Seaport Entertainment Group Inc (SEG) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Seaport Entertainment Group first quarter 2025 earnings call. At this time, all participants are in a listen-only mode. (Operator Instructions) As a reminder this conference is being recorded.

您好，歡迎參加 Seaport Entertainment Group 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。（操作員指示）提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Matt Partridge, CFO. Thank you. You may begin.

現在我很高興介紹您的主持人、財務長 Matt Partridge。謝謝。你可以開始了。

Thank you, operator, and good morning, everyone. Thank you for joining us today for our earnings conference call. With me today is our Chairman, President and CEO; Anton Nikodemus.

謝謝接線員，大家早安。感謝您今天參加我們的收益電話會議。今天與我一起的是我們的董事長、總裁兼執行長安東·尼科德姆斯 (Anton Nikodemus)。

As outlined in our earnings announcement press release from a few weeks ago and in a similar format to our year-end 2024 earnings conference call in March, we solicited questions ahead of today's call, and we've incorporated many of those questions and answers into our prepared remarks. If you have additional questions after today's call, please contact, ir@seaportentertainment.com, and we'll respond to any additional questions accordingly.

正如我們幾週前的收益公告新聞稿中所述，並以與我們 3 月份 2024 年年終收益電話會議類似的形式，我們在今天的電話會議之前徵集了問題，並將其中許多問題和答案納入了我們準備好的發言中。如果您在今天的通話後還有其他問題，請聯絡 ir@seaportentertainment.com，我們將相應地回覆您的其他問題。

Before we begin, I'd like to remind everyone that many of our comments today are considered forward-looking statements under federal securities law. The company's actual future results may differ significantly from matters discussed in these forward-looking statements, and we undertake no duty to update these statements.

在我們開始之前，我想提醒大家，根據聯邦證券法，我們今天的許多評論都被視為前瞻性陳述。公司未來的實際結果可能與這些前瞻性聲明中討論的問題有重大差異，我們不承擔更新這些聲明的義務。

Factors and risks that could cause actual results to differ materially from expectations are disclosed from time-to-time in greater detail in the company's Form 10-K, Form 10-Q and other SEC filings. You can find our SEC reports, earnings release and most recent investor presentation on our website at seaportentertainment.com.

可能導致實際結果與預期有重大差異的因素和風險會不時在公司的 10-K 表格、10-Q 表格和其他 SEC 文件中詳細揭露。您可以在我們的網站 seaportentertainment.com 上找到我們的 SEC 報告、收益報告和最新的投資者介紹。

With that, I'll now turn the call over to Anton.

說完這些，我現在將電話轉給安東。

Thanks, Matt, and good morning, everyone. Before I get into our first quarter performance, I'd like to highlight the priorities and strategies we've outlined during our last call, because I think they provide a nice foundation for today's prepared remarks and a framework for our execution in 2025 and beyond.

謝謝，馬特，大家早安。在介紹我們第一季的業績之前，我想強調一下我們在上次電話會議上概述的優先事項和策略，因為我認為它們為今天的準備好的發言奠定了良好的基礎，也為我們在 2025 年及以後的執行奠定了框架。

Our main priority is to address the factors contributing to the company's cash burn by implementing strategies to achieve breakeven in 2026, profitability in 2027 and a stabilization of the current asset base by 2028.

我們的主要任務是解決導致公司現金消耗的因素，實施策略，在 2026 年實現收支平衡，在 2027 年實現盈利，並在 2028 年穩定現有資產基礎。

To achieve these milestones, we've emphasized handful of more specific initiatives that include evolving the Tin Building experience to meet guest needs, while improving financial performance by working closely with our partners at Jean-Georges to leverage what is working well and addressing or fine-tuning what isn't, programming and leasing the existing vacancy throughout the Seaport neighborhood to drive improved cash flows, frequency of visitation and customers' length of stay, monetizing limited or non-cash flowing assets such as 250 Water Street through outright sales or strategic partnerships, optimizing the utilization of the Las Vegas ballpark through unique relationships and special events and improving our organizational infrastructure to allow us operate more efficiently.

