Seaport Entertainment Group Inc. · NYSE:SEG
Seaport Entertainment — IPO Roadshow (August 2024)
29 slides from Seaport Entertainment's IPO roadshow presentation, Aug 12, 2024
Slide 1: Seaport Entertainment Group
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Slide 2: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS 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 present
Slide 3: Spin-off overview
Spin-off overview As of July 31, 2024, the Company completed its previously announced separation from Howard Hughes Holdings Inc. (NYSE: HHH) and is now an independent, standalone public company trading under the ticker symbol SEG on NYSE American. Following the separation, the newly formed Seaport
Slide 4: Experienced Executive Management
Experienced Executive management 4 Anton Nikodemus Chief Executive Officer 30+ years in entertainment and hospitality leading the development and operations of premier destination brands. Prior to joining Seaport Entertainment Group, Mr. Nikodemus served as President and Chief Operating Officer of C
Slide 5: Creating two distinct companies
Creating two distinct companies Building a brand at the intersection of entertainment and real estate Leading master planned community developer and operator 5 organizational efficiencies ▪ Each enterprise can focus on its core business ▪ Dedicated management teams with relevant industry experience
Slide 6: Differentiated investment opportunity
Differentiated investment opportunity 6 Unique, Premier real estate High-Quality entertainment AND HOSPITALITY brands and assets Multiple internal and external growth opportunities Experienced management and board with strong corporate governance Expected Financial Flexibility to Support Existing Bu
Slide 7: Premier real estate & iconic experiences
Premier real estate & iconic experiences 7 hospitality Retail sports Growth opportunities Live entertainment
Slide 8: Unique Collection of Assets
Unique Collection of Assets 8 Note: As of June 30, 2024. 1 Seaport Neighborhood includes the following buildings: Fulton Market Building, Schermerhorn Row, One Seaport Plaza, Museum Block, Seaport Translux, 117 Beekman, Join Street Service Building, 85 South Street, the Tin Building and 250 Water St
Slide 9: New York City tourism a tailwind
New York city tourism a tailwind 9 ▪ New York City is the largest city in the United States by population ▪ Food and Beverage, Retail and Arts, Culture and Entertainment represent more than 50% of historical visitor spending 3 ▪ Popular annual events such as New Year’s Eve In Times Square, Macy’s Th
Slide 10: The Seaport NYC
The seaport NYC 10 Pier 17 Historic district 250 water street Tin building One of the few multi-block neighborhoods in New York City largely under private management, creating a multifaceted, customer-centric destination. 478k SF of Entertainment, Dining, Community and Cultural Experiences 20+ Owned
Slide 11: Pier 17
Pier 17 The rooftop at pier 17 One of NYC's most scenic concert venues, boasting panoramic views of the Manhattan skyline and Brooklyn Bridge as its unique stage backdrop for more than 60 shows in 2023 through its annual Summer Concert Series. Destination dining Five food and beverage offerings, inc
Slide 12: The Rooftop at Pier 17
The rooftop at Pier 17 Leading digital engagement Leading concert venue 12 2024 Outdoor Venue of Year Nominee 2023 #5 Top Worldwide Club 2022 #3 Top Worldwide Club 2018 Best New Concert Venue 2019 Best of the Americas 2019 Best Concert Hall 2020 Excellence in Concessions 2019 Inaugural Club All-Star
Slide 13: Tin Building
Tin building 13 The culinary experience at the Seaport is anchored by the Tin Building by Jean-Georges, which opened in September 2022 after undergoing a more than $200 million total reconstruction. 54k SF Highly Curated Culinary Experience Through Dining and Food Markets Fully Outfitted Film Studio
Slide 14: Historic district
Historic district 14 Hidden alleyways and private cobblestone streets. One of the city’s largest outdoor bars and oldest lightships. Innovative culinary experiences. Outdoor dining. Distinctive musical events. Art encounters. Year-round community programming. The Historic District is the center of t
Slide 15: 250 Water Street
250 water street 15 One-acre development site zoned for 547,000 square feet of housing, office, retail and community-oriented gathering space. Current project plan calls for an estimated 219,000 square feet of programmable/leasable commercial space and 399 multifamily units. All necessary approvals
