Seaport Entertainment Group Inc.

Listed Company

SEGCIK 0002009684NYSEAcceleratedEmerging GrowthServices-Miscellaneous Amusement & RecreationDelawareFY ends Dec 31

Period

FY 2025

Revenue

$130.41M

Net Income

$-116.74M

Total Assets

$650.12M

Equity

$456.51M

Shares Out

12.80M

Op. Cash Flow

$-49.66M

Business

Seaport Entertainment Group Inc. owns, operates and develops a portfolio of entertainment-focused real estate and operating assets that integrate hospitality, retail and leisure offerings into mixed-use destinations. It offers restaurants and food halls, retail and office leasing, live music and concert venues, professional minor league baseball operations and ballpark events, sponsorships and development rights. The company reports three operating segments: Landlord Operations; Hospitality; and Sponsorships, Events, and Entertainment. Its assets and distribution channels are primarily concentrated in New York City’s Seaport neighborhood and in Las Vegas, delivered through leases, joint ventures, partnerships and direct event operations.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Total revenues	130	110	115	119
Operating costs	31	35	32	44
General and administrative	43	63	31	17
Depreciation and amortization	32	35	48	47
Other	—	—	81,000	58,000
Total expenses	235	219	199	187
Loss on assets held for sale	−11	—	—	—
Provision for impairment	0	—	−672	0
Other income (loss), net	−3	7	33,000	935,000
Total other	−14	7	−672	935,000
Operating loss	−118	−102	−757	−67
Interest income (expense)	456,000	−7	−3	−4
Equity in earnings (losses) from unconsolidated ventures	2	−42	−80	−37
Loss on extinguishment of debt	—	−2	−47,000	—
Loss before income taxes	−115	−153	−840	−108
Income tax expense (benefit)	0	0	−2	3
Net loss	−115	−153	−838	−111
Preferred distributions to noncontrolling interest in subsidiary	−1	−587,000	—	—
Net loss attributable to common stockholders	−117	−153	−838	−111
Basic (in shares)	13	9	6	6
Diluted (in shares)	13	9	6	6
Basic (in dollars per share)	−9.18	−16.82	−151.77	−20.15
Diluted (in dollars per share)	−9.18	−16.82	−151.77	−20.15

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Buildings and equipment	537	523	528	—	—
Less: accumulated depreciation	−226	−215	−203	—	—
Land	9	9	9	—	—
Developments	—	146	103	—	—
Net investment in real estate	321	463	437	—	—
Assets held for sale	137	—	—	—	—
Investments in unconsolidated ventures	17	28	37	—	—
Cash and cash equivalents	78	166	2	16	—
Restricted cash	10	2	42	50	—
Accounts receivable, net	7	5	14	—	—
Deferred expenses, net	4	5	4	—	—
Operating lease right-of-use assets, net	45	39	41	—	—
Other assets, net	32	36	39	—	—
Total assets	650	744	617	—	—
Mortgages payable, net	38	102	156	—	—
Mortgages payable related to assets held for sale	61	—	—	—	—
Operating lease obligations	57	47	48	—	—
Accounts payable and other liabilities	28	23	28	—	—
Total liabilities	184	172	232	—	—
Preferred stock, $0.01 par value, 20,000 shares authorized, none issued or outstanding	—	—	—	—	—
Common stock, $0.01 par value, 480,000 shares authorized, 12,777 issued and outstanding as of December 31, 2025 and 12,708 issued and outstanding as of December 31, 2024	128,000	127,000	—	—	—
Additional paid in capital	625	613	—	—	—
Accumulated deficit	−168	−52	—	—	—
Total stockholders' equity	457	561	385	—	—
Noncontrolling interest in subsidiary	10	10	—	—	—
Total equity	466	571	385	1,096	967
Total liabilities and equity	650	744	617	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation	28	31	45	44
Amortization	4	4	3	3
Amortization of deferred financing costs	53,000	475,000	463,000	500,000
Straight-line rent amortization	3	−503,000	−216,000	−871,000
Stock compensation expense	15	3	1	869,000
Deferred income taxes	—	—	−2	3
Other	1	—	1	2
Loss on disposal	2	—	—	—
Equity in earnings (losses) from unconsolidated ventures, net of distributions and impairment charges	−2	43	81	37
Provision for (recovery of) doubtful accounts	−1	4	328,000	−2
Accounts receivable	479,000	5	−5	671,000
Other assets and deferred expenses	2	157,000	−12	—
Deferred expenses	−320,000	−521,000	−175,000	−2
Accounts payable and other liabilities	3	9	2	−6
Cash used in operating activities	−50	−53	−51	−30
Operating property improvements	−25	−7	−19	−12
Property development and redevelopment	−6	−63	−44	−86
Cash and restricted cash received upon consolidation of previously unconsolidated entity	685,000	—	—	—
Investments in unconsolidated ventures	—	−34	−46	−100
Distributions from unconsolidated ventures	6	484,000	19,000	—
Cash used in investing activities	−24	−103	−108	−198
Proceeds from mortgages payable	—	—	115	—
Deferred financing costs	—	−472,000	−2	−295,000
Principal payments on mortgages payable	−2	−56	−102	−2
Taxes paid on restricted stock vesting	−3	—	—	—
Preferred distributions to noncontrolling interest in subsidiary	−1	−587,000	—	—
Proceeds from the Rights Offering	−206,000	167	—	—
Net investment by Former Parent	—	169	125	240
Cash (used in) provided by financing activities	−7	280	136	237
Net change in cash, cash equivalents and restricted cash	−80	124	−23	10
Interest paid	10	13	11	7
Interest capitalized	4	4	9	4
Accrued property improvements, developments, and redevelopments	147,000	12	3	12
Capitalized stock compensation	168,000	441,000	1	3

Filings

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