為了實現這些里程碑，我們強調了一些更具體的舉措，包括改進 Tin Building 的體驗以滿足客人的需求，同時透過與 Jean-Georges 的合作夥伴密切合作來提高財務業績，利用運行良好的部分並解決或微調運行不佳的部分，規劃和租賃整個海港社區的現有戰略空置部分以推動現金流量、訪問頻率和顧客停留時間，透過資產停留Street）貨幣化，透過獨特的關係和特別活動優化拉斯維加斯棒球場的利用率，並改善我們的組織基礎設施以使我們能夠更有效地運作。

With these priorities as a backdrop, I'm pleased to report we had a productive start to 2025 as we continue to identify and implement best practices and execute on our strategic initiatives designed to improve the performance of our operational assets, build leasing and programming momentum at the Seaport and work through transitional items to stabilize our overall infrastructure.

在這些優先事項的背景下，我很高興地報告，我們在 2025 年取得了富有成效的開端，因為我們將繼續確定和實施最佳實踐並執行旨在提高營運資產績效的戰略舉措，在海港建立租賃和編程勢頭，並通過過渡項目來穩定我們的整體基礎設施。

Starting with our Hospitality segment. During the first quarter, we made a strategic decision to reduce operating hours as many of our restaurants in the Seaport, including closing certain outlets. This decision had a negative impact on first quarter hospitality revenues but allowed for better overall segment profitability during what is our seasonally slowest quarter f the year.

從我們的酒店業開始。在第一季度，我們做出了一項策略決策，縮短了海港許多餐廳的營業時間，包括關閉某些門市。這項決定對第一季的飯店收入產生了負面影響，但在我們今年季節性最慢的季度，卻提高了整體部門的獲利能力。

Same-store hospitality revenues were down 12% year-over-year during the first quarter. And overall hospitality revenues declined 16%, driven by a 33% reduction at the Tin Building, where performance was impacted by the closure of certain concepts for the entirety of the quarter.

第一季同店餐飲營收年減 12%。整體酒店業收入下降了 16%，其中 Tin Building 的收入下降了 33%，而整個季度，由於某些概念酒店的關閉，其業績受到了影響。

The performance of the Tin Building was partially offset by 5% revenue growth from our managed restaurants, including meaningful growth at Lawn Club. These results do include the effects of our consolidated hospitality operations, which now include the Tin Building and our unconsolidated venues such as the Lawn Club.

我們管理的餐廳收入成長了 5%，其中包括 Lawn Club 的顯著成長，部分抵消了 Tin Building 的表現。這些結果確實包括了我們合併的酒店業務的影響，現在包括錫樓和我們的非合併場所，如草坪俱樂部。

Even with the revenue decline, we made progress with the financial performance of the Tin Building, improving first quarter asset level EBITDA by 7% compared to the first quarter of 2024. As we head into the busiest part of the year, we are working closely with our partners at Jean-Georges to optimize the operations at the Tim building, while delivering incredible food and beverage experiences that our customers have come to expect from the acclaimed and renowned Jean-Georges brand.

即使收入下降，我們在 Tin Building 的財務業績方面仍取得了進展，與 2024 年第一季度相比，第一季資產水準 EBITDA 提高了 7%。隨著我們進入一年中最繁忙的時期，我們正與 Jean-Georges 的合作夥伴密切合作，優化 Tim 大樓的運營，同時提供我們的客戶對備受讚譽和享有盛譽的 Jean-Georges 品牌所期望的令人難以置信的食品和飲料體驗。

Beyond the Tin Building, a big focus for our team during the quarter was preparing for opening of GITANO, New York City at Pier 17, the flagship US location for the Tulum based Grupo GITANO. We soft opened GITANO New York City in March and recently held a spectacular grand opening event on May 1.

除了錫製大樓之外，我們團隊在本季的一大重點是準備在紐約市 17 號碼頭開設 GITANO，這是總部位於圖盧姆的 Grupo GITANO 在美國的旗艦店。我們在三月試營運了 GITANO New York City，並於 5 月 1 日舉辦了一場盛大的開幕活動。

The volume of positive press surrounding the event sets the stage for GITANO to be one of the most sought after dinner and dancing destinations in New York City, helping draw new customers to the Seaport and providing guests more late night experiences in the Seaport neighborhood.

圍繞該活動的大量正面報道為 GITANO 成為紐約市最受歡迎的晚餐和舞蹈目的地之一奠定了基礎，有助於吸引新顧客前往海港，並為客人提供海港社區更多的深夜體驗。

Turning to our Entertainment segment. Coinciding with our GITANO, New York City opening party was the Rooftop at Pier 17's first concert of the year with back-to-back sellout by DJ Elderbrook. Our team has done a fantastic job putting together our 2025 concert schedule, which features a stellar lineup of fan favorites such as Amyl and the sniffers, Riley Green, The Coops, Jack's Mannequin, The Fray, Rilo Kiley and recent Grammy award-winning artist, Sierra Farrell, just to name a few. We are also still on pace to move forward with our Rooftop winter structure for more concerts, live shows and events with construction completion expected by the end of November.

