# EDGAR Filing Document

**Accession Number:** 0001628063
**File Stem:** 0000950170-23-007884
**Filing Date:** 2023-3
**Character Count:** 87604
**Document Hash:** b50f0940e20cec069289aa98e3bc2004
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-007884.hdr.sgml**: 20230314

**ACCESSION NUMBER**: 0000950170-23-007884

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230314

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230314

**DATE AS OF CHANGE**: 20230314

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Seritage Growth Properties
- **CENTRAL INDEX KEY:** 0001628063
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **IRS NUMBER:** 383976287
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37420
- **FILM NUMBER:** 23731554

**BUSINESS ADDRESS:**
- **STREET 1:** 500 FIFTH AVENUE
- **STREET 2:** SUITE 1530
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10110
- **BUSINESS PHONE:** 2123557800

**MAIL ADDRESS:**
- **STREET 1:** 500 FIFTH AVENUE
- **STREET 2:** SUITE 1530
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Seritage Growth Properties, Inc.
- **DATE OF NAME CHANGE:** 20141215

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** March 14, 2023<br>

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SERITAGE GROWTH PROPERTIES

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Maryland | 001-37420 | 38-3976287 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 500 Fifth Avenue, Suite 1530 |  |  |
| New York**,** New York |  | 10110 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 212 355-7800<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Class A common shares of beneficial interest, par value $0.01 per share | SRG | New York Stock Exchange |
| 7.00% Series A cumulative redeemable preferred shares of beneficial interest, par value $0.01 per share | SRG-PA | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On March 14, 2023, the Company issued a press release regarding its financial results for the year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this report.

In addition, on March 14, 2023, the Company published certain supplementary financial information relating to the year ended December 31, 2022. Such information is furnished as Exhibit 99.2 to this report.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 7.01 Regulation FD.**

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [<u>Press release dated March 14, 2023.</u>](srg-ex99_1.htm) |
| 99.2 | [<u>Supplementary Financial Information dated March 14, 2023.</u>](srg-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document) |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| SERITAGE GROWTH PROPERTIES  | SERITAGE GROWTH PROPERTIES  |
| By: | /s/ Matthew Fernand |
|  | Matthew Fernand |
|  | Chief Legal Officer |

---

Date: March 14, 2023

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## Ex-99

**Exhibit 99.1**

![img42621_0.jpg](img42621_0.jpg)

**Seritage Growth Properties Reports Fourth Quarter and Full Year 2022 Operating Results**

New York – March 14, 2023– Seritage Growth Properties (NYSE: SRG) (the "Company"), a national owner and developer of retail, residential and mixed-use properties today reported financial and operating results for the year ended December 31, 2022.

"Our most significant recent accomplishment, achieved during the first quarter of 2023, was the two-year extension of the Company's term loan to July 31, 2025. This was made possible by the decisive actions we have taken to unlock the value of the Company's diverse and high-quality portfolio for the benefit of Seritage shareholders. Since initiating our sale plan last year, we have made significant progress on dispositions, selling 65 wholly owned properties and eight joint venture assets for total gross proceeds of $739.7 million in 2022 and $238.6 million of asset sales year to date. We have used the sales proceeds to reduce the Company's term loan balance to $800 million from $1.6 billion. We are building on our momentum with over $450 million of assets either under contract or with accepted offers. Future sales will allow us to continue to reduce debt throughout 2023. In addition to divesting of assets, we continue to drive value through leasing, development and entitlement activity. Despite challenging market conditions, we continue to prudently progress our plan of sale to maximize value for shareholders," said Andrea Olshan, Chief Executive Officer and President.

**<u>Sale Highlights:</u>**

• Generated $739.7 million of gross proceeds during the year ended December 31, 2022 from the sale of 65 wholly owned properties and eight joint venture assets.

• Subsequent to year end, generated $238.6 million of gross proceeds from the sale of 18 assets.

• The Company has 17 assets under contract for sale with no due diligence contingencies for total anticipated proceeds of $326.7 million and five assets under contract for sale subject to customary due diligence for total anticipated proceeds of $39.6 million. All assets for sale are subject to customary closing conditions. Additionally, the Company has accepted offers and is currently negotiating definitive purchase and sale agreements on assets with accepted offers of approximately $98.0 million.

**<u>Financial Highlights:</u>**

For the year ended December 31, 2022:

• As of December 31, 2022, the Company had cash on hand of $144.9 million, including $11.5 million of restricted cash. As of March 6, 2023, the Company had cash on hand of $97.4 million, including $11.0 million of restricted cash.

• Net loss attributable to common shareholders of ($78.8) million, or ($1.59) per share. Total net loss of ($120.0) million, which includes $126.9 million of impairment of real estate assets and $35.5 million litigation settlement.

• Total Net Operating Income ("Total NOI") of $43.5 million, which is an increase of 22% when compared to assets held in the same manner as of December 31, 2021.

• During the year, the Company made $410 million in principal repayments on the Company's term loan facility ("Term Loan Facility"). Subsequent to year end, the Company made an additional $230 million in principal repayments, reducing the balance of the Term Loan Facility to $800 million. The Company also extended the maturity of the Term Loan Facility for an additional two years to July 31, 2025.

**<u>Other Highlights</u>** 

• Signed five leases covering 46 thousand square feet (41 thousand square feet at share) in the fourth quarter at an average projected annual rent of $30.50 PSF ($28.24 PSF at share). To date in 2023, the Company has signed additional leases totaling 84 thousand square feet at a base rent of $16.33 PSF stabilized and has a leasing pipeline of over 200 thousand square feet.

• Leases signed in the fourth quarter included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Three new leases covering approximately 17 thousand square feet (12 thousand square feet at share) at Premier assets at an average projected annual rent of $55.39 PSF stabilized net ($57.52 PSF at share);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•One upper floor lease covering approximately one thousand square feet at a Premier asset at an average projected annual rent of $44.00 PSF stabilized net; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•One ground floor lease covering approximately 28 thousand square feet at a Multi-Tenant Retail asset at an average projected annual rent of $14.75 PSF stabilized net, bringing occupancy of the Multi-Tenant Retail portfolio up to 81.0%.

• Leases signed in 2023 to date were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Eight thousand square feet of ground floor retail was leased at a Premier asset at a base rent of $74.50 PSF stabilized net; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•76 thousand square feet of ground floor retail space was leased at a Multi-Tenant Retail asset at a base rent of $10.50 PSF stabilized net.

• Opened four tenants in the fourth quarter totaling approximately 150 thousand square feet (90 thousand square feet at share) at an average rent of $14.48 PSF stabilized net ($14.34 PSF stabilized at share):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•12 thousand square feet at Multi-Tenant Retail assets at an average base rent of $14.00 PSF stabilized net;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•18 thousand square feet at Non-Core assets at an average base rent of $13.35 PSF stabilized net; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•120 thousand square feet (60 thousand square feet at share) at other unconsolidated entities assets at an average base rent of $14.70 PSF stabilized net.<br>

**<u>Portfolio</u>**

The table below represents a summary of the Company's properties by planned usage as of December 31, 2022:<br>

(in thousands except number of leases and acreage data)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Planned Usage** | **Total** | **Built SF / Acreage (1)** | **Leased SF (1)(2)** | **Avg. Acreage / Site** |
| **Consolidated Properties** | **Consolidated Properties** |  |  |  |
| Multi-tenant Retail | 31 | 4,422 sf / 429 acres | 3581 | 13.8 |
| Residential (3) | 4 | 44 sf / 35 acres | 44 | 8.6 |
| Premier Mixed Use | 5 | 235 sf / 99 acres | 156 | 19.7 |
| Non-core (4) | 40 | 6,127 sf / 498 acres | 420 | 12.5 |
| **Unconsolidated Properties** | **Unconsolidated Properties** |  |  |  |
| Other Entities | 13 | 1,106 sf / 185 acres | 311 | 14.2 |
| Residential (3) | 1 | 49 sf / 12 acres | 30 | 11.7 |
| Premier Mixed Use | 3 | 158 sf / 57 acres | 106 | 19.0 |

---

(1) Square footage is presented at the Company's proportional share.

(2) Based on signed leases at December 31, 2022.

(3) Square footage represents built ancillary retail space whereas acreage represents both retail and residential acreage.

(4) Represents assets the Company previously designated for sale.

**<u>Multi-Tenant Retail</u>** 

During the three months ended December 31, 2022, the Company invested $3.7 million in its multi-tenant retail properties. The remaining capital expenditures in the multi-tenant retail portfolio are primarily comprised of tenant improvements.

The table below provides a summary of all Multi-Tenant Retail signed leases as of December 31, 2022, including unconsolidated entities at the Company's proportional share:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in thousands except number of leases and PSF data) | (in thousands except number of leases and PSF data) |  |  |  |  |  |
|  | **Number of** | **Leased** | **% of** | **Gross Annual** | **% of Total** | **Gross Annual** |
| **Tenant** | **Leases** | **GLA** | **Total GLA** | **Base Rent** | **Annual Rent** | **Rent PSF** |
| In-place leases | 137 | 3439 | 77.8% | $57510 | 94.5% | $16.72 |
| SNO leases (1) | 15 | 141 | 3.2% | 3355 | 5.5% | 23.79 |
| &nbsp;&nbsp;**Total** | **152** | **3580** | **81.0%** | $**60865** | **100.0%** | $**17.00** |

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(1) SNO = signed not yet opened leases.

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During 2022, the Company signed new leases at its retail properties totaling approximately 158 thousand square feet at an average base rent of $17.81 PSF stabilized net. The Company also brought leases on-line totaling approximately 513 thousand square feet, at an average rent of $13.27 PSF stabilized net generating approximately $6.8 million of annual base rent. Additionally, the Company generated a leasing pipeline of over 100 thousand square feet. The Company has 3.4 million leased square feet and approximately 141 thousand square feet signed but not opened. Seritage has total occupancy of 81.0% for its multi-tenant retail properties. As of December 31, 2022, there is an additional approximately 842 thousand square feet available for lease.

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands except number of leases and PSF data) | **Number of** |  |  | **Annual** |
|  | **SNO Leases** | **GLA** | **ABR** | **Rent PSF** |
| As of December 31, 2021 | 25 | 566 | $9446 | $16.69 |
| &nbsp;&nbsp;Opened | (17) | (367) | (5013) | 13.66 |
| &nbsp;&nbsp;Sold / terminated | (4) | (110) | (2567) | 23.34 |
| &nbsp;&nbsp;Change in asset categories | (2) | (32) | (427) | 13.34 |
| &nbsp;&nbsp;Signed | 13 | 84 | 1930 | 22.98 |
| &nbsp;&nbsp;Lease amendments | - | - | (14) | N/A |
| **As of December 31, 2022** | **15** | **141** | $**3355** | $**23.79** |

---

**<u>Premier Mixed-Use</u>**

The Company has two premier mixed-use projects in the active leasing stage, which includes our properties in Aventura, FL and Santa Monica, CA. As of December 31, 2022, the Company has 66 thousand in-place leased square feet (43 thousand square feet at share), 302 thousand square feet signed but not opened (219 thousand square feet at share), and 183 thousand square feet available for lease (131 thousand square feet at share).

