ADDED
As of December 31, 2025, the Company s portfolio consisted of interests in 10 properties comprised of approximately 0.8 million square feet of gross leasable area ( GLA ) or build-to-suit leased area and 156 acres of land.
The portfolio encompasses five consolidated properties consisting of approximately 0.3 million square feet of GLA and 71 acres (such properties, the Consolidated Properties ) and five unconsolidated entities consisting of approximately 0.5 million square feet of GLA and 85 acres (such properties, the Unconsolidated Properties ).
Since March 2021, the Company has not leased any properties to Sears Holdings or its successors after giving effect to the termination of the Holdco Master Lease.
Market Update The Company continues to face challenging market conditions, such as elevated interest rates and the availability of debt and equity capital, and it continues to assess other potential macroeconomic impacts including supply chain issues, international conflicts associated with tariffs, potential labor issues and uncertainty caused by wars.
While interest rates have started to decline, they remain high relative to interest rates in 2022.
Additionally, raising equity capital for land development deals remains challenging.
These conditions could apply downward pricing pressures on our remaining assets.
Significant Tenants As of December 31, 2025, the Company had two tenants that comprise 43.5% and 32.1%, respectively, of annualized base rent, with no other tenants exceeding 10% of annualized base rent.
The Company's portfolio of five Consolidated Properties and five Unconsolidated Properties was diversified by location across six states.
Human Capital As of December 31, 2025, we had five full-time employees, all of whom are located in the United States, with the majority located in New York.
REMOVED
Seritage will continue to actively manage each location until such time as each property is sold.
As of December 31, 2024, the Company s portfolio consisted of interests in 17 properties comprised of approximately 1.7 million square feet of gross leasable area ( GLA ) or build-to-suit leased area and 274 acres of land.
The portfolio encompasses 10 wholly owned properties consisting of approximately 0.9 million square feet of GLA and 166 acres (such properties, the Consolidated Properties ) and seven unconsolidated entities consisting of approximately 0.8 million square feet of GLA and 108 acres (such properties, the Unconsolidated Properties ).
Since March 2021, the Company has not leased any properties to Sears Holdings or its successors after giving effect to the termination of the remaining Consolidated Properties.
Significant Tenants Management believes the Company s portfolio is reasonably diversified and does not contain any significant concentrations of credit risk.
As of December 31, 2024, the Company has one tenant that comprises 12.5% of annualized base rent, with no other tenants exceeding 10% of annualized base rent.
The Company's portfolio of 10 Consolidated Properties and seven Unconsolidated Properties was diversified by location across seven states.
Human Capital As of December 31, 2024, we had seven full-time employees, all of whom are located in the United States, with the majority located in New York.
- 3 - As of March 31, 2025, we had five full-time employees, one of whom is female, and 16 contractors, nine of whom were female.
In addition, our seven member Board of Trustees has three female members.