轉向我們的娛樂部分。與我們的 GITANO 紐約市開幕派對同時舉行的是 17 號碼頭屋頂今年的首場音樂會，DJ Elderbrook 連續兩場門票全部售罄。我們的團隊出色地制定了 2025 年的音樂會日程，其中包括眾多深受粉絲喜愛的明星陣容，例如 Amyl and the sniffers、Riley Green、The Coops、Jack's Mannequin、The Fray、Rilo Kiley 以及最近獲得格萊美獎的藝術家 Sierra Farrell，僅舉幾例。我們仍在按計劃推進屋頂冬季結構的建設，以便舉辦更多的音樂會、現場表演和活動，預計將於 11 月底完工。

As we've previously discussed, this enclosure should help us combat seasonality by activating one of our most popular assets year around and it has also strategically tied into the announcements we made yesterday in our earnings release, which is our intention to develop 17,500 square feet of purpose-built meeting and events based in Pier 17.

正如我們之前所討論的，這個圍欄可以透過全年激活我們最受歡迎的資產之一來幫助我們應對季節性，而且它也與我們昨天在收益報告中宣布的內容有著戰略性的聯繫，即我們打算在 17 號碼頭開發 17,500 平方英尺的專用會議和活動場所。

This event space will be located on the fourth floor Pier 17, directly below the Rooftop at Pier 17 stage. We will have direct connectivity to the rooftop, allowing for year-round use of these 2 premier facilities with sweeping panoramic views of the Brooklyn Bridge, East River in Manhattan and Brooklyn skylines independently or combined for larger one-of-a-kind experiences.

活動空間位於 17 號碼頭四樓，位於 17 號碼頭屋頂舞台正下方。我們將直接連接到屋頂，允許全年使用這兩個頂級設施，可以單獨或組合欣賞布魯克林大橋、曼哈頓東河和布魯克林天際線的全景，以獲得更大的獨特的體驗。

As it is currently designed, the fourth floor Pier 17 event space will include a nearly 8,000 square foot main room, and we'll be able to hold up to approximately 800 people. Combined with the Rooftops winter structure, approximately 3,000 person capacity, Pier 17 will offer one of the largest, most unique event spaces in New York City.

按照目前的設計，四樓的 17 號碼頭活動空間將包括一個近 8,000 平方英尺的主房間，最多可容納約 800 人。結合屋頂冬季結構，17 號碼頭可容納約 3,000 人，將成為紐約市最大、最獨特的活動空間之一。

Events are an important and growing component of our company. And with the successes of the Lawn Club events business, our investment in the fourth for Pier 17 events space, Rooftop winter structure and our talented events team, we are looking forward to establishing Pier 17 in the Seaport more broadly as one of New York City's premier entertainment and event destinations.

活動是我們公司的一個重要且不斷發展的組成部分。隨著草坪俱樂部活動業務的成功、我們對 17 號碼頭第四個活動空間的投資、屋頂冬季結構以及我們才華橫溢的活動團隊，我們期待將海港 17 號碼頭更廣泛地打造為紐約市首屈一指的娛樂和活動目的地之一。

Shifting to the Las Vegas Aviators, which is the other primary business contributing to our Entertainment segment, I'm excited to highlight that the baseball team reached the midpoint of the 2025 season in first place atop the AAA Minor League standings. This is a testament to the quality of the players and our management team who support The Aviators and execute on an unparalleled game day experience day in and day out.

談到拉斯維加斯飛行者隊，這是我們娛樂部門的另一個主要業務，我很高興地強調，棒球隊在 2025 賽季中期位居 AAA 小聯盟積分榜第一名。這證明了球員和管理團隊的素質，他們支持飛行者隊並日復一日地執行無與倫比的比賽日體驗。

From a ticket sale and pacing standpoint, our ticket team has done a great job leveraging technology and analytics to put more ticket sales on our books earlier in the year without materially sacrificing price, helping to potentially limit sales volatility in the summer months where game-to-game ticket sales can be more heavily influenced by the weather and competing last-minute events.

