Seaport Entertainment (SEG) Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Thu, March 5, 2026 astatine 10:45 AM CST 37 min read

Image source: The Motley Fool.

Thursday, March 5, 2026 astatine 8:30 a.m. ET

• Chief Executive Officer — Matthew Morris Partridge

• Chief Financial Officer — Lina Eliwat

Need a punctuation from a Motley Fool analyst? Email [email protected]

Matthew Morris Partridge: Thanks, Jason, and bully morning, everyone. As we outlined during our inaugural net telephone past March, our absorption successful the archetypal afloat twelvemonth arsenic a stand-alone nationalist institution was to code aggregate opportunities for improvement, including outsized priorities wrong the Seaport, arsenic we enactment to presumption the enactment arsenic a scalable existent estate-centric hospitality and amusement company. Looking backmost and taking banal of our accomplishments, we made tremendous advancement successful 2025 and twelvemonth to day 2026, addressing these opportunities.

Some of our much notable achievements successful 2025 see generating a 24% year-over-year betterment successful our nett loss, a 49% year-over-year betterment successful our non-GAAP adjusted nett loss, leasing, programming, and finalizing improvement plans for astir 153,000 quadrate feet crossed the Seaport, including signing agreements with Meow Wolf, Planker Kitchen and Sports Bar, Hidden Boots Saloon, Willits NYC, Cork Wine Bar, and different breathtaking additions I volition sermon shortly, internalizing nutrient and beverage operations crossed galore of our institution wholly owned and associated task owned restaurants successful the Seaport neighborhood, Las Vegas Aviators winning the 2025 Pacific Coast League championship, the franchise's archetypal PCL rubric since 1988, and hosting and competing successful the Minor League Baseball Triple-A National Championship Game, further establishing the Seaport arsenic a premier lawsuit destination by hosting aggregate rooftop and neighborhood-wide marquee events, including much than 60 concerts, the Macy’s Fourth of July Fireworks, and the New York City Wine and Food Festival, and putting 250 Water Street nether declaration to sell, which subsequently closed past month, aboriginal February.

The process of finalizing the merchantability of 250 Water Street was longer than anticipated. After completing further diligence and evaluating marketplace conditions, we judge this transaction represented the champion risk-adjusted result for the company. The transaction volition make nett proceeds of astir cardinal aft we enactment done immoderate post-closing obligations, which should mostly beryllium resolved successful 2026. With the merchantability complete, we person eliminated $7 cardinal of currency pain related to involvement disbursal and transportation costs, and we present person further superior connected our equilibrium expanse and a clearer runway to execute against our strategical priorities.