Seritage Growth Properties Business Summary

Seritage Growth Properties (SRG) is a real estate investment trust (REIT) currently in the final stages of a shareholder-approved Plan of Sale to liquidate its remaining portfolio. The company generates revenue through two primary channels: rental income from its residual leasable area and, more significantly, the disposition of its remaining retail and mixed-use assets. As of February 2026, the business has transitioned from a redevelopment-focused operator to a liquidating entity, with its segments categorized by the management and sale of its final "premier" development assets and income-producing properties. Direct competitors include retail-focused REITs such as Kimco Realty (KIM), Brixmor Property Group (BRX), and Federal Realty Investment Trust (FRT); however, Seritage differentiates itself as a finite-life vehicle focused exclusively on maximizing residual cash distributions through total divestment rather than long-term portfolio growth. Originally founded in 2015 as a spin-off from Sears Holdings under the direction of Edward Lampert, the company is currently led by Adam Metz, who serves as Chairman and Interim CEO and President. Metz brings a high-pedigree background in real estate restructuring, having previously served as CEO of General Growth Properties (GGP) and Managing Director at Carlyle Group and TPG Capital. The executive team includes Chief Operating Officer Eric Dinenberg, formerly of Brookfield Properties and Vornado Realty Trust, and Interim CFO John Garilli, a liquidation specialist who previously managed the wind-down of New York REIT. The Board of Trustees features notable industry veterans including Lead Independent Trustee Mitchell Sabshon and Talya Nevo-Hacohen, maintaining oversight as the company works toward its projected 2026-2027 final dissolution.