UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-K

(Amendment No. 1)

 

 

 

x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2015

Commission file number 001-37420

 

 

SERITAGE GROWTH PROPERTIES

(Exact name of registrant as specified in its charter)

 

 

 

Maryland		38-3976287
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)
489 Fifth Avenue, 18th Floor, New York, New York		10017
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (212) 355-7800

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Name of each exchange on which registered
Class A common shares of beneficial interest, par value $0.01 per share		New York Stock Exchange

 

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ¨    No  x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§232.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):

 

Large accelerated filer		¨		Accelerated filer		¨
Non-accelerated filer		x  (Do not check if a smaller reporting company)		Smaller reporting company		¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨    No  x

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of July 6, 2015 was approximately $1,163,986,000 based upon the closing price of $37.10 of the registrant’s common stock as reported on the New York Stock Exchange. The registrant has elected to use July 6, 2015 as the calculation date, which was the initial trading date of the registrant’s common shares on the New York Stock Exchange, because as of the last business day of the registrant’s second fiscal quarter, the registrant was a privately-held company.

As of March 4, 2016, the registrant had the following commons shares outstanding:

 

Class		Shares Outstanding
Class A common shares of beneficial interest, par value $0.01 per share			25,261,542
Class B common shares of beneficial interest, par value $0.01 per share			1,589,020
Class C common shares of beneficial interest, par value $0.01 per share			6,329,485

DOCUMENTS INCORPORATED BY REFERENCE

Portions of Seritage Growth Properties’ Proxy Statement for its 2016 Annual Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K.

 

 

 

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EXPLANATORY NOTE

Seritage Growth Properties. (the “Company”) is filing this Amendment No. 1 (“Amendment No. 1”) to its Annual Report on Form 10-K for the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015, which was originally filed with the Securities and Exchange Commission on March 11, 2016 (the “Original Annual Report”), for the sole purpose of correcting typographical errors including the unintentional omission of rows 98-99 and 131-136 in the table of properties set forth in Item 2.

Pursuant to Rule 12b-15 under Securities Exchange Act of 1934, as amended, this Amendment No. 1 on Form 10-K also contains new Rule 13a-14(a)/15d-14(a) Certifications, which are attached hereto. Because no financial statements have been amended by or included in this Amendment No. 1 on Form 10-K and this Amendment No. 1 on Form 10-K does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4 and 5 of the certifications have been omitted.

This Amendment No. 1 on Form 10-K continues to speak as of the date of the filing of the Original Annual Report, and the Company has not changed the financial statements nor updated the disclosures contained therein to reflect any events that may have occurred at a later date.

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ITEM 2.

PROPERTIES

As of December 31, 2015, our portfolio included 235 Wholly Owned Properties totaling over 37.0 million square feet of GLA across 49 states and Puerto Rico, and 50% interests in 31 JV Properties totaling over 5.4 million square feet of GLA across 17 states. The following tables set forth certain information regarding our Wholly Owned Properties and JV Properties based on signed leases as of December 31, 2015, including signed but not yet open leases (“SNO leases”):

 

