NEW YORK--(BUSINESS WIRE)--August 05, 2026-- 

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 June 30, 2026.

"The second quarter was our strongest to date, with each business segment profitable for the first time in our two-year history. Our emphasis on delivering unique in-person experiences through a growing events calendar and increased set of offerings are resulting in more visitors, more energy, and more reasons to return to our destinations," said Matt Partridge, President and Chief Executive Officer of Seaport Entertainment Group. "With the upcoming opening of Balloon Museum at the Tin Building, the Las Vegas Aviators once again positioned for a playoff run, and an exciting pipeline of new concepts and activations coming to both New York and Las Vegas, we believe the progress we've made is building momentum to deliver long-term value for our communities, shareholders and partners."

Recent Updates

   --  Successfully opened Sadie's and Sadie's Garden Bar in the Seaport, with 
      Sadie's Garden Bar generating a 125% increase in year-over-year revenue 
      compared to non-SEG managed operations in the prior year. 
 
   --  Hosted the 50th annual Macy's 4th of July Fireworks$(R)$ at the Seaport 
      as part of America's 250th anniversary celebrations. 
 
   --  Appointed Rebecca Sachs as Chief Administrative Officer and Corporate 
      Secretary. 
 
   --  The Las Vegas Aviators clinched a spot in the 2026 Pacific Coast League 
      Playoffs, marking their second consecutive appearance in the MiLB 
      Triple-A Playoffs. 
 
   --  Finalized the lease termination with Nike and received $3.7 million in 
      accelerated rent and termination fees; the Company regained possession of 
      the space, enabling the commencement of its buildout of the Pier 17 Event 
      Space. 
 
   --  Net Loss Attributable to Common Stockholders improved 29.2% 
      year-over-year to ($10.5) million and, on a per share basis, improved 
      29.3% year-over-year to ($0.82) per basic and diluted share. 
 
   --  Non-GAAP Adjusted Net Income (Loss) Attributable to Common Stockholders 
      improved 104.3% year-over-year to $0.3 million and, on a per share basis, 
      improved 103.4% to $0.02 per basic and diluted share. 

Select Year-to-Date 2026 Results

   --  Completed the sale of the 250 Water Street development site for $143.0 
      million in February 2026, generating net proceeds of $76.1 million after 
      repaying $61.3 million of variable-rate debt and closing costs. 
 
   --  Executed a five-year lease with Lux Entertainment to open its U.S. 
      flagship of Balloon Museum, the award-winning interactive contemporary 
      art experience, in the Tin Building. 
 
   --  Announced a 10-year management and lease agreement with Brooklyn-based 
      arts, culture, and hospitality company, Public Service, the creative and 
      curatorial team behind Public Records. 
 
   --  The Rooftop at Pier 17 named by the 2026 Rolling Stone Audio Awards as 
      the Best Outdoor Music Venue in the country. 
 
   --  Leased or programmed occupancy of the Seaport neighborhood at 89%. 
 
   --  Net Loss Attributable to Common Stockholders increased (16.9%) 
      year-over-year to ($54.6) million and, on a per share basis, increased 
      (16.0%) year-over-year to ($4.27) per basic and diluted share. 
 
   --  Non-GAAP Adjusted Net Loss Attributable to Common Stockholders improved 
      41.8% year-over-year to ($17.6) million and, on a per share basis, 
      improved 42.4% to ($1.37) per basic and diluted share. 

Quarterly Results

The table below provides a summary of the Company's unaudited consolidated operating and financial results for the three months ended June 30, 2026 and June 30, 2025:

 
                     For the        For the 
                   Three Months   Three Months         Variance 
                    Ended June     Ended June        to Comparable 
                     30, 2026       30, 2025      Period in Prior Year 
                   ------------   ------------   --------------------- 
Total revenues    $ 34,290       $ 39,801       $(5,511)    (13.8%) 
 
Net loss          $(10,108)      $(14,424)      $ 4,316      29.9% 
Net loss 
 attributable to 
 common 
 stockholders     $(10,458)      $(14,774)      $ 4,316      29.2% 
Net loss 
 attributable to 
 common 
 stockholders 
 per share        $  (0.82)      $  (1.16)      $  0.34      29.3% 
 
Non-GAAP 
 Adjusted Net 
 Income (Loss) 
 Attributable to 
 Common 
 Stockholders(1)  $    320       $ (7,415)      $ 7,735     104.3% 
Non-GAAP 
 Adjusted Net 
 Income (Loss) 
 Attributable to 
 Common 
 Stockholders 
 Per Share(1)     $   0.02       $  (0.58)      $  0.60     103.4% 
 
 Note: $ in 
  thousands, 
  except per 
  share data. 
 