The table below provides a summary of all signed leases at Premier assets as of December 31, 2022, including unconsolidated entities at the Company's proportional share:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in thousands except number of leases and PSF data) | (in thousands except number of leases and PSF data) |  |  |  |  |  |
|  | **Number of** | **Leased** | **% of** | **Gross Annual** | **% of Total** | **Gross Annual** |
| **Tenant** | **Leases** | **GLA** | **Total GLA** | **Rent** | **Annual Rent** | **Rent PSF** |
| In-place leases | 16 | 43 | 10.9% | $2561 | 14.6% | $59.56 |
| SNO retail leases (1) | 27 | 111 | 28.2% | 8612 | 49.2% | 77.59 |
| SNO office leases (1) | 4 | 108 | 27.4% | 6328 | 36.2% | 58.59 |
| &nbsp;&nbsp;**Total** | **47** | **262** | **66.5%** | $**17501** | **100.0%** | $**66.80** |

---

(1) SNO = signed not yet opened leases.

**Premier - Retail**

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands except number of leases and PSF data) | **Number of** |  |  | **Annual** |
|  | **SNO Leases** | **GLA** | **ABR** | **Rent PSF** |
| As of December 31, 2021 | 21 | 137 | $8975 | $65.51 |
| &nbsp;&nbsp;Opened | (5) | (5) | (427) | 85.40 |
| &nbsp;&nbsp;Sold / terminated | (3) | (47) | (2213) | 47.09 |
| &nbsp;&nbsp;Change in asset categories | (3) | (2) | (200) | 100.00 |
| &nbsp;&nbsp;Signed | 17 | 33 | 2485 | 75.30 |
| &nbsp;&nbsp;Lease amendments | - | (5) | (8) | N/A |
| **As of December 31, 2022** | **27** | **111** | $**8612** | $**77.59** |

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(1) Represents short-term leases now represented in specialty leasing or amendments negotiated with the tenant.

**Premier - Office**

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands except number of leases and PSF data) | **Number of** |  |  | **Annual** |
|  | **SNO Leases** | **GLA** | **ABR** | **Rent PSF** |
| As of December 31, 2021 | 1 | 27 | $999 | $37.00 |
| &nbsp;&nbsp;Signed | 3 | 81 | 5330 | 65.80 |
| **As of December 31, 2022** | **4** | **108** | $**6329** | $**58.59** |

---

During the three months ended December 31, 2022, the Company invested $16.2 million in its consolidated development and operating properties and an additional $0.4 million into its unconsolidated entities.

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**Aventura:** 

During the fourth quarter of 2022, the Company continued to advance 216 thousand square feet of mixed-use activation at the project in Aventura, FL. The Company continues to advance construction on Aventura and remains on track to open its first tenants to the public in the second quarter of 2023, with rolling openings thereafter.

During the quarter ended December 31, 2022, the Company signed three new leases totaling nine thousand square feet at an average base rent of $59.48 PSF stabilized net and has 136 thousand square feet signed but not opened. With occupancy at 63.0%, the Company has 80 thousand square feet available for lease, of which 8 thousand square feet is in lease negotiation and has leasing activity on over an additional 72 thousand square feet.

**<u>Financial Summary</u>**

The table below provides a summary of the Company's financial results for the three months and year ended December 31, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands except per share amounts) | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Net gain (loss) attributable to common shareholders | $91229 | $71721 | $(78845) | $(33049) |
| Net gain (loss) per share attributable to common shareholders | 1.63 | 1.64 | (1.59) | (0.78) |
| Net gain (loss) | 92454 | 93601 | (120097) | (38985) |
| Total NOI | 10233 | 10456 | 43477 | 35517 |

---

For the year and quarter ended December 31, 2022:

• Total NOI for the fourth quarter of 2022 reflects the impact of $3.9 million total NOI relating to sold properties.

**Total NOI is comprised of:**

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| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands) | **Quarter Ended <br>December 31,** | **Quarter Ended <br>December 31,** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Consolidated Properties** |  |  |  |  |
| Multi-tenant Retail | $12694 | $12534 | $46295 | $43861 |
| Premier Mixed Use | (1216) | (699) | (4116) | (2362) |
| Residential | 19 | (2413) | (1711) | (11024) |
| Non-Core | (3399) | 45 | (6746) | 1429 |
| Sold | 1851 | (926) | 3750 | (1987) |
| **Total** | **9949** | **8541** | **37472** | **29917** |
| **Unconsolidated Properties** |  |  |  |  |
| Residential | 112 | 278 | 189 | 635 |
| Premier Mixed Use | (2707) | 189 | (853) | 609 |
| Other Entities | 2879 | 1448 | 6669 | 4356 |
| **Total** | **284** | **1915** | **6005** | **5600** |
| **Total NOI** | $**10233** | $**10456** | $**43477** | $**35517** |

---

The Company collected 99.6% of its base rent for the year ended December 31, 2022.

As of December 31, 2022, the Company had cash on hand of $144.9 million, including $11.5 million of restricted cash. The Company expects to use these sources of liquidity, together with a combination of future sales and/or potential debt and capital markets transactions, to pay its financing obligations and fund its operations and development activity. The availability of funding from sales of assets, partnerships and credit or capital markets transactions is subject to various conditions, and there can be no assurance that such transactions will be consummated. For more information on our liquidity position, including our going concern analysis, please see the notes to the consolidated financial statements included in Part IV, Item 15 in our Annual Report on Form 10-K.

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**<u>Dividends</u>**

On February 16, 2022, the Company's Board of Trustees declared a preferred stock dividend of $0.4375 per each Series A Preferred Share. The preferred dividend was paid on April 15, 2022 to holders of record on March 31, 2022.

On April 26, 2022, the Company's Board of Trustees declared a preferred stock dividend of $0.4375 per each Series A Preferred Share. The preferred dividend was paid on July 15, 2022 to holders of record on June 30, 2022.

On July 26, 2022, the Company's Board of Trustees declared a preferred stock dividend of $0.4375 per each Series A Preferred Share. The preferred dividend was paid on October 17, 2022 to holders of record on September 30, 2022.

On November 1, 2022, the Company's Board of Trustees declared a preferred stock dividend of $0.4375 per each Series A Preferred Share. The preferred dividend was paid on January 16, 2023 to holders of record on December 30, 2022.

On February 15, 2023, the Company's Board of Trustees declared a preferred stock dividend of $0.4375 per each Series A Preferred Share. The preferred dividend will be paid on April 17, 2023 to holders of record on March 31, 2023.

The Company's Board of Trustees does not expect to declare dividends on its common shares until such time as the Term Loan Facility has been repaid in full.

**<u>Strategic Review</u>**

During the 2022 Annual Meeting of Shareholders on October 24, 2022, Seritage shareholders approved the Company's Plan of Sale. The strategic review process remains ongoing as the Company executes the Plan of Sale, and the Company remains open minded to pursuing value maximizing alternatives, including a potential sale of the Company. There can be no assurance regarding the success of the process.

**<u>Market Update</u>**

Over the last several months, the Company, along with the commercial real estate market as a whole, has experienced and continues to experience progressively more challenging market conditions as a result of, among other things, the continued rise in interest rates, increases to required return hurdles for institutional buyers, availability of debt capital (including the willingness of commercial banks to lend in light of potential recession risks and balance sheet constraints), continued inflation resulting in higher construction and labor costs for development (which has the effect of, among other things, making cost estimates in development proformas more challenging), decreased demand for office development (with concerns about long term demand for office space including, but not limited to, continued work-from-home trends), and slowing rent growth expectations due to potential recession concerns. These conditions have applied and continue to apply downward pricing pressure on all of our assets. The assets we have sold to date have been those generally less impacted by these adverse market trends. In making decisions regarding whether and when to transact on each of the Company's remaining assets, the Company will consider various factors including, but not limited to, the breadth of the buyer universe, macroeconomic conditions, the availability and cost of financing, as well as corporate, operating and other capital expenses required to carry the asset. If these challenging market conditions persist, then we expect that they will impact the Plan of Sale proceeds from our assets and the amounts and timing of distributions to shareholders.

**<u>Sears Bankruptcy Litigation</u>**

On April 6, 2022, the Court entered an order in the Consolidated Litigation, upon the agreement of the parties thereto, providing for a mediation of the litigation. The parties and the Court extended the mediation several times, through August, and up until the settlement described below was reached.

On August 9, 2022, following the mediation, all of the parties to the Litigation and certain of the parties to the Shareholder Litigation (to which Seritage is not a defendant) entered into a settlement agreement pursuant to which the defendants paid to the Sears estate $175 million (of which the Seritage Defendants contributed approximately $35.0 million) in exchange for dismissal of the Consolidated Litigation and for the full and final satisfaction and release of all claims in the Consolidated Litigation (including, in the case of the Seritage Defendants, any and all claims between the Seritage Defendants and the Sears estate in the Sears bankruptcy proceeding).

On September 2, 2022, the United States Bankruptcy Court for the Southern District of New York entered an order approving the settlement and, on October 18, 2022, the Litigation was dismissed. While the Company believes that the claims against the Seritage Defendants in the Litigation were without merit, the Company entered into the settlement, without admitting any fault or wrongdoing, in order to avoid the continued imposition of legal defense costs, distraction, and the uncertainty and risk inherent in any litigation.

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The Company reserved the settlement amount described above based on the Company's contributions to the settlement of the Litigation. This estimate was recorded as litigation reserve in the consolidated statement of operations during the nine months ended September 30, 2022. The Company paid the settlement amount described above in October 2022.

On March 2, 2021, the Company brought a lawsuit in Delaware state court against QBE Insurance Corporation, Endurance American Insurance Company, Allianz Global Risks US Insurance Company and Continental Casualty Company, each of which are D&O insurance providers of the Company (the "D&O Insurers"). The Company's lawsuit is seeking, among other things, declaratory relief and money damages as a result of certain of the D&O Insurers refusal to pay certain costs and expenses related to the defense of the Litigation discussed above. Any amounts received from the insurers will offset the Seritage Defendants' contribution. During the fourth quarter of 2022, the Company reached settlement agreements with two of the D&O Insurers for gross proceeds of $12.7 million. Subsequent to December 31, 2022, the Company reached settlement agreements with the other two D&O Insurers for gross proceeds of $11.6 million.

**<u>Supplemental Report</u>**

A Supplemental Report will be available in the Investors section of the Company's website, www.seritage.com.

