Seritage Growth Properties (SRG) 10-K 15 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 09, 2021	Jun. 28, 2019
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	SERITAGE GROWTH PROPERTIES
Entity Central Index Key	0001628063
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 407,000,000
Entity Interactive Data Current	Yes
Entity File Number	001-37420
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	38-3976287
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	NY
Entity Address, Postal Zip Code	10110
City Area Code	212
Local Phone Number	355-7800
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of Seritage Growth Properties’ Proxy Statement for its 2021 Annual Meeting of Shareholders, to be held May 20, 2021, are incorporated by reference into Part III of this Annual Report on Form 10-K.
ICFR Auditor Attestation Flag	true
Series A Cumulative Redeemable Preferred Shares [Member]
Document Information [Line Items]
Trading Symbol	SRG-PA
Title of 12(b) Security	7.00% Series A cumulative redeemable preferred shares of beneficial interest, par value $0.01 per share
Security Exchange Name	NYSE
Class A Common Shares [Member]
Document Information [Line Items]
Trading Symbol	SRG
Entity Common Stock, Shares Outstanding		38,903,146
Title of 12(b) Security	Class A common shares of beneficial interest, par value $0.01 per share
Security Exchange Name	NYSE
Class B Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class C Common Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
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	38,896,428	36,897,364
Common shares, issued	38,896,428	36,897,364
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	0	1,242,536
Common shares, issued	0	1,242,536
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

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investment in real estate
Land	$ 592,770	$ 667,004
Buildings and improvements	1,107,532	1,112,653
Accumulated depreciation	(142,206)	(147,696)
Real Estate Investment Property, at Cost, Total	1,558,096	1,631,961
Construction in progress	352,776	338,672
Net investment in real estate	1,910,872	1,970,633
Real estate held for sale	1,864	5,275
Investment in unconsolidated entities	457,033	445,077
Cash and cash equivalents	143,728	139,260
Restricted cash	6,526
Tenant and other receivables, net	46,570	54,470
Lease intangible assets, net	18,595	68,153
Prepaid expenses, deferred expenses and other assets, net	63,755	67,744
Total assets	2,648,943	2,750,612
Liabilities
Term loan facility, net	1,598,909	1,598,487
Sales-leaseback financing obligations	20,425
Accounts payable, accrued expenses and other liabilities	146,882	108,755
Total liabilities	1,766,216	1,707,242
Commitments and contingencies (Note 9)
Shareholders' Equity
Additional paid-in capital	1,177,260	1,149,721
Accumulated deficit	(528,637)	(418,711)
Total shareholders' equity	649,040	731,419
Non-controlling interests	233,687	311,951
Total equity	882,727	1,043,370
Total liabilities and equity	2,648,943	2,750,612
Class A Common Shares [Member]
Shareholders' Equity
Common shares	389	369
Total equity	389	369
Class B Common Shares [Member]
Shareholders' Equity
Common shares		12
Total equity		12
Series A Preferred Shares [Member]
Shareholders' Equity
Preferred shares	28	28
Total equity	$ 28	$ 28

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUE
Rental income	$ 116,202	$ 167,035	$ 213,558
Management and other fee income	$ 293	$ 1,598	$ 1,196
Type of Revenue [Extensible List]	us-gaap:ManagementServiceMember	us-gaap:ManagementServiceMember	us-gaap:ManagementServiceMember
Total revenue	$ 116,495	$ 168,633	$ 214,754
EXPENSES
Property operating	41,164	42,123	28,705
Real estate taxes	36,768	38,595	42,446
Depreciation and amortization	95,997	104,581	226,675
General and administrative	28,849	39,156	34,788
Provision for doubtful accounts			257
Total expenses	202,778	224,455	332,871
Gain on sale of real estate	88,555	71,104	96,165
Gain on sale of interests in unconsolidated entities	1,758
Impairment of real estate assets	(64,108)	0	0
Equity in loss of unconsolidated entities	(4,712)	(17,994)	(10,448)
Interest and other income	3,394	6,824	7,886
Interest expense	(91,316)	(94,519)	(90,020)
Change in fair value of interest rate cap			(23)
Loss before income taxes	(152,712)	(90,407)	(114,557)
Provision for income taxes	(252)	(196)	(321)
Net loss	(152,964)	(90,603)	(114,878)
Net loss attributable to non-controlling interests	47,938	31,206	41,406
Net loss attributable to Seritage	(105,026)	(59,397)	(73,472)
Preferred dividends	(4,900)	(4,900)	(4,903)
Net loss attributable to Seritage common shareholders	$ (109,926)	$ (64,297)	$ (78,375)
Net loss per share attributable to Seritage Class A and Class C common shareholders - Basic	$ (2.87)	$ (1.77)	$ (2.20)
Net loss per share attributable to Seritage Class A and Class C common shareholders - Diluted	$ (2.87)	$ (1.77)	$ (2.20)
Weighted average Class A and Class C common shares outstanding - Basic	38,298	36,413	35,560
Weighted average Class A and Class C common shares outstanding - Diluted	38,298	36,413	35,560

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Revision of Prior Period, Accounting Standards Update, Adjustment [Member]	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]	Accumulated Deficit [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [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 loss	(114,878)							(73,472)		(41,406)
Common dividends and distributions declared	(56,141)							(35,997)		(20,144)
Preferred dividends declared	(4,093)							(4,093)
Vesting of restricted share units, shares			2,000
Share-based compensation	5,632						5,632
Preferred stock offering costs	(113)						(113)
Share class exchanges, net	1		$ 32		$ 31
Share class exchanges, net, shares			3,151,131		3,151,000
Share class surrenders, shares				(7,000)
OP Unit exchanges			$ 1				2,925			(2,926)
OP Unit exchanges, shares			99,000
Ending balance at Dec. 31, 2018	1,150,458		$ 357	$ 13		$ 28	1,124,504	(344,132)		369,688
Ending balance, shares at Dec. 31, 2018			35,668,000	1,322,000		2,800,000
Net loss	(90,603)							(59,397)		(31,206)
Cumulative effect of accounting change at Dec. 31, 2018		$ (1,286)							$ (1,286)
Common dividends and distributions declared	(14,026)							(8,996)		(5,030)
Preferred dividends declared	(4,900)							(4,900)
Vesting of restricted share units	(3,523)						(3,523)
Vesting of restricted share units, shares			15,000
Share-based compensation	7,250						7,250
Share class surrenders				$ (1)			1
Share class surrenders, shares				(79,000)
OP Unit exchanges			$ 12				21,489			(21,501)
OP Unit exchanges, shares			1,214,000
Ending balance at Dec. 31, 2019	1,043,370		$ 369	$ 12		$ 28	1,149,721	(418,711)		311,951
Ending balance, shares at Dec. 31, 2019			36,897,364	1,242,536		2,800,000
Net loss	(152,964)							(105,026)		(47,938)
Cumulative effect of accounting change at Dec. 31, 2019	(418,711)
Preferred dividends declared	(4,900)							(4,900)
Vesting of restricted share units			$ 1				(1)
Vesting of restricted share units, shares			97,000
Share-based compensation	(2,779)						(2,779)
Share class surrenders				$ (12)			12
Share class surrenders, shares				(1,243,000)
OP Unit exchanges			$ 19				30,307			(30,326)
OP Unit exchanges, shares			1,902,000
Ending balance at Dec. 31, 2020	$ 882,727		$ 389			$ 28	$ 1,177,260	$ (528,637)		$ 233,687
Ending balance, shares at Dec. 31, 2020			38,896,428	0		2,800,000

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common dividends and distributions declared, per share		$ 0.25	$ 1
Preferred dividends declared, per share	$ 1.75	$ 1.75	$ 1.75
Class B Common Shares [Member]
Share class surrenders, shares	1,242,536	79,829	6,501
Class A Common Shares [Member]
Share class exchanges, common shares			3,151,131
OP Unit exchanges, shares	1,901,739	1,214,577	98,923

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	$ (152,964)	$ (90,603)	$ (114,878)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in loss of unconsolidated entities	4,712	17,994	10,448
Distributions from unconsolidated entities	213	877	3,956
Gain on sale of interest in unconsolidated entities	(1,758)
Gain on sale of real estate	(88,555)	(71,104)	(96,165)
Impairment of real estate assets	64,108	0	0
Change in fair value of interest rate cap			23
Share-based compensation	(3,035)	6,845	7,472
Depreciation and amortization	95,997	104,581	226,675
Amortization of deferred financing costs	421	434	10,322
Amortization of above and below market leases, net	(1,793)	(495)	(768)
Straight-line rent adjustment	4,983	(15,590)	2,825
Change in operating assets and liabilities
Tenants and other receivables	9,725	2,556	(256)
Prepaid expenses, deferred expenses and other assets	(179)	(5,149)	(9,811)
Accounts payable, accrued expenses and other liabilities	20,811	(8,006)	15,056
Net cash (used in) provided by operating activities	(47,314)	(57,660)	54,899
CASH FLOW FROM INVESTING ACTIVITIES
Investment in unconsolidated entities	(62,891)	(54,193)	(27,005)
Net proceeds from disposition of interest in unconsolidated entities	19,551
Distributions from unconsolidated entities	1,150	1,884	10,988
Net proceeds from sale of real estate	331,878	140,505	210,097
Development of real estate	(246,820)	(387,686)	(313,555)
Net cash provided by (used in) investing activities	42,868	(299,490)	(119,475)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Term Loan Facility			1,600,000
Repayment of mortgage loans payable			(1,210,561)
Repayment of Unsecured Term Loan			(145,000)
Payment of deferred financing costs			(2,472)
Proceeds from sale-leaseback financing obligations	20,425
Preferred stock offering costs			(113)
Purchase of shares related to stock grant recipients' tax withholdings	(85)	(3,523)	(1,840)
Preferred dividends paid	(4,900)	(4,900)	(4,020)
Common dividends paid		(17,964)	(35,677)
Non-controlling interests distributions paid		(10,060)	(20,118)
Net cash provided by (used in) financing activities	15,440	(36,447)	180,199
Net increase (decrease) in cash, cash equivalents, and restricted cash	10,994	(393,597)	115,623
Cash, cash equivalents, and restricted cash, beginning of period	139,260	532,857	417,234
Cash, cash equivalents, and restricted cash, end of period	150,254	139,260	532,857
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments for interest	117,866	117,556	102,786
Capitalized interest	27,130	28,497	23,183
Income taxes paid	293	285	321
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Development of real estate financed with accounts payable	20,586	17,006	26,180
Common dividends and OP unit distributions declared and unpaid			14,027
Preferred dividends declared and unpaid	1,225	1,225	1,225
Decrease in real estate, net resulting from deconsolidated properties
Real estate, net	(26,977)	(17,237)	(156,568)
Tenants and other receivables, net	(610)	(2)
Lease intangible assets, net	(567)	(26)	(1,416)
Prepaid expenses, deferred expenses and other assets, net	(528)	(84)	(193)
Accounts payable, accrued expenses and other liabilities	547	6
Transfer to real estate assets held for sale	(3,411)	(5,275)	(3,094)
Transfer of below market asset to right of use asset		(11,005)
Recording of right of use assets	1,598	19,373
Recording of lease liabilities	(1,598)	(8,368)
Property delivered in exchange		(2,075)
Property received in exchange		11,326
Property received in JV distribution	19,300
Non-cash property investment in JV distribution	(19,300)
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	143,728	139,260	532,857
Restricted cash	6,526
Cash, cash equivalents, and restricted cash, end of period	$ 150,254	$ 139,260	$ 532,857

Organization

Organization	12 Months Ended
	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	Note 1 – Organization Seritage Growth Properties (“Seritage”) (NYSE: SRG), a Maryland real estate investment trust formed on June 3, 2015, is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”) as defined under Section 856(c) of the Internal Revenue Code (the “Code”). Seritage’s assets are held by and its operations are primarily conducted, directly or indirectly, through Seritage Growth Properties, L.P., a Delaware limited partnership (the “Operating Partnership”). Under the partnership agreement of the Operating Partnership, Seritage, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership. Unless otherwise expressly stated or the context otherwise requires, the “Company” and “Seritage” refer to Seritage, the Operating Partnership and its owned and controlled subsidiaries. Seritage is principally engaged in the acquisition, ownership, development, redevelopment, management and leasing of diversified retail and mixed-use properties throughout the United States. As of December 31, 2020, the Company’s portfolio consisted of interests in 183 properties totaling approximately 26.5 million square feet of GLA, including 158 wholly owned properties totaling approximately 24.5 million square feet of GLA across 41 states and Puerto Rico (the “Wholly Owned Properties”), and interests in 25 properties totaling approximately 1.9 million square feet of GLA across 13 states that are owned in unconsolidated entities (the “Unconsolidated Properties”). The Company’s mission is to create long-term value for our shareholders by unlocking the value of our portfolio through re-leasing, redevelopment, formation of strategic partnerships or other bespoke solutions. Background The Company commenced operations on July 7, 2015 following a rights offering to the shareholders of Sears Holdings Corporation (“Sears Holdings” or “Sears”) to purchase common shares of Seritage in order to fund, in part, the $2.7 billion acquisition of certain of Sears Holdings’ owned properties and its 50% interests in three joint ventures which were simultaneously leased back to Sears Holdings under a master lease agreement (the “Original Master Lease” and the “Original JV Master Leases”, respectively). 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”). Subsequently, the Company and certain affiliates of Transform Holdco LLC (“Holdco”), an affiliate of ESL Investments, Inc., executed a master lease with respect to 51 Wholly Owned Properties (the “Holdco Master Lease”). As of December 31, 2020, the Company did not have any remaining properties leases to Holdco or Sears Holdings after giving effect to the pending termination of the last five Wholly Owned Properties which is scheduled to be completed in March 2021. Edward S. Lampert is the Chairman and Chief Executive Officer of ESL Investments, Inc, which owns Holdco. Mr. Lampert is also the Chairman of Seritage and controls each of the tenant entities that is a party to the Holdco Master Lease. Since inception, and excluding 17 projects that have been sold, we have completed or substantially completed 51 redevelopment projects and, as of December 31, 2020, we had an additional 15 projects in various stages of redevelopment, with the remaining commenced projects on hold due to adverse conditions resulting from the coronavirus (“COVID-19”) pandemic. As of December 31, 2020, including our proportional share of Unconsolidated Properties, we had 6.4 million square feet of GLA leased to diversified tenants under in-place leases, 2.9 million square feet of GLA leased to diversified tenants under signed not yet opened leases, and 18 million square feet of GLA available for lease and/or redevelopment. COVID-19 Pandemic The novel coronavirus (“COVID-19”) pandemic continues to have a significant impact on the real estate industry in the United States, including the Company’s properties. As of December 31, 2020, the Company had collected 93% of and agreed to defer an additional 4%. % of 2%. While the Company intends to enforce its contractual rights under its leases, there can be no assurance that tenants will meet their future obligations or that additional rental modification agreements will not be necessary. The Company continues to maintain a cautious approach as it responds to the evolving COVID-19 pandemic with an emphasis on managing its cash resources and preserving the value of its assets and its platform. The Company intends to continue monetizing appropriate assets and selectively allocating capital to the assets with opportunistic risk-adjusted returns within its portfolio As a result of the fluidity and uncertainty surrounding the nation’s response to and limitations as a result of the pandemic, the Company expects that these conditions will change, potentially significantly, in future periods and results for the year ended December 31, 2020 may not be indicative of the impact of the COVID-19 pandemic on the Company’s business for future periods. As such, the Company cannot reasonably estimate the impact of COVID-19 on its financial condition, results of operations or cash flows over the foreseeable future. Liquidity The Company’s primary uses of cash include the payment of property operating and other expenses, including general and administrative expenses and debt service (collectively, “obligations”), and, on a selective basis given the current environment, the reinvestment in and redevelopment of its properties (“development expenditures”). As a result of a decrease in occupancy levels due to the Company’s recapture of space for redevelopment purposes and the execution of certain termination rights by Sears Holdings under the Original Master Lease and Holdco under the Holdco Master Lease, property rental income, which is the Company’s primary source of operating cash flow, did not fully fund obligations incurred during the year ended December 31, 2020 and the Company had operating cash outflows of $47.3 million. Additionally, the Company’s asset sales during the year ended December 31, 2020 drove investing cash inflows of $42.9 million and financing cash inflows of $15.4 million. Obligations are projected to continue to exceed property rental income and the COVID-19 pandemic has created uncertainty with respect to rent collections and the timing of the Company’s construction projects, many of which remain on hold. While the Company does not currently have the liquid funds available to satisfy its obligations and development expenditures, the Company expects to fund such obligations and any development expenditures with a combination of cash on hand and sales of Wholly Owned Properties, subject to any approvals that may be required under the Company’s Term Loan Facility, as described in Note 6, Debt. Management has determined that it is probable its plans will be effectively implemented within one year after the date the financial statements are issued and that these actions will provide the necessary cash flows to fund the Company’s obligations and development expenditures.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The 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. Where the Company has an interest in a VIE and 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 evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events. As of December 31, 2020 and December 31, 2019, the Company has several unconsolidated VIEs and 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 December 31, 2020, the Company holds a 69.6% 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 sheets. 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. 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 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 principal 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: Buildings: 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. The Company, on a periodic basis, assesses whether there are indicators that the value of the real estate assets may be impaired. These indicators include macroeconomic conditions, such as the expected impact of the current COVID-19 pandemic. If an indicator is identified, management will estimate the real estate asset recoverability based on projected operating cash flows (undiscounted and unleveraged), taking into account the anticipated holding period and capitalization rates, to determine if the undiscounted cash flows are less than a real estate asset’s carrying value. If the carrying value of an asset exceeds the undiscounted cash flows, an analysis is performed to determine the estimated fair value of the real asset. In estimating the fair value of an asset, various factors are considered, including expected future operating income, trends and leasing prospects including the effects of demand, competition, and other economic factors such as discount rates and market comparables. Changes in any estimates and/or assumptions, including the anticipated holding period, could have a material impact on the projected operating cash flows. 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. Subsequent tests for impairment may result in future impairment charges if the COVID-19 pandemic causes economic and market conditions to deteriorate further. The Company recognized $64.1 million in impairment losses for year ended December 31, 2020 and no impairment losses on real estate assets were recognized for the years ended December 31, 2019 and 2018. Approximately $10.3 million of impairment was attributable to a change in holding period for two properties for which management was in active negotiations for a sale at a value below carrying value. These assets were subsequently sold during the year. In addition, the Company recorded impairment losses of $53.8 million during the year ended December 31, 2020 on vacant assets and partially stabilized assets that are leased primarily to theater and fitness tenants which have been negatively impacted by COVID-19. Such impairment losses are included within impairment on real estate assets Real Estate Dispositions When the Company disposes of all or a portion of a real estate asset, it recognizes a gain or loss on sale of real estate as the difference between the carrying value and consideration received. Consideration consists of cash proceeds received and in certain circumstances, non-cash consideration which is typically in the form of equity in unconsolidated entities The following table summarizes the Company’s gain on sale of real estate, net during the years ended December 31, 2020, 2019, and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Contributions to unconsolidated entities Gross proceeds $ 27.0 $ 21.7 $ 232.7 Gain (loss) on sale of real estate, net (1.5 ) 3.9 63.9 Dispositions to third parties Gross proceeds $ 333.4 $ 144.3 $ 114.3 Gain (loss) on sale of real estate, net (1)(2) 120.1 63.7 29.5 Total gains on contributions and dispositions, net $ 118.6 $ 67.6 $ 93.4 (1) (2) During the year ended December 31, 2020, the Company sold an outparcel for proceeds of $2.7 million which did not meet the criteria for sale accounting because the buyer has the right to put the property back to the Company if the property is not delivered to the tenant. As of December 31, 2020, the Company recognized a deferred purchase price liability for this asset which is located in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. 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 December 31, 2020, one property w as classified as held for sale with assets of $ 1.9 million and no liabilities , and as of December 31, 2019, two properties were classified as held for sale with assets of $ 5.3 million and no liabilities. Investments in Unconsolidated Entities The Company accounts for its investments in unconsolidated entities using the equity method of accounting as the Company exercises significant influence but does not have a controlling financial interest. 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 (which include macroeconomic conditions such as the expected impact of the COVID-19 pandemic), that the value of the Company’s investments in unconsolidated entities may be impaired. An investment’s value is impaired 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. If the COVID-19 pandemic causes economic and market conditions to deteriorate further, subsequent tests for impairment may result in future impairment charges. No such impairment losses were recognized for the years ended December 31, 2020, 2019 or 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. Restricted Cash As of December 31, 2020, restricted cash represented cash received as proceeds for a sale which did not meet the criteria for sale accounting at December 31, 2020, as well as cash collateral for a letter of credit. As of December 31, 2020, the Company had restricted cash of $6.5 million and as of December 31, 2019, the Company did not have any restricted cash. Rental Revenue Recognition and Tenant Receivables Rental income is comprised of base rent and reimbursements of property operating expenses. The Company commences rental revenue recognition when the lessee takes control of the physical use of the leased asset based on an evaluation of several factors. 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 straight-line rent receivable and included as a component of tenant and other receivables on the consolidated balance sheets. 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. 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, including the expected impact of the COVID-19 pandemic, and economic conditions in the area where the property is located. Tenant receivables, including receivables arising from the straight-lining of rents, are written-off directly when management deems that the collectability of substantially all future lease payments from a specified lease is not probable of collection, at which point, the Company will begin recognizing revenue on a cash basis, based on actual amounts received. Any receivables that are deemed to be uncollectible are recognized as a reduction to rental income in the Company’s consolidated statements of operations. If future circumstances change such that the Company believes that it is reasonably certain that the Company will collect all rental income remaining on such leases, the Company will resume accruing rental income and recognize a cumulative catch up for previously written off receivables. The Company also recognizes a general reserve, as a reduction to rental income, for its portfolio of operating lease receivables which are not expected to be fully collectible. The Company recorded a reduction to rental income of $5.6 million and $255 thousand during the years ended December 31, 2020 and December 31, 2019 as a result of the Company’s evaluation of collectability. In addition, the Company also recorded a reversal of previously recorded straight-line rent of $5.0 million for the year ended December 31, 2020. No such reversals were recorded for the year ended December 31, 2019. During the year ended December 31, 2020, the reduction to rental income included an allowance of $1.8 million related to deferral agreements. Due to the COVID-19 pandemic, the Company has entered into amendments to existing leases with certain tenants (the “Rent Deferral Agreements”), that provide for the deferral of all or some portion of rental payments due during the period which such tenant was affected by the COVID-19 pandemic (“Deferred Rent”). The Rent Deferral Agreements typically provide for repayment of the Deferred Rent within 6-12 months following the end of the rent deferral period and, in many instances, waive certain other conditions in favor of the Company while Deferred Rent is outstanding. Deferred Rent generally becomes immediately due and payable under the Rent Deferral Agreements if the tenant does not make the minimum contractual payments or otherwise defaults on the lease. In April 2020, the FASB staff issued a question-and-answer (Q&A) document focusing on the application of the lease guidance in ASC 842, Leases, providing optional relief related to the lease modification guidance under ASC 842 for lease concession agreements entered as a result of COVID-19. As a result, the Company has not adjusted accrued rental revenues or the portion of accrued rental revenues related to the straight-line method for the portion which has been deferred. When the Deferred Rents are repaid, the Company will relieve the accrual in tenant and other receivables. 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 a lease incentive and is recognized over the lease term as a reduction of rental revenue on a straight-line basis. Tenant and Other Receivables Tenant and other receivables 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, as discussed above. Tenant and other receivables also include management fees receivable for services performed for the benefit of certain unconsolidated entities. 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. Management and Other Fee Income Management and other fee income represents property management, construction, leasing and development fees for services performed for the benefit of certain unconsolidated entities. Property management fee income is reported at 100% of the revenue earned from such Unconsolidated Properties in management and other fee income on the consolidated statements of operations. The Company’s share of management expenses incurred by the unconsolidated entities is reported in equity in income (loss) of unconsolidated entities on the consolidated statements of operations and in other expenses in the combined financial data in Note 4. Leasing and development fees are initially reported at the portion of revenue earned attributable to outside ownership of the related unconsolidated entities. The Company’s share in leasing and development fee income is recognized over the useful life of the associated development project, in the case of development fees, or lease term, in the case of leasing fees, as the associated asset is depreciated over the same term and included in equity in income (loss) of unconsolidated entities on the consolidated statements of operations and in other expenses in the combined 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 services, 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 within our unconsolidated entities 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 performance obligations, 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 obligations are typically satisfied at lease execution and tenant opening date, and revenue is recognized in accordance with the related agreement at the point in time when the obligation has been satisfied. Accounting for Recapture and Termination Activity Pursuant to the Original Master Lease and Holdco Master Lease (see Note 5) Seritage Recapture Rights. The Company generally treats the delivery of a 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, if any, 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, if any, is amortized over the remaining useful life of the asset or liability. A 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 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. 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. 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 consolidated statements of operations. Compensation expense for equity awards is based on the grant date fair value of the awards. Compensation expense is recognized ratably over the vesting period for awards with time-based vesting and awards with market-based vesting conditions (e.g. total shareholder return). For awards with performance-based vesting determined by Company operating criteria, the Company recognizes compensation expense at the date the achievement of performance criteria is deemed probable for the amount 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 ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of December 31, 2020, the Company leased space at only five Wholly Owned Properties to Holdco under the Holdco Master Lease , all of which will be terminated effective March 2021 . T he Company’s exposure to Holdco has been reduced to a level such that Holdco no longer represents a significant concentration of credit risk. Management believes the Company's portfolio is reasonably diversified and does not contain any other significant concentrations of credit risk. As of December 31, 2020, the Company's portfolio of Wholly Owned Properties and Unconsolidated Properties was diversified by location across 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. As of December 31, 2020, all outstanding Class B common shares have been surrendered and there are currently no Class B common shares outstanding. As of December 31, 2019, 1,242,536 Class B non-economic common shares were issued and outstanding. 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 The following presents Accounting Standards Updates (“ASU”) issued by Financial Accounting Standards Board (“FASB”) which have been adopted by the Company: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2016-02, Leases (“Topic 842”) ASU 2018-10, Codification Improvements ASU 2018-11, Leases, Targeted Improvements ASU 2018-20, Leases This standard, as amended by subsequent ASUs on the topic, 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. January 1, 2019 The Company adopted this standard by 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 two ground leases 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 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 a 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 consolidated balance sheets. ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2018-01, Leases , Land Easement Practical Expedient for Transition to Topic 842 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. January 1, 2019 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 consolidated statements of operations for leases where the Company is the lessor. 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 consolidated financial statements. ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) ASU 2018-

