Quarterly ResultAug 5, 2026, 04:55 PM
Seaport Entertainment Group Q2 Adj. Net Income $0.3M; Net Loss Improves 29.2%
AI Summary
Seaport Entertainment Group Inc. announced its second quarter 2026 financial results, reporting a Non-GAAP Adjusted Net Income attributable to common stockholders of $0.3 million, a 104.3% improvement year-over-year. The GAAP Net Loss attributable to common stockholders improved 29.2% to ($10.5) million. The company highlighted that all business segments were profitable for the first time in its two-year history, driven by increased visitors and offerings. Key operational updates include the successful opening of new venues, the finalization of the Nike lease termination, and the sale of the 250 Water Street development site.
Key Highlights
- Q2 Non-GAAP Adjusted Net Income attributable to common stockholders was $0.3 million, improving 104.3% year-over-year.
- Q2 Net Loss attributable to common stockholders improved 29.2% year-over-year to ($10.5) million.
- All business segments were profitable for the first time in the company's two-year history during Q2.
- Q2 Total revenues were $34.3 million, a decrease of 13.8% compared to the prior year.
- Cash, cash equivalents, and restricted cash totaled $127.0 million as of June 30, 2026.
- Completed the sale of the 250 Water Street development site for $143.0 million, generating $76.1 million in net proceeds.
- Finalized Nike lease termination, receiving $3.7 million in accelerated rent and termination fees.
- Seaport neighborhood occupancy reached 89%.
Price Impact
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