Seritage Growth Properties (SRG)

SRG Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	-74.48	-153.54	-154.91	-73.95	-28.15	-105.03
Depreciation & Amortization	8.23	13.31	14.65	41.34	51.38	94.2
Other Amortization	0.67	-	0.25	0.42	0.42	0.42
Gain (Loss) on Sale of Assets	-12.22	-10.68	-96.21	-211.94	-221.68	-88.56
Gain (Loss) on Sale of Investments	-0.63	-2.04	-6.41	0.71	-	-1.76
Asset Writedown	18.8	87.54	107.04	126.89	95.83	64.11
Stock-Based Compensation	0.28	1.49	2.74	2.77	1.86	-3.04
Income (Loss) on Equity Investments	13.98	10.15	55.86	72.04	10.85	4.93
Change in Accounts Receivable	0.62	5.11	12.54	-10.82	5.77	9.73
Change in Accounts Payable	-4.97	-13.07	-11.42	-21.25	-35.77	20.81
Change in Other Net Operating Assets	0.33	0.91	5.95	2.84	-3.59	-0.18
Other Operating Activities	1.73	7.27	16.87	-46.98	-12.9	-42.96
Operating Cash Flow	-47.67	-53.55	-53.06	-117.92	-136	-47.31
Acquisition of Real Estate Assets	-23.56	-27.51	-79.75	-99.29	-105.66	-246.82
Sale of Real Estate Assets	100.78	155.69	673.47	643.29	392.42	331.88
Net Sale / Acq. of Real Estate Assets	77.22	128.17	593.73	544	286.77	85.06
Investment in Marketable & Equity Securities	21.49	-1.3	139.18	42.08	-26.06	-42.19
Investing Cash Flow	98.71	126.87	732.91	586.08	260.71	42.87
Long-Term Debt Issued	-	-	-	-	-	20.43
Total Debt Issued	-	-	-	-	-	20.43
Long-Term Debt Repaid	-	-120	-670	-432.07	-160	-
Total Debt Repaid	-80	-120	-670	-432.07	-160	-
Net Debt Issued (Repaid)	-80	-120	-670	-432.07	-160	20.43
Repurchase of Common Stock	-0.59	-0.59	-0.32	-	-0.27	-0.09
Preferred Dividends Paid	-4.9	-4.9	-4.9	-4.9	-4.9	-4.9
Total Dividends Paid	-4.9	-4.9	-4.9	-4.9	-4.9	-4.9
Other Financing Activities	-3.89	0.17	0.13	-	3.96	-
Net Cash Flow	-38.34	-51.99	4.76	31.19	-36.5	10.99
Cash Interest Paid	25.36	25.36	46.05	98.96	46.05	117.87
Cash Income Tax Paid	1.57	1.57	0.04	0.47	0.2	0.29
Levered Free Cash Flow	-132.31	-5.92	385.81	-542.42	-77.96	25.66
Unlevered Free Cash Flow	-119.67	9.68	413.42	-488.63	-10.89	82.31
Change in Working Capital	-4.03	-7.04	7.07	-29.24	-33.59	30.36

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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