CORPORATE PROFILE AUGUST 2016
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1 CORPORATE PROFILE AUGUST 2016
2 Forward-Looking Statements This document contains forward-looking statements, which are based on the current beliefs and expectations of management and are subject to significant risks, assumptions and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: competition in the real estate and retail industries; our substantial dependence on Sears Holdings Corporation; Sears Holdings Corporation s termination and other rights under its master lease with us; risks relating to our recapture and acquisition of properties and redevelopment activities; contingencies to the commencement of rent under leases; the terms of our indebtedness; restrictions with which we are required to comply in order to maintain REIT status and other legal requirements to which we are subject; and our lack of operating history. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the Risk Factors and forward-looking statement disclosure contained in filings with the Securities and Exchange Commission. While we believe that our forecasts and assumptions are reasonable, we caution that actual results may differ materially. We intend the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law. 2
3 Company Overview Seritage Growth Properties (NYSE: SRG) is a fully integrated REIT and owner of 266 retail properties totaling over 42 million square feet across 49 states Focused strategy and platform to create substantial value through re-leasing and redevelopment Convert single-tenant buildings into first class, multi-tenant shopping centers at meaningfully higher rents Maximize value of substantial land holdings through retail and mixed-use densification Leverage joint venture relationships with three leading mall REITs Right to recapture at least 50% of space at each property leased to Sears Holdings, totaling over 22 million SF Take back ~$4.00 PSF space and re-lease at significantly higher rents while diversifying tenant base Includes right to recapture164 freestanding and attached auto centers totaling 3.6 million SF Includes right to recapture 100% of space at 21 identified properties totaling 3.9 million SF Portfolio Rent and Square Footage (1) Portfolio Rent PSF (1) Square Footage Annual Rent $24.00 $22.79 Sears 89% Sears 71% $18.00 $12.00 $ rd Party Tenants 11% 3rd Party Tenants 29% $6.00 $0.00 $4.30 Sears Holdings 3rd Party Tenants (In Place) 3rd Party Tenants (SNO Leases) (2) (1) Based on signed leases as of June 30, Includes proportional share of joint ventures. (2) Signed, not yet open tenants. 3
4 Highly Desirable Real Estate Largest concentrations of asset value in high growth markets Diverse real estate: ~50% attached to regional malls and ~50% freestanding or shopping center properties Strong demographics: average population density of 584,650 (1) and average household income of $70,290 (1) AK HI PR Geographic Summary % of Annual Base Rent (2) California 18.9% Florida 11.8% New York 6.1% Texas 5.9% Illinois 4.3% New Jersey 4.2% Pennsylvania 3.9% Virginia 3.7% Michigan 3.1% Puerto Rico 2.9% (1) Source: US Census Bureau and SNL Financial. (2) Based on signed leases as of June 30, Includes proportional share of joint ventures. 4
5 Investment Highlights Unique value creation opportunity through retenanting and redevelopment Significant Growth Potential Multiple strategies to significantly grow income and unlock value Opportunity to generate material spread to Sears Holdings master lease rent upon redevelopment High Quality Portfolio Superior real estate locations reflect Sears' influence as leading anchor when malls and shopping centers were initially developed Substantial presence in high growth markets such as California, Florida and the Northeast Fully Integrated Organization Management team with extensive experience with retail real estate and repositioning strategies In-house leasing, development and construction teams completed or initiated 30 redevelopment projects since Company inception in July 2015 Strong Financial Position Conservative leverage: total debt equals less than $30 PSF (1) Significant liquidity: $250 million of cash on hand and borrowing capacity (1)(2) (1) As of June 30, (2) Includes cash and cash equivalents, restricted cash and borrowing capacity under future funding facility. 5
