Meow Wolf's chief impact officer Julie Heinrich departs
Julie Heinrich delivered the keynote at an Albuquerque Business First Women's Summit where she touched on the work Meow Wolf is doing as well as her personal story and her love for New Mexico.
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Business Journals
2 days ago
- Business Journals
Meow Wolf's chief impact officer Julie Heinrich departs
Julie Heinrich delivered the keynote at an Albuquerque Business First Women's Summit where she touched on the work Meow Wolf is doing as well as her personal story and her love for New Mexico.
New York Post
4 days ago
- New York Post
Cash-rich retailers are scrapping for a slice of NYC's best avenues
Is everything finally coming up roses for city stores? Maybe. Retail leasing velocity across the city is up 14%, year over year. That represents over 3.5 million square feet of new leases and renewals — and according to CBRE, the number of available storefronts on the main shopping streets has dropped. That's good news for shoppers — but a tough break for stores that want the better locations. It's a situation that parallels Manhattan's divided office market, said Lee Block of Winick Realty Group. Retailers want better spaces and are willing to pay top dollar for them. 5 Meow Wolf nabbed over 74,000 square feet at Pier 17 at the South Street Seaport. Keeyahtay Lewis 'The flight to quality has been a big theme in the office world, and it also works in the retail world,' said Block, referring to the demand for luxury offices that is spilling over to some Class B buildings but leaving most C owners in the lurch while spurring residential conversions. Adding to the competition are new to NYC retailers, who inked 24 deals that gobbled up 205,000 square feet just in the first quarter, according to CBRE. For instance, the immersive art experience, Meow Wolf, leased over 74,000 square feet at Pier 17 at the South Street Seaport for its first NYC location. And Seaview Productions, the group behind George Clooney's 'Good Night and Good Luck,' leased the vacant 16,679-square-foot former Second Stage theater at 681 Eighth Ave. near Times Square. 5 Times Square had always been a nest for major league retailers like Sephora. Tamara Beckwith If fact, Times Square has always been a target for large retailers, with shops like Sephora open until 11 p.m. to service late-day, pre- and après-Broadway show crowds. 'It's the busiest place,' declared Gene Spiegelman of Ripco. At the end of last year, Lincoln Market signed to bring its supermarket to a 35,809-square-foot space left by Lucky Strike bowling at Silverstein Properties' River Place at 650 W. 42nd St. Nevertheless, Times Square still has massive holes, such as the 91,000 square feet that Forever 21 will give up at Vornado's 1540 Broadway and 58,000 square feet ABC is leaving at 1500 Broadway. 5 Forever isn't forever in Times Square. Reuters Another sign of life comes from the Manhattan's ultra-competitive restauranteurs who ate up 171,000 square feet in 39 Manhattan deals. Among them is Michelin chef Masaharu Morimoto who will occupy 17,600 square feet at 1255 Broadway in Nomad. Chicago's Michelin steakhouse Maple & Ash leased nearly 17,000 square feet at Vornado's 1290 Ave. of the Americas and STK will open in 12,600 square feet at 200 Park Ave. South. Old Navy is giving up 150 W. 34th St. to Primark so it can move to 55,000 square feet on corner of Herald Square at 50 W. 34th St. Looking further downtown, vacancies along Broadway in Soho are nearly extinct. 5 Chef Masaharu Morimoto will occupy 17,600 square feet at 1255 Broadway. Google Earth Crocs leased a new flagship at 543 Broadway, and New Balance will hop into 542 Broadway. Calvin Klein signed to open a flagship at 530 Broadway and GU opened at 668-678 Broadway. The Chinese-based, fast-fashion brand Urban Revivo opened its first US store in 30,000 square feet at 515 Broadway. 'Global brands stiltl consider New York the launch pad for expanding their businesses,' said Spiegelman who represented Urban Revivo. 'The top of their list is Soho.' Adidas will relocate its flagship from 115 Spring to 8,700 square feet at 135 Spring. Ray-Ban renewed its 7,000 square feet at 116 Wooster and is building out a new global flagship at 62 Prince. Additionally, 7 For All Mankind's denims renewed 5,500 square feet at 392 W. Broadway. 5 Soho is fast becoming the premier place to shop in Manhattan. Getty Images As higher-priced space was leased, rents on prime Prince Street dropped to $750 per foot, down 24% quarter-over-quarter and 30% year-over-year, according to CBRE. The competition for the best Soho spaces is now so fierce that even the biggest fish are being out bid. For instance, LVMH is hunting for a corner location for Tiffany & Co. (now at 97 Green St.) — but it's already lost out on spaces like the new Ferrari former Nespresso space location at 92 Prince St. which may have leased for $1,800 per foot, the Apple location at 103 Prince and Ralph Lauren's digs at 109 Prince which the retailer just bought for $132 million. 'Everyone is keenly aware and the uncertainty is having an impact.' Matthew Siegel of Lantern Real Estate 'It's hard to find space on Prince, Greene or Spring — you almost have to pay key money,' said Richard Hodos of JLL. Like Ralph Lauren, some stores are tired of playing games. They're simply buying their space outright. To capitalize on the frenzy of both investors and retailers trying to lock in prime locations, CBRE is offering 115 Spring for sale on behalf of SL Green as the 5,100-square-foot, two-level store will be vacant when Adidas relocates to 135 Spring next March. Uptown, Chanel is in talks to buy 60,000 square feet in the base of Gary Barnett's upcoming luxury residential tower at 655 Madison Ave., according to the Commercial Observer and, if that goes sideways, could turn to Related tower on the next block at 625 Madison or return to its first choice of the former Barney's at 660 Madison should the families that own the building realign their future goals. Meanwhile, B&H Photo paid $150 million to buy 333 W. 34th St. Even so, stock market gyrations over global tariffs are still top of everyone's minds. 'We are seeing our clients preparing for the impact and implications of the tariffs on both consumer behavior and input costs,' said Matthew Siegel of Lantern Real Estate. 'Everyone is keenly aware and the uncertainty is having an impact.'
