Seaport’s 2025 Year‑End Highlights and Future Moves

The company celebrated its first full year as a public entity, turning a focus on real‑estate driven hospitality into tangible results. Over 153, 000 square feet of space was leased or programmed in the Seaport district, reaching a 90 % occupancy rate. A key partnership with Lux Entertainment secured a five‑year lease for the new Balloon Museum, set to open in summer 2026 after replacing a former food‑service tenant. In February, the sale of the 250 Water Street site closed for $143 million, leaving about $76 million in cash proceeds. This transaction helped the firm eliminate most of its variable‑rate debt, leaving no significant maturities until 2038. The board also authorized a new stock‑buyback plan of up to $50 million, though no shares have yet been repurchased. The company announced a ten‑year lease for an arts and hospitality concept in the historic Cobblestones, slated to launch early 2027. It also introduced Sadie’s, a neighborhood restaurant that will open in spring 2026 with outdoor seating and community events. In Pier 17, a purpose‑built event space is expanding to 41, 000 square feet over three floors, capable of hosting up to 1, 500 guests with views of the Brooklyn Bridge and Manhattan skyline.Financially, Q4 2025 saw a net loss of $36. 9 million, down 11 % from the previous year, while adjusted losses improved by almost 9 %. For the full year, net loss dropped to $116. 7 million, a 24 % improvement, and adjusted losses fell by more than half to $54. 1 million. These gains were partly driven by the Las Vegas Aviators’ championship win and high‑profile events like Macy’s fireworks and the NYC Wine & Food Festival, which boosted foot traffic and revenue streams. The firm’s leadership saw a promotion: Matt Partridge became President and CEO, while Lenah Elaiwat took the CFO role. Seaport also moved from the NYSE American to the main NYSE exchange, gaining inclusion in the Russell 2000 and Microcap indices. A forthcoming conference call on March 5 will provide further details, with a live audio webcast available for investors. The company’s strategy remains to merge entertainment and real estate, creating unique experiences that draw visitors and tenants alike. Future plans include repositioning the Tin Building with a globally recognized museum, reinforcing its position as a cultural hub.