從門票銷售和節奏的角度來看，我們的票務團隊在利用技術和分析技術方面做得非常出色，能夠在年初就增加門票銷量，且不會大幅降低票價，從而有助於潛在地限制夏季的銷售波動，因為夏季比賽的門票銷售更容易受到天氣和最後一刻的競爭事件的影響。

As for growth opportunities of special events at the Las Vegas Ballpark, the Ballpark hosted the Las Vegas College Baseball Classic in February, games between the [indiscernible] and Diamondback is part of the big league weekend in March, and we have the West Coast Conference Baseball Tournament later this month. All of which had and should have a terrific turnout. We continue to work to special events and other opportunities in the fourth quarter following the conclusion of the 2025 Aviator season.

至於拉斯維加斯棒球場特別活動的成長機會，該棒球場在二月份主辦了拉斯維加斯大學棒球經典賽，[音頻不清晰]和響尾蛇隊之間的比賽是三月份大聯盟週末的一部分，本月晚些時候我們將舉辦西海岸聯盟棒球錦標賽。所有這些都已經並且應該有一個極好的結果。2025 年飛行員賽季結束後，我們將繼續致力於第四季度的特別活動和其他機會。

For our last remaining segment, our real estate ownership and landlord operations, I want to touch on the progress we are making with programming and leasing at Seaport.

對於我們最後剩下的部分，我們的房地產所有權和房東運營，我想談談我們在海港的規劃和租賃方面取得的進展。

We are working on a number of opportunities that span various structures, including traditional leases, management agreements, license agreements, and Seaport-occupied offerings with exciting partners to occupy space in Pier 17 or the cobblestones.

我們正致力於探索多種涵蓋不同結構的機會，包括傳統租賃、管理協議、許可協議以及與合作夥伴共同提供的海港佔用服務，以佔據 17 號碼頭或鵝卵石路的空間。

These opportunities include a combination of retail, food and beverage, and experiential offerings with national partners and hyper local concepts to ensure we're giving people a variety of reasons to visit the Seaport.

這些機會包括與國家合作夥伴和超本地化概念相結合的零售、食品和飲料以及體驗式服務，以確保我們為人們提供訪問海港的各種理由。

Our announcement a few months ago about Meow Wolf and the grand opening of Katana, New York City are important steps in the right direction to bring life to our vision of making the Seaport a true entertainment destination.

幾個月前，我們宣布了關於 Meow Wolf 和紐約 Katana 盛大開幕的消息，這是朝著正確方向邁出的重要一步，旨在實現我們將海港打造成真正的娛樂目的地的願景。

Beyond those two announcements, we recently began a refurbishment project to bring green space to the north side of Pier 17 with a new river-front bar. We are obviously excited about our opportunity with the Pier 17 event space and we look forward to providing more details related to the New York City Wine & Food Festival that we will be hosting in October.

除了這兩項公告之外，我們最近還啟動了一項翻新工程，將在 17 號碼頭北側建立一個新的河濱酒吧，為該碼頭帶來綠地。我們對與 Pier 17 活動空間合作的機會感到非常興奮，我們期待提供更多有關我們將於 10 月舉辦的紐約市葡萄酒和美食節的詳細資訊。

Finally, I know one of the more frequent requests we have received was to provide an update on 250 Water Street. We launched the marketing process through our broker JLL at the end of March, and the interest in the project has been tremendous.

最後，我知道我們收到的最頻繁的請求之一是提供有關 250 Water Street 的最新消息。我們在三月底透過經紀公司 JLL 啟動了行銷流程，人們對該計畫的興趣非常濃厚。

We've had over 130 potential buyers or partners express interest. We feel good about how things have progressed to-date and as we previously mentioned, this process will be comprehensive in order to drive the best long-term value for the company, our shareholders, and our other stakeholders.

已經有超過 130 名潛在買家或合作夥伴表達了興趣。我們對迄今為止的進展感到滿意，正如我們之前提到的，這個過程將是全面的，以便為公司、我們的股東和其他利害關係人創造最佳的長期價值。

In summary, we have made good progress to start the year with our various priorities and initiatives. While we have a lot of work to do to stabilize our assets and maximize value, the commitment of our team, partners and other relationships have been tremendous.

總而言之，我們在新的一年裡，各項重點工作和措施都取得了良好進展。雖然我們還有很多工作要做來穩定我們的資產並實現價值最大化，但我們的團隊、合作夥伴和其他關係的承諾是巨大的。

Our collective focus remains to deliver on our unique opportunity to position Seaport Entertainment Group as a premier hospitality and entertainment company, while positively influencing the communities we operate in.

