Seritage Growth Properties is a publicly traded, self-administered, self-managed REIT primarily engaged in the real property business through its investment in its operating partnership, Seritage Growth Properties, L.P. Their portfolio contains 235 wholly-owned properties and 31 joint venture properties, consisting of approximately 42 million square feet of building space, which is broadly diversified by location across 49 states and Puerto Rico. Pursuant to a master lease, 224 of their wholly-owned properties are leased to Sears Holdings and are operated under either the Sears or K-Mart brand. Third parties under direct leases also occupy a portion of the overall leasable space alongside Sears and Kmart. Additionally, 11 of their wholly-owned properties are leased entirely to third parties. The master lease provides Seritage with rights to recapture certain space from Sears Holdings at each property. In addition, Seritage has 50% interests in 31 additional properties through their joint venture investments with General Growth Properties (12 properties), Simon Property Group (10 properties), and Macerich (nine properties) that are also master leased to Sears Holdings.
Seritage Growth Properties