Seaport Narrows Third-Quarter Loss as Revenue Falls

The Tip Desk · November 5, 2026 · 2 min read

The entertainment and hospitality company posted a $0.65 a share loss and $32.7 million of revenue in the three months ended Sept. 30, 2026.

Seaport Entertainment Group (SEG), the entertainment and hospitality company, reported a 74.8% improvement in net loss attributable to common stockholders in the three months ended September 30, 2026, to ($8.4) million, or ($0.65) a share, from ($33.2) million, or ($2.61) a share, a year earlier.

Total revenues fell 27.4% to $32.7 million from $45.05 million. Hospitality revenue dropped to $7.89 million from $16.60 million. Entertainment revenue declined to $19.70 million from $22.15 million, and rental revenue fell to $4.27 million from $5.61 million.

President and Chief Executive Officer Matt Partridge said the company delivered positive operating EBITDA for the second consecutive quarter despite weather-related headwinds in Las Vegas and New York City. Operating loss narrowed to ($9.2) million from ($33.9) million a year earlier. A gain on sale of assets of $1.7 million compared with a ($4.0) million loss a year earlier.

Non-GAAP adjusted net loss attributable to common stockholders improved 58.3% year-over-year to ($3.0) million, or ($0.23) a share, from ($7.2) million, or ($0.57) a share.

The Balloon Museum commenced rent and opened its first permanent U.S. location at the Tin Building in August 2026. The company also executed a 10-year lease with Brooklyn DOP to open a flagship Manhattan pizzeria in the Seaport. Leased or programmed occupancy of the Seaport neighborhood was 90%, up from 89% as of the June 30, 2026 quarter.

In September 2026 the company completed the sale of 85 South Street, a multifamily residential building, for $8.3 million, generating $7.2 million of net proceeds after credits and closing costs. On April 28, 2026, SEG and Nike accelerated the end of the Pier 17 lease to April 30, 2026. Nike paid the remaining contractual termination balance plus a separately negotiated $1.7 million discounted rent payment; the termination balance was included in nine-month lease termination fee income.

Cash, cash equivalents and restricted cash stood at $110.3 million as of September 30, 2026, with $38.1 million of fixed-rate 4.9% asset-specific debt maturing in 2038.

Partridge said the company anticipates that momentum around the Balloon Museum will grow as awareness builds and that a pipeline of more than 160,000 square feet of new tenants and concepts signed but not yet opened is expected to drive increased visitation and improve long-term financial performance.