Seaport Entertainment Group Inc. reported third‑quarter 2025 results that showed a 14.3% increase in total revenue to $45.05 million, up from $39.43 million in the same period a year earlier. The company posted a net loss of $32.86 million, a modest improvement over the $32.27 million loss reported for the prior year, and earnings per share of –$0.57, falling short of consensus expectations.
The revenue lift was driven primarily by the landlord segment, which benefited from higher rental income and the new 20‑year, 75,000‑square‑foot lease with Meow Wolf at Pier 17. In contrast, the hospitality segment declined, reflecting weaker demand for on‑site dining and event space. The company’s focus on consolidating the Tin Building into its hospitality portfolio and internalizing food‑and‑beverage operations helped offset some of the headwinds in that segment.
Operating costs were kept in check through tighter cost‑control initiatives, including reduced management fees and streamlined staffing. These measures narrowed the net loss relative to the prior year, but the company still faced higher operating expenses from capital investments and the cost of securing the Meow Wolf lease. The net loss margin improved slightly, indicating that revenue growth is beginning to offset the cost base.
CEO Matt Partridge emphasized that the company’s success hinges on delivering high‑quality, curated experiences. He noted strong demand from food‑and‑beverage operators and a focus on traditional retail tenants, which he expects to accelerate leasing velocity in the second half of the year. Partridge also highlighted the strategic importance of the Meow Wolf partnership and the sale of the 250 Water Street development site, which generated $150.5 million in proceeds.
Strategically, SEG is moving toward breakeven by 2026, a target that hinges on continued revenue growth from the landlord segment, the successful integration of the Tin Building, and the monetization of the Meow Wolf lease. The company’s asset‑optimization strategy, including the sale of 250 Water Street and the consolidation of its hospitality operations, is designed to reduce debt and improve cash flow.
Looking ahead, SEG has not issued specific quarterly guidance but reiterated its confidence in reaching breakeven in 2026. Management remains cautious about the hospitality segment’s recovery but is optimistic about the long‑term impact of the Meow Wolf lease and the broader Seaport development strategy. The company’s focus on cost discipline, strategic tenant mix, and asset optimization positions it to improve profitability in the coming quarters.
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