6 Summary of Results Focused on built-in growth opportunity and driving shareholder returns Financial Results (three months ended June 30, 2016) Funds from Operations ( FFO ) $30.2 million, or $0.54 per diluted share Company FFO $32.1 million, or $0.58 per diluted share Annualized Total NOI $209 million (1) Percentage leased 99.3% Leasing Summary Square Feet Annual Base Rent Avg. Base Rent PSF Signed from inception through June 30, ,000 $18.8 million $23.90 PSF Sears Holdings master lease, same space basis 707,000 $3.5 million $4.90 PSF Total signed not yet open ( SNO ) leases 1,044,000 $23.8 million $22.79 PSF Third Quarter 2016 Second Quarter 2016 First Quarter 2016 Dividends Declared $0.25 per share $0.25 per share $0.25 per share (1) Includes all signed leases and net of rent attributable to the associated space to be recaptured. 6
7 Tenant Activity New third-party tenants expected to provide substantial revenue growth SNO leases total over $23.8 million of annual rental income at an average of $22.79 PSF (1) (In thousands) SNO Lease Summary (1) Tenant Property Location Square Feet Floor & Décor, Orchard Supply Hardware Orlando Fashion Square Orlando, FL 100,000 Long's Drugstore (CVS) Freestanding Honolulu, HI 24,000 PetSmart Freestanding Honolulu, HI 20,000 Ross Dress for Less Freestanding Honolulu, HI 33,000 Nordstrom Rack The Marketplace at Braintree Braintree, MA 37,000 Saks Off 5 th The Marketplace at Braintree Braintree, MA 33,000 Nordstrom Rack, Ulta Beauty Freestanding Memphis, TN 43,000 Burlington Stores Multiple 4 locations 193,000 Dave & Busters Multiple 3 locations 119,000 PetSmart Freestanding Rehoboth, DE 19,000 Williams-Sonoma Westfield UTC San Diego, CA 16,000 Forever 21 Westland Mall Hialeah, FL 13,000 Outback Steakhouse King of Prussia Mall (auto center) King of Prussia, PA 8,000 Yard House King of Prussia Mall (auto center) King of Prussia, PA 12,000 Multiple Southbay Pavilion (auto center) Carson, CA 14,000 Orvis Park North Shopping Center (auto center) San Antonio, TX 5,000 Jared the Galleria of Jewelry Park North Shopping Center (auto center) San Antonio, TX 6,000 BJ s Brewhouse Multiple 5 locations 38,000 Other Various (wholly owned properties) Multiple 157,000 Annual Base Rent Annual Base Rent PSF Other Various (JV properties) Multiple 151,000 Total 1,044,000 $23,793 $22.79 (1) As of June 30, Includes proportional share of joint ventures. Note: rent commencement is subject to specific contingencies, as well as build-out and tenant improvement obligations.. 7
8 Redevelopment Update Progress to date exemplifies magnitude of opportunity to grow NOI and create value Delivered nine of 15 projects that were in various stages of development when acquired by the Company Remaining six projects are under development with $9.6 million remaining to be spent (1) Anchorage, AK San Diego, CA Thousand Oaks, CA Clearwater, FL North Miami, FL Salem, NH Tulsa, OK King of Prussia, PA Greensboro, SC Virginia Beach, VA Recent Openings Nordstrom Rack Pottery Barn Kids, Williams-Sonoma DSW, Nordstrom Rack Nordstrom Rack, Whole Foods Aldi Dick s Sporting Goods Hobby Lobby Dick s Sporting Goods, Primark Floor & Décor, Gabriel Brothers Nordstrom Rack, Fresh Market, DSW, REI Announced 15 new, wholly owned redevelopments, including Sears and Kmart full-line stores, as well as Sears Auto Centers Expected incremental unlevered returns in excess of 12% Redevelopment Pipeline King of Prussia, PA (auto center) Yard House, Outback Steakhouse Braintree, MA Nordstrom Rack, Saks Off 5 th Honolulu, HI CVS, PetSmart, Ross Dress for Less Memphis, TN Nordstrom Rack, Ulta Beauty Wayne, NJ Dave & Busters Fairfax, VA Dave & Busters Madison, WI Dave & Busters West Jordan, UT Burlington Stores North Hollywood, CA Burlington Stores Orlando, FL Orchard Supply Hardware, Floor & Décor Multiple locations (4) BJ's Brewhouse (1) As of June 30,
9 Value Creation Through Redevelopment New redevelopment projects are representative of opportunity to unlock built-in growth Projected incremental income of over $21 million drives potential total value creation of nearly $425 million across 15 new, wholly-owned redevelopment projects (1) Estimated incremental yield on cost of 12-13% assuming total estimated project costs of $172.5 million Estimated Annual Income for 15 New Redevelopments Illustrative Value Creation from 15 New Redevelopments $ millions $ millions $30.0 $550.0 $27.0 $500.0 $24.0 $450.0 $21.0 $18.0 $15.0 $12.0 $9.0 $400.0 $350.0 $300.0 $250.0 $200.0 $150.0 Total Value Creation $6.0 $100.0 $3.0 $50.0 $0.0 In-place Income Projected Income (2) $0.0 Acquisition Value Est. Value at Stabilization Sears Holdings Third Party Cost Basis Project Costs (3) Net Value Creation (1) Includes redevelopment projects in King of Prussia, PA, Braintree, MA, Honolulu, HI, Memphis, TN, Ft. Wayne, IN, Albany, NY, Bowie, MD, Hagerstown, MD, Wayne, NJ, Fairfax, VA, Madison, WI, West Jordan, UT, North Hollywood, CA and Orlando, FL. (2) Projected annual income includes assumptions on stabilized rents to be achieved for space under redevelopment. There can be no assurance that stabilized rent targets will be achieved. (3) Total estimated project costs include termination fees to recapture 100% of certain properties. 9
