Seaport Entertainment Group Reports Third Quarter 2024 Results

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NEW YORK, November 07, 2024--(BUSINESS WIRE)--Seaport Entertainment Group Inc. (NYSE American: SEG) ("Seaport Entertainment Group," "SEG" or the "Company") announced today its operating and financial results for the quarter ended September 30, 2024.

Third Quarter 2024 Highlights

  • Completed the previously announced separation from predecessor parent company Howard Hughes Holdings Inc. (NYSE: HHH) ("Howard Hughes") on July 31, 2024 (the "Separation"), and is now an independent, standalone publicly traded company listed on the NYSE American under the ticker symbol "SEG".

  • Reported a net loss of ($32.5) million, or ($5.89) per basic and diluted share attributable to common stockholders, compared with a net loss of ($736.2) million, or ($133.31) per basic and diluted share attributable to common stockholders for the third quarter of 2023.

  • Total revenues were $39.7 million compared to $40.5 million for the prior year quarter.

Other Recent Highlights

  • Completed the previously announced rights offering on October 17, 2024, issuing 7,000,000 shares of common stock at a price per share of $25.00, generating net proceeds to the Company of approximately $166.7 million.

  • Signed a license agreement with The Dead Rabbit to brand The Rooftop at Pier 17 food & beverage operations during the Company’s holiday and winter programming beginning November 2024.

  • Extended the Company’s programming agreement with Live Nation for five years, effective January 1, 2025, for The Rooftop at Pier 17, the Company’s one-of-a-kind live music experience with panoramic views of some of New York City’s most iconic landmarks.

  • Launching year-round concert and event programming in partnership with Live Nation for The Rooftop at Pier 17 utilizing a seasonal floor-to-ceiling glass enclosure, commencing in fall/winter 2025.

"We are excited to embark on a new chapter following our recent public listing and successful rights offering. These key milestones position us to focus on long-term value creation as we implement innovative strategies across our portfolio intended to enhance operational efficiencies and strengthen cash flow," said Anton Nikodemus, Chairman, President and Chief Executive Officer of Seaport Entertainment Group. "Looking ahead, we are building momentum by forging strategic partnerships and prioritizing a customer-centric approach to reimagining the customer experience across many of our assets. This emphasis on partnerships and the customer is ultimately what we believe will enable our development of a true entertainment platform that optimizes our unique real estate and market positioning to create long-term shareholder value."

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