth year, and (iv) thereafter, the remaining properties, in each instance with carry over rights if less than the maximum permitted number of properties are terminated in any lease year.  As of June 30, 2019, Holdco had not exercised any of its termination rights under the Holdco Master Lease.
Number of properties right to terminate without termination fee second year					16
Number of properties right to terminate without termination fee third year					12
Number of properties right to terminate without termination fee fourth year					10
Holdco Master Lease [Member] | Maximum [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Lease adjustment in form of rent credit | $	$ 12,000,000
Original and Holdco Master Lease [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Straight-line rental income | $		$ 1,200,000	$ (1,000,000)		$ 1,700,000	$ 1,800,000
Original Master Lease [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Right to recapture property space		100.00%			100.00%
Number of properties to recapture					10
Right to recapture property space exercised		100.00%			100.00%
Master Lease [Member] | Sears Holdings Corporation [Member] | Lease Terminations [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Number of terminated properties announced for redevelopment								87

Leases - Summary of Revenue fro

Leases - Summary of Revenue from Master Lease (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Property Subject to or Available for Operating Lease [Line Items]
Fixed lease revenue	$ 23,513		$ 52,502
Variable lease revenue	9,431		20,561
Total rental revenue	32,944		73,063
Original and Holdco Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Fixed lease revenue	5,667	$ 22,605	17,955	$ 45,136
Variable lease revenue	5,853	10,950	14,251	24,392
Total rental revenue	$ 11,520	$ 33,555	$ 32,206	$ 69,528

Leases - Summary of Recapture R

Leases - Summary of Recapture Rights Exercised by the Company (Detail)	6 Months Ended
	Jun. 30, 2019
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
North Riverside, IL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center + partial
Notice Date	April 2019 / June 2017
Hialeah, FL (Westland) [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Out parcel + auto center
Notice Date	April 2019 / September 2018
Saugus, MA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center + partial
Notice Date	December 2018 / December 2016
Cape Girardeau, MO [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2018-09
Fresno, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date(s)	2018-05
Asheville, NC [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2018-03
Doral, FL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2018-09
Ft. Wayne, IN Property 1 [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Out parcel
Notice Date	September 2017 / July 2016
Roseville, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center
Notice Date(s)	2017-06
Temecula, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date(s)	2017-06
Chicago, IL (Six Corners) [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2018-03
Clearwater, FL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2018-03
St. Clair Shores, MI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2017-09
Cockeysville, MD [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date(s)	2017-03
North Miami, FL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2017-03
Gillette, WY [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2018-09
El Cajon, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2018-03
Watchung, NJ [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2017-06
Olean, NY [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date(s)	2017-03
Happy Valley, OR [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2018-09
Fairfield, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	March 2018 / December 2017
Redmond WA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	March 2018 / September 2017
Canton, OH [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date(s)	2017-06
Carson, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	April 2017 / December 2016
Houston, TX (Memorial City) [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2018-09
Oklahoma City, OK [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Out parcel
Notice Date(s)	2018-03
Dayton, OH [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center
Notice Date(s)	2017-06
Guaynabo, PR [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date(s)	2016-12
Santa Cruz, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	September 2018 / December 2016
Plantation, FL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	March 2018 / December 2017
Vancouver, WA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2018-09
San Diego, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2017-04
Santa Monica, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2016-12
Reno, NV [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2018-03
Aventura, FL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2017-04
Roseville, MI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date(s)	2016-11
Tucson, AZ [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2018-03
Troy, MI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date(s)	2016-11
Anchorage, AK [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2017-12
Charleston, SC [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	April 2017 / October 2016
Boca Raton, FL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2017-12
Rehoboth Beach, DE [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date(s)	2016-10
Westminster, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2017-12
Valley View, TX [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2017-04
Hicksville, NY [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2017-12
Warwick, RI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center
Notice Date(s)	2016-10
Orland Park, IL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2017-12
West Hartford, CT [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2016-10
Florissant, MO [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Out parcel
Notice Date(s)	2017-12
North Hollywood, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date(s)	2016-07
Salem, NH [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Out parcel
Notice Date(s)	2017-12
Anderson, SC [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	April 2017 / July 2016
Las Vegas, NV [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date(s)	2017-12
Madison, WI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date(s)	2016-07
Yorktown Heights, NY [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial
Notice Date(s)	2017-12
Orlando, FL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2016-07
Austin, TX (Tech Ridge) [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	December 2017 / September 2017
West Jordan, UT [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial + auto center
Notice Date(s)	2016-07
North Little Rock, AR [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center
Notice Date(s)	2017-09
St. Petersburg, FL (Tyrone Square) [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2016-10
Albany, NY [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center
Notice Date(s)	2016-05
Bowie, MD [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center
Notice Date(s)	2016-05
Fairfax, VA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date	September 2018 / May 2016
Hagerstown, MD [member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center
Notice Date(s)	2016-05
Wayne, NJ [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Partial + auto center
Notice Date(s)	2016-05
San Antonio, TX [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type	Auto center
Notice Date(s)	2016-03
Memphis, TN [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2015-12
Honolulu, HI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2015-12
Braintree, MA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2015-11
Hialeah, FL (freestanding) [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Notice Date(s)	2017-04

