SUPPLEMENTAL INFORMATION

Period ended December 31, 2015

INTRODUCTION
Background
Seritage Growth Properties (NYSE: SRG) (the Company) is a fully-integrated, self-administered and self-managed
retail REIT with interests in 235 wholly-owned properties and 31 joint venture properties totaling over 42 million
square feet across 49 states and Puerto Rico. Pursuant to a master lease (the Master Lease), 223 of the
Companys wholly-owned properties are leased to Sears Holdings Corporation (Sears Holdings) and are
operated under either the Sears or Kmart brand. The Master Lease provides the Company with the right to
recapture certain space from Sears Holdings at each property for retenanting or redevelopment purposes. At
several properties, third-party tenants under direct leases occupy a portion of leasable space alongside Sears and
Kmart, and 12 properties are leased entirely to third parties. The Company also owns 50% interests in 31
properties through joint venture investments with General Growth Properties, Inc. (NYSE: GGP), Simon Property
Group Inc. (NYSE: SPG), and The Macerich Company (NYSE: MAC). A substantial majority of the space at the
Companys joint venture properties is also leased to Sears Holdings under master lease agreements (the JV
Master Leases) that provide for similar recapture rights as the Master Lease governing the Companys whollyowned properties.
On June 11, 2015, Sears Holdings effected a rights offering (the Rights Offering) to Sears Holdings stockholders
to purchase common shares of Seritage in order to fund, in part, the $2.7 billion acquisition of 234 of Sears
Holdings owned properties and one of its ground leased properties (the Wholly Owned Properties), as well as
its 50% interests in three joint ventures that collectively own 28 properties, ground lease one property and lease
two properties (collectively, the JV Properties) (collectively, the Transaction). The Rights Offering ended on
July 2, 2015, and the Companys Class A common shares were listed on the New York Stock Exchange on July 6,
2015.
On July 7, 2015, the Company completed the Transaction with Sears Holdings and commenced operations. The
Companys only operations prior to the completion of the Rights Offering and Transaction were those incidental
to the completion of such activities.
General Information
Unless the context indicates otherwise, references in this supplemental information package (the "Supplemental")
to "Seritage Growth, Seritage, the Company, or SRG refer to Seritage Growth Properties. Additionally,
where reference is made to "GAAP", this refers to accounting principles generally accepted in the United States.

TABLE OF CONTENTS
SERITAGE GROWTH PROPERTIES
SUPPLEMENTAL INFORMATION
PERIOD ENDED DECEMBER 31, 2015

Page
1

COMPANY INFORMATION
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheet
Consolidated Statements of Operations

2
3

SUPPLEMENTAL FINANCIAL INFORMATION

Market Capitalization and Debt Ratios
Total Net Operating Income
EBITDA and Adjusted EBITDA
Funds from Operations and Normalized FFO
Additional Information

4
5
6
7
8

PROPERTY INFORMATION
Portfolio Overview
Signed Not Yet Open Leases (SNO Leases)
Redevelopment Projects
Joint Venture Properties
Wholly Owned Properties

10
13
14
15
17

DISCLOSURES
Non-GAAP Measures
Forward-Looking Statements

26
27

ii

COMPANY INFORMATION
Company Contacts
Benjamin Schall
Brian Dickman
Matthew Fernand
James Bry
Mary Rottler
ir@seritage.com

President and Chief Executive Officer

EVP and Chief Financial Officer
EVP and General Counsel
EVP, Development and Construction
EVP, Leasing and Operations
Investor Relations and Communications

646.277.1268

Summary Information
December 31, 2015
(In thousands, except per share, PSF and ratio amounts)
July 7, 2015 to
Financial Results

December 31, 2015

Total NOI (page 5)

89,493

FFO (page 7)

36,061

Normalized FFO (page 7)

61,954

FFO per diluted share (page 7)

0.65

Normalized FFO per diluted share (page7)

1.12

Stock trading price range

$33.84 to $44.00

As of
Portfolio Data (page 10)

December 31, 2015

Number of properties

266

Gross leasable area (total / at share)

42,468 / 39,743

Percentage leased (total / at share)

99.5% / 99.4%
% of Total

Tenant

Annual Base Rent

Sears Holdings

Annual Base Rent

Annual Base Rent PSF

154,255

76.0%

In-Place third-party leases

35,747

17.6%

11.78

Signed but not yet open leases (SNO leases)

12,936

6.4%

20.73

202,938

100.0%

Total

4.30

5.13

As of
Financial Ratios (page 4)

December 31, 2015

Total debt to total market capitalization

34.1%

Net debt to adjusted EBITDA

5.3x

Adjusted EBITDA to cash interest expense

3.3x

-1-

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Balance Sheet
December 31, 2015
(In thousands, except share and per share amounts)
December 31, 2015
ASSETS
Investment in real estate
Land

840,563

Buildings and improvements

814,652

Accumulated depreciation

(29,076)
1,626,139

Construction in progress

13,136

Net investment in real estate

1,639,275

Investment in unconsolidated joint ventures

427,052

Cash and cash equivalents

62,867

Restricted cash

92,475

Tenant and other receivables, net

9,772

Lease intangible assets, net

578,795

Prepaid expenses, deferred expenses and other assets, net

23,123

Total assets

2,833,359

1,142,422

LIABILITIES AND EQUITY

Liabilities
Mortgage loans payable, net
Accounts payable, accrued expenses and other liabilities

120,860

Total liabilities

1,263,282

Commitments and contingencies

Shareholders' Equity
Class A shares $0.01 par value; 100,000,000 shares authorized; 24,817,842 shares issued and outstanding

248

Class B shares $0.01 par value; 5,000,000 shares authorized; 1,589,020 shares issued and outstanding

16

Class C shares $0.01 par value; 50,000,000 shares authorized; 6,773,185 shares issued and outstanding

68

Additional paid-in capital

924,508

Accumulated deficit

(38,145)

Total shareholders' equity

886,695

Non-controlling interests

683,382

Total equity

1,570,077

Total liabilities and equity

-2-

2,833,359

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Statements of Operations
December 31, 2015
(In thousands, except per share amounts)
Three Months Ended

July 7, 2015 to

December 31, 2015

December 31, 2015

REVENUE
Rental income
Tenant reimbursements

45,256

86,645

14,252

26,926

59,508

113,571

3,514

6,329

Real estate taxes

11,614

22,355

Depreciation and amortization

32,972

65,907

Total revenue
EXPENSES
Property operating

General and administrative

4,174

9,956

57

18,397

Total expenses

52,331

122,944

Operating income (loss)

7,177

(9,373)

2,052

4,772

98

136

(15,665)

(30,461)

(119)

(2,933)

(6,457)

(37,859)

(493)

(944)

(6,950)

(38,803)

Acquisition-related expenses

Equity in income of unconsolidated joint ventures

Interest and other income
Interest expense
Unrealized loss on interest rate cap
Loss before income taxes
Provision for income taxes
Net loss
Net loss attributable to non-controlling interests

2,913

16,465

Net loss attributable to common shareholders

(4,037)

(22,338)

Net loss per share attributable to Class A and Class C common shareholders
Basic and diluted (1) (2)

(0.13)

(0.71)

Weighted average Class A and Class C common shares outstanding

Basic and diluted (1)(2)

31,391

31,386

(1) Earnings per share is not presented for Class B shareholders as they do not have economic rights.
(2) Restricted stock awards are excluded from the computation of diluted loss per share because their inclusion would have an anti-dilutive effect.