Lease Intangible Assets and Lia

Lease Intangible Assets and Liabilities	12 Months Ended
	Dec. 31, 2020
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 $18.6 million and $4.2 million, respectively, as of December 31, 2020, and $68.2 million and $10.6 million, respectively, as of December 31, 2019. The following table summarizes the Company’s lease intangible assets and liabilities (in thousands): December 31, 2020 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 73,169 $ (56,369 ) $ 16,800 Above-market leases, net 4,139 (2,344 ) 1,795 Total $ 77,308 $ (58,713 ) $ 18,595 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 6,626 $ (2,440 ) $ 4,186 Total $ 6,626 $ (2,440 ) $ 4,186 December 31, 2019 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 245,745 $ (180,639 ) $ 65,106 Above-market leases, net 6,625 (3,578 ) 3,047 Total $ 252,370 $ (184,217 ) $ 68,153 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 15,912 $ (5,264 ) $ 10,648 Total $ 15,912 $ (5,264 ) $ 10,648 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $1.8 million, $0.5 million and $0.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. Future amortization of these intangibles is estimated to increase rental income as set forth below (in thousands): 2021 $ 43 2022 (53 ) 2023 1 2024 26 2025 97 Amortization of acquired below-market ground leases resulted in additional rent expense of $0.2 million for each of the years ended December 31, 2020, 2019 and 2018. Future amortization of the below-market ground lease is estimated to increase property expenses as set forth below (in thousands): 2021 $ 203 2022 203 2023 203 2024 203 2025 203 Amortization of acquired in-place leases resulted in additional depreciation and amortization expense of $42.5 million, $40.5 million and $173.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. Future estimated amortization of acquired in-place leases is set forth below (in thousands): 2021 $ 3,022 2022 2,750 2023 1,921 2024 1,385 2025 1,077

Investments in Unconsolidated E

Investments in Unconsolidated Entities	12 Months Ended
	Dec. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Entities	Note 4 – Investments in Unconsolidated Entities The Company conducts a portion of its property rental activities through investments in unconsolidated entities. The Company and its partners in these unconsolidated entities make initial and/or ongoing capital contributions to these unconsolidated entities. The obligations to make capital contributions are governed by each unconsolidated entity’s respective operating agreement and related governing documents. As of December 31, 2020, the Company had investments in ten unconsolidated entities as follows: Seritage % # of Total Unconsolidated Entities Entity Partner(s) Ownership Properties GLA GS Portfolio Holdings II LLC ("GGP I JV") Brookfield Properties Retail (formerly GGP Inc.) 50.0 % 4 520,400 GS Portfolio Holdings (2017) LLC ("GGP II JV") Brookfield Properties Retail (formerly GGP Inc.) 50.0 % 3 474,100 MS Portfolio LLC ("Macerich JV") The Macerich Company 50.0 % 7 1,266,600 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 50.0 % 1 103,000 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 % 1 163,700 GGCAL SRG HV LLC ("Cockeysville JV") An affiliate of Greenberg Gibbons 50.0 % 1 160,200 Tech Ridge JV Holding LLC ("Tech Ridge JV") An affiliate of RD Management 50.0 % 1 — J&J Baldwin Park LLC ("Carson Investment") An affiliate of NewMark Merrilll Companies and other entities 20.0 % 1 182,200 25 3,968,600 The Company has contributed certain properties to unconsolidated entities in exchange for equity interests in those unconsolidated entities. The contribution of property to unconsolidated entities is accounted for as a sale of real estate and the Company recognizes the gain (loss) on the sale (the “Gain (Loss)”) based upon the transaction price attributed to the property at the closing of the unconsolidated entities transaction (the “Contribution Value”). The Gain (Loss) is included in gain on sale of real estate on the consolidated statements of operations. In certain circumstances, the Contribution Value is subject to revaluation as defined in the respective unconsolidated entity agreements, which may result in an adjustment to the Gain (Loss) recognized. If the Contribution Value is subject to revaluation, the Company initially recognizes the Gain (Loss) at the value that is the expected amount within the range of possible outcomes and will re-evaluate the expected amount on a quarterly basis through the final determination date. Upon revaluation, the primary inputs in determining the Contribution Value will be updated for actual results and may result in a cash settlement or capital account adjustment between the unconsolidated entity partners, as well as an adjustment to the Initial Gain (Loss). Each reporting period, the Company re-analyzes the primary inputs that determine the Contribution Value and the Gain (Loss) for those unconsolidated entities subject to a revaluation. The following table presents summarizes the properties contributed to the Company’s unconsolidated entities: December 31, 2020 Unconsolidated Entity Contribution Date Contribution Value Gain (Loss) 2018 Mark 302 JV (1) March 20, 2018 $ 60.0 $ 8.8 UTC JV May 18, 2018 68.0 28.3 West Hartford JV (2) May 18, 2018 20.3 (1.1 ) 2019 Cockeysville JV (3) March 29, 2019 $ 12.5 $ 3.8 Tech Ridge JV (4) September 27, 2019 3.0 0.1 (1) The Mark 302 JV is subject to a revaluation upon the earlier of the first anniversary of project stabilization or December 31, 2020. The primary inputs in determining the Contribution Value for the Mark 302 JV are property operating income based on signed leases and total project costs and the Contribution Value will be recalculated to yield a pre-determined rate of return to its partner. Initially, the Contribution Value ranged from $105.0 million to $60.0 million, and as a result, the Gain (Loss) will not be more than $53.8 million or less than $8.8 million. During the year ended December 31, 2020 the Company adjusted the Contribution Value down to $60.0 million and reduced the Gain (Loss) by $30.0 million which is included in gain on sale of real estate on the consolidated statements of operations. The Company also recorded a $15.0 million reduction to the Mark 302 JV investment value and a $15.0 million payable related to the amounts due to its partner which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. In addition, 2020, the Company and its partner entered into an agreement to extend the revaluation date for the Mark 302 JV to September 30, 2021. Pursuant to the terms of this agreement, the Company will pay its partner a fee of $1.1 million and the Contribution Value cannot be more than $90.0 million or less than $60.0 million. The Company will continue to re-evaluate the expected amount on a periodic basis through the final determination date . ( 2 ) The West Hartford JV was subject to (i) a revaluation upon the earlier of the first anniversary of project stabilization 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. As of December 31, 2019, the Company revalued the Contribution Value and recorded an additional loss of $2.3 million, and the Company does not expect there to be any additional revaluations. ( 3 ) The Cockeysville JV is subject to revaluation if an affiliate of Greenberg Gibbons contributes another adjacent parcel of land (the “Additional Land Parcel”) to the Cockeysville JV if certain milestones are met with respect to entitling the Additional Land Parcel for residential use. If the Additional Land Parcel is contributed to the Cockeysville JV, the Company will record an increased investment in the Cockeysville JV in an amount equal to 50% of the fair value of the Additional Land Parcel at the time of contribution. The Contribution Value of the Cockeysville JV is based upon the Company’s assessment of the probability of the Additional Land Parcel being entitled for residential use. The maximum Gain (Loss) is the fair value of the Additional Land Parcel at the time the Contribution Value is revalued, which cannot be less than $ million. ( 4 ) The Tech Ridge JV is subject to a revaluation primarily based upon the number of residential units constructed by the Tech Ridge JV. T he Contribution Value cannot be less than $ 2.75 million. Other Unconsolidated Entity Transactions Carson Investment On September 21, 2020, the Company contributed its property located in Carson, CA to the Carson Investment and retained a 20% interest in the property. As a result of the sale, the Company recorded an impairment of $6.4 million which is included in impairment on real estate assets on the consolidated statements of operations, and a loss on sale of $1.5 million which is included in gain on sale of real estate on the consolidated statements of operations. GGP II JV On December 23, 2020, the Company sold to its partner, Brookfield Properties Retail, its 50% membership interests in two of the assets in the GGP II JV for total consideration of $20.0 million and recorded a reduction of its investment, which is included in Investment in unconsolidated entities on the consolidated balance sheets. As a result of the sale, the Company recorded a gain on sale of $1.8 million in gain on sale of real estate on the consolidated statements of operations. Macerich JV On December 30, 2020, the Company acquired full ownership of the former Sears parcel Arrowhead Towne Center in Glendale, AZ, and surrendered its 50% share of the former Sears parcel at South Plains Mall in Lubbock, TX. This transaction was recorded as a distribution of property. Unconsolidated Entity Management and Related Fees The Company acts as the operating partner and day-to-day manager for Mark 302, West Hartford, UTC and Tech Ridge. The Company is entitled to receive fees for providing management, leasing, construction supervision and asset management services to these entities. The Company also acts as the development manager for one of the properties in the group of GGP II entities which entitles the Company to receive certain development fees. The Company earned $293 thousand and $1.6 million from these services for the years ended December 31, 2020 and December 31, 2019, respectively. The following tables present combined financial data for all of the Company’s unconsolidated entities (in thousands): December 31, 2020 December 31, 2019 ASSETS Investment in real estate Land $ 318,540 $ 336,739 Buildings and improvements 492,973 517,068 Accumulated depreciation (81,730 ) (86,496 ) 729,783 767,311 Construction in progress 222,663 177,028 Net investment in real estate 952,446 944,339 Cash and cash equivalents 16,094 27,977 Tenant and other receivables, net 4,104 3,113 Other assets, net 62,882 26,051 Total assets $ 1,035,526 $ 1,001,480 LIABILITIES AND MEMBERS' INTERESTS Liabilities Mortgage loans payable, net $ 34,672 $ 14,218 Accounts payable, accrued expenses and other liabilities 48,405 89,110 Total liabilities 83,077 103,328 Members Interest Additional paid in capital 964,868 934,120 Retained earnings (12,419 ) (35,968 ) Total members interest 952,449 898,152 Total liabilities and members interest $ 1,035,526 $ 1,001,480 Year Ended December 31, 2020 2019 2018 EQUITY IN INCOME OF UNCONSOLIDATED ENTITIES Total revenue $ 22,420 $ 31,470 $ 48,455 Property operating expenses (9,962 ) (11,385 ) (9,357 ) Depreciation and amortization (18,401 ) (60,745 ) (31,676 ) Operating income (loss) (5,943 ) (40,660 ) 7,422 Other expenses (3,551 ) (2,049 ) (28,317 ) Gain on sale of real estate 166 6,721 — Net loss $ (9,328 ) $ (35,988 ) $ (20,895 ) Equity in (loss) income of unconsolidated entities $ (4,712 ) $ (17,994 ) $ (10,448 )

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Note 5 – Leases Lessor Disclosures Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, under non-cancelable operating leases executed as of December 31, 2020 and December 31, 2019 is approximately as follows: (in thousands) December 31, 2020 2021 95,780 2022 89,685 2023 83,864 2024 80,592 2025 80,382 Thereafter 430,456 Total Lease Payments $ 860,759 (in thousands) December 31, 2019 2020 113,265 2021 121,909 2022 124,067 2023 119,745 2024 116,607 Thereafter 1,019,054 Total Lease Payments $ 1,614,647 The components of lease revenues for the years ended December 31, 2020, December 31, 2019 and December 31, 2018 were as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Fixed rental income 93,259 104,956 140,661 Variable rental income 26,133 45,994 74,839 Total rental income $ 119,392 $ 150,950 $ 215,500 Lessee Disclosures The Company has two ground leases 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 year ended 2019. As of December 31, 2020, and December 31, 2019, the outstanding amount of ROU assets were $18.8 million and $18.5 million, respectively. The Company recorded rent expense related to leased corporate office space of $1.7 million, $1.6 million, and $0.7 million for the years ended December 31, 2020, December 31, 2019 and December 31, 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 $45 thousand for each of the years ended December 31, 2020, December 31, 2019 and December 31, 2018, respectively. Such ground rent expense is classified within property operating expenses on the consolidated statements of operations. The ground lease requires the Company to make fixed annual rental payments and expires in 2073 assuming all extension options are exercised. The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2020: (dollar amounts in thousands) As of December 31, 2020 Weighted average remaining lease term (in years) 9.94 Weighted average discount rate 6.98 % Cash paid for operating leases $ 2,145 Sale-leaseback Financing Obligations During the year ended December 31, 2020, the Company completed a sale-leaseback transaction for its property in Hialeah, Florida for $21.0 million. As part of the sale-leaseback transaction, the Company agreed to lease all land and improvements on the land for a fixed term of 25 years at an initial base rent of $1.5 million per annum which will increase by 1.5% per year thereafter. For the initial periods of the sale-leaseback, cash payments are less than the interest expense recognized, which causes the obligation to increase during the initial years of the lease term. The implied interest rate is approximately 7.00%. The Company has a purchase option during years four, five or seven of the 25-year term to reacquire, solely at the Company’s option, the Hialeah property at a predetermined price. The Hialeah property continues to be reflected as a long lived asset and depreciated over its remaining useful life. Future sale-leaseback financing obligations as of December 31, 2020 are approximately as follows: (in thousands) December 31, 2020 2021 1,444 2022 1,466 2023 1,488 2024 1,510 2025 1,532 2026 1,555 Thereafter 33,891 Interest Portion (22,830 ) Total Lease Payments $ 20,056 Original Master Lease and Holdco Master Lease 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 that it is a triple net lease 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. The Holdco Master Lease provides for an initial base rent at the same rates which were in place at the time the Original Master Lease was rejected. 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 was increased in August of each year by 2.0% per annum. For subsequent renewal terms, consistent with the Original Master Lease, rent was to be set at the commencement of the renewal term at a fair market rent based on a customary third-party appraisal process, but in no event would the renewal rent be less than the rent payable in the immediately preceding lease year. The lease provided for annual rent increases and four renewal terms. The base rent under the Holdco Master Lease was 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 was 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 years ended December 31, 2020, 2019 and 2018 are as follows (in thousands and excluding straight-line rental income of $(7.9) million, $0.3 million and $(4.9) million, respectively). Year Ended December 31, 2020 2019 2018 Fixed rental income $ 4,268 $ 27,628 $ 86,224 Variable rental income 10,425 23,525 65,450 Total rental income $ 14,693 $ 51,153 $ 151,674 Seritage Recapture Rights The Holdco 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. As of December 31, 2020, the Company had previously exercised certain recapture rights with respect to 70 properties under the Original Master Lease prior to its rejection on March 12, 2019, and exercised recapture rights with respect to four properties under the Holdco Master Lease during the year ended December 31, 2019, including three properties where the Company had previously exercised certain recapture rights under the Original Master Lease. The following table provides a summary of the Company’s recapture activity as of December 31, 2020: (in thousands except property count) Year Square Feet Total Number of Properties 100% Recaptures (1) Partial Recaptures (2) 2020 — — — — 2019 629 4 3 1 2018 3,428 20 17 3 2017 3,302 27 16 11 2016 1,501 17 4 13 Total 8,860 68 40 28 (1) Includes properties for which the Company had converted partial recapture rights to 100% recapture rights. (2) Partial recaptures include the recapture of (i) up to approximately 50% of the space occupied by the tenant at all properties, (ii) automotive care centers which are free-standing or attached as “appendages” to the properties, and/or (iii) outparcels or outlots and certain portions of parking areas and common areas. Holdco Termination Rights Under the terms of the Holdco Master Lease, Holdco has the right, at any time, to terminate the Holdco Master Lease with respect to any property upon the payment of a termination fee equal to one year of base rent plus annual taxes and other operating expenses. Sears Holdings exercised termination rights with respect to 87 properties under the Original Master Lease prior to its rejection on March 12, 2019 and Holdco had exercised termination rights with respect to all remaining properties under the Holdco Master Lease as of December 31, 2020. The following table provides a summary of Sears Holdings’ and Holdco’s termination activity (excluding 31 properties totaling 4.3 million square feet that were rejected on March 12, 2019 as part of Sears Holdings’ bankruptcy filing) as of December 31, 2020: (in thousands except property count) Notice Date Termination Date Square Feet Number of Properties Redevelopments Announced Properties Sold December 2020 March 2021 (1) 639 5 — — June 2020 September 2020 (1) 1,800 12 2 — November 2019 March 2020 4,332 29 7 1 August 2018 December 2018 1,605 13 6 3 June 2018 November 2018 (2) 1,218 9 6 1 April 2018 August 2018 1,494 9 4 1 June 2017 October 2017 (3) 3,812 20 8 4 January 2017 April 2017 1,872 19 7 8 September 2016 January 2017 1,727 17 8 6 Total 18,499 133 48 24 (1) Properties terminated pursuant to the Amendments signed in 2020. (2) Two properties were terminated in October 2018. (3) One property was terminated in November 2017 and one was terminated in January 2018. As of December 31, 2020, the Company had commenced or completed redevelopment projects at 48 of the terminated properties, and sold an additional 24 of the terminated properties, and will continue to announce redevelopment activity as new leases are signed to occupy the space formerly occupied by Sears or Kmart.

Debt

Debt	12 Months Ended
	Dec. 31, 2020
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 existing indebtedness and (ii) pay transaction and related costs. The remaining proceeds from the Initial Funding, as well as borrowings under the Incremental Funding Facility, were 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 prepays the annual fee and amortizes the expense to interest expense on the consolidated statements of operations. As of December 31, 2020, 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 SNO Leases expected to commence rent payment within 12 months) for the fiscal quarter ending prior to the date of incurrence of the Incremental Funding Facility, of not less than $200 million (ii) the Company’s good faith projection that rental income from non-Sears Holdings tenants (after giving effect to SNO Leases expected to commence rent payment within 12 months) 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, and (iii) the repayment by the Operating Partnership of any deferred interest permitted under the amendment to the Term Loan Amendment as further described below. 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 Operating Partnership. The Term Loan Facility is secured on a first lien basis by a pledge of the capital stock of the direct subsidiaries of the Operating Partnership 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 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 requirements 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 limits the Company’s ability to dispose of assets via sale or joint venture and triggers 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 December 31, 2020, 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, as of December 31, 2020, Berkshire Hathaway had provided such consent for all such transactions submitted for approval. During 2019, Berkshire Hathaway requested mortgages on a majority of the Company’s portfolio which were recorded in accordance with the mortgage and collateral requirement (the “Lender Request”), and in 2021, the Company provided mortgages on the remaining unencumbered assets. There are no other changes to the terms and conditions of the Term Loan Facility, or the Company’s ability to operate thereunder, as a result of providing mortgages against any of the Company’s assets pursuant to the mortgage and collateral requirement. The Company accounted for the Lender Request transaction as a modification of debt as of December 31, 2020. The Company believes it is in compliance with 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 December 31, 2020 and December 31, 2019, the unamortized balance of the Company’s debt issuance costs were $1.1 million and $1.5 million, respectively. On May 5, 2020, the Operating Partnership and Berkshire Hathaway entered into an amendment (the “Term Loan Amendment”) to the Term Loan Agreement by and among the Operating Partnership and Berkshire Hathaway as initial lender and administrative agent that permits the deferral of payment of interest under the Term Loan Agreement if, as of the first day of each applicable month, (x) the amount of unrestricted and unencumbered (other than liens created under the Term Loan Agreement) cash on hand of the Operating Partnership and its subsidiaries, minus (y) the aggregate amount of anticipated necessary expenditures for such period (such sum, “Available Cash”) is equal to or less than $30.0 million. In such instances, for each interest period, the Operating Partnership is obligated to make payments of interest in an amount equal to the difference between (i) Available Cash and (ii) $20.0 million (provided that such payment shall not exceed the amount of current interest otherwise due under the Term Loan Agreement). Any deferred interest shall accrue interest at 2.0 % in excess of the then applicable interest rate and shall be due and payable on July 31, 2023; provided, that the Operating Partnership is required to pay any deferred interest from Available Cash in excess of $ 30.0 million (unless otherwise agreed to by the administrative agent under the Term Loan Agreement in its sole discretion). In addition, repayment of any outstanding deferred interest is a condition to any borrowings under the $ 400.0 million incremental funding facility under the Term Loan Agreement. The Company has paid all interest due under the Term Loan Agreement and has not deferred any interest as permitted under the Term Loan A mend ment. Additionally, the Term Loan Amendment provides that the administrative agent and the lenders express their continued support for asset dispositions, subject to the administrative agent’s right to approve the terms of individual transactions due to the occurrence of a Financial Metric Trigger Event, as such term is defined under the Term Loan Agreement. Mortgage Loans Payable On July 7, 2015, in connection with the Company commencing operations, the Company entered into a mortgage loan agreement (the “Mortgage Loan Agreement”) and mezzanine loan agreement (collectively, the “Mortgage Loan Agreements”), providing for term loans in an initial principal amount of approximately $1,161 million (collectively, the “Mortgage Loans”) and a $100 million future funding facility (the “Future Funding Facility”). The Mortgage Loans and Future Funding Facility were secured by all of the Company’s Wholly Owned Properties and a pledge of its equity in the unconsolidated entities. Pursuant to the terms of the Mortgage Loan Agreements, amounts available under the Future Funding Facility were fully drawn by the Company on June 30, 2017. Such amounts were deposited into a redevelopment reserve and used to fund redevelopment activity at the Company’s properties. Interest under the Mortgage Loans was due and payable on the payment dates, and all outstanding principal amounts were due when the loan was scheduled to mature on the payment date in July 2019 The Company incurred $22.3 million of debt issuance costs related to the Mortgage Loans and Future Funding Facility which were recorded as a direct deduction from the carrying amount of the Mortgage Loans and Future Funding Facility and amortized over the term of the Mortgage Loan Agreements. During the year ended December 31, 2018, the Company fully amortized the remaining unamortized debt issuance costs as a result of the full repayment of the Mortgage Loans and Future Funding Facility on July 31, 2018. As of December 31, 2020 and December 31, 2019, the Company had no unamortized debt issuance costs related to the Mortgage Loans and Future Funding Facility. On July 31, 2018, the aggregate principal amounts outstanding under the Mortgage Loans and the Future Funding Facility were repaid in full and no amounts were outstanding as of December 31, 2020. Unsecured Term Loan On December 27, 2017, the Operating Partnership, as borrower, and the Company, as guarantor, refinanced its unsecured delayed draw term loan with a $200 million unsecured term loan facility (the “Unsecured Term Loan”). The principal amount outstanding under the Unsecured Delayed Draw Term Loan at termination was $85 million. No prepayment penalties were triggered and the Unsecured Delayed Draw Term Loan terminated in accordance with its terms. The lenders under the Unsecured Delayed Draw Term Loan, JPP, LLC and JPP II, LLC, maintained their funding of $85 million in the Unsecured Term Loan, with JPP, LLC appointed as administrative agent under the Unsecured Term Loan. An affiliate of Empyrean Capital Partners, L.P., a Delaware limited partnership (and together with JPP, LLC and JPP II LLC, each an “Initial Lender” and collectively, the “Initial Lenders”), funded $60 million under the Unsecured Term Loan, resulting in a total of $145 million committed and funded under the Unsecured Term Loan at closing. The Borrower paid to each Initial Lender an upfront fee in an aggregate amount equal to 1.00% of the principal amount of the loan made by such Initial Lender. Under an accordion feature, the Company had the right to increase the total commitments up to $200 million and place an additional $55 million of incremental loans with the Initial Lenders or new lenders. The Initial Lenders under the Unsecured Term Loan were not obligated to make all or any portion of the incremental loans. The Unsecured Term Loan matured on the earlier of (i) December 31, 2018 and (ii) the date on which the outstanding indebtedness under the Company’s existing mortgage and mezzanine facilities are repaid in full. The Unsecured Term Loan was prepayable at any time in whole or in part, without any penalty or premium. Amounts drawn under the Unsecured Term Loan and repaid may not have been redrawn. The principal amount of loans outstanding under the Unsecured Term Loan bore a base annual interest rate of 6.75%. The Company incurred $1.8 million of debt issuance costs related to the Unsecured Term Loan which was recorded as a direct deduction from the carrying amount of the Unsecured Term Loan and amortized over the term of the loan. During the year ended December 31, 2018, the Company fully amortized the remaining unamortized debt issuance costs as a result of the full repayment of the Unsecured Term Loan on July 31, 2018. As of December 31, 2020 and December 31, 2019, the Company had no unamortized debt issuance costs related to the Unsecured Term Loan. Edward S. Lampert, the Company’s Chairman, is the Chairman and Chief Executive Officer of ESL Investments, Inc., which controls JPP, LLC and JPP II, LLC. The terms of the Unsecured Term Loan were approved by the Company’s Audit Committee and the Company’s Board of Trustees (with Mr. Lampert recusing himself). On July 31, 2018, the principal amounts outstanding under the Unsecured Term Loan were repaid in full and no amounts were outstanding as of December 31, 2020.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
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 of the Code for U.S. 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 U.S. 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 U.S. federal income tax at regular corporate rates (including, for any taxable year ended on or before December 31, 2017, any applicable alternative minimum tax) and any applicable state and local income taxes. In addition, if the Company fails to qualify as a REIT, it may not be able to qualify as a REIT for four subsequent taxable years in some cases. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain U.S. state, local and Puerto Rico taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed REIT taxable income. The Company’s taxable REIT subsidiaries are subject to corporate income tax. The Company evaluated whether any uncertain tax positions existed as of December 31, 2020 and 2019 and concluded that there are no uncertain tax positions.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
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 were carried at fair value and were valued using Level 2 inputs. The Company had no derivative instruments as of December 31, 2020 (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 consolidated statements of operations. For the years ended December 31, 2020 and December 31, 2019, the Company did no t record any gain or loss compared to a loss of $ 23 thousand for the year ended December 31, 2018 . Assets Measured at Fair Value on a Nonrecurring Basis Assets measured at fair value on a nonrecurring basis on our consolidated balance sheets consist of real estate assets that have been written down to estimated fair value and are classified as Level 3 within the fair value hierarchy. The Company’s estimates of fair value are determined using discounted cash flow models, which consider, among other things, anticipated holding periods, current market conditions, potential development projects and utilize unobservable quantitative inputs, including appropriate capitalization and discount rates. In addition, signed contracts or letters of intent from third parties are considered. For the years ended December 31, 2020, 2019 and 2018, in accordance with ASC 360-10, Property, Plant and Equipment Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on the consolidated balance sheets include cash equivalents and term loan facility. The fair value of cash equivalents and restricted cash are classified as Level 1 and the fair value of term loan facility is classified as Level 2. Cash equivalents and restricted cash 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 December 31, 2020 and December 31, 2019

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 – Commitments and Contingencies Insurance The Company maintains general liability insurance and all-risk property and rental value, with sub-limits for certain perils such as floods and earthquakes on each of the Company’s properties. The Company also maintains coverage for terrorism acts as defined by Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2027. Insurance premiums are charged directly to each of the properties. The Company will be responsible for deductibles and losses in excess of insurance coverage, which could be material. The Company continues to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism. However, the Company cannot anticipate what coverage will be available on commercially reasonable terms in the future. Environmental Matters Under various federal, state and local laws, ordinances and regulations, the Company may be considered an owner or operator of real property or may have arranged for the disposal or treatment of hazardous or toxic substances. As a result, the Company may be liable for certain costs including removal, remediation, government fines and injuries to persons and property. Under the Holdco Master Lease, Holdco is required to indemnify the Company from certain environmental liabilities at the Wholly Owned Properties before or during the period in which each Wholly Owned Property was leased to Holdco, including removal and remediation of all affected facilities and equipment constituting the automotive care center. In addition, an environmental reserve was funded at the closing of the transactions in connection with the Company commencing operations in the amount of approximately $12.0 million. As of December 31, 2020, the balance of the environmental reserve was approximately $9.5 million. Litigation and Other Matters 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 (the “Bankruptcy Court”) 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 Original 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. On October 15, 2019, the Bankruptcy Court entered an order (the “Confirmation Order”) confirming the Modified Second Amended Joint Chapter 11 Plan of Sears Holdings and its affiliated debtors (the “Chapter 11 Plan”). Pursuant to the terms of the Confirmation Order, upon the effective date of the Chapter Plan, a liquidating trust will be formed, and the Litigation will vest in the liquidating trust. The Confirmation Order further provides that, prior to the effective date of the Chapter 11 Plan and the formation of the liquidating trust, the Litigation shall be controlled by five litigation designees selected by Sears Holdings and the Unsecured Creditors’ Committee (the “UCC”). For further information, refer to the Chapter 11 Plan, Confirmation Order and liquidating trust agreement, each of which has been publicly filed with the Bankruptcy Court. On February 21, 2020, the Seritage defendants filed a partial motion to dismiss seeking dismissal of the claims in the operative complaint in the Litigation relating to the release received in the Sears Holdings derivative litigation, unjust enrichment, and equitable subordination. Briefing and oral argument on the motions were completed in August 2020, and the parties are awaiting a decision. 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 and due to the current environment. 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 consolidated financial position, results of operations, cash flows or liquidity of the Company. As of December 31, 2020, and December 31, 2019, the Company did not record any amounts for litigation or other matters.

