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Investments in Unconsolidated Entities (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Summary of Company's Investments in Unconsolidated Entities

As of March 31, 2026, 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 Condensed Financial Data of Unconsolidated Entities

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

		March 31, 2026				December 31, 2025
ASSETS
Investment in real estate
Land		$	27,992			$	27,992
Buildings and improvements			149,373				149,373
Accumulated depreciation			(18,654	)			(17,324	)
			158,711				160,041
Construction in progress			3,591				3,521
Net investment in real estate			162,302				163,562
Cash and cash equivalents			1,436				1,642
Tenant and other receivables, net			11,559				11,780
Other assets, net			10,297				10,236
Total assets		$	185,594			$	187,220
LIABILITIES AND MEMBERS' INTERESTS
Accounts payable, accrued expenses and other liabilities			5,996				6,026
Total liabilities			5,996				6,026
Members' Interest
Total members' interest			179,598				181,194
Total liabilities and members' interest		$	185,594			$	187,220
Carrying value of Company's investments in unconsolidated entities		$	94,712			$	95,475

		Three Months Ended March 31,
		2026				2025
Total revenue		$	4,152			$	4,782
Property operating expenses			(733	)			(648	)
Depreciation and amortization			(1,558	)			(1,565	)
Operating income			1,861				2,569
Other income (expenses)			(22	)			(159	)
Net income		$	1,839			$	2,410
Equity in income of unconsolidated entities (1)		$	955			$	1,277

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

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

		March 31, 2026				December 31, 2025
ASSETS
Investment in real estate
Land		$	56,828			$	60,931
Buildings and improvements			30,992				30,991
Accumulated depreciation			(10,786	)			(10,466	)
			77,034				81,456
Construction in progress			47,389				70,207
Net investment in real estate			124,423				151,663
Cash and cash equivalents			15,289				7,817
Tenant and other receivables, net			466				345
Other assets, net			15,254				15,625
Total assets		$	155,432			$	175,450
LIABILITIES AND MEMBERS' INTERESTS
Liabilities
Accounts payable, accrued expenses and other liabilities			11,558				12,076
Total liabilities			11,558				12,076
Members' Interest
Total members' interest			143,874				163,374
Total liabilities and members' interest		$	155,432			$	175,450
Carrying value of Company's investments in unconsolidated entities		$	49,390			$	60,767

		Three Months Ended March 31,
		2026				2025
Total revenue		$	562			$	289
Property operating expenses			(693	)			(836	)
Depreciation and amortization			(319	)			(942	)
Operating loss			(450	)			(1,489	)
Other income (expenses)			90				135
Losses on sale			(8,586	)			-
Net loss		$	(8,946	)		$	(1,354	)
Equity in loss of unconsolidated entities (1)		$	(8,122	)		$	(9,205	)

(1)Equity in (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

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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.

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