Financial Data and Key Metrics Changes - Total consolidated revenues for Q3 2025 were $45.1 million, reflecting a 1% year-over-year increase compared to pro forma Q3 2024 [24] - Third-quarter net loss attributable to common stockholders was $33.2 million, a year-over-year decline of approximately $700,000 or 2%, with a net loss per share of $2.61, improving by $3.28 per share or 56% compared to Q3 2024 [31] - Non-GAAP adjusted net loss attributable to common stockholders for Q3 was $7.2 million, representing an improvement of around $18 million or 71% versus the comparable period in 2024 [32] Business Line Data and Key Metrics Changes - Hospitality revenues declined 4% year-over-year in Q3, primarily due to lower revenues at the Tin Building and softness in certain legacy standalone restaurants [25] - Same-store hospitality revenue rose 11%, driven by the success of the Long Club and the strong launch of Dutano [25] - Entertainment segment revenues decreased 5% year-over-year, primarily due to hosting seven fewer concerts at the Rooftop at Pier 17 compared to the prior year [26] Market Data and Key Metrics Changes - International visitation to New York City remains below pre-pandemic levels, currently at about 90% of 2019 volume, while domestic travel remains resilient [6][7] - Total New York City visitation is projected to reach almost 65 million visitors in 2025, surpassing 2024 levels and approaching pre-pandemic visitation levels [7] Company Strategy and Development Direction - The company aims to refine its focus and priorities to stabilize and optimize operating models, emphasizing financial discipline and thoughtful capital deployment [4] - Plans include further reinvestment into existing assets to fill vacancies and improve space utilization, while also seeking opportunities to create long-term value through partnerships in real estate-driven hospitality and entertainment [5] - The company is committed to enhancing the Seaport as a cultural and experiential destination, leveraging events to drive foot traffic and awareness [45][46] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the mixed picture of the New York City market, with a focus on curating high-quality experiences to drive visitation and customer spending [10] - The company remains optimistic about the performance of new concepts and events, which are expected to enhance the overall guest experience and drive incremental spending [16][18] - Management plans to outline a go-forward strategy for the Tin Building in the next earnings call, indicating a focus on improving operational efficiency [53] Other Important Information - The sale of 250 Water Street is expected to positively impact historical cash burn by more than $7 million, eliminating interest expenses and related carrying costs [10] - The company has completed technology initiatives to centralize point-of-sale and procurement systems across hospitality businesses, enhancing purchasing power and financial visibility [14] Q&A Session Summary Question: What are the biggest levers to drive profitability? - Management highlighted the importance of getting tenants open and operational, focusing on operational models, and creating efficiencies in G&A to achieve break-even and profitability [37] Question: Can you discuss the demand for prospective spaces? - Management noted strong demand for restaurant space and is focusing on finding the right partners and experiences for the community [38][39] Question: What is the expected timing for tenant openings? - Management anticipates increased velocity in tenant openings in the back half of the year, with specific timelines for various tenants [40][41] Question: How will special events drive exposure and awareness? - Management emphasized that events like the Macy's Wine and Food Festival are crucial for marketing and pulling visitors to the Seaport, enhancing its position as a cultural destination [43][44] Question: Will the restructuring with Jean-Georges lead to break-even in 2026? - Management stated that they are not in a position to provide forward guidance on the Tin Building's performance in 2026 but are focused on outlining plans in the next earnings call [52][53] Question: What are the expectations for capital expenditures in Q4? - Management indicated that capital expenditures for Q4 will likely be light, with a ramp-up expected in the first half of 2026 [59]