10 Recently Completed Virginia Beach, VA: four first-to-market retailers at front of regional mall BEFORE: INDEPENDENCE BOULEVARD COLUMBUS STREET MARKET STREET CENTRAL PARK AVE VIRGINIA BEACH BOULEVARD` Pembroke Mall CONSTITUTION DRIVE AFTER: 10
11 Recently Completed (cont d) Thousand Oaks, CA: prime freestanding location in close proximity to A mall Regional Mall Thousand Oaks, CA Clearwater, FL: redevelopment of full-line Sears and auto center for premier retailers Regional Mall Clearwater, FL Auto Center Clearwater, FL 11
12 New Redevelopment: Honolulu, HI 100% recapture, create multi-tenant shopping center in freestanding location Project Details Total Project Square Feet 79,000 Total Estimated Development Cost (1) $8.5 million N Nimitz Hwy Total Estimated Project Costs (1) Estimated Construction Start $19.7 million Underway Estimated Substantial Completion Q (1) Total estimated development costs exclude, and total estimated project costs include, termination fees to recapture 100% of the property. 12
13 New Redevelopment: King of Prussia, PA Complete redevelopment of premier mall asset with addition of high volume restaurants MALL BLVD. Project Details (1) Total Project Square Feet 29,100 Total Estimated Development Cost (2) Total Estimated Project Costs (2) Estimated Construction Start $3.9 million $3.9 million Underway NORTH GULPH ROAD Estimated Substantial Completion Q (1) Auto center only (2) Total estimated development costs exclude, and total estimated project costs include, termination fees to recapture 100% of the property. 13
14 New Redevelopment: Braintree, MA 100% recapture, create multi-tenant shopping center in freestanding location Project Details Total Project Square Feet 90,000 Total Estimated Development Cost (1) Total Estimated Project Costs (1) Estimated Construction Start $11.7 million $12.1 million Underway Pearl Plaza Estimated Substantial Completion Q (1) Total estimated development costs exclude, and total estimated project costs include, termination fees to recapture 100% of the property. 14
15 New Redevelopment: San Antonio, TX Repurpose auto center located on highly visible corner across from regional mall Project Details (1) Total Project Square Feet 18,900 Total Estimated Development Cost (2) $3.3 million Total Estimated Project Costs (2) $3.3 million Estimated Construction Start Underway Estimated Substantial Completion Q (1) Auto center only (2) Total estimated development costs exclude, and total estimated project costs include, termination fees to recapture 100% of the property. 15
16 Larger Scale Development Opportunities Maximize value of overall site through additional retail and mixed uses Fee ownership and control over buildings, parking lots and outparcels enable development initiatives Average site of ~13 acres, over 3,000 acres across wholly owned portfolio, drives property densification potential Right to recapture 100% of 21 properties will facilitate certain larger scale development projects 100% Recapture Properties Property Location Square Feet Acres The Mall at Sears Anchorage, AK 257, Inland Center San Bernardino, CA 264, Freestanding Santa Monica, CA 117,801 3 Westminster Mall Westminster, CA 197, Corbin s Corner West Hartford, CT 194, Town Center at Boca Raton Boca Raton, FL 174, Aventura Mall Miami, FL 173, Southland Mall Miami, FL 170, Freestanding North Miami, FL 106, Orlando Fashion Square Orlando, FL 202, Tyrone Square Mall St. Petersburg, FL 187, Property Location Square Feet Acres Oglethorpe Mall Savannah, GA 155, Freestanding Honolulu, HI 77,452 4 Braintree Marketplace Braintree, MA 113, Freestanding St. Clair Shores, MI 122, Freestanding St. Paul, MN 217, Freestanding Middletown, NJ 184, Freestanding Watchung, NJ 262, Freestanding Hicksville, NY 340, Freestanding Memphis, TN 196, Valley View Center Valley View, TX 229, TOTAL 3,946, Bold indicates that100% recapture rights have been exercised at this property. 16
