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Segments
 12 Months Ended
Dec. 31, 2024
Segments  
Segments

13.

Segments

The Company has three business segments that offer different products and services. The Company’s three segments are managed separately as each requires different operating strategies or management expertise. Our CODM is our Chief Executive Officer. Our CODM uses Adjusted EBITDA to assess operating results for each of the Company’s business segments and to determine how to allocate resources to each of the Company’s business segments. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, equity in earnings (losses) from unconsolidated ventures, general and administrative expenses, and other expenses. The Company’s segments or assets within such segments could change in the future as development of certain properties commences or other operational or management changes occur.

All operations are within the United States. The Company’s reportable segments are as follows:

●Landlord Operations – consists of the Company’s rental operations associated with over 478,000 square feet of properties situated in three primary locations at the Seaport in New York, New York: Pier 17, Historic Area/Uplands, and Tin Building, as well as the 250 Water Street development.
●Hospitality – consists of restaurant and retail businesses in the Historic District and Pier 17 that are owned, either wholly or through joint ventures, and operated by the Company or through license and management agreements, and also includes the equity interest in Jean-Georges Restaurants.
●Sponsorships, Events, and Entertainment – consists of baseball operations of the Aviators and Las Vegas Ballpark along with sponsorships, events, and other revenue generated at the Seaport in New York, New York.

Segment operating results are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sponsorships,

​

​

​

​

​

Landlord

​

​

​

​

Events, and

​

​

​

in thousands

    

Operations

    

Hospitality

    

Entertainment

    

Total

Year ended December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

Total revenues

​

$

25,455

​

$

29,528

​

$

56,153

​

$

111,136

Operating costs

​

 

(34,254)

​

​

(3,824)

​

​

(6,351)

​

​

(44,429)

Sponsorships, Events, and Entertainment Costs

​

 

—

​

​

—

​

​

(43,757)

​

​

(43,757)

Hospitality Costs

​

 

—

​

​

(31,002)

​

​

—

​

​

(31,002)

Provision for doubtful accounts

​

 

(26)

​

 

(140)

​

​

(2,197)

​

​

(2,363)

Total operating expenses

​

 

(34,280)

​

​

(34,966)

​

​

(52,305)

​

​

(121,551)

Other income (loss), net

​

 

2,065

​

​

4,496

​

​

168

​

​

6,729

Total segment expenses

​

 

(32,215)

​

​

(30,470)

​

​

(52,137)

​

​

(114,822)

Segment Adjusted EBITDA

​

 

(6,760)

​

​

(942)

​

​

4,016

​

​

(3,686)

Depreciation and amortization

​

​

​

​

​

​

​

​

​

​

​

(34,785)

Interest expense, net

​

​

​

​

​

​

​

​

​

​

​

(6,751)

Equity in losses from unconsolidated ventures

​

​

​

​

​

​

​

​

​

​

​

(42,571)

Provision for impairment

​

​

​

​

​

​

​

​

​

​

​

—

Loss on early extinguishment of debt

​

​

​

​

​

​

​

​

​

​

​

(1,563)

Corporate expenses and other items

​

​

​

​

 

​

​

​

​

​

 

(63,269)

Loss before income taxes

​

​

​

​

 

​

​

​

​

​

 

(152,625)

Income tax benefit (expense)

​

​

​

​

 

​

​

​

​

​

 

—

Net loss

​

​

​

​

 

​

​

​

​

​

$

(152,625)

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

Total revenues

​

$

22,104

​

$

32,951

​

$

60,623

​

$

115,678

Operating costs

​

 

(31,543)

​

​

(4,224)

​

​

(5,452)

​

​

(41,219)

Sponsorships, Events, and Entertainment Costs

​

 

—

​

​

—

​

​

(47,466)

​

​

(47,466)

Hospitality Costs

​

 

—

​

​

(31,432)

​

​

—

​

​

(31,432)

Provision for doubtful accounts

​

 

(80)

​

 

(42)

​

​

(337)

​

​

(459)

Total operating expenses

​

 

(31,623)

​

​

(35,698)

​

​

(53,255)

​

​

(120,576)

Other income (loss), net

​

 

8

​

​

31

​

​

(6)

​

​

33

Total segment expenses

​

 

(31,615)

​

​

(35,667)

