Revenue has plummeted to $2.0 million in 2026Q1, while the NOI margin has deteriorated to -27.2% due to the high carrying costs of vacant retail properties.
| Revenue | 15.6M | 18.2M | 17.62M | 20.78M | 107.06M | 116.68M | 116.5M | 168.63M | 214.75M | 241.02M | 248.67M | 113.18M |
| Revenue Growth % | -4.84% | 3.3% | -15.19% | -80.59% | -8.25% | 0.16% | -30.92% | -21.48% | -10.9% | -3.08% | 119.71% | - |
| Property Operating Expenses | 15.12M | 16.44M | 20.27M | 27.41M | 65.72M | 80.26M | 77.93M | 80.72M | 71.15M | 65.35M | 65.19M | 94.2M |
| Net Operating Income (NOI) | 483K | 1.76M | -2.65M | -6.63M | 41.34M | 36.42M | 38.56M | 87.92M | 143.6M | 175.66M | 183.48M | 18.98M |
| NOI Margin % | 3.1% | 9.7% | -15.05% | -31.91% | 38.61% | 31.21% | 33.1% | 52.13% | 66.87% | 72.88% | 73.78% | 16.77% |
| Operating Expenses | 23.32M | 38.23M | 43.14M | 60.46M | 88.75M | 93.15M | 124.85M | 143.74M | 261.72M | 290.23M | 194.86M | 9.96M |
| G&A Expenses | 21.15M | 31.95M | 30.02M | 45.99M | 47.63M | 41.95M | 28.85M | 39.16M | 34.79M | 27.9M | 17.47M | 19.91M |
| EBITDA | -18.16M | -30.03M | -32.48M | -52.44M | -6.08M | -5.35M | 9.71M | 48.76M | 214.58M | 241.52M | 230.85M | 74.54M |
| EBITDA Margin % | -116.37% | -164.97% | -184.34% | -252.38% | -5.68% | -4.59% | 8.34% | 28.91% | 99.92% | 100.21% | 92.83% | 65.86% |
| Depreciation & Amortization | 4.67M | 6.43M | 13.31M | 14.65M | 41.34M | 51.38M | 96M | 104.58M | 332.69M | 356.08M | 261.3M | 65.52M |
| D&A / Revenue % | 29.95% | 35.35% | 75.51% | 70.49% | 38.61% | 44.03% | 82.4% | 62.02% | 154.92% | 147.74% | 105.08% | 57.89% |
| Operating Income | -22.83M | -36.47M | -45.79M | -67.09M | -47.41M | -56.73M | -86.28M | -55.82M | -118.12M | -114.57M | -30.45M | 9.02M |
| Operating Margin % | -146.32% | -200.32% | -259.85% | -322.87% | -44.29% | -48.62% | -74.07% | -33.1% | -55% | -47.53% | -12.24% | 7.97% |
| Interest Expense | 3.2M | 20.27M | 24.97M | 44.57M | 86.73M | 107.97M | 91.32M | 94.52M | 90.02M | 70.11M | 63.59M | 60.65M |
| Interest Coverage | - | -2.36x | -5.08x | -2.47x | -0.38x | 0.64x | -0.67x | 0.04x | -0.27x | -0.72x | -0.42x | -0.35x |
| Non-Operating Income | 24.05M | 11.48M | 81.19M | 43.21M | -14.51M | -125.91M | -24.89M | -59.93M | -93.58M | -64.14M | -3.53M | 30.46M |
| Pretax Income | -76.14M | -68.22M | -151.95M | -154.87M | -119.63M | -38.79M | -152.71M | -90.41M | -114.56M | -120.54M | -90.5M | -37.86M |
| Pretax Margin % | -487.95% | -374.73% | -862.29% | -745.33% | -111.75% | -33.24% | -131.09% | -53.61% | -53.34% | -50.01% | -36.39% | -33.45% |
| Income Tax | 1.42M | 0 | 1.58M | 38K | 466K | 196K | 252K | 196K | 321K | 271K | 505K | 944K |
| Effective Tax Rate % | -1.86% | 0% | -1.04% | -0.02% | -0.39% | -0.51% | -0.17% | -0.22% | -0.28% | -0.22% | -0.56% | -2.49% |
| Net Income | -77.56M | -68.22M | -153.54M | -154.91M | -73.94M | -28.15M | -105.03M | -59.4M | -73.47M | -73.75M | -51.56M | -22.34M |
| Net Margin % | -497.02% | -374.73% | -871.27% | -745.52% | -69.07% | -24.12% | -90.15% | -35.22% | -34.21% | -30.6% | -20.73% | -19.74% |
| Net Income Growth % | 50.52% | 55.57% | 0.89% | -109.49% | -162.69% | 73.2% | -76.82% | 19.16% | 0.38% | -43.05% | -130.81% | - |
| Funds From Operations (FFO) | -72.88M | -61.78M | -140.23M | -140.26M | -32.61M | 23.23M | -9.03M | 45.18M | 259.22M | 282.33M | 209.74M | 43.18M |
| FFO Margin % | -467.07% | -339.38% | -795.76% | -675.03% | -30.46% | 19.91% | -7.75% | 26.79% | 120.71% | 117.14% | 84.34% | 38.15% |
| FFO Growth % | 106.85% | 55.94% | 0.03% | -330.15% | -240.39% | 357.24% | -119.98% | -82.57% | -8.19% | 34.61% | 385.73% | - |
| FFO per Share | -1.29 | -1.10 | -2.49 | -2.50 | -0.66 | 0.55 | -0.24 | 1.24 | 7.29 | 8.35 | 6.68 | 1.38 |
| FFO Payout Ratio % | -1.68% | 0% | -3.49% | -3.49% | 0% | 21.1% | 0% | 39.76% | 13.76% | 12.13% | 18.76% | 0% |
