Executive Summary

Q3 2025 revenue rose to $4.79M, up 47% year-over-year and 3% sequentially; diluted EPS improved to ($0.24) vs ($0.53) in Q2 and ($0.41) in Q3 2024, aided by far lower impairments ($0.8M vs $18.0M in Q2) and reduced interest expense .
Management highlighted four assets under contract totaling $240.8M (three with no due diligence contingencies for $170.0M) and said near-term closings could enable a “sizeable” term loan prepayment before year-end, a potential stock reaction catalyst tied to deleveraging .
Liquidity decreased to $59.9M cash (including $8.3M restricted) at quarter-end, down from $80.1M in Q2, reflecting extension fees paid and ongoing operating needs; term loan balance now ~$196.7M (net) after earlier $40M principal repayments in 2025 .
The company shifted from property-specific future sales projections to a single range ($220–$310M) for assets not yet under contract and will cease providing projections going forward, signaling prudence amid challenging capital markets and pricing pressure .
Street estimate coverage remains very limited; consensus EPS/Revenue for Q3 was unavailable, though one target price estimate sits at $6.50, limiting beat/miss analysis and implying muted sell-side attention [GetEstimates]*.

What Went Well and What Went Wrong

What Went Well

Asset sale pipeline: “We continue to see good progress on our various asset sale processes… expect near-term closings for all three assets under contract with no due diligence contingencies… [which] would allow us to make a sizeable prepayment of our Term Loan… prior to year end.” — CEO Adam Metz .
Sequential EPS improvement to ($0.24) from ($0.53) and sharp reduction in impairments ($0.8M vs $18.0M in Q2) supported improved operating optics, even as the plan of sale advances .
NOI-cash basis at share turned positive year-over-year to $1.60M (from $(0.93)M in Q3 2024), reflecting improved property-level contribution including JV share .

What Went Wrong

Liquidity drawdown: Cash on hand declined to $59.9M (incl. $8.3M restricted) from $80.1M in Q2; management reiterated reliance on asset sales and potential alternative financing to fund obligations, underscoring execution risk .
Continued net losses: Net loss attributable to common shareholders was ($13.65)M; net loss margin remained deeply negative despite sequential improvement, reflecting a small revenue base and elevated G&A and interest costs .
Ongoing litigation and governance overhang: Multiple derivative actions were consolidated and stayed pending resolution of a motion to dismiss in the separate securities class action; management intends to defend vigorously, but investor sentiment risk persists .

Financial Results

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue ($USD Millions)	$3.25	$4.65	$4.79
Net Loss Attributable to Common ($USD Millions)	($23.20)	($29.73)	($13.65)
Diluted EPS ($USD)	($0.41)	($0.53)	($0.24)
Net Loss Margin (%)	(675.7%)	(612.8%)	(259.6%)
NOI-cash basis at share ($USD Millions)	($0.93)	$2.58	$1.60

Change Metric	YoY (Q3’25 vs Q3’24)	QoQ (Q3’25 vs Q2’25)
Revenue Growth (%)	+47.2%	+2.8%
EPS Change ($)	+$0.17	+$0.29
Net Loss Margin Δ (pp)	+416.1 pp	+353.2 pp
NOI-cash basis at share Change ($M)	+$2.53	($0.98)

Segment and Leasing KPIs

Multi-Tenant Retail	Q1 2025	Q2 2025	Q3 2025
Occupancy (%)	92.0%	92.0%	92.0%
Leased GLA (000s sf)	391.2	391.2	391.2
ABR Total ($000s)	$7,137.8	$7,137.8	$7,137.8
ABR PSF ($)	$18.25	$18.25	$18.25
SNO GLA (000s sf)	141.1	44.6	39.6

Premier Mixed-Use (diversified total at share)	Q1 2025	Q2 2025	Q3 2025
Leased GLA (000s sf)	295.6	292.9	265.7
% of Leasable GLA	76.7%	76.9%	69.7%
ABR Total ($000s)	$20,999.1	$20,913.7	$19,438.2
ABR PSF ($)	$71.04	$71.40	$73.16

Operating KPIs and Balance Sheet Items

KPI	Q1 2025	Q2 2025	Q3 2025
Cash on Hand ($M)	$107.1 (incl. $12.9 restricted)	$80.1 (incl. $8.3 restricted)	$59.9 (incl. $8.3 restricted)
Term Loan Balance ($M)	$240.0	$200.0	$196.7 (net)
Impairment Charges ($M)	$0.0	$18.0	$0.8
Equity in Income (Loss) of Unconsolidated Entities ($M)	($7.93)	$0.76	$0.64
Assets Under Contract (Gross Proceeds, $M)	—	$109.8	$240.8
JV Assets in Negotiation (Gross Proceeds, $M)	—	$226.4 ($181.2 at share)	$47.3 distribution at share