Financial Data and Key Metrics Changes - Total consolidated revenues for Q3 2025 were $45.1 million, reflecting a 1% year-over-year increase compared to pro forma Q3 2024 [23] - Net loss attributable to common stockholders was $33.2 million, a year-over-year decline of approximately $700,000 or 2%, with a net loss per share of $2.61, improving by $3.28 per share or 56% compared to Q3 2024 [31] - Non-GAAP adjusted net loss attributable to common stockholders for Q3 was $7.2 million, representing an improvement of around $18 million or 71% versus the comparable period in 2024 [32] Business Line Data and Key Metrics Changes - Hospitality revenues declined 4% year-over-year in Q3, primarily due to lower revenues at the Tin Building and certain legacy standalone restaurants [24] - Same-store hospitality revenue rose 11%, driven by the success of the Long Club and the strong launch of Dutano [25] - Entertainment segment revenues decreased 5% year-over-year, mainly due to hosting seven fewer concerts at the Rooftop at Pier 17 compared to the prior year [26] Market Data and Key Metrics Changes - International visitation to New York City remains below pre-pandemic levels, currently at about 90% of 2019 volume, while domestic travel remains resilient [5] - Total New York City visitation is projected to reach almost 65 million visitors in 2025, surpassing 2024 levels and approaching pre-pandemic visitation levels [6] - The Manhattan office market has shown strength, with leasing activity exceeding pre-COVID levels, particularly in financial services, technology, and media industries [6] Company Strategy and Development Direction - The company aims to refine its focus and priorities to stabilize and optimize operating models, emphasizing financial discipline and thoughtful capital deployment [4] - Plans include reinvestment into existing assets to improve space utilization and drive customer engagement, while also seeking opportunistic growth in real estate-driven hospitality and entertainment platforms [5] - The company is committed to enhancing the Seaport as a cultural and experiential destination, leveraging marquee events to drive visitation and awareness [39] Management's Comments on Operating Environment and Future Outlook - Management noted that the New York City market presents a mixed picture, with challenges in international tourism but resilience in domestic travel [5] - The company is optimistic about the performance of new hospitality concepts and events, which are expected to drive customer spending and engagement [12][16] - Management expressed confidence in the sale of 250 Water Street, which is expected to positively impact cash burn and eliminate associated interest expenses [10] Other Important Information - The company completed several technology initiatives, including centralizing point-of-sale and procurement systems across hospitality businesses, enhancing financial visibility and reporting accuracy [13] - The sale of 250 Water Street is expected to close by December 15, with an increased sale price of $152 million [10] - General and administrative expenses during the quarter were $18 million, reflecting a year-over-year reduction of 2% [30] Q&A Session Summary Question: What are the biggest levers to drive profitability? - Management highlighted the importance of getting tenants open and operational, focusing on operational efficiencies, and filling remaining vacancies as key drivers for profitability [35] Question: Can you discuss the demand for prospective spaces? - Management noted strong demand for restaurant space and is focusing on finding the right partners and experiences for the community [36] Question: What is the timing for opening new tenants? - Management anticipates that velocity will pick up in the back half of the year, with several openings expected before Meow Wolf [38] Question: What are the expectations for the Tin Building's break-even in 2026? - Management stated that they are not in a position to provide forward guidance on the Tin Building's performance in 2026 but will outline plans in the next earnings call [41] Question: What are the capital expenditures expected for Q4? - Management indicated that capital expenditures for Q4 will be somewhat light, with a ramp-up expected in the first half of 2026 [45]

