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SERITAGE GROWTH PROPERTIES Exhibit 99.1 Seritage Growth Properties Reports Third Quarter 2021 Operating Results New York - November 2 , 2021- Seritage Growth Properties ( NYSE : SRG ) ( the “ Company ” ) , a national owner and developer of 170 retail , residential and mixed- use properties today reported financial and operating results for the three and nine months ended September 30 , 2021 . " In the third quarter of 2021 , we continued the repositioning of our portfolio into three main business lines : residential developments , both in conjunction with best - in - class partners or led by our in - house team ; premier mixed - use assets , including large - scale master planned projects ; and multi - tenant retail destinations such as grocery - anchored shopping centers and NNN outparcels , " said Andrea Olshan , Chief Executive Officer and President . " We are particularly excited about our residential opportunities , where we have accelerated the development of roughly 420 acres across 30 sites utilizing our integrated platform . Our team is hard at work advancing our site diligence and rigorously pursuing all necessary entitlements . This in house effort is dual tracked with our residential joint venture developments , and we are excited to be opening the first of these projects in the fourth quarter of this year . " " As we focus on executing our development and leasing plans , we will continue to evaluate all facets of our company to ensure Seritage is optimally positioned to drive maximum value creation for our shareholders , " Ms. Olshan continued . " As part of this evaluation process , we are engaged in conversations with both our current and potential future lenders as to how to best capitalize our portfolio going forward . " Financial Highlights : During the third quarter , the Company reported : • Net loss attributable to common shareholders of ( $ 21.8 ) million , or ( $ 0.50 ) per share • Total Net Operating Income ( " Total NOI " ) of $ 8.1 million • Funds from Operations ( " FFO " ) of ( $ 27.7 ) million , or ( $ 0.49 ) per share • As of September 30 , 2021 , the Company had cash on hand of $ 160.5 million , including $ 7.2 million of restricted cash For the nine months ended September 30 , 2021 : • Net loss attributable to common shareholders of ( $ 104.8 ) million , or ( $ 2.50 ) per share • Total NOI of $ 25.1 million • FFO of ( $ 80.4 ) million , or ( $ 1.44 ) per share Business Highlights • Generated $ 76.8 million of gross proceeds through disposition activity during the three months ended September 30 , 2021 for total gross proceeds of $ 201.0 million year to date . The Company has additional asset sales under contract for anticipated gross proceeds of $ 224.4 million , subject to buyer diligence and closing conditions ; Closed on joint venture partnerships for the residential redevelopment of two properties located in West Covina , Calif . and Riverside , Calif . The Company contributed only the portion of the site slated for residential , or 66 % of the acreage , to the joint venture at a value of $ 15.9 million ( in aggregate ) , representing $ 21,300 per unit , and retained an 80 % interest in each entity ; • Signed four leases covering 101 thousand square feet in the third quarter at an average projected annual rent of $ 13.86 PSF ; and , • Subsequent to quarter end , the Company signed new leases totaling 49 thousand square feet at a base rent of $ 18.42 PSF ( 47 thousand square feet at $ 17.57 at share ) . Additionally , the Company generated a leasing pipeline of over 350 thousand square feet ( approximately 300 thousand square feet at share ) , of which approximately 120 thousand square feet are office tenants ( approximately 60 thousand square feet at share ) , with the remainder primarily big box value retailers and other national tenants . 1