**<u>COVID-19 Pandemic</u>**

The Coronavirus ("COVID-19") pandemic has caused significant impacts on the real estate industry in the United States, including the Company's properties.

As a result of the development, fluidity and uncertainty surrounding this situation, the Company expects that these conditions may change, potentially significantly, in future periods and results for the three and twelve months ended December 31, 2022 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.

**<u>Non-GAAP Financial Measures</u>**

The Company makes reference to NOI and Total NOI which are financial measures that include adjustments to accounting principles generally accepted in the United States ("GAAP").

Neither of NOI or Total NOI are measures that (i) represent cash flow from operations as defined by GAAP; (ii) are indicative of cash available to fund all cash flow needs, including the ability to make distributions; (iii) are alternatives to cash flow as a measure of liquidity; or (iv) should be considered alternatives to net income (which is determined in accordance with GAAP) for purposes of evaluating the Company's operating performance. Reconciliations of these measures to the respective GAAP measures the Company deems most comparable have been provided in the tables accompanying this press release.

**<u>Net Operating Income ("NOI") and Total NOI</u>**

NOI is defined as income from property operations less property operating expenses. Other real estate companies may use different methodologies for calculating NOI, and accordingly the Company's depiction of NOI may not be comparable to other real estate companies. The Company believes NOI provides useful information regarding Seritage, its financial condition, and results of operations because it reflects only those income and expense items that are incurred at the property level.

The Company also uses Total NOI, which includes its proportional share of unconsolidated properties. This form of presentation offers insights into the financial performance and condition of the Company as a whole given the Company's ownership of unconsolidated properties that are accounted for under GAAP using the equity method.

The Company also considers NOI and Total NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI variable items such as termination fee income, as well as non-cash items such as straight-line rent and amortization of lease intangibles.

------

**<u>Forward-Looking Statements</u>**

This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that could cause or contribute to such differences include, but are not limited to: declines in retail, real estate and general economic conditions; the impact of the COVID-19 pandemic on the business of the Company's tenants and business, income, cash flow, results of operations, financial condition, liquidity, prospects, ability to service the Company's debt obligations and ability to pay dividends and other distributions to shareholders; risks relating to redevelopment activities; contingencies to the commencement of rent under leases; the terms of the Company's indebtedness and other legal requirements to which the Company is subject; failure to achieve expected occupancy and/or rent levels within the projected time frame or at all; the impact of ongoing negative operating cash flow on the Company's ability to fund operations and ongoing development; the Company's ability to access or obtain sufficient sources of financing to fund the Company's liquidity needs; the Company's relatively limited history as an operating company; and environmental, health, safety and land use laws and regulations. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the "Risk Factors" and forward-looking statement disclosure contained in the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2022. While the Company believes that its forecasts and assumptions are reasonable, the Company cautions that actual results may differ materially. The Company intends the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.

**<u>About Seritage Growth Properties</u>**

Seritage is principally engaged in the ownership, development, redevelopment, management and leasing of retail and mixed-use properties throughout the United States. As of December 31, 2022, the Company's portfolio consisted of interests in 97 properties comprised of approximately 13.5 million square feet of gross leasable area ("GLA") or build-to-suit leased area, approximately 157 acres held for or under development and approximately 6.1 million square feet or approximately 498 acres to be disposed of. The portfolio consists of approximately 10.8 million square feet of GLA held by 80 wholly owned properties (such properties, the "Consolidated Properties") and 2.6 million square feet of GLA held by 17 unconsolidated entities (such properties, the "Unconsolidated Properties").

Contact

Seritage Growth Properties

(212) 355-7800

IR@Seritage.com

------

**Seritage Growth Properties**

**Consolidated Balance SheetS**

**(In thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| ASSETS |  |  |
| Investment in real estate |  |  |
| &nbsp;&nbsp;Land | $172813 | $475667 |
| &nbsp;&nbsp;Buildings and improvements | 463616 | 994221 |
| &nbsp;&nbsp;Accumulated depreciation | (57330) | (154971) |
|  | 579099 | 1314917 |
| &nbsp;&nbsp;Construction in progress | 185324 | 381194 |
| Net investment in real estate | 764423 | 1696111 |
| Real estate held for sale | 455617 |  |
| Investment in unconsolidated entities | 382597 | 498563 |
| Cash and cash equivalents | 133480 | 106602 |
| Restricted cash | 11459 | 7151 |
| Tenant and other receivables, net | 41495 | 29111 |
| Lease intangible assets, net | 1791 | 14817 |
| Prepaid expenses, deferred expenses and other assets, net | 50859 | 61783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets (1) | $1841721 | $2414138 |
| LIABILITIES AND EQUITY |  |  |
| Liabilities |  |  |
| &nbsp;&nbsp;Term loan facility, net | $1029754 | $1439332 |
| &nbsp;&nbsp;Sales-leaseback financing obligations |  | 20627 |
| &nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 89368 | 109379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities (1) | 1119122 | 1569338 |
| Commitments and contingencies (Note 9) |  |  |
| Shareholders' Equity |  |  |
| &nbsp;&nbsp;Class A common shares $0.01 par value; 100,000,000 shares authorized; <br> 56,052,546 and 43,632,364 shares issued and outstanding<br> as of December 31, 2022 and December 31, 2021, respectively | 561 | 436 |
| &nbsp;&nbsp;Series A preferred shares $0.01 par value; 10,000,000 shares authorized;<br>&nbsp;&nbsp;&nbsp;&nbsp;2,800,000 shares issued and outstanding as of December 31, 2022 and<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2021; liquidation preference of $70,000 | 28 | 28 |
| &nbsp;&nbsp;Additional paid-in capital | 1360411 | 1241048 |
| &nbsp;&nbsp;Accumulated deficit | (640531) | (553771) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 720469 | 687741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 2130 | 157059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 722599 | 844800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $1841721 | $2414138 |

---

------

**Seritage Growth Properties**

**Consolidated Statements of OPERATIONS**

**(In thousands, except per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| REVENUE |  |  |  |  |
| &nbsp;&nbsp;Rental income | $22852 | $28091 | $104609 | $115651 |
| &nbsp;&nbsp;Management and other fee income | 91 | 434 | 2446 | 1032 |
| &nbsp;&nbsp;&nbsp;Total revenue | 22943 | 28525 | 107055 | 116683 |
| EXPENSES |  |  |  |  |
| &nbsp;&nbsp;Property operating | 10233 | 11493 | 41770 | 45007 |
| &nbsp;&nbsp;Real estate taxes | 2894 | 7497 | 23950 | 35256 |
| &nbsp;&nbsp;Depreciation and amortization | 9342 | 11570 | 41114 | 51199 |
| &nbsp;&nbsp;General and administrative | 16638 | 9947 | 47634 | 41949 |
| &nbsp;&nbsp;Litigation settlement |  |  | 35533 |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 39107 | 40507 | 190001 | 173411 |
| &nbsp;&nbsp;Gain on sale of real estate | 99487 | 156602 | 211936 | 221681 |
| &nbsp;&nbsp;(Loss) gain on sale of interests in unconsolidated entities | (538) |  | (677) |  |
| &nbsp;&nbsp;Impairment of real estate assets | (6278) | (25773) | (126887) | (95826) |
| &nbsp;&nbsp;Equity in loss of unconsolidated entities | (3009) | (202) | (72080) | (9226) |
| &nbsp;&nbsp;Interest and other income | 38690 | 1083 | 37753 | 9285 |
| &nbsp;&nbsp;Interest expense | (19563) | (26128) | (86730) | (107975) |
| Gain (loss) before income taxes | 92625 | 93600 | (119631) | (38789) |
| &nbsp;&nbsp;Income tax expense | (171) | 1 | (466) | (196) |
| Net gain (loss) | 92454 | 93601 | (120097) | (38985) |
| &nbsp;&nbsp;Net gain (loss) attributable to<br> non-controlling interests |  | (20655) | 46152 | 10836 |
| Net gain (loss) attributable to Seritage | $92454 | $72946 | $(73945) | $(28149) |
| &nbsp;&nbsp;Preferred dividends | (1225) | (1225) | (4900) | (4900) |
| Net gain (loss) attributable to Seritage common<br> shareholders | $91229 | $71721 | $(78845) | $(33049) |
| Net gain (loss) per share attributable to Seritage<br> Class A common shareholders - Basic | $1.63 | $1.64 | $(1.59) | $(0.78) |
| Net gain (loss) per share attributable to Seritage<br> Class A common shareholders - Diluted | $1.62 | $1.64 | $(1.59) | $(0.78) |
| Weighted average Class A common<br> shares outstanding - Basic | 56044 | 43632 | 49729 | 42393 |
| Weighted average Class A common<br> shares outstanding - Diluted | 56466 | 43632 | 49729 | 42393 |

---

------

**Reconciliation of Net Loss to NOI and Total NOI (in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **NOI and Total NOI** | **2022** | **2021** | **2022** | **2021** |
| Net gain (loss) | $92454 | $93601 | $(120097) | $(38985) |
| &nbsp;&nbsp;Termination fee income |  | (388) | (369) | (3378) |
| &nbsp;&nbsp;Management and other fee income | (91) | (434) | (2446) | (1032) |
| &nbsp;&nbsp;Depreciation and amortization | 9342 | 11570 | 41114 | 51199 |
| &nbsp;&nbsp;General and administrative expenses | 16638 | 9947 | 47634 | 41949 |
| &nbsp;&nbsp;Litigation settlement |  |  | 35533 |  |
| &nbsp;&nbsp;Equity in loss of Unconsolidated Properties | 3009 | 202 | 72080 | 9226 |
| &nbsp;&nbsp;Loss (gain) on sale of interests in Unconsolidated Properties | 538 |  | 677 |  |
| &nbsp;&nbsp;Gain on sale of real estate | (99487) | (156602) | (211936) | (221681) |
| &nbsp;&nbsp;Impairment of real estate assets | 6278 | 25773 | 126887 | 95826 |
| &nbsp;&nbsp;Interest and other income | (38690) | (1083) | (37753) | (9285) |
| &nbsp;&nbsp;Interest expense | 19563 | 26128 | 86730 | 107975 |
| &nbsp;&nbsp;Income taxes | 171 | (2) | 466 | 196 |
| &nbsp;&nbsp;Straight-line rent adjustment | 176 | (236) | (1271) | (2269) |
| &nbsp;&nbsp;Above/below market rental income/expense | 48 | 65 | 223 | 176 |
| &nbsp;&nbsp;&nbsp;NOI | $9949 | $8541 | $37472 | $29917 |
| <u>Unconsolidated entities</u> (1) |  |  |  |  |
| &nbsp;&nbsp;NOI of Unconsolidated Properties (2) | 1223 | 2193 | 7785 | 6942 |
| &nbsp;&nbsp;Straight-line rent | (157) | (309) | (1017) | (885) |
| &nbsp;&nbsp;Above/below market rental income/expense | 5 | 12 | 24 | 131 |
| &nbsp;&nbsp;Termination fee income | (787) | 19 | (787) | (588) |
| &nbsp;&nbsp;&nbsp;Total NOI | $10233 | $10456 | $43477 | $35517 |

---

------

## Ex-99

**Exhibit 99.2**

![img966142_0.jpg](img966142_0.jpg)

------

Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not guarantees of future performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "projects," "would," "may" or other similar expressions in the Company's Annual Report on Form 10-K. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could materially affect the outcome of our forward-looking statements, see "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date of this Annual Report on Form 10-K. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances occurring after the date of the Company's Annual Report on Form 10-K. The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in Part 1 of the Annual Report.