 (1) The Company's Non-GAAP measures being presented are unaudited. 
 See the "Non-GAAP Financial Measures" and "Reconciliation of Net Loss 
 to Non-GAAP Adjusted Net Income (Loss) Attributable to Common 
 Stockholders" sections in this press release for a discussion and 
 reconciliation of net income (loss) attributable to common 
 stockholders to non-GAAP financial measures, including Non-GAAP 
 Adjusted Net Income (Loss) Attributable to Common Stockholders and 
 Non-GAAP Adjusted Net Income (Loss) Attributable to Common 
 Stockholders Per Share. 
 

Year-to-Date Results

The table below provides a summary of the Company's unaudited consolidated operating and financial results for the six months ended June 30, 2026 and June 30, 2025:

 
                   For the 
                     Six 
                    Months    For the Six 
                    Ended     Months Ended          Variance 
                   June 30,     June 30,          to Comparable 
                     2026         2025         Period in Prior Year 
                   --------   ------------   ----------------------- 
Total revenues    $ 47,027   $ 55,870       $  (8,843)    (15.8%) 
 
Net loss          $(53,861)  $(45,962)      $  (7,899)    (17.2%) 
Net loss 
 attributable to 
 common 
 stockholders     $(54,561)  $(46,662)      $  (7,899)    (16.9%) 
Net loss 
 attributable to 
 common 
 stockholders 
 per share        $  (4.27)  $  (3.68)      $   (0.59)    (16.0%) 
 
Non-GAAP 
 Adjusted Net 
 Loss 
 Attributable to 
 Common 
 Stockholders(1)  $(17,560)  $(30,173)      $  12,613      41.8% 
Non-GAAP 
 Adjusted Net 
 Loss 
 Attributable to 
 Common 
 Stockholders 
 Per Share(1)     $  (1.37)  $  (2.38)      $    1.01      42.4% 
 
Note: $ in 
 thousands, 
 except per 
 share data. 
 
(1) The Company's Non-GAAP measures being presented are unaudited. 
See the "Non-GAAP Financial Measures" and "Reconciliation of Net 
Loss to Non-GAAP Adjusted Net Income (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 June 30, 2026, the Company had $127.0 million in cash, cash equivalents and restricted cash and $38.1 million of debt outstanding at a fixed interest rate of 4.9%. The Company's outstanding debt is asset-specific, secured debt, and the maturity date is in 2038.

Investor Conference Call and Webcast

The Company will host a conference call to present its second quarter 2026 results on Thursday, August 6, 2026, 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. Participants are encouraged 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 August 20, 2026.

To dial into the live Telephone Conference Call:

Domestic: 1-877-407-3982

International: 1-201-493-6780

Conference Call Playback:

Domestic: 1-844-512-2921

International: 1-412-317-6671

Passcode: 13761098

About Seaport Entertainment Group

Seaport Entertainment Group (NYSE: SEG) is a premier entertainment and hospitality company that owns, operates, and develops a unique collection of assets positioned at the intersection of entertainment and real estate. Seaport Entertainment Group's focus is to deliver unparalleled experiences through a combination of restaurant, entertainment, sports, retail and hospitality offerings integrated into one-of-a-kind real estate that redefine entertainment and hospitality. For more information, please visit www.seaportentertainment.com.

Safe Harbor and Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include, but are not limited to, statements concerning the Company's plans, goals, objectives, outlook, expectations, and intentions. Forward-looking statements are based on the Company's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause the Company's results to differ materially from current expectations include, but are not limited to: risks related to macroeconomic conditions; risks related to the impact of tariffs and global trade disruptions on the Company and its tenants, including impacts on inflation, interest rates, supply chains and consumer sentiment and spending; changes in discretionary consumer spending patterns or consumer tastes or preferences; risks associated with the Company's investments in real estate assets and trends in the real estate industry; the Company's ability to obtain operating and development