Seaport Entertainment Group Inc. Q4 FY2024 earnings call

• The company officially separated from Howard Hughes Holdings on July 31, 2024, and began trading on the NYSE American. - Made progress in fortifying balance sheet via a $175 million rights offering, implementing technology and infrastructure initiatives, establishing a vision for the Seaport Neighborhood in NYC, identifying value creation opportunities, and bringing in-house the food and beverage operations team at the Seaport. - In NYC, focused on improving the Tin Building, partnered with Meow Wolf for a long-term lease at Pier 17, signed a license agreement with the Dead Rabbit, opened Gitano New York City, extended the Rooftop at Pier 17 concert venue partnership with Live Nation, and evaluated the 250 Water Street development project. - In Las Vegas, excited about the upcoming season for the Las Vegas Aviators and Las Vegas Ballpark, with potential for event programming at the Ballpark. - Looked forward to the potential partnership for the Bryant Park Grill and Café as a growth opportunity.

Total consolidated revenues during the fourth quarter were $22.8 million, largely flat year-over-year. Consolidated sponsorship events and entertainment revenues were down 13.6% primarily due to reduced winter programming at Pier 17 and throughout the Seaport. Consolidated hospitality revenue increased 6.5% during the quarter, with overall hospitality revenue growing 12.8% and same-store hospitality revenues down 3.5%. Rental revenues were up nearly 15% during the quarter primarily due to the benefit of the Alexander Wang lease in the Fulton Market Building of the Seaport which commenced in December 2023. Overall, the company improved combined business segment's profitability by nearly 20% during the fourth quarter of 2024 versus 2023.

• The company will not provide formal forward guidance currently due to numerous moving parts within the business. - Will evaluate providing forward guidance as the business stabilizes over time. - Committed to providing more robust portfolio detail, operational metrics, and performance indicators starting with the first quarter 2025 operating and financial results.

• Uncertainty in leasing and programming existing vacancies in the Seaport which could impact financial performance. - Market conditions could affect the hospitality and entertainment businesses. - Execution risks related to development projects like 250 Water Street, including potential delays or challenges in realizing value.