------

Financial Information

------

Summary Information

December 31, 2022

(in thousands, except per share and PSF amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Financial Results** | **2022** | **2021** | **2022** | **2021** |
| Net gain (loss) attributable to Seritage<br> common shareholders | $91229 | $71721 | $(78845) | $(33049) |
| Total NOI | 10233 | 10456 | 43477 | 35517 |
| Net gain (loss) per diluted share attributable<br> to Seritage common shareholders (page 3) | $1.62 | $1.64 | $(1.59) | $(0.78) |
| Wtd. avg. diluted shares - EPS | 56466 | 43632 | 49729 | 42393 |
| Stock trading price range | $8.31to$12.45 | $12.45to$17.00 | $5.21to$14.45 | $12.45to$23.22 |

---

------

Consolidated Balance Sheets (unaudited)

December 31, 2022

(in thousands, except share and per share amounts)

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| ASSETS |  |  |
| Investment in real estate |  |  |
| &nbsp;&nbsp;Land | $172813 | $475667 |
| &nbsp;&nbsp;Buildings and improvements | 463616 | 994221 |
| &nbsp;&nbsp;Accumulated depreciation | (57330) | (154971) |
|  | 579099 | 1314917 |
| &nbsp;&nbsp;Construction in progress | 185324 | 381194 |
| Net investment in real estate | 764423 | 1696111 |
| Real estate held for sale | 455617 |  |
| Investment in unconsolidated entities | 382597 | 498563 |
| Cash and cash equivalents | 133480 | 106602 |
| Restricted cash | 11459 | 7151 |
| Tenant and other receivables, net | 41495 | 29111 |
| Lease intangible assets, net | 1791 | 14817 |
| Prepaid expenses, deferred expenses and other assets, net | 50859 | 61783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets (1) | $1841721 | $2414138 |
| LIABILITIES AND EQUITY |  |  |
| Liabilities |  |  |
| &nbsp;&nbsp;Term loan facility, net | $1029754 | $1439332 |
| &nbsp;&nbsp;Sales-leaseback financing obligations |  | 20627 |
| &nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 89368 | 109379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities (1) | 1119122 | 1569338 |
| Commitments and contingencies (Note 9) |  |  |
| Shareholders' Equity |  |  |
| &nbsp;&nbsp;Class A common shares $0.01 par value; 100,000,000 shares authorized; <br> 56,052,546 and 43,632,364 shares issued and outstanding<br> as of December 31, 2022 and December 31, 2021, respectively | 561 | 436 |
| &nbsp;&nbsp;Series A preferred shares $0.01 par value; 10,000,000 shares authorized;<br>&nbsp;&nbsp;&nbsp;&nbsp;2,800,000 shares issued and outstanding as of December 31, 2022 and<br>&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2021; liquidation preference of $70,000 | 28 | 28 |
| &nbsp;&nbsp;Additional paid-in capital | 1360411 | 1241048 |
| &nbsp;&nbsp;Accumulated deficit | (640531) | (553771) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 720469 | 687741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests | 2130 | 157059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 722599 | 844800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $1841721 | $2414138 |

---

------

Consolidated Statements of Operations (unaudited)

December 31, 2022

(in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| REVENUE |  |  |  |  |
| &nbsp;&nbsp;Rental income | $22852 | $28091 | $104609 | $115651 |
| &nbsp;&nbsp;Management and other fee income | 91 | 434 | 2446 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 22943 | 28525 | 107055 | 116683 |
| EXPENSES |  |  |  |  |
| &nbsp;&nbsp;Property operating | 10233 | 11493 | 41770 | 45007 |
| &nbsp;&nbsp;Real estate taxes | 2894 | 7497 | 23950 | 35256 |
| &nbsp;&nbsp;Depreciation and amortization | 9342 | 11570 | 41114 | 51199 |
| &nbsp;&nbsp;General and administrative | 16638 | 9947 | 47634 | 41949 |
| &nbsp;&nbsp;Litigation settlement |  |  | 35533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 39107 | 40507 | 190001 | 173411 |
| &nbsp;&nbsp;Gain on sale of real estate | 99487 | 156602 | 211936 | 221681 |
| &nbsp;&nbsp;(Loss) gain on sale of interests in unconsolidated entities | (538) |  | (677) |  |
| &nbsp;&nbsp;Impairment of real estate assets | (6278) | (25773) | (126887) | (95826) |
| &nbsp;&nbsp;Equity in loss of unconsolidated entities | (3009) | (202) | (72080) | (9226) |
| &nbsp;&nbsp;Interest and other income | 38690 | 1083 | 37753 | 9285 |
| &nbsp;&nbsp;Interest expense | (19563) | (26128) | (86730) | (107975) |
| Gain (loss) before income taxes | 92625 | 93600 | (119631) | (38789) |
| &nbsp;&nbsp;Income tax expense | (171) | 1 | (466) | (196) |
| Net gain (loss) | 92454 | 93601 | (120097) | (38985) |
| &nbsp;&nbsp;Net gain (loss) attributable to<br> non-controlling interests |  | (20655) | 46152 | 10836 |
| Net gain (loss) attributable to Seritage | $92454 | $72946 | $(73945) | $(28149) |
| &nbsp;&nbsp;Preferred dividends | (1225) | (1225) | (4900) | (4900) |
| Net gain (loss) attributable to Seritage common<br> shareholders | $91229 | $71721 | $(78845) | $(33049) |
| Net gain (loss) per share attributable to Seritage<br> Class A common shareholders - Basic | $1.63 | $1.64 | $(1.59) | $(0.78) |
| Net gain (loss) per share attributable to Seritage<br> Class A common shareholders - Diluted | $1.62 | $1.64 | $(1.59) | $(0.78) |
| Weighted average Class A common<br> shares outstanding - Basic | 56044 | 43632 | 49729 | 42393 |
| Weighted average Class A common<br> shares outstanding - Diluted | 56466 | 43632 | 49729 | 42393 |

---

------

Total Net Operating Income

December 31, 2022

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **NOI and Total NOI** | **2022** | **2021** | **2022** | **2021** |
| Net gain (loss) | $92454 | $93601 | $(120097) | $(38985) |
| &nbsp;&nbsp;Termination fee income |  | (388) | (369) | (3378) |
| &nbsp;&nbsp;Management and other fee income | (91) | (434) | (2446) | (1032) |
| &nbsp;&nbsp;Depreciation and amortization | 9342 | 11570 | 41114 | 51199 |
| &nbsp;&nbsp;General and administrative expenses | 16638 | 9947 | 47634 | 41949 |
| &nbsp;&nbsp;Litigation settlement |  |  | 35533 |  |
| &nbsp;&nbsp;Equity in loss of Unconsolidated Properties | 3009 | 202 | 72080 | 9226 |
| &nbsp;&nbsp;Loss (gain) on sale of interests in Unconsolidated Properties | 538 |  | 677 |  |
| &nbsp;&nbsp;Gain on sale of real estate | (99487) | (156602) | (211936) | (221681) |
| &nbsp;&nbsp;Impairment of real estate assets | 6278 | 25773 | 126887 | 95826 |
| &nbsp;&nbsp;Interest and other income | (38690) | (1083) | (37753) | (9285) |
| &nbsp;&nbsp;Interest expense | 19563 | 26128 | 86730 | 107975 |
| &nbsp;&nbsp;Income taxes | 171 | (2) | 466 | 196 |
| &nbsp;&nbsp;Straight-line rent adjustment | 176 | (236) | (1271) | (2269) |
| &nbsp;&nbsp;Above/below market rental income/expense | 48 | 65 | 223 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI | $9949 | $8541 | $37472 | $29917 |
| <u>Unconsolidated entities</u> (1) |  |  |  |  |
| &nbsp;&nbsp;NOI of Unconsolidated Properties (2) | 1223 | 2193 | 7785 | 6942 |
| &nbsp;&nbsp;Straight-line rent | (157) | (309) | (1017) | (885) |
| &nbsp;&nbsp;Above/below market rental income/expense | 5 | 12 | 24 | 131 |
| &nbsp;&nbsp;Termination fee income | (787) | 19 | (787) | (588) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NOI | $10233 | $10456 | $43477 | $35517 |

---

------

Additional Information

December 31, 2022

(in thousands)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
| **Debt Summary** | **December 31, 2022** | **December 31, 2021** |
| Term Loan Facility (drawn / undrawn) | $1,030,000 / 400,000 | $1,440,000 / 400,000 |
| Interest rate / undrawn rate | 7.00% / 1.00% | 7.00% / 1.00% |
| Maturity | July 2023 | July 2023 |
| **Prepaid Expenses, Deferred Expenses and Other Assets** |  |  |
| Deferred expenses | $17367 | $20780 |
| Right of Use Asset | 16161 | 16990 |
| Other assets | 5551 | 9826 |
| Prepaid insurance | 5492 | 6156 |
| Other prepaid expenses | 4133 | 2055 |
| FF&E | 1129 | 4169 |
| Prepaid real estate taxes | 1026 | 1807 |
| &nbsp;&nbsp;&nbsp;Total prepaid expenses, deferred expenses and other assets | $50859 | $61783 |

---

---

| | | |
|:---|:---|:---|
| **Accounts Payable, Accrued Expenses and Other Liabilities** |  |  |
| Accounts payable and accrued expenses | $25454 | $36022 |
| Accrued development expenditures | 37983 | 27198 |
| Accrued real estate taxes | 8638 | 11751 |
| Lease liability | 5916 | 6543 |
| Prepaid rental income | 4977 | 6478 |
| Accrued interest | 3286 | 4978 |
| Below-market leases | 1560 | 3656 |
| Common and preferred dividends and OP<br> Unit distributions payable | 1554 | 1554 |
| Environmental reserve |  | 9477 |
| Deferred maintenance |  | 1722 |
| &nbsp;&nbsp;Total accounts payable, accrued expenses and<br> other liabilities | $89368 | $109379 |

---

------

Additional Information (cont'd)

