NEW YORK--(BUSINESS WIRE)--November 10, 2025-- 

Seaport Entertainment Group Inc. (NYSE: SEG) ("Seaport Entertainment Group," "SEG", "we," "our," or the "Company") announced today its operating and financial results for the quarter ended September 30, 2025.

"We began the third quarter hosting the iconic Macy's 4(th) of July Fireworks$(R)$ celebration and more recently transformed the Seaport for the New York City Wine & Food Festival, and I'm very pleased with our team's efforts to position the Seaport as a must-visit destination in New York City for live entertainment and cultural experiences," said Matt Partridge, President and Chief Executive Officer of Seaport Entertainment Group. "These marquee events, together with our continued leasing and programming momentum, highly successful Seaport Concert Series on The Rooftop at Pier 17, and the Las Vegas Aviators' Pacific Coast League championship, capped a dynamic end to the third quarter and strong start to the fourth quarter. Looking ahead, we are increasingly optimistic about our prospects for 2026 as multiple new concepts prepare to open at the Seaport and our long-term vision for the Company continues to take shape."

Select Third Quarter 2025 Results

   --  Entered into an agreement to sell the Company's 250 Water Street 
      development site for $150.5 million to Tavros, a privately owned real 
      estate investment management and development firm based in New York 
      City. 
 
   --  Signed a license agreement with Flanker Kitchen + Sports Bar, an 
      award-winning brand in upscale sports and entertainment, and Hidden Boot 
      Saloon, a Western-inspired concept featuring live music and a 
      country-style party atmosphere, to occupy approximately 14,000 square 
      feet in Pier 17. 
 
   --  Hosted the Macy's 4th of July Fireworks(R) in the Seaport 
      neighborhood. 
 
   --  Appointed Matt Partridge as President and Chief Executive Officer and 
      Lenah Elaiwat as Interim Chief Financial Officer. 
 
   --  The Las Vegas Aviators, the Triple-A Minor League Baseball Affiliate of 
      the Oakland Athletics, won the Pacific Coast League $(PCL)$ Championship, 
      the franchise's first PCL title since 1988 and went on to host and 
      compete in the MiLB Triple-A National Championship Game. 
 
   --  Net Loss of ($33.2) million, or ($2.61) per basic and diluted share 
      attributable to common stockholders. 
 
   --  Non-GAAP Adjusted Net Loss Attributable to Common Stockholders of 
      ($7.2) million, or ($0.57) per basic and diluted share. 

Select Year-to-Date 2025 Results

   --  Hired and onboarded employees of Creative Culinary Management Company 
      LLC ("CCMC"), an indirect wholly owned subsidiary of Jean-Georges 
      Restaurants, to internalize food and beverage operations at most of the 
      Company's wholly owned and joint venture-owned restaurants in the 
      Seaport. 
 
   --  Completed the Company's corporate restructuring in partnership with 
      Jean-Georges Restaurants, collapsing the Tin Building joint venture and 
      various management agreement structures, while converting the Tin 
      Building by Jean-Georges and The Fulton management agreements into new 
      Jean-Georges Restaurants license agreements. 
 
   --  Uplisted to the NYSE from the NYSE American and was added to the 
      Russell 2000 Index and Russell Microcap Index. 
 
   --  Leased, programmed, or established development plans for approximately 
      113,100 square feet of space within the Seaport neighborhood, including 
      signed agreements with Meow Wolf, Willett's NYC, Flanker Kitchen + Sports 
      Bar, and Cork Wine Bar, and the planned development of meeting and event 
      space on the fourth floor of Pier 17. 
 
   --  Hosted the New York City Wine & Food Festival in October 2025 with Chef 
      Jean-Georges Vongerichten serving as Culinary Host for the event. 
 
   --  Net Loss of ($79.9) million, or ($6.29) per basic and diluted share 
      attributable to common stockholders. 
 
   --  Non-GAAP Adjusted Net Loss Attributable to Common Stockholders of 
      ($36.7) million, or ($2.89) per basic and diluted share. 

Quarterly Results

The table below provides a summary of the Company's unaudited consolidated and combined operating and financial results for the three months ended September 30, 2025 and September 30, 2024:

 
                     For the     For the 
                      Three       Three 
                     Months      Months 
                      Ended       Ended         Variance to 
                    September   September   Comparable Period in 
                    30, 2025    30, 2024         Prior Year 
                    ---------   ---------   -------------------- 
Total revenues(1)  $   45,050  $   39,430  $   5,620       14.3% 
 
Net loss           $ (32,864)  $ (32,274)  $   (590)      (1.8%) 
Net loss 
 attributable to 
 common 
 stockholders      $ (33,214)  $ (32,511)  $   (703)      (2.2%) 
Net loss 
 attributable to 
 common 
 stockholders per 
 share             $   (2.61)  $   (5.89)  $    3.28       55.7% 
 