Related Party Disclosure

Related Party Disclosure	12 Months Ended
	Dec. 31, 2020
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 December 31, 2020, Mr. Lampert beneficially owned a 30.4% interest in the Operating Partnership and approximately 6.5% of the outstanding Class A common shares. 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 Entities Certain unconsolidated entities ventures have engaged the Company to provide management, leasing, construction supervision and development services at the properties owned by the unconsolidated entities. 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 consolidated statements of operations. The Company’s In addition, as of December 31, 2020, the Company had incurred $5.0 million of development expenditures at properties owned by certain unconsolidated entities for which the Company will be repaid by the respective unconsolidated entities. These amounts are included in tenant and other receivables, net on the Company’s consolidated balance sheets. $9.7 .

Non-Controlling Interests

Non-Controlling Interests	12 Months Ended
	Dec. 31, 2020
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 which was amended and restated on December 14, 2017. Pursuant to this 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 December 31, 2020, the Company held a 69.6% interest in the Operating Partnership and ESL held a 30.4% 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	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Shareholders' Equity	Note 12 – Shareholders’ Equity Class A Common Shares As of December 31, 2020, 38,896,428 Class A common shares were issued and outstanding. Class A shares have a par value of $0.01 per share. During the year ended December 31, 2020, 1,901,739 OP Units were exchanged for an equal number of Class A shares. Class B Non-Economic Common Shares During the year ended December 31, 2020, 1,242,536 Class B non-economic common shares were surrendered to the Company. As of December 31, 2020, there were no Class B non-economic common shares issued or outstanding. Class B non-economic common shares have a par value of $0.01 per share. Class C Non-Voting Common Shares As of December 31, 2020, there were no Class C non-voting common shares issued or outstanding. Class C non-voting shares have a par value of $0.01 per share. 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 $66.4 million, after deducting payment of the underwriting discount and offering expenses. 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. 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 has not declared dividends on the Company’s Class A and Class C common shares during 2020. The last dividend on the Company’s Class A and C common shares that the Board of Trustees declared was on February 25, 2019, which was paid on April 11, 2019 to shareholders of record on March 29, 2019. Our Board of Trustees will continue to assess the Company’s investment opportunities and its expectations of taxable income in its determination of future distributions, if any. The Company intends to, at a minimum, make distributions to its shareholders to comply with the REIT requirements of the Code, which may be satisfied by dividends on the Company’s Series A Preferred Shares. The Company declared total dividends of $0.25 and $1.00 per common share for the years ended December 31, 2019 and 2018, respectively. The dividends have been reflected as follows for U.S. federal income tax purposes: Year Ended December 31, 2020 2019 2018 Ordinary income $ — $ — $ 0.01 Capital gain distributions — — 0.35 Return of capital — 0.50 0.39 Dividends reallocation (1) — (0.25 ) 0.25 Total $ — $ 0.25 $ 1.00 (1) The Company’s Board of Trustees also declared the following dividends on preferred shares during 2021, 2020 and 2019: Declaration Date Record Date Payment Date Preferred Share 2021 February 23 March 31 April 15 $ 0.43750 2020 December 17 December 31 January 15, 2021 $ 0.43750 September 17 September 30 October 15 0.43750 June 9 June 30 July 15 0.43750 February 18 March 31 April 15 0.43750 2019 October 23 December 31 January 15, 2020 $ 0.43750 July 23 September 30 October 15 0.43750 April 30 June 28 July 15 0.43750 February 25 March 29 April 15 0.43750

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share	Note 13 – Earnings per Share The table below provides a reconciliation of net 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. Year Ended December 31, (in thousands except per share amounts) 2020 2019 2018 Numerator - Basic and Diluted Net loss $ (152,964 ) $ (90,603 ) $ (114,878 ) Net loss attributable to non-controlling interests 47,938 31,206 41,406 Preferred dividends (4,900 ) (4,900 ) (4,903 ) Net loss attributable to common shareholders $ (109,926 ) $ (64,297 ) $ (78,375 ) Earnings allocated to unvested participating securities — — — Net loss available to common shareholders - Basic and diluted $ (109,926 ) $ (64,297 ) $ (78,375 ) Denominator - Basic and Diluted Weighted average Class A common shares outstanding 38,298 36,413 35,103 Weighted average Class C common shares outstanding - - 457 Weighted average Class A and Class C common shares outstanding 38,298 36,413 35,560 Net income (loss) per share attributable to Class A and Class C common shareholders $ (2.87 ) $ (1.77 ) $ (2.20 ) No adjustments were made to the numerator for the years ended December 31, 2020, 2019 or 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 years ended December 31, 2020, 2019 or 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 Operating Partnership loss attributable to such interests be added back to net loss, therefore, resulting in no effect on earnings per share. As of December 31, 2020, 2019 and 2018, there were 157,465, 349,318 and 403,129 shares, respectively, of non-vested restricted shares outstanding.

Share Based Compensation

Share Based Compensation	12 Months Ended
	Dec. 31, 2020
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 instances, the fourth anniversary of the grants subject to the achievement of certain performance criteria (performance-based and market-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 instances, the fourth See Note 2 for valuation information related to the grants of the awards that are subject to market-based vesting conditions. The following table summarizes restricted share activity for the grant periods ended December 31, 2020 and 2019: Year Ended December 31, 2020 Year Ended December 31, 2019 Weighted- Weighted- Average Grant Average Grant Shares Date Fair Value Shares Date Fair Value Unvested restricted shares at beginning of period 349,318 $ 44.88 403,129 $ 41.57 Restricted shares granted 106,327 31.06 76,948 57.04 Restricted shares vested (55,308 ) 43.23 (127,767 ) 41.76 Restricted shares forfeited (242,872 ) 43.19 (2,992 ) 45.02 Unvested restricted shares at end of period 157,465 $ 38.73 349,318 $ 44.88 The Company recognized share-based compensation of $4.0 million for the year ended December 31, 2020 offset by $7.0 million of forfeitures of unvested shares related to the resignation of certain executives. The Company recognized share As of December 31, 2020, there were $1.9 million of total unrecognized compensation costs related to the outstanding restricted shares which is expected to be recognized over a weighted-average period of approximately 1.7 years. As of December 31, 2019, there were $7.4 million of total unrecognized compensation costs related to the outstanding restricted shares which is expected to be recognized over a weighted-average period of approximately 1.6 years.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2020
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	SERITAGE GROWTH PROPERTIES SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (Dollars in thousand) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Anchorage AK (3) $ 11,517 $ 11,729 $ — $ 20,945 $ 11,517 $ 32,674 $ 44,191 $ (3,334 ) July, 2015 (4) North Little Rock AR (3) 1,288 2,881 — 2,047 1,288 4,928 6,216 (542 ) July, 2015 (4) Glendale AZ (3) 19,040 - — 300 19,040 300 19,340 - December, 2020 (4) Mesa/East AZ (3) 2,661 2,559 — (642 ) 2,661 1,917 4,578 (319 ) July, 2015 (4) Park Mall AZ (3) 5,207 3,458 (2,221 ) 5,183 2,986 8,641 11,627 (649 ) July, 2015 (4) Phoenix AZ (3) 568 1,088 — (624 ) 568 464 1,032 (72 ) July, 2015 (4) Phoenix-Desert Sky AZ (3) 2,605 2,448 — (669 ) 2,605 1,779 4,384 (316 ) July, 2015 (4) Sierra Vista AZ (3) 1,252 1,791 (243 ) (194 ) 1,009 1,597 2,606 (640 ) July, 2015 (4) Yuma AZ (3) 1,485 1,596 — (401 ) 1,485 1,195 2,680 (219 ) July, 2015 (4) Big Bear Lake CA (3) 3,664 2,945 — (436 ) 3,664 2,509 6,173 (417 ) July, 2015 (4) Chula Vista CA (3) 7,315 6,834 — (900 ) 7,315 5,934 13,249 (1,125 ) July, 2015 (4) Citrus Hts-Sunrise CA (3) 3,778 2,088 — (775 ) 3,778 1,313 5,091 (241 ) July, 2015 (4) El Cajon CA (3) 10,573 2,883 — 23,989 10,573 26,872 37,445 (674 ) July, 2015 (4) El Centro CA (3) 3,877 3,977 (668 ) (1,429 ) 3,209 2,548 5,757 (484 ) July, 2015 (4) Fairfield CA (3) 3,679 1,366 (166 ) 1,785 3,513 3,151 6,664 (237 ) July, 2015 (4) Florin CA (3) 1,022 1,366 — (191 ) 1,022 1,175 2,197 (206 ) July, 2015 (4) Fresno CA (3) 1,370 2,000 — (920 ) 1,370 1,080 2,450 (205 ) July, 2015 (4) McKinleyville CA (3) 1,354 1,655 — (562 ) 1,354 1,093 2,447 (172 ) July, 2015 (4) Merced CA (3) 2,534 1,604 — 3,159 2,534 4,763 7,297 (230 ) July, 2015 (4) Montclair CA (3) 2,498 2,119 — — 2,498 2,119 4,617 (513 ) July, 2015 (4) Hollywood CA (3) 8,049 3,172 — 18,305 8,049 21,477 29,526 (2,319 ) July, 2015 (4) Palm Desert CA (3) 5,473 1,705 (542 ) (679 ) 4,931 1,026 5,957 (182 ) July, 2015 (4) Ramona CA (3) 7,239 1,452 — (318 ) 7,239 1,134 8,373 (191 ) July, 2015 (4) Riverside CA (3) 2,670 2,489 — (767 ) 2,670 1,722 4,392 (310 ) July, 2015 (4) Riverside CA (3) 4,397 4,407 — (1,136 ) 4,397 3,271 7,668 (622 ) July, 2015 (4) Roseville CA (3) 4,848 3,215 (1,909 ) 8,181 2,939 11,396 14,335 (629 ) July, 2015 (4) Salinas CA (3) 2,644 4,394 — (765 ) 2,644 3,629 6,273 (665 ) July, 2015 (4) San Bernardino CA (3) 4,131 2,066 — (780 ) 4,131 1,286 5,417 (236 ) July, 2015 (4) San Bruno CA (3) 7,854 4,642 — (977 ) 7,854 3,665 11,519 (672 ) July, 2015 (4) San Jose-Eastridge CA (3) 1,531 2,356 — (804 ) 1,531 1,552 3,083 (284 ) July, 2015 (4) Santa Maria CA (3) 3,967 2,635 (1,184 ) (1,024 ) 2,783 1,611 4,394 (407 ) July, 2015 (4) Temecula CA (3) 6,098 2,214 — 7,852 6,098 10,066 16,164 (693 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Thousand Oaks CA (3) $ 9,853 $ 14,785 $ — $ 7,507 $ 9,853 $ 22,292 $ 32,145 $ (4,089 ) July, 2015 (4) Ventura CA (3) 5,578 6,172 (949 ) (1,050 ) 4,629 5,122 9,751 (1,028 ) July, 2015 (4) West Covina CA (3) 5,972 2,053 — (648 ) 5,972 1,405 7,377 (266 ) July, 2015 (4) Westminster CA (3) 6,845 5,651 — (1,024 ) 6,845 4,627 11,472 (848 ) July, 2015 (4) Lakewood CO (3) 1,290 4,550 — (417 ) 1,290 4,133 5,423 (784 ) July, 2015 (4) Thornton CO (3) 1,881 1,300 — 3,041 1,881 4,341 6,222 (608 ) July, 2015 (4) Waterford CT (3) 1,371 2,534 — (680 ) 1,371 1,854 3,225 (329 ) July, 2015 (4) Rehoboth Beach DE (3) 714 4,523 (134 ) 6,262 580 10,785 11,365 (1,788 ) July, 2015 (4) Boca Raton FL (3) 16,089 7,480 — (515 ) 16,089 6,965 23,054 (1,236 ) July, 2015 (4) Bradenton FL (3) 1,420 1,479 — (414 ) 1,420 1,065 2,485 (189 ) July, 2015 (4) Clearwater/Cntrysd FL (3) 5,852 17,777 — 182 5,852 17,959 23,811 (3,636 ) July, 2015 (4) Doral(Miami) FL (3) 9,214 2,654 — (600 ) 9,214 2,054 11,268 (364 ) July, 2015 (4) Ft Myers FL (3) 3,168 2,853 — (418 ) 3,168 2,435 5,603 (462 ) July, 2015 (4) Hialeah FL (3) 5,492 2,344 — 13,518 5,492 15,862 21,354 (1,124 ) July, 2015 (4) Hialeah/Westland FL (3) 9,683 3,472 — 224 9,683 3,696 13,379 (595 ) July, 2015 (4) Lakeland FL (3) 1,503 1,045 — (378 ) 1,503 667 2,170 (111 ) July, 2015 (4) Miami FL (3) 13,264 61,577 — (61,520 ) 13,264 57 13,321 (57 ) July, 2015 (4) Miami/Cutler Rdg FL (3) 5,219 1,236 — (206 ) 5,219 1,030 6,249 (189 ) July, 2015 (4) North Miami FL (3) 4,748 2,434 — 6,591 4,748 9,025 13,773 (505 ) July, 2015 (4) Ocala FL (3) 2,468 1,150 — (456 ) 2,468 694 3,162 (123 ) July, 2015 (4) Orlando Colonial FL (3) 4,403 3,626 (177 ) 15,850 4,226 19,476 23,702 (1,036 ) July, 2015 (4) Panama City FL (3) 3,227 1,614 — (461 ) 3,227 1,153 4,380 (204 ) July, 2015 (4) Pensacola FL (3) 2,620 2,990 — 13,261 2,620 16,251 18,871 (431 ) July, 2015 (4) Plantation FL (3) 6,933 2,509 (3,361 ) (1,641 ) 3,572 868 4,440 (299 ) July, 2015 (4) Sarasota FL (3) 3,920 2,200 — (831 ) 3,920 1,369 5,289 (243 ) July, 2015 (4) St Petersburg FL (3) 2,381 2,420 (50 ) 22,977 2,331 25,397 27,728 (3,302 ) July, 2015 (4) St. Petersburg FL (3) 1,653 777 — (279 ) 1,653 498 2,151 (91 ) July, 2015 (4) Savannah GA (3) 5,285 3,012 — (344 ) 5,285 2,668 7,953 (419 ) July, 2015 (4) Honolulu HI (3) 6,824 2,195 — 21,279 6,824 23,474 30,298 (2,512 ) July, 2015 (4) Cedar Rapids IA (3) 2,833 2,197 — (457 ) 2,833 1,740 4,573 (325 ) July, 2015 (4) Charles City IA (3) 793 1,914 — — 793 1,914 2,707 (933 ) July, 2015 (4) Webster City IA (3) 392 896 — — 392 896 1,288 (368 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Boise ID (3) $ 1,828 $ 1,848 $ — $ — $ 1,828 $ 1,848 $ 3,676 $ (745 ) July, 2015 (4) Chicago IL (3) 2,385 7,924 (807 ) (2,985 ) 1,578 4,939 6,517 (1,415 ) July, 2015 (4) Joliet IL (3) 2,557 3,108 — — 2,557 3,108 5,665 (1,819 ) July, 2015 (4) Lombard IL (3) 2,685 8,281 — — 2,685 8,281 10,966 (1,686 ) July, 2015 (4) N Riverside IL (3) 1,846 3,178 — 14,034 1,846 17,212 19,058 (2,350 ) July, 2015 (4) Orland Park IL (3) 1,783 974 — (380 ) 1,783 594 2,377 (105 ) July, 2015 (4) Springfield IL (3) 2,182 5,051 (213 ) 14,870 1,969 19,921 21,890 (2,447 ) July, 2015 (4) Steger IL (3) 589 2,846 — — 589 2,846 3,435 (585 ) July, 2015 (4) Elkhart IN (3) 1,349 869 — (302 ) 1,349 567 1,916 (102 ) July, 2015 (4) Ft Wayne IN (3) 3,247 5,476 (796 ) (3,382 ) 2,451 2,094 4,545 (57 ) July, 2015 (4) Merrillville IN (3) 3,413 3,224 — (724 ) 3,413 2,500 5,913 (480 ) July, 2015 (4) Hopkinsville KY (3) 553 2,815 (68 ) 1,314 485 4,129 4,614 (650 ) July, 2015 (4) Paducah KY (3) 1,022 2,868 — 9,254 1,022 12,122 13,144 (1,654 ) July, 2015 (4) Lafayette LA (3) 1,406 5,094 — (1,019 ) 1,406 4,075 5,481 (723 ) July, 2015 (4) New Iberia LA (3) 450 1,819 (446 ) (1,780 ) 4 39 43 (10 ) July, 2015 (4) Braintree MA (3) 6,585 5,614 — 11,319 6,585 16,933 23,518 (2,999 ) July, 2015 (4) Saugus MA (3) 1,656 2,835 — (1,087 ) 1,656 1,748 3,404 (331 ) July, 2015 (4) Bowie MD (3) 4,583 2,335 (504 ) 356 4,079 2,691 6,770 (1,019 ) July, 2015 (4) Edgewater MD (3) 5,534 2,116 (841 ) (856 ) 4,693 1,260 5,953 (248 ) July, 2015 (4) Madawaska ME (3) 140 942 — — 140 942 1,082 (234 ) July, 2015 (4) Lincoln Park MI (3) 1,106 3,198 — (493 ) 1,106 2,705 3,811 (513 ) July, 2015 (4) Manistee MI (3) 508 3,045 — (625 ) 508 2,420 2,928 (403 ) July, 2015 (4) Roseville MI (3) 3,286 4,778 — 10,671 3,286 15,449 18,735 (2,164 ) July, 2015 (4) Sault Ste. Marie MI (3) 946 917 — (478 ) 946 439 1,385 (78 ) July, 2015 (4) Troy MI (3) 7,954 2,651 (815 ) 5,745 7,139 8,396 15,535 (1,844 ) July, 2015 (4) Ypsilanti MI (3) 2,462 1,277 (402 ) (637 ) 2,060 640 2,700 (123 ) July, 2015 (4) Burnsville MN (3) 3,513 1,281 — (505 ) 3,513 776 4,289 (138 ) July, 2015 (4) Maplewood MN (3) 3,605 1,162 — (521 ) 3,605 641 4,246 (117 ) July, 2015 (4) St Paul MN (3) 1,866 1,028 — (309 ) 1,866 719 2,585 (134 ) July, 2015 (4) Florissant MO (3) 2,430 1,607 (24 ) (224 ) 2,406 1,383 3,789 (200 ) July, 2015 (4) Jefferson City MO (3) 957 2,224 (150 ) (483 ) 807 1,741 2,548 (329 ) July, 2015 (4) Springfield MO (3) 922 2,050 — (383 ) 922 1,667 2,589 (275 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Columbus MS (3) $ 2,940 $ 2,547 $ — $ 1,187 $ 2,940 $ 3,734 $ 6,674 (1,805 ) July, 2015 (4) Asheville NC (3) 4,141 2,036 — (750 ) 4,141 1,286 5,427 (236 ) July, 2015 (4) Greensboro NC (3) 3,869 4,387 — 510 3,869 4,897 8,766 (1,088 ) July, 2015 (4) Kearney NE (3) 272 483 — 7,838 272 8,321 8,593 (1,042 ) July, 2015 (4) Manchester NH (3) 1,458 4,160 — 13,605 1,458 17,765 19,223 (880 ) July, 2015 (4) Nashua NH (3) 1,794 7,255 (229 ) (927 ) 1,565 6,328 7,893 (1,322 ) July, 2015 (4) Portsmouth NH (3) 3,934 3,375 — (739 ) 3,934 2,636 6,570 (468 ) July, 2015 (4) Salem NH (3) 3,321 12,198 (639 ) 8,066 2,682 20,264 22,946 (3,036 ) July, 2015 (4) Henderson NV (3) 3,124 1,362 — 2,449 3,124 3,811 6,935 (355 ) July, 2015 (4) Las Vegas(Meadows) NV (3) 3,354 1,879 — 6,702 3,354 8,581 11,935 (444 ) July, 2015 (4) Reno NV (3) 2,135 5,748 (236 ) 4,978 1,899 10,726 12,625 (1,089 ) July, 2015 (4) Albany NY (3) 8,289 6,523 — 6,804 8,289 13,327 21,616 (1,845 ) July, 2015 (4) Clay NY (3) 787 4,134 — (677 ) 787 3,457 4,244 (576 ) July, 2015 (4) East Northport NY (3) 7,617 2,065 — 44,212 7,617 46,277 53,894 (1,382 ) July, 2015 (4) Hicksville NY (3) 38,629 19,061 — (888 ) 38,628 18,176 56,804 (3,448 ) July, 2015 (4) Olean NY (3) 249 2,124 — 4,476 249 6,600 6,849 (609 ) July, 2015 (4) Rochester-Greece NY (3) 3,082 1,560 — (380 ) 3,082 1,180 4,262 (209 ) July, 2015 (4) Sidney NY (3) 1,942 1,769 (338 ) (837 ) 1,604 932 2,536 (188 ) July, 2015 (4) Victor NY (3) 4,144 1,391 — 5,408 4,144 6,799 10,943 (282 ) July, 2015 (4) Yorktown Hts NY (3) 3,584 1,569 (950 ) 10,227 2,634 11,796 14,430 (428 ) July, 2015 (4) Watchung NY (3) 6,704 4,110 — 31,069 6,704 35,179 41,883 (1,751 ) July, 2015 (4) Canton OH (3) 1,650 5,854 — 20,335 1,650 26,189 27,839 (1,296 ) July, 2015 (4) Dayton Mall OH (3) 2,650 1,223 — 2,398 2,650 3,621 6,271 (419 ) July, 2015 (4) Kenton OH (3) 340 417 — (233 ) 340 184 524 (31 ) July, 2015 (4) Mentor OH (3) 1,092 1,776 — (726 ) 1,092 1,050 2,142 (185 ) July, 2015 (4) Middleburg Hts OH (3) 698 1,547 — (322 ) 698 1,225 1,923 (233 ) July, 2015 (4) Toledo OH (3) 1,664 1,289 — (612 ) 1,664 677 2,341 (127 ) July, 2015 (4) Okla City/Sequoyah OK (3) 1,542 2,210 — 4,911 1,542 7,121 8,663 (934 ) July, 2015 (4) Happy Valley OR (3) 6,659 1,271 (619 ) 8,807 6,040 10,078 16,118 (378 ) July, 2015 (4) King of Prussia PA (3) - 42,300 — 3,673 - 45,973 45,973 (8,821 ) July, 2015 (4) Lebanon PA (3) 1,333 2,085 — (952 ) 1,333 1,133 2,466 (189 ) July, 2015 (4) Walnutport PA (3) 885 3,452 — (1,045 ) 885 2,407 3,292 (401 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Bayamon PR (3) $ 656 $ 7,173 $ (139 ) $ (1,517 ) $ 517 $ 5,656 $ 6,173 $ (1,611 ) July, 2015 (4) Caguas PR (3) 431 9,362 (100 ) (2,184 ) 331 7,178 7,509 (1,961 ) July, 2015 (4) Carolina PR (3) 611 8,640 — — 611 8,640 9,251 (2,110 ) July, 2015 (4) Mayaguez PR (3) 564 4,555 — — 564 4,555 5,119 (1,404 ) July, 2015 (4) Ponce PR (3) 473 3,965 — — 473 3,965 4,438 (1,165 ) July, 2015 (4) Warwick RI (3) 9,166 3,388 (1,132 ) 8,891 8,034 12,279 20,313 (1,080 ) July, 2015 (4) Anderson SC (3) 1,297 638 (5 ) 9,224 1,292 9,862 11,154 (2,263 ) July, 2015 (4) Chrlstn/Northwoods SC (3) 3,576 1,497 (1,019 ) 9,757 2,557 11,254 13,811 (922 ) July, 2015 (4) Cordova TN (3) 2,581 4,279 — — 2,581 4,279 6,860 (1,253 ) July, 2015 (4) Memphis/Poplar TN (3) 2,827 2,475 — 24,877 2,827 27,352 30,179 (3,426 ) July, 2015 (4) Austin TX (3) 3,164 2,858 (2,288 ) 8,070 876 10,928 11,804 (2,208 ) July, 2015 (4) Central Park TX (3) 5,468 1,457 (1,904 ) 18,053 3,564 19,510 23,074 (731 ) July, 2015 (4) El Paso TX (3) 2,008 1,778 — 6,157 2,008 7,935 9,943 (416 ) July, 2015 (4) Friendswd/Baybrk TX (3) 6,124 2,038 — (806 ) 6,124 1,232 7,356 (218 ) July, 2015 (4) Houston TX (3) 6,110 1,525 — (525 ) 6,110 1,000 7,110 (157 ) July, 2015 (4) Ingram TX (3) 4,651 2,560 — (683 ) 4,651 1,877 6,528 (333 ) July, 2015 (4) Irving TX (3) 4,493 5,743 — (721 ) 4,493 5,022 9,515 (921 ) July, 2015 (4) Shepherd TX (3) 5,457 2,081 — (510 ) 5,457 1,571 7,028 (298 ) July, 2015 (4) Valley View TX (3) 4,706 3,230 — (3,230 ) 4,706 - 4,706 - July, 2015 (4) Layton UT (3) 2,234 974 (824 ) 3,265 1,410 4,239 5,649 (1,022 ) July, 2015 (4) West Jordan UT (3) 3,190 2,305 — 7,147 3,190 9,452 12,642 (2,233 ) July, 2015 (4) Alexandria VA (3) 3,728 3,294 — (738 ) 3,728 2,556 6,284 (469 ) July, 2015 (4) Chspk/Greenbrier VA (3) 4,236 1,700 — (482 ) 4,236 1,218 5,454 (216 ) July, 2015 (4) Fairfax VA (3) 10,873 1,491 — 25,342 10,873 26,833 37,706 (1,272 ) July, 2015 (4) Virginia Beach VA (3) 10,413 4,760 (1,343 ) 11,343 9,070 16,103 25,173 (2,863 ) July, 2015 (4) Warrenton VA (3) 1,956 2,480 — 5,938 1,956 8,418 10,374 (432 ) July, 2015 (4) Redmond Pk WA (3) 5,133 4,133 10,513 (1,243 ) 15,646 2,890 18,536 (627 ) July, 2015 (4) Greendale WI (3) 3,208 2,340 — 14,911 3,208 17,251 20,459 (1,251 ) July, 2015 (4) Madison-West WI (3) 3,053 2,130 — 16,132 3,053 18,262 21,315 (1,571 ) July, 2015 (4) Various (3) - — — 352,776 — 352,777 352,777 - n/a (4) $ 610,693 $ 606,997 $ (17,922 ) $ 853,307 $ 592,770 $ 1,460,308 $ 2,053,078 $ (142,206 ) ( 1 ) Includes reductions related to partial site sales and impairment of long-lived assets. ( 2 ) The aggregate cost of land, building and improvements (which includes construction in process) for U.S. federal income tax purposes is approximately $2.8 billion. (3 ) The Term Loan Facility is secured on a first lien basis by individual mortgages and a pledge of the capital stock of the direct subsidiaries of the Company, including those that own each of the Company’s properties. See Note 6. (4 ) Depreciation is computed based on the following estimated useful lives: Building: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease F-43 SERITAGE GROWTH PROPERTIES NOTES TO SCHEDULE III (Dollars in thousands) Reconciliation of Real Estate 2020 2019 2018 Balance at beginning of period $ 2,118,329 $ 1,889,014 $ 1,854,043 Additions 256,126 364,970 318,820 Impairments (64,108 ) — — Dispositions (226,889 ) (95,270 ) (244,815 ) Write-offs (30,380 ) (40,385 ) (39,034 ) Balance at end of period $ 2,053,078 $ 2,118,329 $ 1,889,014 Reconciliation of Accumulated Depreciation 2020 2019 2018 Balance at beginning of period $ 147,696 $ 137,947 $ 139,483 Depreciation expense 48,569 59,289 50,272 Dispositions (23,679 ) (9,174 ) (12,772 ) Write-offs (30,380 ) (40,366 ) (39,036 ) Balance at end of period $ 142,206 $ 147,696 $ 137,947

