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Seaport Entertainment Group Inc. owns, develops, and operates a portfolio of entertainment and real estate assets primarily in New York City and Las Vegas. The company operates through three segments: Hospitality; Entertainment; and Landlord Operations. The Hospitality segment operates fine dining and casual dining restaurants, cocktail bars, and nightlife and entertainment venues under The Fulton, Mister Dips, Carne Mare, Malibu Farm, Gitano, and The Lawn Club brands. The Entertainment segment includes the Las Vegas Aviators Triple-A Minor League Baseball team, the Las Vegas Ballpark, the Fashion Show Mall Air Rights, events, and concerts, as well as various sponsorship agreements across the Seaport and the Las Vegas Ballpark. The Landlord Operations segment engages in the holding of ownership interests in and operation of physical real estate assets, such as restaurant, retail, office, and entertainment properties, as well as residential units. Seaport Entertainment Group Inc. was incorporated in 2024 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $130M | $-75M | $-117M | $-75M | -25.6% | 18.3% | -23.8% |
| 2024 | $110M | $-67M | $-153M | $-59M | -27.3% | -4.0% | -81.7% |
| 2023 | $115M | $-36M | $-838M | $-70M | -217.7% | -3.5% | 653.1% |
| 2022 | $119M | $-56M | $-111M | $-42M | -10.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 119.05 | 114.85 | 110.22 | 130.41 |
| Operating Revenue | - | 118.10 | 111.97 | 108.14 | 128.28 |
| Cost Of Revenue | - | 76.80 | 87.64 | 86.04 | 128.36 |
| Gross Profit | - | 42.24 | 27.22 | 24.18 | 2.05 |
| Operating Expense | - | 108.92 | 111.39 | 126.37 | 109.16 |
| Selling General And Administration | - | 16.98 | 30.54 | 63.27 | 42.78 |
| Total Expenses | - | 185.72 | 199.02 | 212.41 | 237.52 |
| Operating Income | - | -66.67 | -84.17 | -102.19 | -107.11 |
| Total Operating Income As Reported | - | -66.67 | -756.66 | -102.19 | -118.15 |
| EBITDA | - | -56.44 | -35.74 | -67.40 | -74.92 |
| Normalized EBITDA | - | -56.44 | 636.80 | -65.84 | -63.89 |
| EBIT | - | -103.80 | -84.17 | -102.19 | -107.11 |
| Interest Expense | 6.53 | 4.01 | 2.65 | 6.75 | - |
| Net Interest Income | - | -4.01 | -3.17 | -6.75 | 0.46 |
| Other Non Operating Income Expenses | - | - | -1.23 | - | - |
| Other Income Expense | - | -37.12 | -752.91 | -43.69 | -8.68 |
| Interest Expense Non Operating | 6.53 | 4.01 | 2.65 | 6.75 | - |
| Net Non Operating Interest Income Expense | - | -4.01 | -3.17 | -6.75 | 0.46 |
| Pretax Income | - | -107.81 | -840.25 | -152.62 | -115.34 |
| Tax Provision | - | 3.47 | -2.19 | 0 | 0 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -1.75 | 0 | 0 |
| Net Income Continuous Operations | - | -111.28 | -838.06 | -152.62 | -115.34 |
| Net Income From Continuing And Discontinued Operation | - | -111.28 | -838.06 | -153.21 | -116.74 |
| Net Income From Continuing Operation Net Minority Interest | - | -111.28 | -838.06 | -153.21 | -116.74 |
| Net Income | - | -111.28 | -838.06 | -153.21 | -116.74 |
| Net Income Common Stockholders | - | -111.28 | -838.06 | -153.21 | -116.74 |
| Net Income Including Noncontrolling Interests | - | -111.28 | -838.06 | -152.62 | -115.34 |
| Normalized Income | - | -111.28 | -167.28 | -151.65 | -105.70 |
| Diluted NI Availto Com Stockholders | - | -111.28 | -838.06 | -153.21 | -116.74 |
| Basic Average Shares | 14.61 | 14.61 | 14.61 | 9.11 | - |
| Diluted Average Shares | 14.61 | 14.61 | 14.61 | 9.11 | - |
| Reconciled Depreciation | - | 47.36 | 48.43 | 34.78 | 32.19 |
| Reconciled Cost Of Revenue | - | 76.80 | 87.64 | 86.04 | 128.36 |
| Total Unusual Items | - | 0 | -672.54 | -1.56 | -11.04 |
| Total Unusual Items Excluding Goodwill | - | 0 | -672.54 | -1.56 | -11.04 |
| Minority Interests | - | 0 | 0 | -0.59 | -1.40 |
| Special Income Charges | - | 0 | -672.54 | -1.56 | -11.04 |
| Other Special Charges | - | - | 0.05 | 1.56 | - |
| Write Off | - | 0 | 672.49 | 0 | 0 |
| Impairment Of Capital Assets | - | 0 | 672.49 | 0 | 0 |
| Depreciation Amortization Depletion Income Statement | - | 47.36 | 48.43 | 34.78 | 32.19 |
| Depreciation And Amortization In Income Statement | - | 47.36 | 48.43 | 34.78 | 32.19 |
| General And Administrative Expense | - | 16.98 | 30.54 | 63.27 | 42.78 |
| Other Gand A | - | 16.98 | 30.54 | 63.27 | 42.78 |
| Gain On Sale Of Ppe | - | - | 0 | 0 | -11.04 |
| Total Other Finance Cost | - | - | 3.17 | 6.75 | -0.46 |
| Other Operating Expenses | - | 43.17 | 32.42 | 28.32 | 34.19 |
| Provision For Doubtful Accounts | 0.16 | 1.41 | 0.46 | 2.36 | - |
| Earnings From Equity Interest | - | -37.12 | -80.38 | -42.12 | 2.35 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Seaport Entertainment Group Inc.this co. | SEG | $306M | -2.62 | 0.67 | -25.6% | -5.13 |
| The Real Brokerage Inc. | REAX | $348M | -42.90 | 6.73 | -15.7% | - |
| Maui Land & Pineapple Company, Inc. | MLP | $345M | -32.58 | 10.42 | -32.0% | -38.70 |
| Alpine Income Property Trust, Inc. | PINE | $342M | -128.59 | 1.22 | -0.9% | 18.09 |
| Transcontinental Realty Investors, Inc. |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| TCI |
| $325M |
| 23.53 |
| 0.38 |
| 1.6% |
| 12.78 |
| Ready Capital Corporation | RC | $285M | -1.24 | 0.20 | -16.0% | - |
| Ares Commercial Real Estate Corporation | ACRE | $280M | -310.62 | 0.55 | -0.2% | - |
| NexPoint Diversified Real Estate Trust | NXDT | $271M | -2.16 | 0.39 | -17.9% | - |
| BRT Apartments Corp. | BRT | $270M | -22.61 | 1.52 | -6.7% | 19.66 |
| Peer Median | - | -27.59 | 0.89 | -11.2% | 15.44 | |