Wholly Owned Properties
										GLA (3)
		City		State		Recapture Rights (1)(2)				Total				Sears Holdings				Third Parties				Vacant				Sears or Kmart		Significant Third-party Tenants (3)		% Leased
1		Anchorage		AK			100	%			257,900				204,100				42,900				10,900			Sears		Lands’ End, Nordstrom Rack			95.8	%
2		Cullman		AL			50	%			98,500				98,500				0				0			Kmart		n/a			100.0	%
3		North Little Rock		AR			50	%			185,700				185,700				0				0			Sears		n/a			100.0	%
4		Russellville		AR			50	%			88,000				88,000				0				0			Kmart		n/a			100.0	%
5		Flagstaff		AZ			50	%			66,200				66,200				0				0			Sears		n/a			100.0	%
6		Mesa		AZ			50	%			121,900				121,900				0				0			Sears		n/a			100.0	%
7		Peoria		AZ			n/a				104,400				0				104,400				0			n/a		At Home			100.0	%
8		Phoenix		AZ			50	%			144,200				144,200				0				0			Sears		n/a			100.0	%
9		Phoenix		AZ			n/a				151,200				0				151,200				0			n/a		At Home			100.0	%
10		Prescott		AZ			50	%			102,300				102,300				0				0			Sears		n/a			100.0	%
11		Sierra Vista		AZ			50	%			94,700				94,700				0				0			Sears		n/a			100.0	%
12		Sierra Vista		AZ			50	%			86,100				86,100				0				0			Kmart		n/a			100.0	%
13		Tucson		AZ			50	%			250,100				250,100				0				0			Sears		n/a			100.0	%
14		Yuma		AZ			50	%			90,400				90,400				0				0			Sears		n/a			100.0	%
15		Antioch		CA			50	%			95,200				95,200				0				0			Kmart		n/a			100.0	%
16		Big Bear Lake		CA			50	%			80,000				69,300				7,900				2,800			Kmart		Radio Shack, Subway, Wells Fargo Bank			96.5	%
17		Carson		CA			50	%			181,200				163,400				17,800				0			Sears		Applebee’s, Chick-Fil-A, Chipotle Mexican Grill, Jersey Mike’s, Smash Burger			100.0	%
18		Chula Vista		CA			50	%			250,100				250,100				0				0			Sears		n/a			100.0	%
19		Citrus Heights		CA			50	%			289,500				280,700				8,800				0			Sears		Lands’ End			100.0	%
20		Delano		CA			50	%			86,100				86,100				0				0			Kmart		n/a			100.0	%
21		El Cajon		CA			50	%			286,500				275,700				10,800				0			Sears		Lands’ End, Wireless Choice			100.0	%
22		El Centro		CA			50	%			139,700				139,700				0				0			Sears		n/a			100.0	%
23		Fairfield		CA			50	%			164,100				159,300				4,800				0			Sears		Lands’ End			100.0	%
24		Florin		CA			50	%			272,700				272,700				0				0			Sears		n/a			100.0	%
25		Fresno		CA			50	%			217,600				217,600				0				0			Sears		n/a			100.0	%
26		McKinleyville		CA			50	%			94,800				94,800				0				0			Kmart		n/a			100.0	%
27		Merced		CA			50	%			92,600				92,600				0				0			Sears		n/a			100.0	%
28		Montclair		CA			50	%			174,700				174,700				0				0			Sears		n/a			100.0	%
29		Moreno Valley		CA			50	%			169,400				169,400				0				0			Sears		n/a			100.0	%
30		Newark		CA			50	%			145,800				145,800				0				0			Sears		n/a			100.0	%

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Wholly Owned Properties
										GLA (3)
		City		State		Recapture Rights (1)(2)				Total				Sears Holdings				Third Parties				Vacant				Sears or Kmart		Significant Third-party Tenants (3)		% Leased
31		North Hollywood		CA			50	%			151,000				151,000				0				0			Sears		n/a			100.0	%
32		Northridge		CA			50	%			291,800				256,900				34,900				0			Sears		Ashley Furniture			100.0	%
33		Palm Desert		CA			50	%			151,500				151,500				0				0			Sears		n/a			100.0	%
34		Ramona		CA			50	%			107,500				87,000				14,700				5,800			Kmart		Dollar Tree, Little Caesar’s			94.6	%
35		Riverside		CA			50	%			214,200				202,000				12,200				0			Sears		Bank of America			100.0	%
36		Riverside		CA			50	%			132,600				94,500				38,100				0			Kmart		Jack in the Box			100.0	%
37		Roseville		CA			50	%			139,000				131,400				7,600				0			Sears		Lands’ End			100.0	%
38		Salinas		CA			50	%			133,000				133,000				0				0			Sears		n/a			100.0	%
39		San Bernardino		CA			100	%			264,700				264,700				0				0			Sears		n/a			100.0	%
40		San Bruno		CA			50	%			276,600				267,900				8,700				0			Sears		Lands’ End			100.0	%
41		San Diego		CA			50	%			194,800				164,800				30,000				0			Sears		Lands’ End, Williams-Sonoma			100.0	%
42		San Jose		CA			50	%			262,500				262,500				0				0			Sears		n/a			100.0	%
43		Santa Cruz		CA			50	%			119,600				105,800				13,800				0			Sears		Lands’ End			100.0	%
44		Santa Maria		CA			50	%			108,600				108,600				0				0			Sears		n/a			100.0	%
45		Santa Monica		CA			100	%			117,800				112,000				5,800				0			Sears		Lands’ End			100.0	%
46		Santa Paula		CA			50	%			71,300				71,300				0				0			Kmart		n/a			100.0	%
47		Temecula		CA			50	%			115,600				115,600				0				0			Sears		n/a			100.0	%
48		Thousand Oaks		CA			50	%			164,000				50,300				113,700				0			Sears		DSW, Nordstrom Rack, The Sports Authority			100.0	%
49		Ventura		CA			50	%			178,600				171,900				6,700				0			Sears		Lands’ End			100.0	%
50		Visalia		CA			50	%			75,600				75,600				0				0			Sears		n/a			100.0	%
51		West Covina		CA			50	%			142,000				142,000				0				0			Sears		n/a			100.0	%
52		Westminster		CA			100	%			197,900				197,900				0				0			Sears		n/a			100.0	%
53		Lakewood		CO			50	%			153,000				153,000				0				0			Sears		n/a			100.0	%
54		Thornton		CO			50	%			190,200				190,200				0				0			Kmart		n/a			100.0	%
55		Waterford		CT			50	%			149,300				141,800				7,500				0			Sears		Lands’ End			100.0	%
56		West Hartford		CT			100	%			202,100				186,900				15,200				0			Sears		Lands’ End, Olive Garden			100.0	%
57		Rehoboth Beach		DE			50	%			122,200				117,200				5,000				0			Kmart		Chick-Fil-A			100.0	%
58		Altamonte Springs		FL			50	%			214,300				205,600				8,700				0			Sears		Seasons 52			100.0	%
59		Boca Raton		FL			100	%			178,500				167,600				10,900				0			Sears		Lands’ End, Washington Mutual			100.0	%
60		Bradenton		FL			50	%			99,900				99,900				0				0			Sears		n/a			100.0	%
61		Bradenton		FL			50	%			82,900				82,900				0				0			Kmart		n/a			100.0	%
62		Clearwater		FL			50	%			211,700				129,700				82,000				0			Sears		Lands’ End, Nordstrom Rack, Whole Foods			100.0	%
63		Doral		FL			50	%			212,900				212,900				0				0			Sears		n/a			100.0	%
64		Ft. Myers		FL			50	%			146,800				146,800				0				0			Sears		n/a			100.0	%
65		Gainesville		FL			50	%			140,500				140,500				0				0			Sears		n/a			100.0	%
66		Hialeah		FL			50	%			197,400				184,400				13,000				0			Sears		Forever 21, Goodwill			100.0	%