Leases - Summary of Recapture_2

Leases - Summary of Recapture Rights Exercised by the Company (Parenthetical) (Detail)	Jun. 30, 2019	May 31, 2018	Mar. 31, 2018	Jul. 31, 2017
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
San Diego, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Percentage of joint ventures ownership interest retained		50.00%
Santa Monica, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Percentage of joint ventures ownership interest retained			50.10%
Cockeysville, MD [Member]
Property Subject to or Available for Operating Lease [Line Items]
Percentage of joint ventures ownership interest retained	50.00%
Wayne, NJ [Member]
Property Subject to or Available for Operating Lease [Line Items]
Percentage of joint ventures ownership interest retained				50.00%
West Hartford, CT [Member]
Property Subject to or Available for Operating Lease [Line Items]
Recapture Type, Percentage	100.00%
Percentage of joint ventures ownership interest retained		50.00%

Leases - Summary of Termination

Leases - Summary of Termination and Redevelopement Properties (Detail) - ft²	Mar. 12, 2019	Jun. 30, 2019
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area		35,100,000
Antioch, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	95,200
Notice	2018-08
Termination	2018-12
Columbus, MS [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	117,100
Notice	2018-08
Termination	2018-12
Dayton, OH [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	148,800
Notice	2018-08
Termination	2018-12
Announced Redevelopment	Q2 2017
Flagstaff, AZ [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	66,200
Notice	2018-08
Termination	2018-12
Ft. Wayne, IN [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	213,600
Notice	2018-08
Termination	2018-12
Announced Redevelopment	Q3 2016 / Q3 2017 / Q2 2019
Jackson, MI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	144,200
Notice	2018-08
Termination	2018-12
Manchester, NH [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	135,100
Notice	2018-08
Termination	2018-12
Announced Redevelopment	Q4 2018
Salem, NH [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	119,000
Notice	2018-08
Termination	2018-12
Announced Redevelopment	Q4 2017
Savannah, GA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	155,700
Notice	2018-08
Termination	2018-12
Scott Depot, WV [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	89,800
Notice	2018-08
Termination	2018-12
Announced Redevelopment	Sold
Steger, IL [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	87,400
Notice	2018-08
Termination	2018-12
Victor, NY [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	115,300
Notice	2018-08
Termination	2018-12
Announced Redevelopment	Q2 2019
West Jordan, UT [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	117,300
Notice	2018-08
Termination	2018-12
Announced Redevelopment	Q3 2016 / Q3 2018
Chesapeake, VA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	169,400
Notice	2018-06
Termination	2018-11
Clay, NY [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	138,000
Notice	2018-06
Termination	2018-11
Havre, MT [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	94,700
Notice	2018-06
Termination	2018-11
Announced Redevelopment	Sold
Newark, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	145,800
Notice	2018-06
Termination	2018-11
Oklahoma City, OK [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	173,700
Notice	2018-06
Termination	2018-11
Announced Redevelopment	Q3 2017
Troy, MI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	271,300
Notice	2018-06
Termination	2018-11
Announced Redevelopment	Q3 2016
Virginia Beach, VA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	86,900
Notice	2018-06
Termination	2018-11
Announced Redevelopment	Q3 2015
Madison, WI [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	88,100
Notice	2018-06
Termination	2018-10
Announced Redevelopment	Q2 2016
Thousand Oaks, CA [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	50,300
Notice	2018-06
Termination	2018-10
Announced Redevelopment	Q3 2015
Cedar Rapids, IA [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	141,100
Notice	2018-04
Termination	2018-08
Citrus Heights, CA [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	280,700
Notice	2018-04
Termination	2018-08
Gainesville, FL [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	140,500
Notice	2018-04
Termination	2018-08
Announced Redevelopment	Q2 2018
Maplewood, MN [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	168,500
Notice	2018-04
Termination	2018-08
