Seritage Growth Properties (SRG) investor relations material

Executive summary

• Portfolio consisted of nine properties (0.8M sq ft GLA, 139 acres) as of June 30, 2026, with four consolidated and five unconsolidated properties.

• Strategic review and Plan of Sale remain ongoing, with asset monetization and a potential company sale as primary objectives.

• Shareholders approved the Plan of Sale in October 2022; company remains open to value-maximizing alternatives.

• Closed refinancing of term loan facility, enhancing flexibility for asset sales and value maximization.

Financial highlights

• Total revenue for Q2 2026 was $1.87M, down from $4.65M in Q2 2025; six-month revenue was $3.92M, down from $9.25M year-over-year.

• Net loss attributable to common shareholders was $7.4M for Q2 2026 and $38.9M for the six months ended June 30, 2026.

• Rental income decreased by $2.8M for Q2 and $5.3M for the six months, primarily due to property sales.

• Cash on hand as of June 30, 2026, was $62.9M (including $14.4M restricted); as of August 14, 2026, cash was $48.6M (including $32.7M restricted).

• No dividends declared on common shares; preferred dividends of $2.45M paid in the first half of 2026.

Outlook and guidance

• Obligations are projected to continue to exceed property rental income; funding expected from cash on hand, property sales, and financing.

• Management believes plans alleviate substantial doubt about going concern due to new revolving loan facility and cash position.

• Market conditions remain challenging, with high interest rates and limited capital availability potentially impacting asset sale proceeds and timing of distributions.

• Expects to use existing cash and revolving loan facility to fund operations and development.