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Wholly Owned Properties
										GLA (3)
		City		State		Recapture Rights (1)(2)				Total				Sears Holdings				Third Parties				Vacant				Sears or Kmart		Significant Third-party Tenants (3)		% Leased
67		Hialeah		FL			50	%			106,400				88,400				18,000				0			Kmart		Aldi			100.0	%
68		Kissimmee		FL			50	%			148,900				112,500				36,400				0			Kmart		Big Lots			100.0	%
69		Lakeland		FL			50	%			156,200				156,200				0				0			Sears		n/a			100.0	%
70		Melbourne		FL			50	%			102,600				102,600				0				0			Sears		n/a			100.0	%
71		Miami		FL			100	%			173,300				173,300				0				0			Sears		n/a			100.0	%
72		Miami		FL			100	%			170,100				170,100				0				0			Sears		n/a			100.0	%
73		Naples		FL			50	%			161,900				151,800				10,100				0			Sears		n/a			100.0	%
74		North Miami		FL			100	%			122,200				106,300				15,900				0			Kmart		Aldi			100.0	%
75		Ocala		FL			50	%			146,200				146,200				0				0			Sears		n/a			100.0	%
76		Orange Park		FL			n/a				87,400				0				87,400				0			n/a		Old Time Pottery, Freddy’s Frozen Custard			100.0	%
77		Orlando		FL			100	%			202,000				197,500				4,500				0			Sears		Lands’ End			100.0	%
78		Panama City		FL			50	%			139,300				139,300				0				0			Sears		n/a			100.0	%
79		Pensacola		FL			50	%			212,300				212,300				0				0			Sears		n/a			100.0	%
80		Plantation		FL			50	%			201,600				201,600				0				0			Sears		n/a			100.0	%
81		Sarasota		FL			50	%			212,500				204,500				8,000				0			Sears		Lands’ End			100.0	%
82		St. Petersburg		FL			50	%			120,600				120,600				0				0			Kmart		n/a			100.0	%
83		St. Petersburg		FL			100	%			193,900				187,000				6,900				0			Sears		n/a			100.0	%
84		Atlanta		GA			50	%			226,300				218,700				7,600				0			Sears		Lands’ End			100.0	%
85		Savannah		GA			100	%			167,300				155,700				11,600				0			Sears		Golden Corral			100.0	%
86		Honolulu (4)		HI			100	%			77,400				34,100				43,300				0			Kmart		Long’s Drugs (CVS), PetSmart			100.0	%
87		Algona		IA			50	%			99,300				99,300				0				0			Kmart		n/a			100.0	%
88		Cedar Rapids		IA			50	%			146,000				141,100				4,900				0			Sears		Lands’ End			100.0	%
89		Charles City		IA			50	%			96,600				96,600				0				0			Kmart		n/a			100.0	%
90		Webster City		IA			50	%			40,800				40,800				0				0			Kmart		n/a			100.0	%
91		Boise		ID			50	%			123,600				123,600				0				0			Sears		n/a			100.0	%
92		Chicago		IL			50	%			356,700				356,700				0				0			Sears		n/a			100.0	%
93		Chicago		IL			50	%			293,700				293,700				0				0			Sears		n/a			100.0	%
94		Chicago		IL			50	%			168,500				118,800				49,700				0			Kmart		China Town Buffet, Chuck E Cheese			100.0	%
95		Homewood		IL			n/a				196,100				0				196,100				0			n/a		Wal-Mart			100.0	%
96		Joliet		IL			50	%			204,600				204,600				0				0			Sears		n/a			100.0	%
97		Lombard		IL			n/a				139,300				0				139,300				0			n/a		The Dump			100.0	%
98		Moline		IL			50	%			123,700				120,500				3,200				0			Kmart		n/a			100.0	%
99		North Riverside		IL			50	%			203,000				203,000				0				0			Sears		n/a			100.0	%
100		Orland Park		IL			50	%			199,600				192,400				7,200				0			Sears		Lands’ End			100.0	%
101		Springfield		IL			50	%			126,900				84,200				42,700				0			Kmart		Casual Male, Popeye’s, Staples			100.0	%
102		Steger		IL			50	%			87,400				87,400				0				0			Kmart		n/a			100.0	%