Pensacola, FL [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	212,300
Notice	2018-04
Termination	2018-08
Announced Redevelopment	Q2 2018
Rochester, NY [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	128,500
Notice	2018-04
Termination	2018-08
Roseville, CA [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	121,000
Notice	2018-04
Termination	2018-08
Announced Redevelopment	Q2 2017 / Q1 2018
San Antonio, TX [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	187,800
Notice	2018-04
Termination	2018-08
Announced Redevelopment	Q4 2015
Warrenton, VA [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	113,900
Notice	2018-04
Termination	2018-08
Announced Redevelopment	Q1 2018
Westwood, TX [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	215,000
Notice	2017-06
Termination	2018-01
Announced Redevelopment	Q3 2018
Friendswood, TX [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	166,000
Notice	2017-06
Termination	2017-11
Albany, NY [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	216,200
Notice	2017-06
Termination	2017-10
Announced Redevelopment	Q1 2016
Burnsville, MN [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	161,700
Notice	2017-06
Termination	2017-10
Chicago, IL (N Harlem) [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	293,700
Notice	2017-06
Termination	2017-10
Cockeysville, MD [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	83,900
Notice	2017-06
Termination	2017-10
Announced Redevelopment	Q1 2017
East Northport, NY [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	187,000
Notice	2017-06
Termination	2017-10
Announced Redevelopment	Q2 2017
Greendale, WI [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	238,400
Notice	2017-06
Termination	2017-10
Announced Redevelopment	Q4 2017
Hagerstown, MD [member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	107,300
Notice	2017-06
Termination	2017-10
Announced Redevelopment	Q1 2016 / Sold
Johnson City, NY [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	155,100
Notice	2017-06
Termination	2017-10
Announced Redevelopment	Sold
Lafayette, LA [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	194,900
Notice	2017-06
Termination	2017-10
Mentor, OH [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	208,700
Notice	2017-06
Termination	2017-10
Middleburg Heights, OH [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	351,600
Notice	2017-06
Termination	2017-10
Olean, NY [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	75,100
Notice	2017-06
Termination	2017-10
Announced Redevelopment	Q1 2017
Overland Park, KS [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	215,000
Notice	2017-06
Termination	2017-10
Roseville, MI [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	277,000
Notice	2017-06
Termination	2017-10
Announced Redevelopment	Q3 2016
Sarasota, FL [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	204,500
Notice	2017-06
Termination	2017-10
Toledo, OH [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	209,900
Notice	2017-06
Termination	2017-10
Warwick, RI [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	169,200
Notice	2017-06
Termination	2017-10
Announced Redevelopment	Q3 2016 / Q3 2017
York, PA [Member] | Lease Terminations [Member] | Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	82,000
Notice	2017-06
Termination	2017-10
Announced Redevelopment	Sold
Chapel Hill, OH [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	187,179
Notice	2017-01
Termination	2017-04
Concord, NC [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	137,499
Notice	2017-01
Termination	2017-04
Announced Redevelopment	Sold
Detroit Lakes, MN [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	79,102
Notice	2017-01
Termination	2017-04
El Paso, TX [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	103,657
Notice	2017-01
Termination	2017-04
Announced Redevelopment	Q2 2018
Elkins, WV [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	94,885
Notice	2017-01
Termination	2017-04
Announced Redevelopment	Sold
Henderson, NV [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	122,823
Notice	2017-01
Termination	2017-04
Announced Redevelopment	Q1 2017
Hopkinsville, KY [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	70,326
Notice	2017-01
Termination	2017-04
Announced Redevelopment	Q1 2018
Jefferson City, MO [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	92,016
Notice	2017-01
Termination	2017-04
Announced Redevelopment	Q2 2017
Kenton, OH [Member] | Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area	96,066
Notice	2017-01
Termination	2017-04

