Seritage Growth Properties was originally structured, organized, and operated as a publicly traded Real Estate Investment Trust (REIT) following its 2015 formation as a spin-off from Sears Holdings. While it maintains its historical REIT legal architecture, the adoption of its comprehensive Plan of Sale and the ongoing liquidation of its asset portfolio have fundamentally altered its operational focus. The company evaluates its tax and corporate status continuously as it distributes liquidation proceeds, manages remaining properties, and winds down active real estate development operations.