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Future Sales Projections (assets not under contract/PSA)	As of Q3 2025	Property-specific ranges (Gateway/Secondary assets with multi-asset ranges)	Aggregated gross sales proceeds: $220–$310M; company to cease providing future projections going forward	Methodology changed; disclosure reduced
Term Loan Maturity	2026	Extended to Jul 31, 2026; paid 2% extension fee ($4.0M) and incremental facility fee ($4.0M)	Maintained; all other terms unchanged	Maintained
Term Loan Principal Prepayment	2025 YE	No prior specific timing	“Sizeable prepayment” before year-end contingent on near-term closings	New qualitative indication
Preferred Dividend	Oct 2025 and Jan 2026	$0.4375 per share declared through Oct 15, 2025	$0.4375 declared Oct 29, payable Jan 15, 2026	Maintained

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
Plan of Sale execution	Q1: Focus on monetizing assets; CEO transition . Q2: Multiple PSAs signed/negotiated; extended term loan to optimize sale timing .	Four assets under contract ($240.8M) with three no-contingency; three JV assets in negotiations ($47.3M distributions) .	Improving pipeline visibility
Deleveraging/Financing	Q1: $240M term loan balance . Q2: $40M principal repaid; extension to 7/31/26 with fees .	Potential sizeable prepayment before year-end; term loan net ~$196.7M .	Positive trajectory contingent on closings
Market/macro (rates, capital availability, tariffs/labor)	Q1: Elevated rates; potential downward pricing pressure . Q2: Similar caution on financing and buyer universe .	Rates “begun to come down” but remain elevated; caution on equity for land development and potential downward pricing .	Mixed; cautious
Legal/regulatory	Q1: Securities class action + derivative actions filed . Q2: Derivative actions ongoing; intent to defend .	Consolidation and stay of derivative actions pending motion to dismiss in securities action; vigorous defense .	Overhang persists
Leasing/asset performance	Q1: Premier leased 76.7% at share; Aventura progress . Q2: Premier 76.9% at share; Aventura 83.5% .	Premier 69.7% at share; ABR PSF up to $73.16; MTR steady at 92% occupancy .	Premier metrics dipped; pricing mix improved

Note: No Q3 2025 earnings call transcript was available; themes derived from 8-K press release disclosures [SearchDocuments].

Management Commentary

“We continue to see good progress on our various asset sale processes… expect near-term closings… [which] would allow us to make a sizeable prepayment of our Term Loan Facility outstanding principal balance prior to year end.” — Adam Metz, CEO & President .
“We exercised our option and extended the maturity date of our Term Loan Facility… to execute sales at appropriate pricing and timing to help maximize value for our shareholders.” — Adam Metz (Q2) .
“We will continue to pursue our Plan of Sale with the priority of repaying our remaining debt from the sale of assets… to create value for our shareholders.” — Adam Metz (Q1) .
Market tone: Elevated rates and constrained capital could pressure pricing and timing; management remains “open minded” to value-maximizing alternatives, including a potential sale of the company .

Q&A Highlights

No Q3 2025 earnings call transcript was found; no Q&A available to report [SearchDocuments].

Estimates Context

Metric	Period	Consensus	Actual	Beat/Miss
Revenue ($USD Millions)	Q3 2025	N/A*	$4.79	N/A*
Primary EPS ($USD)	Q3 2025	N/A*	($0.24)	N/A*
EBITDA ($USD Millions)	Q3 2025	N/A*	($4.34)*	N/A*
Target Price ($USD)	Current	$6.50 (1 estimate)*	$6.50*	—

Values retrieved from S&P Global.* Coverage was extremely limited (no revenue/EPS consensus for Q3); as such, traditional beat/miss analysis versus Street was not possible [GetEstimates]*.

Key Takeaways for Investors

Deleveraging catalyst: Near-term closings ($170.0M with no contingencies; $240.8M total under contract) could drive a “sizeable” term loan prepayment before year-end, potentially re-rating the equity on balance sheet de-risking .
Execution remains paramount: Liquidity declined to $59.9M (incl. $8.3M restricted) and the company continues to rely on asset sales/financing; timing and pricing amidst tough capital markets will drive outcomes .
Operating optics improved: EPS loss narrowed and impairments fell markedly vs Q2; net loss margin improved, though still very negative given a small revenue base and sizable G&A/interest burden .
Premier leasing softness: Leased GLA at share fell to 69.7% (from ~77%), even as ABR PSF increased; watch leasing momentum and tenant commencements at premier sites for cash flow progression .
Disclosure shift: Management moved to an aggregate future sales range ($220–$310M) and will stop providing projections going forward, suggesting conservative communications and potential price sensitivity in current negotiations .
Legal overhang: Consolidated and stayed derivative actions pending motion to dismiss in the securities class action; headline risk remains though near-term cash flow events matter more to valuation .
Trading angle: Stock likely reacts to signed PSA conversions into closed proceeds and visible debt paydown; absence of Street estimates implies idiosyncratic move on company-specific sale announcements rather than consensus-driven earnings beats [GetEstimates]*.

Seritage Growth Properties (SRG)·Q3 2025 Earnings Summary