Financial Performance - Total revenues for Q3 2025 were $45.05 million, an increase of 14.3% compared to $39.43 million in Q3 2024[7] - Net loss for Q3 2025 was $33.2 million, or $2.61 per share, a 55.7% improvement from a net loss of $5.89 per share in Q3 2024[7] - Non-GAAP Adjusted Net Loss for Q3 2025 was $7.2 million, or $0.57 per share, significantly improved by 71.2% from a loss of $25.08 million in Q3 2024[7] - Year-to-date total revenues for 2025 reached $100.92 million, up 15.2% from $87.61 million in the same period of 2024[10] - Year-to-date net loss was $79.9 million, or $6.29 per share, a 68.9% improvement from a net loss of $20.21 per share in the first nine months of 2024[11] - Total revenues for the three months ended September 30, 2025, increased to $45,050,000, up 14% from $39,430,000 in the same period of 2024[27] - Hospitality revenue rose to $16,603,000, a significant increase of 85% compared to $8,954,000 in Q3 2024[27] - Net loss attributable to common stockholders for the three months ended September 30, 2025, was $33,214,000, compared to a loss of $32,511,000 in Q3 2024[29] - Non-GAAP adjusted net loss attributable to common stockholders for the three months ended September 30, 2025, was $7,218,000, compared to $25,078,000 in Q3 2024[29] - Operating income (loss) for the three months ended September 30, 2025, was a loss of $33,898,000, compared to a loss of $20,091,000 in the same period of 2024[27] - Earnings per share attributable to common shareholders for the three months ended September 30, 2025, was $(2.61), an improvement from $(5.89) in Q3 2024[27] Assets and Liabilities - Total assets decreased to $699,074,000 as of September 30, 2025, down from $743,556,000 at the end of 2024[25] - Cash and cash equivalents decreased to $106,215,000 from $165,667,000 at the end of 2024, reflecting a decline of 36%[25] - Total liabilities increased to $203,333,000 as of September 30, 2025, compared to $172,174,000 at the end of 2024[25] Corporate Developments - The company entered into an agreement to sell the 250 Water Street development site for $150.5 million[5] - Approximately 113,100 square feet of space within the Seaport neighborhood has been leased, programmed, or has development plans established[5] - The company completed a corporate restructuring, converting various management agreements into new license agreements with Jean-Georges Restaurants[5] - As of September 30, 2025, the company had $116.8 million in cash and cash equivalents, with $101.4 million of consolidated debt at a weighted-average interest rate of 7.3%[13] - The company was uplisted to the NYSE and added to the Russell 2000 Index and Russell Microcap Index[5] Share Information - Total weighted average shares for the three months ended September 30, 2025, were 12,720,000, compared to 5,522,000 in Q3 2024[29]

Spin-off and Capital Contribution - The Company completed its spin-off from Howard Hughes Holdings Inc. on July 31, 2024, distributing all outstanding shares of common stock to HHH's stockholders [166]. - Prior to the Separation, the Company received a capital contribution of $23.4 million from HHH to support its operating, investing, and financing activities [167]. Business Segments and Operations - The Company operates through three segments: Hospitality, Entertainment, and Landlord Operations, focusing on asset management, partnerships, acquisitions, and development projects [160]. - The Tin Building by Jean-Georges, completed in Q3 2022, is fully leased and has shown improved operating results in 2024 compared to the previous year [179]. - The Las Vegas Aviators, a Triple-A Minor League Baseball team, plays at the Las Vegas Ballpark, which has a capacity of 10,000, contributing to the Company's entertainment segment [164]. - The Company aims to fill vacancies in its Landlord Operations portfolio, which is under a long-term ground lease from the City of New York [165]. - The Company's operations are highly seasonal, with increased revenue typically occurring from May through October due to outdoor events and favorable weather conditions [180]. Financial Performance - Total revenue for the three months ended September 30, 2025, increased by 14% to $45.05 million, driven by an 85% increase in hospitality revenue to $16.60 million [192]. - Hospitality costs surged by 115% to $19.92 million for the same period, contributing to an operating loss of $33.90 million, which is a 69% increase compared to the prior year [192]. - Net loss attributable to common stockholders for the three months ended September 30, 2025, increased by 2% to $33.20 million, primarily due to a $7.20 million decrease in other income [193]. - For the nine months ended September 30, 2025, total revenue rose by 15% to $100.92 million, with hospitality revenue increasing by 79% to $39.52 million [200]. - General and administrative expenses decreased by 33% to $36.01 million for the nine months ended September 30, 2025, largely due to a reduction in prior separation costs [200]. - The company incurred leadership transition costs of $11.5 million for the three months ended September 30, 2025, with no such costs recorded in the prior-year period [191]. - Rental revenue decreased by 32% to $13.64 million for the nine months ended September 30, 2025, reflecting challenges in the rental