Seaport Entertainment Group reported narrower losses for the third quarter and said it generated positive operating EBITDA for a second consecutive quarter, despite weather-related pressure in New York and Las Vegas. The company also highlighted new Seaport tenants and attractions, alongside proceeds from two property sales completed this year.
Its announcement covers results through September 30, 2026, as well as operating and leasing updates across its Seaport neighborhood and other properties.
Key details
- Third-quarter losses narrowed: Net loss attributable to common stockholders was $8.4 million, down 74.8% from a year earlier, or $0.65 per share. On an adjusted, non-GAAP basis, the loss was $3.0 million, an improvement of 58.3%; adjusted loss per share fell 59.6% to $0.23.
- Operating EBITDA was positive for a second straight quarter. The company did not provide an amount in the results information available here. Management cited weather-related headwinds in both New York City and Las Vegas.
- Year-to-date losses also improved: For the first nine months of 2026, net loss attributable to common stockholders was $62.9 million, down 21.2% year over year, or $4.92 per share. Adjusted net loss was $20.6 million, down 43.9%, or $1.61 per share.
- New Seaport attractions and tenants are in the pipeline. The Balloon Museum opened its first permanent U.S. location at the Tin Building in August and began paying rent. Seaport also signed a 10-year lease with Brooklyn DOP for the pizzeria’s Manhattan flagship and a 10-year management and lease agreement with Public Service, the team behind Public Records.
- More than 160,000 square feet of signed concepts and tenants have yet to open. The company said 90% of the Seaport neighborhood was leased or programmed—meaning space is leased or has uses planned for it.
- Two property sales generated proceeds this year. In September, Seaport sold the 85 South Street residential building for $8.3 million, receiving $7.2 million after credits and closing costs. In February, it sold the 250 Water Street development site for $143 million, with approximately $75 million in net proceeds after repaying $61.3 million of variable-rate debt and covering closing costs.
- The Seaport continued to host major events. It hosted the New York City Wine & Food Festival for the second consecutive year, including events at The Rooftop at Pier 17, and the 50th Annual Macy’s Fourth of July Fireworks. The Rooftop at Pier 17 was named the country’s best outdoor music venue by the 2026 Rolling Stone Audio Awards.
Plain-English implications
The reported losses narrowed, and positive operating EBITDA for a second consecutive quarter points to improving operating performance, although the company did not provide the quarter’s EBITDA figure in the materials available here. Property-sale proceeds also went in part toward repaying variable-rate debt. Meanwhile, the signed but unopened tenant and concept pipeline represents future activity at the Seaport, rather than space already operating.