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Wholly Owned Properties
										GLA (3)
		City		State		Recapture Rights (1)(2)				Total				Sears Holdings				Third Parties				Vacant				Sears or Kmart		Significant Third-party Tenants (3)		% Leased
103		Elkhart		IN			50	%			86,500				86,500				0				0			Kmart		n/a			100.0	%
104		Ft. Wayne		IN			50	%			220,000				213,500				6,500				0			Sears		Lands’ End			100.0	%
105		Merrillville		IN			50	%			173,100				108,300				38,900				25,900			Kmart		Dollar Tree, Payless ShoeSource, Sherwin-Williams			85.0	%
106		Leavenworth		KS			50	%			83,600				76,900				6,700				0			Kmart		Sears Hometown			100.0	%
107		Overland Park		KS			50	%			223,200				215,000				8,200				0			Sears		Lands’ End			100.0	%
108		Hopkinsville		KY			50	%			93,000				70,300				4,900				17,800			Kmart		Cato Fashions			80.9	%
109		Owensboro		KY			50	%			68,300				68,300				0				0			Kmart		n/a			100.0	%
110		Paducah		KY			50	%			108,200				108,200				0				0			Sears		n/a			100.0	%
111		Houma		LA			50	%			101,400				96,700				4,700				0			Kmart		Meineke Car Care			100.0	%
112		Lafayette		LA			50	%			194,900				194,900				0				0			Sears		n/a			100.0	%
113		New Iberia		LA			50	%			91,700				91,700				0				0			Kmart		n/a			100.0	%
114		Braintree (4)		MA			100	%			113,500				65,900				47,600				0			Kmart		Nordstrom Rack			100.0	%
115		Saugus		MA			50	%			210,500				204,900				5,600				0			Sears		Lands’ End			100.0	%
116		Bowie		MD			50	%			131,500				131,500				0				0			Sears		n/a			100.0	%
117		Cockeysville		MD			50	%			165,900				149,700				16,200				0			Sears		Lands’ End			100.0	%
118		Edgewater		MD			50	%			117,200				117,200				0				0			Kmart		n/a			100.0	%
119		Hagerstown		MD			50	%			122,700				122,700				0				0			Sears		n/a			100.0	%
120		Madawaska		ME			50	%			49,700				49,700				0				0			Kmart		n/a			100.0	%
121		Alpena		MI			50	%			118,200				118,200				0				0			Kmart		n/a			100.0	%
122		Jackson		MI			50	%			152,700				144,200				8,500				0			Sears		Panera Bread, Pizza Hut			100.0	%
123		Lincoln Park		MI			50	%			301,700				297,900				3,800				0			Sears		Bank of America			100.0	%
124		Manistee		MI			50	%			94,600				87,800				6,800				0			Kmart		Hometown Dealer			100.0	%
125		Roseville		MI			50	%			385,400				367,400				18,000				0			Sears		Lands’ End, Red Robin			100.0	%
126		Sault Ste. Marie		MI			50	%			92,700				92,700				0				0			Kmart		n/a			100.0	%
127		St. Clair Shores		MI			100	%			122,200				118,000				4,200				0			Kmart		n/a			100.0	%
128		Troy		MI			50	%			402,600				380,900				21,700				0			Sears		Krispy Kreme, Lands’ End, Logan’s Roadhouse			100.0	%
129		Ypsilanti		MI			n/a				99,400				0				99,400				0			n/a		At Home			100.0	%
130		Burnsville		MN			50	%			167,400				161,700				5,700				0			Sears		Lands’ End			100.0	%
131		Detroit Lakes		MN			50	%			87,100				79,100				8,000				0			Kmart		Hometown Dealer			100.0	%
132		Maplewood		MN			50	%			174,900				168,500				6,400				0			Sears		Lands’ End			100.0	%
133		St. Paul		MN			100	%			217,900				216,300				1,600				0			Sears		n/a			100.0	%
134		Cape Girardeau		MO			50	%			82,600				82,600				0				0			Kmart		n/a			100.0	%
135		Florissant		MO			50	%			119,000				114,700				4,300				0			Kmart		n/a			100.0	%
136		Jefferson City		MO			50	%			97,100				92,000				5,100				0			Kmart		Ruby Tuesday			100.0	%