| EPS (Diluted) | -1.38 | -1.30 | -2.82 | -2.85 | -2.42 | -0.92 | -3.99 | -2.49 | -2.07 | -2.18 | -1.64 | -0.71 |
| EPS Growth % | 49.48% | 53.9% | 1.05% | -17.77% | -163.04% | 76.94% | -60.24% | -20.29% | 5.05% | -32.93% | -130.99% | - |
| EPS (Basic) | - | -1.30 | -2.82 | -2.84 | -2.42 | -0.92 | -3.99 | -2.49 | -2.07 | -2.18 | -1.64 | -0.71 |
| Diluted Shares Outstanding | 56.32M | 56.31M | 56.26M | 56.15M | 49.73M | 42.39M | 38.3M | 36.41M | 35.56M | 33.8M | 31.42M | 31.39M |
Liquidation timeline execution risk
As reported in recent financial filings, the company's revenue has plummeted to $2.0 million in 2026Q1, representing a 56.5% year-over-year decline that underscores the rapid contraction of the remaining lease portfolio as the entity shifts toward a full-scale asset disposition and liquidation strategy.
The consistent decline in top-line figures suggests that the company is no longer operating as a traditional retail landlord, but rather as a shrinking pool of assets. Investors should monitor whether the pace of revenue loss outstrips the company's ability to monetize land parcels, as this would further compress the net asset value available to shareholders.
Based on the company's 2026Q1 data, the NOI margin has deteriorated to -27.2%, indicating that the costs associated with maintaining vacant retail boxes now significantly exceed the rental income generated by the remaining tenant base, a trend that warrants close scrutiny by prospective investors.
The shift from positive NOI in early 2025 to negative territory suggests that the fixed costs of property ownership, such as taxes and insurance, are becoming an increasingly heavy burden. This negative margin profile implies that the portfolio is effectively bleeding cash while awaiting final disposition, rather than contributing to operational stability.
According to the latest quarterly reports, FFO per share has remained deeply negative at -$0.55 in 2026Q1, reflecting a persistent inability to cover corporate overhead and property-level expenses through recurring rental income, which confirms the company's transition away from an earnings-based valuation model.
The volatility in FFO figures, which saw a significant dip to -$1.78 per share in 2024Q2, suggests that the company's bottom line is heavily influenced by non-recurring items and the costs of winding down operations. Analysts should treat these FFO metrics as secondary to the underlying liquidation value of the real estate assets.
As evidenced by the transition to a formal Plan of Sale and Liquidation, the company has reached a critical inflection point where historical operating metrics like FFO are largely irrelevant compared to the realized proceeds from the ongoing disposition of its 30.4 million square foot portfolio.
This strategic pivot suggests that management is prioritizing the return of capital over the maintenance of a going-concern business model. Investors should monitor the timing of these asset sales, as the current high-interest-rate environment may pressure exit cap rates and reduce the ultimate recovery value for common equity holders.
Quick answers to the most common questions about buying SRG stock.
For fiscal year 2025, Seritage Growth Properties (SRG) reported total revenue of $18.2M. This represents a 83.9% decline compared to $113.2M in 2015.
Seritage Growth Properties (SRG) reported a net loss of $68.2M for the fiscal year ending 2025.
Seritage Growth Properties (SRG) reported an operating income of $-36.5M, resulting in an operating profit margin of -200.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Seritage Growth Properties (SRG) generated $1.8M in gross profit for the year, representing a gross profit margin of 9.7%. This demonstrates the company's core pricing power and production efficiency.