Third Quarter 2025 Results Released by Seaport Entertainment Group
Seaport Entertainment Group Inc. (NYSE: SEG) (“Seaport Entertainment Group,announced its operating and financial results for the quarter ended September 30, 2025. The third quarter marked a period of continued strategic progress for the Company, highlighted by high-profile cultural programming, meaningful advancements in leasing and partnership development, and ongoing efforts to solidify the Seaport as one of New York City’s premier entertainment, dining, and event destinations.
Commenting on the quarter, Matt Partridge, President and Chief Executive Officer of Seaport Entertainment Group, stated, “We began the third quarter with the iconic Macy’s 4th of July Fireworks® celebration and recently welcomed the New York City Wine & Food Festival to the Seaport. These events, accompanied by our ongoing leasing momentum, activation of public spaces, and strong attendance at the Seaport Concert Series on The Rooftop at Pier 17, reinforce our commitment to creating a unique and dynamic cultural hub. Additionally, our Las Vegas Aviators celebrated a milestone season with their Pacific Coast League championship win, reflecting strong performance across our entertainment and sports portfolio. As we look ahead, we are increasingly optimistic about 2026, with several new concepts preparing to launch and our long-term strategic vision continuing to come to life.”
Third Quarter 2025 Highlights
During the quarter, Seaport Entertainment Group entered into a definitive agreement to sell its 250 Water Street development site for $150.5 million to Tavros, a privately held real estate investment and development firm based in New York City. This transaction reflects SEG’s disciplined approach to capital allocation and its focus on strengthening operational and experiential assets core to its brand identity.
In support of the Company’s continued expansion of dining, nightlife, and entertainment offerings, SEG signed a new license agreement with Flanker Kitchen + Sports Bar and Hidden Boot Saloon. These concepts, together totaling approximately 14,000 square feet within Pier 17, will introduce new social dining experiences and live entertainment environments to the Seaport neighborhood. Flanker Kitchen brings an award-winning culinary and sports-viewing model, while Hidden Boot Saloon will feature a Western-inspired atmosphere, including live music and dance programming.
The Seaport also hosted major public and ticketed events, including the nationally televised Macy’s 4th of July Fireworks® celebration, reinforcing its visibility as a leading cultural venue. Leadership transitions also occurred during the quarter, with Matt Partridge being appointed President and Chief Executive Officer and Lenah Elaiwat assuming responsibility as Interim Chief Financial Officer.
Sports entertainment remained a notable contributor to SEG’s portfolio momentum. The Las Vegas Aviators—Triple-A affiliate of the Oakland Athletics—secured their first Pacific Coast League (PCL) Championship since 1988 and subsequently hosted the MiLB Triple-A National Championship Game, marking a historic season for the franchise.
For the quarter, the Company reported a net loss of ($33.2) million, or ($2.61) per basic and diluted share attributable to common stockholders. On a non-GAAP basis, the Adjusted Net Loss Attributable to Common Stockholders was ($7.2) million, or ($0.57) per basic and diluted share. These results reflect continued investment in programming, concept development, and strategic growth initiatives intended to drive long-term shareholder value.
Year-to-Date 2025 Progress
Across the first nine months of 2025, Seaport Entertainment Group advanced several important initiatives designed to simplify its operating structure and enhance efficiency. The Company hired and integrated employees of Creative Culinary Management Company LLC (“CCMC”), an indirect wholly owned subsidiary of Jean-Georges Restaurants, internalizing its food and beverage operations across most wholly owned and joint-venture restaurants in the Seaport. This move consolidates culinary leadership, improves operational alignment, and reinforces the Seaport’s position as a leader in world-class hospitality.
The Company also completed a corporate restructuring in partnership with Jean-Georges Restaurants. This restructuring eliminated the Tin Building joint venture and various management agreement structures, while converting The Tin Building by Jean-Georges and The Fulton into license agreement models. This structure provides cleaner revenue recognition, streamlined management control, and improved brand consistency across venues.
Additionally, SEG uplisted to the New York Stock Exchange from NYSE American and was added to the Russell 2000 Index and the Russell Microcap Index, increasing visibility among institutional investors. Leasing and development momentum continued with plans and agreements covering approximately 113,100 square feet within the Seaport district. Notable additions include Meow Wolf, Willett’s NYC, Flanker Kitchen + Sports Bar, and Cork Wine Bar, in addition to planning for new meetings and event spaces at Pier 17.
The Seaport hosted the New York City Wine & Food Festival in October 2025, with Chef Jean-Georges Vongerichten serving as Culinary Host, further positioning the district at the center of New York City’s culinary landscape.
For the year-to-date period, the Company reported a net loss of ($79.9) million, or ($6.29) per basic and diluted share, and a Non-GAAP Adjusted Net Loss Attributable to Common Stockholders of ($36.7) million, or ($2.89) per basic and diluted share.
Balance Sheet Position
As of September 30, 2025, Seaport Entertainment Group reported $116.8 million in cash, cash equivalents, and restricted cash. The Company had $101.4 million in consolidated debt outstanding at an effective weighted-average interest rate of 7.3%. Of this debt, 40% is fixed at a weighted-average rate of 4.9%, while the remaining 60% is floating at 11.3% before the application of a total return swap, reducing the effective floating rate to 8.8%. All outstanding debt is asset-specific, secured debt with a weighted-average maturity of approximately 7.5 years, and the Company has no meaningful debt maturities until the third quarter of 2029.
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