SEG · Seaport Entertainment Group Inc.

Seaport Entertainment Group's first quarter 2026 results reflect a period of strategic repositioning and operational investment. Total revenues declined 20.7% year-over-year to $12.7 million, primarily due to the sale of the 250 Water Street development site in February 2026, which removed a revenue-generating asset from the portfolio. Net loss attributable to common stockholders widened 38.3% to $44.1 million, or $3.47 per share, driven by lower revenues and ongoing costs related to new initiatives. However, on a non-GAAP adjusted basis, net loss improved 21.4% to $17.9 million, or $1.41 per share, indicating underlying cost discipline and the benefit of the asset sale proceeds used to repay variable-rate debt. Management highlighted several operational milestones: the opening of Sadie's restaurant and Sadie's Garden Bar, a new lease with Lux Entertainment for the Balloon Museum at the Tin Building, and the transition of GITANO NYC from a license to a lease. The company ended the quarter with a strong liquidity position of $144.7 million in cash and restricted cash, and only $39.1 million in fixed-rate debt maturing in 2038. The sale of 250 Water Street generated $76.1 million in net proceeds after repaying $61.3 million of variable-rate debt, strengthening the balance sheet. CEO Matt Partridge expressed confidence in the company's momentum, citing upcoming events and new attractions that are expected to drive visitation and guest engagement. No forward guidance was provided in the release.