Seaport Entertainment Group Files 10-Q

TL;DR

Seaport Ent. Group filed 10-Q, check Howard Hughes Holdings Inc. Member links.

AI Summary

Seaport Entertainment Group Inc. filed its 10-Q for the period ending June 30, 2024. The filing includes information related to Howard Hughes Holdings Inc. Member, with multiple links pointing to the company's website for further details on this relationship.

Why It Matters

This 10-Q filing provides an update on Seaport Entertainment Group's financial status and operational details, including its relationship with Howard Hughes Holdings Inc. Member.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative financial disclosures.

Key Players & Entities

• Seaport Entertainment Group Inc. (company) — Filer of the 10-Q
• Howard Hughes Holdings Inc. Member (company) — Entity with related links in the filing
• 20240630 (date) — End of the reporting period
• 20240822 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share SEG NYSE American LLC A

Filing Documents

• seg-20240630x10q.htm (10-Q) — 2114KB
• seg-20240630xex31d1.htm (EX-31.1) — 13KB
• seg-20240630xex31d2.htm (EX-31.2) — 13KB
• seg-20240630xex32d1.htm (EX-32.1) — 7KB
• seg-20240630xex32d2.htm (EX-32.2) — 6KB
• 0001558370-24-012429.txt ( ) — 9108KB
• seg-20240630.xsd (EX-101.SCH) — 53KB
• seg-20240630_cal.xml (EX-101.CAL) — 48KB
• seg-20240630_def.xml (EX-101.DEF) — 210KB
• seg-20240630_lab.xml (EX-101.LAB) — 438KB
• seg-20240630_pre.xml (EX-101.PRE) — 349KB
• seg-20240630x10q_htm.xml (XML) — 1954KB

Financial Statements

Financial Statements 5 Condensed Combined Balance Sheets as of June 30, 2024 and December 31, 2023 (Unaudited) 5 Condensed Combined Statements of Operations for the three and six months ended June 30, 2024 and 2023 (Unaudited) 6 Condensed Combined Statements of Cash Flows for the three and six months ended June 30, 2024 and 2023 (Unaudited) 7 Condensed Combined Statements of Shareholders' Equity for the six months ended June 30, 2024 and 2023 (Unaudited) 8 Notes to Condensed Combined Financial Statements (Unaudited) 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 43 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 45 Item 6. Exhibits 45

Signatures

Signatures 48 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Quarterly Report on Form 10-Q, including, without limitation, those related to our future operations constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this Quarterly Report are forward-looking statements and may include words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "may," "plan," "project," "realize," "should," "transform," "would" and other statements of similar expression. These forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any predictions of future results, performance or achievements that we express or imply in this Quarterly Report.

Forward-looking statements include statements related to

Forward-looking statements include statements related to: forecasts of our future economic performance; our ability to operate as a stand-alone public company following our separation from Howard Hughes Holdings Inc. ("HHH"); our ability to achieve the intended benefits from our separation from HHH; our anticipated rights offering; expected capital required for our operations and development opportunities for our properties; impact of technology on our operations and business; expected performance of our business; expected commencement and completion for property developments; estimates of our future liquidity, development opportunities, development spending and management plans; and descriptions of assumptions underlying or relating to any of the foregoing. Some of the risks, uncertainties and other important factors that may affect future results or cause actual results to differ materially from those expressed or implied by forward-looking statements include: risks related to our separation from, and relationship with, HHH; macroeconomic conditions, such as volatility in the capital markets, inflation, rising interest rates and a prolonged recession or downturn in the national economy; changes in discretionary consumer spending patterns or consumer tastes or preferences; risks associated with our investments in real estate assets and trends in the real estate industry; our ability to obtain operating and development capital on favorable terms, or at all, including our ability to obtain or refinance debt capital; the availability of debt and equity capital; 3 Table of Contents our ability to renew our leases or re-lease available space; our ability to compete effectively; our ability to successfully identify, acquire, develop and manage properties on terms that are favorable to us; the impact of uncertainty around, and disruptions to, our supply chain, including labor shortages and shipping delays; risks related to the concentration of o

—FINANCIAL INFORMATION

PART I —FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SEAPORT ENTERTAINMENT DIVISION OF HOWARD HUGHES Condensed Combined Balance Sheets (Unaudited) June 30, December 31, in thousands 2024 2023 ASSETS Buildings and equipment $ 533,432 $ 528,299 Less: accumulated depreciation ( 210,819 ) ( 203,208 ) Land 9,497 9,497 Developments 99,848 102,874 Net investment in real estate 431,958 437,462 Investments in unconsolidated ventures 36,396 37,459 Cash and cash equivalents 3,344 1,834 Restricted cash 42,232 42,011 Accounts receivable, net 11,282 13,672 Deferred expenses, net 4,246 4,379 Operating lease right-of-use assets, net 39,659 40,884 Other assets, net 40,978 39,112 Total assets $ 610,095 $ 616,813 LIABILITIES Mortgages payable, net $ 155,075 $ 155,628 Operating lease obligations 47,876 48,153 Accounts payable and other liabilities 26,413 28,139 Total liabilities 229,364 231,920 Commitments and Contingencies (see Note 7) EQUITY Net parent investment 380,731 384,893 Total equity 380,731 384,893 Total liabilities and equity $ 610,095 $ 616,813 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Table of Contents SEAPORT ENTERTAINMENT DIVISION OF HOWARD HUGHES Condensed Combined Statements of Operations (Unaudited) Three months ended June 30, Six months ended June 30, in thousands 2024 2023 2024 2023 REVENUES Sponsorships, events, and entertainment revenue $ 18,651 $ 22,080 $ 22,831 $ 26,161 Hospitality revenue 8,914 9,734 12,918 14,956 Rental revenue 6,317 5,727 12,764 11,169 Other revenue 59 — 82 3 Total revenues 33,941 37,541 48,595 52,289 EXPENSES Sponsorships, events, and entertainment costs 12,544 14,834 17,405 20,822 Hospitality costs 8,367 8,607 13,935 15,488 Operating costs 12,921 10,874 22,825 20,011 Pro

View Full Filing

View this 10-Q filing on SEC EDGAR