Here is an analogy for Seaport Entertainment:

• It's like a non-gambling MGM Resorts, building and operating upscale entertainment and dining districts in places like NYC and Las Vegas.

Here are the major products and services of Seaport Entertainment (SEG):

• Real Estate Leasing & Management: Operating and leasing a portfolio of physical real estate assets, including restaurant, retail, office, entertainment, and residential properties.
• Restaurant & Bar Operations: Managing and operating a variety of fine dining and casual dining restaurants, cocktail bars, and grocery markets.
• Event & Entertainment Venues: Providing facilities for concerts, private dining, and other events, including the Tin Building and the Las Vegas Ballpark.
• Professional Sports Team Ownership: Owning and operating the Las Vegas Aviators, a Triple-A Minor League Baseball team.
• Sponsorship & Advertising: Facilitating various sponsorship agreements across its entertainment and real estate properties.

Seaport Entertainment (SEG) primarily sells to individuals across its diverse portfolio of entertainment, hospitality, and real estate assets. Based on its operations, its major customer categories are:

1. Hospitality & Dining Patrons: This category includes individuals who visit Seaport's extensive range of fine dining and casual dining restaurants, cocktail bars, and entertainment venues. It also encompasses customers who shop at its grocery markets and retail outlets, as well as those utilizing private dining experiences, particularly within venues like The Fulton, Carne Mare, and the Tin Building.
2. Entertainment & Event Attendees: Individuals who attend live entertainment events are a major customer group. This includes fans attending Las Vegas Aviators Triple-A Minor League Baseball games, concerts, and various other events hosted at the Las Vegas Ballpark and across Seaport venues.
3. Residential Tenants: Seaport Entertainment's Landlord Operations segment serves individuals who lease or rent residential units within the properties it holds ownership interests in and operates in Seaport.

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Matt Partridge
President and Chief Executive Officer

Mr. Partridge was appointed President and Chief Executive Officer of Seaport Entertainment Group Inc. on September 4, 2025, having previously served as the company's Chief Financial Officer, Executive Vice President & Treasurer since April 2024. He played a key role in positioning SEG as a newly independent public company following its spinoff from Howard Hughes Holdings Inc. With nearly two decades of experience in hospitality, entertainment, and real estate across various asset classes, Mr. Partridge has a background in both public and private companies. Prior to joining SEG, he was Senior Vice President, Chief Financial Officer, and Treasurer for two publicly traded real estate investment trusts, CTO Realty Growth Inc. and Alpine Income Property Trust, Inc. He also served as Chief Operating Officer and Chief Financial Officer of Hutton Companies and held similar roles at Agree Realty Corporation and Pebblebrook Hotel Trust. Mr. Partridge has a focus on building and repositioning physical assets, teams, and infrastructure.

Lenah Elaiwat
Executive Vice President, Chief Financial Officer and Treasurer

Ms. Elaiwat was appointed Executive Vice President, Chief Financial Officer and Treasurer of Seaport Entertainment Group Inc. on December 1, 2025, after serving as Interim Chief Financial Officer since September 4, 2025. She brings nearly 20 years of financial leadership experience in the real estate and financial services sectors. Ms. Elaiwat joined Seaport Entertainment Group in 2024 as Chief Accounting Officer. Her prior experience includes senior finance positions at Regis Group, where she led accounting and finance functions for two start-up real estate investment platforms, Midwood Investment & Development, Colony Capital, and Edison Properties. She began her career in real estate audit at Ernst & Young and is a Certified Public Accountant, holding an M.B.A. in Professional Accounting from Rutgers University.

Anton Nikodemus
Special Advisor

Mr. Nikodemus transitioned to a Special Advisor role on September 4, 2025, after serving as President and Chief Executive Officer and Chairman of the Board of Seaport Entertainment Group Inc. since 2023. He successfully led the company through its spinoff from Howard Hughes Holdings Inc. and its transition to a hospitality and entertainment-focused entity. Mr. Nikodemus has over 30 years of experience in entertainment and hospitality, leading the development and operations of premier destination brands.

Michael Crawford
Chairman of the Board

Mr. Crawford was appointed Chairman of the Board of Seaport Entertainment Group Inc. effective September 4, 2025, having previously served as Lead Independent Director since July 2024. He is recognized for guiding the company through its successful spinoff from Howard Hughes Holdings Inc. and initiating the repositioning of its assets, particularly in the Seaport.

