Seritage Growth Properties-A 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THESECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDEDSEPTEMBER 30,2025 or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934For the transition period from _______to _______Commission File Number001-37420 SERITAGE GROWTH PROPERTIES (Exact name of registrant as specified in its charter) Maryland38-3976287(State of Incorporation)(I.R.S. Employer Identification No.)500 Fifth Avenue,Suite 1530,New York,New York10110(Address of principal executive offices)(Zip Code)Registrant’s telephone number, including area code: (212)355-7800 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) ofthe Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrantwas required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”,“accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☒Emerging growth company☐ Large accelerated filer☐Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of November 13, 2025, the registrant had the following common shares outstanding: ClassShares OutstandingClass A common shares of beneficial interest, par value $0.01 pershare56,324,607Class B common shares of beneficial interest, par value $0.01 pershare0Class C common shares of beneficial interest, par value $0.01 pershare0 SERITAGE GROWTH PROPERTIESQUARTERLY REPORT ON FORM 10-QQUARTER ENDED SEPTEMBER 30, 2025TABLE OF CONTENTS PART I.FINANCIAL INFORMATION PageItem 1.Condensed Consolidated Financial Statements (unaudited)3Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 20243Condensed Consolidated Statements of Operations for the three and nine months endedSeptember 30, 2025 and 20244Condensed Consolidated Statements of Equity for the three and nine months ended September30, 2025 and 20245Condensed Consolidated Statements of Cash Flows for the nine months ended September 30,2025 and 20246Notes to Condensed Consolidated Financial Statements8Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations28Item 3.Quantitative and Qualitative Disclosures About Market Risk38Item 4.Controls and Procedures38PART II.OTHER INFORMATIONItem 1.Legal Proceedings39Item 1A.Risk Factors39Item 2.Unregistered Sales of Equity Securities and Use of Proceeds39Item 3.Defaults upon Senior Securities39Item 4.Mine Safety Disclosures40Item 5.Other Information40Item 6.Exhibits41SIGNATURE S42 SERITAGE GROWTH PROPERTIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited, amounts in thousands, except share and per share amounts) The accompanying notes are an integral part of these condensed consolidated financial statements. SERITAGE GROWTH PROPERTIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)(Unaudited, amounts in thousands) SERITAGE GROWTH PROPERTIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited) Note 1 – Organization Seritage Growth Properties (“Seritage”) (NYSE: SRG), was formed as a Maryland real estate investment trust onJune 3, 2015, operated as 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”) from formation throughDecember 31, 2021. On March 31, 2022, Seritage revoked its REIT election and became a taxable C Corporationeffective January 1, 2022. Seritage’s assets are held by and its operations are primarily conducted, directly orindirectly, 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 exclusiveresponsibility and discretion in the management and control of the Operating Partnership. Unless otherwiseex