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The 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. Where the Company has an interest in a VIE and 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 evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events. As of December 31, 2020 and December 31, 2019, the Company has several unconsolidated VIEs and 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 December 31, 2020, the Company holds a 69.6% 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 sheets. 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.
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 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 principal 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: Buildings: 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. The Company, on a periodic basis, assesses whether there are indicators that the value of the real estate assets may be impaired. These indicators include macroeconomic conditions, such as the expected impact of the current COVID-19 pandemic. If an indicator is identified, management will estimate the real estate asset recoverability based on projected operating cash flows (undiscounted and unleveraged), taking into account the anticipated holding period and capitalization rates, to determine if the undiscounted cash flows are less than a real estate asset’s carrying value. If the carrying value of an asset exceeds the undiscounted cash flows, an analysis is performed to determine the estimated fair value of the real asset. In estimating the fair value of an asset, various factors are considered, including expected future operating income, trends and leasing prospects including the effects of demand, competition, and other economic factors such as discount rates and market comparables. Changes in any estimates and/or assumptions, including the anticipated holding period, could have a material impact on the projected operating cash flows. 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. Subsequent tests for impairment may result in future impairment charges if the COVID-19 pandemic causes economic and market conditions to deteriorate further. The Company recognized $64.1 million in impairment losses for year ended December 31, 2020 and no impairment losses on real estate assets were recognized for the years ended December 31, 2019 and 2018. Approximately $10.3 million of impairment was attributable to a change in holding period for two properties for which management was in active negotiations for a sale at a value below carrying value. These assets were subsequently sold during the year. In addition, the Company recorded impairment losses of $53.8 million during the year ended December 31, 2020 on vacant assets and partially stabilized assets that are leased primarily to theater and fitness tenants which have been negatively impacted by COVID-19. Such impairment losses are included within impairment on real estate assets Real Estate Dispositions When the Company disposes of all or a portion of a real estate asset, it recognizes a gain or loss on sale of real estate as the difference between the carrying value and consideration received. Consideration consists of cash proceeds received and in certain circumstances, non-cash consideration which is typically in the form of equity in unconsolidated entities The following table summarizes the Company’s gain on sale of real estate, net during the years ended December 31, 2020, 2019, and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Contributions to unconsolidated entities Gross proceeds $ 27.0 $ 21.7 $ 232.7 Gain (loss) on sale of real estate, net (1.5 ) 3.9 63.9 Dispositions to third parties Gross proceeds $ 333.4 $ 144.3 $ 114.3 Gain (loss) on sale of real estate, net (1)(2) 120.1 63.7 29.5 Total gains on contributions and dispositions, net $ 118.6 $ 67.6 $ 93.4 (1) (2)
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 December 31, 2020, one property w as classified as held for sale with assets of $ 1.9 million and no liabilities , and as of December 31, 2019, two properties were classified as held for sale with assets of $ 5.3 million and no liabilities.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Entities The Company accounts for its investments in unconsolidated entities using the equity method of accounting as the Company exercises significant influence but does not have a controlling financial interest. 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 (which include macroeconomic conditions such as the expected impact of the COVID-19 pandemic), that the value of the Company’s investments in unconsolidated entities may be impaired. An investment’s value is impaired 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. If the COVID-19 pandemic causes economic and market conditions to deteriorate further, subsequent tests for impairment may result in future impairment charges. No such impairment losses were recognized for the years ended December 31, 2020, 2019 or 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.
Restricted Cash	Restricted Cash As of December 31, 2020, restricted cash represented cash received as proceeds for a sale which did not meet the criteria for sale accounting at December 31, 2020, as well as cash collateral for a letter of credit. As of December 31, 2020, the Company had restricted cash of $6.5 million and as of December 31, 2019, the Company did not have any restricted cash.
Rental Revenue Recognition and Tenant Receivables	Rental Revenue Recognition and Tenant Receivables Rental income is comprised of base rent and reimbursements of property operating expenses. The Company commences rental revenue recognition when the lessee takes control of the physical use of the leased asset based on an evaluation of several factors. 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 straight-line rent receivable and included as a component of tenant and other receivables on the consolidated balance sheets. 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. 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, including the expected impact of the COVID-19 pandemic, and economic conditions in the area where the property is located. Tenant receivables, including receivables arising from the straight-lining of rents, are written-off directly when management deems that the collectability of substantially all future lease payments from a specified lease is not probable of collection, at which point, the Company will begin recognizing revenue on a cash basis, based on actual amounts received. Any receivables that are deemed to be uncollectible are recognized as a reduction to rental income in the Company’s consolidated statements of operations. If future circumstances change such that the Company believes that it is reasonably certain that the Company will collect all rental income remaining on such leases, the Company will resume accruing rental income and recognize a cumulative catch up for previously written off receivables. The Company also recognizes a general reserve, as a reduction to rental income, for its portfolio of operating lease receivables which are not expected to be fully collectible. The Company recorded a reduction to rental income of $5.6 million and $255 thousand during the years ended December 31, 2020 and December 31, 2019 as a result of the Company’s evaluation of collectability. In addition, the Company also recorded a reversal of previously recorded straight-line rent of $5.0 million for the year ended December 31, 2020. No such reversals were recorded for the year ended December 31, 2019. During the year ended December 31, 2020, the reduction to rental income included an allowance of $1.8 million related to deferral agreements. Due to the COVID-19 pandemic, the Company has entered into amendments to existing leases with certain tenants (the “Rent Deferral Agreements”), that provide for the deferral of all or some portion of rental payments due during the period which such tenant was affected by the COVID-19 pandemic (“Deferred Rent”). The Rent Deferral Agreements typically provide for repayment of the Deferred Rent within 6-12 months following the end of the rent deferral period and, in many instances, waive certain other conditions in favor of the Company while Deferred Rent is outstanding. Deferred Rent generally becomes immediately due and payable under the Rent Deferral Agreements if the tenant does not make the minimum contractual payments or otherwise defaults on the lease. In April 2020, the FASB staff issued a question-and-answer (Q&A) document focusing on the application of the lease guidance in ASC 842, Leases, providing optional relief related to the lease modification guidance under ASC 842 for lease concession agreements entered as a result of COVID-19. As a result, the Company has not adjusted accrued rental revenues or the portion of accrued rental revenues related to the straight-line method for the portion which has been deferred. When the Deferred Rents are repaid, the Company will relieve the accrual in tenant and other receivables. 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 a lease incentive and is recognized over the lease term as a reduction of rental revenue on a straight-line basis.
Tenant and Other Receivables	Tenant and Other Receivables Tenant and other receivables 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, as discussed above. Tenant and other receivables also include management fees receivable for services performed for the benefit of certain unconsolidated entities. 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.
Management and Other Fee Income	Management and Other Fee Income Management and other fee income represents property management, construction, leasing and development fees for services performed for the benefit of certain unconsolidated entities. Property management fee income is reported at 100% of the revenue earned from such Unconsolidated Properties in management and other fee income on the consolidated statements of operations. The Company’s share of management expenses incurred by the unconsolidated entities is reported in equity in income (loss) of unconsolidated entities on the consolidated statements of operations and in other expenses in the combined financial data in Note 4. Leasing and development fees are initially reported at the portion of revenue earned attributable to outside ownership of the related unconsolidated entities. The Company’s share in leasing and development fee income is recognized over the useful life of the associated development project, in the case of development fees, or lease term, in the case of leasing fees, as the associated asset is depreciated over the same term and included in equity in income (loss) of unconsolidated entities on the consolidated statements of operations and in other expenses in the combined 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 services, 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 within our unconsolidated entities 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 performance obligations, 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 obligations are typically satisfied at lease execution and tenant opening date, and revenue is recognized in accordance with the related agreement at the point in time when the 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 Recapture Rights. The Company generally treats the delivery of a 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, if any, 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, if any, is amortized over the remaining useful life of the asset or liability. A 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 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. 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.
Share-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 consolidated statements of operations. Compensation expense for equity awards is based on the grant date fair value of the awards. Compensation expense is recognized ratably over the vesting period for awards with time-based vesting and awards with market-based vesting conditions (e.g. total shareholder return). For awards with performance-based vesting determined by Company operating criteria, the Company recognizes compensation expense at the date the achievement of performance criteria is deemed probable for the amount 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 ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of December 31, 2020, the Company leased space at only five Wholly Owned Properties to Holdco under the Holdco Master Lease , all of which will be terminated effective March 2021 . T he Company’s exposure to Holdco has been reduced to a level such that Holdco no longer represents a significant concentration of credit risk. Management believes the Company's portfolio is reasonably diversified and does not contain any other significant concentrations of credit risk. As of December 31, 2020, the Company's portfolio of Wholly Owned Properties and Unconsolidated Properties was diversified by location across 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. As of December 31, 2020, all outstanding Class B common shares have been surrendered and there are currently no Class B common shares outstanding. As of December 31, 2019, 1,242,536 Class B non-economic common shares were issued and outstanding. 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 The following presents Accounting Standards Updates (“ASU”) issued by Financial Accounting Standards Board (“FASB”) which have been adopted by the Company: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2016-02, Leases (“Topic 842”) ASU 2018-10, Codification Improvements ASU 2018-11, Leases, Targeted Improvements ASU 2018-20, Leases This standard, as amended by subsequent ASUs on the topic, 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. January 1, 2019 The Company adopted this standard by 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 two ground leases 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 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 a 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 consolidated balance sheets. ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2018-01, Leases , Land Easement Practical Expedient for Transition to Topic 842 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. January 1, 2019 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 consolidated statements of operations for leases where the Company is the lessor. 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 consolidated financial statements. ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) ASU 2018-19, Codification improvements to Topic 326, Financial Instruments – Credit Losses ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, requiring the use of an "expected credit loss" model and adding more disclosure requirements. ASU 2018-19 clarifies that impairment of receivables arising from operating leases should accounted for in accordance with Topic 842, Leases. January 1, 2020 The Company’s adoption of ASU 2016-13 did not have a material impact on our consolidated financial statements. The Lease Modification Q&A In April 2020, the FASB staff issued the Lease Modification Q&A focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant or if a lease concession was under the enforceable rights and obligations within the existing lease agreement. The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. April 10, 2020 The Company has elected to avail itself of the relief provided in the Lease Modification Q&A for all leases which were modified during the second quarter of 2020. The Company entered into Rent Deferral Agreements on 66 leases as of December 31, 2020 and one additional leases subsequent to the end of the year. The Company has determined that the deferral agreements are all substantially similar arrangements and has elected to bypass the lease by lease analysis. This election did not result in a material change to the Company’s financial statements. The impact of this election is dependent upon the circumstances and characteristics of future modifications and as such the impact of the Lease Modification Q&A may change. Refer to revenue recognition in Note 2 for further information regarding the deferral agreements and their impact to the Company’s results of operations.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
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: Buildings: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease
Schedule Of Gain On Sale Of Real Estate	The following table summarizes the Company’s gain on sale of real estate, net during the years ended December 31, 2020, 2019, and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Contributions to unconsolidated entities Gross proceeds $ 27.0 $ 21.7 $ 232.7 Gain (loss) on sale of real estate, net (1.5 ) 3.9 63.9 Dispositions to third parties Gross proceeds $ 333.4 $ 144.3 $ 114.3 Gain (loss) on sale of real estate, net (1)(2) 120.1 63.7 29.5 Total gains on contributions and dispositions, net $ 118.6 $ 67.6 $ 93.4 (1)

Lease Intangible Assets and L_2

Lease Intangible Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
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): December 31, 2020 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 73,169 $ (56,369 ) $ 16,800 Above-market leases, net 4,139 (2,344 ) 1,795 Total $ 77,308 $ (58,713 ) $ 18,595 December 31, 2019 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 245,745 $ (180,639 ) $ 65,106 Above-market leases, net 6,625 (3,578 ) 3,047 Total $ 252,370 $ (184,217 ) $ 68,153
Summary of Lease Intangible Liabilities	Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 6,626 $ (2,440 ) $ 4,186 Total $ 6,626 $ (2,440 ) $ 4,186 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 15,912 $ (5,264 ) $ 10,648 Total $ 15,912 $ (5,264 ) $ 10,648
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): 2021 $ 203 2022 203 2023 203 2024 203 2025 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): 2021 $ 43 2022 (53 ) 2023 1 2024 26 2025 97
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): 2021 $ 3,022 2022 2,750 2023 1,921 2024 1,385 2025 1,077

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Summary of Company's Investments in Unconsolidated Entities	As of December 31, 2020, the Company had investments in ten unconsolidated entities as follows: Seritage % # of Total Unconsolidated Entities Entity Partner(s) Ownership Properties GLA GS Portfolio Holdings II LLC ("GGP I JV") Brookfield Properties Retail (formerly GGP Inc.) 50.0 % 4 520,400 GS Portfolio Holdings (2017) LLC ("GGP II JV") Brookfield Properties Retail (formerly GGP Inc.) 50.0 % 3 474,100 MS Portfolio LLC ("Macerich JV") The Macerich Company 50.0 % 7 1,266,600 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 50.0 % 1 103,000 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 % 1 163,700 GGCAL SRG HV LLC ("Cockeysville JV") An affiliate of Greenberg Gibbons 50.0 % 1 160,200 Tech Ridge JV Holding LLC ("Tech Ridge JV") An affiliate of RD Management 50.0 % 1 — J&J Baldwin Park LLC ("Carson Investment") An affiliate of NewMark Merrilll Companies and other entities 20.0 % 1 182,200 25 3,968,600
Summary of Properties Contributed In Unconsolidated Entities	The following table presents summarizes the properties contributed to the Company’s unconsolidated entities: December 31, 2020 Unconsolidated Entity Contribution Date Contribution Value Gain (Loss) 2018 Mark 302 JV (1) March 20, 2018 $ 60.0 $ 8.8 UTC JV May 18, 2018 68.0 28.3 West Hartford JV (2) May 18, 2018 20.3 (1.1 ) 2019 Cockeysville JV (3) March 29, 2019 $ 12.5 $ 3.8 Tech Ridge JV (4) September 27, 2019 3.0 0.1 (1) The Mark 302 JV is subject to a revaluation upon the earlier of the first anniversary of project stabilization or December 31, 2020. The primary inputs in determining the Contribution Value for the Mark 302 JV are property operating income based on signed leases and total project costs and the Contribution Value will be recalculated to yield a pre-determined rate of return to its partner. Initially, the Contribution Value ranged from $105.0 million to $60.0 million, and as a result, the Gain (Loss) will not be more than $53.8 million or less than $8.8 million. During the year ended December 31, 2020 the Company adjusted the Contribution Value down to $60.0 million and reduced the Gain (Loss) by $30.0 million which is included in gain on sale of real estate on the consolidated statements of operations. The Company also recorded a $15.0 million reduction to the Mark 302 JV investment value and a $15.0 million payable related to the amounts due to its partner which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. In addition, 2020, the Company and its partner entered into an agreement to extend the revaluation date for the Mark 302 JV to September 30, 2021. Pursuant to the terms of this agreement, the Company will pay its partner a fee of $1.1 million and the Contribution Value cannot be more than $90.0 million or less than $60.0 million. The Company will continue to re-evaluate the expected amount on a periodic basis through the final determination date . ( 2 ) The West Hartford JV was subject to (i) a revaluation upon the earlier of the first anniversary of project stabilization 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. As of December 31, 2019, the Company revalued the Contribution Value and recorded an additional loss of $2.3 million, and the Company does not expect there to be any additional revaluations. ( 3 ) The Cockeysville JV is subject to revaluation if an affiliate of Greenberg Gibbons contributes another adjacent parcel of land (the “Additional Land Parcel”) to the Cockeysville JV if certain milestones are met with respect to entitling the Additional Land Parcel for residential use. If the Additional Land Parcel is contributed to the Cockeysville JV, the Company will record an increased investment in the Cockeysville JV in an amount equal to 50% of the fair value of the Additional Land Parcel at the time of contribution. The Contribution Value of the Cockeysville JV is based upon the Company’s assessment of the probability of the Additional Land Parcel being entitled for residential use. The maximum Gain (Loss) is the fair value of the Additional Land Parcel at the time the Contribution Value is revalued, which cannot be less than $ million. ( 4 ) The Tech Ridge JV is subject to a revaluation primarily based upon the number of residential units constructed by the Tech Ridge JV. T he Contribution Value cannot be less than $ 2.75 million.
Summary of Combined Financial Data of Unconsolidated Entities	The following tables present combined financial data for all of the Company’s unconsolidated entities (in thousands): December 31, 2020 December 31, 2019 ASSETS Investment in real estate Land $ 318,540 $ 336,739 Buildings and improvements 492,973 517,068 Accumulated depreciation (81,730 ) (86,496 ) 729,783 767,311 Construction in progress 222,663 177,028 Net investment in real estate 952,446 944,339 Cash and cash equivalents 16,094 27,977 Tenant and other receivables, net 4,104 3,113 Other assets, net 62,882 26,051 Total assets $ 1,035,526 $ 1,001,480 LIABILITIES AND MEMBERS' INTERESTS Liabilities Mortgage loans payable, net $ 34,672 $ 14,218 Accounts payable, accrued expenses and other liabilities 48,405 89,110 Total liabilities 83,077 103,328 Members Interest Additional paid in capital 964,868 934,120 Retained earnings (12,419 ) (35,968 ) Total members interest 952,449 898,152 Total liabilities and members interest $ 1,035,526 $ 1,001,480 Year Ended December 31, 2020 2019 2018 EQUITY IN INCOME OF UNCONSOLIDATED ENTITIES Total revenue $ 22,420 $ 31,470 $ 48,455 Property operating expenses (9,962 ) (11,385 ) (9,357 ) Depreciation and amortization (18,401 ) (60,745 ) (31,676 ) Operating income (loss) (5,943 ) (40,660 ) 7,422 Other expenses (3,551 ) (2,049 ) (28,317 ) Gain on sale of real estate 166 6,721 — Net loss $ (9,328 ) $ (35,988 ) $ (20,895 ) Equity in (loss) income of unconsolidated entities $ (4,712 ) $ (17,994 ) $ (10,448 )