-3-

SUPPLEMENTAL FINANCIAL INFORMATION

Market Capitalization and Debt Ratios
December 31, 2015
(In thousands, except per share and ratio amounts)
As of
Equity Market Capitalization

December 31, 2015

Class A common shares outstanding

24,818

Class C common shares outstanding

6,773

OP units outstanding

24,176

Total shares & units outstanding

55,767

Share Price

$40.22

Equity market capitalization

2,242,949

Total Market Capitalization

Equity market capitalization

Total debt

2,242,949
1,161,196

Total market capitalization

3,404,145

Debt Ratios
Total debt to total market capitalization

34.1%

Total debt

1,161,196

Cash and cash equivalents

(62,867)

Restricted cash

(92,475)

Net Debt

Net debt to adjusted EBITDA (1)

1,005,854
5.3x

Gross real estate investments

Investment in unconsolidated joint ventures

2,264,573
427,052

Total real estate investments

Net debt to total real estate investments

2,691,625
37.4%

Interest expense

Amortization of deferred financing costs

30,461
(2,657)

Cash interest expense

Adjusted EBITDA to cash interest expense

27,804
3.3x

(1) Adjusted EBITDA for the period has been annualized for purposes of calculating net debt to Adjusted EBITDA.

-4-

SUPPLEMENTAL FINANCIAL INFORMATION

Total Net Operating Income
December 31, 2015
(In thousands)
Three Months Ended
December 31, 2015

Total NOI
REVENUE
Rental income
Tenant reimbursements
Total revenue
EXPENSES
Property operating
Real estate taxes
Total expenses
NOI from consolidated properties
NOI from unconsolidated joint ventures
Total NOI before GAAP adjustments
Straight-line rental income (1)
Above/below market rental income/expense (1)
Total NOI

Reconciliation of GAAP Operating Income (Loss) to Total NOI

GAAP operating income (loss)
Depreciation and amortization
General and administrative
Acquisition-related expenses
NOI from unconsolidated joint ventures
Total NOI before certain non-cash adjustments
Straight-line rent adjustment (1)
Above/below market rental income/expense (1)
Total NOI

(1) Includes adjustments for unconsolidated joint ventures.

-5-

45,256
14,252
59,508

July 7, 2015 to
December 31, 2015
$

3,514
11,614
15,128
44,380
8,170
52,550
(5,229)
(290)
47,031

7,177
32,972
4,174
57
8,170
52,550
(5,229)
(290)
47,031

86,645
26,926
113,571
6,329
22,355
28,684
84,887
14,456
99,343
(9,353)
(497)
89,493

(9,373)
65,907
9,956
18,397
14,456
99,343
(9,353)
(497)
89,493

SUPPLEMENTAL FINANCIAL INFORMATION

EBITDA and Adjusted EBITDA
December 31, 2015
(In thousands)

Reconciliation of Net Loss to EBITDA

Net loss
Depreciation and amortization
Depreciation and amortization (unconsolidated joint ventures)
Interest expense
Provision for income and other taxes
EBITDA

Three Months Ended

December 31, 2015

July 7, 2015 to
December 31, 2015

Adjusted EBITDA
EBITDA
Unrealized loss on interest rate cap
Acquisition-related expenses
Up-front hiring and personnel costs
Adjusted EBITDA

-6-

(6,950)
32,972
5,299
15,665
493
47,479

47,479
119
57
111
47,766

(38,803)
65,907
8,987
30,461
944
67,496

67,496
2,933
18,397
1,906
90,732

SUPPLEMENTAL FINANCIAL INFORMATION

Funds from Operations and Normalized FFO
December 31, 2015
(In thousands, except per share amounts)
Three Months Ended

July 7, 2015 to

December 31, 2015

December 31, 2015

Reconciliation of Net Loss to Funds from Operations (FFO)

Net loss

(6,950)

(38,803)

Adjustments:
Real estate depreciation and amortization (consolidated properties)
Real estate depreciation and amortization (unconsolidated joint ventures)
FFO attributable to Seritage Growth Properties

FFO per diluted common share and unit

32,942

65,877

5,299

8,987

31,291

36,061

0.56

0.65

31,291

36,061

Normalized FFO
Funds from Operations
Adjustments:
Unrealized loss on interest rate cap

119

Amortization of deferred financing costs

Acquisition-related expenses
Up-front hiring and personnel costs

2,933

1,333

2,657

57

18,397

111

Normalized FFO attributable to Seritage Growth Properties

Normalized FFO per diluted common share and unit

1,906

32,911

61,954

0.59

1.12

WEIGHTED AVERAGE COMMON SHARES AND UNITS

Weighted average common shares outstanding

31,391

31,386

Weighted average OP units outstanding

24,176

24,176

55,567

55,562

Weighted average common shares and units outstanding

-7-

SUPPLEMENTAL FINANCIAL INFORMATION

Additional Information
December 31, 2015
(In thousands)
As of
December 31, 2015
Debt Summary
Mortgage notes payable

1,161,000

Interest rate

LIBOR + 465

Maturity

July 2019

Restricted Cash
Reserve for property operating expenses

41,157

Reserve for acquired redevelopment projects

28,701

Reserve for environmental remediation

12,039

Reserve for deferred maintenance

10,578

Total restricted cash

92,475

12,719

Prepaid Expenses, Deferred Expenses and Other Assets

Escrowed termination fees for 100% recapture properties
Prepaid insurance

3,794

FF&E

2,572

Interest rate cap

2,101

Deferred expenses and other

1,937

Total prepaid expenses, deferred expenses and other assets

23,123

Accounts Payable, Accrued Expenses and Other Liabilities

Dividends payable

27,894

Accrued real estate taxes

25,333

Environmental remediation and deferred maintenance

22,105

Below-market leases

18,986

Accounts payable and accrued expenses

15,124

Due to Sears Holdings

8,670

Accrued interest

2,748

Total accounts payable, accrued expenses and other liabilities

-8-

120,860

SUPPLEMENTAL FINANCIAL INFORMATION

Additional Information (contd)
December 31, 2015
(In thousands)
Three Months Ended

July 7, 2015 to

December 31, 2015

December 31, 2015

Select Non-Cash Items

Straight-line rental income
Wholly Owned Properties
JV Properties

4,376
853

Total

8,299
1,054

5,229

9,353

194

388

Amortization of above/below market rental income/expense

Wholly Owned Properties
JV Properties

96

Total
Amortization of deferred financing costs

109

290

497

(1,333)

(2,657)

Stock-based compensation expense

(228)

(944)

Capital Expenditures
Development and redevelopment costs

Tenant improvements and allowances

6,900

Total capital expenditures

14,775

1,494

2,493

21

539

854

Maintenance capital expenditures

Leasing commissions

8,940

18,143

Three Months Ended

July 7, 2015 to

March 31, 2016

December 31, 2015

Dividends
Dividends per Class A and Class C common share

Declaration date
Record date
Payment date

-9-

0.25

0.50

March 8, 2016

December 17, 2015

March 31, 2016

December 31, 2015

April 14, 2016

January 14, 2016

PROPERTY INFORMATION
Portfolio Overview
December 31, 2015
(In thousands, except number of properties/leases and PSF amounts)
Wholly Owned

Joint Venture

Properties

Properties

Number of properties

Seritage
Total

235

31

266

Total GLA

37,019

5,449

42,468

At share

37,019

2,724

39,743

Leased GLA

36,800

5,449

42,249

At share

36,800

2,724

39,524

99.4%

100.0%

99.5%

99.4%

100.0%

99.4%

Percentage leased
At share

Annual Base Rent Summary

The following table provides a summary of annual base rent for the portfolio, including JV Properties presented
at the Companys proportional share, based on signed leases as of December 31, 2015:

Tenant

Number of

Leased

% of Total

Annual

% of Total

Annual Base

Leases

GLA

Leased GLA

Base Rent

Annual Base Rent

Rent PSF

Sears Holdings (1)

255

35,865

90.7%

In-place third-party leases

240

3,035

30

624

Sub-total third-party leases

270

Total

525

SNO third-party leases

154,255

76.0%

7.7%

35,747

17.6%

11.78

1.6%

12,936

6.4%

20.73

3,659

9.3%

48,683

24.0%

13.31

39,524

100.0%

202,938

100.0%

(1) Leases reflects number of properties subject to the Master Lease and JV Master Leases.

