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SERITAGE GROWTH PROPERTIES Exhibit 99.1 Seritage Growth Properties Reports Second Quarter 2021 Operating Results New York , NY - August 9 , 2021 - Seritage Growth Properties ( NYSE : SRG ) ( the " Company " ) , a national owner of 172 retail and mixed - use properties totaling approximately 24.9 million square feet of gross leasable area ( " GLA " ) , today reported financial and operating results for the three and six months ended June 30 , 2021 . " During the second quarter of 2021 , we were keenly focused on activating our office / life sciences and residential portfolios by advancing entitlements and joint venture partnership discussions for these sites . We are currently negotiating over 300,000 square feet of new leases , over one - third of which are for uses other than retail such as office . In our grocery - anchored , multi - tenant retail and single tenant / outparcel portfolios , we are working to stabilize the assets that were paused during the pandemic and are looking to opportunistically monetize those assets we believe do not fit into the future vision for the portfolio while reinvesting the proceeds in an accretive manner . " said Andrea Olshan , Chief Executive Officer and President . " For the remainder of 2021 , we have several milestones ahead of us including opening our first multifamily project and our first phase of a large - scale mixed - use project both in the fourth quarter , as well as continuing to advance our office / life sciences and residential portfolios . " Financial Highlights : For the three months ended June 30 , 2021 : • Net loss attributable to common shareholders of $ 74.1 million , or $ 1.73 per share Total Net Operating Income ( " Total NOI " ) of $ 7.6 million Funds from Operations ( " FFO " ) of ( $ 33.9 ) million , or ( $ 0.61 ) per share As of June 30 , 2021 , the Company had cash on hand of $ 147.2 million , including $ 7.2 million of restricted cash For the six months ended June 30 , 2021 : Net loss attributable to common shareholders of $ 83.0 million , or $ 2.02 per share • Total NOI of $ 17.0 million • FFO of ( $ 52.7 ) million , or ( $ 0.94 ) per share Business Highlights Generated $ 127.6 million of gross proceeds through disposition activity year to date , including $ 77.2 million during the three months ended June 30 , 2021 and $ 3.5 million subsequent to the end of the second quarter ; Have asset sales under contract for anticipated gross proceeds of $ 90.6 million , subject to buyer diligence and closing conditions ; Invested $ 44.9 million in the Company's consolidated development and operating properties and an additional $ 21.3 million into the Company's unconsolidated joint ventures during the first six months of 2021 , including $ 18.1 million and $ 11.4 million , respectively during the three months ended June 30 , 2021. The Company currently has 30 projects active with remaining spend of approximately $ 250.0 million to be invested over the next 24 months which is expected to bring on $ 40.0 to $ 45.0 million in net operating income ; Signed six leases covering 26,733 square feet in the second quarter at an average projected annual rent of $ 28.89 PSF ; Subsequent to quarter end , the Company signed a new office lease totaling 53,000 square feet at an average base rent of $ 11.67 PSF . Additionally , the Company generated a leasing pipeline of over 300,000 square feet with approximately one - third for non - retail tenants and the remainder primarily comprised of grocery - anchors , big box value retailers , and a variety of outparcel leases with national tenants ; and 1