December 31, 2022

(in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Rental Income Detail** | **2022** | **2021** | **2022** | **2021** |
| Rental income | $19415 | $22993 | $86415 | $90992 |
| Tenant reimbursements | 3437 | 4710 | 17824 | 21281 |
| Termination income |  | 388 | 370 | 3378 |
| &nbsp;&nbsp;&nbsp;Total | $22852 | $28091 | $104609 | $115651 |
| **Select Non-Cash Items** |  |  |  |  |
| Straight-line rental income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wholly-owned | $(176) | $236 | $1271 | $2269 |
| &nbsp;&nbsp;&nbsp;Joint ventures | 157 | 309 | 1017 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(19) | $545 | $2288 | $3154 |
| Net amortization of above/below market<br> rental income/expense |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wholly-owned | $(48) | $(65) | $(223) | $(176) |
| &nbsp;&nbsp;&nbsp;Joint ventures | (5) | (12) | (24) | (131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(53) | $(77) | $(247) | $(307) |
| Amortization of deferred financing costs | $(105) | $(106) | $(422) | $(422) |
| Share-based compensation expense | (1032) | (631) | (2767) | (1856) |

---

------

SNO Lease Summary

Multi-Tenant Retail

The table below provides a summary of all multi-tenant Retail signed leases as of December 31, 2022, including unconsolidated entities at the Company's proportional share:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in thousands except number of leases and PSF data) | (in thousands except number of leases and PSF data) |  |  |  |  |  |
|  | **Number of** | **Leased** | **% of** | **Gross Annual** | **% of Total** | **Gross Annual** |
| **Tenant** | **Leases** | **GLA** | **Total GLA** | **Base Rent** | **Annual Rent** | **Rent PSF** |
| In-place leases | 137 | 3439 | 77.8% | $57510 | 94.5% | $16.72 |
| SNO leases (1) | 15 | 141 | 3.2% | 3355 | 5.5% | 23.79 |
| &nbsp;&nbsp;**Total** | **152** | **3580** | **81.0%** | $**60865** | **100.0%** | $**17.00** |

---

(1) SNO = signed not yet opened leases.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands except number of leases and PSF data) | **Number of** |  |  | **Annual** |
|  | **SNO Leases** | **GLA** | **ABR** | **Rent PSF** |
| As of December 31, 2021 | 25 | 566 | $9446 | $16.69 |
| &nbsp;&nbsp;Opened | (17) | (367) | (5013) | 13.66 |
| &nbsp;&nbsp;Sold / terminated | (4) | (110) | (2567) | 23.34 |
| &nbsp;&nbsp;Change in asset categories | (2) | (32) | (427) | 13.34 |
| &nbsp;&nbsp;Signed | 13 | 84 | 1930 | 22.98 |
| &nbsp;&nbsp;Lease amendments | - | - | (14) | N/A |
| **As of December 31, 2022** | **15** | **141** | $**3355** | $**23.79** |

---

Premier Mixed-Use

The table below provides a summary of all signed leases at Premier assets as of December 31, 2022, including unconsolidated entities at the Company's proportional share:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in thousands except number of leases and PSF data) | (in thousands except number of leases and PSF data) |  |  |  |  |  |
|  | **Number of** | **Leased** | **% of** | **Gross Annual** | **% of Total** | **Gross Annual** |
| **Tenant** | **Leases** | **GLA** | **Total GLA** | **Rent** | **Annual Rent** | **Rent PSF** |
| In-place leases | 16 | 43 | 10.9% | $2561 | 14.6% | $59.56 |
| SNO retail leases (1) | 27 | 111 | 28.2% | 8612 | 49.2% | 77.59 |
| SNO office leases (1) | 4 | 108 | 27.4% | 6328 | 36.2% | 58.59 |
| &nbsp;&nbsp;**Total** | **47** | **262** | **66.5%** | $**17501** | **100.0%** | $**66.80** |

---

(1) SNO = signed not yet opened leases.

Premier Mixed-Use - Retail

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands except number of leases and PSF data) | **Number of** |  |  | **Annual** |
|  | **SNO Leases** | **GLA** | **ABR** | **Rent PSF** |
| As of December 31, 2021 | 21 | 137 | $8975 | $65.51 |
| &nbsp;&nbsp;Opened | (5) | (5) | (427) | 85.40 |
| &nbsp;&nbsp;Sold / terminated | (3) | (47) | (2213) | 47.09 |
| &nbsp;&nbsp;Change in asset categories | (3) | (2) | (200) | 100.00 |
| &nbsp;&nbsp;Signed | 17 | 33 | 2485 | 75.30 |
| &nbsp;&nbsp;Lease amendments | - | (5) | (8) | N/A |
| **As of December 31, 2022** | **27** | **111** | $**8612** | $**77.59** |

---

Premier Mixed-Use - Office

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in thousands except number of leases and PSF data) | **Number of** |  |  | **Annual** |
|  | **SNO Leases** | **GLA** | **ABR** | **Rent PSF** |
| As of December 31, 2021 | 1 | 27 | $999 | $37.00 |
| &nbsp;&nbsp;Signed | 3 | 81 | 5330 | 65.80 |
| **As of December 31, 2022** | **4** | **108** | $**6329** | $**58.59** |

---

------

Top Tenants

December 31, 2022

(rent in thousands)

The following table lists the top tenants in the portfolio as of December 31, 2022, based on signed leases and including Unconsolidated Properties presented at the Company's proportional share:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (dollars in thousands) |  |  |  |  |  |
| **Tenant** | **Number of<br>Leases** | **SF** | **Total<br>Annual Rent** | **% of Total<br>Annual Rent** | **Concepts/Brands** |
| Dick's Sporting Goods | 8 | $526593 | $9100 | 9.7% |  |
| Dave & Buster's | 7 | 222332 | 6587 | 7.0% |  |
| Amazon | 2 | 99193 | 5435 | 5.8% |  |
| Round One Entertainment | 5 | 222649 | 4575 | 4.9% |  |
| Nordstrom Rack | 4 | 150018 | 3280 | 3.5% |  |
| Primark | 3 | 115685 | 3129 | 3.3% |  |
| AMC | 2 | 99218 | 2803 | 3.0% |  |
| At Home | 4 | 465585 | 2692 | 2.9% |  |
| Burlington Stores | 4 | 166874 | 2138 | 2.3% |  |
| TJX | 7 | 153125 | 1981 | 2.1% | TJ Maxx, Marshalls, HomeGoods, HomeSense, Sierra Trading Post |
| Mixtura | 1 | 22038 | 1820 | 1.9% |  |
| Cinemark | 2 | 59470 | 1746 | 1.9% |  |
| Floor & Décor | 1 | 90767 | 1520 | 1.6% |  |
| Pinstripes | 1 | 26515 | 1482 | 1.6% |  |
| 24 Hour Fitness | 2 | 77646 | 1433 | 1.5% |  |
| Vasa Fitness | 2 | 113586 | 1383 | 1.5% |  |
| Whole Foods | 2 | 71235 | 1258 | 1.3% |  |
| Ulta Salon | 4 | 41781 | 1200 | 1.3% |  |
| Bob's Discount Furniture | 3 | 69596 | 1157 | 1.2% |  |
| The Dump | 1 | 139265 | 1114 | 1.2% |  |
| **Total** | **65** | **2933171** | **55833** | **59.5%** |  |

---

------

Multi-tenant Retail

Consolidated Properties

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Total** | **In-Place** | **SNO** |  | **Land** |  |
| **Property Address** | **City** | **State** | **GLA (1)** | **GLA (1)** | **GLA (1)** | **Leased (1)** | **Acres** | **Significant Tenants (1)** |
| 12025 North 32nd Street | Phoenix(3) | AZ | 151200 | 151200 | - | 100.0% | 11 | At Home |
| 575 Fletcher Parkway | El Cajon | CA | 227300 | 184400 | - | 81.1% | 20 | Ashley Furniture, Bob's Discount Furniture, Burlington Stores, Extra Space Storage |
| 40710 Winchester Road | Temecula | CA | 126500 | 112800 | 8000 | 95.5% | 10 | Round One Entertainment, Dick's Sporting Goods |
| 145 West Hillcrest Drive | Thousand Oaks | CA | 172000 | 113700 | - | 66.1% | 11 | Dave & Busters, DSW, Nordstrom Rack |
| 3111 East Colonial Drive | Orlando | FL | 107600 | 94300 | 2300 | 89.8% | 13 | Floor & Décor, Aspen Dental |
| 2300 Tyrone Boulevard North | St. Petersburg | FL | 125700 | 97700 | 28000 | 100.0% | 13 | Dick's Sporting Goods, Five Below, PetSmart, Verizon |
| 2860 South Highland Avenue | Lombard(3) | IL | 139300 | 139300 | - | 100.0% | 8 | The Dump |
| 7503 West Cermak Road | North Riverside(3) | IL | 214700 | 163900 | 19700 | 85.5% | 13 | Round One Entertainment, Aldi, Blink Fitness, Amita Health |
| 2500 Wabash Avenue | Springfield(3) | IL | 119400 | 108000 | 11400 | 100.0% | 5 | Binny's Beverage Depot, Burlington Stores, Marshalls |
| 4201 Coldwater Road | Ft. Wayne(3) | IN | 84100 | 76700 | 6200 | 98.6% | 19 | Five Below, HomeGoods, Bob's Discount Furniture |
| 101 West Lincoln Highway | Merrillville(3) | IN | 171300 | 163000 | 1600 | 96.1% | 9 | At Home, Dollar Tree |
| 200 Grossman Drive | Braintree | MA | 85100 | 47600 | 37500 | 100.0% | 34 | Nordstrom Rack, Ulta Beauty |
| 4700 2nd Avenue | Kearney(3) | NE | 64900 | 64900 | - | 100.0% | 8 | Ross Dress for Less, Five Below, Marshall's |
| 1500 South Willow Street | Manchester | NH | 105700 | 80400 | - | 76.1% | 11 | Dick's Sporting Goods, Dave & Buster's |
| 1640 Route 22 | Watchung | NJ | 124900 | 117100 | 7900 | 100.1% | 12 | Cinemark, HomeGoods, Sierra Trading Post, Ulta Beauty, Chick-fil-A , City MD |
| 4000 Jericho Turnpike | East Northport (3) | NY | 179800 | 167600 | - | 93.2% | 18 | 24 Hour Fitness, AMC, At Home |
| 4100 Belden Village Avenue Northwest | Canton(3) | OH | 192300 | 128300 | 10000 | 71.9% | 19 | Dick's Sporting Goods, Dave & Busters |
| 160 North Gulph Road | King of Prussia (2) | PA | 208700 | 174500 | - | 83.6% | 14 | Dick's Sporting Goods, Primark, Outback Steakhouse, Yardhouse |
| 7801 Rivers Avenue | Charleston | SC | 106200 | 52900 | - | 49.8% | 15 | Burlington Stores |
| 4570 Poplar Avenue | Memphis(3) | TN | 116000 | 101200 | 8800 | 94.8% | 11 | LA Fitness, Hopdoddy, Nordstrom Rack, Ulta Beauty |
| 12625 North Interstate Highway 35 | Austin(3) | TX | 52700 | 45000 | - | 85.4% | 13 | AMC |
| 12605 North Gessner Road | Houston(3) | TX | 134000 | 134000 | - | 100.0% | 11 | At Home |
| 201 Central Park Mall | San Antonio(3) | TX | 164600 | 158200 | - | 96.1% | 17 | Tru Fit, Bed Bath & Beyond, Buy Buy Baby |
| 2010 North Main Street | Layton | UT | 82700 | 67500 | - | 81.6% | 7 | Vasa Fitness |
| 12000 Fair Oaks Mall | Fairfax | VA | 212700 | 154400 | - | 72.6% | 15 | Dave & Busters, Dick's Sporting Goods |
| 141 West Lee Highway | Warrenton | VA | 71500 | 62400 | - | 87.3% | 9 | HomeGoods, Ulta, Five Below |
| 5200 South 76th Street | Greendale(3) | WI | 217600 | 133700 | - | 61.4% | 19 | Dick's Sporting Goods, Round One Entertainment, TJ Maxx |
| 27001 U.S. 19 North | Clearwater | FL | 212900 | 75500 | - | 35.5% | 14 | Whole Foods, Nordstrom Rack |
| 1425 Central Avenue | Albany | NY | 232500 | 59600 | - | 25.6% | 21 | Whole Foods, Ethan Allen |
| 9484 Dyer Street | El Paso(3) | TX | 107800 | 99100 | - | 91.9% | 11 | dd's Discount, Ross Dress for Less, Five Below, Burlington Stores |
| 53 West Towne Mall | Madison(3) | WI | 110600 | 110600 | - | 100.0% | 17 | Dave & Busters, Total Wine & More, Hobby Lobby |
| Total |  |  | 4422300 | 3439500 | 141400 | 81.0% | 429 |  |