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
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 December 31, 2020 and December 31, 2019 is approximately as follows: (in thousands) December 31, 2020 2021 95,780 2022 89,685 2023 83,864 2024 80,592 2025 80,382 Thereafter 430,456 Total Lease Payments $ 860,759 (in thousands) December 31, 2019 2020 113,265 2021 121,909 2022 124,067 2023 119,745 2024 116,607 Thereafter 1,019,054 Total Lease Payments $ 1,614,647
Components of Lease Revenues	The components of lease revenues for the years ended December 31, 2020, December 31, 2019 and December 31, 2018 were as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Fixed rental income 93,259 104,956 140,661 Variable rental income 26,133 45,994 74,839 Total rental income $ 119,392 $ 150,950 $ 215,500
Information Related to Measurement of Lease Liabilities	The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2020: (dollar amounts in thousands) As of December 31, 2020 Weighted average remaining lease term (in years) 9.94 Weighted average discount rate 6.98 % Cash paid for operating leases $ 2,145
Schedule of Future Sale-Leaseback Financing Obligations	Future sale-leaseback financing obligations as of December 31, 2020 are approximately as follows: (in thousands) December 31, 2020 2021 1,444 2022 1,466 2023 1,488 2024 1,510 2025 1,532 2026 1,555 Thereafter 33,891 Interest Portion (22,830 ) Total Lease Payments $ 20,056
Summary of Revenue from Master Lease	Revenues from the Holdco Master Lease and the Original Master Lease for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands and excluding straight-line rental income of $(7.9) million, $0.3 million and $(4.9) million, respectively). Year Ended December 31, 2020 2019 2018 Fixed rental income $ 4,268 $ 27,628 $ 86,224 Variable rental income 10,425 23,525 65,450 Total rental income $ 14,693 $ 51,153 $ 151,674
Summary of the Company's Recapture Activity	The following table provides a summary of the Company’s recapture activity as of December 31, 2020: (in thousands except property count) Year Square Feet Total Number of Properties 100% Recaptures (1) Partial Recaptures (2) 2020 — — — — 2019 629 4 3 1 2018 3,428 20 17 3 2017 3,302 27 16 11 2016 1,501 17 4 13 Total 8,860 68 40 28 (1) Includes properties for which the Company had converted partial recapture rights to 100% recapture rights. (2) Partial recaptures include the recapture of (i) up to approximately 50% of the space occupied by the tenant at all properties, (ii) automotive care centers which are free-standing or attached as “appendages” to the properties, and/or (iii) outparcels or outlots and certain portions of parking areas and common areas.
Summary of Termination and Redevelopment Properties	The following table provides a summary of Sears Holdings’ and Holdco’s termination activity (excluding 31 properties totaling 4.3 million square feet that were rejected on March 12, 2019 as part of Sears Holdings’ bankruptcy filing) as of December 31, 2020: (in thousands except property count) Notice Date Termination Date Square Feet Number of Properties Redevelopments Announced Properties Sold December 2020 March 2021 (1) 639 5 — — June 2020 September 2020 (1) 1,800 12 2 — November 2019 March 2020 4,332 29 7 1 August 2018 December 2018 1,605 13 6 3 June 2018 November 2018 (2) 1,218 9 6 1 April 2018 August 2018 1,494 9 4 1 June 2017 October 2017 (3) 3,812 20 8 4 January 2017 April 2017 1,872 19 7 8 September 2016 January 2017 1,727 17 8 6 Total 18,499 133 48 24 (1) Properties terminated pursuant to the Amendments signed in 2020. (2) Two properties were terminated in October 2018. (3) One property was terminated in November 2017 and one was terminated in January 2018.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Class of Stock [Line Items]
Summary of Dividends and Distributions	The Company’s Board of Trustees also declared the following dividends on preferred shares during 2021, 2020 and 2019: Declaration Date Record Date Payment Date Preferred Share 2021 February 23 March 31 April 15 $ 0.43750 2020 December 17 December 31 January 15, 2021 $ 0.43750 September 17 September 30 October 15 0.43750 June 9 June 30 July 15 0.43750 February 18 March 31 April 15 0.43750 2019 October 23 December 31 January 15, 2020 $ 0.43750 July 23 September 30 October 15 0.43750 April 30 June 28 July 15 0.43750 February 25 March 29 April 15 0.43750
Class A and Class C Common Share [Member]
Class of Stock [Line Items]
Summary of Dividends and Distributions	The dividends have been reflected as follows for U.S. federal income tax purposes: Year Ended December 31, 2020 2019 2018 Ordinary income $ — $ — $ 0.01 Capital gain distributions — — 0.35 Return of capital — 0.50 0.39 Dividends reallocation (1) — (0.25 ) 0.25 Total $ — $ 0.25 $ 1.00

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of Basic Earnings Per Share	Earnings per share has not been presented for Class B shareholders, as they do not have economic rights. Year Ended December 31, (in thousands except per share amounts) 2020 2019 2018 Numerator - Basic and Diluted Net loss $ (152,964 ) $ (90,603 ) $ (114,878 ) Net loss attributable to non-controlling interests 47,938 31,206 41,406 Preferred dividends (4,900 ) (4,900 ) (4,903 ) Net loss attributable to common shareholders $ (109,926 ) $ (64,297 ) $ (78,375 ) Earnings allocated to unvested participating securities — — — Net loss available to common shareholders - Basic and diluted $ (109,926 ) $ (64,297 ) $ (78,375 ) Denominator - Basic and Diluted Weighted average Class A common shares outstanding 38,298 36,413 35,103 Weighted average Class C common shares outstanding - - 457 Weighted average Class A and Class C common shares outstanding 38,298 36,413 35,560 Net income (loss) per share attributable to Class A and Class C common shareholders $ (2.87 ) $ (1.77 ) $ (2.20 )

Share Based Compensation (Table

Share Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Share	The following table summarizes restricted share activity for the grant periods ended December 31, 2020 and 2019: Year Ended December 31, 2020 Year Ended December 31, 2019 Weighted- Weighted- Average Grant Average Grant Shares Date Fair Value Shares Date Fair Value Unvested restricted shares at beginning of period 349,318 $ 44.88 403,129 $ 41.57 Restricted shares granted 106,327 31.06 76,948 57.04 Restricted shares vested (55,308 ) 43.23 (127,767 ) 41.76 Restricted shares forfeited (242,872 ) 43.19 (2,992 ) 45.02 Unvested restricted shares at end of period 157,465 $ 38.73 349,318 $ 44.88

Organization - Additional Infor

Organization - Additional Information (Detail) $ in Thousands	Mar. 05, 2021	Oct. 15, 2018Property	Jul. 07, 2015USD ($)JointVenture	Dec. 31, 2020ft²State	Dec. 31, 2021	Dec. 31, 2020USD ($)ft²PropertyState	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Organization And Basis Of Presentation [Line Items]
Number of properties interested in the portfolio | Property						183
Area of real estate property (in square feet) | ft²				8,860		8,860
Number of states in properties located | State				41		41
Number of redevelopment projects since inception | Property						51
Number of projects sold | Property						17
Number of redevelopment projects under various stages | Property						15
Area of properties leased to diversified tenants under in place leases | ft²						6,400,000
Area of properties leased to diversified tenants under signed not yet opened ("SNO") lease | ft²						2,900,000
Area of properties avilable for lease and/or redevelopment | ft²						18,000,000
Net cash (used in) provided by operating activities | $						$ 47,314	$ 57,660	$ (54,899)
Net cash (used in) provided by investing activities | $						42,868	(299,490)	(119,475)
Net Cash Provided By Used In Financing Activities | $						$ 15,440	$ (36,447)	$ 180,199
COVID-19 Pandemic [Member] | December 2020 [Member]
Organization And Basis Of Presentation [Line Items]
Percent of contractual rental income collected				93.00%
Percent of tenant contractual rental income collected				4.00%
COVID-19 Pandemic [Member] | Forecast [Member]
Organization And Basis Of Presentation [Line Items]
Expected future rent, description					Company had collected 93% of
COVID-19 Pandemic [Member] | Subsequent Event | January and February 2021 [Member]
Organization And Basis Of Presentation [Line Items]
Percent of contractual rental income collected	95.00%
Percent of tenant contractual rental income collected	2.00%
Sears Holdings Corporation [Member]
Organization And Basis Of Presentation [Line Items]
Business acquisition fair value, purchase price | $			$ 2,700,000
Interests in joint ventures acquired			50.00%
Number of joint venture acquired | JointVenture			3
Wholly Owned Properties [Member] | Holdco Master Lease [Member]
Organization And Basis Of Presentation [Line Items]
Number of wholly owned properties | Property						5
Real Estate Investment Trust [Member]
Organization And Basis Of Presentation [Line Items]
Area of real estate property (in square feet) | ft²				26,500,000		26,500,000
Real Estate Investment Trust [Member] | Wholly Owned Properties [Member]
Organization And Basis Of Presentation [Line Items]
Area of real estate property (in square feet) | ft²				24,500,000		24,500,000
Number of wholly owned properties | Property		51				158
Number of states in properties located | State				41		41
Real Estate Investment Trust [Member] | Joint Venture Properties [Member]
Organization And Basis Of Presentation [Line Items]
Area of real estate property (in square feet) | ft²				1,900,000		1,900,000
Number of states in properties located | State				13		13
Number of properties | Property						25

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020USD ($)PropertyStateJointVentureSegmentLeaseshares	Dec. 31, 2019USD ($)Propertyshares	Dec. 31, 2018USD ($)shares	Oct. 01, 2020Lease	Jan. 01, 2020USD ($)	Jan. 01, 2019USD ($)	Aug. 29, 2018shares	Dec. 31, 2017shares
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments | Segment	1
Impairment of real estate assets	$ 64,108,000	$ 0	$ 0
Number of real estate assets | Property	2
Impairment of real estate attributable to partial stabilized leased assets	$ 53,800,000
Impairment loss on real estate attributable to change in holdings of properties	10,300,000
Net proceeds from sale of real estate	$ 331,878,000	$ 140,505,000	210,097,000
Number of properties classified | Property	1	2
Real estate held for sale, assets	$ 1,864,000	$ 5,275,000
Real estate held for sale, liabilities	0	0
Impairment loss	0	0	$ 0
Restricted cash	6,500,000	0
Reduction to rental revenue	5,600,000	255,000
Reversal of straight line rent	$ 5,000,000	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 wholly owned properties acquired | Property	158
Number of entities acquired | JointVenture	25
Number of states in properties located | State	41
Below Market Lease assets	$ 4,186,000	10,648,000
Prepaid Expenses, Deferred Expenses and Other Assets, Net [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset	18,500,000	$ 18,800,000			$ 8,600,000
Accounts Payable, Accrued Expenses and Other Liabilities [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating lease, liability					$ 8,600,000
ASU 2016-02 [Member] | Prepaid Expenses, Deferred Expenses and Other Assets, Net [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset						$ 8,400,000
ASU 2016-02 [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating lease, liability						$ 8,400,000
ASU 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Lease, Cost	1,300,000
Below Market Lease assets	$ 11,005
Class C Common Shares [Member]
Summary Of Significant Accounting Policies [Line Items]
Common shares, outstanding | shares							0	3,151,000
Class B Common Shares [Member]
Summary Of Significant Accounting Policies [Line Items]
Common shares, outstanding | shares	0	1,242,536	1,322,000					1,329,000
Common shares, issued | shares	0	1,242,536
Class B Non-economic Common Shares [Member]
Summary Of Significant Accounting Policies [Line Items]
Common shares, outstanding | shares		1,242,536
Common shares, issued | shares		1,242,536
Management and Other Fee Income [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of revenue earned from unconsolidated joint ventures	100.00%
Rent Deferral Agreements [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance to tenant	$ 1,800,000
Rent Deferral Agreements [Member] | ASU 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of leases | Lease	66
Number of additional leases | Lease				1
Outparcel [Member]
Summary Of Significant Accounting Policies [Line Items]
Net proceeds from sale of real estate	$ 2,700,000
Wholly Owned Properties [Member] | Holdco Master Lease [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of wholly owned properties | Property	5
Operating Partnership [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of operating partnership interest held by parent	69.60%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Detail)	12 Months Ended
	Dec. 31, 2020
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

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Gain on Sale of Real Estate (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contributions to unconsolidated entities
Gross proceeds		$ 27,000	$ 21,700	$ 232,700
Gain (loss) on sale of real estate, net		(1,500)	3,900	63,900
Dispositions to third parties
Gross proceeds		333,400	144,300	114,300
Gain (loss) on sale of real estate, net	[1],[2]	120,100	63,700	29,500
Total gains on contributions and dispositions, net		$ 118,600	$ 67,600	$ 93,400
[1]	Excludes loss of $30.0 million related to the revaluation of Mark 302 JV to adjust the gain from $38.8 million to $8.8 million as further described in Note 4 below.
[2]	Includes gain of $6.9 million related to the exchange of a portion of one land parcel for two parcels of approximately equal size for the year ended December 31, 2019.

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Gain on Sale of Real Estate (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Gain related to exchange of land parcels	$ 6,900,000
Loss (gain) on revaluation of Mark 302 JV	30,000,000
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Gain or loss on sale of real estate based on final contribution value	38,800,000
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Gain or loss on sale of real estate based on final contribution value	$ 8,800,000

Lease Intangible Assets and L_3

Lease Intangible Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net of accumulated amortization	$ 18,595	$ 68,153
Identified intangible liability, net of accumulated amortization	4,186	10,648
Amortization of below-market leases, net of above-market leases	1,800	500	$ 900
Additional property expense	200	200	200
In-Place Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net of accumulated amortization	16,800	65,106
Amortization expense of intangible assets	$ 42,500	$ 40,500	$ 173,100

Lease Intangible Assets and L_4

Lease Intangible Assets and Liabilities - Summary of Lease Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Asset	$ 77,308	$ 252,370
Accumulated Amortization	(58,713)	(184,217)
Balance	18,595	68,153
In-Place Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Asset	73,169	245,745
Accumulated Amortization	(56,369)	(180,639)
Balance	16,800	65,106
Above-Market Leases, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Asset	4,139	6,625
Accumulated Amortization	(2,344)	(3,578)
Balance	$ 1,795	$ 3,047

Lease Intangible Assets and L_5

Lease Intangible Assets and Liabilities - Summary of Lease Intangible Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Below Market Lease Net [Abstract]
Gross Liability	$ 6,626	$ 15,912
Accumulated Amortization	(2,440)	(5,264)
Balance	$ 4,186	$ 10,648

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	Dec. 31, 2020USD ($)
Finite-Lived Intangible Assets [Line Items]
2021	$ 43
2022	(53)
2023	1
2024	26
2025	$ 97

Lease Intangible Assets and L_7

Lease Intangible Assets and Liabilities - Schedule of Future Amortization for Below-Market Ground Lease (Detail) $ in Thousands	Dec. 31, 2020USD ($)
Below Market Lease Amortization Income Maturity Schedule [Abstract]
2021	$ 203
2022	203
2023	203
2024	203
2025	$ 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	Dec. 31, 2020USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
2021	$ 3,022
2022	2,750
2023	1,921
2024	1,385
2025	$ 1,077

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Company's Investments in Unconsolidated Entities (Detail)	12 Months Ended
	Dec. 31, 2020ft²Property
Income Statement Equity Method Investments [Line Items]
Number of Properties	25
Total GLA | ft²	3,968,600
Brookfield Properties Retail I [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of Properties	4
Total GLA | ft²	520,400
Brookfield Properties Retail II [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of Properties	3
Total GLA | ft²	474,100
The Macerich Company [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of Properties	7
Total GLA | ft²	1,266,600
Simon Property Group Inc [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of Properties	5
Total GLA | ft²	872,200
Invesco Real Estate [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of Properties	1
Total GLA | ft²	103,000
Invesco Real Estate II [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of Properties	1
Total GLA | ft²	226,200
First Washington Realty [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of Properties	1
Total GLA | ft²	163,700
Greenberg Gibbons [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of Properties	1
Total GLA | ft²	160,200
RD Management [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	50.00%
Number of Properties	1
New Mark Merrilll Companies And Other Entities [Member]
Income Statement Equity Method Investments [Line Items]
Seritage % Ownership	20.00%
Number of Properties	1
Total GLA | ft²	182,200

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summary of Properties Contributed In Unconsolidated Entities (Detail)	12 Months Ended
	Dec. 31, 2020USD ($)
Mark 302 JV [Member]
Related Party Transaction [Line Items]
Investment in entity revaluation date	Mar. 20, 2018	[1]
Contribution Value	$ 60	[1]
Gain (Loss)	$ 8.8	[1]
UTC Joint Venture [Member]
Related Party Transaction [Line Items]
Investment in entity revaluation date	May 18, 2018
Contribution Value	$ 68
Gain (Loss)	$ 28.3
West Hartford JV [Member]
Related Party Transaction [Line Items]
Investment in entity revaluation date	May 18, 2018	[2]
Contribution Value	$ 20.3	[2]
Gain (Loss)	$ (1.1)	[2]
Cockeysville JV [Member]
Related Party Transaction [Line Items]
Investment in entity revaluation date	Mar. 29, 2019	[3]
Contribution Value	$ 12.5	[3]
Gain (Loss)	$ 3.8	[3]
Tech Ridge JV [Member]
Related Party Transaction [Line Items]
Investment in entity revaluation date	Sep. 27, 2019	[4]
Contribution Value	$ 3	[4]
Gain (Loss)	$ 0.1	[4]
[1]	The Mark 302 JV is subject to a revaluation upon the earlier of the first anniversary of project stabilization or December 31, 2020. The primary inputs in determining the Contribution Value for the Mark 302 JV are property operating income based on signed leases and total project costs and the Contribution Value will be recalculated to yield a pre-determined rate of return to its partner. Initially, the Contribution Value ranged from $105.0 million to $60.0 million, and as a result, the Gain (Loss) will not be more than $53.8 million or less than $8.8 million.  During the year ended December 31, 2020 the Company adjusted the Contribution Value down to $60.0 million and reduced the Gain (Loss) by $30.0 million which is included in gain on sale of real estate on the consolidated statements of operations. The Company also recorded a $15.0 million reduction to the Mark 302 JV investment value and a $15.0 million payable related to the amounts due to its partner which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.  In addition, 2020, the Company and its partner entered into an agreement to extend the revaluation date for the Mark 302 JV to September 30, 2021. Pursuant to the terms of this agreement, the Company will pay its partner a fee of $1.1 million and the Contribution Value cannot be more than $90.0 million or less than $60.0 million. The Company will continue to re-evaluate the expected amount on a periodic basis through the final determination date
[2]	The West Hartford JV was subject to (i) a revaluation upon the earlier of the first anniversary of project stabilization 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. As of December 31, 2019, the Company revalued the Contribution Value and recorded an additional loss of $2.3 million, and the Company does not expect there to be any additional revaluations.
[3]	The Cockeysville JV is subject to revaluation if an affiliate of Greenberg Gibbons contributes another adjacent parcel of land (the “Additional Land Parcel”) to the Cockeysville JV if certain milestones are met with respect to entitling the Additional Land Parcel for residential use. If the Additional Land Parcel is contributed to the Cockeysville JV, the Company will record an increased investment in the Cockeysville JV in an amount equal to 50% of the fair value of the Additional Land Parcel at the time of contribution. The Contribution Value of the Cockeysville JV is based upon the Company’s assessment of the probability of the Additional Land Parcel being entitled for residential use. The maximum Gain (Loss) is the fair value of the Additional Land Parcel at the time the Contribution Value is revalued, which cannot be less than $ million.
[4]	The Tech Ridge JV is subject to a revaluation primarily based upon the number of residential units constructed by the Tech Ridge JV. T he Contribution Value cannot be less than $ 2.75 million.

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Properties Contributed In Unconsolidated Entities (Parenthetical) (Detail) - USD ($)		May 18, 2018	Mar. 20, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 27, 2019
Related Party Transaction [Line Items]
Gain on sale of real estate				$ 88,555,000	$ 71,104,000	$ 96,165,000
Maximum [Member]
Related Party Transaction [Line Items]
Gain or loss on sale of real estate based on final contribution value					38,800,000
Minimum [Member]
Related Party Transaction [Line Items]
Gain or loss on sale of real estate based on final contribution value					$ 8,800,000
Mark 302 JV [Member]
Related Party Transaction [Line Items]
Investment in entity revaluation date	[1]			Mar. 20, 2018
West Hartford JV [Member]
Related Party Transaction [Line Items]
Investment in entity revaluation date	[2]			May 18, 2018
Cockeysville JV [Member]
Related Party Transaction [Line Items]
Investment in entity revaluation date	[3]			Mar. 29, 2019
Tech Ridge JV [Member]
Related Party Transaction [Line Items]
Investment in entity revaluation date	[4]			Sep. 27, 2019
Invesco Real Estate [Member] | Santa Monica, CA [Member] | Mark 302 JV [Member]
Related Party Transaction [Line Items]
Accounts Payable On Sale Of Investment Real Estate On Final Contribution Value				$ 15,000,000
Real estate fee paid on sale of real estate based on final contribution value				$ 1,100,000
Invesco Real Estate [Member] | Santa Monica, CA [Member] | Mark 302 JV [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Investment in entity revaluation date			Dec. 31, 2020	Sep. 30, 2021
Final contribution value			$ 105,000,000	$ 90,000,000
Gain or loss on sale of real estate based on final contribution value			53,800,000	30,000,000
Contribution value			105,000,000	90,000,000
Invesco Real Estate [Member] | Santa Monica, CA [Member] | Mark 302 JV [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Final contribution value			60,000,000	60,000,000
Gain or loss on sale of real estate based on final contribution value			8,800,000
Reduction in Final contribution value				15,000,000
Contribution value			$ 60,000,000	$ 60,000,000
Invesco Real Estate [Member] | West Hartford, CT [Member] | West Hartford JV [Member]
Related Party Transaction [Line Items]
Final contribution value		$ 2,300,000
Gain or loss on sale of real estate based on final contribution value		2,300,000
Contribution value		$ 2,300,000
Invesco Real Estate [Member] | West Hartford, CT [Member] | West Hartford JV [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Investment in Enitity revaluation date		Dec. 31, 2019
Invesco Real Estate [Member] | West Hartford, CT [Member] | Tech Ridge JV [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Final contribution value							$ 2,750,000
Contribution value							$ 2,750,000
Invesco Real Estate [Member] | Cockeysville, MD [Member] | Cockeysville JV [Member]
Related Party Transaction [Line Items]
Gain on sale of real estate		$ 3,800,000
[1]	The Mark 302 JV is subject to a revaluation upon the earlier of the first anniversary of project stabilization or December 31, 2020. The primary inputs in determining the Contribution Value for the Mark 302 JV are property operating income based on signed leases and total project costs and the Contribution Value will be recalculated to yield a pre-determined rate of return to its partner. Initially, the Contribution Value ranged from $105.0 million to $60.0 million, and as a result, the Gain (Loss) will not be more than $53.8 million or less than $8.8 million.  During the year ended December 31, 2020 the Company adjusted the Contribution Value down to $60.0 million and reduced the Gain (Loss) by $30.0 million which is included in gain on sale of real estate on the consolidated statements of operations. The Company also recorded a $15.0 million reduction to the Mark 302 JV investment value and a $15.0 million payable related to the amounts due to its partner which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.  In addition, 2020, the Company and its partner entered into an agreement to extend the revaluation date for the Mark 302 JV to September 30, 2021. Pursuant to the terms of this agreement, the Company will pay its partner a fee of $1.1 million and the Contribution Value cannot be more than $90.0 million or less than $60.0 million. The Company will continue to re-evaluate the expected amount on a periodic basis through the final determination date
[2]	The West Hartford JV was subject to (i) a revaluation upon the earlier of the first anniversary of project stabilization 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. As of December 31, 2019, the Company revalued the Contribution Value and recorded an additional loss of $2.3 million, and the Company does not expect there to be any additional revaluations.
[3]	The Cockeysville JV is subject to revaluation if an affiliate of Greenberg Gibbons contributes another adjacent parcel of land (the “Additional Land Parcel”) to the Cockeysville JV if certain milestones are met with respect to entitling the Additional Land Parcel for residential use. If the Additional Land Parcel is contributed to the Cockeysville JV, the Company will record an increased investment in the Cockeysville JV in an amount equal to 50% of the fair value of the Additional Land Parcel at the time of contribution. The Contribution Value of the Cockeysville JV is based upon the Company’s assessment of the probability of the Additional Land Parcel being entitled for residential use. The maximum Gain (Loss) is the fair value of the Additional Land Parcel at the time the Contribution Value is revalued, which cannot be less than $ million.
[4]	The Tech Ridge JV is subject to a revaluation primarily based upon the number of residential units constructed by the Tech Ridge JV. T he Contribution Value cannot be less than $ 2.75 million.