Slide 16: Jean-Georges restaurants ownership alignment
Jean-Georges restaurants 16 ownership alignment Seaport Entertainment owns a 25% interest in Jean-Georges Restaurants, which it originally acquired for $45 million, and Jean-Georges provides management services through its management arm, Creative Culinary Management Company, for multiple retail and
Slide 17: Las Vegas growth driving success
Las Vegas growth driving success 17 ▪ Opportunity to benefit from growth of Las Vegas and its burgeoning professional sports industry ▪ Vegas Golden Knights were the 8th highest grossing revenue team in the National Hockey League 2 ▪ Las Vegas Raiders were the 2nd highest grossing revenue team in th
Slide 18: Las Vegas Aviators
Las Vegas aviators 18 The Las Vegas Aviators are the Triple-A affiliate of Major League Baseball’s Oakland Athletics, who are seeking to relocate to Las Vegas to become the Las Vegas Athletics. In 2013, a 50-50 joint venture between Howard Hughes and Play Ball Owners Group purchased the team, and in
Slide 19: Las Vegas Ballpark
Las Vegas ballpark 19 Naming rights agreement Las Vegas Convention and Visitors Authority entered into a 20-year, naming rights deal for the ballpark. Special events In 2023, the Las Vegas Ballpark hosted 78 special events that provided incremental cash flow, primarily during the offseason, and incl
Slide 20: Fashion Show Mall air rights
Fashion show Mall air rights 20 Seaport Entertainment has an interest in and to 80% of the air rights above the Fashion Show Mall. Fashion Show Mall is the 25th largest mall in the country and one of the largest shopping, dining and entertainment destination on the Las Vegas Strip with over 1.8 mill
Slide 21: Creating a flywheel effect
Creating a fly wheel effect 21 Provide leading entertainment at the Seaport NYC and the Las Vegas Ballpark Engage customers through retail and dining, and cross sell to other offerings before and after events Deliver a unique and memorable customer experience that drives repeat visitation Increase s
Slide 22: Near-term focus
Near-term focus 22 ~165K Square Feet of Unoccupied Space to Be Leased to Drive Seaport NYC Cash Flow F&B Profitability Has Significant Room for Improvement and Optimization Ballpark Programming of Non-Baseball Events Has Opportunity to Meaningfully Increase Purchasing Programs Can Be Implemented Acr
Slide 23: Opportunities to create long-term value
Opportunities to create Long-Term value 23 Strategic partnerships to Help Drive Portfolio Growth and Expand Entertainment and Leisure Offerings 250 Water Street Could be Developed to Create Additional Residential, Retail and Office Fashion Show Air Rights Could Be Developed to Potentially Create a N
Slide 24: Conservative & flexible balance sheet
Conservative & flexible balance sheet 24 Significant liquidity Including the expected proceeds from the rights offering backstopped by Pershing Square, Seaport Entertainment will have more than $175 million of cash and cash equivalents. No upcoming debt maturities With only two assets encumbered by
Slide 25: Aligned institutional support
Aligned institutional support 25 $19.0B 1 Source: Pershing Square Holding, Ltd. Monthly Net Asset Value and Performance Report for March 2024. Data as of March 31, 2024. Prior to forming PSCM, Mr. Ackman co-founded Gotham Partners Management Co., LLC. Mr. Ackman began his career in real estate inves
Slide 26: Board of directors and corporate governance
Board of directors corporate governance Annual elections for Board of Directors Code of ethics and business conduct Annual Board of Director evaluations Lead Independent Director Whistleblower policy No stockholder rights plan Corporate governance guidelines Insider trading policy Annual certificati
Slide 27: Key Takeaways
Key Takeaways 27 Unique, Premier real estate High-Quality entertainment AND HOSPITALITY brands and assets Multiple internal and external growth opportunities Experienced management and board with strong corporate governance Expected Financial Flexibility to Support Existing Business and future Growt
Slide 28: 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 Disclaimer and Forward-Looking Statements section or not already defined in other areas of this presentation include: This presentation was published on August 12, 2024. “Aviators
Slide 29: From New York City to the Las Vegas Strip
From New York City to the las Vegas strip. Built for excitement. Built to inspire.
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