17 Joint Venture Partnerships 50% interests in 31 properties through joint ventures with leading regional mall REITS Initial investment of $429 million (50% of total joint venture purchase price) Opportunity to leverage joint venture partners leasing and redevelopment platforms Joint venture partners focused on driving value at top malls in their portfolios through recapturing and re-leasing space Seritage is partner and participates in 50% of all net value created Regional Mall Location Regional Mall Location Regional Mall Location Alderwood Lynnwood, WA Barton Creek Square Austin, TX Arrowhead Town Center Glendale, AZ Coronado Center Albuquerque, NM Brea Mall Brea, CA Chandler Fashion Center Chandler, AZ Natick Collection Natick, MA Briarwood Ann Arbor, MI Danbury Fair Danbury, CT Oakbrook Center Oak Brook, IL Burlington Mall Burlington, MA Deptford Mall Deptford, NJ Paramus Park Paramus, NJ Midland Park Mall Midland, TX Freehold Raceway Mall Freehold, NJ Pembroke Lakes Mall Pembroke Pines, FL Ocean County Mall Toms River, NJ Los Cerritos Center Cerritos, CA Ridgedale Center Minnetonka, MN Ross Park Mall Pittsburgh, PA South Plains Mall Lubbock, TX Sooner Mall Norman, OK Santa Rosa Plaza Santa Rosa, CA Vintage Faire Mall Modesto, CA Staten Island Mall Staten Island, NY The Shops at Nanuet Nanuet, NY Washington Square Mall Portland, OR Stonebriar Centre Frisco, TX Woodland Hills Mall Tulsa, OK The Mall at Columbia Columbia, MD Valley Plaza Mall Bakersfield, CA Bold indicates that a recapture notice has been submitted for a portion of the space at this property. 17
18 Fully Integrated Real Estate Platform Expertise unlocking real estate value through redevelopment and retenanting BENJAMIN SCHALL President Chief Executive Officer BRIAN DICKMAN Exec. Vice President Chief Financial Officer MATTHEW FERNAND Exec. Vice President General Counsel MARY ROTTLER EVP, Leasing and Operations JAMES BRY EVP, Development and Construction Previously served as Chief Operating Officer of Rouse Properties (NYSE: RSE). Prior to that role, was Senior Vice President with Vornado Realty Trust (NYSE: VNO) leading the suburban retail shopping center business. Previously served as Chief Financial Officer at Agree Realty (NYSE: ADC), a growth-oriented retail REIT. Prior to that role, was an investment banker covering the REIT industry. Previously served as partner in Sidley Austin LLP s Real Estate Group focusing on real estate joint ventures and partnerships and the financing, development, acquisition and disposition of commercial properties. Previously served as Vice President of Real Estate at Wal-Mart (NYSE: WMT). Prior to that role, was Vice President for Realty Supplier Management and Compliance. She joined Wal-Mart in Previously served as Senior Vice President, Development at Vornado Realty Trust (NYSE: VNO) leading development and construction for the Retail Division. Management team with extensive public company and retail real estate experience Experienced team of over 40 full-time development, construction, leasing, legal, finance and accounting professionals Assembled national network of leasing brokers and engaged with leading real estate services firm to provide property management and certain property accounting functions 18
19 Current Financial Position Conservative leverage levels and significant liquidity to support capital needs Capital Structure Summary (1) Current Liquidity Summary (1) ($ in millions) $4,000 $3,500 $3,000 Total Market Capitalization: $3.94 billion Total Debt $1.16 billion ($ millions) Cash & Cash Equivalents $63.7 Restricted Cash (3) 87.0 Future Funding Facility Total Liquidity $250.7 $2,500 $2,000 $1,500 $1,000 $500 $0 Market Value of Equity (2) $2.78 billion Estimated Annual Cash from Operations (1)(4) ($ millions) Net Operating Income $209.0 G&A expenses (17.0) EBITDA $192.0 Interest expense (60.0) Cash from Operations $132.0 Leverage Ratios (1) Total debt to total market capitalization: 29.5% Total debt PSF: $29 (1) As of June 30, 2016 (2) Market Value of Equity assumes conversion of Operating Partnership units and is based on share price of $49.84 as of 6/30/16. (3) Restricted cash includes $39.3mm of capital project reserves, $33.4mm of property carry costs in lender reserves and $14.3 million of prepaid rent. (4) Represents management estimate of annual operating cash flow based on signed leases as of June 30, 2016 (including signed, not yet open ( SNO ) tenants), current estimate of annual overhead costs and estimated annual interest expense based on current borrowings and interest rates. 19
20 Seritage Growth Properties 489 Fifth Avenue New York, NY
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