Investments in Unconsolidated_6

Investments in Unconsolidated Entities - Additional Information (Detail)	Dec. 23, 2020USD ($)Property	Sep. 21, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 30, 2020
Schedule Of Equity Method Investments [Line Items]
Impairment of real estate assets			$ 64,108,000	$ 0	$ 0
Gain on sale of real estate			88,555,000	71,104,000	$ 96,165,000
Net proceeds from disposition of interest in unconsolidated entities			19,551,000
Gain on sale of interest in unconsolidated joint venture			1,758,000
Joint venture contributed properties ownership interest surrendered						50.00%
West Hartford JV [Member]
Schedule Of Equity Method Investments [Line Items]
Income earned from servicing activities			$ 293,000	$ 1,600
Carson Investment Group Inc [Member]
Schedule Of Equity Method Investments [Line Items]
Seritage % Ownership		20.00%
Impairment of real estate assets		$ 6,400,000
Gain on sale of real estate		$ 1,500,000
Brookfield Properties Retail [Member]
Schedule Of Equity Method Investments [Line Items]
Percentage of interests sold	50.00%
Number Of Joint Venture Properties Sold | Property	2
Net proceeds from disposition of interest in unconsolidated entities	$ 20,000,000
Gain on sale of interest in unconsolidated joint venture	$ 1,800,000

Investments in Unconsolidated_7

Investments in Unconsolidated Entities - Summary of Combined Condensed Financial Data of Unconsolidated Entities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investment in real estate
Land	$ 592,770	$ 667,004
Accumulated depreciation	(142,206)	(147,696)
Net investment in real estate	1,910,872	1,970,633
Cash and cash equivalents	143,728	139,260	$ 532,857
Total assets	2,648,943	2,750,612
Liabilities
Total liabilities	1,766,216	1,707,242
Members Interest
Total equity	882,727	1,043,370	1,150,458	$ 1,320,860
Total liabilities and equity	2,648,943	2,750,612
EQUITY IN INCOME OF UNCONSOLIDATED ENTITIES
Total revenue	116,495	168,633	214,754
Gain on sale of real estate	88,555	71,104	96,165
Net loss	(152,964)	(90,603)	(114,878)
Unconsolidated Entities [Member]
Investment in real estate
Land	318,540	336,739
Buildings and improvements	492,973	517,068
Accumulated depreciation	(81,730)	(86,496)
Investment in real estate, gross	729,783	767,311
Construction in progress	222,663	177,028
Net investment in real estate	952,446	944,339
Cash and cash equivalents	16,094	27,977
Tenant and other receivables, net	4,104	3,113
Other assets, net	62,882	26,051
Total assets	1,035,526	1,001,480
Liabilities
Mortgage loans payable, net	34,672	14,218
Accounts payable, accrued expenses and other liabilities	48,405	89,110
Total liabilities	83,077	103,328
Members Interest
Additional paid in capital	964,868	934,120
Retained earnings	(12,419)	(35,968)
Total equity	952,449	898,152
Total liabilities and equity	1,035,526	1,001,480
EQUITY IN INCOME OF UNCONSOLIDATED ENTITIES
Total revenue	22,420	31,470	48,455
Property operating expenses	(9,962)	(11,385)	(9,357)
Depreciation and amortization	(18,401)	(60,745)	(31,676)
Operating income (loss)	(5,943)	(40,660)	7,422
Other expenses	(3,551)	(2,049)	(28,317)
Gain on sale of real estate	166	6,721
Net loss	(9,328)	(35,988)	(20,895)
Equity in (loss) income of unconsolidated entities	$ (4,712)	$ (17,994)	$ (10,448)

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	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 95,780
2022	89,685
2023	83,864
2024	80,592
2025	80,382
Thereafter	430,456
Total Lease Payments	$ 860,759
2020		$ 113,265
2021		121,909
2022		124,067
2023		119,745
2024		116,607
Thereafter		1,019,054
Total Lease Payments		$ 1,614,647

Leases - Components of Lease Re

Leases - Components of Lease Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lessor Disclosure [Abstract]
Fixed rental income	$ 93,259	$ 104,956	$ 140,661
Variable rental income	26,133	45,994	74,839
Total rental income	$ 119,392	$ 150,950	$ 215,500

Leases - Additional Information

Leases - Additional Information (Detail) ft² in Millions	Mar. 12, 2019ft²Property	Feb. 28, 2019USD ($)Lease	Dec. 31, 2020USD ($)Property	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2020USD ($)
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Number of properties subject to ground lease | Property			2
Increase in ROU assets				$ 11,000,000
Operating leases expiration year			2073
Sales-leaseback financing obligations			$ 20,425,000
Reversal of straight line rent			$ 5,000,000	0
Right to recapture property space			50.00%
Number of real estate specified properties | Property			5
Number of real estate properties acquisition exercised | Property			70
Number of terminated properties commenced or completed for redevelopment | Property			48
Number of terminated properties sold | Property			24
Sears Holdings Corporation [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Number of properties terminated under lease | Property	31
Area of properties rejected under leases | ft²	4.3
Hialeah [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Sales-leaseback financing obligations			$ 21,000,000
Sale leaseback term			25 years
Sale leaseback Interest rate			7.00%
Sale leaseback base rent			$ 1,500,000
Percentage of increase in annual rent			1.50%
Sale leaseback description			The Company has a purchase option during years four, five or seven of the 25-year term to reacquire, solely at the Company’s option, the Hialeah property at a predetermined price
Holdco Master Lease [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
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 was allocated to specific properties based on the trailing twelve- month EBITDA of the particular property as of December 2018
Number of real estate properties acquisition exercised | Property			4
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]
Reversal of straight line rent			$ (7,900,000)	300,000	$ (4,900,000)
Original Master Lease [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Number of real estate properties acquisition exercised | Property			3
Master Lease [Member] | Sears Holdings Corporation [Member] | Lease Terminations [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Number of real estate properties acquisition exercised | Property			87
General and Administrative Expenses [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Rent expense			$ 1,700,000	1,600,000	700,000
Property Operating Expense
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Rent expense			45,000	45,000	$ 45,000
Prepaid Expenses, Deferred Expenses and Other Assets, Net [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
ROU assets			$ 18,500,000	$ 18,800,000		$ 8,600,000
Accounts Payable, Accrued Expenses and Other Liabilities [Member]
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items]
Lease liabilities						$ 8,600,000

Leases - Information Related to

Leases - Information Related to Measurement of Lease Liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Lessee Disclosure [Abstract]
Weighted average remaining lease term (in years)	9 years 11 months 8 days
Weighted average discount rate	6.98%
Cash paid for operating leases	$ 2,145

Leases - Schedule of Future Sal

Leases - Schedule of Future Sale-Leaseback Financing Obligations (Detail) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 1,444
2022	1,466
2023	1,488
2024	1,510
2025	1,532
2026	1,555
Thereafter	33,891
Interest Portion	(22,830)
Total Lease Payments	$ 20,056

Leases - Summary of Revenue fro

Leases - Summary of Revenue from Master Lease (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property Subject to or Available for Operating Lease [Line Items]
Fixed rental income	$ 93,259	$ 104,956	$ 140,661
Variable rental income	26,133	45,994	74,839
Total rental income	119,392	150,950	215,500
Original and Holdco Master Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Fixed rental income	4,268	27,628	86,224
Variable rental income	10,425	23,525	65,450
Total rental income	$ 14,693	$ 51,153	$ 151,674

Leases - Summary of Recapture R

Leases - Summary of Recapture Rights Exercised by the Company (Detail)	12 Months Ended
	Dec. 31, 2020ft²Property
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area | ft²	8,860
Number of Properties	68
Hundred Percent Recaptures
Property Subject to or Available for Operating Lease [Line Items]
Number of Properties	40	[1]
Partial Recaptures
Property Subject to or Available for Operating Lease [Line Items]
Number of Properties	28	[2]
Year2019
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area | ft²	629
Number of Properties	4
Year2019 | Hundred Percent Recaptures
Property Subject to or Available for Operating Lease [Line Items]
Number of Properties	3	[1]
Year2019 | Partial Recaptures
Property Subject to or Available for Operating Lease [Line Items]
Number of Properties	1	[2]
Year2018
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area | ft²	3,428
Number of Properties	20
Year2018 | Hundred Percent Recaptures
Property Subject to or Available for Operating Lease [Line Items]
Number of Properties	17	[1]
Year2018 | Partial Recaptures
Property Subject to or Available for Operating Lease [Line Items]
Number of Properties	3	[2]
Year2017
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area | ft²	3,302
Number of Properties	27
Year2017 | Hundred Percent Recaptures
Property Subject to or Available for Operating Lease [Line Items]
Number of Properties	16	[1]
Year2017 | Partial Recaptures
Property Subject to or Available for Operating Lease [Line Items]
Number of Properties	11	[2]
Year2016
Property Subject to or Available for Operating Lease [Line Items]
Gross leasable area | ft²	1,501
Number of Properties	17
Year2016 | Hundred Percent Recaptures
Property Subject to or Available for Operating Lease [Line Items]
Number of Properties	4	[1]
Year2016 | Partial Recaptures
Property Subject to or Available for Operating Lease [Line Items]
Number of Properties	13	[2]
[1]	Includes properties for which the Company had converted partial recapture rights to 100% recapture rights.
[2]	Partial recaptures include the recapture of (i) up to approximately 50% of the space occupied by the tenant at all properties, (ii) automotive care centers which are free-standing or attached as “appendages” to the properties, and/or (iii) outparcels or outlots and certain portions of parking areas and common areas.

Leases - Summary of Recapture_2

Leases - Summary of Recapture Rights Exercised by the Company (Parenthetical) (Detail)	Dec. 31, 2020
Property Subject To Or Available For Operating Lease Net [Abstract]
Right to recapture property space exercised	100.00%
Right to recapture property space	50.00%

Leases - Summary of Termination

Leases - Summary of Termination and Redevelopement Properties (Detail)		12 Months Ended
		Dec. 31, 2020ft²Property	Dec. 31, 2019Property
Property Subject to or Available for Operating Lease [Line Items]
Area of real estate property (in square feet) | ft²		8,860
Number of properties classified		1	2
Lease Terminations [Member]
Property Subject to or Available for Operating Lease [Line Items]
Area of real estate property (in square feet) | ft²		18,499
Number of properties classified		133
Number of Properties Redeveloped by the Company		48
Properties Sold		24
Lease Terminations [Member] | Master Lease [Member] | Holdco [Member] | December 2020 [Member]
Property Subject to or Available for Operating Lease [Line Items]
Notice Date		2020-12
Termination Date		2021-03
Area of real estate property (in square feet) | ft²		639
Number of properties classified		5
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | June 2020 [Member]
Property Subject to or Available for Operating Lease [Line Items]
Notice Date		2020-06
Termination Date	[1]	2020-09
Area of real estate property (in square feet) | ft²		1,800
Number of properties classified		12
Number of Properties Redeveloped by the Company		2
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | November 2019 [Member]
Property Subject to or Available for Operating Lease [Line Items]
Notice Date		2019-11
Termination Date		2020-03
Area of real estate property (in square feet) | ft²		4,332
Number of properties classified		29
Number of Properties Redeveloped by the Company		7
Properties Sold		1
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | August 2018 [Member]
Property Subject to or Available for Operating Lease [Line Items]
Notice Date		2018-08
Termination Date		2018-12
Area of real estate property (in square feet) | ft²		1,605
Number of properties classified		13
Number of Properties Redeveloped by the Company		6
Properties Sold		3
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | June 2018 [Member]
Property Subject to or Available for Operating Lease [Line Items]
Notice Date		2018-06
Termination Date	[2]	2018-11
Area of real estate property (in square feet) | ft²		1,218
Number of properties classified		9
Number of Properties Redeveloped by the Company		6
Properties Sold		1
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | April 2018 [Member]
Property Subject to or Available for Operating Lease [Line Items]
Notice Date		2018-04
Termination Date		2018-08
Area of real estate property (in square feet) | ft²		1,494
Number of properties classified		9
Number of Properties Redeveloped by the Company		4
Properties Sold		1
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | June 2017 [Member]
Property Subject to or Available for Operating Lease [Line Items]
Notice Date		2017-06
Termination Date	[3]	2017-10
Area of real estate property (in square feet) | ft²		3,812
Number of properties classified		20
Number of Properties Redeveloped by the Company		8
Properties Sold		4
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | January 2017 [Member]
Property Subject to or Available for Operating Lease [Line Items]
Notice Date		2017-01
Termination Date		2017-04
Area of real estate property (in square feet) | ft²		1,872
Number of properties classified		19
Number of Properties Redeveloped by the Company		7
Properties Sold		8
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | September 2016 [Member]
Property Subject to or Available for Operating Lease [Line Items]
Notice Date		2016-09
Termination Date		2017-01
Area of real estate property (in square feet) | ft²		1,727
Number of properties classified		17
Number of Properties Redeveloped by the Company		8
Properties Sold		6
[1]	Properties terminated pursuant to the Amendments signed in 2020.
[2]	Two properties were terminated in October 2018.
[3]	One property was terminated in November 2017 and one was terminated in January 2018.

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	May 05, 2020	Jul. 31, 2018	Dec. 27, 2017	Dec. 31, 2020	Dec. 31, 2019	Jul. 07, 2015
Mortgage Loans and Future Funding Facility [Member]
Debt Instrument [Line Items]
Principal amount outstanding				$ 0
Term Loan Facility [Member] | Berkshire Hathaway [Member]
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
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%			2.00%
Debt issuance costs				$ 2,100,000
Unamortized debt issuance costs				$ 1,100,000	$ 1,500,000
'Deferred interest	$ 400,000,000
Term Loan Facility [Member] | Berkshire Hathaway [Member] | 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%
Term Loan Facility [Member] | Berkshire Hathaway [Member] | Maximum [Member]
Debt Instrument [Line Items]
Unencumbered fixed charge coverage ratio				60.00%
Maximum leverage ratio				65.00%
Term Loan Facility [Member] | Berkshire Hathaway [Member] | Maximum [Member] | Unrestricted Cash
Debt Instrument [Line Items]
Available cash	$ 30,000,000
Term Loan Facility [Member] | Berkshire Hathaway [Member] | Initial Funding [Member]
Debt Instrument [Line Items]
Principal amount outstanding		$ 1,600,000,000
Debt instrument, base annual interest rate		7.00%
Term Loan Facility [Member] | Berkshire Hathaway [Member] | Incremental Funding Facility [Member]
Debt Instrument [Line Items]
Principal amount outstanding		$ 400,000,000
Debt instrument, base annual interest rate		1.00%
Mortgage Loans [Member] | Mortgage Loans over $1,000,000 [Member]
Debt Instrument [Line Items]
Expiration date				Jul. 31, 2019
Interest rate description				Borrowings under the Mortgage Loans bore interest at the London Interbank Offered Rates (“LIBOR”) plus, as of July 31, 2018, a weighted-average spread of 485 basis points; payments were made monthly on an interest-only basis.
Basis spread on variable rate		4.85%
Frequency of interest payment				monthly
Mortgage Loans [Member] | Term Loans [Member] | Mortgage Loans over $1,000,000 [Member]
Debt Instrument [Line Items]
Loan, face amount						$ 1,161,000,000
Mortgage Loans [Member] | Future Funding Facility [Member]
Debt Instrument [Line Items]
Debt issuance costs				$ 22,300,000
Unamortized debt issuance costs				0	0
Mortgage Loans [Member] | Future Funding Facility [Member] | Mortgage Loans over $1,000,000 [Member]
Debt Instrument [Line Items]
Loan, face amount						$ 100,000,000
Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Principal amount outstanding			$ 200,000,000	$ 0
Line of credit, maturity date				Dec. 31, 2018
Debt instrument, base annual interest rate				6.75%
Debt issuance costs		$ 1,800,000
Unamortized debt issuance costs				$ 0	$ 0
Line of credit facility, current funding				85,000,000
Line of credit facility, maximum				200,000,000
Additional Incremental loans				$ 55,000,000
Line of credit facility, fee percentage			1.00%
Debt instrument, interest rate terms				The principal amount of loans outstanding under the Unsecured Term Loan bore a base annual interest rate of 6.75%.
Unsecured Term Loan [Member] | Empyrean Capital Partners, L.P. [Member]
Debt Instrument [Line Items]
Line of credit facility, current funding				$ 60,000,000
Line of credit facility, maximum				145,000,000
Unsecured Delayed Draw Term Loan [Member]
Debt Instrument [Line Items]
Amount outstanding at termination				$ 85,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Uncertain tax positions	$ 0	$ 0
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	12 Months Ended
	Dec. 31, 2020USD ($)PropertyDerivativeInstrument	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of derivative instruments | DerivativeInstrument	0
Asset Impairment Charges [Abstract]
Impairment loss on real estate assets	$ 64,108	$ 0	$ 0
Number of Impaired Properties Sold | Property	2
Minimum [Member]
Asset Impairment Charges [Abstract]
Fair value inputs capitalization rate	6.75%
Maximum [Member]
Asset Impairment Charges [Abstract]
Fair value inputs capitalization rate	9.25%
Fair Value, Inputs, Level 2
Asset Impairment Charges [Abstract]
Debt obligations, fair value	$ 1,600,000	1,600,000
Assets Leased [Member]
Asset Impairment Charges [Abstract]
Impairment loss on real estate assets	53,800
Loss on Impairment [Member] | Fair Value, Inputs, Level 3 [Member]
Asset Impairment Charges [Abstract]
Impairment loss on real estate assets	64,100	0	0
Sale of Property [Member]
Asset Impairment Charges [Abstract]
Impairment loss on real estate assets	10,300
Interest Rate Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative gain (loss)	$ 0	$ 0	$ 23

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Apr. 18, 2019	Dec. 31, 2020	Jul. 07, 2015
Loss Contingencies [Line Items]
Environmental reserve		$ 9.5	$ 12
Sears Holdings Corporation [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Worth of real estate in excess of purchase price paid	$ 649
Sears Holdings Corporation [Member] | 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	Dec. 31, 2020	Dec. 31, 2019
Schedule of Other Related Party Transactions [Line Items]
Property development expenditures receivable	$ 46,570	$ 54,470
Unconsolidated Entities 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	$ 5,000	$ 9,700
Operating Partnership [Member] | Sears Holdings Corporation [Member] | ESL [Member]
Schedule of Other Related Party Transactions [Line Items]
Ownership interest percentage held by related party	30.40%
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	6.50%

Non-controlling Interests - Add

Non-controlling Interests - Additional Information (Detail) - Operating Partnership [Member]	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Percentage of operating partnership interest held by parent	69.60%
ESL [Member]
Noncontrolling Interest [Line Items]
Ownership interest percentage held by related party	30.40%

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 14, 2022	Jul. 07, 2015
Class of Stock [Line Items]
Cash dividend declared		$ 0.25	$ 1
Class B Non Economic Common Shares [Member]
Class of Stock [Line Items]
Common shares, par value	$ 0.01
Common shares, issued	0
Common shares, outstanding	0
Common shares surrendered	1,242,536
Class A Common Shares [Member]
Class of Stock [Line Items]
Common shares, par value	$ 0.01	$ 0.01				$ 0.01
Common shares, issued	38,896,428	36,897,364
Common shares, outstanding	38,896,428	36,897,364	35,668,000	32,416,000
OP Unit exchanges, shares	1,901,739	1,214,577	98,923
Class C Non Voting Common Shares [Member]
Class of Stock [Line Items]
Common shares, par value	$ 0.01
Common shares, issued	0
Common shares, outstanding	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				$ 66.4
Series A Cumulative Redeemable Preferred Shares [Member] | Forecast [Member]
Class of Stock [Line Items]
Preferred shares redemption price per share plus any accrued and unpaid dividends					$ 25
Class A and Class C Common Share [Member]
Class of Stock [Line Items]
Cash dividend declared		$ 0.25	$ 1

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Dividends Reflected for U.S. Federal Income Tax Purposes (Detail) - $ / shares		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends Payable [Line Items]
Total			$ 0.25	$ 1
Class A and Class C Common Share [Member]
Dividends Payable [Line Items]
Total			0.25	1
Class A and Class C Common Share [Member] | Domestic Country [Member] | Dividend Declared [Member]
Dividends Payable [Line Items]
Ordinary income				0.01
Capital gain distributions		$ 0	0	0.35
Return of capital		0	0.50	0.39
Dividends reallocation	[1]	$ 0	(0.25)	0.25
Total			$ 0.25	$ 1
[1]	In 2018, the fourth quarter dividend of 2018 declared on October 23, 2018 was allocated to the 2019 tax year.

Shareholders' Equity - Summar_2

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

Feb. 23, 2021

Dec. 17, 2020

Sep. 17, 2020

Apr. 30, 2020

Feb. 25, 2020

Oct. 23, 2019

Jul. 23, 2019

Apr. 30, 2019

Feb. 25, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dividends Payable [Line Items]

Preferred Share

$ 1.75

$ 1.75

$ 1.75

Series A Preferred Shares [Member]

Dividends Payable [Line Items]

Declaration Date

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2009

Feb. 28, 2018

Oct. 31, 2023

Jul. 31, 2023

Apr. 30, 2030

Feb. 28, 2025

Record Date

Dec. 31, 2031

Sep. 30, 2030

Jun. 30, 2030

Mar. 31, 2031

Dec. 31, 2031

Sep. 30, 2030

Jun. 30, 2028

Mar. 31, 2029

Payment Date

Jan. 15, 2021

Oct. 31, 2015

Jul. 31, 2015

Apr. 30, 2015

Jan. 15, 2020

Oct. 31, 2015

Jul. 31, 2015

Apr. 30, 2015

Preferred Share

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.43750

Series A Preferred Shares [Member] | Subsequent Event

Dividends Payable [Line Items]

Declaration Date

Feb. 28, 2023

Record Date

Mar. 31, 2031

Payment Date

Apr. 30, 2015

Preferred Share

$ 0.43750

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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator - Basic and Diluted
Net loss	$ (152,964)	$ (90,603)	$ (114,878)
Net loss attributable to non-controlling interests	47,938	31,206	41,406
Preferred dividends	(4,900)	(4,900)	(4,903)
Net loss attributable to Seritage common shareholders	(109,926)	(64,297)	(78,375)
Net loss available to common shareholders - Basic and diluted	$ (109,926)	$ (64,297)	$ (78,375)
Denominator - Basic and Diluted
Weighted average common shares outstanding	38,298	36,413	35,560
Net income (loss) per share attributable to Class A and Class C common shareholders	$ (2.87)	$ (1.77)	$ (2.20)
Class A Common Shares [Member]
Denominator - Basic and Diluted
Weighted average common shares outstanding	38,298	36,413	35,103
Class C Common Shares [Member]
Denominator - Basic and Diluted
Weighted average common shares outstanding			457

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Time Based Restricted Shares and Share Units [Member]
Earning Per Share [Line Items]
Non-vested restricted shares outstanding	157,465	349,318	403,129

Share Based Compensation - Addi

Share Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 07, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Off set of forfeitures of unvested shares	$ 7
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	$ 1.9	$ 7.4
Unrecognized compensation costs, weighted average expected recognition period	1 year 8 months 12 days	1 year 7 months 6 days
Restricted Share [Member] | General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense recognized	$ 4	$ 6.8	$ 7.5
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] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares at beginning of period	349,318	403,129
Restricted shares granted	106,327	76,948
Restricted shares vested	(55,308)	(127,767)
Restricted shares forfeited	(242,872)	(2,992)
Unvested restricted shares at end of period	157,465	349,318
Weighted-Average Grant Date Fair Value, Unvested restricted shares at beginning of period	$ 44.88	$ 41.57
Weighted-Average Grant Date Fair Value, Restricted shares granted	31.06	57.04
Weighted-Average Grant Date Fair Value, Restricted shares vested	43.23	41.76
Weighted-Average Grant Date Fair Value, Restricted shares forfeited	43.19	45.02
Weighted-Average Grant Date Fair Value, Unvested restricted shares at end of period	$ 38.73	$ 44.88

