Seritage growth properties (SRG)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15
REVENUE
Rental income

33,110

37,927

46,833

38,697

43,578

54,947

56,478

48,356

53,777

101,491

48,167

42,185

49,174

49,684

45,584

45,927

45,226

45,256

41,389

Management and other fee income

207

-1,293

795

1,814

282

-

115

914

-

-

-

-

-

-

-

-

-

-

-

Tenant reimbursements

-

-

-

-

-

-

-

-

-

-

-

-

16,224

-

12,023

15,940

17,778

14,252

12,674

Total revenue

33,317

36,634

47,628

40,511

43,860

55,114

56,593

49,270

53,777

53,678

64,048

57,893

65,398

66,196

57,607

61,867

63,004

59,508

54,063

EXPENSES
Property operating

10,301

11,122

11,462

9,302

10,237

8,583

6,348

6,533

7,241

5,715

4,311

4,932

4,742

4,334

4,505

5,553

7,118

3,514

2,815

Real estate taxes

9,225

9,080

9,164

10,159

10,192

9,649

12,199

9,217

11,381

9,946

11,335

11,950

12,422

12,580

7,965

11,667

11,469

11,614

10,741

Depreciation and amortization

34,097

36,578

21,593

20,194

26,216

92,627

49,830

49,551

34,667

91,878

61,059

50,571

58,663

55,754

44,532

37,324

39,509

32,972

32,935

General and administrative

9,420

12,970

8,130

8,297

9,759

9,980

8,338

8,673

7,797

11,263

5,272

5,093

6,274

4,365

4,252

4,413

4,439

4,174

5,782

Litigation charge

-

-

-

-

-

-

-

-

-

-

-

-

-

-

19,000

-

-

-

-

Provision for doubtful accounts

-

-

-

-

-

0

87

109

61

39

68

12

39

-

124

145

-

-

-

Acquisition-related expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

73

57

18,340

Total expenses

63,043

69,750

50,349

47,952

56,404

120,839

76,802

74,083

61,147

118,841

82,045

72,558

82,140

77,033

80,378

59,102

62,608

52,331

70,613

Loss before gain on sale of real estate

-

-

-

-

-

-

-

-

-

-

-39,471

-34,867

-

-

-

-

-

-

-

Gain on sale of real estate, net

20,788

25,786

12,445

11,612

21,261

2,746

17,401

34,187

41,831

-

13,018

-

-

-

-

-

-

-

-

Gain on sale of interests in unconsolidated joint ventures

-

-

-

-

-

-

-

-

-

-

43,729

-

-

-

-

-

-

-

-

Operating loss

-

-

-

-

-

-

-

-

-

-

-17,997

-14,665

-16,742

-

-22,771

2,765

396

7,177

-16,550

Equity in (loss) income of unconsolidated joint ventures

-894

-3,656

-5,616

-9,944

1,222

-3,442

-2,266

-2,158

-2,582

-3,562

-3,686

-1,542

1,002

151

1,497

912

2,086

2,052

2,720

Interest and other income

333

635

1,416

2,175

2,598

5,588

1,162

456

680

405

352

42

78

70

77

59

60

98

38

Interest expense

21,513

26,878

22,046

22,141

23,454

25,016

30,723

17,862

16,419

17,040

18,049

18,431

16,592

16,294

15,931

15,636

15,730

15,665

14,796

Change in fair value of interest rate cap

-

-

-

-

-

0

-16

-172

165

-15

-91

-124

-471

520

-47

-480

-1,371

-119

-2,814

Loss before taxes

-31,012

-37,229

-16,522

-25,739

-10,917

-85,849

-34,651

-10,362

16,305

-13,626

-39,471

-34,720

-32,725

-26,390

-37,175

-12,380

-14,559

-6,457

-31,402

Provision for taxes

-37

113

-40

146

-23

-116

93

240

104

5

0

147

119

93

72

185

155

493

451

Net loss

-30,975

-37,342

-16,482

-25,885

-10,894

-85,733

-34,744

-10,602

16,201

-70,378

17,276

-34,867

-32,844

-26,483

-37,247

-12,565

-14,714

-6,950

-31,853

Net loss attributable to non-controlling interests

-10,311

-12,693

-5,604

-8,982

-3,927

-30,920

-12,528

-3,831

5,873

-27,167

6,762

-13,648

-13,006

-11,479

-16,145

-5,448

-6,379

-2,913

-13,552

Net loss attributable to Seritage

-20,664

-24,649

-10,878

-16,903

-6,967

-54,813

-22,216

-6,771

10,328

-43,211

10,514

-21,219

-19,838

-

-

-

-

-

-

Preferred dividends

1,225

1,225

1,225

1,225

1,225

1,225

1,225

1,225

1,228

-

-

-

-

-

-

-

-

-

-

Net loss attributable to Seritage common shareholders

-21,889

-25,874

-12,103

-18,128

-8,192

-56,038

-23,441

-7,996

9,100

-43,456

10,514

-21,219

-19,838

-15,004

-21,102

-7,117

-8,335

-4,037

-18,301

Net loss per share attributable to Class A and Class C common shareholders - Basic and diluted

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-0.23

-0.27

-0.13

-0.58

Weighted average Class A and Class C common shares outstanding - Basic and diluted

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

31,391

31,391

31,388

31,384

Net loss per share attributable to Seritage Class A and Class C common shareholders - Basic

-0.59

-0.71

-0.33

-0.50

-0.23

-1.57

-0.66

-0.23

0.26

-1.28

0.31

-0.63

-0.59

-

-0.67

-

-

-

-

Net loss per share attributable to Seritage Class A and Class C common shareholders - Diluted

-0.59

-0.71

-0.33

-0.50

-0.23

-1.57

-0.66

-0.23

0.26

-1.28

0.31

-0.63

-0.59

-

-0.67

-

-

-

-

Weighted average Class A and Class C common shares outstanding - Basic

37,232

36,861

36,829

36,291

35,671

35,745

35,598

35,483

35,414

34,166

33,774

33,766

33,510

-

31,419

-

-

-

-

Weighted average Class A and Class C common shares outstanding - Diluted

37,232

36,861

36,829

36,291

35,671

35,658

35,598

35,483

35,501

34,099

33,841

33,766

33,510

-

31,419

-

-

-

-