- 10 -

4.30

5.13

PROPERTY INFORMATION
Portfolio Overview (contd)
December 31, 2015
(In thousands, except number of properties/leases and PSF amounts)
Geographic Summary
The following table sets forth information regarding the geographic diversification of the portfolio, including JV
Properties presented at the Companys proportional share, based on signed leases as of December 31, 2015:
Number of
State

Properties

California

43

Florida
New York

Annual

% of Total

Base Rent

Annual Base Rent

Rent PSF

39,926

19.7%

27

23,086

11.4%

5.48

12

12,684

6.2%

6.36

Texas

17

12,480

6.1%

4.78

Illinois

12

9,166

4.5%

4.06

Pennsylvania

8,413

4.1%

9.32

New Jersey

7,171

3.5%

6.53

10

6,571

3.2%

3.54

6,553

3.2%

5.35

Michigan
Virginia
Puerto Rico
Total Top 10

Annual Base

6
148

Other (1)

118

Total

266

$
$

6,318

3.1%

132,368

65.0%

70,570

35.0%

202,938

100.0%

5.85

7.00
$

5.54
4.51

5.13

(1) Includes 40 states

Tenant Summary
The following table lists the top five tenants in the portfolio, including JV Properties presented at the Companys
proportional share, based on signed leases as of December 31, 2015:

Tenant
Sears Holdings (1)
Lands' End (2)

Number of

Annual

% of Total

Leases

Base Rent

Annual Base Rent

255

$154,255

76.0%

74

7,134

3.5%

Primark

5,544

2.7%

Nordstrom Rack

4,388

2.2%

At Home

2,732

1.3%

(1) Leases reflects number of properties subject to the Master Lease and JV Master Leases.
(2) Lease agreements between Sears Holdings and Lands End were retained as a sublease under the Master Lease. However, Sears Holdings pays us
additional rent under the Master Lease (in lieu of base rent attributable to the Lands End space leased to Sears Holdings under the Master Lease)
an amount equal to rent payments (including expenses) required to be made by Lands End under the Lands End leases.

- 11 -

PROPERTY INFORMATION
Portfolio Overview (contd)
December 31, 2015
(In thousands, except number of properties and PSF amounts)
Retail Property Type
As of December 31, 2015, the portfolio included 133 properties attached to regional malls and 133 shopping
center or freestanding properties. The following table provides a summary of the portfolio, including JV
Properties presented at the Companys proportional share, based on these property types and signed leases as
of December 31, 2015:

Property Type (1)

Number of

Leased

Properties

Annual

GLA

Base Rent

Mall

133

21,555

119,123

Shopping Center

133

17,969

266

39,524

202,938

Total

Annual Base
Rent PSF

Occupancy

5.53
4.66

98.8%

5.13

99.4%

83,815

100.0%

(1) Company classification. Mall properties are attached to regional malls; Shopping Center properties include properties attached, within or adjacent
to neighborhood shopping or power centers, as well as freestanding properties.

- 12 -

PROPERTY INFORMATION
Signed Not Yet Open Leases (SNO Leases)
December 31, 2015
(In thousands, except PSF amounts)
SNO Lease Summary
The table below provides a summary of the Companys SNO leases from July 7, 2015 to December 31, 2015,
including JV Properties presented at the Companys proportional share:

As of July 7, 2015
Opened
Signed
As of December 31, 2015

Total
Annual
Annual Base
Base Rent
Rent PSF
$
18,989 $
14.26
(10,678)
12.39
4,625
30.03
$
12,936 $
20.73

Number of
SNO Leases
GLA
35
1,332
(14)
(862)
9
154
30
624

Incremental (1)
Annual
Annual Base
Base Rent
Rent PSF

2,928

22.55

(1) Reflects incremental rent for new tenants over that paid by Sears Holdings on a "same space" basis.

SNO Lease Detail

Below is a list of the Companys SNO Leases as of December 31, 2015, including JV Properties presented at the
Companys proportional share:
Property
Virginia Beach, VA
Virginia Beach, VA
Virginia Beach, VA
Virginia Beach, VA
King of Prussia, PA (auto center)
King of Prussia, PA (auto center)
Braintree, MA
Memphis, TN
San Antonio, TX (auto center)
Honolulu, HI
Honolulu, HI
San Diego, CA
Tulsa, OK
Hialeah, FL
Carson, CA (auto center)
Other (Wholly Owned Properties)
Other (JV Properties)
Seritage Total (at share)

Tenant
Nordstrom Rack
The Fresh Market
DSW
REI
Outback
Yard House
Nordstrom Rack
Nordstrom Rack
Orvis
PetSmart
Long's Drugstore (CVS)
Williams-Sonoma
Hobby Lobby
Forever 21
Multiple
Various
Various

- 13 -

GLA
33
25
17
27
8
12
37
33
5
20
24
16
84
13
14
102
154
624

Annual
Base Rent

12,936

Annual Base
Rent PSF

20.73

PROPERTY INFORMATION
Redevelopment Projects
As of December 31, 2015
(In thousands)
The table below summarizes new retenanting or redevelopment projects that the Company initiated during the
period ended December 31, 2015:
(dollars in thousands)
Total Est.

Total Est.

Est.

Est.

Total Project

Development

Project

Construction

Substantial

Square Feet

Costs (1)

Costs (1)

Start

Completion

3,900

Q1 2016

Q4 2016

Property

Description

King of Prussia, PA

Repurpose of former auto center space for Outback

Steakhouse, Yard House and small shop retail

29,100

Braintree, MA

100% recapture; redevelopment of existing building to

be anchored by Nordstrom Rack and Saks Off 5th

90,000

11,700

12,100

Q1 2016

Q4 2016

Honolulu, HI

100% recapture; redevelopment of existing building for

Longs Drugs (CVS), PetSmart and Ross Dress For Less

79,000

8,500

19,700

Q2 2016

Q2 2017

Memphis, TN

100% recapture; demolish and construct new buildings

to be anchored by Nordstrom Rack

135,200

24,100

25,200

Q2 2016

Q3 2017

San Antonio, TX

Recapture and repurpose auto center space for Orvis

and Jareds Jeweler

19,500

3,300

3,300

Q3 2016

Q2 2017

Total

352,800
Est. Annual Base Rent (2)
New

Total redevelopment projects underway

10,000

Existing
$

2,100

3,900

51,500

64,200

Est. Incremental

Incremental
$

7,900

Yield on Cost (3)

12.0% - 13.0%

(1) Total estimated development costs exclude, and total estimated project costs include, termination fees to recapture 100% of the property.
(2) Estimated annual base rent 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) Incremental annual base rent divided by total estimated project costs.