我們的共同重點仍然是抓住獨特的機會，將海港娛樂集團定位為一流的酒店和娛樂公司，同時對我們經營所在的社區產生積極影響。

I'll now turn it back over to Matt.

現在我將把發言權交還給馬特。

Thanks Anton. As mentioned during our last earnings call in March, some of our year-over-year comparisons are impacted by new businesses, closed businesses, separation-related expenses, and other operating changes.

謝謝安東。正如我們在三月的上次收益電話會議上所提到的，我們的部分同比數據受到新業務、關閉業務、分離相關費用和其他營運變化的影響。

In certain instances, these changes make the comparisons more nuanced to require us to modify prior financial reporting practices to account for the change in circumstances.

在某些情況下，這些變化使得比較更加細緻，要求我們修改先前的財務報告實務以考慮情況的變化。

First quarter 2025 reported financials had two changes that we want to highlight. First, we've reevaluated our segment reporting based on economic characteristics and the types of revenue streams. As a result, we renamed our sponsorships, events and entertainment segment entertainment and certain events and sponsorship revenues and expenses have been reclassified throughout our various reporting segments for Q1 2025 and Q1 2024.

2025 年第一季報告的財務狀況有兩個變化，我們想強調一下。首先，我們根據經濟特徵和收入流類型重新評估了我們的分部報告。因此，我們將贊助、活動和娛樂部門重新命名為娛樂，並且某些活動和贊助收入和支出已在我們 2025 年第一季和 2024 年第一季的各個報告部門中重新分類。

Second, as Anton mentioned, our financial results the first quarter of 2025 now consolidate the 10 building, whereas for 2024, the financial results of the 10 building are reflected in the equity and earnings or losses from a consolidated ventures line item of our consolidated statement of operations.

其次，正如安東所提到的，我們 2025 年第一季的財務業績現在合併了 10 號大樓，而 2024 年，10 號大樓的財務業績反映在我們合併經營報表中合併企業專案的權益和收益或損失。

The consolidation is driven by our internalization of the food and beverage operations team that occurred on January 1, 2025. In an effort to provide investors with more comparable information or year-over-year comparisons for various components of our statement of operations will be pro forma to consolidate the 10 building for Q1 2024.

此次合併是由於我們於 2025 年 1 月 1 日將食品和飲料營運團隊內部化而發生的。為了向投資者提供更具可比性的資訊或對經營報表各個組成部分進行同比比較，我們將對 2024 年第一季的第 10 棟建築進行合併。

Total consolidated revenues during the first quarter were $16.1 million, a 12% year-over-year decrease when compared to the pro forma Q1 2024. And as a reminder, the financial results of our unconsolidated ventures, such as the Lawn Club and our investment in Jean-Georges restaurants are reflected in the equity and earnings or losses from a consolidated ventures line item in our consolidated statement of operations.

第一季綜合總收入為 1,610 萬美元，與 2024 年第一季預測相比年減 12%。需要提醒的是，我們的非合併企業（例如 Lawn Club 和我們對 Jean-Georges 餐廳的投資）的財務表現反映在我們合併經營報表中合併企業項目的權益和收益或損失。

For our Hospitality segment, Q1 2025 consolidated revenue compared to pro forma Q1 2024 decreased 28%, largely due to the strategic decision to close certain restaurants from specific meal periods or days of the week or in some instances, for the entirety of the quarter.

對於我們的飯店業務部門，2025 年第一季的綜合收入與 2024 年第一季的預測收入相比下降了 28%，這主要是由於策略決策，即在特定用餐時段或一周中的某幾天，或在某些情況下，在整個季度關閉某些餐廳。

Total hospitality revenue and same-store hospitality revenue for Q1 2025, which include unconsolidated ventures decreased 16% and 12%, respectively, compared to Q1 2024. Total hospitality operating EBITDA, including unconsolidated ventures, grew 12% versus Q1 2024. The improvement was primarily a result of better performance at the Lawn Club and improved overall expense management in the Tin Building, which offset the impact of lower overall hospitality revenues.

