Quarterly ResultMay 6, 2026, 04:39 PM
Seaport Entertainment Group Q1 Net Loss ($44.1M); Revenue Down 20.7%
AI Summary
Seaport Entertainment Group reported a Q1 2026 net loss attributable to common stockholders of ($44.1) million, a 38.3% increase year-over-year, with total revenues decreasing by 20.7% to $12.7 million. Despite the GAAP loss, the company's Non-GAAP Adjusted Net Loss improved by 21.4% to ($17.9) million. Key operational highlights include the sale of the 250 Water Street development site for $143.0 million, new lease agreements for Public Service and the Balloon Museum, and the opening of Sadie's restaurant.
Key Highlights
- Net Loss Attributable to Common Stockholders increased 38.3% year-over-year to ($44.1) million.
- Total revenues decreased 20.7% year-over-year to $12.7 million.
- Non-GAAP Adjusted Net Loss Attributable to Common Stockholders improved 21.4% year-over-year to ($17.9) million.
- Completed the sale of the 250 Water Street development site for $143.0 million, generating $76.1 million net proceeds.
- Executed a five-year lease with Lux Entertainment to open the Balloon Museum in the Tin Building.
- Opened Sadie’s, an all-day New American neighborhood restaurant and Sadie’s Garden Bar.
- Cash, cash equivalents, and restricted cash totaled $144.7 million as of March 31, 2026.
- Total debt outstanding was $39.1 million at a fixed interest rate of 4.9%.