Sears exiting 19 Seritage properties

• Under its right under the Master Lease, Sears Holdings is terminating leases on 19 unprofitable stores totaling 1.9M square feet of gross leasable area. The annual aggregate base rent on these stores is about $5.9M, or 2.7% of Seritage's (NYSE:SRG) total annual base rent as of Sept. 30.
• Sears will continue to pay rent until it vacates, which is expected to take place in April. Seritage will also receive from Sears a termination fee equal to one year of total rent plus one year of estimated operating expenses.