---

Wholly Owned Properties
										GLA (3)
		City		State		Recapture Rights (1)(2)				Total				Sears Holdings				Third Parties				Vacant				Sears or Kmart		Significant Third-party Tenants (3)		% Leased
137		Springfield		MO			n/a				112,900				0				112,900				0			n/a		At Home			100.0	%
138		Columbus		MS			50	%			166,700				117,100				2,800				46,800			Kmart		Enterprise Leasing Company			71.9	%
139		Havre		MT			50	%			94,700				94,700				0				0			Kmart		n/a			100.0	%
140		Asheville		NC			50	%			240,700				232,400				8,300				0			Sears		Lands’ End			100.0	%
141		Concord		NC			50	%			171,300				137,500				33,800				0			Kmart		Sears Outlet			100.0	%
142		Greensboro		NC			n/a				173,300				0				171,600				1,700			n/a		Floor & Décor, Gabriel Brothers, Sears Outlet			99.0	%
143		Minot		ND			50	%			110,400				108,100				2,300				0			Kmart		US Bank			100.0	%
144		Kearney		NE			50	%			86,500				86,500				0				0			Kmart		n/a			100.0	%
145		Manchester		NH			50	%			144,100				135,100				9,000				0			Sears		Lands’ End			100.0	%
146		Nashua		NH			50	%			167,100				159,500				7,600				0			Sears		Lands’ End			100.0	%
147		Portsmouth		NH			50	%			127,000				120,100				6,900				0			Sears		Lands’ End			100.0	%
148		Salem		NH			50	%			206,500				119,000				87,500				0			Sears		Dick’s Sporting Goods, Lands’ End			100.0	%
149		Middletown		NJ			100	%			191,200				176,100				15,100				0			Sears		Investors Bank, Lands’ End, Wendy’s			100.0	%
150		Watchung		NJ			100	%			262,900				253,900				9,000				0			Sears		Lands’ End			100.0	%
151		Wayne		NJ			50	%			327,400				317,700				9,700				0			Sears		Lands’ End			100.0	%
152		Deming		NM			50	%			96,600				96,600				0				0			Kmart		n/a			100.0	%
153		Farmington		NM			50	%			90,700				90,700				0				0			Kmart		n/a			100.0	%
154		Hobbs		NM			50	%			88,900				88,900				0				0			Kmart		n/a			100.0	%
155		Henderson		NV			50	%			143,900				122,800				21,100				0			Kmart		Sears Outlet			100.0	%
156		Las Vegas		NV			50	%			150,200				150,200				0				0			Sears		n/a			100.0	%
157		Reno		NV			50	%			198,800				198,800				0				0			Sears		n/a			100.0	%
158		Albany		NY			50	%			305,700				264,300				41,400				0			Sears		Lands’ End, Whole Foods			100.0	%
159		Clay		NY			50	%			146,500				138,000				8,500				0			Sears		Lands’ End			100.0	%
160		East Northport		NY			50	%			195,400				187,000				8,400				0			Sears		Lands’ End			100.0	%
161		Hicksville		NY			100	%			362,600				332,100				30,500				0			Sears		Chase Bank, Chipotle Mexican Grill, Citigroup, Lands’ End, Red Lobster, TD Bank			100.0	%
162		Johnson City		NY			50	%			155,100				155,100				0				0			Sears		n/a			100.0	%
163		Olean		NY			50	%			118,000				118,000				0				0			Kmart		n/a			100.0	%
164		Rochester		NY			50	%			128,500				128,500				0				0			Sears		n/a			100.0	%
165		Sidney		NY			50	%			94,400				94,400				0				0			Kmart		n/a			100.0	%
166		Victor		NY			50	%			123,000				115,300				7,700				0			Sears		Lands’ End			100.0	%
167		Yorktown Heights		NY			50	%			160,000				153,700				6,300				0			Sears		Lands’ End			100.0	%
168		Canton		OH			50	%			219,400				210,400				9,000				0			Sears		Lands’ End			100.0	%
169		Chapel Hill		OH			50	%			196,300				187,200				9,100				0			Sears		Lands’ End			100.0	%