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 610,693
Acquisition Costs, Buildings and Improvements	606,997
Costs Capitalized Subsequent to Acquisition, Land	(17,922)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	853,307
Gross Amount at Which Carried at Close of Period , Land	592,770
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,460,308
Gross Amount at Which Carried at Close of Period, Total	2,053,078	$ 2,118,329	$ 1,889,014	$ 1,854,043
Accumulated Depreciation	(142,206)	$ (147,696)	$ (137,947)	$ (139,483)
Anchorage, AK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	11,517
Acquisition Costs, Buildings and Improvements	11,729
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	20,945
Gross Amount at Which Carried at Close of Period , Land	11,517
Gross Amount at Which Carried at Close of Period, Building and Improvements	32,674
Gross Amount at Which Carried at Close of Period, Total	44,191
Accumulated Depreciation	$ (3,334)
Date Acquired	2015-07
North Little Rock, AR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,288
Acquisition Costs, Buildings and Improvements	2,881
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,047
Gross Amount at Which Carried at Close of Period , Land	1,288
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,928
Gross Amount at Which Carried at Close of Period, Total	6,216
Accumulated Depreciation	$ (542)
Date Acquired	2015-07
Glendale, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 19,040
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	300
Gross Amount at Which Carried at Close of Period , Land	19,040
Gross Amount at Which Carried at Close of Period, Building and Improvements	300
Gross Amount at Which Carried at Close of Period, Total	$ 19,340
Date Acquired	2020-12
Mesa/East, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,661
Acquisition Costs, Buildings and Improvements	2,559
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(642)
Gross Amount at Which Carried at Close of Period , Land	2,661
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,917
Gross Amount at Which Carried at Close of Period, Total	4,578
Accumulated Depreciation	$ (319)
Date Acquired	2015-07
ParkMall, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,207
Acquisition Costs, Buildings and Improvements	3,458
Costs Capitalized Subsequent to Acquisition, Land	(2,221)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	5,183
Gross Amount at Which Carried at Close of Period , Land	2,986
Gross Amount at Which Carried at Close of Period, Building and Improvements	8,641
Gross Amount at Which Carried at Close of Period, Total	11,627
Accumulated Depreciation	$ (649)
Date Acquired	2015-07
Phoenix, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 568
Acquisition Costs, Buildings and Improvements	1,088
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(624)
Gross Amount at Which Carried at Close of Period , Land	568
Gross Amount at Which Carried at Close of Period, Building and Improvements	464
Gross Amount at Which Carried at Close of Period, Total	1,032
Accumulated Depreciation	$ (72)
Date Acquired	2015-07
Phoenix Desert Sky, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,605
Acquisition Costs, Buildings and Improvements	2,448
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(669)
Gross Amount at Which Carried at Close of Period , Land	2,605
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,779
Gross Amount at Which Carried at Close of Period, Total	4,384
Accumulated Depreciation	$ (316)
Date Acquired	2015-07
Sierra Vista,, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,252
Acquisition Costs, Buildings and Improvements	1,791
Costs Capitalized Subsequent to Acquisition, Land	(243)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(194)
Gross Amount at Which Carried at Close of Period , Land	1,009
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,597
Gross Amount at Which Carried at Close of Period, Total	2,606
Accumulated Depreciation	$ (640)
Date Acquired	2015-07
Yuma, AZ [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,485
Acquisition Costs, Buildings and Improvements	1,596
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(401)
Gross Amount at Which Carried at Close of Period , Land	1,485
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,195
Gross Amount at Which Carried at Close of Period, Total	2,680
Accumulated Depreciation	$ (219)
Date Acquired	2015-07
Big Bear Lake, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,664
Acquisition Costs, Buildings and Improvements	2,945
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(436)
Gross Amount at Which Carried at Close of Period , Land	3,664
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,509
Gross Amount at Which Carried at Close of Period, Total	6,173
Accumulated Depreciation	$ (417)
Date Acquired	2015-07
Chula Vista, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 7,315
Acquisition Costs, Buildings and Improvements	6,834
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(900)
Gross Amount at Which Carried at Close of Period , Land	7,315
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,934
Gross Amount at Which Carried at Close of Period, Total	13,249
Accumulated Depreciation	$ (1,125)
Date Acquired	2015-07
Citrus Heights, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,778
Acquisition Costs, Buildings and Improvements	2,088
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(775)
Gross Amount at Which Carried at Close of Period , Land	3,778
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,313
Gross Amount at Which Carried at Close of Period, Total	5,091
Accumulated Depreciation	$ (241)
Date Acquired	2015-07
El Cajon, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 10,573
Acquisition Costs, Buildings and Improvements	2,883
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	23,989
Gross Amount at Which Carried at Close of Period , Land	10,573
Gross Amount at Which Carried at Close of Period, Building and Improvements	26,872
Gross Amount at Which Carried at Close of Period, Total	37,445
Accumulated Depreciation	$ (674)
Date Acquired	2015-07
El Centro, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,877
Acquisition Costs, Buildings and Improvements	3,977
Costs Capitalized Subsequent to Acquisition, Land	(668)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(1,429)
Gross Amount at Which Carried at Close of Period , Land	3,209
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,548
Gross Amount at Which Carried at Close of Period, Total	5,757
Accumulated Depreciation	$ (484)
Date Acquired	2015-07
Fairfield, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,679
Acquisition Costs, Buildings and Improvements	1,366
Costs Capitalized Subsequent to Acquisition, Land	(166)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	1,785
Gross Amount at Which Carried at Close of Period , Land	3,513
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,151
Gross Amount at Which Carried at Close of Period, Total	6,664
Accumulated Depreciation	$ (237)
Date Acquired	2015-07
Florin, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,022
Acquisition Costs, Buildings and Improvements	1,366
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(191)
Gross Amount at Which Carried at Close of Period , Land	1,022
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,175
Gross Amount at Which Carried at Close of Period, Total	2,197
Accumulated Depreciation	$ (206)
Date Acquired	2015-07
Fresno, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,370
Acquisition Costs, Buildings and Improvements	2,000
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(920)
Gross Amount at Which Carried at Close of Period , Land	1,370
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,080
Gross Amount at Which Carried at Close of Period, Total	2,450
Accumulated Depreciation	$ (205)
Date Acquired	2015-07
McKinleyville, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,354
Acquisition Costs, Buildings and Improvements	1,655
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(562)
Gross Amount at Which Carried at Close of Period , Land	1,354
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,093
Gross Amount at Which Carried at Close of Period, Total	2,447
Accumulated Depreciation	$ (172)
Date Acquired	2015-07
Merced, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,534
Acquisition Costs, Buildings and Improvements	1,604
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,159
Gross Amount at Which Carried at Close of Period , Land	2,534
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,763
Gross Amount at Which Carried at Close of Period, Total	7,297
Accumulated Depreciation	$ (230)
Date Acquired	2015-07
Montclair, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,498
Acquisition Costs, Buildings and Improvements	2,119
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,498
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,119
Gross Amount at Which Carried at Close of Period, Total	4,617
Accumulated Depreciation	$ (513)
Date Acquired	2015-07
Hollywood, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 8,049
Acquisition Costs, Buildings and Improvements	3,172
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	18,305
Gross Amount at Which Carried at Close of Period , Land	8,049
Gross Amount at Which Carried at Close of Period, Building and Improvements	21,477
Gross Amount at Which Carried at Close of Period, Total	29,526
Accumulated Depreciation	$ (2,319)
Date Acquired	2015-07
Palm Desert Palm Desert, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,473
Acquisition Costs, Buildings and Improvements	1,705
Costs Capitalized Subsequent to Acquisition, Land	(542)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(679)
Gross Amount at Which Carried at Close of Period , Land	4,931
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,026
Gross Amount at Which Carried at Close of Period, Total	5,957
Accumulated Depreciation	$ (182)
Date Acquired	2015-07
Ramona, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 7,239
Acquisition Costs, Buildings and Improvements	1,452
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(318)
Gross Amount at Which Carried at Close of Period , Land	7,239
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,134
Gross Amount at Which Carried at Close of Period, Total	8,373
Accumulated Depreciation	$ (191)
Date Acquired	2015-07
Stand-Alone Location - Riverside, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,670
Acquisition Costs, Buildings and Improvements	2,489
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(767)
Gross Amount at Which Carried at Close of Period , Land	2,670
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,722
Gross Amount at Which Carried at Close of Period, Total	4,392
Accumulated Depreciation	$ (310)
Date Acquired	2015-07
Stand-Alone Location Two - Riverside, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,397
Acquisition Costs, Buildings and Improvements	4,407
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(1,136)
Gross Amount at Which Carried at Close of Period , Land	4,397
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,271
Gross Amount at Which Carried at Close of Period, Total	7,668
Accumulated Depreciation	$ (622)
Date Acquired	2015-07
Roseville, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,848
Acquisition Costs, Buildings and Improvements	3,215
Costs Capitalized Subsequent to Acquisition, Land	(1,909)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	8,181
Gross Amount at Which Carried at Close of Period , Land	2,939
Gross Amount at Which Carried at Close of Period, Building and Improvements	11,396
Gross Amount at Which Carried at Close of Period, Total	14,335
Accumulated Depreciation	$ (629)
Date Acquired	2015-07
Salinas, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,644
Acquisition Costs, Buildings and Improvements	4,394
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(765)
Gross Amount at Which Carried at Close of Period , Land	2,644
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,629
Gross Amount at Which Carried at Close of Period, Total	6,273
Accumulated Depreciation	$ (665)
Date Acquired	2015-07
San Bernardino, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,131
Acquisition Costs, Buildings and Improvements	2,066
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(780)
Gross Amount at Which Carried at Close of Period , Land	4,131
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,286
Gross Amount at Which Carried at Close of Period, Total	5,417
Accumulated Depreciation	$ (236)
Date Acquired	2015-07
San Bruno, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 7,854
Acquisition Costs, Buildings and Improvements	4,642
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(977)
Gross Amount at Which Carried at Close of Period , Land	7,854
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,665
Gross Amount at Which Carried at Close of Period, Total	11,519
Accumulated Depreciation	$ (672)
Date Acquired	2015-07
San Jose- Eastridge, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,531
Acquisition Costs, Buildings and Improvements	2,356
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(804)
Gross Amount at Which Carried at Close of Period , Land	1,531
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,552
Gross Amount at Which Carried at Close of Period, Total	3,083
Accumulated Depreciation	$ (284)
Date Acquired	2015-07
Santa Maria, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,967
Acquisition Costs, Buildings and Improvements	2,635
Costs Capitalized Subsequent to Acquisition, Land	(1,184)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(1,024)
Gross Amount at Which Carried at Close of Period , Land	2,783
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,611
Gross Amount at Which Carried at Close of Period, Total	4,394
Accumulated Depreciation	$ (407)
Date Acquired	2015-07
Temecula, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,098
Acquisition Costs, Buildings and Improvements	2,214
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	7,852
Gross Amount at Which Carried at Close of Period , Land	6,098
Gross Amount at Which Carried at Close of Period, Building and Improvements	10,066
Gross Amount at Which Carried at Close of Period, Total	16,164
Accumulated Depreciation	$ (693)
Date Acquired	2015-07
Thousand Oaks, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 9,853
Acquisition Costs, Buildings and Improvements	14,785
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	7,507
Gross Amount at Which Carried at Close of Period , Land	9,853
Gross Amount at Which Carried at Close of Period, Building and Improvements	22,292
Gross Amount at Which Carried at Close of Period, Total	32,145
Accumulated Depreciation	$ (4,089)
Date Acquired	2015-07
Ventura, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,578
Acquisition Costs, Buildings and Improvements	6,172
Costs Capitalized Subsequent to Acquisition, Land	(949)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(1,050)
Gross Amount at Which Carried at Close of Period , Land	4,629
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,122
Gross Amount at Which Carried at Close of Period, Total	9,751
Accumulated Depreciation	$ (1,028)
Date Acquired	2015-07
Ventura, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,972
Acquisition Costs, Buildings and Improvements	2,053
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(648)
Gross Amount at Which Carried at Close of Period , Land	5,972
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,405
Gross Amount at Which Carried at Close of Period, Total	7,377
Accumulated Depreciation	$ (266)
Date Acquired	2015-07
Westminster, CA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,845
Acquisition Costs, Buildings and Improvements	5,651
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(1,024)
Gross Amount at Which Carried at Close of Period , Land	6,845
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,627
Gross Amount at Which Carried at Close of Period, Total	11,472
Accumulated Depreciation	$ (848)
Date Acquired	2015-07
Lakewood, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,290
Acquisition Costs, Buildings and Improvements	4,550
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(417)
Gross Amount at Which Carried at Close of Period , Land	1,290
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,133
Gross Amount at Which Carried at Close of Period, Total	5,423
Accumulated Depreciation	$ (784)
Date Acquired	2015-07
Thornton, CO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,881
Acquisition Costs, Buildings and Improvements	1,300
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,041
Gross Amount at Which Carried at Close of Period , Land	1,881
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,341
Gross Amount at Which Carried at Close of Period, Total	6,222
Accumulated Depreciation	$ (608)
Date Acquired	2015-07
Waterford, CT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,371
Acquisition Costs, Buildings and Improvements	2,534
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(680)
Gross Amount at Which Carried at Close of Period , Land	1,371
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,854
Gross Amount at Which Carried at Close of Period, Total	3,225
Accumulated Depreciation	$ (329)
Date Acquired	2015-07
Rehoboth Beach, DE [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 714
Acquisition Costs, Buildings and Improvements	4,523
Costs Capitalized Subsequent to Acquisition, Land	(134)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	6,262
Gross Amount at Which Carried at Close of Period , Land	580
Gross Amount at Which Carried at Close of Period, Building and Improvements	10,785
Gross Amount at Which Carried at Close of Period, Total	11,365
Accumulated Depreciation	$ (1,788)
Date Acquired	2015-07
BocaRaton, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 16,089
Acquisition Costs, Buildings and Improvements	7,480
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(515)
Gross Amount at Which Carried at Close of Period , Land	16,089
Gross Amount at Which Carried at Close of Period, Building and Improvements	6,965
Gross Amount at Which Carried at Close of Period, Total	23,054
Accumulated Depreciation	$ (1,236)
Date Acquired	2015-07
Bradenton, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,420
Acquisition Costs, Buildings and Improvements	1,479
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(414)
Gross Amount at Which Carried at Close of Period , Land	1,420
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,065
Gross Amount at Which Carried at Close of Period, Total	2,485
Accumulated Depreciation	$ (189)
Date Acquired	2015-07
Clearwater/Cntrysd, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,852
Acquisition Costs, Buildings and Improvements	17,777
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	182
Gross Amount at Which Carried at Close of Period , Land	5,852
Gross Amount at Which Carried at Close of Period, Building and Improvements	17,959
Gross Amount at Which Carried at Close of Period, Total	23,811
Accumulated Depreciation	$ (3,636)
Date Acquired	2015-07
Doral, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 9,214
Acquisition Costs, Buildings and Improvements	2,654
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(600)
Gross Amount at Which Carried at Close of Period , Land	9,214
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,054
Gross Amount at Which Carried at Close of Period, Total	11,268
Accumulated Depreciation	$ (364)
Date Acquired	2015-07
FtMyers, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,168
Acquisition Costs, Buildings and Improvements	2,853
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(418)
Gross Amount at Which Carried at Close of Period , Land	3,168
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,435
Gross Amount at Which Carried at Close of Period, Total	5,603
Accumulated Depreciation	$ (462)
Date Acquired	2015-07
Hialeah, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,492
Acquisition Costs, Buildings and Improvements	2,344
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	13,518
Gross Amount at Which Carried at Close of Period , Land	5,492
Gross Amount at Which Carried at Close of Period, Building and Improvements	15,862
Gross Amount at Which Carried at Close of Period, Total	21,354
Accumulated Depreciation	$ (1,124)
Date Acquired	2015-07
Hialeah Westland, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 9,683
Acquisition Costs, Buildings and Improvements	3,472
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	224
Gross Amount at Which Carried at Close of Period , Land	9,683
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,696
Gross Amount at Which Carried at Close of Period, Total	13,379
Accumulated Depreciation	$ (595)
Date Acquired	2015-07
Lakeland,FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,503
Acquisition Costs, Buildings and Improvements	1,045
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(378)
Gross Amount at Which Carried at Close of Period , Land	1,503
Gross Amount at Which Carried at Close of Period, Building and Improvements	667
Gross Amount at Which Carried at Close of Period, Total	2,170
Accumulated Depreciation	$ (111)
Date Acquired	2015-07
Miami, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 13,264
Acquisition Costs, Buildings and Improvements	61,577
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(61,520)
Gross Amount at Which Carried at Close of Period , Land	13,264
Gross Amount at Which Carried at Close of Period, Building and Improvements	57
Gross Amount at Which Carried at Close of Period, Total	13,321
Accumulated Depreciation	$ (57)
Date Acquired	2015-07
Miami/Cutler Rdg, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,219
Acquisition Costs, Buildings and Improvements	1,236
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(206)
Gross Amount at Which Carried at Close of Period , Land	5,219
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,030
Gross Amount at Which Carried at Close of Period, Total	6,249
Accumulated Depreciation	$ (189)
Date Acquired	2015-07
North Miami, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,748
Acquisition Costs, Buildings and Improvements	2,434
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	6,591
Gross Amount at Which Carried at Close of Period , Land	4,748
Gross Amount at Which Carried at Close of Period, Building and Improvements	9,025
Gross Amount at Which Carried at Close of Period, Total	13,773
Accumulated Depreciation	$ (505)
Date Acquired	2015-07
Ocala, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,468
Acquisition Costs, Buildings and Improvements	1,150
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(456)
Gross Amount at Which Carried at Close of Period , Land	2,468
Gross Amount at Which Carried at Close of Period, Building and Improvements	694
Gross Amount at Which Carried at Close of Period, Total	3,162
Accumulated Depreciation	$ (123)
Date Acquired	2015-07
Orlando Colonial, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,403
Acquisition Costs, Buildings and Improvements	3,626
Costs Capitalized Subsequent to Acquisition, Land	(177)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	15,850
Gross Amount at Which Carried at Close of Period , Land	4,226
Gross Amount at Which Carried at Close of Period, Building and Improvements	19,476
Gross Amount at Which Carried at Close of Period, Total	23,702
Accumulated Depreciation	$ (1,036)
Date Acquired	2015-07
Panama City, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,227
Acquisition Costs, Buildings and Improvements	1,614
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(461)
Gross Amount at Which Carried at Close of Period , Land	3,227
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,153
Gross Amount at Which Carried at Close of Period, Total	4,380
Accumulated Depreciation	$ (204)
Date Acquired	2015-07
Pensacola, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,620
Acquisition Costs, Buildings and Improvements	2,990
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	13,261
Gross Amount at Which Carried at Close of Period , Land	2,620
Gross Amount at Which Carried at Close of Period, Building and Improvements	16,251
Gross Amount at Which Carried at Close of Period, Total	18,871
Accumulated Depreciation	$ (431)
Date Acquired	2015-07
Plantation, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,933
Acquisition Costs, Buildings and Improvements	2,509
Costs Capitalized Subsequent to Acquisition, Land	(3,361)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(1,641)
Gross Amount at Which Carried at Close of Period , Land	3,572
Gross Amount at Which Carried at Close of Period, Building and Improvements	868
Gross Amount at Which Carried at Close of Period, Total	4,440
Accumulated Depreciation	$ (299)
Date Acquired	2015-07
Sarasota, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,920
Acquisition Costs, Buildings and Improvements	2,200
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(831)
Gross Amount at Which Carried at Close of Period , Land	3,920
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,369
Gross Amount at Which Carried at Close of Period, Total	5,289
Accumulated Depreciation	$ (243)
Date Acquired	2015-07
Tyrone Square Mall - Tyrone Square Mall [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,381
Acquisition Costs, Buildings and Improvements	2,420
Costs Capitalized Subsequent to Acquisition, Land	(50)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	22,977
Gross Amount at Which Carried at Close of Period , Land	2,331
Gross Amount at Which Carried at Close of Period, Building and Improvements	25,397
Gross Amount at Which Carried at Close of Period, Total	27,728
Accumulated Depreciation	$ (3,302)
Date Acquired	2015-07
Stand-Alone Location - St. Petersburg, FL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,653
Acquisition Costs, Buildings and Improvements	777
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(279)
Gross Amount at Which Carried at Close of Period , Land	1,653
Gross Amount at Which Carried at Close of Period, Building and Improvements	498
Gross Amount at Which Carried at Close of Period, Total	2,151
Accumulated Depreciation	$ (91)
Date Acquired	2015-07
Savannah, GA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,285
Acquisition Costs, Buildings and Improvements	3,012
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(344)
Gross Amount at Which Carried at Close of Period , Land	5,285
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,668
Gross Amount at Which Carried at Close of Period, Total	7,953
Accumulated Depreciation	$ (419)
Date Acquired	2015-07
Honolulu,HI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,824
Acquisition Costs, Buildings and Improvements	2,195
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	21,279
Gross Amount at Which Carried at Close of Period , Land	6,824
Gross Amount at Which Carried at Close of Period, Building and Improvements	23,474
Gross Amount at Which Carried at Close of Period, Total	30,298
Accumulated Depreciation	$ (2,512)
Date Acquired	2015-07
Cedar Rapids, IA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,833
Acquisition Costs, Buildings and Improvements	2,197
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(457)
Gross Amount at Which Carried at Close of Period , Land	2,833
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,740
Gross Amount at Which Carried at Close of Period, Total	4,573
Accumulated Depreciation	$ (325)
Date Acquired	2015-07
Charles City, IA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 793
Acquisition Costs, Buildings and Improvements	1,914
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	793
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,914
Gross Amount at Which Carried at Close of Period, Total	2,707
Accumulated Depreciation	$ (933)
Date Acquired	2015-07
Webster City, IA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 392
Acquisition Costs, Buildings and Improvements	896
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	392
Gross Amount at Which Carried at Close of Period, Building and Improvements	896
Gross Amount at Which Carried at Close of Period, Total	1,288
Accumulated Depreciation	$ (368)
Date Acquired	2015-07
Boise, ID [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,828
Acquisition Costs, Buildings and Improvements	1,848
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	1,828
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,848
Gross Amount at Which Carried at Close of Period, Total	3,676
Accumulated Depreciation	$ (745)
Date Acquired	2015-07
Chicago, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,385
Acquisition Costs, Buildings and Improvements	7,924
Costs Capitalized Subsequent to Acquisition, Land	(807)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(2,985)
Gross Amount at Which Carried at Close of Period , Land	1,578
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,939
Gross Amount at Which Carried at Close of Period, Total	6,517
Accumulated Depreciation	$ (1,415)
Date Acquired	2015-07
Joilet, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,557
Acquisition Costs, Buildings and Improvements	3,108
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,557
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,108
Gross Amount at Which Carried at Close of Period, Total	5,665
Accumulated Depreciation	$ (1,819)
Date Acquired	2015-07
Lombard, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,685
Acquisition Costs, Buildings and Improvements	8,281
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,685
Gross Amount at Which Carried at Close of Period, Building and Improvements	8,281
Gross Amount at Which Carried at Close of Period, Total	10,966
Accumulated Depreciation	$ (1,686)
Date Acquired	2015-07
N Riverside, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,846
Acquisition Costs, Buildings and Improvements	3,178
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	14,034
Gross Amount at Which Carried at Close of Period , Land	1,846
Gross Amount at Which Carried at Close of Period, Building and Improvements	17,212
Gross Amount at Which Carried at Close of Period, Total	19,058
Accumulated Depreciation	$ (2,350)
Date Acquired	2015-07
Orland Park, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,783
Acquisition Costs, Buildings and Improvements	974
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(380)
Gross Amount at Which Carried at Close of Period , Land	1,783
Gross Amount at Which Carried at Close of Period, Building and Improvements	594
Gross Amount at Which Carried at Close of Period, Total	2,377
Accumulated Depreciation	$ (105)
Date Acquired	2015-07
Springfield, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,182
Acquisition Costs, Buildings and Improvements	5,051
Costs Capitalized Subsequent to Acquisition, Land	(213)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	14,870
Gross Amount at Which Carried at Close of Period , Land	1,969
Gross Amount at Which Carried at Close of Period, Building and Improvements	19,921
Gross Amount at Which Carried at Close of Period, Total	21,890
Accumulated Depreciation	$ (2,447)
Date Acquired	2015-07
Steger, IL [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 589
Acquisition Costs, Buildings and Improvements	2,846
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	589
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,846
Gross Amount at Which Carried at Close of Period, Total	3,435
Accumulated Depreciation	$ (585)
Date Acquired	2015-07
Elkhart, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,349
Acquisition Costs, Buildings and Improvements	869
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(302)
Gross Amount at Which Carried at Close of Period , Land	1,349
Gross Amount at Which Carried at Close of Period, Building and Improvements	567
Gross Amount at Which Carried at Close of Period, Total	1,916
Accumulated Depreciation	$ (102)
Date Acquired	2015-07
Ft Wayne, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,247
Acquisition Costs, Buildings and Improvements	5,476
Costs Capitalized Subsequent to Acquisition, Land	(796)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(3,382)
Gross Amount at Which Carried at Close of Period , Land	2,451
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,094
Gross Amount at Which Carried at Close of Period, Total	4,545
Accumulated Depreciation	$ (57)
Date Acquired	2015-07
Merrillville, IN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,413
Acquisition Costs, Buildings and Improvements	3,224
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(724)
Gross Amount at Which Carried at Close of Period , Land	3,413
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,500
Gross Amount at Which Carried at Close of Period, Total	5,913
Accumulated Depreciation	$ (480)
Date Acquired	2015-07
Hopkinsville, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 553
Acquisition Costs, Buildings and Improvements	2,815
Costs Capitalized Subsequent to Acquisition, Land	(68)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	1,314
Gross Amount at Which Carried at Close of Period , Land	485
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,129
Gross Amount at Which Carried at Close of Period, Total	4,614
Accumulated Depreciation	$ (650)
Date Acquired	2015-07
Paducah, KY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,022
Acquisition Costs, Buildings and Improvements	2,868
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	9,254
Gross Amount at Which Carried at Close of Period , Land	1,022
Gross Amount at Which Carried at Close of Period, Building and Improvements	12,122
Gross Amount at Which Carried at Close of Period, Total	13,144
Accumulated Depreciation	$ (1,654)
Date Acquired	2015-07
Lafayette, LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,406
Acquisition Costs, Buildings and Improvements	5,094
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(1,019)
Gross Amount at Which Carried at Close of Period , Land	1,406
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,075
Gross Amount at Which Carried at Close of Period, Total	5,481
Accumulated Depreciation	$ (723)
Date Acquired	2015-07
New Iberia, LA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 450
Acquisition Costs, Buildings and Improvements	1,819
Costs Capitalized Subsequent to Acquisition, Land	(446)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(1,780)
Gross Amount at Which Carried at Close of Period , Land	4
Gross Amount at Which Carried at Close of Period, Building and Improvements	39
Gross Amount at Which Carried at Close of Period, Total	43
Accumulated Depreciation	$ (10)
Date Acquired	2015-07
Braintree, MA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,585
Acquisition Costs, Buildings and Improvements	5,614
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	11,319
Gross Amount at Which Carried at Close of Period , Land	6,585
Gross Amount at Which Carried at Close of Period, Building and Improvements	16,933
Gross Amount at Which Carried at Close of Period, Total	23,518
Accumulated Depreciation	$ (2,999)
Date Acquired	2015-07
Saugus, MA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,656
Acquisition Costs, Buildings and Improvements	2,835
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(1,087)
Gross Amount at Which Carried at Close of Period , Land	1,656
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,748
Gross Amount at Which Carried at Close of Period, Total	3,404
Accumulated Depreciation	$ (331)
Date Acquired	2015-07
Bowie, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,583
Acquisition Costs, Buildings and Improvements	2,335
Costs Capitalized Subsequent to Acquisition, Land	(504)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	356
Gross Amount at Which Carried at Close of Period , Land	4,079
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,691
Gross Amount at Which Carried at Close of Period, Total	6,770
Accumulated Depreciation	$ (1,019)
Date Acquired	2015-07
Edgewater, MD [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,534
Acquisition Costs, Buildings and Improvements	2,116
Costs Capitalized Subsequent to Acquisition, Land	(841)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(856)
Gross Amount at Which Carried at Close of Period , Land	4,693
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,260
Gross Amount at Which Carried at Close of Period, Total	5,953
Accumulated Depreciation	$ (248)
Date Acquired	2015-07
Madawaska, ME [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 140
Acquisition Costs, Buildings and Improvements	942
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	140
Gross Amount at Which Carried at Close of Period, Building and Improvements	942
Gross Amount at Which Carried at Close of Period, Total	1,082
Accumulated Depreciation	$ (234)
Date Acquired	2015-07
Lincoln Park, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,106
Acquisition Costs, Buildings and Improvements	3,198
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(493)
Gross Amount at Which Carried at Close of Period , Land	1,106
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,705
Gross Amount at Which Carried at Close of Period, Total	3,811
Accumulated Depreciation	$ (513)
Date Acquired	2015-07
Manistee, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 508
Acquisition Costs, Buildings and Improvements	3,045
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(625)
Gross Amount at Which Carried at Close of Period , Land	508
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,420
Gross Amount at Which Carried at Close of Period, Total	2,928
Accumulated Depreciation	$ (403)
Date Acquired	2015-07
Roseville, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,286
Acquisition Costs, Buildings and Improvements	4,778
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	10,671
Gross Amount at Which Carried at Close of Period , Land	3,286
Gross Amount at Which Carried at Close of Period, Building and Improvements	15,449
Gross Amount at Which Carried at Close of Period, Total	18,735
Accumulated Depreciation	$ (2,164)
Date Acquired	2015-07
Sault Ste. Marie, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 946
Acquisition Costs, Buildings and Improvements	917
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(478)
Gross Amount at Which Carried at Close of Period , Land	946
Gross Amount at Which Carried at Close of Period, Building and Improvements	439
Gross Amount at Which Carried at Close of Period, Total	1,385
Accumulated Depreciation	$ (78)
Date Acquired	2015-07
Troy, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 7,954
Acquisition Costs, Buildings and Improvements	2,651
Costs Capitalized Subsequent to Acquisition, Land	(815)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	5,745
Gross Amount at Which Carried at Close of Period , Land	7,139
Gross Amount at Which Carried at Close of Period, Building and Improvements	8,396
Gross Amount at Which Carried at Close of Period, Total	15,535
Accumulated Depreciation	$ (1,844)
Date Acquired	2015-07
Ypsilanti, MI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,462
Acquisition Costs, Buildings and Improvements	1,277
Costs Capitalized Subsequent to Acquisition, Land	(402)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(637)
Gross Amount at Which Carried at Close of Period , Land	2,060
Gross Amount at Which Carried at Close of Period, Building and Improvements	640
Gross Amount at Which Carried at Close of Period, Total	2,700
Accumulated Depreciation	$ (123)
Date Acquired	2015-07
Burnsville, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,513
Acquisition Costs, Buildings and Improvements	1,281
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(505)
Gross Amount at Which Carried at Close of Period , Land	3,513
Gross Amount at Which Carried at Close of Period, Building and Improvements	776
Gross Amount at Which Carried at Close of Period, Total	4,289
Accumulated Depreciation	$ (138)
Date Acquired	2015-07
Maplewood, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,605
Acquisition Costs, Buildings and Improvements	1,162
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(521)
Gross Amount at Which Carried at Close of Period , Land	3,605
Gross Amount at Which Carried at Close of Period, Building and Improvements	641
Gross Amount at Which Carried at Close of Period, Total	4,246
Accumulated Depreciation	$ (117)
Date Acquired	2015-07
St Paul, MN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,866
Acquisition Costs, Buildings and Improvements	1,028
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(309)
Gross Amount at Which Carried at Close of Period , Land	1,866
Gross Amount at Which Carried at Close of Period, Building and Improvements	719
Gross Amount at Which Carried at Close of Period, Total	2,585
Accumulated Depreciation	$ (134)
Date Acquired	2015-07
Florissant, MO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,430
Acquisition Costs, Buildings and Improvements	1,607
Costs Capitalized Subsequent to Acquisition, Land	(24)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(224)
Gross Amount at Which Carried at Close of Period , Land	2,406
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,383
Gross Amount at Which Carried at Close of Period, Total	3,789
Accumulated Depreciation	$ (200)
Date Acquired	2015-07
Jefferson City, MO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 957
Acquisition Costs, Buildings and Improvements	2,224
Costs Capitalized Subsequent to Acquisition, Land	(150)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(483)
Gross Amount at Which Carried at Close of Period , Land	807
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,741
Gross Amount at Which Carried at Close of Period, Total	2,548
Accumulated Depreciation	$ (329)
Date Acquired	2015-07
Springfield, MO [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 922
Acquisition Costs, Buildings and Improvements	2,050
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(383)
Gross Amount at Which Carried at Close of Period , Land	922
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,667
Gross Amount at Which Carried at Close of Period, Total	2,589
Accumulated Depreciation	$ (275)
Date Acquired	2015-07
Columbus, MS [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,940
Acquisition Costs, Buildings and Improvements	2,547
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	1,187
Gross Amount at Which Carried at Close of Period , Land	2,940
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,734
Gross Amount at Which Carried at Close of Period, Total	6,674
Accumulated Depreciation	$ (1,805)
Date Acquired	2015-07
Asheville, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,141
Acquisition Costs, Buildings and Improvements	2,036
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(750)
Gross Amount at Which Carried at Close of Period , Land	4,141
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,286
Gross Amount at Which Carried at Close of Period, Total	5,427
Accumulated Depreciation	$ (236)
Date Acquired	2015-07
Greensboro, NC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,869
Acquisition Costs, Buildings and Improvements	4,387
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	510
Gross Amount at Which Carried at Close of Period , Land	3,869
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,897
Gross Amount at Which Carried at Close of Period, Total	8,766
Accumulated Depreciation	$ (1,088)
Date Acquired	2015-07
Kearney, NE [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 272
Acquisition Costs, Buildings and Improvements	483
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	7,838
Gross Amount at Which Carried at Close of Period , Land	272
Gross Amount at Which Carried at Close of Period, Building and Improvements	8,321
Gross Amount at Which Carried at Close of Period, Total	8,593
Accumulated Depreciation	$ (1,042)
Date Acquired	2015-07
Manchester, NH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,458
Acquisition Costs, Buildings and Improvements	4,160
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	13,605
Gross Amount at Which Carried at Close of Period , Land	1,458
Gross Amount at Which Carried at Close of Period, Building and Improvements	17,765
Gross Amount at Which Carried at Close of Period, Total	19,223
Accumulated Depreciation	$ (880)
Date Acquired	2015-07
Nashua, NH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,794
Acquisition Costs, Buildings and Improvements	7,255
Costs Capitalized Subsequent to Acquisition, Land	(229)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(927)
Gross Amount at Which Carried at Close of Period , Land	1,565
Gross Amount at Which Carried at Close of Period, Building and Improvements	6,328
Gross Amount at Which Carried at Close of Period, Total	7,893
Accumulated Depreciation	$ (1,322)
Date Acquired	2015-07
Portsmouth, NH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,934
Acquisition Costs, Buildings and Improvements	3,375
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(739)
Gross Amount at Which Carried at Close of Period , Land	3,934
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,636
Gross Amount at Which Carried at Close of Period, Total	6,570
Accumulated Depreciation	$ (468)
Date Acquired	2015-07
Salem, NH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,321
Acquisition Costs, Buildings and Improvements	12,198
Costs Capitalized Subsequent to Acquisition, Land	(639)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	8,066
Gross Amount at Which Carried at Close of Period , Land	2,682
Gross Amount at Which Carried at Close of Period, Building and Improvements	20,264
Gross Amount at Which Carried at Close of Period, Total	22,946
Accumulated Depreciation	$ (3,036)
Date Acquired	2015-07
Henderson, NV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,124
Acquisition Costs, Buildings and Improvements	1,362
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,449
Gross Amount at Which Carried at Close of Period , Land	3,124
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,811
Gross Amount at Which Carried at Close of Period, Total	6,935
Accumulated Depreciation	$ (355)
Date Acquired	2015-07
Las Vegas (Meadows), NV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,354
Acquisition Costs, Buildings and Improvements	1,879
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	6,702
Gross Amount at Which Carried at Close of Period , Land	3,354
Gross Amount at Which Carried at Close of Period, Building and Improvements	8,581
Gross Amount at Which Carried at Close of Period, Total	11,935
Accumulated Depreciation	$ (444)
Date Acquired	2015-07
Reno, NV [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,135
Acquisition Costs, Buildings and Improvements	5,748
Costs Capitalized Subsequent to Acquisition, Land	(236)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	4,978
Gross Amount at Which Carried at Close of Period , Land	1,899
Gross Amount at Which Carried at Close of Period, Building and Improvements	10,726
Gross Amount at Which Carried at Close of Period, Total	12,625
Accumulated Depreciation	$ (1,089)
Date Acquired	2015-07
Albany, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 8,289
Acquisition Costs, Buildings and Improvements	6,523
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	6,804
Gross Amount at Which Carried at Close of Period , Land	8,289
Gross Amount at Which Carried at Close of Period, Building and Improvements	13,327
Gross Amount at Which Carried at Close of Period, Total	21,616
Accumulated Depreciation	$ (1,845)
Date Acquired	2015-07
Clay, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 787
Acquisition Costs, Buildings and Improvements	4,134
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(677)
Gross Amount at Which Carried at Close of Period , Land	787
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,457
Gross Amount at Which Carried at Close of Period, Total	4,244
Accumulated Depreciation	$ (576)
Date Acquired	2015-07
East Northport, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 7,617
Acquisition Costs, Buildings and Improvements	2,065
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	44,212
Gross Amount at Which Carried at Close of Period , Land	7,617
Gross Amount at Which Carried at Close of Period, Building and Improvements	46,277
Gross Amount at Which Carried at Close of Period, Total	53,894
Accumulated Depreciation	$ (1,382)
Date Acquired	2015-07
Hicksville, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 38,629
Acquisition Costs, Buildings and Improvements	19,061
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(888)
Gross Amount at Which Carried at Close of Period , Land	38,628
Gross Amount at Which Carried at Close of Period, Building and Improvements	18,176
Gross Amount at Which Carried at Close of Period, Total	56,804
Accumulated Depreciation	$ (3,448)
Date Acquired	2015-07
Olean, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 249
Acquisition Costs, Buildings and Improvements	2,124
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	4,476
Gross Amount at Which Carried at Close of Period , Land	249
Gross Amount at Which Carried at Close of Period, Building and Improvements	6,600
Gross Amount at Which Carried at Close of Period, Total	6,849
Accumulated Depreciation	$ (609)
Date Acquired	2015-07
Rochester Greece, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,082
Acquisition Costs, Buildings and Improvements	1,560
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(380)
Gross Amount at Which Carried at Close of Period , Land	3,082
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,180
Gross Amount at Which Carried at Close of Period, Total	4,262
Accumulated Depreciation	$ (209)
Date Acquired	2015-07
Sidney, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,942
Acquisition Costs, Buildings and Improvements	1,769
Costs Capitalized Subsequent to Acquisition, Land	(338)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(837)
Gross Amount at Which Carried at Close of Period , Land	1,604
Gross Amount at Which Carried at Close of Period, Building and Improvements	932
Gross Amount at Which Carried at Close of Period, Total	2,536
Accumulated Depreciation	$ (188)
Date Acquired	2015-07
Victor, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,144
Acquisition Costs, Buildings and Improvements	1,391
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	5,408
Gross Amount at Which Carried at Close of Period , Land	4,144
Gross Amount at Which Carried at Close of Period, Building and Improvements	6,799
Gross Amount at Which Carried at Close of Period, Total	10,943
Accumulated Depreciation	$ (282)
Date Acquired	2015-07
Yorktown Hts, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,584
Acquisition Costs, Buildings and Improvements	1,569
Costs Capitalized Subsequent to Acquisition, Land	(950)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	10,227
Gross Amount at Which Carried at Close of Period , Land	2,634
Gross Amount at Which Carried at Close of Period, Building and Improvements	11,796
Gross Amount at Which Carried at Close of Period, Total	14,430
Accumulated Depreciation	$ (428)
Date Acquired	2015-07
Watchung, NY [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,704
Acquisition Costs, Buildings and Improvements	4,110
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	31,069
Gross Amount at Which Carried at Close of Period , Land	6,704
Gross Amount at Which Carried at Close of Period, Building and Improvements	35,179
Gross Amount at Which Carried at Close of Period, Total	41,883
Accumulated Depreciation	$ (1,751)
Date Acquired	2015-07
Canton, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,650
Acquisition Costs, Buildings and Improvements	5,854
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	20,335
Gross Amount at Which Carried at Close of Period , Land	1,650
Gross Amount at Which Carried at Close of Period, Building and Improvements	26,189
Gross Amount at Which Carried at Close of Period, Total	27,839
Accumulated Depreciation	$ (1,296)
Date Acquired	2015-07
Kenton, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 340
Acquisition Costs, Buildings and Improvements	417
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(233)
Gross Amount at Which Carried at Close of Period , Land	340
Gross Amount at Which Carried at Close of Period, Building and Improvements	184
Gross Amount at Which Carried at Close of Period, Total	524
Accumulated Depreciation	$ (31)
Date Acquired	2015-07
Mentor, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,092
Acquisition Costs, Buildings and Improvements	1,776
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(726)
Gross Amount at Which Carried at Close of Period , Land	1,092
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,050
Gross Amount at Which Carried at Close of Period, Total	2,142
Accumulated Depreciation	$ (185)
Date Acquired	2015-07
Middleburg Hts, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 698
Acquisition Costs, Buildings and Improvements	1,547
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(322)
Gross Amount at Which Carried at Close of Period , Land	698
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,225
Gross Amount at Which Carried at Close of Period, Total	1,923
Accumulated Depreciation	$ (233)
Date Acquired	2015-07
Toledo, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,664
Acquisition Costs, Buildings and Improvements	1,289
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(612)
Gross Amount at Which Carried at Close of Period , Land	1,664
Gross Amount at Which Carried at Close of Period, Building and Improvements	677
Gross Amount at Which Carried at Close of Period, Total	2,341
Accumulated Depreciation	$ (127)
Date Acquired	2015-07
Okla City Sequoyah, OK [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,542
Acquisition Costs, Buildings and Improvements	2,210
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	4,911
Gross Amount at Which Carried at Close of Period , Land	1,542
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,121
Gross Amount at Which Carried at Close of Period, Total	8,663
Accumulated Depreciation	$ (934)
Date Acquired	2015-07
Happy Valley, OR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,659
Acquisition Costs, Buildings and Improvements	1,271
Costs Capitalized Subsequent to Acquisition, Land	(619)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	8,807
Gross Amount at Which Carried at Close of Period , Land	6,040
Gross Amount at Which Carried at Close of Period, Building and Improvements	10,078
Gross Amount at Which Carried at Close of Period, Total	16,118
Accumulated Depreciation	$ (378)
Date Acquired	2015-07
King of Prussia, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Buildings and Improvements	$ 42,300
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,673
Gross Amount at Which Carried at Close of Period, Building and Improvements	45,973
Gross Amount at Which Carried at Close of Period, Total	45,973
Accumulated Depreciation	$ (8,821)
Date Acquired	2015-07
Lebanon, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,333
Acquisition Costs, Buildings and Improvements	2,085
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(952)
Gross Amount at Which Carried at Close of Period , Land	1,333
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,133
Gross Amount at Which Carried at Close of Period, Total	2,466
Accumulated Depreciation	$ (189)
Date Acquired	2015-07
Walnutport, PA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 885
Acquisition Costs, Buildings and Improvements	3,452
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(1,045)
Gross Amount at Which Carried at Close of Period , Land	885
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,407
Gross Amount at Which Carried at Close of Period, Total	3,292
Accumulated Depreciation	$ (401)
Date Acquired	2015-07
Dayton Mall, OH [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,650
Acquisition Costs, Buildings and Improvements	1,223
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	2,398
Gross Amount at Which Carried at Close of Period , Land	2,650
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,621
Gross Amount at Which Carried at Close of Period, Total	6,271
Accumulated Depreciation	$ (419)
Date Acquired	2015-07
Bayamon PR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 656
Acquisition Costs, Buildings and Improvements	7,173
Costs Capitalized Subsequent to Acquisition, Land	(139)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(1,517)
Gross Amount at Which Carried at Close of Period , Land	517
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,656
Gross Amount at Which Carried at Close of Period, Total	6,173
Accumulated Depreciation	$ (1,611)
Date Acquired	2015-07
Caguas, PR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 431
Acquisition Costs, Buildings and Improvements	9,362
Costs Capitalized Subsequent to Acquisition, Land	(100)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(2,184)
Gross Amount at Which Carried at Close of Period , Land	331
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,178
Gross Amount at Which Carried at Close of Period, Total	7,509
Accumulated Depreciation	$ (1,961)
Date Acquired	2015-07
Carolina, PR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 611
Acquisition Costs, Buildings and Improvements	8,640
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	611
Gross Amount at Which Carried at Close of Period, Building and Improvements	8,640
Gross Amount at Which Carried at Close of Period, Total	9,251
Accumulated Depreciation	$ (2,110)
Date Acquired	2015-07
Mayaguez, PR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 564
Acquisition Costs, Buildings and Improvements	4,555
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	564
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,555
Gross Amount at Which Carried at Close of Period, Total	5,119
Accumulated Depreciation	$ (1,404)
Date Acquired	2015-07
Ponce, PR [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 473
Acquisition Costs, Buildings and Improvements	3,965
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	473
Gross Amount at Which Carried at Close of Period, Building and Improvements	3,965
Gross Amount at Which Carried at Close of Period, Total	4,438
Accumulated Depreciation	$ (1,165)
Date Acquired	2015-07
Warwick, RI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 9,166
Acquisition Costs, Buildings and Improvements	3,388
Costs Capitalized Subsequent to Acquisition, Land	(1,132)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	8,891
Gross Amount at Which Carried at Close of Period , Land	8,034
Gross Amount at Which Carried at Close of Period, Building and Improvements	12,279
Gross Amount at Which Carried at Close of Period, Total	20,313
Accumulated Depreciation	$ (1,080)
Date Acquired	2015-07
Anderson, SC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,297
Acquisition Costs, Buildings and Improvements	638
Costs Capitalized Subsequent to Acquisition, Land	(5)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	9,224
Gross Amount at Which Carried at Close of Period , Land	1,292
Gross Amount at Which Carried at Close of Period, Building and Improvements	9,862
Gross Amount at Which Carried at Close of Period, Total	11,154
Accumulated Depreciation	$ (2,263)
Date Acquired	2015-07
Chrlstn/ Northwoods, SC [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,576
Acquisition Costs, Buildings and Improvements	1,497
Costs Capitalized Subsequent to Acquisition, Land	(1,019)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	9,757
Gross Amount at Which Carried at Close of Period , Land	2,557
Gross Amount at Which Carried at Close of Period, Building and Improvements	11,254
Gross Amount at Which Carried at Close of Period, Total	13,811
Accumulated Depreciation	$ (922)
Date Acquired	2015-07
Cordova, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,581
Acquisition Costs, Buildings and Improvements	4,279
Costs Capitalized Subsequent to Acquisition, Land	0
Gross Amount at Which Carried at Close of Period , Land	2,581
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,279
Gross Amount at Which Carried at Close of Period, Total	6,860
Accumulated Depreciation	$ (1,253)
Date Acquired	2015-07
Memphis/ Poplar, TN [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,827
Acquisition Costs, Buildings and Improvements	2,475
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	24,877
Gross Amount at Which Carried at Close of Period , Land	2,827
Gross Amount at Which Carried at Close of Period, Building and Improvements	27,352
Gross Amount at Which Carried at Close of Period, Total	30,179
Accumulated Depreciation	$ (3,426)
Date Acquired	2015-07
Austin, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,164
Acquisition Costs, Buildings and Improvements	2,858
Costs Capitalized Subsequent to Acquisition, Land	(2,288)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	8,070
Gross Amount at Which Carried at Close of Period , Land	876
Gross Amount at Which Carried at Close of Period, Building and Improvements	10,928
Gross Amount at Which Carried at Close of Period, Total	11,804
Accumulated Depreciation	$ (2,208)
Date Acquired	2015-07
Central Park, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,468
Acquisition Costs, Buildings and Improvements	1,457
Costs Capitalized Subsequent to Acquisition, Land	(1,904)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	18,053
Gross Amount at Which Carried at Close of Period , Land	3,564
Gross Amount at Which Carried at Close of Period, Building and Improvements	19,510
Gross Amount at Which Carried at Close of Period, Total	23,074
Accumulated Depreciation	$ (731)
Date Acquired	2015-07
El Paso, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,008
Acquisition Costs, Buildings and Improvements	1,778
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	6,157
Gross Amount at Which Carried at Close of Period , Land	2,008
Gross Amount at Which Carried at Close of Period, Building and Improvements	7,935
Gross Amount at Which Carried at Close of Period, Total	9,943
Accumulated Depreciation	$ (416)
Date Acquired	2015-07
Friendswd/Baybrk, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,124
Acquisition Costs, Buildings and Improvements	2,038
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(806)
Gross Amount at Which Carried at Close of Period , Land	6,124
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,232
Gross Amount at Which Carried at Close of Period, Total	7,356
Accumulated Depreciation	$ (218)
Date Acquired	2015-07
Houston, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 6,110
Acquisition Costs, Buildings and Improvements	1,525
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(525)
Gross Amount at Which Carried at Close of Period , Land	6,110
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,000
Gross Amount at Which Carried at Close of Period, Total	7,110
Accumulated Depreciation	$ (157)
Date Acquired	2015-07
Ingram, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,651
Acquisition Costs, Buildings and Improvements	2,560
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(683)
Gross Amount at Which Carried at Close of Period , Land	4,651
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,877
Gross Amount at Which Carried at Close of Period, Total	6,528
Accumulated Depreciation	$ (333)
Date Acquired	2015-07
Irving, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,493
Acquisition Costs, Buildings and Improvements	5,743
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(721)
Gross Amount at Which Carried at Close of Period , Land	4,493
Gross Amount at Which Carried at Close of Period, Building and Improvements	5,022
Gross Amount at Which Carried at Close of Period, Total	9,515
Accumulated Depreciation	$ (921)
Date Acquired	2015-07
Shepherd, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,457
Acquisition Costs, Buildings and Improvements	2,081
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(510)
Gross Amount at Which Carried at Close of Period , Land	5,457
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,571
Gross Amount at Which Carried at Close of Period, Total	7,028
Accumulated Depreciation	$ (298)
Date Acquired	2015-07
Valley View, TX [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,706
Acquisition Costs, Buildings and Improvements	3,230
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(3,230)
Gross Amount at Which Carried at Close of Period , Land	4,706
Gross Amount at Which Carried at Close of Period, Total	$ 4,706
Date Acquired	2015-07
Layton, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 2,234
Acquisition Costs, Buildings and Improvements	974
Costs Capitalized Subsequent to Acquisition, Land	(824)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	3,265
Gross Amount at Which Carried at Close of Period , Land	1,410
Gross Amount at Which Carried at Close of Period, Building and Improvements	4,239
Gross Amount at Which Carried at Close of Period, Total	5,649
Accumulated Depreciation	$ (1,022)
Date Acquired	2015-07
West Jordan, UT [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,190
Acquisition Costs, Buildings and Improvements	2,305
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	7,147
Gross Amount at Which Carried at Close of Period , Land	3,190
Gross Amount at Which Carried at Close of Period, Building and Improvements	9,452
Gross Amount at Which Carried at Close of Period, Total	12,642
Accumulated Depreciation	$ (2,233)
Date Acquired	2015-07
Alexandria, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,728
Acquisition Costs, Buildings and Improvements	3,294
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(738)
Gross Amount at Which Carried at Close of Period , Land	3,728
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,556
Gross Amount at Which Carried at Close of Period, Total	6,284
Accumulated Depreciation	$ (469)
Date Acquired	2015-07
Chspk/ Greenbrier, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 4,236
Acquisition Costs, Buildings and Improvements	1,700
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(482)
Gross Amount at Which Carried at Close of Period , Land	4,236
Gross Amount at Which Carried at Close of Period, Building and Improvements	1,218
Gross Amount at Which Carried at Close of Period, Total	5,454
Accumulated Depreciation	$ (216)
Date Acquired	2015-07
Fairfax, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 10,873
Acquisition Costs, Buildings and Improvements	1,491
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	25,342
Gross Amount at Which Carried at Close of Period , Land	10,873
Gross Amount at Which Carried at Close of Period, Building and Improvements	26,833
Gross Amount at Which Carried at Close of Period, Total	37,706
Accumulated Depreciation	$ (1,272)
Date Acquired	2015-07
Virginia Beach, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 10,413
Acquisition Costs, Buildings and Improvements	4,760
Costs Capitalized Subsequent to Acquisition, Land	(1,343)
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	11,343
Gross Amount at Which Carried at Close of Period , Land	9,070
Gross Amount at Which Carried at Close of Period, Building and Improvements	16,103
Gross Amount at Which Carried at Close of Period, Total	25,173
Accumulated Depreciation	$ (2,863)
Date Acquired	2015-07
Warrenton, VA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 1,956
Acquisition Costs, Buildings and Improvements	2,480
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	5,938
Gross Amount at Which Carried at Close of Period , Land	1,956
Gross Amount at Which Carried at Close of Period, Building and Improvements	8,418
Gross Amount at Which Carried at Close of Period, Total	10,374
Accumulated Depreciation	$ (432)
Date Acquired	2015-07
Redmond Pk, WA [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 5,133
Acquisition Costs, Buildings and Improvements	4,133
Costs Capitalized Subsequent to Acquisition, Land	10,513
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	(1,243)
Gross Amount at Which Carried at Close of Period , Land	15,646
Gross Amount at Which Carried at Close of Period, Building and Improvements	2,890
Gross Amount at Which Carried at Close of Period, Total	18,536
Accumulated Depreciation	$ (627)
Date Acquired	2015-07
Greendale, WI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,208
Acquisition Costs, Buildings and Improvements	2,340
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	14,911
Gross Amount at Which Carried at Close of Period , Land	3,208
Gross Amount at Which Carried at Close of Period, Building and Improvements	17,251
Gross Amount at Which Carried at Close of Period, Total	20,459
Accumulated Depreciation	$ (1,251)
Date Acquired	2015-07
Madison West, WI [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Acquisition Costs, Land	$ 3,053
Acquisition Costs, Buildings and Improvements	2,130
Costs Capitalized Subsequent to Acquisition, Land	0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	16,132
Gross Amount at Which Carried at Close of Period , Land	3,053
Gross Amount at Which Carried at Close of Period, Building and Improvements	18,262
Gross Amount at Which Carried at Close of Period, Total	21,315
Accumulated Depreciation	$ (1,571)
Date Acquired	2015-07
Various [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Costs Capitalized Subsequent to Acquisition, Land	$ 0
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements	352,776
Gross Amount at Which Carried at Close of Period, Building and Improvements	352,777
Gross Amount at Which Carried at Close of Period, Total	$ 352,777

