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Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Summary of Company's Investments in Unconsolidated Entities

As of December 31, 2025, the Company has 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 Financial Data of Unconsolidated Entities

The following tables present summarized financial data for UTC JV (in thousands):

		December 31, 2025				December 31, 2024
ASSETS
Investment in real estate
Land		$	27,992			$	27,992
Buildings and improvements			149,373				149,628
Accumulated depreciation			(17,324	)			(11,943	)
			160,041				165,677
Construction in progress			3,521				3,013
Net investment in real estate			163,562				168,690
Cash and cash equivalents			1,642				2,839
Tenant and other receivables, net			11,780				11,408
Other assets, net			10,236				11,131
Total assets		$	187,220			$	194,068
LIABILITIES AND MEMBERS' INTERESTS
Accounts payable, accrued expenses and other liabilities			6,026				6,335
Total liabilities			6,026				6,335
Members' Interest
Total members' interest			181,194				187,733
Total liabilities and members' interest		$	187,220			$	194,068
Carrying value of Company's investments in equity investments		$	95,475			$	98,587

		Year Ended December 31,
		2025				2024
Total revenue		$	18,308			$	17,712
Property operating expenses			(3,422	)			(3,450	)
Depreciation and amortization			(6,461	)			(6,252	)
Operating income			8,425				8,010
Other income (expenses)			(485	)			(875	)
Net income		$	7,940			$	7,135
Equity in income of unconsolidated entities (1)		$	4,149			$	3,716

(1)Equity in income (loss) of unconsolidated entities on the consolidated statements of operations includes basis difference adjustments.

The following tables present combined financial data for all of the Company’s Unconsolidated Entities, excluding UTC JV (in thousands):

		December 31, 2025				December 31, 2024
ASSETS
Investment in real estate
Land		$	60,931			$	88,153
Buildings and improvements			30,991				74,644
Accumulated depreciation			(10,466	)			(30,854	)
			81,456				131,943
Construction in progress			70,207				64,212
Net investment in real estate			151,663				196,155
Cash and cash equivalents			7,817				18,164
Tenant and other receivables, net			345				35
Other assets, net			15,625				17,921
Total assets		$	175,450			$	232,275
LIABILITIES AND MEMBERS' INTERESTS
Liabilities
Accounts payable, accrued expenses and other liabilities			12,076				12,194
Total liabilities			12,076				12,194
Members' Interest
Total members' interest			163,374				220,081
Total liabilities and members' interest		$	175,450			$	232,275
Carrying value of Company's investments in equity investments		$	60,767			$	91,112

		Year Ended December 31,
		2025				2024
Total revenue		$	2,634			$	1,454
Property operating expenses			(3,598	)			(5,087	)
Depreciation and amortization			(2,467	)			(4,215	)
Operating loss			(3,431	)			(7,848	)
Other income (expenses)			199				(187	)
Gains (losses) and (impairments)			(31,200	)			(13,537	)
Net loss		$	(34,432	)		$	(21,572	)
Equity in loss of unconsolidated entities (1)		$	(17,318	)		$	(6,870	)

(1)Equity in loss of unconsolidated entities on the consolidated statements of operations includes basis difference adjustments.

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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

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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.

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