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Seritage Growth Properties Makes $40 Million Loan Prepayment

NEW YORK--(BUSINESS WIRE)-- Seritage Growth Properties (NYSE: SRG) (the 鈥淐ompany鈥�), a national owner and developer of retail, residential and mixed-use properties, announced that today the Company has made a voluntary prepayment of $40 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska (鈥淏erkshire Hathaway鈥�).

With the prepayment, the Company has now repaid a total of $1.4 billion since December 2021 and $200 million of the term loan facility remains outstanding. The current prepayment will reduce Seritage鈥檚 total annual interest expense related to the term loan facility by approximately $2.8 million. The cumulative repayments since December 2021 have reduced Seritage鈥檚 total annual interest expense related to the term loan facility by approximately $99.4 million.

About Seritage Growth Properties

Prior to the adoption of the Company鈥檚 Plan of Sale, Seritage was principally engaged in the ownership, development, redevelopment, management and leasing of diversified and mixed-use properties throughout the United States. As of March 31, 2025, the Company鈥檚 portfolio consisted of interests in 16 properties comprised of approximately 1.6 million square feet of gross leaseable area (鈥淕LA鈥�) or build-to-suit leased area and 240 acres of land. The portfolio encompasses nine wholly owned properties consisting of approximately 0.8 million square feet of GLA and 132 acres and seven unconsolidated entities consisting of approximately 0.8 million square feet of GLA and 108 acres.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as 鈥渕ay,鈥� 鈥渟hould,鈥� 鈥渆xpects,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渁nticipates,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥減redicts,鈥� 鈥減otential,鈥� 鈥渨ill,鈥� 鈥渁pproximately,鈥� or 鈥漚nticipates鈥� or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company鈥檚 control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that could cause or contribute to such differences include, but are not limited to: declines in retail, real estate and general economic conditions; risks relating to redevelopment activities; contingencies to the commencement of rent under leases; the terms of the Company鈥檚 indebtedness and other legal requirements to which the Company is subject; failure to achieve expected occupancy and/or rent levels within the projected time frame or at all; the impact of ongoing negative operating cash flow on the Company鈥檚 ability to fund operations and ongoing development; the Company鈥檚 ability to access or obtain sufficient sources of financing to fund the Company鈥檚 liquidity needs; environmental, health, safety and land use laws and regulations; and possible acts of war, terrorist activity or other acts of violence or cybersecurity incidents. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the 鈥淩isk Factors鈥� and forward-looking statement disclosure contained in the Company鈥檚 filings with the Securities and Exchange Commission (SEC), including the Company鈥檚 annual report on Form 10-K for the year ended December 31, 2024 and any subsequent Form 10-Qs. While the Company believes that its forecasts and assumptions are reasonable, the Company cautions that actual results may differ materially. The Company intends the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.

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Seritage Growth Properties

John Garilli

Interim Chief Financial Officer

(212) 355-7800

[email protected]

Source: Seritage Growth Properties