Market Overview

Seritage Growth Properties Announces New $2.0 Billion Term Loan Facility with Berkshire Hathaway Life Insurance Company of Nebraska


– Refinances all existing debt and raises incremental capital to fund
robust redevelopment pipeline –

Seritage Growth Properties (NYSE:SRG) (the "Company"), a national owner
of 249 properties totaling over 39 million square feet of gross leasable
area, announced today that the Company has entered into a $2.0 billion
term loan facility (the "Term Loan Facility") with Berkshire Hathaway
Life Insurance Company of Nebraska.

"This new financing is a transformational step in the evolution of our
Company, which we started three years ago, and positions us to further
accelerate our role as a leading retail and mixed-use developer across
the country," said Benjamin Schall, President and Chief Executive
Officer. "We very much appreciate Berkshire Hathaway's confidence in our
team and platform, and are energized by our growing opportunities to
create lasting value for our shareholders, partners and local

The $2.0 billion Term Loan Facility, which matures on July 31, 2023,
provides for an initial funding of $1.6 billion at closing (the "Initial
Funding") and includes a committed $400 million incremental funding
facility (the "Incremental Funding Facility"). Funded amounts under the
Term Loan Facility bear interest at a fixed annual rate of 7.00%, while
amounts available under Incremental Funding Facility will be subject to
a 1.00% annual fee until drawn.

The Company used a portion of the proceeds from the Initial Funding to
fully repay its outstanding mortgage loan and unsecured term loan. Net
proceeds from the Initial Funding, combined with existing balance sheet
cash and the release of cash reserves held by the previous lender as of
June 30, 2018, provide the Company with over $600 million of cash
liquidity, in addition to access to the $400 million Incremental Funding

About Seritage Growth Properties

Seritage Growth Properties is a publicly‐traded, self‐administered and
self‐managed REIT with 225 wholly-owned properties and 24 joint venture
properties totaling over 39 million square feet of space across 49
states and Puerto Rico. The Company was formed and listed on the New
York Stock Exchange (NYSE:SRG) in July 2015 in conjunction with the
acquisition of a portfolio of real estate from Sears Holdings. Our
mission is to create and own revitalized shopping, dining, entertainment
and mixed‐use destinations that provide enriched experiences for
consumers and local communities, and that generate long‐term value for
our shareholders. The Company is headquartered in New York, NY.

Forward Looking Statements

Statements included herein may constitute "forward-looking statements,"
which relate to future events or our future performance or financial
condition. These statements are not guarantees of future performance,
condition or results and involve a number of risks and uncertainties.
Actual results and conditions may differ materially from those in the
forward-looking statements as a result of a number of factors, including
those described from time to time in our filings with the Securities and
Exchange Commission. Seritage undertakes no duty to update any
forward-looking statements made herein.

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