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Seaport Entertainment Group Inc. (SEG-7.20%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss attributable to common stockholders of $153.2 million for the year, a decrease of 82% compared to the previous year's net loss of $838.1 million. This reduction is primarily due to a significant decrease in impairment charges.
Revenues for the year totaled $111.1 million, a decrease of 4% from the previous year. This decline is attributed to reductions in sponsorships, events, and entertainment revenue, as well as hospitality revenue.
Sponsorships, events, and entertainment revenue decreased by 7% to $56.2 million, while hospitality revenue fell by 10% to $29.5 million. Rental revenue, however, increased by 15% to $25.4 million.
Operating expenses increased by 10% to $219.6 million, driven by higher general and administrative expenses, which rose by 107% to $63.3 million. This increase is largely due to separation costs and personnel expenses.
Depreciation and amortization expenses decreased by 28% to $34.8 million, following the impairment recognized on the Company's assets in the prior year.
Interest expense, net, increased by 113% to $6.8 million, primarily due to decreased capitalized interest and higher interest expenses on secured mortgages.
The Company reported equity losses from unconsolidated ventures of $42.6 million, a decrease of 47% from the previous year, mainly due to impairments recognized in the prior year.
Seaport Entertainment continues to focus on leasing up its Seaport assets, which were 64% leased as of December 31, 2024. Subsequent to year-end, a lease was signed with Meow Wolf for 74,000 square feet at Pier 17.
The Company is also pursuing various strategies to improve operational efficiencies and expand its partnerships, particularly in the hospitality sector, with a focus on internalizing food and beverage operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Seaport Entertainment Group Inc. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.