segment [200]. Adjusted EBITDA and Losses - Hospitality Adjusted EBITDA losses decreased by $2.3 million for the nine months ended September 30, 2025, compared to the prior-year period [212]. - Landlord Operations Adjusted EBITDA loss increased by $4.3 million compared to the prior-year period, primarily due to a $4.0 million loss recognized on assets held for sale [224]. - The company recorded a loss on assets held for sale of $3.99 million for both the three and nine months ended September 30, 2025, indicating asset management challenges [192]. Cash Flow and Liquidity - Cash used in operating activities decreased by $21.4 million to $26.6 million in the nine months ended September 30, 2025, compared to $48.0 million in the prior-year period [242]. - Cash used in investing activities decreased by $61.1 million to $21.1 million in the nine months ended September 30, 2025, compared to $82.2 million in the prior-year period [243]. - Cash provided by financing activities decreased by $117.5 million to cash used in financing activities of $3.4 million in the nine months ended September 30, 2025, compared to cash provided of $114.1 million in the prior-year period [244]. - As of September 30, 2025, cash and cash equivalents were $106.2 million, down from $165.7 million as of December 31, 2024 [234]. - Management believes existing cash balances and access to capital markets provide adequate liquidity to meet current and long-term obligations [239]. Interest Expense and Debt - Interest expense decreased by 96% to $0.13 million for the three months ended September 30, 2025, compared to $3.13 million in the prior-year period [198]. - As of September 30, 2025, the company had third-party mortgages payable of $101.4 million related to the 250 Water Street development [235]. - As of September 30, 2025, the weighted average interest rate on the $40.1 million of fixed-rate indebtedness outstanding was 4.92% per annum [264]. - If short-term interest rates had been 1% higher, interest expense would have increased by approximately $0.2 million and $0.5 million for the three and nine months ended September 30, 2025, respectively [264].

Core Viewpoint - Seaport Entertainment Group Inc. reported its operating and financial results for the quarter ended September 30, 2025, highlighting successful events and positioning efforts for the Seaport as a key destination [1] Financial Performance - The company hosted significant events such as the Macy's 4th of July Fireworks celebration and the New York City Wine & Food Festival, indicating strong operational performance [1] Strategic Initiatives - The company is focused on transforming the Seaport into a must-visit location, showcasing its commitment to enhancing the visitor experience and driving engagement [1]

Group 1 - Seaport Entertainment Group and Carver Road Hospitality announced the opening of Flanker Kitchen + Sports Bar in Fall 2026 [1] - The venue will be approximately 14,000 square feet and serve as the East Coast flagship for the Flanker brand [1] - Flanker New York City aims to expand its integrated dining and entertainment concept in key markets across the country [1]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The demand for lawn and pool robots is surging due to technological upgrades, with domestic companies competing vigorously [5] - The global lawn mower market is projected to reach $10 billion by 2024, with a compound annual growth rate (CAGR) of 2% from 2013 to 2023 [3] - The penetration rate of robotic lawn mowers is expected to increase significantly, driven by advancements in technology [3][29] Summary by Sections 1. Overseas Lawn Demand and Market Size - The lawn care culture in Europe and the U.S. has led to a substantial market for lawn mowers, with 180 million private gardens [3][12] - The global lawn mower market is expected to reach approximately $10.8 billion in 2024, with a CAGR of 2.1% from 2013 to 2023 [13][15] 2. Rapid Iteration of Boundaryless Smart Lawn Mowers - The introduction of RTK satellite differential positioning technology has significantly improved the performance of robotic lawn mowers, leading to a sales explosion [3][30] - By the first half of 2025, global sales of robotic lawn mowers are expected to grow by 327% year-on-year, reaching 2.34 million units [29] 3. Competitive Landscape of the Robotic Lawn Mower Industry - Traditional leaders like Husqvarna and Worx still hold significant market share, but domestic companies such as Ninebot, Ecovacs, and Mamotion are rapidly gaining ground [40][42] - Domestic companies are leveraging technological advantages and innovative product iterations to capture market share in overseas markets [42] 4. Pool Robot Market Dynamics - The global pool robot market is projected to reach $2.5 billion by 2024, with a CAGR of 16% from 2019 to 2024 [6] - The penetration rate of pool robots is expected to rise from 18% in 2019 to 26% in 2024, with further growth anticipated by 2029 [6] 5. Investment Recommendations - The report suggests focusing on companies like Stone Technology, Guangfeng Technology, and Ecovacs, which are well-positioned to benefit from the technological advancements in the industry [5]

