Seaport Entertainment Group Inc. · NYSE:SEG
Seaport Entertainment — Q2 2025 Earnings Presentation
27 slides from Seaport Entertainment's earnings presentation, Aug 12, 2025
Slide 1: Q2 2025 Supplemental
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Slide 2: Table of Contents
Table of Contents Q2 2025 Earnings Release p. 3 Capitalization p. 11 Debt Summary p. 12 Debt Maturities p. 13 Capital Investments p. 14 Portfolio Summary p. 15 Seaport NYC Detail p. 16 Seaport NYC Operating Statistics p. 17 2025 Statement of Operations p. 18 2024 Pro Forma Statement of Operations p.
Slide 3: Seaport Entertainment Group Reports Second Quarter 2025 Results
SEAPORT ENTERTAINMENT GROUP REPORTS SECOND QUARTER 2025 RESULTS NEW YORK, NY, August 11, 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 June 30, 2025.
Slide 4: Quarterly Results
▪ Leased, programmed, or established development plans for approximately 98,900 square feet of space within the Seaport neighborhood, including signed leases with Meow Wolf, Willett’s NYC, and Cork Wine Bar, and the planned development of meeting and event space on the fourth floor of Pier 17. ▪ Ann
Slide 5: Balance Sheet
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 uncon
Slide 6: Safe Harbor
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
Slide 7: Availability of Information on SEG's Website
above- and below-market lease related intangibles, and non-cash compensation; other non-recurring items such as termination fees, corporate restructuring costs incurred since separating from Howard Hughes, and legal settlements; and certain capitalized items such as capitalized interest. Please see
Slide 8: Consolidated Balance Sheets
Seaport Entertainment Group Consolidated Balance Sheets (in thousands, except par value amounts) (Unaudited) June December 30, 2025 31, 2024 ASSETS Buildings and equipment $ 543,089 $ 522,667 Less: accumulated depreciation (220,627) (215,484) Land 9,497 9,497 Developments 148,096 146,461 Net investm
Slide 9: Consolidated and Combined Statements of Operations
Seaport Entertainment Group Consolidated and Combined Statements of Operations (in thousands, except per share amounts) (Unaudited) Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 REVENUES Hospitality revenue $ 15,177 $ 9,053 $ 22,912 $ 13,130 Entertainment revenue 19,908 1
Slide 10: Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss
Seaport Entertainment Group Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss Attributable to Common Stockholders (in thousands, except per share amounts) (Unaudited) Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 Net loss $ (14,424) $ (34,997) $ (45,962) $ (79,075)
Slide 11: Capitalization
Capitalization Common stock outstanding 12,698 Period ending common stock price $18.65 Common equity market capitalization $236,826 Series A Preferred Equity outstanding 10 Per share liquidation preference of Series A Preferred Equity $1,000.00 Liquidation preference of Series A Preferred Equity out
Slide 12: Debt Summary
Debt Summary Debt Outstanding Face Value Maturity Date Interest Rate Type 250 Water Street loan $61,300 July 2029 7.0% + SOFR1 Floating Las Vegas Ballpark loan 40,101 December 2038 4.9% Fixed Total / Weighted Average $101,401 7.7 years Fixed Rate vs. Variable Rate Debt Face Value % of Total Fixed ra
Slide 13: Debt Maturities
Debt Maturities Cumulative % Weighted Average Effective Year Face Value % of Debt Maturing of Debt Maturing Interest Rate 2025 $ − − % − % − % 2026 − − % − % − % 2027 − − % − % − % 2028 − − % − % − % 2029 61,300 60% 60% 8.8%1 2030 − − % − % − % ↓ ↓ ↓ ↓ ↓ 2038 40,101 40% 100% 4.9% 2039 − − % − % − %
Slide 14: Capital Investments
Capital investments Investment in Previously Occupied Space Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Capital expenditures $1,384 $166 $1,550 Tenant improvement allowance 258 518 776 Leasing commissions − − − Total $1,642 $684 $2,326 Investment in Inherited Vacancy Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Ca