- 14 -

PROPERTY INFORMATION
Joint Venture Properties
As of December 31, 2015
(In thousands)
GGP Joint Venture
Recapture

Total

State

Rights (1)

GLA (2)

NM

50%

83,300

100.0%

Mall Name

City

Coronado Center

Albuquerque (3)

Occupancy

Valley Plaza Mall

Bakersfield (4)

CA

50%

102,100

100.0%

The Mall in Columbia

Columbia

MD

50%

74,500

100.0%

Stonebriar Centre

Frisco

TX

50%

81,500

100.0%

Alderwood

Lynnwood

WA

50%

88,800

100.0%

Ridgedale Center

Minnetonka

MN

50%

102,500

100.0%

Natick Collection

Natick (5)

MA

50%

95,300

100.0%

Sooner Mall

Norman (5)

OK

50%

33,400

100.0%

Oakbrook Center

Oak Brook

IL

50%

157,000

100.0%

10

Paramus Park

Paramus

NJ

50%

96,200

100.0%

11

Pembroke Lakes Mall

Pembroke Pines (4)(5)

FL

50%

72,100

100.0%

12

Staten Island Mall

Staten Island (3)

NY

50%

94,400

100.0%

(1) Properties with 50% recapture rights are subject to the joint ventures right to recapture approximately 50% of the space within a store (subject to
certain exceptions). In addition, the joint venture has the right to recapture any automotive care centers which are free-standing or attached as
appendages to the stores and all outparcels or outlots, as well as certain portions of parking areas and common areas
(2)
(3)
(4)
(5)

Based on signed leases as of December 31, 2015; GLA presented at the Company's proportional share.
The joint venture submitted a recapture notice for this property during the quarter ended December 31, 2015.
The joint venture submitted a recapture notice for this property subsequent to December 31, 2015.
Property is subject to a lease or ground lease agreement.

Simon Joint Venture

Recapture

Total

State

Rights (1)

GLA (2)

MI

50%

85,300

100.0%

Mall Name

City

Briarwood

Ann Arbor

Occupancy

Barton Creek Square

Austin

TX

50%

82,300

100.0%

Brea Mall

Brea

CA

50%

84,100

100.0%

Burlington Mall

Burlington

MA

50%

135,600

100.0%

Midland Park Mall

Midland

TX

50%

58,300

100.0%

The Shops at Nanuet

Nanuet

NY

50%

110,700

100.0%

Ross Park Mall

Pittsburgh

PA

50%

88,300

100.0%

Santa Rosa Plaza

Santa Rosa

CA

50%

82,700

100.0%

Ocean County Mall

Toms River

NJ

50%

54,600

100.0%

10

Woodland Hills Mall

Tulsa

OK

50%

75,100

100.0%

(1) Properties with 50% recapture rights are subject to the joint ventures right to recapture approximately 50% of the space within a store (subject to
certain exceptions). In addition, the joint venture has the right to recapture any automotive care centers which are free-standing or attached as
appendages to the stores and all outparcels or outlots, as well as certain portions of parking areas and common areas
(2) Based on signed leases as of December 31, 2015; GLA presented at the Company's proportional share.

- 15 -

PROPERTY INFORMATION
Joint Venture Properties (contd)
As of December 31, 2015
(In thousands)
Macerich Joint Venture
Recapture

Total
GLA (2)

Mall Name

City

State

Rights (1)

Los Cerritos Center

Cerritos

CA

50%

138,800

Occupancy
100.0%

Chandler Fashion Center

Chandler

AZ

50%

70,800

100.0%

Danbury Fair

Danbury

CT

50%

89,200

100.0%

Deptford Mall

Deptford

NJ

50%

95,900

100.0%

Freehold Raceway Mall

Freehold

NJ

50%

69,700

100.0%

Arrowhead Towne Center

Glendale

AZ

50%

62,500

100.0%

South Plains Mall

Lubbock

TX

50%

75,300

100.0%

Vintage Faire Mall

Modesto

CA

50%

74,300

100.0%

Washington Square Mall

Portland

OR

50%

110,000

100.0%

(1) Properties with 50% recapture rights are subject to the joint ventures right to recapture approximately 50% of the space within a store (subject to
certain exceptions). In addition, the joint venture has the right to recapture any automotive care centers which are free-standing or attached as
appendages to the stores and all outparcels or outlots, as well as certain portions of parking areas and common areas
(2) Based on signed leases as of December 31, 2015; GLA presented at the Company's proportional share.

- 16 -

PROPERTY INFORMATION
Wholly Owned Properties
As of December 31, 2015

Property Address

City

700 East Northern Lights Boulevard

Anchorage

1731 2nd Avenue Southwest

3930 McCain Boulevard

4
5

Sears or

Recapture

Total
GLA (4)

State

Property Type (1)

Kmart

Rights (2)(3)

AK

Shopping Center

Sears

100%

Cullman

AL

Shopping Center

Kmart

North Little Rock

AR

Mall

Sears

2821 East Main Street

Russellville

AR

Shopping Center

4800 North US Highway 89

Flagstaff

AZ

Mall

6515 East Southern Avenue

Mesa

AZ

10140 North 91st Avenue

Peoria

AZ

7611 West Thomas Road

Phoenix

AZ

12025 North 32nd Street

Phoenix

AZ

10

3400 Gateway Boulevard

Prescott

AZ

11

2250 El Mercado Loop

Sierra Vista

AZ

12

2011 East Fry Boulevard

Sierra Vista

AZ

13

5950 East Broadway Boulevard

Tucson

14

3150 South 4th Avenue

Yuma

15

3625 East 18th Street

16

42126 Big Bear Boulevard

17
18

Land
Occupancy

Acres

257,900

95.8%

26

50%

98,500

100.0%

50%

185,700

100.0%

15

Kmart

50%

88,000

100.0%

Sears

50%

66,200

100.0%

Mall

Sears

50%

121,900

100.0%

11

Shopping Center

n/a

n/a

104,400

100.0%

10

Mall

Sears

50%

144,200

100.0%

10

Shopping Center

n/a

n/a

151,200

100.0%

11

Mall

Sears

50%

102,300

100.0%

10

Mall

Sears

50%

94,700

100.0%

Shopping Center

Kmart

50%

86,100

100.0%

12

AZ

Mall

Sears

50%

250,100

100.0%

20

AZ

Shopping Center

Sears

50%

90,400

100.0%

14

Antioch

CA

Shopping Center

Kmart

50%

95,200

100.0%

Big Bear Lake

CA

Shopping Center

Kmart

50%

80,000

96.5%

20700 South Avalon Boulevard

Carson

CA

Mall

Sears

50%

181,200

100.0%

13

565 Broadway

Chula Vista

CA

Mall

Sears

50%

250,100

100.0%

16

19

5900 Sunrise Mall

Citrus Heights

CA

Mall

Sears

50%

289,500

100.0%

22

20

912 County Line Road

Delano

CA

Shopping Center

Kmart

50%

86,100

100.0%

21

575 Fletcher Parkway

El Cajon

CA

Mall

Sears

50%

286,500

100.0%

22

22

3751 South Dogwood Road

El Centro

CA

Mall

Sears

50%

139,700

100.0%

14

23

1420 Travis Boulevard

Fairfield

CA

Mall

Sears

50%

164,100

100.0%

24

5901 Florin Road

Florin

CA

Shopping Center

Sears

50%

272,700

100.0%

20

25

3636 North Blackstone Avenue

Fresno

CA

Shopping Center

Sears

50%

217,600

100.0%

13

26

1500 Anna Sparks Way

McKinleyville

CA

Shopping Center

Kmart

50%

94,800

100.0%

27

1011 West Olive Avenue

Merced

CA

Shopping Center

Sears

50%

92,600

100.0%

10

- 17 -

PROPERTY INFORMATION
Wholly Owned Properties
As of December 31, 2015
Sears or

Recapture

Total

State

Property Type (1)

