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Investments in Unconsolidated Entities (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Summary of Company's Investments in Unconsolidated Entities | As of September 30, 2025, the Company had investments in five unconsolidated entities as follows:
|  |  |  |  |  | Seritage % |  | # of |  | Total |
Unconsolidated Entities |  | Entity Partner(s) |  | Ownership |  | Properties |  | GLA |
GS Portfolio Holdings (2017) LLC ("GGP II JV") |  | Brookfield Properties Retail (formerly GGP Inc.) |  | 50.0% |  | 1 |  |  | 93,500 |
Mark 302 JV LLC ("Mark 302 JV") |  | An investment fund managed by Invesco Real Estate |  | 50.0% |  | 1 |  |  | 51,500 |
SI UTC LLC ("UTC JV") |  | A separate account advised by Invesco Real Estate |  | 50.0% |  | 1 |  |  | 106,200 |
Tech Ridge JV Holding LLC ("Tech Ridge JV") |  | An affiliate of RD Management |  | 50.0% |  | 1 |  |  | — |
Landmark Land Holdings, LLC ("Landmark JV") |  | The Howard Hughes Corporation and Foulger-Pratt |  | 31.3% |  | 1 |  |  | — |
|  |  |  |  |  |  |  | 5 |  |  | 251,200 |
Summary of Combined Condensed Financial Data of Unconsolidated Entities | The following tables present summarized financial data for UTC JV (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
ASSETS |  |  |  |  |  |
Investment in real estate |  |  |  |  |  |
Land |  | $ | 27,992 |  |  | $ | 27,992 |
Buildings and improvements |  |  | 149,121 |  |  |  | 149,628 |
Accumulated depreciation |  |  | (15,996 | ) |  |  | (11,943 | )
|  |  | 161,117 |  |  |  | 165,677 |
Construction in progress |  |  | 3,394 |  |  |  | 3,013 |
Net investment in real estate |  |  | 164,511 |  |  |  | 168,690 |
Cash and cash equivalents |  |  | 1,749 |  |  |  | 2,839 |
Tenant and other receivables, net |  |  | 11,590 |  |  |  | 11,408 |
Other assets, net |  |  | 10,494 |  |  |  | 11,131 |
Total assets |  | $ | 188,344 |  |  | $ | 194,068 |
LIABILITIES AND MEMBERS' INTERESTS |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities |  |  | 4,566 |  |  |  | 6,335 |
Total liabilities |  |  | 4,566 |  |  |  | 6,335 |
Members' Interest |  |  |  |  |  |
Total members' interest |  |  | 183,778 |  |  |  | 187,733 |
Total liabilities and members' interest |  | $ | 188,344 |  |  | $ | 194,068 |
Carrying value of Company's investments in equity investments |  | $ | 96,550 |  |  | $ | 98,587 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Total revenue |  | $ | 4,368 |  |  | $ | 5,371 |  |  | $ | 14,202 |  |  | $ | 14,420 |
Property operating expenses |  |  | (1,149 | ) |  |  | (1,497 | ) |  |  | (2,438 | ) |  |  | (3,843 | )
Depreciation and amortization |  |  | (1,636 | ) |  |  | (1,564 | ) |  |  | (4,893 | ) |  |  | (4,604 | )
Operating income |  |  | 1,583 |  |  |  | 2,310 |  |  |  | 6,871 |  |  |  | 5,973 |
Other income (expenses) |  |  | 164 |  |  |  | (127 | ) |  |  | (129 | ) |  |  | (472 | )
Net income |  | $ | 1,747 |  |  | $ | 2,183 |  |  | $ | 6,742 |  |  | $ | 5,501 |
Equity in income of unconsolidated entities (1) |  | $ | 909 |  |  | $ | 1,128 |  |  | $ | 3,515 |  |  | $ | 2,862 |
(1) Equity in income (loss) of unconsolidated entities on the condensed consolidated statements of operations includes basis difference adjustments. Summarized Financial Information for Unconsolidated Entities The following tables present combined condensed financial data for all of the Company’s Unconsolidated Entities, excluding UTC JV (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
ASSETS |  |  |  |  |  |
Investment in real estate |  |  |  |  |  |
Land |  | $ | 82,214 |  |  | $ | 88,153 |
Buildings and improvements |  |  | 40,908 |  |  |  | 74,644 |
Accumulated depreciation |  |  | (10,078 | ) |  |  | (30,854 | )
|  |  | 113,044 |  |  |  | 131,943 |
Construction in progress |  |  | 73,990 |  |  |  | 64,212 |
Net investment in real estate |  |  | 187,034 |  |  |  | 196,155 |
Cash and cash equivalents |  |  | 7,578 |  |  |  | 18,164 |
Tenant and other receivables, net |  |  | 66 |  |  |  | 35 |
Other assets, net |  |  | 17,106 |  |  |  | 17,921 |
Total assets |  | $ | 211,784 |  |  | $ | 232,275 |
LIABILITIES AND MEMBERS' INTERESTS |  |  |  |  |  |
Liabilities |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities |  |  | 17,160 |  |  |  | 12,194 |
Total liabilities |  |  | 17,160 |  |  |  | 12,194 |
Members' Interest |  |  |  |  |  |
Total members' interest |  |  | 194,624 |  |  |  | 220,081 |
Total liabilities and members' interest |  | $ | 211,784 |  |  | $ | 232,275 |
Carrying value of Company's investments in equity investments |  | $ | 67,912 |  |  | $ | 91,112 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Total revenue |  | $ | 915 |  |  | $ | 285 |  |  | $ | 1,899 |  |  | $ | 1,179 |
Property operating expenses |  |  | (1,077 | ) |  |  | (1,236 | ) |  |  | (2,966 | ) |  |  | (3,732 | )
Depreciation and amortization |  |  | (383 | ) |  |  | (1,046 | ) |  |  | (2,079 | ) |  |  | (3,141 | )
Operating loss |  |  | (545 | ) |  |  | (1,997 | ) |  |  | (3,146 | ) |  |  | (5,694 | )
Other income (expenses) |  |  | 67 |  |  |  | 54 |  |  |  | 224 |  |  |  | (53 | )
Gains (losses) and (impairments) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3 |
Net loss |  | $ | (478 | ) |  | $ | (1,943 | ) |  | $ | (2,922 | ) |  | $ | (5,744 | )
Equity in loss of unconsolidated entities (1) |  | $ | (265 | ) |  | $ | (1,010 | ) |  | $ | (10,043 | ) |  | $ | (2,931 | )
(1) Equity in income (loss) of unconsolidated entities on the condensed consolidated statements of operations includes basis difference adjustments.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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- Definition A tabular presentation of the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates, as prescribed by the SEC. It reflects specified information about ownership, financial results from, and financial position in such entities. Includes the tabular presentations that disaggregate investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. + References No definition available. + Details
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