Yahoo
12-05-2025
- Yahoo
Seaport Entertainment Group Reports First Quarter 2025 Results
NEW YORK, May 12, 2025--(BUSINESS WIRE)--Seaport Entertainment Group Inc. (NYSE American: SEG) ("Seaport Entertainment Group," "SEG", "we," "our," or the "Company") announced today its operating and financial results for the quarter ended March 31, 2025. "We had a productive start to the year, successfully internalizing our food and beverage operations, advancing programming across the Seaport, and positioning our businesses and partners for a successful launch into an active peak spring and summer season," said Anton Nikodemus, Chairman, President and Chief Executive Officer of Seaport Entertainment Group. "In recent weeks, we celebrated the grand opening of GITANO NYC, kicked off the 2025 concert season on The Rooftop at Pier 17 with back-to-back sellouts, and watched the Las Vegas Aviators emerge as the first-place team in the MiLB Triple-A Pacific Coast League. Building on this strong momentum, we are well-positioned to capitalize on operational improvements, drive profitability, and further reduce cash burn." Select First Quarter 2025 Results Net Loss of ($31.9) million, or ($2.51) per basic and diluted share attributable to common stockholders. Non-GAAP Adjusted Net Loss Attributable to Common Stockholders of ($22.8) million, or ($1.79) per basic and diluted share. Hired and onboarded employees of Creative Culinary Management Company LLC ("CCMC"), an indirect wholly owned subsidiary of Jean-Georges Restaurants, and entered into a shared services agreement with CCMC as the Company's initial step to internalize food and beverage operations at most of its wholly owned and joint venture-owned restaurants at the Seaport. Signed a 74,497 square foot long-term lease with industry-leading immersive art and interactive experience creator Meow Wolf to bring its artistic blend of storytelling, technology and creative exploration to Pier 17. Announced the Seaport neighborhood as the host location for the New York City Wine & Food Festival in October 2025 with Chef Jean-Georges Vongerichten serving as Culinary Host for the event. Disclosed plans to develop approximately 17,500 square feet of purpose-built meeting and event space on the fourth floor of Pier 17, with capacity for up to 800 guests and sweeping panoramic views of the Brooklyn Bridge, East River, and the Brooklyn skyline. Quarterly Results The table below provides a summary of the Company's unaudited consolidated and combined operating and financial results for the three months ended March 31, 2025 and March 31, 2024: For the Three Months Ended March 31, 2025 For the Three Months Ended March 31, 2024 Varianceto ComparablePeriod in Prior Year Total revenues1 $ 16,069 $ 14,511 $ 1,558 10.7% Net loss $ (31,538) $ (44,078) $ 12,540 28.4% Net loss attributable to common stockholders $ (31,888) $ (44,078) $ 12,190 27.7% Net loss attributable to common stockholders per share $ (2.51) $ (7.98) $ 5.47 68.5% Non-GAAP Adjusted Net Loss Attributableto Common Stockholders2 $ (22,758) $ (34,644) $ 11,886 34.3% Non-GAAP Adjusted Net Loss Attributableto Common Stockholders Per Share2 $ (1.79) $ (6.27) $ 4.48 71.4% Note: $ in thousands, except per share data. 1 Period-over-period total revenues comparability was impacted by the consolidation of the Tin Building by Jean-Georges as of January 1, 2025. In 2024, the Tin Building by Jean-Georges was an unconsolidated joint venture accounted for under the equity method in equity in earnings (losses) from unconsolidated ventures within our Statements of Operations. 2 See the "Non-GAAP Financial Measures" section and tables at the end of this press release for a discussion and reconciliation of net loss attributable to the common stockholders to non-GAAP financial measures, including Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share. Balance Sheet As of March 31, 2025, the Company had $132.0 million in cash, cash equivalents and restricted cash and $102.4 million of consolidated debt outstanding at an effective weighted-average interest rate of 7.3%. As of March 31, 2025, 40% of consolidated debt was fixed at a weighted-average interest rate of 4.9% and the remaining 60% of the Company's consolidated debt was floating at a weighted-average interest rate of 11.3% before the effects of the Company's total return swap, which reduces the effective rate of the floating rate debt to 8.8%. Additionally, 100% of the Company's outstanding debt is asset-specific, secured debt, and the weighted-average maturity of the Company's consolidated debt is approximately 8.0 years. The Company has no meaningful debt maturities until Q3 2029. Investor Conference Call and Webcast The Company will host a conference call to present its first quarter 2025 results on Tuesday, May 13, 2025, at 8:30 AM ET. During the call Chairman, President and CEO Anton Nikodemus and CFO Matt Partridge will address questions e‐mailed in advance by investors to: ir@ An audio webcast of the conference call will