Seritage Growth Properties (NYSE: SRG) has reported its financial and operating results for the year ended December 31, 2023. The company generated $99.5 million in gross proceeds during the fourth quarter of 2023 from sales, including $27.5 million from one income-producing multi-tenant retail asset, $15.3 million from three income-producing non-core assets, and $56.7 million from two vacant/non-income producing non-core assets.
Subsequent to the quarter end, the company generated $48.8 million in gross proceeds from sales, including $34.0 million from one income-producing multi-tenant retail asset and $14.8 million from four vacant/non-income producing non-core assets.
As of March 22, 2024, the company has four assets under contract for anticipated gross proceeds of $53.6 million, including $28.0 million from one income-producing multi-tenant retail asset and $17.1 million from one vacant/non-income producing non-core asset.
The company made $670 million in principal repayments on its term loan facility during the year, reducing the balance of the term loan facility to $360 million at December 31, 2023. Subsequent to the year end, the company made an additional $30 million principal repayment, reducing the balance of the term loan facility to $330 million as of March 22, 2024.
The company had cash on hand of $149.7 million, including $15.7 million of restricted cash, as of December 31, 2023, and $132.6 million, including $15.8 million of restricted cash, as of March 22, 2024.
The company signed six leases covering 25 thousand square feet in the fourth quarter at an average projected annual net rent of $66.96 per square foot.
As of December 31, 2023, the company had a leasing pipeline of over 100 thousand square feet and a total occupancy of 71.6% for its multi-tenant retail properties.
For the year ended December 31, 2023, Seritage Growth Properties reported a net loss attributable to common shareholders of ($159.8) million, or ($2.85) per share, and total net operating income of $8.6 million.
The company's total NOI for the fourth quarter of 2023 reflected the impact of $(0.6) million total NOI relating to sold properties.
As of December 31, 2023, the company had cash on hand of $149.7 million, including $15.7 million of restricted cash.
The company expects to use these sources of liquidity, together with a combination of capital sources, including sales of consolidated properties, sales of interests in unconsolidated properties, and potential financings, to fund its obligations. As a result of these announcements, the company's shares have moved -3.0% on the market, and are now trading at a price of $9.32. For more information, read the company's full 8-K submission here.