​

​

(53,261)

​

​

(120,543)

Segment Adjusted EBITDA

​

 

(9,511)

​

​

(2,716)

​

​

7,362

​

​

(4,865)

Depreciation and amortization

​

​

​

​

 

​

​

​

​

​

 

(48,432)

Interest expense, net

​

​

​

​

 

​

​

​

​

​

 

(3,166)

Equity in losses from unconsolidated ventures

​

​

​

​

 

​

​

​

​

​

 

(80,633)

Provision for impairment

​

​

​

​

​

​

​

​

​

​

​

(672,492)

Loss on early extinguishment of debt

​

​

​

​

​

​

​

​

​

​

​

(47)

Corporate expenses and other items

​

​

​

​

 

​

​

​

​

​

 

(30,617)

Loss before income taxes

​

​

​

​

 

​

​

​

​

​

 

(840,252)

Income tax benefit (expense)

​

​

​

​

 

​

​

​

​

​

 

2,187

Net loss

​

​

​

​

 

​

​

​

​

​

$

(838,065)

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

Total revenues

​

$

20,742

​

$

42,580

​

$

55,724

​

$

119,046

Operating costs

​

 

(34,087)

​

​

(4,893)

​

​

(5,068)

​

​

(44,048)

Sponsorships, Events, and Entertainment Costs

​

 

—

​

​

—

​

​

(38,764)

​

​

(38,764)

Hospitality Costs

​

 

—

​

​

(38,037)

​

​

—

​

​

(38,037)

Provision for doubtful accounts

​

 

(1,091)

​

 

(164)

​

​

(157)

​

​

(1,412)

Total operating expenses

​

 

(35,178)

​

​

(43,094)

​

​

(43,989)

​

​

(122,261)

Other income (loss), net

​

 

458

​

​

18

​

​

459

​

​

935

Total segment expenses

​

 

(34,720)

​

​

(43,076)

​

​

(43,530)

​

​

(121,326)

Segment Adjusted EBITDA

​

 

(13,978)

​

​

(496)

​

​

12,194

​

​

(2,280)

Depreciation and amortization

​

​

​

​

 

​

​

​

​

​

 

(47,356)

Interest expense, net

​

​

​

​

 

​

​

​

​

​

 

(4,013)

Equity in losses from unconsolidated ventures

​

​

​

​

 

​

​

​

​

​

 

(37,124)

Provision for impairment

​

​

​

​

​

​

​

​

​

​

​

—

Loss on early extinguishment of debt

​

​

​

​

​

​

​

​

​

​

​

—

Corporate expenses and other items

​

​

​

​

 

​

​

​

​

​

 

(17,035)

Loss before income taxes

​

​

​

​

 

​

​

​

​

​

 

(107,808)

Income tax benefit (expense)

​

​

​

​

 

​

​

​

​

​

 

(3,469)

Net loss

​

​

​

​

​

​

​

​

​

​

$

(111,277)

​

The following represents assets by segment and the reconciliation of total segment assets to Total assets in the Combined Balance Sheets as of:

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​

​

​

​

​

​

​

​

    

December 31, 

    

December 31, 

in thousands

​

2024

​

2023

Landlord Operations

​

$

397,584

​

$

411,871

Hospitality

​

 

54,020

​

 

64,816

Sponsorships, Events, and Entertainment

​

 

125,207

​

 

135,121

Total segment assets

​

 

576,811

​

 

611,808

Corporate

​

 

166,745

​

 

5,005

Total assets (a)

​

$

743,556

​

$

616,813

(a)In 2023, the Company recorded a $709.5 million impairment charge related to the Seaport properties in the Landlord Operations segment and investments in the Hospitality segment. Refer to Note 3 – Impairment for additional information.

​

The Company made investments in unconsolidated ventures in the Hospitality segment of $34.1 million and $45.5 million during the years ended December 31, 2024 and 2023, respectively.

​

The following represents capital expenditures by segment for the years ended December 31:

​

​

​

​

​

​

​

​

in thousands

    

2024

    

2023

Landlord Operations

​

$

59,285

​

$

63,016

Hospitality

​

 

278

​

 

3,302

Sponsorships, Events, and Entertainment

​

 

1,014

​

 

1,340

Corporate

​

​

1,049

​

​

—

​