2025 年第一季度，包括非合併企業在內的總飯店營收和同店飯店營收與 2024 年第一季度相比分別下降了 16% 和 12%。包括非合併企業在內的酒店業總營運 EBITDA 與 2024 年第一季相比成長了 12%。這項改善主要得益於草坪俱樂部 (Lawn Club) 業績的改善以及錫樓 (Tin Building) 整體費用管理的改善，從而抵消了整體酒店收入下降的影響。

Entertainment revenue increased 18% versus Q1 2024 as our Entertainment segment benefited from increased seaport winter activation revenue, higher aviator ticket sales and increased sponsorship revenue for The Rooftop at Pier 17 concert venue. Q1 2025 Entertainment operating EBITDA decreased 2% versus Q1 2024, large due to elevated programming expenses related to the Seaports winter activations on The Rooftop at Pier 17.

娛樂收入與 2024 年第一季相比增長了 18%，因為我們的娛樂部門受益於海港冬季激活收入的增加、飛行員門票銷售額的增加以及 17 號碼頭屋頂音樂會場地的讚助收入的增加。2025 年第一季娛樂運營 EBITDA 與 2024 年第一季相比下降了 2%，主要是因為與 17 號碼頭屋頂的海港冬季活動相關的節目製作費用增加。

Given our intentions to activate The Rooftop at Pier 17, with The Rooftop venture structure, we have the potential to eliminate costs incurred in Q4 2024 and Q1 2025 related to the winter activations. Rental revenue for the quarter increased 3% year-over-year compared to pro forma Q1 2024 due to the benefit of contractual rent increases and increased percentage rent.

鑑於我們打算在 17 號碼頭啟用 The Rooftop，透過 The Rooftop 創投結構，我們有可能消除 2024 年第四季和 2025 年第一季與冬季啟用相關的成本。由於合約租金上漲和百分比租金上漲，本季租金收入與 2024 年第一季預測值相比年增 3%。

Other revenue for Q1 2025, which now represents sponsorship revenue related to landlord assets was largely flat year-over-year. Q1 2025 landlord segment operating EBITDA increased 13% versus Q1 2024, primarily due to better expense management and reductions in predecessor company expense allocations.

2025 年第一季的其他收入（目前代表與房東資產相關的贊助收入）與去年同期基本持平。2025 年第一季度，業主部門營業 EBITDA 較 2024 年第一季度增長 13%，主要原因是費用管理得到改善以及前任公司費用分配減少。

Overall, total operating EBITDA for the company in the first quarter of 2025 reflects the financial performance of each of our segments before the effects of corporate G&A and other corporate expenses and includes the results of unconsolidated ventures increased 10% compared to Q1 2024.

總體而言，公司 2025 年第一季的總營業 EBITDA 反映了我們各部門在扣除公司一般及行政費用和其他公司費用影響之前的財務業績，並且包括與 2024 年第一季度相比增長 10% 的非合併企業的業績。

General and administrative expenses during the quarter were just under $10 million, resulting in a quarterly year-over-year reduction of 41%. This reduction was largely due to non-repeating separation expenses incurred in Q1 2024. However, as we mentioned last quarter, there continues to be a number of onetime transition items, including costs associated with the onboarding of the beverage operations team at the beginning of this year.

本季的一般及行政開支略低於 1,000 萬美元，與去年同期相比減少了 41%。這一減少主要是由於 2024 年第一季發生的非重複性分離費用。然而，正如我們上個季度提到的那樣，仍然存在一些一次性過渡項目，包括今年年初飲料營運團隊加入的相關費用。

Overall, there was $1 million of onetime expenses related to that that transition were incurred in Q1 2025. As we look ahead to the second quarter, G&A should improve sequentially from the first quarter and second quarter corporate G&A should represent a baseline for comparison as we look to make longer-term sustainable improvements.

總體而言，2025 年第一季與該轉型相關的一次性費用為 100 萬美元。展望第二季度，一般及行政開支應比第一季有所改善，而第二季度企業一般及行政開支應作為比較的基準，因為我們尋求實現長期可持續的改善。

Similar to last quarter, interest income or expense was positive during Q1 2025 and improved year-over-year due to growth in interest income earned on cash deposits. The positive effects of capitalized interest to the P&L related to our 250 Water Street loan and a lower outstanding 250 Water Street loan balance when compared to 2024 because of the loan paydown that occurred around the time of our separation from Howard Hughes.

