Thu, May 15, 8:41 PM (32 days ago)
**Seritage Growth Properties (SRG) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $4.6 million, down from $5.8 million in Q1 2024 due to property sales. - **Net Loss:** $23.4 million, wider than $20.2 million in Q1 2024. - **Profit Margins:** Negative, with significant expenses outweighing revenue. - **Cash Flow:** Net cash used in operations was $9.2 million, with investing activities providing $19.8 million. **Key Metrics & Trends:** - **Rental Income:** Decreased by $1.3 million YoY due to property sales. - **Expenses:** Property operating expenses decreased by $0.8 million, while general and administrative expenses increased by $6.6 million. - **Gain on Sale:** Recorded $6.9 million from one property sale in Q1 2025. - **Impairment:** No impairment losses recorded in Q1 2025. - **Debt:** Outstanding balance of $240 million on the Term Loan Facility. **Quarterly Performance Discussion:** - **Sales Activity:** Sold one consolidated asset for $29.6 million. - **Liquidity:** Funds obligations with cash on hand, asset sales, and potential financing. - **Uncertainties:** Faces challenging market conditions, including elevated interest rates and potential macroeconomic impacts. **Future Operations & Impact:** - **Plan of Sale:** Continues to execute, with ongoing strategic review for value-maximizing alternatives. - **Market Conditions:** Elevated interest rates and macroeconomic factors may impact asset sales and distributions. - **Litigation:** Faces several lawsuits, intends to defend vigorously. **Ticker:** SRG **Note:** Amounts are in thousands, except per share data.