---

Wholly Owned Properties
										GLA (3)
		City		State		Recapture Rights (1)(2)				Total				Sears Holdings				Third Parties				Vacant				Sears or Kmart		Significant Third-party Tenants (3)		% Leased
170		Dayton		OH			50	%			192,500				183,500				9,000				0			Sears		Lands’ End			100.0	%
171		Kenton		OH			50	%			96,100				96,100				0				0			Kmart		n/a			100.0	%
172		Marietta		OH			50	%			87,500				87,500				0				0			Kmart		n/a			100.0	%
173		Mentor		OH			50	%			219,100				208,700				10,400				0			Sears		Lands’ End			100.0	%
174		Middleburg Heights		OH			50	%			359,000				351,600				7,400				0			Sears		Lands’ End			100.0	%
175		North Canton		OH			50	%			87,100				84,200				2,900				0			Kmart		Burger King			100.0	%
176		Tallmadge		OH			50	%			84,200				84,200				0				0			Kmart		n/a			100.0	%
177		Toledo		OH			50	%			218,700				209,900				8,800				0			Sears		Lands’ End			100.0	%
178		Muskogee		OK			50	%			87,500				87,500				0				0			Kmart		n/a			100.0	%
179		Oklahoma City		OK			50	%			173,700				173,700				0				0			Sears		n/a			100.0	%
180		Tulsa		OK			n/a				87,200				0				87,200				0			n/a		Long John Silver’s, Hobby Lobby			100.0	%
181		Happy Valley		OR			50	%			144,300				137,900				6,400				0			Sears		Lands’ End			100.0	%
182		The Dalles		OR			50	%			87,100				87,100				0				0			Kmart		n/a			100.0	%
183		Carlisle		PA			50	%			117,800				117,800				0				0			Kmart		n/a			100.0	%
184		Columbia		PA			50	%			86,700				86,700				0				0			Kmart		n/a			100.0	%
185		King Of Prussia (5)		PA			n/a				210,800				0				205,800				5,000			n/a		Dick’s Sporting Goods, Primark, Outback Steakhouse, Yard House			97.6	%
186		Lebanon		PA			50	%			117,200				117,200				0				0			Kmart		n/a			100.0	%
187		Mount Pleasant		PA			50	%			83,500				83,500				0				0			Kmart		n/a			100.0	%
188		Walnutport		PA			50	%			121,200				121,200				0				0			Kmart		n/a			100.0	%
189		York		PA			50	%			82,000				82,000				0				0			Kmart		n/a			100.0	%
190		Bayamon		PR			50	%			115,200				114,600				600				0			Kmart		n/a			100.0	%
191		Caguas		PR			50	%			138,700				138,700				0				0			Sears		n/a			100.0	%
192		Carolina		PR			50	%			198,000				198,000				0				0			Sears		n/a			100.0	%
193		Guaynabo		PR			50	%			217,300				115,700				89,500				12,100			Kmart		Baskin Robbins, Firstbank, Gamestop, McDonald’s, Ocean Garden Buffet, Payless ShoeSource, Rent-a-Center, Sally Beauty Supply, T-Mobile			94.4	%
194		Mayaguez		PR			50	%			118,200				118,200				0				0			Kmart		n/a			100.0	%
195		Ponce		PR			50	%			126,900				126,900				0				0			Kmart		n/a			100.0	%
196		Warwick		RI			50	%			246,000				216,900				29,100				0			Sears		Chuck E Cheese, Lands’ End, On The Border, Wendy’s			100.0	%
197		Anderson		SC			50	%			118,700				118,700				0				0			Kmart		n/a			100.0	%
198		Charleston		SC			50	%			138,800				132,000				6,800				0			Sears		Carrabba’s Italian Grill			100.0	%
199		Rock Hill		SC			50	%			89,300				89,300				0				0			Kmart		n/a			100.0	%
200		Sioux Falls		SD			50	%			72,500				72,500				0				0			Kmart		n/a			100.0	%
201		Cordova		TN			50	%			160,900				156,100				4,800				0			Sears		Lands’ End			100.0	%
202		Memphis (4)		TN			100	%			202,400				158,500				43,900				0			Sears		Lands’ End, Nordstrom Rack			100.0	%