Slide 15: Portfolio Summary
Portfolio Summary Rentable Square Feet/ Units/ Type Capacity/Ownership Interest Seaport Neighborhood1,2 Mixed-Use 490,000 Rentable Square Feet NYC Music Venue 3,500-Person Capacity Concert Venue Culinary-Driven Food Market 13 Restaurants, 3 Bars, Private Dining 250 Water Street Development Opportuni
Slide 16: Seaport NYC Detail
Seaport NYC Detail Notable Leasable In-Place Leased/Programmed Asset Tenants/Concepts Type Square Feet Occupancy Occupancy One Seaport Plaza Black Gotham Experience Retail 24,518 10% 10% Schermerhorn Row McNally Jackson, Fulton Stall Market, HIIT the Retail 28,808 78% 78% Deck Boxing, Made with Maum
Slide 17: Seaport NYC Operating Statistics
Seaport NYC Operating Statistics EBITDA Per Square Foot1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Cobblestones & Other ($5.21) ($0.32) ($5.53) Pier 17 ($28.52) ($2.98) ($31.50) 85 South Street ($0.47) $0.84 $0.37 Tin Building by Jean-Georges ($106.99) ($67.91) ($174.90) Total ($25.04) ($8.21) ($33.25) S
Slide 18: 2025 Statement of Operations
2025 Statement of Operations Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Hospitality revenue $7,735 $15,177 $22,912 Entertainment revenue 4,209 19,908 24,117 Rental revenue 3,789 4,232 8,021 Other revenue 336 484 820 Total revenues 16,069 39,801 55,870 Hospitality costs 15,742 17,845 33,587 Entertainment c
Slide 19: 2024 Pro Forma Statement of Operations
2024 Pro Forma Statement of Operations 1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Hospitality revenue $10,732 $17,804 $28,536 Entertainment revenue 3,564 17,153 20,717 Rental revenue 3,684 3,831 7,515 Other revenue 333 650 983 Total revenues $18,313 $39,438 $57,751 Hospitality costs 19,025 21,757 40,781
Slide 20: Q2 2025 Segment Adjusted EBITDA
Q2 2025 Segment Adjusted EBITDA Hospitality Entertainment Landlord Operations Q2 2025 Total revenues $15,197 $20,118 $9,771 $45,086 Hospitality costs (23,079) − − (23,079) Entertainment costs − (15,411) − (15,411) Operating costs − − (7,739) (7,739) Total operating expenses (23,079) (15,411) (7,739)
Slide 21: Q2 2024 Pro Forma Segment Adjusted EBITDA
Q2 2024 Pro Forma Segment Adjusted EBITDA 1 Hospitality Entertainment Landlord Operations Q2 2024 Total revenues $17,804 $17,153 $9,139 $44,096 Hospitality costs (26,415) − − (26,415) Entertainment costs − (14,925) − (14,925) Operating costs − − (10,375) (10,375) Total operating expenses (26,415) (1
Slide 22: Pro Forma Segment Adjusted EBITDA YoY Change
Pro Forma Segment Adjusted EBITDA YoY Change 1 Hospitality Entertainment Landlord Operations Q2 2025 vs. Q2 2024 Total revenues ($2,607) $2,965 $632 $990 Hospitality costs 3,336 − − 3,336 Entertainment costs − (486) − (486) Operating costs − − 2,636 2,636 Total operating expenses 3,336 (486) 2,636 5
Slide 23: Contact Information
Contact Information Corporate Office 199 Water Street, 28th Floor New York, NY 10038 Investor Relations (212) 732-8257 ir@seaportentertainment.com Transfer Agent Computershare Trust Company, N.A. (800) 368-5948 www.computershare.com NYSE Ticket Symbol: SEG www.seaportentertainment.com 23
Slide 24: Safe Harbor
Safe Harbor This presentation and accompanying statements contain forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical facts or relating to present facts or current conditions included in this presentation are forward-looking stat
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common S
Slide 26: Key Terms and References
Key terms and references References and terms used in this presentation that are in addition to the terms defined in the Safe Harbor and Non-GAAP Financial Measures sections of this presentation, or not already defined in other areas of this presentation, include: This presentation was published on
Slide 27: Seaport Entertainment
SEAPORT ENGRIAINMENT
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