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]