---

Wholly Owned Properties
										GLA (3)
		City		State		Recapture Rights (1)(2)				Total				Sears Holdings				Third Parties				Vacant				Sears or Kmart		Significant Third-party Tenants (3)		% Leased
203		Austin		TX			50	%			172,000				172,000				0				0			Sears		n/a			100.0	%
204		Dallas		TX			50	%			205,300				205,300				0				0			Sears		n/a			100.0	%
205		El Paso		TX			50	%			112,100				103,700				8,400				0			Kmart		n/a			100.0	%
206		Friendswood		TX			50	%			166,000				166,000				0				0			Sears		n/a			100.0	%
207		Harlingen		TX			50	%			91,700				91,700				0				0			Kmart		n/a			100.0	%
208		Houston		TX			50	%			218,600				209,500				9,100				0			Sears		Lands’ End, Torchy’s Tacos			100.0	%
209		Houston		TX			n/a				134,000				0				134,000				0			n/a		At Home			100.0	%
210		Ingram		TX			50	%			168,400				168,400				0				0			Sears		n/a			100.0	%
211		Irving		TX			50	%			170,900				79,500				91,400				0			Sears		Pollo Tropical, Taco Cabana, Winco			100.0	%
212		San Antonio (6)		TX			50	%			221,900				210,500				11,400				0			Sears		Long Horn Steakhouse, Orvis			100.0	%
213		Shepherd		TX			50	%			201,700				201,700				0				0			Sears		n/a			100.0	%
214		Valley View		TX			100	%			235,000				229,200				5,800				0			Sears		Jared Galleria of Jewelry			100.0	%
215		Westwood		TX			50	%			215,000				215,000				0				0			Sears		n/a			100.0	%
216		Layton		UT			50	%			166,800				90,000				11,000				65,800			Kmart		Arby’s			60.6	%
217		West Jordan		UT			50	%			205,400				201,100				4,300				0			Sears		Lands’ End			100.0	%
218		Alexandria		VA			50	%			262,100				252,500				9,600				0			Sears		Lands’ End			100.0	%
219		Chesapeake		VA			50	%			169,400				169,400				0				0			Sears		n/a			100.0	%
220		Fairfax		VA			50	%			225,800				214,100				11,700				0			Sears		Lands’ End			100.0	%
221		Hampton		VA			50	%			245,000				245,000				0				0			Sears		n/a			100.0	%
222		Virginia Beach		VA			50	%			200,400				86,900				113,500				0			Sears		BB&T, DSW, The Fresh Market, Nordstrom Rack, REI			100.0	%
223		Warrenton		VA			50	%			121,000				113,900				7,100				0			Sears		Lands’ End			100.0	%
224		Redmond		WA			50	%			274,900				255,900				19,000				0			Sears		Lands’ End, Red Robin, Sprint			100.0	%
225		Vancouver		WA			50	%			129,700				124,900				4,800				0			Sears		Lands’ End			100.0	%
226		Yakima		WA			50	%			117,300				97,300				0				20,000			Kmart		Vacant			82.9	%
227		Greendale		WI			50	%			238,400				238,400				0				0			Sears		n/a			100.0	%
228		Madison		WI			50	%			138,300				130,200				8,100				0			Sears		Lands’ End			100.0	%
229		Platteville		WI			50	%			94,800				94,800				0				0			Kmart		n/a			100.0	%
230		Charleston		WV			50	%			105,600				105,600				0				0			Kmart		n/a			100.0	%
231		Elkins		WV			50	%			99,600				94,900				0				4,700			Kmart		Vacant			95.3	%
232		Scott Depot		WV			50	%			89,800				89,800				0				0			Kmart		n/a			100.0	%
233		Casper		WY			50	%			91,400				91,300				100				0			Kmart		n/a			100.0	%
234		Gillette		WY			50	%			94,600				94,600				0				0			Kmart		n/a			100.0	%
235		Riverton		WY			50	%			94,800				94,800				0				0			Kmart		n/a			100.0	%
		Total - Wholly Owned Properties									37,018,600				33,416,200				3,383,100				219,300								99.4	%

 

(1)

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. These properties were referred to as “Type II” properties in the Company’s Form S-11 dated June 8, 2015.

---

(2)	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. These properties were referred to as “Type I” properties in the Company’s Form S-11 dated June 8, 2015.

(3)	Based on signed leases as of December 31, 2015, including SNO leases.

(4)	The Company exercised its recapture rights for this property during the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015.

(5)	Property is subject to a ground lease.

(6)	The Company submitted a recapture notice for this property subsequent to December 31, 2015.