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rental Receipts excluding Variable Payments and Tenant Reimbursements of Expenses Under Non-cancelable Operating Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Remainder of 2019	$ 47,117
2020	95,978
2021	105,332
2022	106,781
2023	102,668
2024	101,228
Thereafter	343,903
Total Lease Payments	$ 903,007
2019		$ 120,132
2020		122,263
2021		125,963
2022		124,949
2023		120,672
Thereafter		412,789
Total Lease Payments		$ 1,026,768

Leases - Components of Lease Re

Leases - Components of Lease Revenues (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Lessor Disclosure [Abstract]
Fixed lease revenue	$ 23,513	$ 52,502
Variable lease revenue	9,431	20,561
Total rental revenue	$ 32,944	$ 73,063

Leases - Information Related to

Leases - Information Related to Measurement of Lease Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Lessee Disclosure [Abstract]
Weighted average remaining lease term (in years)	11 years 14 days
Weighted average discount rate	7.20%
Cash paid for operating leases	$ 1,007

Debt - Additional Information (

Debt - Additional Information (Detail) - Term Loan Facility [Member] - Berkshire Hathaway [Member] - USD ($)	Jul. 31, 2018	Jun. 30, 2019
Debt Instrument [Line Items]
Date of senior secured term loan agreement	Jul. 31, 2018
Principal amount outstanding	$ 2,000,000,000	$ 1,600,000,000
Line of credit, maturity date		Jul. 31, 2023
Prepayment annual fee	4,000,000
Minimum rental income to achieve from tenants on annual basis to access incremental funding facility	200,000,000
Minimum rental income to achieve from tenants for succeeding four consecutive fiscal quarters to access incremental funding facility	200,000,000
Minimum net worth required for loan documentation	$ 1,200,000,000
Default interest rate on overdue amounts excess of base interest rate	2.00%
Debt issuance costs	$ 2,100,000
Unamortized debt issuance costs		$ 1,700,000
Minimum [Member]
Debt Instrument [Line Items]
Fixed charge coverage ratio for each fiscal quarter till June 30, 2021	1.00%
Fixed charge coverage ratio for each fiscal quarter after June 30, 2021	1.20%
Unencumbered fixed charge coverage ratio for each fiscal quarter till June 30, 2021	1.05%
Unencumbered fixed charge coverage ratio to each fiscal quarter after June 30, 2021	1.30%
Maximum [Member]
Debt Instrument [Line Items]
Unencumbered fixed charge coverage ratio	60.00%
Maximum leverage ratio	65.00%
Initial Funding [Member]
Debt Instrument [Line Items]
Principal amount outstanding	$ 1,600,000,000
Debt instrument, base annual interest rate	7.00%
Incremental Funding Facility [Member]
Debt Instrument [Line Items]
Principal amount outstanding	$ 400,000,000
Debt instrument, base annual interest rate	1.00%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2019
Minimum [Member]
Income Tax Contingency [Line Items]
Distribution of taxable income to qualify as REIT, percent	90.00%

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)DerivativeInstrument	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)DerivativeInstrument	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of derivative instruments | DerivativeInstrument	0		0
Fair Value, Inputs, Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt obligations, fair value		$ 1,600,000		$ 1,600,000	$ 1,600,000
Interest Rate Cap [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative gain (loss)	$ 0	$ (200)	$ 0	$ (7)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - Sears Holdings Corporation [Member] $ in Millions	Apr. 18, 2019USD ($)
Minimum [Member]
Loss Contingencies [Line Items]
Worth of real estate in excess of purchase price paid	$ 649
Maximum [Member]
Loss Contingencies [Line Items]
Worth of real estate in excess of purchase price paid	$ 749