Non-GAAP Adjusted 
 Net Loss 
 Attributable to 
 Common 
 Stockholders(2)   $  (7,218)  $ (25,078)  $  17,860       71.2% 
Non-GAAP Adjusted 
 Net Loss 
 Attributable to 
 Common 
 Stockholders Per 
 Share(2)          $   (0.57)  $   (4.54)  $    3.97       87.4% 
 
 
Note: $ in thousands, except per share data. 
(1)    Period-over-period total revenues comparability was impacted by the 
       consolidation of the Tin Building by Jean-Georges as of January 1, 
       2025. In 2024, the Tin Building by Jean-Georges was an unconsolidated 
       joint venture accounted for under the equity method in equity in 
       earnings (losses) from unconsolidated ventures within our Statements of 
       Operations. 
(2)    See the "Non-GAAP Financial Measures" and "Reconciliation of Net Loss 
       to Non-GAAP Adjusted Net Loss Attributable to Common Stockholders" 
       sections in this press release for a discussion and reconciliation of 
       net loss attributable to common stockholders to non-GAAP financial 
       measures, including Non-GAAP Adjusted Net Loss Attributable to Common 
       Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common 
       Stockholders Per Share. 
 

Year-to-Date Results

The table below provides a summary of the Company's unaudited consolidated and combined operating and financial results for the nine months ended September 30, 2025 and September 30, 2024:

 
                     For the     For the 
                      Nine        Nine 
                     Months      Months 
                      Ended       Ended         Variance to 
                    September   September   Comparable Period in 
                    30, 2025    30, 2024         Prior Year 
                    ---------   ---------   -------------------- 
Total revenues(1)  $  100,920  $   87,611  $   13,309      15.2% 
 
Net loss           $ (78,826)  $(111,349)  $   32,523      29.2% 
Net loss 
 attributable to 
 common 
 stockholders      $ (79,876)  $(111,586)  $   31,710      28.4% 
Net loss 
 attributable to 
 common 
 stockholders per 
 share             $   (6.29)  $  (20.21)  $    13.92      68.9% 
 
Non-GAAP Adjusted 
 Net Loss 
 Attributable to 
 Common 
 Stockholders(2)   $ (36,653)  $ (88,823)  $   52,170      58.7% 
Non-GAAP Adjusted 
 Net Loss 
 Attributable to 
 Common 
 Stockholders Per 
 Share(2)          $   (2.89)  $  (16.09)  $    13.20      82.0% 
 
 
Note: $ in thousands, except per share data. 
(1)    Period-over-period total revenues comparability was impacted by the 
       consolidation of the Tin Building by Jean-Georges as of January 1, 
       2025. In 2024, the Tin Building by Jean-Georges was an unconsolidated 
       joint venture accounted for under the equity method in equity in 
       earnings (losses) from unconsolidated ventures within our Statements of 
       Operations. 
(2)    See the "Non-GAAP Financial Measures" and "Reconciliation of Net Loss 
       to Non-GAAP Adjusted Net Loss Attributable to Common Stockholders" 
       sections in this press release for a discussion and reconciliation of 
       net loss attributable to common stockholders to non-GAAP financial 
       measures, including Non-GAAP Adjusted Net Loss Attributable to Common 
       Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common 
       Stockholders Per Share. 
 

Balance Sheet

As of September 30, 2025, the Company had $116.8 million in cash, cash equivalents and restricted cash and $101.4 million of consolidated debt outstanding at an effective weighted-average interest rate of 7.3%. As of September 30, 2025, 40% of the Company's consolidated debt was fixed at a weighted-average interest rate of 4.9% and the remaining 60% of the Company's consolidated debt was floating at a weighted-average interest rate of 11.3% before the effects of the Company's total return swap, which reduces the effective rate of the floating rate debt to 8.8%. Additionally, 100% of the Company's outstanding debt is asset-specific, secured debt, and the weighted-average maturity of the Company's consolidated debt is approximately 7.5 years. The Company has no meaningful debt maturities until Q3 2029.

Investor Conference Call and Webcast

The Company will host a conference call to present its third quarter 2025 results on Tuesday, November 11, 2025, at 8:30 AM ET.

A live audio webcast of the conference call will be available in listen-only mode through the "Investors" section of the Company's website at www.seaportentertainment.com. We encourage participants to log in ten minutes prior to the scheduled start time to register. A replay of the audio webcast will be available on the Company's website shortly after the conclusion of the call and until November 25, 2025.

To dial into the Telephone Conference Call:

Domestic: 1-877-407-3982

International: 1-201-493-6780

Conference Call Playback:

Domestic: 1-844-512-2921

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November 10, 2025 16:15 ET (21:15 GMT)