Group 1 - Seaport Entertainment Group (NYSE: SEG) is a real estate holding company with diverse real estate assets, hospitality interests, and ownership of a minor league baseball team [1] - The analysis covers developments and performance of Seaport Entertainment Group over the past five months [1]

Financial Data and Key Metrics Changes - Total consolidated revenues during Q2 2025 were $39.8 million, a 1% year-over-year increase compared to pro forma Q2 2024 [24] - Entertainment segment revenues increased by 16% year-over-year, driven by 11 additional concerts and higher sponsorship and concession revenue [24] - Net loss attributable to common stockholders was negative $14.8 million, representing a year-over-year improvement of $20.2 million or 58% [30] - Non-GAAP adjusted net loss attributable to common stockholders for Q2 was negative $7.4 million, an improvement of $21 million or 74% versus the comparable period in 2024 [30] - General and administrative expenses during the quarter were $8.3 million, resulting in a year-over-year reduction of 55% [28] Business Line Data and Key Metrics Changes - Hospitality segment revenues declined 15% compared to pro forma Q2 2024, while same-store hospitality revenue increased by 1% during the second quarter [25][18] - Entertainment operating EBITDA in Q2 2025 increased by 122%, benefiting from lower per show production expenses and a non-repeating bad debt provision [25] - Same-store hospitality revenues were up 1%, while overall hospitality revenues declined 4% year-over-year, indicating notable sequential improvements from the first quarter [18] Market Data and Key Metrics Changes - Rental revenue for the quarter increased by 10% year-over-year, driven by contractual rent escalations and higher percentage rents [26] - Other revenue, including sponsorship income related to landlord-managed assets, declined by 26% [26] Company Strategy and Development Direction - The company is focused on creating operational efficiencies and has internalized food and beverage operations at Seaport, transitioning away from management agreements [5] - The company aims to achieve operational breakeven by 2026 and is exploring strategic partnerships for the 250 Water Street project [4] - The company is actively working to expand its hospitality and entertainment offerings, including the development of a winter enclosure at Pier 17 [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the interest in the 250 Water Street project and the potential for strategic partnerships [4] - The company is encouraged by the momentum in programming and leasing, with strong interest from prospective tenants [7] - Management acknowledged the challenges faced but emphasized the progress made in stabilizing operations and building a foundation for future growth [32] Other Important Information - The company successfully uplisted from the NYSE American to the New York Stock Exchange and was added to the Russell 2000 and Russell Microcap indexes [22] - Capital expenditures in Q2 2025 totaled $6.7 million, primarily related to various venue developments and improvements [30] - Long-term debt outstanding as of June 30 totaled $101.4 million, with a negative net debt position reflecting strong cash balances [31] Q&A Session Summary Question: What are the expectations for the 250 Water Street project? - Management indicated there is significant interest from potential strategic partners and that they are evaluating options to maximize value [4] Question: How is the company addressing the challenges in the hospitality segment? - Management highlighted cost containment initiatives and operational efficiencies that have helped offset revenue declines [18][19] Question: What is the outlook for the entertainment segment moving forward? - Management expressed confidence in the continued success of the entertainment segment, citing strong concert attendance and upcoming events [11][10]

