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SERITAGE GROWTH PROPERTIES Exhibit 99.1 Seritage Growth Properties Reports First Quarter 2021 Operating Results New York , NY - April 29 , 2021 - Seritage Growth Properties ( NYSE : SRG ) ( the " Company " ) , a national owner of 179 retail and mixed - use properties totaling approximately 26.0 million square feet of gross leasable area ( " GLA " ) , today reported financial and operating results for the three months ended March 31 , 2021 . " This quarter marks the beginning of a new chapter at Seritage . After our asset - by - asset review , we've taken an important step towards this goal by restructuring our team to better align our human capital and processes . Now we have turned our attention to executing on our asset plans in a thoughtful manner that will preserve our flexible capital structure and maximize our value creation opportunities . We expect to share further detail on these plans once finalized . " said Andrea Olshan , Chief Executive Officer and President . Financial Highlights : For the three months ended March 31 , 2021 : • Net loss attributable to common shareholders of $ 8.9 million , or $ 0.23 per share • • • Total Net Operating Income ( " Total NOI " ) of $ 9.4 million Funds from Operations ( " FFO " ) of ( $ 18.7 ) million , or ( $ 0.34 ) per share As of March 31 , 2021 , the Company had cash on hand of $ 144.5 million , including $ 6.5 million of restricted cash As of March 31 , 2021 , collected 97 % of its billed rent and other recoverable expenses for the first quarter and agreed to defer an additional 2 % Business Highlights Generated $ 63.2 million of gross proceeds through monetization activity year to date , including $ 46.9 million during the three months ended March 31 , 2021 and $ 16.3 million subsequent to the end of the first quarter ; Had asset sales under contract for anticipated gross proceeds of $ 90.2 million , subject to buyer diligence and closing conditions ; Invested $ 26.8 million in our consolidated development and operating properties and an additional $ 9.9 million into our unconsolidated joint ventures ; and Signed 5 leases during the three months ended March 31 , 2021 for 44,000 square feet at an average projected annual rent per square foot of $ 33.59 . Corporate In February , the Company announced that it had appointed Andrea Olshan as Chief Executive Officer and President of the Company and to the Company's Board of Trustees , which became effective on March 16 , 2021. In April , following an initial asset - by - asset analysis led by Ms. Olshan , the Company announced that it would reorganize its operations . As part of this reorganization , the Company appointed Mary Rottler as Chief Operating Officer ; Andrew Galvin as Chief Investment Officer ; Eric Dinenberg as Executive Vice President of Development ; and Edouard Cuilhé as Chief Accounting Officer . The Company also took additional steps to restructure and realign its personnel throughout the organization . The Company plans to continue its portfolio analysis and finalize plans to optimize the value of its individual property assets through additional leasing to retail tenants , densification of sites , modifications and repurposing for other uses , large - scale redevelopments , partnerships and dispositions . Further details of these portfolio plans will be shared once finalized . 1