Jason Wilk
Senior Vice President of Finance

Mr. Wilk serves as the Senior Vice President of Finance for Seaport Entertainment Group Inc. He participated in the company's Fourth Quarter and Full Year 2025 Earnings Call on March 5, 2026, alongside the CEO and CFO.

Key Risks to Seaport Entertainment (SEG)

Seaport Entertainment Group Inc. (SEG) faces several key risks inherent to its business model, primarily due to its reliance on consumer discretionary spending and its concentrated real estate and entertainment assets. 1. Economic Downturn and Sensitivity to Discretionary Spending: Seaport Entertainment's business, encompassing hospitality, entertainment, retail, and sponsorship, is highly sensitive to macroeconomic conditions and consumer discretionary spending. Economic downturns, capital market volatility, inflation, and elevated interest rates could significantly impact consumer foot traffic, demand for its offerings, and corporate sponsorship budgets across its properties in New York City and Las Vegas. The company's performance is noted to be more volatile and sensitive to local events and consumer sentiment due to its heavy exposure to these macroeconomic risks. 2. Geographic Concentration and Real Estate Market Volatility: Seaport Entertainment's operations are highly concentrated in New York City and the Las Vegas area. This geographic concentration exposes the company to specific local economic downturns, fluctuations in regional real estate conditions, and changes in regulatory environments, which could have a disproportionately large effect on its overall performance and property values. 3. Intense Competition and Shifting Consumer Preferences in Hospitality and Entertainment: Both the hospitality and entertainment segments of Seaport Entertainment operate in highly competitive markets. The company faces risks from intense market competition and the need to constantly adapt to evolving consumer preferences and new business models within these dynamic industries. Declining revenues in key segments like hospitality and entertainment have been observed, highlighting the ongoing challenge of maintaining market share and relevance.

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Seaport Entertainment Group Inc. (SEG) operates a diverse portfolio of entertainment and real estate assets primarily in New York City and Las Vegas. The addressable markets for its main products and services are significant within these regions and nationally.

Landlord Operations

• New York City Commercial Real Estate: The commercial real estate market in New York City is estimated to be close to $2 trillion in value. Specifically, the New York City office market alone was estimated at roughly $472 billion in market value in 2025. Manhattan's overall office market availability rate was 16.4% in Q2 2025, and new leasing surged to 8.4 million square feet in Q2 2025. Manhattan commercial real estate sales volume in Q4 2025 was $6.3 billion. Investment sales in the NYC office market jumped 30% to $11 billion in 2025.
• New York City Retail Real Estate: Manhattan's retail market sustained strong leasing momentum in 2025, with over 4.1 million square feet transacted. Manhattan retail real estate sales volume in 2025 was $1.6 billion. In the first half of 2025, stronger food-and-beverage demand contributed to a vacancy rate below 4% in Downtown Manhattan retail.
• New York City Residential Real Estate: The median home sale price in New York City was $770,000 in January 2026. The average home value in New York, NY was $812,534 as of February 28, 2026. The median sales price for homes that sold in 2023 was $764,000, and it was up to $785,000 in early 2024. As of February 2026, there were 38,273 homes for sale in New York.

Hospitality

• New York City Restaurant and Bar Industry: The restaurant industry in New York City is valued at over $50 billion annually, making it one of the largest local restaurant markets in the U.S.. As of early 2025, NYC had approximately 17,619 restaurants. The market size of the single-location full-service restaurants industry in New York is projected to be $20.2 billion in 2026. New York City's nightlife industry generates $35.1 billion in total economic output annually and supports nearly 300,000 jobs. The Bars subsector, which includes drinking establishments and nightclubs, comprises 2,100 establishments and generated $2 billion in direct economic output in 2016. The USA Bars and Nightclubs Market accounts for 32% of global nightlife activity and hosts over 68,000 licensed venues nationwide.