[Q2 2025 Earnings Release Overview](index=1&type=section&id=Seaport%20Entertainment%20Group%20Reports%20Second%20Quarter%202025%20Results) This section provides an overview of Seaport Entertainment Group's second quarter 2025 earnings release [CEO Statement](index=1&type=section&id=CEO%20Statement) CEO Anton Nikodemus expressed optimism about the company's Q2 year-over-year gains and anticipated continued Q3 momentum - The company has made **tremendous progress** in its first year as a standalone public company, establishing a strong foundation for future growth[2](index=2&type=chunk) - Positive Q3 outlook is fueled by the Seaport Concert Series, diversified hospitality offerings, real estate strategy, and the Las Vegas Aviators' potential playoff run[2](index=2&type=chunk) [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) This section details the company's key financial and operational achievements for the quarter and year-to-date [Second Quarter 2025 Highlights](index=1&type=section&id=Select%20Second%20Quarter%202025%20Results) In Q2 2025, the company reported a **net loss of $14.8 million** while advancing strategic real estate and partnership initiatives Q2 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Net Loss | ($14.8) million | | Net Loss per Share | ($1.16) | | Non-GAAP Adjusted Net Loss | ($7.4) million | | Non-GAAP Adjusted Net Loss per Share | ($0.58) | - The company is exploring strategic alternatives for its **250 Water Street development site**[5](index=5&type=chunk) - Completed a corporate restructuring with Jean-Georges Restaurants, converting management agreements for the Tin Building and The Fulton into new license agreements[5](index=5&type=chunk) - Nike exercised an early termination right for its Pier 17 office space, with half the termination payment received in Q2 2025 and the remainder due in 2027[5](index=5&type=chunk) - The company **uplisted to the NYSE** and was added to the Russell 2000 and Russell Microcap Indexes[5](index=5&type=chunk) [Year-to-Date 2025 Highlights](index=1&type=section&id=Select%20Year-to-Date%202025%20Results) For H1 2025, the company reported a **net loss of $46.7 million** while internalizing F&B operations and expanding leased space H1 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Net Loss | ($46.7) million | | Net Loss per Share | ($3.68) | | Non-GAAP Adjusted Net Loss | ($30.2) million | | Non-GAAP Adjusted Net Loss per Share | ($2.38) | - Internalized food and beverage operations at most Seaport restaurants by hiring employees from **Creative Culinary Management Company LLC (CCMC)**[10](index=10&type=chunk) - Leased, programmed, or established development plans for approximately **98,900 square feet** of space within the Seaport neighborhood, including new leases and planned event space[10](index=10&type=chunk) - Announced the Seaport neighborhood as the host location for the **New York City Wine & Food Festival** in October 2025[10](index=10&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) This section analyzes the company's financial performance for Q2 and H1 2025 compared to prior periods, along with balance sheet highlights [Quarterly Results (Q2 2025 vs Q2 2024)](index=2&type=section&id=Quarterly%20Results) Q2 2025 total revenues increased by **18.2% to $39.8 million**, with net loss significantly narrowing to **($14.8) million** Q2 2025 vs Q2 2024 Financial Performance | Metric ($ in thousands, except per share) | Q2 2025 | Q2 2024 | YoY Change | YoY % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $39,801 | $33,670 | $6,131 | 18.2% | | Net Loss Attributable to Common Stockholders | ($14,774) | ($34,997) | $20,223 | 57.8% | | Net Loss Per Share | ($1.16) | ($6.34) | $5.17 | 81.6% | | Non-GAAP Adjusted Net Loss | ($7,415) | ($28,384) | $20,969 | 73.9% | - The year-over-year revenue comparison was impacted by the consolidation of the **Tin Building by Jean-Georges** as of January 1, 2025, which was previously accounted for under the equity method[7](index=7&type=chunk) [Year-to-Date Results (H1 2025 vs H1 2024)](index=2&type=section&id=Year-to-Date%20Results) H1 2025 total revenues grew **16.0% to $55.9 million**, with net loss improving by **41.0% to ($46.7) million** H1 2025 vs H1 2024 Financial Performance | Metric ($ in thousands, except per share) | H1 2025 | H1 2024 | YoY Change | YoY % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $55,870 | $48,181 | $7,689 | 16.0% | | Net Loss Attributable to Common Stockholders | ($46,662) | ($79,075) | $32,413 | 41.0% | | Net Loss Per Share | ($3.68) | ($14.32) | $10.64 | 74.3% | | Non-GAAP Adjusted Net Loss | ($30,173) | ($63,028) | $32,855 | 52.1% | [Balance Sheet Summary (as of June 30, 2025)](index=4&type=section&id=Balance%20Sheet) As of June 30, 2025, the company held **$125.4 million in cash** with **$101.4 million in total consolidated debt** and no significant maturities until Q3 