---

(1) Based on signed leases as of December 31, 2022; GLA presented at the Company's proportional share

(2) Property is subject to a ground lease

(3) Asset sold subsequent to December 31, 2022.

------

Residential

Consolidated Properties

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Land** | **% of Auxiliary** | **Auxiliary** |  |
| **Property Address** | **City** | **Acres** | **Lease SF (1)** | **SF (1)** | **Significant Tenants (1)** |
| 5261 Arlington Avenue | Riverside - Resi<br> CA | 14 | 0% | - | n/a |
| 1209 Plaza Drive | West Covina - Resi<br> CA | 8 | 0% | - | n/a |
| 5261 Arlington Avenue | Riverside - Retail<br> CA | 5 | 100% | 33200 | Bank of America, Aldi |
| 1209 Plaza Drive | West Covina - Retail<br> CA | 7 | 100% | 11000 | VinFast |
| Total |  | 34 |  | 44200 |  |

---

(1) Based on signed leases as of December 31, 2022; GLA presented at the Company's proportional share

(2) Riverside & West Covina Retail doesn't include residential but includes retail leasing that is 100% SRG owned and complementary to the Residential developments at the sites.

Joint Ventures

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Land** | **% of Auxiliary** | **Auxiliary** |  |
| **Mall Name** | **City** | **State** | **Joint Venture** | **Acres** | **Lease SF (1)** | **SF (1)** | **Significant Tenants (1)** |
| Alderwood | Lynnwood (2) | WA | GGP I JV | 12 | 63% | 30500 | Dave & Busters, Cheesecake Factory |
| Total |  |  |  | 12 |  | 30500 |  |

---

(1) Based on signed leases as of December 31, 2022; GLA presented at the Company's proportional share

(2) Indicates assets that are put right eligible as of February 15, 2023

------

Premier Mixed-Use Properties

Consolidated Properties

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Total** | **In-Place** | **SNO** |  | **Land** |  |
| **Property Address** | **City** | **State** | **GLA (1)** | **GLA (1)** | **GLA (1)** | **Leased (1)** | **Acres** | **Site Opportunities** |
| 19505 Biscayne Boulevard | Aventura | FL | 216100 | - | 136200 | 63.0% | 13 | Retail |
| 5900 Glades Road | Boca Raton | FL | 4200 | 4200 | - | 100.0% | 19 | Retail |
| 195 North Broadway | Hicksville | NY | 7600 | 7600 | - | 100.0% | 30 | Retail |
| 13131 Preston Road | Dallas | TX | - | - | - | 0.0% | 23 | Residential, Retail, Office |
| 2200 148th Avenue Northeast | Redmond | WA | 7500 | 7500 | - | 100.0% | 15 | Residential, Retail, Office |
| Total |  |  | 235400 | 19300 | 136200 | 66.1% | 100 |  |

---

Joint Ventures

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Total** | **In-Place** | **SNO** |  | **Land** |  |
| **Property Address** | **City** | **State** | **GLA (1)** | **GLA (1)** | **GLA (1)** | **Leased (1)** | **Acres** | **Site Opportunities** |
| 302 Colorado Ave | Santa Monica | CA | 51500 | - | - | 0.0% | 3 | Residential, Retail, Office |
| 4575 La Jolla Village Dr | San Diego | CA | 106200 | 23500 | 82700 | 100.0% | 13 | Life Sciences / Office, Retail |
| 5901 Duke Street | Alexandria | VA | - | - | - | 0.0% | 41 | Residential |
| Total |  |  | 157700 | 23500 | 82700 | 67.3% | 57 |  |

---

(1) Based on signed leases as of December 31, 2022; GLA presented at the Company's proportional share

------

Other Unconsolidated Entities

Other Joint Ventures

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties** | **Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties** | **Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties** | **Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties** | **Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties** | **Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties** | **Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties** | **Brookfield Retail Partners (formerly GGP, Inc.) Joint Venture Properties** |  |  |
|  |  |  |  | **Total** | **In-Place** | **SNO** |  | **Land** |  |
| **Mall Name** | **City** | **State** | **Joint Venture** | **GLA (1)** | **GLA (1)** | **GLA (1)** | **Leased (1)** | **Acres** | **Significant Tenants (1)** |
| Altamonte Mall | Altamonte Springs | FL | GGP II JV | 93500 | 4700 | - | 5.0% | 17 | n/a |
| Coastland Center | Naples (2) | FL | GGP II JV | 36300 | 28300 | 8000 | 100.0% | 12 | CMX Cinebistro, Uncle Julio's |
| Willowbrook Mall | Wayne (2) | NJ | GGP II JV | 132700 | 105200 | - | 79.3% | 41 | Cinemark, Dave & Busters, Yardhouse, BJ's Wholesale |
| Stonebriar Centre | Frisco | TX | GGP I JV | 87500 | 6000 | - | 6.9% | 11 | n/a |
| Total |  |  |  | 350000 | 144200 | 8000 | 43.5% | 81 |  |
| **Simon Joint Venture Properties** | **Simon Joint Venture Properties** | **Simon Joint Venture Properties** | **Simon Joint Venture Properties** | **Simon Joint Venture Properties** | **Simon Joint Venture Properties** | **Simon Joint Venture Properties** |  |  |  |
|  |  |  |  | **Total** | **In-Place** | **SNO** |  | **Land** |  |
| **Mall Name** | **City** | **State** | **Joint Venture** | **GLA (1)** | **GLA (1)** | **GLA (1)** | **Leased (1)** | **Acres** | **Significant Tenants (1)** |
| Santa Rosa Plaza | Santa Rosa | CA | Simon JV | 82700 | - | - | 0.0% | 7 | n/a |
| The Shops at Nanuet | Nanuet | NY | Simon JV | 110700 | - | - | 0.0% | 14 | n/a |
| Barton Creek Square | Austin | TX | Simon JV | 82300 | - | - | 0.0% | 16 | n/a |
| Total |  |  |  | 275700 | - | - | 0.0% | 37 |  |
| **Macerich Joint Venture Properties** | **Macerich Joint Venture Properties** | **Macerich Joint Venture Properties** | **Macerich Joint Venture Properties** | **Macerich Joint Venture Properties** | **Macerich Joint Venture Properties** | **Macerich Joint Venture Properties** | **Macerich Joint Venture Properties** |  |  |
|  |  |  |  | **Total** | **In-Place** | **SNO** |  | **Land** |  |
| **Mall Name** | **City** | **State** | **Joint Venture** | **GLA (1)** | **GLA (1)** | **GLA (1)** | **Leased (1)** | **Acres** | **Significant Tenants (1)** |
| Chandler Fashion Center | Chandler | AZ | Macerich JV | 70300 | 5000 | 32000 | 52.6% | 10 | Firestone |
| Los Cerritos Center | Cerritos | CA | Macerich JV | 138800 | - | - | 0.0% | 20 | n/a |
| Danbury Fair | Danbury | CT | Macerich JV | 88000 | 24700 | 63300 | 100.0% | 12 | Primark, Target |
| Freehold Raceway Mall | Freehold | NJ | Macerich JV | 68800 | 32700 | - | 47.5% | 10 | Primark, Bob's Discount Furniture |
| Washington Square Mall | Portland | OR | Macerich JV | 114300 | - | - | 0.0% | 4 | n/a |
| Total |  |  |  | 480200 | 62400 | 95300 | 32.8% | 56 |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Other** |  |  |  |  |  |  |  |  |  |
|  |  |  |  | **Total** | **In-Place** | **SNO** |  | **Land** |  |
| **Property Address** | **City** | **State** | **Joint Venture** | **GLA (1)** | **GLA (1)** | **GLA (1)** | **Leased (1)** | **Acres** | **Significant Tenants (1)** |
| 12625 North Interstate Highway 35 | Austin | TX | RD Development JV |  |  |  | 0.0% | 11 | n/a |
| Total |  |  |  |  |  |  | 0.0% | 11 |  |

---

(1) Based on signed leases as of December 31, 2022; GLA presented at the Company's proportional share