Kmart

Rights (2)(3)

GLA (4)

Montclair

CA

Mall

Sears

50%

22550 Town Circle

Moreno Valley

CA

Mall

Sears

6000 Mowry Avenue

Newark

CA

Mall

Sears

31

12121 Victory Boulevard

North Hollywood

CA

Shopping Center

32

9301 Tampa Avenue

Northridge

CA

Mall

33

72880 Highway 111

Palm Desert

CA

34

1855 Main Street

Ramona

35

5261 Arlington Avenue

Riverside

36

3001 Iowa Avenue

37

1191 Galleria Boulevard

38
39

Property Address

City

28

5080 East Montclair Plaza Lane

29
30

Land
Occupancy

Acres

174,700

100.0%

50%

169,400

100.0%

11

50%

145,800

100.0%

10

Sears

50%

151,000

100.0%

Sears

50%

291,800

100.0%

15

Mall

Sears

50%

151,500

100.0%

CA

Shopping Center

Kmart

50%

107,500

94.6%

10

CA

Shopping Center

Sears

50%

214,200

100.0%

19

Riverside

CA

Shopping Center

Kmart

50%

132,600

100.0%

13

Roseville

CA

Mall

Sears

50%

139,000

100.0%

1700 North Main Street

Salinas

CA

Mall

Sears

50%

133,000

100.0%

10

100 Inland Center

San Bernardino

CA

Mall

Sears

100%

264,700

100.0%

22

40

1178 El Camino Real

San Bruno

CA

Mall

Sears

50%

276,600

100.0%

13

41

4575 La Jolla Village Drive

San Diego

CA

Mall

Sears

50%

194,800

100.0%

13

42

2180 Tully Road

San Jose

CA

Mall

Sears

50%

262,500

100.0%

22

43

4015 Capitola Road

Santa Cruz

CA

Mall

Sears

50%

119,600

100.0%

10

44

200 Town Center East

Santa Maria

CA

Mall

Sears

50%

108,600

100.0%

45

302 Colorado Avenue

Santa Monica

CA

Shopping Center

Sears

100%

117,800

100.0%

46

895 Faulkner Road

Santa Paula

CA

Shopping Center

Kmart

50%

71,300

100.0%

10

47

40710 Winchester Road

Temecula

CA

Mall

Sears

50%

115,600

100.0%

10

48

145 West Hillcrest Drive

Thousand Oaks

CA

Shopping Center

Sears

50%

164,000

100.0%

11

49

3295 East Main Street

Ventura

CA

Mall

Sears

50%

178,600

100.0%

50

3501 South Mooney Boulevard

Visalia

CA

Shopping Center

Sears

50%

75,600

100.0%

51

1209 Plaza Drive

West Covina

CA

Mall

Sears

50%

142,000

100.0%

16

52

100 Westminster Mall

Westminster

CA

Mall

Sears

100%

197,900

100.0%

14

53

10785 West Colfax Avenue

Lakewood

CO

Shopping Center

Sears

50%

153,000

100.0%

54

1400 East 104th Avenue

Thornton

CO

Shopping Center

Kmart

50%

190,200

100.0%

25

55

850 Hartford Turnpike

Waterford

CT

Mall

Sears

50%

149,300

100.0%

11

- 18 -

PROPERTY INFORMATION
Wholly Owned Properties
As of December 31, 2015
Sears or

Recapture

Total

State

Property Type (1)

Kmart

Rights (2)(3)

GLA (4)

West Hartford

CT

Shopping Center

Sears

100%

19563 Coastal Highway

Rehoboth Beach

DE

Shopping Center

Kmart

451 East Altamonte Drive

Altamonte Springs

FL

Mall

Sears

59

5900 Glades Road

Boca Raton

FL

Mall

60

303 U.S. Highway 301 Boulevard West

Bradenton

FL

Mall

61

7350 Manatee Avenue West

Bradenton

FL

62

27001 U.S. 19 North

Clearwater

63

1625 Northwest 107th Avenue

Doral

64

4125 Cleveland Avenue

65

6201 West Newberry Road

66
67

Property Address

City

56

1445 New Britain Avenue

57
58

Land
Occupancy

Acres

202,100

100.0%

13

50%

122,200

100.0%

13

50%

214,300

100.0%

17

Sears

50%

178,500

100.0%

19

Sears

50%

99,900

100.0%

15

Shopping Center

Kmart

50%

82,900

100.0%

FL

Mall

Sears

50%

211,700

100.0%

14

FL

Mall

Sears

50%

212,900

100.0%

13

Ft. Myers

FL

Mall

Sears

50%

146,800

100.0%

12

Gainesville

FL

Mall

Sears

50%

140,500

100.0%

1675 West 49th Street

Hialeah

FL

Mall

Sears

50%

197,400

100.0%

1460 West 49th Street

Hialeah

FL

Shopping Center

Kmart

50%

106,400

100.0%

68

2211 West Vine Street

Kissimmee

FL

Shopping Center

Kmart

50%

148,900

100.0%

14

69

3800 US Highway 98 North

Lakeland

FL

Mall

Sears

50%

156,200

100.0%

12

70

1050 South Babcock Street

Melbourne

FL

Shopping Center

Sears

50%

102,600

100.0%

14

71

19505 Biscayne Boulevard

Miami

FL

Mall

Sears

100%

173,300

100.0%

12

72

20701 Southwest 112th Avenue

Miami

FL

Mall

Sears

100%

170,100

100.0%

15

73

2000 9th Street North

Naples

FL

Mall

Sears

50%

161,900

100.0%

12

74

10700 Biscayne Boulevard

North Miami

FL

Shopping Center

Kmart

100%

122,200

100.0%

11

75

3100 Southwest College Road

Ocala

FL

Mall

Sears

50%

146,200

100.0%

12

76

380 Blanding Boulevard

Orange Park

FL

Shopping Center

n/a

n/a

87,400

100.0%

77

3111 East Colonial Drive

Orlando

FL

Mall

Sears

100%

202,000

100.0%

18

78

733 North Highway 231

Panama City

FL

Mall

Sears

50%

139,300

100.0%

15

79

7171 North Davis Highway

Pensacola

FL

Shopping Center

Sears

50%

212,300

100.0%

15

80

8000 West Broward Boulevard

Plantation

FL

Mall

Sears

50%

201,600

100.0%

18

81

8201 South Tamiami Trail

Sarasota

FL

Mall

Sears

50%

212,500

100.0%

15

82

4501 66th Street North

St. Petersburg

FL

Shopping Center

Kmart

50%

120,600

100.0%

11

83

2300 Tyrone Boulevard North

St. Petersburg

FL

Mall

Sears

100%

193,900

100.0%

14

- 19 -

PROPERTY INFORMATION
Wholly Owned Properties
As of December 31, 2015
Sears or

Recapture

Total

State

Property Type (1)

Kmart

Rights (2)(3)

GLA (4)