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions	12 Months Ended
	Dec. 31, 2020USD ($)
Building [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life upon Which Depreciation is Computed	25 years
Building [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life upon Which Depreciation is Computed	40 years
Site Improvement [Member] | Minimum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life upon Which Depreciation is Computed	5 years
Site Improvement [Member] | Maximum [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life upon Which Depreciation is Computed	15 years
Tenant Improvements [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Life upon which depreciation is computed, description	shorter of the estimated useful life or non-cancelable term of lease
U.S. [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Aggregate cost of land, building and improvements for federal income tax purpose	$ 2.8

Schedule III - Reconciliation o

Schedule III - Reconciliation of Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation Of Carrying Amount Of Real Estate Investments Roll Forward
Balance at beginning of period	$ 2,118,329	$ 1,889,014	$ 1,854,043
Additions	256,126	364,970	318,820
Impairments	(64,108)	0	0
Dispositions	(226,889)	(95,270)	(244,815)
Write-offs	(30,380)	(40,385)	(39,034)
Balance at end of period	$ 2,053,078	$ 2,118,329	$ 1,889,014

Schedule III - Reconciliation_2

Schedule III - Reconciliation of Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation Of Real Estate Accumulated Depreciation Roll Forward
Balance at beginning of period	$ 147,696	$ 137,947	$ 139,483
Depreciation expense	48,569	59,289	50,272
Dispositions	(23,679)	(9,174)	(12,772)
Write-offs	(30,380)	(40,366)	(39,036)
Balance at end of period	$ 142,206	$ 147,696	$ 137,947