As of September 30, 2024, Seritage Growth Properties reported total assets of $355.0 million, a significant decrease from $546.3 million at the end of 2023. This decline was primarily driven by a reduction in real estate investments, which fell from $546.3 million to $355.0 million. Cash and cash equivalents also decreased to $85.6 million from $134.0 million during the same period. Total liabilities included a term loan facility of $280.0 million, down from $360.0 million, while total shareholders' equity decreased to $417.5 million from $562.0 million.
In terms of revenue, Seritage reported rental income of $2.9 million for Q3 2024, down from $4.5 million in Q3 2023. For the nine months ended September 30, 2024, rental income increased to $12.8 million from $10.5 million in the prior year. Total revenue for Q3 2024 was $3.3 million, compared to $5.0 million in Q3 2023, while total revenue for the nine months rose to $13.2 million from $11.6 million. However, total expenses for Q3 2024 increased to $22.5 million from $16.7 million in Q3 2023, leading to a net loss of $22.0 million for Q3 2024, compared to a loss of $0.9 million in Q3 2023. The net loss for the nine months ended September 30, 2024, was $142.2 million, an improvement from a loss of $158.6 million in the same period of 2023.
The company recorded a gain on the sale of real estate of $4.2 million in Q3 2024, down from $18.5 million in Q3 2023. For the nine months, the gain was $7.4 million, significantly lower than $64.4 million in the previous year. Impairment charges for real estate assets totaled $87.5 million for the nine months ended September 30, 2024, a decrease from $107.0 million in 2023.
Strategically, Seritage has been engaged in a plan of sale approved by shareholders in October 2022, aimed at enhancing shareholder value through asset monetization. The company has also been actively reducing its debt, with a total of $80.0 million repaid against the term loan facility during the nine months ended September 30, 2024. As of November 12, 2024, the term loan balance was further reduced to $255.0 million.
Additionally, the company is facing a class action lawsuit filed on July 1, 2024, alleging violations of federal securities laws related to disclosures about internal controls and asset valuations. Management believes that ongoing legal proceedings will not materially affect the company's financial position.
About Seritage Growth Properties
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