Atlanta

GA

Mall

Sears

50%

7810 Abercorn Street

Savannah

GA

Mall

Sears

500 North Nimitz Highway (5)

Honolulu

HI

Shopping Center

Kmart

87

1501 Highway 169 North

Algona

IA

Shopping Center

Kmart

88

4600 1st Avenue Northeast

Cedar Rapids

IA

Mall

Sears

89

1405 South Grand Avenue

Charles City

IA

Shopping Center

90

2307 Superior Street

Webster City

IA

91

460 North Milwaukee Street

Boise

ID

92

4730 West Irving Park Road

Chicago

93

1601 North Harlem Avenue

Chicago

94

5050 South Kedzie Avenue

95

17550 Halsted Street

96
97

Property Address

City

84

1500 Cumberland Mall Southeast

85
86

Land
Occupancy

Acres

226,300

100.0%

15

100%

167,300

100.0%

15

100%

77,400

100.0%

50%

99,300

100.0%

50%

146,000

100.0%

12

Kmart

50%

96,600

100.0%

11

Shopping Center

Kmart

50%

40,800

100.0%

Mall

Sears

50%

123,600

100.0%

IL

Shopping Center

Sears

50%

356,700

100.0%

IL

Shopping Center

Sears

50%

293,700

100.0%

Chicago

IL

Shopping Center

Kmart

50%

168,500

100.0%

Homewood

IL

Shopping Center

n/a

n/a

196,100

100.0%

19

3340 Mall Loop Drive

Joliet

IL

Mall

Sears

50%

204,600

100.0%

17

2860 South Highland Avenue

Lombard

IL

Shopping Center

n/a

n/a

139,300

100.0%

98

4902-5000 23rd Avenue

Moline

IL

Shopping Center

Kmart

50%

123,700

100.0%

12

99

7503 West Cermak Road

North Riverside

IL

Mall

Sears

50%

203,000

100.0%

13

100

2 Orland Square Drive

Orland Park

IL

Mall

Sears

50%

199,600

100.0%

16

101

2500 Wabash Avenue

Springfield

IL

Shopping Center

Kmart

50%

126,900

100.0%

14

102

3231 Chicago Road

Steger

IL

Shopping Center

Kmart

50%

87,400

100.0%

103

3101 Northview Drive

Elkhart

IN

Shopping Center

Kmart

50%

86,500

100.0%

104

4201 Coldwater Road

Ft. Wayne

IN

Mall

Sears

50%

220,000

100.0%

15

105

101 West Lincoln Highway

Merrillville

IN

Shopping Center

Kmart

50%

173,100

85.0%

17

106

4820 South 4th Street Trafficway

Leavenworth

KS

Shopping Center

Kmart

50%

83,600

100.0%

107

9701 Metcalf Avenue

Overland Park

KS

Shopping Center

Sears

50%

223,200

100.0%

19

108

3010 Fort Campbell Boulevard

Hopkinsville

KY

Shopping Center

Kmart

50%

93,000

80.9%

13

109

2815 West Parrish Avenue

Owensboro

KY

Shopping Center

Kmart

50%

68,300

100.0%

110

5101 Hinkleville Road

Paducah

KY

Mall

Sears

50%

108,200

100.0%

111

133 Monarch Drive

Houma

LA

Shopping Center

Kmart

50%

101,400

100.0%

- 20 -

PROPERTY INFORMATION
Wholly Owned Properties
As of December 31, 2015
Sears or

Recapture

Total

State

Property Type (1)

Kmart

Rights (2)(3)

GLA (4)

LA

Mall

Sears

50%

New Iberia

LA

Shopping Center

Kmart

Braintree

MA

Shopping Center

Kmart

MA

Mall

Sears

MD

Shopping Center

Sears

MD

Shopping Center

Edgewater

MD

Hagerstown

MD

417 Main Street

Madawaska

2355 US Highway 23 South

Alpena

122

1250 Boardman-Jackson Crossing

123

2100 Southfield Road

124
125

Property Address

City

112

5715 Johnston Street

Lafayette

113

900 East Admiral Doyle Drive

114

200 Grossman Drive (5)

115

1325 Broadway

Saugus

116

15700 Emerald Way

Bowie

117

126 Shawan Road

Cockeysville

118

3207 Solomons Island Road

119

17318 Valley Mall Road

120
121

Land
Occupancy

Acres

194,900

100.0%

16

50%

91,700

100.0%

12

100%

113,500

100.0%

34

50%

210,500

100.0%

16

50%

131,500

100.0%

11

Sears

50%

165,900

100.0%

12

Shopping Center

Kmart

50%

117,200

100.0%

14

Mall

Sears

50%

122,700

100.0%

12

ME

Shopping Center

Kmart

50%

49,700

100.0%

MI

Shopping Center

Kmart

50%

118,200

100.0%

12

Jackson

MI

Shopping Center

Sears

50%

152,700

100.0%

15

Lincoln Park

MI

Shopping Center

Sears

50%

301,700

100.0%

17

1560 US 31 South

Manistee

MI

Shopping Center

Kmart

50%

94,600

100.0%

12

32123 Gratiot Avenue

Roseville

MI

Mall

Sears

50%

385,400

100.0%

21

126

2760 I-75 Business Spur

Sault Ste. Marie

MI

Shopping Center

Kmart

50%

92,700

100.0%

11

127

22801 Harper Avenue

St. Clair Shores

MI

Shopping Center

Kmart

100%

122,200

100.0%

11

128

300 West 14 Mile Road

Troy

MI

Mall

Sears

50%

402,600

100.0%

30

129

3100 Washtenaw Road

Ypsilanti

MI

Shopping Center

n/a

n/a

99,400

100.0%

12

130

14250 Buck Hill Road

Burnsville

MN

Mall

Sears

50%

167,400

100.0%

15

131

1305 Highway 10 West

Detroit Lakes

MN

Shopping Center

Kmart

50%

87,100

100.0%

15

132

3001 White Bear Avenue North

Maplewood

MN

Mall

Sears

50%

174,900

100.0%

14

133

425 Rice Street

St. Paul

MN

Shopping Center

Sears

100%

217,900

100.0%

17

134

11 South Kingshighway Street

Cape Girardeau

MO

Shopping Center

Kmart

50%

82,600

100.0%

135

1 Flower Valley Shopping Center

Florissant

MO

Shopping Center

Kmart

50%

119,000

100.0%

11

136

2304 Missouri Boulevard

Jefferson City

MO

Shopping Center

Kmart

50%

97,100

100.0%

10

137

3700 South Campbell Avenue

Springfield

MO

Shopping Center

n/a

n/a

112,900

100.0%

138

2308 Highway 45 North

Columbus

MS

Shopping Center

Kmart

50%

166,700

71.9%

18

139

3180 Highway 2 West

Havre

MT

Shopping Center

Kmart

50%

94,700

100.0%

- 21 -

PROPERTY INFORMATION
Wholly Owned Properties
As of December 31, 2015
Sears or

Recapture

Total

State

Property Type (1)

Kmart

Rights (2)(3)

GLA (4)

