Seritage Growth Properties Completes Executive Management Team with Hiring of Chief Financial Officer

NEW YORK--(BUSINESS WIRE)--

Seritage Growth Properties, SRG, a Maryland real estate investment trust, ("Seritage") today announced that the Company has hired Brian Dickman as Executive Vice President and Chief Financial Officer. Mr. Dickman joins Benjamin Schall (President and Chief Executive Officer), Mary Rottler, (Executive Vice President of Leasing and Operations), James Bry (Executive Vice President of Development and Construction), and Matthew Fernand (Executive Vice President and General Counsel) as the recently appointed members of the executive management team at Seritage.

Benjamin Schall, President and Chief Executive Officer of Seritage Growth Properties, stated, "As we embark on our mission to build a premier development and real estate operating company, one of my initial priorities was to assemble an industry-leading management team with extensive real estate experience and deep industry relationships. With the hiring of Brian, Mary, James and Matthew, we have assembled a first-class team whose focus will be to capitalize on the meaningful growth opportunities in front of us, which we believe will, in turn, create significant long term value for our shareholders."

Seritage began trading on the New York Stock Exchange (NYSE) on July 6, 2015 and on July 7, 2015, completed the acquisition of 235 properties and 50% interests in 31 joint venture properties from Sears Holdings, totaling 42.1 million square feet of retail space. Under a master lease agreement, Seritage leases all but 11 of such properties to Sears Holdings under specified terms, including Seritage's right to recapture certain space from Sears Holdings at each property.

Mr. Dickman was formerly Chief Financial Officer at Agree Realty ADC, where he was responsible for all corporate finance, accounting, financial reporting, treasury, capital markets and investor relations activities. Prior to that role, he was an investment banker at RBC Capital Markets, where he covered the REIT industry, and held similar positions throughout his career at Lehman Brothers and Barclays. Mr. Dickman holds a Bachelor of Science degree in Economics from the University of Michigan and a Master of Business Administration with an emphasis in Finance and Accounting from the Ross School of Business at the University of Michigan.

Ms. Rottler previously served as the Vice President of Real Estate at Wal-Mart Stores, Inc., WMT. In this capacity she was responsible for overseeing all facets of new store development in the eastern half of the United States and delivered approximately 350 new stores per year. Prior to that time she was the Vice President for Realty Supplier Management and Compliance. She joined Wal-Mart in 2001. Ms. Rottler holds a Bachelor of Science in Business Administration from Regis University and a Juris Doctorate and a Master of Business Administration from the University of Denver College of Law and Daniels College of Business.

Mr. Bry most recently served as Senior Vice President, Development at Vornado Realty Trust VNO where he ran development and construction for its Retail Division which consisted of 130 properties; made up of malls, community centers and high street retail totaling 23 million square feet. He developed or redeveloped approximately 5.8 million square feet of the portfolio, plus several mall and community center renovations. Prior to that, Mr. Bry held various roles at leading architecture firms including GreenbergFarrow. Mr. Bry holds a Master's Degree in Architecture from Tulane University.

Mr. Fernand previously served as partner in Sidley Austin LLP's Real Estate Group, where he focused on the financing, development, acquisition and disposition of commercial properties and the formation of real estate joint ventures and partnerships. Additionally, he has significant experience in office, retail and industrial lease transactions representing both landlords and tenants as well as real estate loan workouts and restructurings. Mr. Fernand holds a Bachelor of Arts in Political Science from Emory University and a Juris Doctorate from Yeshiva University, Benjamin N. Cardozo School of Law.

Messrs. Bry and Fernand, as well as Ms. Rottler, joined Seritage in June 2015. Mr. Dickman is expected to assume his role by August 17, 2015.

About Seritage Growth Properties

Seritage Growth Properties is a publicly traded, self-administered, self-managed REIT primarily engaged in the real property business through its investment in its operating partnership, Seritage Growth Properties, L.P. Our portfolio contains 235 wholly-owned properties and 31 joint venture properties, consisting of approximately 42 million square feet of building space, which is broadly diversified by location across 49 states and Puerto Rico. Pursuant to a master lease, 224 of our wholly-owned properties are leased to Sears Holdings and are operated under either the Sears or K-Mart brand. Third parties under direct leases also occupy a portion of the overall leasable space alongside Sears and Kmart. Additionally, 11 of our wholly-owned properties are leased entirely to third parties. The master lease provides Seritage with rights to recapture certain space from Sears Holdings at each property. In addition, Seritage has 50% interests in 31 additional properties through our joint venture investments with General Growth Properties (12 properties), Simon Property Group (10 properties), and Macerich (nine properties) that are also master leased to Sears Holdings.

For more information, please visit www.seritage.com.

Forward-Looking Statements

This document contains forward-looking statements, which are based on the current beliefs and expectations of our management and are subject to significant risks, assumptions and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: competition in the real estate and retail industries; our substantial dependence on Sears Holdings Corporation; Sears Holdings Corporation's termination and other rights under its master lease with us; risks relating to our recapture and acquisition of properties and redevelopment activities; the terms of our indebtedness; restrictions with which we are required to comply in order to maintain REIT status and other legal requirements to which we are subject; and our lack of operating history. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the "Risk Factors" and forward-looking statement disclosure contained in filings with the Securities and Exchange Commission. While we believe that our forecasts and assumptions are reasonable, we caution that actual results may differ materially. We intend the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.

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