Seritage Growth Properties reported a net loss attributable to common shareholders of $(23.198) million for the three months ended September 30, 2024, compared to a net loss of $(2.127) million in the prior-year period. The net loss per share for the quarter was $(0.41), an increase from $(0.04) in the third quarter of 2023.
The company's NOI-cash basis at share was $(0.934) million for the quarter, a decrease from $1.119 million in the same period last year. As of September 30, 2024, Seritage had $98.2 million in cash on hand, including $12.6 million of restricted cash.
CEO Andrea L. Olshan stated that the near-term priority is the pending term loan maturity in July 2025, with the company exploring multiple options including extension discussions with the current lender, refinancing, recapitalization, and other strategic alternatives. The company also noted that challenging market conditions continue to apply downward pricing pressure on its assets, potentially impacting Plan of Sale proceeds and shareholder distributions. The class action lawsuit filed on July 1, 2024, was also disclosed, with the company intending to vigorously defend itself.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.