Sponsorships, Events, and Entertainment

• U.S. Sports Sponsorship Market: The United States sports sponsorship market size was valued at $20.31 billion in 2024 and is projected to reach $43.45 billion by 2033. North America leads the Sports Sponsorship Market with a 34.5% share, amounting to $22.11 billion in 2024. The overall sports sponsorship market size is expected to reach $74.59 billion in 2026 globally. US sports sponsorships generated $11 billion in media value in 2024.
• Las Vegas Sports and Entertainment Market: Sporting events in Las Vegas generated $1.845 billion in direct output from out-of-town visitors in fiscal year 2022. The annual North American sports marketplace, including tickets, sponsorships, and media rights, is about $80 billion, and the sports-tourism market is about $52 billion. Las Vegas is home to more than a dozen large event venues with a combined capacity of 285,000 seats. Spectator sports jobs in Las Vegas have grown 12.4% year-over-year.
• New York City Live Events and Concert Promotion: The market size of the Concert & Event Promotion industry in New York is projected to be $10.4 billion in 2026. New York City is considered one of the most powerful live-music markets in the country, with high ticket demand. The arts, entertainment, and recreation sector in New York City employed 93,500 people in 6,250 establishments in 2019.
• Las Vegas Retail Real Estate: Clark County had taxable retail sales of $30.3 billion over the past 12 months (as of October 2025). The Las Vegas retail market in Q1 2025 maintained stable average asking lease rates, with a vacancy rate of 4.6%. Retail asking rents averaged $35.20 per square foot in Q4 2024. The retail inventory in Las Vegas was 68,718,256 square feet in Q2 2025.

Seaport Entertainment Group (NYSE: SEG) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives focusing on enhancing its real estate, hospitality, and entertainment offerings in New York City and Las Vegas. These key drivers include:

1. Repositioning and Diversification of Seaport Assets: Seaport Entertainment is strategically repurposing key assets to attract a broader audience and generate new revenue streams. A significant move is the conversion of the Tin Building from a Jean-Georges food and beverage operation to the U.S. flagship of the interactive Balloon Museum, set to open in summer 2026. This repositioning is anticipated to significantly raise segment EBITDA annually. Additionally, the company plans to open a new "approachable" American restaurant named Sadie's in spring 2026 and expand the event space at Pier 17 to approximately 41,000 square feet, capable of hosting up to 1,500 guests. These efforts aim to solidify the Seaport as a multifaceted entertainment destination and are expected to boost leasing velocity and revenue, particularly in the latter half of 2026 as new tenants commence operations.

2. Expansion and Enhancement of Entertainment Offerings: The company is focused on growing its entertainment segment, which already saw a 14% revenue increase in 2025. This includes expanding the successful concert series at Pier 17 to operate year-round, commencing in late 2025, which is expected to increase foot traffic and benefit other properties. Continued strong performance and event activity from the Las Vegas Aviators Triple-A Minor League Baseball team and the Las Vegas Ballpark are also expected to contribute to entertainment revenue growth.

3. Strategic Leasing and Occupancy Growth in Landlord Operations: Seaport Entertainment achieved 90% leased occupancy in the Seaport neighborhood by the end of 2025, having leased or programmed over 150,000 square feet. The company's focus on attracting "category-defining partners" and new restaurant concepts in areas like the historic Cobblestones is expected to drive consistent rental income and increased footfall, further bolstering the Landlord Operations segment's revenue.

4. Monetization of Fashion Show Mall Air Rights: A significant long-term growth opportunity highlighted by management is the potential monetization or development of the Fashion Show Mall Air Rights in Las Vegas. This asset could represent a major driver of long-term growth or provide immediate monetization for shareholders, depending on the chosen strategy.

Share Repurchases

• The Board of Directors authorized a new stock repurchase program in February 2026, allowing the company to purchase up to $50.0 million of its outstanding common stock.
• No repurchases have been made pursuant to the authorized program as of early March 2026.

Share Issuance

• Seaport Entertainment Group completed a $175.0 million rights offering in October 2024, issuing 7,000,000 shares of common stock.
• A $150 million shelf registration was approved in February 2026, providing flexibility to offer and sell securities in the future.

Inbound Investments

• Pershing Square-affiliated funds beneficially owned approximately 39.3% of the outstanding common stock as of December 31, 2025.
• Pershing Square backstopped the $175.0 million rights offering completed in October 2024.

Outbound Investments

• The company maintains a 25% stake in Jean-Georges Restaurants.

Capital Expenditures

• Capital expenditures for 2025 totaled $30.8 million, with the majority of spending related to landlord work for Meow Wolf, the rooftop winter structure, and the completion of Gitano and Riverdeck Bar build-outs.
• Capital expenditures in Q3 2025 were $4.8 million, primarily for the rooftop winter structure, River Deck Bar build-out, and existing operations maintenance.
• Future capital requirements to stabilization are estimated at $70-$90 million, consistent with a previously disclosed target of $100-$125 million.