2029 - The company had **$125.4 million** in cash, cash equivalents and restricted cash[12](index=12&type=chunk) - Total consolidated debt was **$101.4 million**, with a weighted-average maturity of approximately **7.7 years** and no meaningful maturities until **Q3 2029**[12](index=12&type=chunk) - The debt structure consists of **40% fixed-rate debt** at a **4.9% weighted-average interest rate** and **60% floating-rate debt** at an effective rate of **8.8% after a total return swap**[12](index=12&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) This section presents the company's consolidated financial statements, including balance sheets and statements of operations [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) This statement presents the company's assets, liabilities, and equity as of June 30, 2025, showing a decrease in total assets and an increase in total liabilities Consolidated Balance Sheets | Balance Sheet Item ($ in thousands) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$717,226** | **$743,556** | | Cash and cash equivalents | $123,276 | $165,667 | | Net investment in real estate | $480,055 | $463,141 | | **Total Liabilities** | **$189,421** | **$172,174** | | Mortgages payable, net | $100,632 | $101,593 | | **Total Equity** | **$527,805** | **$571,382** | [Consolidated and Combined Statements of Operations](index=8&type=section&id=Consolidated%20and%20Combined%20Statements%20of%20Operations) This statement details the company's revenues and expenses for Q2 and H1, with entertainment and hospitality as primary revenue sources Revenue Breakdown | Revenue Breakdown ($ in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Hospitality revenue | $15,177 | $9,053 | | Entertainment revenue | $19,908 | $17,153 | | Rental revenue | $4,232 | $6,814 | | **Total revenues** | **$39,801** | **$33,670** | Expense Breakdown | Expense Breakdown ($ in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Hospitality costs | $17,845 | $9,693 | | Entertainment costs | $15,281 | $14,925 | | Operating costs | $7,684 | $10,375 | | General and administrative | $8,291 | $18,613 | | **Total expenses** | **$55,682** | **$58,939** | [Reconciliation of Net Loss to Non-GAAP Measures](index=9&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Non-GAAP%20Adjusted%20Net%20Loss) This section reconciles GAAP Net Loss to Non-GAAP Adjusted Net Loss, adjusting for non-cash items like depreciation and non-cash compensation Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss | Reconciliation ($ in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net loss attributable to common stockholders | ($14,774) | ($34,997) | | Depreciation and amortization | $7,603 | $6,397 | | Non-cash compensation | $1,738 | ($592) | | Capitalized interest | ($1,688) | — | | **Non-GAAP adjusted net loss** | **($7,415)** | **($28,384)** | [Additional Information](index=4&type=section&id=Additional%20Information) This section provides details on the investor conference call, company overview, and important disclaimers regarding forward-looking statements and non-GAAP measures [Investor Conference Call Information](index=4&type=section&id=Investor%20Conference%20Call%20and%20Webcast) The company will host an investor conference call and webcast on August 12, 2025, to discuss the Q2 2025 results - The investor conference call to present Q2 2025 results is scheduled for **Tuesday, August 12, 2025, at 8:30 AM ET**[13](index=13&type=chunk) [About Seaport Entertainment Group](index=4&type=section&id=About%20Seaport%20Entertainment%20Group) Seaport Entertainment Group is a premier entertainment and hospitality company focused on owning, operating, and developing unique integrated assets - The company's business model focuses on delivering experiences through a combination of **restaurant, entertainment, sports, retail, and hospitality offerings** integrated into one-of-a-kind real estate[15](index=15&type=chunk) [Forward-Looking Statements & Non-GAAP Measures](index=4&type=section&id=Safe%20Harbor%20and%20Forward-Looking%20Statements) This section includes standard safe harbor statements for forward-looking information and explains the use of supplemental non-GAAP financial measures - The press release contains **forward-looking statements** that are based on current expectations and involve risks and uncertainties, as detailed in the company's SEC filings[18](index=18&type=chunk) - **Non-GAAP measures** are used to provide a supplemental view of operating performance by excluding certain **non-cash or non-recurring items** such as **depreciation, amortization, and non-cash compensation**[19](index=19&type=chunk)[21](index=21&type=chunk)