be available through the "Investors" section of the Company's website at Please log in ten minutes prior to the scheduled start time to register. A replay of the audio webcast will be available on the Company's website shortly after the conclusion of the call until May 27, 2025. To dial into the Telephone Conference Call: Domestic: 1-877-407-3982International: 1-201-493-6780 Conference Call Playback: Domestic: 1-844-512-2921International: 1-412-317-6671Passcode: 13753311 About Seaport Entertainment Group Seaport Entertainment Group (NYSE American: SEG) is a premier entertainment and hospitality company formed to own, operate, and develop a unique collection of assets positioned at the intersection of entertainment and real estate. Seaport Entertainment Group's focus is to deliver unparalleled experiences through a combination of restaurant, entertainment, sports, retail and hospitality offerings integrated into one-of-a-kind real estate that redefine entertainment and hospitality. For more information, please visit Safe Harbor and Forward-Looking Statements This press release includes forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include, but are not limited to, statements concerning the Company's plans, goals, objectives, outlook, expectations, and intentions. Forward-looking statements are based on the Company's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause the Company's results to differ materially from current expectations include, but are not limited to: risks related to our recent separation from, and relationship with, Howard Hughes; risks related to macroeconomic conditions; risks related to the impact of tariffs and global trade disruptions on us and our tenants, including the impact on inflation, interest rates, supply chains and consumer sentiment and spending; changes in discretionary consumer spending patterns or consumer tastes or preferences; risks associated with the Company's investments in real estate assets and trends in the real estate industry; the Company's ability to obtain operating and development capital on favorable terms, or at all; the availability of debt and equity capital; the Company's ability to renew its leases or re-lease available space; the Company's ability to compete effectively; the Company's ability to successfully identify, acquire, develop, and manage properties on terms that are favorable to it; the impact of uncertainty around, and disruptions to, the Company's supply chain; risks related to the concentration of the Company's properties and operations in Manhattan and the Las Vegas area; extreme weather conditions or climate change that may cause property damage or interrupt business; the impact of water and electricity shortages on the Company's business; the contamination of the Company's properties by hazardous or toxic substances; catastrophic events or geopolitical conditions that may disrupt the Company's business; actual or threatened terrorist activity and other acts of violence, or the perception of a heightened threat of such events; losses that are not insured or that excess the applicable insurance limits; risks related to the disruption or failure of information technology networks and related systems – both ours and those operated and managed by third parties; regulatory and legal requirements applicable to our assets; the Company's ability to attract and retain key personnel; the Company's inability to control certain properties due to the joint ownership of such property and inability to successfully attract desirable strategic partners, including joint venture partners; risks related to the concentration of ownership of our common stock by Pershing Square; and the other factors detailed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Forward-looking statements speak only as of the date of this press release. The Company is under no obligation to publicly update or revise and forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Non-GAAP Financial Measures Our reported results are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We also disclose Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share, each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they provide a meaningful supplement of the Company's operating performance and period-over-period changes without regard to certain potential distortions or certain non-cash items. Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements. Accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. To derive Non-GAAP Adjusted Net Loss Attributable to Common Stockholders, GAAP net income (loss) attributable to common stockholders is adjusted to exclude depreciation and amortization, as well as gains and losses from the sale of assets, gains or losses on extinguishment of debt, and provision for impairment, and these adjustments include the pro rata share of such adjustments of unconsolidated subsidiaries. Additionally, adjustments are made for non-cash revenues and expenses such as straight-line rental revenue and expenses, amortization of above- and below-market lease related intangibles, and non-cash compensation; other non-recurring items such as termination fees and legal settlements; and certain capitalized items such as capitalized interest. Please see the reconciliation table provided in this press release for a reconciliation of Non-GAAP Adjusted Net Loss Attributable to Common Stockholders and Non-GAAP Adjusted Net Loss Attributable to Common Stockholders Per Share to the most directly comparable GAAP measures of net income (loss). Availability of Information on SEG's Website and Social Media Channels Investors and others should note that SEG routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the SEG Investor Relations website. The Company uses these channels as well as social media channels (e.g., LinkedIn as a means of disclosing information about the Company's business to our customers, employees, investors, and the public. While not all of the information that the Company posts to the SEG Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in SEG to review the information that it shares through its website and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Email Alerts" in the "Resources" section of the SEG Investor Relations website at The contents of these websites are not incorporated by reference into this press release or any report or document SEG files with the SEC, and any references to the websites are intended to be inactive textual references only. Seaport Entertainment Group Consolidated Balance Sheets (in thousands, except par value amounts) (Unaudited) March31, 2025 December31, 2024 ASSETS Buildings and equipment $ 539,360 $ 522,667 Less: accumulated depreciation (214,956) (215,484) Land 9,497 9,497 Developments 145,168 146,461 Net investment in real estate 479,069 463,141 Investments in unconsolidated ventures 19,461 28,326 Cash and cash equivalents 129,921 165,667 Restricted cash 2,079 2,178 Accounts receivable, net 11,336 5,246 Deferred expenses, net 4,410 4,515 Operating lease right-of-use assets, net 38,078 38,682 Other assets, net 34,060 35,801 Total assets $ 718,414 $ 743,556 LIABILITIES Mortgages payable, net $ 101,605 $ 101,593 Operating lease obligations 47,308 47,470 Accounts payable and other liabilities 28,442 23,111 Total liabilities 177,355 172,174 Commitments and Contingencies — — EQUITY Preferred stock, $0.01 par value, 20,000 shares authorized, none issued or outstanding — — Common stock, $0.01 par value, 480,000 shares authorized, 12,699 issued and outstanding as of March 31, 2025, and 12,708 issued and outstanding issued or outstanding as of December 31, 2024 127 127 Additional paid in capital 614,580 613,015 Accumulated deficit (83,548) (51,660) Total Stockholders' equity 531,159 561,482 Noncontrolling interest in subsidiary 9,900 9,900 Total equity 541,059 571,382 Total liabilities and equity $ 718,414 $ 743,556 Seaport Entertainment Group Consolidated and Combined Statements of Operations (in thousands, except per share amounts) (Unaudited) Three months endedMarch 31, 2025 2024 REVENUES Hospitality revenue $ 7,735 $ 4,077 Entertainment revenue 4,209 3,564 Rental revenue 3,789 6,537 Other revenue 336 333 Total revenues 16,069 14,511 EXPENSES Hospitality costs 15,742 6,268 Entertainment costs 7,077 6,381 Operating costs 8,079 8,563 General and administrative 9,782 16,554 Depreciation and amortization 8,091 8,074 Total expenses 48,771 45,840 OTHER Other income, net — 8 Total other — 8 Operating loss (32,702) (31,321) Interest income (expense) 994 (2,546) Equity in earnings (losses) from unconsolidated ventures 170 (10,211) Loss before income taxes (31,538) (44,078) Income tax expense (benefit) — — Net loss (31,538) (44,078) Preferred distributions to noncontrolling interest in subsidiary (350) — Net loss attributable to common stockholders $ (31,888) $ (44,078) Total weighted average shares Basic 12,694 5,522 Diluted 12,694 5,522 Net loss per share attributable to common stockholders Basic $ (2.51) $ (7.98) Diluted $ (2.51) $ (7.98) Seaport Entertainment Group Reconciliation of Net Loss to Non-GAAP Adjusted Net Loss Attributable to Common Stockholders (in thousands, except per share amounts) (Unaudited) Three months endedMarch 31, 2025 2024 Net loss $ (31,538) $ (44,078) Preferred distributions to noncontrolling interest in subsidiary (350) — Net loss attributable to common stockholders (31,888) (44,078) Adjustments: Depreciation and amortization 8,098 9,070 Non-cash compensation 2,037 658 Straight line rent, net 655 381 Capitalized interest (1,660) (667) Other income — (8) Non-GAAP adjusted net loss attributable to common stockholders (22,758) (34,644) Total weighted average shares Basic 12,694 5,522 Diluted 12,694 5,522 Non-GAAP adjusted net loss per share attributable to common stockholders Basic $ (1.79) $ (6.27) Diluted $ (1.79) $ (6.27) View source version on Contacts Investor Relations:Seaport Entertainment Group Inc.T: (212) 732-8257ir@ Media Relations:The Doortheseaport@
