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Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation

SERITAGE GROWTH PROPERTIES

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs Capitalized

 

 

Gross Amount at Which Carried

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition Costs

 

 

Subsequent to Acquisition (1)

 

 

at Close of Period (2)

 

 

 

 

 

 

 

Life Upon Which

 

 

 

 

 

 

 

 

 

Buildings and

 

 

 

 

 

Buildings and

 

 

 

 

 

Buildings and

 

 

 

 

 

Accumulated

 

 

Date

 

Depreciation

City

 

State

 

Encumbrances

 

Land

 

 

Improvements

 

 

Land

 

 

Improvements

 

 

Land

 

 

Improvements

 

 

Total

 

 

Depreciation

 

 

Acquired

 

is Computed

Riverside

 

CA

 

(3)

 

$

1,054

 

 

$

494

 

 

$

-

 

 

$

629

 

 

$

1,054

 

 

$

1,123

 

 

$

2,177

 

 

$

(180

)

 

July, 2015

 

(4)

King of Prussia

 

PA

 

(3)

 

 

-

 

 

 

42,300

 

 

 

-

 

 

 

1,496

 

 

 

-

 

 

 

43,796

 

 

 

43,796

 

 

 

(13,825

)

 

July, 2015

 

(4)

Valley View

 

TX

 

(3)

 

 

4,706

 

 

 

3,230

 

 

 

-

 

 

 

41,445

 

 

 

4,706

 

 

 

44,675

 

 

 

49,381

 

 

 

-

 

 

July, 2015

 

(4)

Redmond-Overlake Pk

 

WA

 

(3)

 

 

5,133

 

 

 

4,133

 

 

 

14,513

 

 

 

41,848

 

 

 

19,646

 

 

 

45,981

 

 

 

65,627

 

 

 

(903

)

 

July, 2015

 

(4)

 

 

 

 

 

 

$

10,893

 

 

$

50,157

 

 

$

14,513

 

 

$

85,418

 

 

$

25,406

 

 

$

135,575

 

 

$

160,981

 

 

$

(14,908

)

 

 

 

 

Real Estate Held for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Riverside

 

CA

 

(3)

 

 

3,343

 

 

 

2,778

 

 

 

-

 

 

 

3,504

 

 

 

3,343

 

 

 

6,282

 

 

 

9,625

 

 

 

(933

)

 

July, 2015

 

(4)

 

 

 

 

 

 

$

3,343

 

 

$

2,778

 

 

$

-

 

 

$

3,504

 

 

$

3,343

 

 

$

6,282

 

 

$

9,625

 

 

$

(933

)

 

 

 

 

 

(1)
Includes reductions related to partial site sales and impairment of long-lived assets.
(2)
The aggregate cost of land, buildings and improvements for U.S. federal income tax purposes is approximately $106 million (unaudited).
(3)
The Term Loan Facility is secured on a first lien basis by individual mortgages and a pledge of the capital stock of the direct subsidiaries of the Company, including those that own each of the Company’s properties. See Note 6 of the Notes to the Consolidated Financial Statements.
(4)
Depreciation is computed based on the following estimated useful lives:

 

            Buildings:

 

25 – 40 years

            Site improvements:

 

0 – 15 years

            Tenant improvements:

 

shorter of the estimated useful life or non-cancelable term of lease

 

SERITAGE GROWTH PROPERTIES

NOTES TO SCHEDULE III

(Dollars in thousands)

Reconciliation of Real Estate

 

 

 

2025

 

 

2024

 

Balance at beginning of year

 

$

398,574

 

 

$

627,950

 

Additions

 

 

9,341

 

 

 

24,688

 

Impairments

 

 

(18,800

)

 

 

(87,536

)

Dispositions

 

 

(218,480

)

 

 

(159,373

)

Write-offs

 

 

(29

)

 

 

(7,155

)

Real estate held for sale

 

 

(9,625

)

 

 

-

 

Balance at end of year

 

$

160,981

 

 

$

398,574

 

 

 

Reconciliation of Accumulated Depreciation

 

 

 

2025

 

 

2024

 

Balance at beginning of year

 

$

39,940

 

 

$

43,634

 

Depreciation expense

 

 

5,441

 

 

 

11,777

 

Dispositions

 

 

(29,540

)

 

 

(15,471

)

Real estate held for sale

 

 

(933

)

 

 

-

 

Balance at end of year

 

$

14,908

 

 

$

39,940