Seritage Growth Properties SRG FL — Number Of Consolidated Properties Acquired

Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company’s investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of December 31, 2025, the Company has two tenants that comprise 43.5% and 32.1%, respectively, of annualized base rent, with no other tenants exceeding 10.0% of annualized base rent. The Company’s portfolio of five Consolidated Properties and five Unconsolidated Properties was diversified by location across six states. For the year ended December 31, 2025, of the five consolidated properties, approximately 47.2% and 41.9% of our total rental income was concentrated in Florida and Pennsylvania, respectively. During the year ended December 31, 2025, all properties that generated rental income in Florida were sold.