Seaport Entertainment Group Inc. Segments Disclosure
13. | Segments |
The Company has three business segments that offer different products and services. The Company’s three segments are managed separately as each requires different operating strategies or management expertise. Our CODM is our Chief Executive Officer. Our CODM uses Adjusted EBITDA to assess operating results for each of the Company’s business segments and to determine how to allocate resources to each of the Company’s business segments. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, general and administrative expenses, and other expenses. The Company’s segments or assets within such segments could change in the future as development of certain properties commences or other operational or management changes occur.
All operations are within the United States. The Company’s reportable segments are as follows:
| ● | Hospitality – consists of restaurant and retail businesses in the Cobblestones, Pier 17, and the Tin Building by Jean-Georges that are owned, either wholly or through joint ventures, and operated by the Company or through license and management agreements. The hospitality segment also includes the equity interest in Jean-Georges Restaurants. For the year ended December 31, 2024 and 2023, the net loss from the Tin Building by Jean-Georges is included in Equity in losses from unconsolidated ventures in the segment operating results below. |
| ● | Entertainment – consists of baseball operations of the Aviators and Las Vegas Ballpark along with sponsorships, events, and other revenue generated at the Seaport in New York, New York. |
| ● | Landlord Operations – consists of the Company’s rental operations associated with over 480,000 square feet of properties situated in three primary locations at the Seaport in New York, New York: Pier 17, Cobblestones, and Tin Building, as well as 250 Water Street. |
Segment operating results are as follows:
Landlord | |||||||||||||||
in thousands | | Hospitality(1) | | Entertainment | | Operations | | Other(2) | | Total | |||||
Year ended December 31, 2025 | |||||||||||||||
Total revenues | $ | 51,890 | $ | 59,447 | $ | 37,263 | $ | (18,192) | $ | 130,408 | |||||
Hospitality Costs | (89,325) | — |
| — | 18,073 | (71,252) | |||||||||
Entertainment Costs | — | (57,526) |
| — | 417 | (57,109) | |||||||||
Operating costs | — | — |
| (31,613) | 229 | (31,384) | |||||||||
Total operating expenses | (89,325) | (57,526) |
| (31,613) | 18,719 | (159,745) | |||||||||
Loss on assets held for sale | (11,037) | — | (11,037) | ||||||||||||
Other income (loss), net | (603) | 117 |
| (2,316) | — | (2,802) | |||||||||
Total segment expenses | (89,928) | (57,409) | (44,966) | 18,719 | (173,584) | ||||||||||
Equity in earnings (losses) from unconsolidated ventures | 2,353 | — | — | — | 2,353 | ||||||||||
Segment Adjusted EBITDA | (35,685) | 2,038 | (7,703) | 527 | (40,823) | ||||||||||
Depreciation and amortization | (32,190) | ||||||||||||||
Interest income (expense) | 456 | ||||||||||||||
General and administrative expenses |
|
| (42,785) | ||||||||||||
Loss before income taxes |
|
| (115,342) | ||||||||||||
Income tax benefit (expense) |
|
| — | ||||||||||||
Net loss |
| $ | (115,342) | ||||||||||||
Year ended December 31, 2024 | |||||||||||||||
Total revenues | $ | 29,995 | $ | 51,428 | $ | 35,283 | $ | (6,483) | $ | 110,223 | |||||
Hospitality Costs | (41,735) | — |
| — | 6,483 | (35,252) | |||||||||
Entertainment Costs | — | (50,788) |
| — | — | (50,788) | |||||||||
Operating costs | — | — |
| (35,044) | — | (35,044) | |||||||||
Total operating expenses | (41,735) | (50,788) |
| (35,044) | 6,483 | (121,084) | |||||||||
Other income, net | 4,496 | 168 |
| 2,065 | — | 6,729 | |||||||||
Total segment expenses | (37,239) | (50,620) |
| (32,979) | 6,483 | (114,355) | |||||||||
Equity in earnings (losses) from unconsolidated ventures |
| (42,125) | — | — | — |
| (42,125) | ||||||||
Segment Adjusted EBITDA | (49,369) | 808 | 2,304 | — | (46,257) | ||||||||||
Depreciation and amortization |
|
| (34,785) | ||||||||||||
Interest income (expense) |
|
| (6,751) | ||||||||||||
Loss on early extinguishment of debt | (1,563) | ||||||||||||||
General and administrative expenses |
|
| (63,269) | ||||||||||||
Loss before income taxes |
|
| (152,625) | ||||||||||||
Income tax benefit (expense) |
|
| — | ||||||||||||
Net loss |
| $ | (152,625) | ||||||||||||
Year ended December 31, 2023 | |||||||||||||||
Total revenues | $ | 33,374 | $ | 56,500 | $ | 32,992 | (8,014) | $ | 114,852 | ||||||
Hospitality Costs | (44,127) | — |
| — | 8,014 | (36,113) | |||||||||
Entertainment Costs | — | (51,524) |
| — | — | (51,524) | |||||||||
Operating costs | — | — |
| (32,371) | — | (32,371) | |||||||||
Total operating expenses | (44,127) | (51,524) |
| (32,371) | 8,014 | (120,008) | |||||||||
Other income (loss), net | 31 | (6) |
| 8 | — | 33 | |||||||||
Total segment expenses | (44,096) | (51,530) |
| (32,363) | 8,014 | (119,975) | |||||||||
Equity in losses from unconsolidated ventures | (80,375) | — | — | — | (80,375) | ||||||||||
Segment Adjusted EBITDA | (91,097) | 4,970 |
| 629 | — | (85,498) | |||||||||
Depreciation and amortization |
|
| (48,432) | ||||||||||||
Interest expense, net |
|
| (3,166) | ||||||||||||
Provision for impairment | (672,492) | ||||||||||||||
Loss on early extinguishment of debt | (47) | ||||||||||||||
Other expenses | (81) | ||||||||||||||
General and administrative expenses |
|
| (30,536) | ||||||||||||
Loss before income taxes |
|
| (840,252) | ||||||||||||
Income tax benefit (expense) |
|
| 2,187 | ||||||||||||
Net loss | $ | (838,065) | |||||||||||||
| (1) | Period-over-period comparability is impacted by the consolidation of the Tin Building by Jean-Georges as of January 1, 2025. For prior periods 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 unconsolidated ventures within our Hospitality segment. |
| (2) | Other includes any inter-segment eliminations necessary to reconcile to Consolidated and Combined Company totals. |
The following represents assets by segment and the reconciliation of total segment assets to Total assets in the Combined Balance Sheets as of:
| December 31, | | December 31, | |||
in thousands | 2025 | 2024 | ||||
Hospitality | $ | 42,642 | $ | 54,020 | ||
Entertainment | 113,249 |
| 125,207 | |||
Landlord Operations |
| 405,813 |
| 397,584 | ||
Total segment assets | 561,704 | 576,811 | ||||
Corporate |
| 88,418 |
| 166,745 | ||
Total assets | $ | 650,122 | $ | 743,556 | ||
The Company made investments in unconsolidated ventures in the Hospitality segment of $0 and $34.1 million during the years ended December 31, 2025 and 2024, respectively.
The following represents capital expenditures by segment for the years ended December 31:
in thousands | | 2025 | | 2024 | ||
Landlord Operations | $ | 28,630 | $ | 59,285 | ||
Hospitality |
| 227 |
| 278 | ||
Entertainment |
| 1,474 |
| 1,014 | ||
Corporate | 418 | 1,049 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 4, 2026 | Showing above |
| 2024 | Mar 10, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.