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Segments (Tables)

12 Months Ended

Dec. 31, 2024

Segments

Schedule of segment operating results


								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)

Schedule of assets by segment


		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.

Schedule of capital expenditures by segment


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			—