與上一季類似，2025 年第一季的利息收入或支出為正，且由於現金存款利息收入的成長而較去年同期有所改善。資本化利息對損益表的正面影響與我們的 250 Water Street 貸款有關，並且由於我們與 Howard Hughes 分離時發生了貸款償還，因此與 2024 年相比，250 Water Street 的未償還貸款餘額較低。

As I previously mentioned, Q1 2025 equity and earnings or losses from unconsolidated ventures will no longer include the effects of the 10 building. When compared to pro forma Q1 2024, a equity and earnings or losses from consolidated ventures improved 128% as a result of improved performance of the Lawn Club, which continues to see strong demand for private events and better year-over-year performance by Jean-Georges Restaurants.

正如我之前提到的，2025 年第一季的非合併企業股權和收益或損失將不再包括這 10 棟建築的影響。與 2024 年第一季的預測數據相比，由於 Lawn Club 的業績改善，合併企業的權益和收益或損失提高了 128%，Lawn Club 對私人活動的需求持續強勁，而且 Jean-Georges Restaurants 的業績同比也有所改善。

First quarter net loss attributed to common stockholders was $31.9 million, representing a year-over-year improvement of $12.2 million, or 28% versus the comparable period in 2024. And first quarter net loss attributable to common stockholders per share was $2.51, an improvement of $5.47 per share, or 69% compared to the first quarter of 2024.

第一季歸屬於普通股股東的淨虧損為 3,190 萬美元，較去年同期改善 1,220 萬美元，較 2024 年同期改善 28%。第一季歸屬於普通股股東的每股淨虧損為 2.51 美元，與 2024 年第一季相比每股改善 5.47 美元，降幅達 69%。

Non-GAAP adjusted net loss attributable to common stockholders for the first quarter was $22.8 million, representing an improvement of $11.9 million or more than 34% versus the comparable period in 2024. Q1 2025 non-GAAP adjusted net loss attributable to common stock per share was $1.79, an improvement of $4.48 per share, or 71% compared to the first quarter of 2024.

第一季非公認會計準則調整後歸屬於普通股股東的淨虧損為 2,280 萬美元，較 2024 年同期改善 1,190 萬美元，增幅超過 34%。2025 年第一季非公認會計準則調整後歸屬於普通股的每股淨虧損為 1.79 美元，與 2024 年第一季相比每股改善 4.48 美元，增幅為 71%。

Capital expenditures in Q1 2025 totaled $16.5 million and were predominantly related to the substantial completion of Gitano New York City buildout and initial landlord work and tenant allowance payments from Meow Wolf. And finally, long-term debt outstanding as of March 31 totaled $102.4 million, unchanged from year-end 2024, and net debt to gross assets at quarter end was negative 4%.

2025 年第一季的資本支出總計 1,650 萬美元，主要與 Gitano New York City 擴建工程的基本完成以及 Meow Wolf 的初始房東工作和租戶津貼支付有關。最後，截至 3 月 31 日的長期未償還債務總額為 1.024 億美元，與 2024 年底持平，季度末淨負債與總資產的比率為-4%。

Our negative net debt position continues to benefit from our healthy cash and cash equivalent balances, which totaled $132 million as of March 31.

我們的負淨債務狀況持續受惠於我們健康的現金和現金等價物餘額，截至 3 月 31 日，總額為 1.32 億美元。

With that, I want to thank everyone for their continued interest and support. And I'll now turn the call back over to Anton for his closing remarks.

在此，我要感謝大家一直以來的關注與支持。現在我將把電話轉回給安東，請他作最後發言。

Thanks, Matt. As you can see, we are making progress with our priorities and strategies, including laying the foundation to transform the Seaport from a seasonal destination into a year-round vibrant neighborhood. Combined with our portfolio management and our organizational initiatives, we believe we are on the path to improving our cash burn and achieving our long-term goals.

謝謝，馬特。正如您所看到的，我們的優先事項和策略正在取得進展，包括為將海港從季節性目的地轉變為全年充滿活力的社區奠定基礎。結合我們的投資組合管理和組織舉措，我們相信我們正在改善現金消耗並實現我們的長期目標。

I want to thank our team, our partners and our shareholders for their dedication and support we look forward to updating everyone on our progress in the coming months. Thank you, everyone. This concludes the conference call. Have a great day.

我要感謝我們的團隊、合作夥伴和股東的奉獻和支持，我們期待在未來幾個月向大家通報我們的進展。謝謝大家。電話會議到此結束。祝你有美好的一天。

This concludes today's teleconference. You may now disconnect your lines. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路了。感謝您的參與。