(2) Indicates assets that are put right eligible as of February 15, 2022

------

Non-core Properties

Consolidated Properties

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Total** | **In-Place** | **SNO** |  | **Land** |  |
| **Property Address** | **City** | **State** | **GLA (1)** | **GLA (1)** | **GLA (1)** | **Leased (1)** | **Acres** | **Significant Tenants (1)** |
| 3930 McCain Boulevard | North Little Rock | AR | 177300 | 13000 | - | 7.3% | 15 | Aspen Dental, Longhorn Steakhouse |
| 3150 South 4th Avenue | Yuma | AZ | 90100 | - | - | 0.0% | 15 | n/a |
| 3751 South Dogwood Road | El Centro | CA | 9700 | 9700 | - | 100.0% | 1 | n/a |
| 3636 North Blackstone Avenue | Fresno | CA | 201800 | 43400 | - | 21.5% | 13 | Ross Dress for Less, dd's Discounts |
| 1011 West Olive Avenue | Merced | CA | 92700 | - | 5600 | 6.0% | 9 | Chilis |
| 1400 East 104th Avenue | Thornton | CO | 193700 | 61700 | - | 31.9% | 23 | Vasa Fitness |
| 1625 Northwest 107th Avenue | Doral | FL | 195600 | - | - | 0.0% | 13 | n/a |
| 733 North Highway 231 | Panama City | FL | 134300 | - | - | 0.0% | 15 | n/a |
| 7171 North Davis Highway | Pensacola | FL | 7900 | 7900 | - | 100.0% | 14 | Bubba's 33 |
| 4600 1st Avenue Northeast | Cedar Rapids | IA | 146300 | - | - | 0.0% | 12 | n/a |
| 5050 South Kedzie Avenue | Chicago | IL | 175900 | 17200 | - | 9.8% | 9 | Chuck E Cheese |
| 3231 Chicago Road | Steger | IL | 101700 | - | - | 0.0% | 3 | n/a |
| 4000 Meadows Lane | Las Vegas | NV | 132600 | 42500 | - | 32.1% | 11 | Round One Entertainment |
| 5400 Meadowood Mall Circle | Reno | NV | 174900 | 59300 | - | 33.9% | 3 | Round One Entertainment |
| 317 Greece Ridge Center Drive | Rochester | NY | 139600 | - | - | 0.0% | 14 | n/a |
| 600 Lee Boulevard | Yorktown Heights | NY | 153200 | 38500 | - | 25.1% | 12 | 24 Hour Fitness |
| 2700 Miamisburg Centerville Road | Dayton | OH | 13400 | 13400 | - | 100.0% | 5 | Outback Steakhouse |
| 4400 South Western Avenue | Oklahoma City | OK | 147500 | - | - | 0.0% | 14 | n/a |
| 2 Orland Square Drive | Orland Park(2) | IL | 202800 | - | - | 0.0% | 16 | n/a |
| 1675 West 49th Street | Hialeah | FL | 153200 | - | - | 0.0% | 15 | n/a |
| 4000 North Shepherd | Houston | TX | 201600 | - | - | 0.0% | 12 | n/a |
| 2501 Irving Mall | Irving(3) | TX | 107400 | 12500 | - | 11.6% | 18 | CareNow, Chick-fil-A |
| 8000 West Broward Boulevard | Plantation | FL | 204100 | - | 49800 | 24.4% | 18 | n/a |
| 15700 Emerald Way | Bowie | MD | 126400 | - | - | 0.0% | 11 | n/a |
| 425 Rice Street | St. Paul | MN | 201900 | 100 | - | 0.0% | 17 | n/a |
| 1180 Southeast 82nd Avenue | Happy Valley | OR | 139800 | 45000 | - | 32.2% | 12 | Dick's Sporting Goods |
| 6301 Northwest Loop 410 | Ingram | TX | 169900 | - | - | 0.0% | 12 | n/a |
| 6515 East Southern Avenue | Mesa | AZ | 136000 | - | - | 0.0% | 5 | n/a |
| 7611 West Thomas Road | Phoenix | AZ | 144500 | - | - | 0.0% | 5 | n/a |
| 6950 West 130th Street | Middleburg Heights | OH | 369500 | - | - | 0.0% | 19 | n/a |
| 7875 Johnnycake Ridge Road | Mentor | OH | 215300 | - | - | 0.0% | 20 | n/a |
| 2800 North Germantown Parkway | Cordova | TN | 160600 | - | - | 0.0% | 12 | n/a |
| 100 Inland Center | San Bernardino | CA | 264700 | - | - | 0.0% | 20 | n/a |
| 850 Hartford Turnpike | Waterford | CT | 149200 | - | - | 0.0% | 11 | n/a |
| 4125 Cleveland Avenue | Ft. Myers | FL | 146800 | - | - | 0.0% | 12 | n/a |
| 3800 US Highway 98 North | Lakeland | FL | 156200 | - | - | 0.0% | 12 | n/a |
| 14250 Buck Hill Road | Burnsville | MN | 167300 | - | - | 0.0% | 15 | n/a |
| 3001 White Bear Avenue North | Maplewood | MN | 175000 | - | - | 0.0% | 14 | n/a |
| 7780 W Arrowhead Towne Center | Glendale | AZ | 125000 | - | - | 0.0% | 9 | n/a |
| 3207 Solomons Island Road | Edgewater | MD | 122000 | - | - | 0.0% | 14 | n/a |
| Total |  |  | 6127400 | 364200 | 55400 | 6.8% | 500 |  |

---

(1) Based on signed leases as of December 31, 2022; GLA presented at the Company's proportional share

(2) Indicates assets that have been sold subsequent to December 31, 2022

(3) Indicates assets with a partial sale subsequent to December 31, 2022

------

Sold Properties through December 31, 2022

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Full /** | **Total** | **In-Place** | **SNO** |  | **2022 Qtr** |
|  | **Property Address** | **City** | **State** | **Partial Sale** | **SF (1)** | **SF (1)** | **SF (1)** | **Leased (1)** | **Sold** |
| 1 | &nbsp;&nbsp;1420 Travis Boulevard | &nbsp;&nbsp;Fairfield | CA | Full Site | 150013 | 28469 | 3500 | 21.3% | Q1 |
| 2 | &nbsp;&nbsp;700 East Northern Lights Boulevard | &nbsp;&nbsp;Anchorage | AK | Full Site | 158517 | 133972 | - | 84.5% | Q2 |
| 3 | &nbsp;&nbsp;3101 Northview Drive | &nbsp;&nbsp;Elkhart | IN | Full Site | 86581 | 86581 | - | 100.0% | Q2 |
| 4 | &nbsp;&nbsp;3408 West Central Avenue | &nbsp;&nbsp;Toledo | OH | Full Site | 218720 | - | - | 0.0% | Q2 |
| 5 | &nbsp;&nbsp;4155 State Route 31 | &nbsp;&nbsp;Clay | NY | Full Site | 146504 | - | - | 0.0% | Q2 |
| 6 | &nbsp;&nbsp;5101 Hinkleville Road | &nbsp;&nbsp;Paducah | KY | Full Site | 97261 | 64403 | - | 66.2% | Q2 |
| 7 | &nbsp;&nbsp;400 North Best Avenue | &nbsp;&nbsp;Walnutport | PA | Full Site | 121159 | - | - | 0.0% | Q2 |
| 8 | &nbsp;&nbsp;195 North Broadway | &nbsp;&nbsp;Hicksville | NY | Partial Site | 14856 | 14856 | - | 100.0% | Q2 |
| 9 | &nbsp;&nbsp;2100 Southfield Road | &nbsp;&nbsp;Lincoln Park | MI | Full Site | 297905 | - | - | 0.0% | Q2 |
| 10 | &nbsp;&nbsp;3001 Iowa Avenue | &nbsp;&nbsp;Riverside (Iowa) | CA | Full Site | 132632 | 38132 | - | 28.8% | Q2 |
| 11 | &nbsp;&nbsp;200 Town Center East | &nbsp;&nbsp;Santa Maria | CA | Full Site | 108596 | - | - | 0.0% | Q2 |
| 12 | &nbsp;&nbsp;4588 Virginia Beach Boulevard | &nbsp;&nbsp;Virginia Beach | VA | Partial Site | 7800 | 7800 | - | 100.0% | Q2 |
| 13 | &nbsp;&nbsp;2801 West State Street | &nbsp;&nbsp;Olean | NY | Full Site | 120685 | 55360 | - | 45.9% | Q2 |
| 14 | &nbsp;&nbsp;100 Westminster Mall | &nbsp;&nbsp;Westminster | CA | Full Site | 197904 | - | - | 0.0% | Q2 |
| 15 | &nbsp;&nbsp;3700 South Campbell Avenue | &nbsp;&nbsp;Springfield | MO | Full Site | 112900 | 112900 | - | 100.0% | Q3 |
| 16 | &nbsp;&nbsp;5950 East Broadway Boulevard | &nbsp;&nbsp;Tucson | AZ | Full Site | 237600 | 50600 | - | 21.3% | Q3 |
| 17 | &nbsp;&nbsp;1675 West 49th Street | &nbsp;&nbsp;Hialeah | FL | Full Site | 145200 | - | 3000 | 2.1% | Q3 |
| 18 | &nbsp;&nbsp;2700 Miamisburg Centerville Road | &nbsp;&nbsp;Dayton | OH | Partial Site | 167582 | - | - | 0.0% | Q3 |
| 19 | &nbsp;&nbsp;1405 South Grand Avenue | &nbsp;&nbsp;Charles City | IA | Full Site | 109900 | - | - | 0.0% | Q3 |
| 20 | &nbsp;&nbsp;2307 Superior Street | &nbsp;&nbsp;Webster City | IA | Full Site | 41000 | - | - | 0.0% | Q3 |
| 21 | &nbsp;&nbsp;3100 Southwest College Road | &nbsp;&nbsp;Ocala | FL | Full Site | 145900 | - | - | 0.0% | Q3 |
| 22 | &nbsp;&nbsp;650 Bald Hill Road | &nbsp;&nbsp;Warwick | RI | Full Site | 130900 | 123100 | - | 94.0% | Q3 |
| 23 | &nbsp;&nbsp;2760 I-75 Business Spur | &nbsp;&nbsp;Sault Ste. Marie | MI | Full Site | 98500 | - | - | 0.0% | Q3 |
| 24 | &nbsp;&nbsp;1560 US 31 South | &nbsp;&nbsp;Manistee | MI | Full Site | 107800 | - | - | 0.0% | Q3 |
| 25 | &nbsp;&nbsp;1855 Main Street | &nbsp;&nbsp;Ramona | CA | Full Site | 122000 | 14700 | - | 12.0% | Q3 |
| 26 | &nbsp;&nbsp;417 Main Street | &nbsp;&nbsp;Madawaska | ME | Full Site | 55000 | - | - | 0.0% | Q3 |
| 27 | &nbsp;&nbsp;171 Delaware Avenue | &nbsp;&nbsp;Sidney | NY | Full Site | 113300 | - | - | 0.0% | Q3 |
| 28 | &nbsp;&nbsp;32123 Gratiot Avenue | &nbsp;&nbsp;Roseville | MI | Full Site | 364300 | 154600 | - | 42.4% | Q3 |
| 29 | &nbsp;&nbsp;2180 Tully Road | &nbsp;&nbsp;San Jose | CA | Full Site | 260100 | - | - | 0.0% | Q3 |
| 30 | &nbsp;&nbsp;1401 Greenbrier Parkway | &nbsp;&nbsp;Chesapeake | VA | Full Site | 179300 | - | - | 0.0% | Q3 |
| 31 | &nbsp;&nbsp;1325 Broadway | &nbsp;&nbsp;Saugus | MA | Full Site | 211500 | - | - | 0.0% | Q3 |
| 32 | &nbsp;&nbsp;50 Fox Run Road | &nbsp;&nbsp;Portsmouth | NH | Full Site | 129700 | - | - | 0.0% | Q3 |
| 33 | &nbsp;&nbsp;5901 Florin Road | &nbsp;&nbsp;Florin | CA | Full Site | 245600 | - | - | 0.0% | Q3 |
| 34 | &nbsp;&nbsp;3295 East Main Street | &nbsp;&nbsp;Ventura | CA | Full Site | 183100 | - | 14100 | 7.7% | Q3 |
| 35 | &nbsp;&nbsp;2250 El Mercado Loop | &nbsp;&nbsp;Sierra Vista | AZ | Full Site | 95500 | - | - | 0.0% | Q3 |
| 36 | &nbsp;&nbsp;5715 Johnston Street | &nbsp;&nbsp;Lafayette | LA | Full Site | 196000 | - | - | 0.0% | Q3 |
| 37 | &nbsp;&nbsp;20700 South Avalon Boulevard | &nbsp;&nbsp;Carson | CA | Full Site | 36400 | 21900 | 5000 | 73.9% | Q3 |
| 38 | &nbsp;&nbsp;Vintage Faire Mall | &nbsp;&nbsp;Modesto | CA | Full Site | 60200 | 40300 | - | 66.9% | Q3 |
| 39 | &nbsp;&nbsp;Chandler Fashion Center | &nbsp;&nbsp;Deptford | NJ | Full Site | 95900 | 74600 | - | 77.8% | Q3 |
| 40 | &nbsp;&nbsp;Briarwood | &nbsp;&nbsp;Ann Arbor | MI | Full Site | 85300 | - | - | 0.0% | Q3 |

