Seaport Entmt Group — Income Statement, Cash Flows & Balance Sheet
Is Seaport Entertainment profitable?
Seaport Entertainment is losing money, but the losses are narrowing and the 2023 figure was dominated by a massive one-time write-down.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total revenues ($000s) | $114,852 | $110,223 | $130,408 |
| Total expenses ($000s) | $199,057 | $219,138 | $234,720 |
| Provision for impairment ($000s) | $672,492 | — | — |
| Net loss ($000s) | $(838,065) | $(152,625) | $(115,342) |
| Net loss per share | $(151.77) | $(16.82) | $(9.18) |
The 2023 loss is almost entirely explained by a $672 million non-cash impairment charge — a write-down of asset values, not a cash outflow. Stripping that aside, the underlying loss shrank meaningfully from 2024 to 2025 as revenues grew by roughly 18%, driven largely by the consolidation of the Tin Building by Jean-Georges restaurant into the company's books for the first time. Expenses also rose, however, partly because those same restaurant costs are now visible on the income statement and partly due to elevated stock-based compensation.
General and administrative costs remain very high for a company of this size, which is a notable drag on profitability.
| Item | 2023 | 2024 | 2025 | Change (24→25) |
|---|---|---|---|---|
| General & administrative ($000s) | $30,536 | $63,269 | $42,785 | -$20,484 |
| Of which: stock compensation ($000s) | — | $3,095 | $13,854 | +$10,759 |
G&A costs spiked in 2024 partly due to spin-off-related expenses and then fell in 2025, but stock-based compensation within G&A ballooned — a reminder that management pay is a significant cost for shareholders even when no cash changes hands.
Where does Seaport Entertainment's revenue come from?
Entertainment (the Las Vegas Aviators baseball team and Seaport events) is the only segment generating a positive operating contribution; Hospitality loses money at the operating level.
| Segment | Revenue 2024 | Revenue 2025 | Adj. EBITDA 2024 | Adj. EBITDA 2025 |
|---|---|---|---|---|
| Hospitality ($000s) | $29,995 | $51,890 | $(49,369) | $(35,685) |
| Entertainment ($000s) | $51,428 | $59,447 | $808 | $2,038 |
| Landlord Operations ($000s) | $35,283 | $37,263 | $2,304 | $(7,703) |
The big jump in Hospitality revenue reflects the consolidation of the Tin Building by Jean-Georges restaurant, but that venue is deeply unprofitable at the operating level — and has since ceased operations in early 2026 in favour of a new tenant lease. Entertainment is the bright spot, growing revenues and turning a modest positive Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation). Landlord Operations slipped into negative Adjusted EBITDA territory partly due to the pending sale of 250 Water Street.
Does Seaport Entertainment generate cash?
Seaport Entertainment burns cash from operations every year, and its cash cushion shrank significantly in 2025.
| Cash Flow Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash used in operating activities ($000s) | $(50,780) | $(52,700) | $(49,658) |
| Cash used in investing activities ($000s) | $(108,302) | $(102,881) | $(23,821) |
| Cash (used in) provided by financing activities ($000s) | $136,214 | $279,581 | $(6,972) |
| Net change in cash ($000s) | $(22,868) | $124,000 | $(80,451) |
| Cash & equivalents, end of period ($000s) | $1,834 | $165,667 | $77,808 |
Operating cash burn has held fairly steady at roughly $50 million per year. The large 2024 cash inflow was funded by a $167 million rights offering (new share issuance) and capital from the former parent — without those one-off injections, the company would have been stretched. Investing outflows shrank sharply in 2025 as the company wound down development spending, which is a meaningful positive. The February 2026 sale of 250 Water Street for $143 million will materially replenish the cash balance, but the underlying business still consumes cash.
How strong is Seaport Entertainment's balance sheet?
Debt is modest and largely tied to the asset being sold, so the balance sheet will look meaningfully cleaner after the 250 Water Street closing.
| Debt Item | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|
| Fixed-rate mortgage ($000s) | $41,087 | $39,090 |
| Variable-rate mortgage ($000s) | $61,300 | $61,300 (held-for-sale) |
| Total debt ($000s) | $102,387 | $100,390 |
| Cash & equivalents ($000s) | $165,667 | $77,808 |
| Total equity ($000s) | $571,382 | $466,407 |
| Accumulated deficit ($000s) | $(51,660) | $(168,402) |
The $61.3 million variable-rate mortgage is directly attached to 250 Water Street and was repaid in full when that sale closed in February 2026, leaving only a modest fixed-rate loan on the Las Vegas Ballpark maturing in 2038. The growing accumulated deficit — losses piling up since the spin-off — is the main concern, as the company has no tax-paying income to shelter and continues to rely on its existing cash and any future capital raises to fund operations.