Seaport Entertainment Group — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenues for the three months ended September 30, 2026, were $32.7 million, a 27.4% decrease from $45.1 million in the prior year period.
• Total revenues for the nine months ended September 30, 2026, were $79.7 million, a 21.0% decrease from $100.9 million in the prior year period.
• Net loss attributable to common stockholders for the quarter was $8.4 million ($0.65 per share), a 74.8% improvement year-over-year compared to $33.2 million ($2.61 per share).
• Net loss attributable to common stockholders for the nine months was $62.9 million ($4.92 per share), a 21.2% improvement year-over-year compared to $79.9 million ($6.29 per share).
• Non-GAAP Adjusted Net Loss attributable to common stockholders for the quarter was $3.0 million ($0.23 per share), a 58.3% improvement year-over-year compared to $7.2 million ($0.57 per share).
• Non-GAAP Adjusted Net Loss attributable to common stockholders for the nine months was $20.6 million ($1.61 per share), a 43.9% improvement year-over-year compared to $36.7 million ($2.89 per share).
• The Company delivered positive operating EBITDA for the second consecutive quarter.
• As of September 30, 2026, the Company held $110.3 million in cash, cash equivalents, and restricted cash.
• Outstanding debt was $38.1 million at a fixed interest rate of 4.9%, with a maturity date in 2038.
• Hospitality revenue for the quarter was $7.9 million, down from $16.6 million in the prior year; for the nine months, it was $20.0 million, down from $39.5 million.
• Entertainment revenue for the quarter was $19.7 million, down from $22.2 million in the prior year; for the nine months, it was $43.8 million, down from $46.3 million.
• Rental revenue for the quarter was $4.3 million, down from $5.6 million in the prior year; for the nine months, it was $14.1 million, up from $13.6 million.

Business Segments and Product Lines:

• The Balloon Museum at the Tin Building opened in August 2026, commencing rent payments and marking its first permanent U.S. location.
• A 10-year lease was executed with Brooklyn DOP to open its flagship Manhattan location at the Seaport.
• A 5-year lease was executed with Lux Entertainment to open the Balloon Museum U.S. flagship in the Tin Building.
• A 10-year management and lease agreement was announced with Public Service, the creative team behind Public Records.
• Over 160,000 square feet of new tenants and concepts have been signed but not yet opened.
• Leased or programmed occupancy of the Seaport neighborhood reached 90%.
• The Rooftop at Pier 17 was named the Best Outdoor Music Venue in the country by the 2026 Rolling Stone Audio Awards.
• The Company hosted Food Network's New York City Wine & Food Festival for the second consecutive year.
• The Company hosted the 50th Annual Macy's 4th of July Fireworks at the Seaport.

Other Key Points:

• Completed the sale of 85 South Street, a multifamily residential building, for $8.3 million in September 2026, generating net proceeds of $7.2 million.
• Completed the sale of the 250 Water Street development site for $143.0 million in February 2026, generating net proceeds of approximately $75.0 million after repaying $61.3 million of variable-rate debt and closing costs.
• The Company recorded a gain on sale of assets of $1.7 million for the quarter and $0.3 million for the nine months.
• Lease termination fee income of $2.7 million was included in the nine-month results, derived from an accelerated lease termination agreement with Nike.
• The Company will host a conference call and webcast on November 5, 2026, at 8:30 AM ET.
• The Company noted weather-related headwinds in Las Vegas and New York City during the quarter.