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(1) Based on signed leases as of December 31, 2022; GLA presented at the Company's proportional share

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Sold Properties through December 31, 2022 (continued)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Full /** | **Total** | **In-Place** | **SNO** |  | **2022 Qtr** |
|  | **Property Address** | **City** | **State** | **Partial Sale** | **SF (1)** | **SF (1)** | **SF (1)** | **Leased (1)** | **Sold** |
| 41 | &nbsp;&nbsp;Woodland Hills Mall | &nbsp;&nbsp;Tulsa | OK | Full Site | 75100 | - | - | 0.0% | Q3 |
| 42 | &nbsp;&nbsp;126 Shawan Road | &nbsp;&nbsp;Cockeysville | MD | Full Site | 80100 | 65600 | - | 81.9% | Q3 |
| 43 | &nbsp;&nbsp;1445 New Britain Ave | &nbsp;&nbsp;West Hartford | CT | Full Site | 81100 | 58700 | 1900 | 74.7% | Q3 |
| 44 | &nbsp;&nbsp;Natick Collection | &nbsp;&nbsp;Natick | MA | Full Site | 95400 | 44300 | - | 46.4% | Q3 |
| 45 | &nbsp;&nbsp;3010 Fort Campbell Boulevard | &nbsp;&nbsp;Hopkinsville | KY | Full Site | 85100 | 64600 | - | 75.9% | Q4 |
| 46 | &nbsp;&nbsp;4400 South Western Avenue | &nbsp;&nbsp;Oklahoma City | OK | Partial Site | 50326 | 50326 | - | 100.0% | Q4 |
| 47 | &nbsp;&nbsp;8201 South Tamiami Trail | &nbsp;&nbsp;Sarasota | FL | Full Site | 217000 | - | - | 0.0% | Q4 |
| 48 | &nbsp;&nbsp;10700 Biscayne Boulevard | &nbsp;&nbsp;North Miami | FL | Full Site | 129300 | 129300 | - | 100.0% | Q4 |
| 49 | &nbsp;&nbsp;2300 Tyrone Boulevard North | &nbsp;&nbsp;St. Petersburg | FL | Partial Site | 2900 | 2900 | - | 100.0% | Q4 |
| 50 | &nbsp;&nbsp;20701 Southwest 112th Avenue | &nbsp;&nbsp;Miami | FL | Full Site | 178300 | - | - | 0.0% | Q4 |
| 51 | &nbsp;&nbsp;200 Eastview Mall | &nbsp;&nbsp;Victor(1) | NY | Full Site | 139700 | 119600 | - | 85.6% | Q4 |
| 52 | &nbsp;&nbsp;5901 Florin Road | &nbsp;&nbsp;Florin(1) | CA | Full Site | 245600 | - | - | 0.0% | Q4 |
| 53 | &nbsp;&nbsp;400 Calle Betances | &nbsp;&nbsp;Caguas | PR | Full Site | 138800 | - | - | 0.0% | Q4 |
| 54 | &nbsp;&nbsp;Plaza Carolina Station | &nbsp;&nbsp;Carolina | PR | Full Site | 194300 | - | - | 0.0% | Q4 |
| 55 | &nbsp;&nbsp;77 Rockingham Park Boulevard | &nbsp;&nbsp;Salem | NH | Full Site | 233000 | 123800 | - | 53.1% | Q4 |
| 56 | &nbsp;&nbsp;4588 Virginia Beach Boulevard | &nbsp;&nbsp;Virginia Beach | VA | Full Site | 124200 | 124200 | - | 100.0% | Q4 |
| 57 | &nbsp;&nbsp;1700 North Main Street | &nbsp;&nbsp;Salinas | CA | Full Site | 138400 | - | 3300 | 2.4% | Q4 |
| 58 | &nbsp;&nbsp;5900 Sunrise Mall | &nbsp;&nbsp;Citrus Heights | CA | Full Site | 281300 | - | - | 0.0% | Q4 |
| 59 | &nbsp;&nbsp;2308 Highway 45 North | &nbsp;&nbsp;Columbus | MS | Full Site | 121900 | - | - | 0.0% | Q4 |
| 60 | &nbsp;&nbsp;3111 East Colonial Drive | &nbsp;&nbsp;Orlando | FL | Partial Site | 107600 | - | - | 0.0% | Q4 |
| 61 | &nbsp;&nbsp;310 Daniel Webster Highway | &nbsp;&nbsp;Nashua | NH | Full Site | 166300 | - | - | 0.0% | Q4 |
| 62 | &nbsp;&nbsp;2300 Tyrone Boulevard North | &nbsp;&nbsp;St. Petersburg | FL | Partial Site | 6050 | 6050 | - | 100.0% | Q4 |
| 63 | &nbsp;&nbsp;19563 Coastal Highway | &nbsp;&nbsp;Rehoboth Beach | DE | Full Site | 101900 | 75900 | 26000 | 100.0% | Q4 |
| 64 | &nbsp;&nbsp;10785 West Colfax Avenue | &nbsp;&nbsp;Lakewood | CO | Full Site | 164000 | - | - | 0.0% | Q4 |
| 65 | &nbsp;&nbsp;1191 Galleria Boulevard | &nbsp;&nbsp;Roseville | CA | Full Site | 122700 | 107800 | - | 87.9% | Q4 |
| 66 | &nbsp;&nbsp;300 Baybrook Mall | &nbsp;&nbsp;Friendswood | TX | Full Site | 165800 | - | - | 0.0% | Q4 |
| 67 | &nbsp;&nbsp;3340 Mall Loop Drive | &nbsp;&nbsp;Joliet | IL | Full Site | - | - | - | 0.0% | Q4 |
| 68 | &nbsp;&nbsp;1302 Bridford Parkway | &nbsp;&nbsp;Greensboro | NC | Full Site | 168200 | 168200 | - | 100.0% | Q4 |
| 69 | &nbsp;&nbsp;3801B Clemson Boulevard | &nbsp;&nbsp;Anderson | SC | Full Site | 117100 | 117100 | - | 100.0% | Q4 |
| 70 | &nbsp;&nbsp;3100 Washtenaw Road | &nbsp;&nbsp;Ypsilanti | MI | Full Site | 91700 | 91700 | - | 100.0% | Q4 |
| 71 | &nbsp;&nbsp;72880 Highway 111 | &nbsp;&nbsp;Palm Desert | CA | Full Site | 136400 | - | - | 0.0% | Q4 |
| 72 | &nbsp;&nbsp;3751 South Dogwood Road | &nbsp;&nbsp;El Centro | CA | Partial Site | 130221 | - | - | 0.0% | Q4 |
| 73 | &nbsp;&nbsp;42126 Big Bear Boulevard | &nbsp;&nbsp;Big Bear Lake | CA | Full Site | 92600 | 4000 | - | 4.3% | Q4 |
|  | **Total** |  |  |  | **9772012** | **2376349** | **56800** | **24.9%** |  |

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(1) Based on signed leases as of December 31, 2022; GLA presented at the Company's proportional share

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REA Status by Sites and Category

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **No / Expired REA** | **Expires in <5 years** | **Expires in >5 years** | **Total** |
| &nbsp;&nbsp;Multi-Tenant Retail | 11 | 1 | 19 | 31 |
| &nbsp;&nbsp;Premier Mixed-use | 6 | 1 | 1 | 8 |
| &nbsp;&nbsp;Residential | 3 | - | 2 | 5 |
| &nbsp;&nbsp;Other Unconsolidated Entities | 1 | - | 12 | 13 |
| &nbsp;&nbsp;Non-Core Properties | 12 | 3 | 24 | 39 |
| **Total** | **33** | **5** | **58** | **96** |
| % of Total | 34% | 5% | 60% | 100% |

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<u>Non-GAAP Financial Measures</u>

The Company makes reference to NOI and Total NOI which are financial measures that include adjustments to accounting principles generally accepted in the United States ("GAAP").

Neither of NOI or Total NOI are measures that (i) represent cash flow from operations as defined by GAAP; (ii) are indicative of cash available to fund all cash flow needs, including the ability to make distributions; (iii) are alternatives to cash flow as a measure of liquidity; or (iv) should be considered alternatives to net income (which is determined in accordance with GAAP) for purposes of evaluating the Company's operating performance. Reconciliations of these measures to the respective GAAP measures the Company deems most comparable have been provided in the tables accompanying this press release.

<u>Net Operating Income ("NOI") and Total NOI</u>

NOI is defined as income from property operations less property operating expenses. Other real estate companies may use different methodologies for calculating NOI, and accordingly the Company's depiction of NOI may not be comparable to other real estate companies. The Company believes NOI provides useful information regarding Seritage, its financial condition, and results of operations because it reflects only those income and expense items that are incurred at the property level.

The Company also uses Total NOI, which includes its proportional share of unconsolidated properties. This form of presentation offers insights into the financial performance and condition of the Company as a whole given the Company's ownership of unconsolidated properties that are accounted for under GAAP using the equity method.

The Company also considers NOI and Total NOI to be a helpful supplemental measure of its operating performance because it excludes from NOI variable items such as termination fee income, as well as non-cash items such as straight-line rent and amortization of lease intangibles.<br>

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