Seritage Growth Q3 swings to profit on asset sales
SRG•Seritage Growth reported Q3 net income attributable to common shareholders of $2.7 million, versus a loss a year earlier, while revenue fell sharply year over year. The company cited asset sales and its continuing portfolio reduction.
1. Profit and asset sales
Q3 net income attributable to common shareholders rose to $2.7 million from a loss last year, while revenue fell sharply year over year as Seritage Growth continued asset sales and reduced its portfolio. Results included proceeds from the sale of a vacant asset and distributions from unconsolidated entities.
2. Sale plan and outlook
The company continues to execute its Plan of Sale and assess strategic alternatives, including a potential sale. It said elevated interest rates and limited capital availability are challenging market conditions and that persistent challenges could pressure asset sale proceeds and shareholder distributions.
