Seritage Growth Properties reported a net loss attributable to common shareholders of $(23.427) million for the three months ended March 31, 2025, compared to a net loss of $(20.210) million in the prior-year period. The net loss per share for the quarter was $(0.42), an increase from $(0.36) in the first quarter of 2024.
The company's NOI-cash basis at share was $2.588 million for the quarter, an increase from $2.098 million in the first quarter of 2024. As of March 31, 2025, Seritage had $107.1 million in cash on hand, including $12.9 million of restricted cash.
Interim CEO Adam Metz affirmed that the company's strategy remains focused on the Plan of Sale, prioritizing debt repayment from asset sales. The company continues to face challenging market conditions, including elevated interest rates, which could apply downward pricing pressure on its remaining assets. Updates on the class action and derivative lawsuits, including the new Cheroti Derivative Action, were also provided, with the company maintaining its intent to vigorously defend itself.
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