Related Party Disclosure - Addi

Related Party Disclosure - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule of Other Related Party Transactions [Line Items]
Property development expenditures receivable	$ 50,388	$ 36,926
Unconsolidated Joint Ventures [Member]
Schedule of Other Related Party Transactions [Line Items]
Percentage of fees for service performed on revenue earned from management and other fee income	100.00%
Property development expenditures receivable	$ 2,400	$ 2,100
Operating Partnership [Member] | Sears Holdings Corporation [Member] | ESL [Member]
Schedule of Other Related Party Transactions [Line Items]
Ownership interest percentage held by related party	34.00%
Operating Partnership [Member] | Sears Holdings Corporation [Member] | Class A Common Shares [Member] | ESL [Member]
Schedule of Other Related Party Transactions [Line Items]
Ownership interest percentage held by related party	2.40%
Operating Partnership [Member] | Sears Holdings Corporation [Member] | Class B Non-Economic Common Shares [Member] | ESL [Member]
Schedule of Other Related Party Transactions [Line Items]
Ownership interest percentage held by related party	100.00%

Non-controlling Interests - Add

Non-controlling Interests - Additional Information (Detail) - Operating Partnership [Member]	Jun. 30, 2019
Noncontrolling Interest [Line Items]
Percentage of operating partnership interest held by parent	66.00%
ESL [Member]
Noncontrolling Interest [Line Items]
Ownership interest percentage held by related party	34.00%

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Dec. 14, 2022	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2017	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Class A Common Shares [Member]
Class of Stock [Line Items]
OP Unit exchanges, shares		1,145,735	98,923	1,145,735	98,923
Common shares, issued		36,828,991		36,828,991				35,667,521
Common shares, outstanding		36,828,991	35,679,000	36,828,991	35,679,000	32,416,000	35,690,000	35,667,521	35,209,000
Class B Non-Economic Common Shares [Member]
Class of Stock [Line Items]
Common shares, issued		1,247,060		1,247,060
Common shares, outstanding		1,247,060		1,247,060
Common shares surrendered				75,305
Class C Non Voting Common Shares [Member]
Class of Stock [Line Items]
Common shares, issued		0		0
Common shares, outstanding		0		0
Series A Cumulative Redeemable Preferred Shares [Member]
Class of Stock [Line Items]
Preferred shares, issued						2,800,000
Percentage of preferred dividend rate						7.00%
Preferred shares public offering price per share						$ 25
Net proceeds from public offering						$ 66.7
Series A Cumulative Redeemable Preferred Shares [Member] | Scenario, Forecast [Member]
Class of Stock [Line Items]
Preferred shares redemption price per share plus any accrued and unpaid dividends	$ 25
Series A Cumulative Redeemable Preferred Shares [Member] | Scenario, Forecast [Member] | Maximum [Member]
Class of Stock [Line Items]
Preferred shares redemption threshold period	120 days

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Common Stock Dividends and Distributions (Detail) - $ / shares	Feb. 25, 2019	Oct. 23, 2018	Jul. 24, 2018	Apr. 24, 2018	Feb. 20, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Dividends Payable [Line Items]
Dividends per Class A and Class C Common Share						$ 0.25	$ 0.25	$ 0.50
Class A and Class C Common Share [Member]
Dividends Payable [Line Items]
Declaration Date	Feb. 25, 2019	Oct. 23, 2018	Jul. 24, 2018	Apr. 24, 2018	Feb. 20, 2018
Record Date	Mar. 29, 2019	Dec. 31, 2018	Sep. 28, 2018	Jun. 29, 2018	Mar. 30, 2018
Payment Date	Apr. 11, 2019	Jan. 10, 2019	Oct. 11, 2018	Jul. 12, 2018	Apr. 12, 2018
Dividends per Class A and Class C Common Share	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Preferred Stock Dividends and Distributions (Detail) - $ / shares

Jul. 23, 2019

Feb. 25, 2019

Oct. 23, 2018

Jul. 24, 2018

Apr. 24, 2018

Feb. 20, 2018

Apr. 30, 2019

Dec. 31, 2017

[1]

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Dividends Payable [Line Items]

Dividends per Series A Preferred Share

$ 0.4375

$ 0.4375

$ 0.4375

$ 0.8750

Series A Preferred Shares [Member]

Dividends Payable [Line Items]

Declaration Date

Feb. 25, 2019

Oct. 23, 2018

Jul. 24, 2018

Apr. 24, 2018

Feb. 20, 2018

Apr. 30, 2019

Feb. 20, 2018

Record Date

Mar. 29, 2019

Dec. 31, 2018

Sep. 28, 2018

Jun. 29, 2018

Mar. 30, 2018

Jun. 28, 2019

Mar. 30, 2018

Payment Date

Apr. 15, 2019

Jan. 14, 2019

Oct. 15, 2018

Jul. 16, 2018

Apr. 16, 2018

Jul. 15, 2019

Apr. 16, 2018

Dividends per Series A Preferred Share

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.15556

Series A Preferred Shares [Member] | Subsequent Event [Member]

Dividends Payable [Line Items]

Declaration Date

Jul. 23, 2019

Record Date

Sep. 30, 2019

Payment Date

Oct. 15, 2019

Dividends per Series A Preferred Share

$ 0.43750

[1]

This dividend covers the period from, and including, December 14, 2017 to December 31, 2017.

