Q4 2025 Seaport Entertainment Group Inc Earnings Call Transcript
Key Points
- Seaport Entertainment Group Inc (SEG) achieved a 24% year-over-year improvement in net loss and a 49% improvement in non-GAAP adjusted net loss for 2025.
- The sale of 250 Water Street generated net proceeds of approximately $75 million, eliminating $7 million of annual cash burn related to interest expense and carrying costs.
- The new lease with Lux Entertainment for the Balloon Museum is expected to improve the company's pro forma annual EBITDA by more than $22 million.
- SEG's Las Vegas Aviators won the 2025 Pacific Coast League Championship, enhancing the Seaport's reputation as a premier event destination.
- The company has a strong cash position with $163 million in cash, restricted cash, and cash equivalents, providing liquidity and optionality for future investments.
- The process of finalizing the sale of 250 Water Street took longer than anticipated, indicating potential challenges in executing large transactions.
- The closure of the Tin Building as a culinary experience highlights historical challenges and the need for a fundamental repositioning of the asset.
- Hospitality segment revenues declined by 23% in Q4 2025 on a pro forma basis, primarily due to lower performance of the Tin Building.
- Interest expense increased by $3.3 million in Q4 2025 compared to the prior year, due to the suspension of interest capitalization on 250 Water Street.
- The landlord segment's 2025 consolidated adjusted EBITDA declined 55% year-over-year on a pro forma basis, primarily due to nonrecurring charges.
Greetings, and welcome to the Seaport Entertainment Group fourth quarter and full year 2025 earnings call. (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce Jason Wilk, Senior Vice President of Finance. Please go ahead
hank you, operator, and good morning, everyone. With me today is our President and Chief Executive Officer, Matt Partridge; and our Chief Financial Officer, Lenah Elaiwat. Before we begin, I'd like to remind everyone that many of our comments today are considered forward-looking statements under federal securities law.
The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we undertake no duty to update these statements. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's Form 10-K, Form 10-Q and other SEC filings.
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