Asheville

NC

Mall

Sears

50%

545 Concord Parkway North

Concord

NC

Shopping Center

Kmart

1302 Bridford Parkway

Greensboro

NC

Shopping Center

n/a

143

1 20th Avenue Southeast

Minot

ND

Shopping Center

144

4700 2nd Avenue

Kearney

NE

Shopping Center

145

1500 South Willow Street

Manchester

NH

146

310 Daniel Webster Highway

Nashua

147

50 Fox Run Road

Portsmouth

148

77 Rockingham Park Boulevard

Salem

149

1500 Highway 35

Middletown

150

1640 Route 22

151

50 Route 46

152
153

Property Address

City

140

1 South Tunnel Road

141
142

Land
Occupancy

Acres

240,700

100.0%

16

50%

171,300

100.0%

26

n/a

173,300

99.0%

16

Kmart

50%

110,400

100.0%

13

Kmart

50%

86,500

100.0%

Mall

Sears

50%

144,100

100.0%

11

NH

Mall

Sears

50%

167,100

100.0%

NH

Mall

Sears

50%

127,000

100.0%

13

NH

Mall

Sears

50%

206,500

100.0%

14

NJ

Shopping Center

Sears

100%

191,200

100.0%

23

Watchung

NJ

Shopping Center

Sears

100%

262,900

100.0%

19

Wayne

NJ

Mall

Sears

50%

327,400

100.0%

26

1205 East Pine Street

Deming

NM

Shopping Center

Kmart

50%

96,600

100.0%

10

3000 East Main Street

Farmington

NM

Shopping Center

Kmart

50%

90,700

100.0%

11

154

2220 North Grimes Street

Hobbs

NM

Shopping Center

Kmart

50%

88,900

100.0%

155

10405 South Eastern Avenue

Henderson

NV

Shopping Center

Kmart

50%

143,900

100.0%

12

156

4000 Meadows Lane

Las Vegas

NV

Mall

Sears

50%

150,200

100.0%

11

157

5400 Meadowood Mall Circle

Reno

NV

Mall

Sears

50%

198,800

100.0%

158

1425 Central Avenue

Albany

NY

Mall

Sears

50%

305,700

100.0%

21

159

4155 State Route 31

Clay

NY

Mall

Sears

50%

146,500

100.0%

12

160

4000 Jericho Turnpike

East Northport

NY

Shopping Center

Sears

50%

195,400

100.0%

18

161

195 North Broadway

Hicksville

NY

Shopping Center

Sears

100%

362,600

100.0%

30

162

601 Harry L Drive

Johnson City

NY

Mall

Sears

50%

155,100

100.0%

11

163

2801 West State Street

Olean

NY

Shopping Center

Kmart

50%

118,000

100.0%

13

164

317 Greece Ridge Center Drive

Rochester

NY

Mall

Sears

50%

128,500

100.0%

15

165

171 Delaware Avenue

Sidney

NY

Shopping Center

Kmart

50%

94,400

100.0%

19

166

200 Eastview Mall

Victor

NY

Mall

Sears

50%

123,000

100.0%

14

167

600 Lee Boulevard

Yorktown Heights

NY

Mall

Sears

50%

160,000

100.0%

12

- 22 -

PROPERTY INFORMATION
Wholly Owned Properties
As of December 31, 2015
Sears or

Recapture

Total

State

Property Type (1)

Kmart

Rights (2)(3)

GLA (4)

Canton

OH

Mall

Sears

50%

2000 Brittain Road

Chapel Hill

OH

Mall

Sears

2700 Miamisburg Centerville Road

Dayton

OH

Mall

Sears

171

1005 East Columbus Street

Kenton

OH

Shopping Center

172

502 Pike Street

Marietta

OH

Shopping Center

173

7875 Johnnycake Ridge Road

Mentor

OH

Mall

174

6950 West 130th Street

Middleburg Heights

OH

175

1447 North Main Street

North Canton

OH

176

555 South Avenue

Tallmadge

177

3408 West Central Avenue

Toledo

178

4 East Shawnee Road

179

4400 South Western Avenue

180
181

Property Address

City

168

4100 Belden Village Avenue Northwest

169
170

Land
Occupancy

Acres

219,400

100.0%

19

50%

196,300

100.0%

21

50%

192,500

100.0%

16

Kmart

50%

96,100

100.0%

11

Kmart

50%

87,500

100.0%

Sears

50%

219,100

100.0%

20

Shopping Center

Sears

50%

359,000

100.0%

15

Shopping Center

Kmart

50%

87,100

100.0%

OH

Shopping Center

Kmart

50%

84,200

100.0%

OH

Shopping Center

Sears

50%

218,700

100.0%

11

Muskogee

OK

Shopping Center

Kmart

50%

87,500

100.0%

10

Oklahoma City

OK

Shopping Center

Sears

50%

173,700

100.0%

24

3132 East 51st Street

Tulsa

OK

Shopping Center

n/a

n/a

87,200

100.0%

1180 Southeast 82nd Avenue

Happy Valley

OR

Mall

Sears

50%

144,300

100.0%

12

182

2640 West 6th Street

The Dalles

OR

Shopping Center

Kmart

50%

87,100

100.0%

183

1180 Walnut Bottom Road

Carlisle

PA

Shopping Center

Kmart

50%

117,800

100.0%

184

3975 Columbia Avenue

Columbia

PA

Shopping Center

Kmart

50%

86,700

100.0%

185

160 North Gulph Road, Suite 4000 (6)

King Of Prussia

PA

Mall

n/a

n/a

210,800

97.6%

14

186

1745 Quentin Road

Lebanon

PA

Shopping Center

Kmart

50%

117,200

100.0%

15

187

100 Cross Roads Plaza

Mount Pleasant

PA

Shopping Center

Kmart

50%

83,500

100.0%

10

188

400 North Best Avenue

Walnutport

PA

Shopping Center

Kmart

50%

121,200

100.0%

16

189

1094 Haines Road

York

PA

Shopping Center

Kmart

50%

82,000

100.0%

190

PR 167 & Las Cumbres

Bayamon

PR

Shopping Center

Kmart

50%

115,200

100.0%

10

191

400 Calle Betances

Caguas

PR

Mall

Sears

50%

138,700

100.0%

192

Avenue 65 Infanteria

Carolina

PR

Mall

Sears

50%

198,000

100.0%

11

193

Martinez Nadal Avenue (PR-20), Km 3.4

Guaynabo

PR

Shopping Center

Kmart

50%

217,300

94.4%

18

194

PR Road 2, Km 149.5

Mayaguez

PR

Shopping Center

Kmart

50%

118,200

100.0%

13

195

2643 Ponce Bypass

Ponce

PR

Shopping Center

Kmart

50%

126,900

100.0%

- 23 -

PROPERTY INFORMATION
Wholly Owned Properties
As of December 31, 2015
Sears or

Recapture

Total

State

Property Type (1)

Kmart

Rights (2)(3)

GLA (4)