Earnings per Share - Reconcilia

Earnings per Share - Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of Basic Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator
Net loss (income)	$ (25,885)	$ (10,602)	$ (36,779)	$ 5,599
Net income (loss) attributable to non-controlling interests	8,982	3,831	12,909	(2,042)
Preferred dividends	(1,225)	(1,225)	(2,450)	(2,453)
Net (loss) income attributable to Seritage common shareholders	(18,128)	(7,996)	(26,320)	1,104
Earnings allocated to unvested participating securities				(4)
Net income (loss) available to common shareholders - Basic and diluted	$ (18,128)	$ (7,996)	$ (26,320)	$ 1,100
Denominator
Weighted average Class A and Class C common shares outstanding - Basic	36,291	35,483	35,983	35,449
Restricted shares and share units				139
Weighted average Class A and Class C common shares outstanding - Diluted	36,291	35,483	35,983	35,588
Net income (loss) per share attributable to Class A and Class C common shareholders - Basic	$ (0.50)	$ (0.23)	$ (0.73)	$ 0.03
Net income (loss) per share attributable to Class A and Class C common shareholders - Diluted	$ (0.50)	$ (0.23)	$ (0.73)	$ 0.03
Class A Common Shares [Member]
Denominator
Weighted average Class A and Class C common shares outstanding - Basic	36,291	35,372	35,983	34,527
Class C Common Shares [Member]
Denominator
Weighted average Class A and Class C common shares outstanding - Basic		111		922

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	Jun. 30, 2019	Dec. 31, 2018
Time Based Restricted Shares and Share Units [Member]
Earning Per Share [Line Items]
Non-vested restricted shares outstanding	355,990	403,129

Share Based Compensation - Addi

Share Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jul. 07, 2015
Time Based Restricted Shares and Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Restricted Share [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 9.4	$ 9.4	$ 9.4	$ 9.4
Unrecognized compensation costs, weighted average expected recognition period	1 year 10 months 24 days	2 years 2 months 12 days
Restricted Share [Member] | General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense recognized	$ 1.4	$ 2.5	$ 2.9	$ 3.4
Seritage Growth Properties 2015 Share Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance					3,250,000

Share Based Compensation - Summ

Share Based Compensation - Summary of Restricted Share (Detail) - Restricted Share [Member]	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares at beginning of period | shares	403,129
Share units granted | shares	76,948
Restricted shares vested | shares	(121,205)
Restricted shares forfeited | shares	(2,882)
Unvested restricted shares at end of period | shares	355,990
Weighted-Average Grant Date Fair Value, Unvested restricted shares at beginning of period | $ / shares	$ 41.57
Weighted-Average Grant Date Fair Value, Share units granted | $ / shares	57.04
Weighted-Average Grant Date Fair Value, Restricted shares vested | $ / shares	41.80
Weighted-Average Grant Date Fair Value, Restricted shares forfeited | $ / shares	44.80
Weighted-Average Grant Date Fair Value, Unvested restricted shares at end of period | $ / shares	$ 44.81

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities - Components of Accounts Payable, Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Accounts payable and accrued expenses	$ 25,666	$ 28,065
Accrued development expenditures	18,964	26,180
Accrued real estate taxes	13,958	14,108
Below-market leases	11,853	12,281
Environmental reserve	9,477	9,477
Lease liability	8,141
Unearned tenant reimbursements	5,417	10,975
Accrued interest	4,667	4,978
Prepaid rental income	3,299	4,021
Common and preferred dividends and OP Unit distributions payable	1,788	15,758
Deferred maintenance	1,722	1,722
Total accounts payable, accrued expenses and other liabilities	$ 104,952	$ 127,565