 

JV Properties
										GLA (2)
		City		State		Recapture Rights (1)				Total				Sears Holdings				Third Parties				Vacant				Sears or Kmart		Third-party Tenants (2)		% Leased
1		Chandler		AZ			50	%			141,600				141,600				0				0			Sears		n/a			100.0	%
2		Glendale		AZ			50	%			125,000				125,000				0				0			Sears		n/a			100.0	%
3		Bakersfield (3)		CA			50	%			204,200				204,200				0				0			Sears		n/a			100.0	%
4		Brea		CA			50	%			168,200				163,800				4,400				0			Sears		Lands’ End			100.0	%
5		Cerritos		CA			50	%			277,600				277,600				0				0			Sears		n/a			100.0	%
6		Modesto		CA			50	%			148,600				148,600				0				0			Sears		n/a			100.0	%
7		Santa Rosa		CA			50	%			165,400				161,600				3,800				0			Sears		Lands’ End			100.0	%
8		Danbury		CT			50	%			178,400				108,400				70,000				0			Sears		Primark			100.0	%
9		Pembroke Pines (3)(4)		FL			50	%			144,200				144,200				0				0			Sears		n/a			100.0	%
10		Oak Brook		IL			50	%			314,000				219,600				94,400				0			Sears		Lands’ End, Pinstripes, Williams-Sonoma			100.0	%
11		Burlington		MA			50	%			271,200				184,800				86,400				0			Sears		Lands’ End, Primark			100.0	%
12		Natick (4)		MA			50	%			190,600				176,200				14,400				0			Sears		Lands’ End			100.0	%
13		Columbia		MD			50	%			149,000				142,000				7,000				0			Sears		Lands’ End			100.0	%
14		Ann Arbor		MI			50	%			170,600				156,400				14,200				0			Sears		Lands’ End			100.0	%
15		Minnetonka		MN			50	%			205,000				199,200				5,800				0			Sears		Lands’ End			100.0	%
16		Deptford		NJ			50	%			191,800				183,800				8,000				0			Sears		Lands’ End			100.0	%
17		Freehold		NJ			50	%			139,400				72,200				67,200				0			Sears		Primark			100.0	%
18		Paramus		NJ			50	%			192,400				177,200				15,200				0			Sears		Lands’ End			100.0	%
19		Toms River		NJ			50	%			109,200				109,200				0				0			Sears		n/a			100.0	%
20		Albuquerque (5)		NM			50	%			166,600				157,600				9,000				0			Sears		n/a			100.0	%
21		Nanuet		NY			50	%			221,400				213,800				7,600				0			Sears		Lands’ End			100.0	%
22		Staten Island (5)		NY			50	%			188,800				82,800				106,000				0			Sears		Lands’ End, Primark			100.0	%
23		Norman (4)		OK			50	%			66,800				66,800				0				0			Sears		n/a			100.0	%
24		Tulsa		OK			50	%			150,200				150,200				0				0			Sears		n/a			100.0	%
25		Portland		OR			50	%			220,000				205,800				14,200				0			Sears		Lands’ End			100.0	%
26		Pittsburgh		PA			50	%			176,600				159,600				17,000				0			Sears		Lands’ End			100.0	%
27		Austin		TX			50	%			164,600				164,600				0				0			Sears		n/a			100.0	%
28		Frisco		TX			50	%			163,000				163,000				0				0			Sears		n/a			100.0	%
29		Lubbock		TX			50	%			150,600				150,600				0				0			Sears		n/a			100.0	%
30		Midland		TX			50	%			116,600				116,600				0				0			Sears		n/a			100.0	%
31		Lynnwood		WA			50	%			177,600				170,600				7,000				0			Sears		Lands’ End			100.0	%
		Total - JV Properties									5,449,200				4,897,600				551,600				0								100.0	%

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(1)   Properties with 50% recapture rights are subject to the JV’s right to recapture approximately 50% of the space within a store (subject to certain exceptions). In addition, the JV 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, including SNO leases. (3)   The JV submitted a recapture notice for this property subsequent to December 31, 2015. (4)   Property is subject to a lease or ground lease agreement. (5)   The JV submitted a recapture notice for this property during the period from July 7, 2015 (Date Operations Commenced) through December 31, 2015.
266		Grand Total - All Properties							42,467,800				38,313,800				3,934,700				219,300								99.5	%
266		Grand Total - All Properties (at share)							39,743,200				35,865,000				3,658,900				219,300								99.4	%

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PART IV

 

ITEM 15.

EXHIBITS AND FINANCIAL STATEMENT SCHEDULE

 

(b)

Exhibits.

 

Exhibit No.		Description
31.1		Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

								SERITAGE GROWTH PROPERTIES
Dated:		March 23, 2016						/s/ Benjamin Schall