Warwick

RI

Shopping Center

Sears

50%

3801B Clemson Boulevard

Anderson

SC

Shopping Center

Kmart

7801 Rivers Avenue

Charleston

SC

Mall

Sears

199

2302 Cherry Road

Rock Hill

SC

Shopping Center

200

3020 West 12th Street

Sioux Falls

SD

Shopping Center

201

2800 North Germantown Parkway

Cordova

TN

202

4570 Poplar Avenue (5)

Memphis

203

12625 North Interstate Highway 35

Austin

204

3450 West Camp Wisdom Road

Dallas

TX

205

9484 Dyer Street

El Paso

TX

206

300 Baybrook Mall

Friendswood

TX

207

1129 Morgan Boulevard

Harlingen

TX

208

303 Memorial City

Houston

TX

209

12605 North Gessner Road

Houston

TX

210

6301 Northwest Loop 410

Ingram

TX

211

2501 Irving Mall

Irving

TX

212

201 Central Park Mall (7)

San Antonio

213

4000 North Shepherd

Shepherd

214

13131 Preston Road

Valley View

215

9570 Southwest Freeway

Westwood

216

2010 North Main Street

217

7453 South Plaza Center Drive

218
219

Property Address

City

196

650 Bald Hill Road

197
198

Land
Occupancy

Acres

246,000

100.0%

20

50%

118,700

100.0%

12

50%

138,800

100.0%

14

Kmart

50%

89,300

100.0%

12

Kmart

50%

72,500

100.0%

Mall

Sears

50%

160,900

100.0%

12

TN

Shopping Center

Sears

100%

202,400

100.0%

11

TX

Shopping Center

Sears

50%

172,000

100.0%

25

Mall

Sears

50%

205,300

100.0%

13

Shopping Center

Kmart

50%

112,100

100.0%

11

Mall

Sears

50%

166,000

100.0%

13

Shopping Center

Kmart

50%

91,700

100.0%

Mall

Sears

50%

218,600

100.0%

20

Shopping Center

n/a

n/a

134,000

100.0%

11

Mall

Sears

50%

168,400

100.0%

12

Mall

Sears

50%

170,900

100.0%

18

TX

Shopping Center

Sears

50%

221,900

100.0%

15

TX

Shopping Center

Sears

50%

201,700

100.0%

12

TX

Mall

Sears

100%

235,000

100.0%

23

TX

Shopping Center

Sears

50%

215,000

100.0%

18

Layton

UT

Shopping Center

Kmart

50%

166,800

60.6%

14

West Jordan

UT

Shopping Center

Sears

50%

205,400

100.0%

12

5901 Duke Street

Alexandria

VA

Mall

Sears

50%

262,100

100.0%

18

1401 Greenbrier Parkway

Chesapeake

VA

Mall

Sears

50%

169,400

100.0%

15

220

12000 Fair Oaks Mall

Fairfax

VA

Mall

Sears

50%

225,800

100.0%

15

221

5200 Mercury Boulevard Suite 100

Hampton

VA

Shopping Center

Sears

50%

245,000

100.0%

16

222

4588 Virginia Beach Boulevard

Virginia Beach

VA

Mall

Sears

50%

200,400

100.0%

14

223

141 West Lee Highway

Warrenton

VA

Shopping Center

Sears

50%

121,000

100.0%

- 24 -

PROPERTY INFORMATION
Wholly Owned Properties
As of December 31, 2015
Sears or

Recapture

Total

State

Property Type (1)

Kmart

Rights (2)(3)

GLA (4)

Redmond

WA

Shopping Center

Sears

50%

8800 Northeast Vancouver Mall Drive

Vancouver

WA

Mall

Sears

2304 East Nob Hill Boulevard

Yakima

WA

Shopping Center

Kmart

227

5200 South 76th Street

Greendale

WI

Mall

228

53 West Towne Mall

Madison

WI

Mall

229

1425 East Bus Highway 151

Platteville

WI

230

1701 4th Avenue West

Charleston

231

731 Beverly Pike

Elkins

232

101 Great Teays Boulevard

233

4000 East 2nd Street

234
235

Property Address

City

224

2200 148th Avenue Northeast

225
226

Land
Occupancy

Acres

274,900

100.0%

15

50%

129,700

100.0%

10

50%

117,300

82.9%

14

Sears

50%

238,400

100.0%

21

Sears

50%

138,300

100.0%

18

Shopping Center

Kmart

50%

94,800

100.0%

10

WV

Shopping Center

Kmart

50%

105,600

100.0%

10

WV

Shopping Center

Kmart

50%

99,600

95.3%

Scott Depot

WV

Shopping Center

Kmart

50%

89,800

100.0%

Casper

WY

Shopping Center

Kmart

50%

91,400

100.0%

2150 South Douglas Highway

Gillette

WY

Shopping Center

Kmart

50%

94,600

100.0%

10

1960 North Federal Boulevard

Riverton

WY

Shopping Center

Kmart

50%

94,800

100.0%

37,018,600

99.4%

3,004

Total Wholly Owned Properties

(1) Company classification. Mall properties are attached to regional malls; Shopping Center properties include properties attached, within or adjacent to neighborhood shopping or power centers, as well as freestanding properties.
(2) Properties with 50% recapture rights are subject to the Company's right to recapture approximately 50% of the space within a store (subject to certain exceptions). In addition, the Company has the right to recapture any
automotive care centers which are free-standing or attached as appendages to the stores and all outparcels or outlots, as well as certain portions of parking areas and common areas.
(3) In addition to the 50% recapture rights described above, properties with 100% recapture rights are subject to the Company's right to recapture the entire space within a store for a specified fee.
(4) Based on signed leases as of December 31, 2015.
(5) The Company exercised its recapture rights for this property during the quarter ended December 31, 2015.
(6) Property is subject to a ground lease.
(7) The Company submitted a recapture notice for this property subsequent to December 31, 2015.

- 25 -

DISCLOSURES
Non-GAAP Measures
The Company makes reference to net operating income (NOI), earnings before interest, taxes, depreciation and
amortization (EBITDA) and funds from operations (FFO), as well as Total NOI, Adjusted EBITDA and Normalized
FFO.
NOI is defined as income from property operations less property operating expenses. Other REITs may use
different methodologies for calculating NOI, and accordingly, the Company's depiction of NOI may not be
comparable to other REITs. The Company believes NOI provides useful information regarding its financial
condition and results of operations because it reflects only those income and expense items that are incurred at
the property level. The Company uses Total NOI, which includes its share of unconsolidated properties and
excludes certain GAAP adjustments, to present the Companys proportional share of NOI on a cash basis.
EBITDA is defined as NOI less administrative expenses and other operational items. EBITDA is a commonly used
measure of performance in many industries, but may not be comparable to measures calculated by other
companies. The Company believes EBITDA provides useful information to investors regarding its results of
operations because it removes the impact of its capital structure (primarily interest expense) and asset base
(primarily depreciation and amortization). The Company also considers Adjusted EBITDA to be a helpful
supplemental measure of its operating performance because it excludes from EBITDA certain other non-cash and
non-comparable items that the Company does not believe are representative of ongoing operating results.
FFO is defined using the definition set forth by the National Association of Real Estate Investment Trusts
("NAREIT"), which may not be comparable to measures calculated by other companies who do not use the NAREIT
definition of FFO. FFO is calculated as net income computed in accordance with GAAP, excluding gains (or losses)
from property sales, real estate related depreciation and amortization, and impairment charges on depreciable
real estate assets. The Company considers FFO a helpful supplemental measure of the operating performance for
equity REITs and a complement to GAAP measures because it is a recognized measure of performance by the real
estate industry. The Company makes certain adjustments to FFO, which it refers to as Normalized FFO, to account
for certain non-cash and non-comparable items that it does not believe are representative of ongoing operating
results.
NOI, Total NOI, FFO, Normalized FFO, EBITDA and Adjusted EBITDA are presented to assist readers in analyzing
the Companys operating performance. None of these measures (i) represent cash flow from operations as
defined by GAAP; (ii) are indicative of cash available to fund all cash flow needs, including the ability to make
distributions; (iii) are alternatives to cash flow as a measure of liquidity; or (iv) should be considered alternatives
to net income (which is determined in accordance with GAAP) for purposes of evaluating the Companys
operating performance. Reconciliations of these measures to the respective GAAP measures we deem most
comparable have been included in the Supplemental.

- 26 -

DISCLOSURES
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 Corporations 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.

- 27 -

Seritage Growth Properties

489 Fifth Avenue | New York, NY 10017
212-355-7800 | www.seritage.com