Seaport Entertainment Group Inc. · NYSE:SEG
Seaport Entertainment — Q1 2025 Earnings Presentation
25 slides from Seaport Entertainment's earnings presentation, May 13, 2025
Slide 1: Seaport Entertainment Group Q1 2025
SI : : ( DI R | : ENTERTAINMENT Q12025
Slide 2: Table of Contents
Table of Contents 2 Q1 2025 Earnings Release p. 3 Capitalization p. 10 Debt Summary p. 11 Debt Maturities p. 12 Capital Investments p. 13 Portfolio Summary p. 14 Seaport NYC Detail p. 15 Seaport NYC Operating Statistics p. 16 Pro Forma Statement of Operations – Q1 2025 compared to Pro Forma Q1 2024
Slide 3: Seaport Entertainment Group Reports First Quarter 2025 Results
SEAPORT ENTERTAINMENT GROUP REPORTS FIRST QUARTER 2025 RESULTS NEW YORK, NY, May 12, 2025 – Seaport Entertainment Group Inc. (NYSE American: SEG) (“Seaport Entertainment Group,” “SEG”, “we,” “our," or the “Company”) announced today its operating and financial results for the quarter ended March 31,
Slide 4: Quarterly Results Summary and Non-GAAP Adjusted Net Loss
Non-GAAP Adjusted Net Loss Attributable to Common Stockholders2 $ (22,758) $ (34,644) $ 11,886 34.3% Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share2 $ (1.79) $ (6.27) $ 4.48 71.4% Note: $ in thousands, except per share data. 1 Period-over-period total revenues comparability
Slide 5: Safe Harbor and Forward-Looking Statements
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, a
Slide 6: Non-GAAP Financial Measures
To derive Non-GAAP Adjusted Net Loss Attributable to Common Stockholders, GAAP net income (loss) attributable to common stockholders is adjusted to exclude depreciation and amortization, as well as gains and losses from the sale of assets, gains or losses on extinguishment of debt, and provision for
Slide 7: Consolidated Balance Sheets
Seaport Entertainment Group Consolidated Balance Sheets (in thousands, except par value amounts) (Unaudited) March 31, 2025 December 31, 2024 ASSETS Buildings and equipment $ 539,360 $ 522,667 Less: accumulated depreciation (214,956) (215,484) Land 9,497 9,497 Developments 145,168 146,461 Net invest
Slide 8: 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 March 31, 2025 2024 REVENUES Hospitality revenue $ 7,735 $ 4,077 Entertainment revenue 4,209 3,564 Rental revenue 3,789 6,537 Other revenue 336 333 T
Slide 9: 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 March 31, 2025 2024 Net loss $ (31,538) $ (44,078) Preferred distributions to noncontrolling interest in su
Slide 10: Capitalization
Common stock outstanding 12,699 Period ending common stock price $21.47 Common equity market capitalization $272,653 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 outstanding $10,00
Slide 11: Debt Summary
Debt Summary 11 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 41,087 December 2038 4.9% Fixed Total / Weighted Average $102,387 8.0 years Fixed Rate vs. Variable Rate Debt Face Value % of Total Fixed
Slide 12: Debt Maturities
Debt Maturities 12 Year Face Value % of Debt Maturing Cumulative % of Debt Maturing Weighted Average Effective Interest Rate 2025 $ − − % − % − % 2026 − − % − % − % 2027 − − % − % − % 2028 − − % − % − % 2029 61,300 60% 60% 8.8%1 2030 − − % − % − % ↓ ↓ ↓ ↓ ↓ 2038 41,087 40% 100% 4.9% 2039 − − % − % −
Slide 13: Capital Investments
Capital investments 13 Investment in Previously Occupied Space Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Capital expenditures $1,384 $1,384 Tenant improvement allowance 258 258 Leasing commissions − − Total $1,642 $1,642 Investment in Inherited Vacancy Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Capital expendi
Slide 14: Portfolio Summary
Portfolio Summary 14 Note: As of March 31, 2025. 1 Seaport Neighborhood includes the following buildings: Fulton Market Building, Schermerhorn Row, One Seaport Plaza, Museum Block, Seaport Translux, 117 Beekman, John Street Service Building, 85 South Street, the Tin Building and 250 Water Street. 2
Slide 15: Seaport NYC Detail
Seaport NYC Detail 15 Note: For the quarter ended March 31, 2025. $ in thousands. Any differences a result of rounding. 1 Square footage and leased or programmed occupancy for Pier 17 does not include The Rooftop at Pier 17 concert venue. 2 250 Water Street is zoned for 547,000 square feet of market
Slide 16: Seaport NYC Operating Statistics
Seaport NYC Operating Statistics 16 EBITDA Per Square Foot1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Cobblestones & Other ($5.21) ($5.21) Pier 17 ($28.52) ($28.52) 85 South Street ($0.47) ($0.47) Tin Building by Jean-Georges ($106.99) ($106.99) Total ($25.04) ($25.04) Same-Store Change in Food & Beverag
Slide 17: Pro Forma Statement of Operations
Pro Forma Statement of Operations 17 Q1 2025 Pro Forma Q1 20241 $ Change % Change Hospitality revenue $7,735 $10,732 ($2,997) (27.9%) Entertainment revenue 4,209 3,564 645 18.1% Rental revenue 3,789 3,684 105 2.9% Other revenue 336 333 3 0.9% Total revenues 16,069 18,313 (2,244) (12.3%) Hospitality
Slide 18: Q1 2025 Pro Forma Segment Adjusted EBITDA
Q1 2025 Pro Forma Segment Adjusted EBITDA 18 Hospitality Entertainment Landlord Operations Q1 2025 Total revenues $7,735 $4,209 $8,800 $20,744 Hospitality costs (20,428) − − (20,428) Entertainment costs − (7,077) − (7,077) Operating costs − − (8,079) (8,079) Total operating expenses (20,428) (7,077)
Slide 19: Q1 2024 Pro Forma Segment Adjusted EBITDA
Q1 2024 Pro Forma Segment Adjusted EBITDA 19 Hospitality Entertainment Landlord Operations Pro Forma Q1 2024 Total revenues $10,732 $3,564 $8,417 $22,713 Hospitality costs (23,425) − − (23,425) Entertainment costs − (6,381) − (6,381) Operating costs − − (8,563) (8,563) Total operating expenses (23,4
Slide 20: Pro Forma Segment Adjusted EBITDA YoY Change
Pro Forma Segment Adjusted EBITDA YoY Change 20 Year-over-year Change Hospitality Entertainment Landlord Operations Pro Forma Q1 2025 vs. Q1 2024 Total revenues ($2,997) $645 $383 ($1,969) Hospitality costs 2,997 − − 2,997 Entertainment costs − (696) − (696) Operating costs − − 484 484 Total operati
Slide 21: Contact Information
Contact Information 21 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 American Ticket Symbol: SEG www.seaportentertainment.com
Slide 22: 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 statements. Forw
Slide 23: 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 Stockholders Per Share, each
Slide 24: 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 25: Entertainment
ENTERTAINMENT
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