Seaport Entertainment Group Inc (SEG) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Seaport Entertainment Group third quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加海港娛樂集團2025年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

I would now like to turn the conference over to your host, Jason Wilk, Senior Vice President of Finance. Thank you. You may begin.

現在我將把會議交給主持人，財務高級副總裁傑森·威爾克先生。謝謝。你可以開始了。

Thank you, operator, and good morning, everyone. With me today is our President and Chief Executive Officer, Matt Partridge; and our Interim Chief Financial Officer, Lenah Elaiwat.

謝謝接線員，大家早安。今天陪同我的是我們的總裁兼執行長馬特·帕特里奇；以及我們的臨時財務長萊娜·埃萊瓦特。

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 the matters discussed in these forward-looking statements, and we undertake no duty to update these statements. 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 quarterly supplemental information on our website at seaportentertainment.com.

在開始之前，我想提醒大家，我們今天發表的許多評論都屬於聯邦證券法規定的前瞻性陳述。本公司未來的實際業績可能與這些前瞻性聲明中所討論的事項有重大差異，我們不承擔更新這些聲明的義務。可能導致實際結果與預期結果有重大差異的因素和風險，公司會不時在 10-K 表格、10-Q 表格和其他提交給美國證券交易委員會的文件中進行更詳細的揭露。您可以在我們的網站 seaportentertainment.com 上找到我們的 SEC 報告、收益發布和季度補充資訊。

With that, I will now turn the call over to Matt.

接下來，我將把電話交給馬特。

Thanks, Jason, and good morning, everyone. First, I'd like to begin by thanking our team, Board of Directors, shareholders, and partners for their support through the company's recent leadership transition. I also want to thank Anton for his contributions during the initial phase of the company's development.

謝謝傑森，大家早安。首先，我要感謝我們的團隊、董事會、股東和合作夥伴在公司最近的領導層過渡期間給予的支持。我還要感謝安東在公司發展初期的貢獻。

I'm honored to be given the opportunity to step into the CEO role, and I'm excited about what the future holds for our company. I'm also thrilled for Lenah and the opportunity she has in front of her with her new role. Lenah and I have worked together closely since the beginning of Seaport Entertainment Group, including on SEG's separation from Howard Hughes and in developing the company's accounting and financial infrastructure. She has done an exceptional job stepping into the interim CFO role over the past few months, and I expect that to continue as we finalize 2026 budgets and work our way into the new year.

我很榮幸有機會擔任執行長一職，我對公司的未來充滿期待。我也為莉娜感到興奮，她即將擔任的新角色為她帶來了絕佳的機會。從海港娛樂集團成立之初，我和萊娜就密切合作，包括協助海港娛樂集團從霍華休斯公司分離出來，以及開發公司的會計和財務基礎設施。在過去的幾個月裡，她出色地完成了臨時財務長的工作，我希望在我們最終確定 2026 年預算並進入新的一年之際，她能夠繼續保持這樣的表現。

As we move forward, it's important that we continue to refine the company's focus and priorities as we seek to stabilize and then optimize our operating models. This includes continuous reassessment of our existing businesses and organizational structure to ensure we're working towards improved efficiency and ultimately, positive operating income.

隨著我們不斷向前發展，重要的是我們要繼續完善公司的重點和優先事項，以尋求穩定並優化我們的營運模式。這包括不斷重新評估我們現有的業務和組織結構，以確保我們朝著提高效率和最終實現正營業收入的目標努力。

We also want to prioritize financial discipline and thoughtful capital deployment. With our existing cash on balance sheet and expected additional cash from the sale of 250 Water Street, we plan to allocate capital in a way that positions the company to deliver long-term value. This strategy will include further reinvestment into our existing assets to fill vacancies, improve space utilization, and drive customer visitation and engagement.

我們也希望優先考慮財務紀律和審慎的資本部署。憑藉我們現有的資產負債表現金以及出售水街 250 號房產預計獲得的額外現金，我們計劃以一種能夠使公司實現長期價值的方式配置資本。該策略將包括進一步投資於我們現有的資產，以填補空缺、提高空間利用率並促進客戶訪問和互動。

Beyond our existing portfolio, we plan to be opportunistic as we look for opportunities to create long-term value and grow that leverages our existing partnerships and real estate-driven hospitality and entertainment platforms.

除了我們現有的投資組合之外，我們還計劃抓住機遇，尋找創造長期價值和發展的機會，充分利用我們現有的合作夥伴關係以及以房地產為驅動的酒店和娛樂平台。

With respect to our current portfolio, let's start with New York. I want to address the recent questions about New York City tourism and real estate trends and their broader impacts on our business. The New York City market continues to present a mixed picture. On the tourism front, international visitation remains below pre-pandemic levels, currently at about 90% of 2019 volume and will likely remain soft in the near term.

就我們目前的投資組合而言，讓我們先從紐約開始。我想談談最近關於紐約市旅遊和房地產趨勢及其對我們業務的更廣泛影響的問題。紐約市市場依然呈現出喜憂參半的局面。旅遊方面，國際遊客數量仍低於疫情前水平，目前約為 2019 年的 90%，短期內可能仍將保持疲軟。

This has impacted higher spending patterns typically associated with international guests. That said, domestic travel remains resilient, and total New York City visitation is projected to reach almost 65 million visitors in 2025, surpassing 2024 levels and approaching pre-pandemic visitation levels.

這影響了通常與國際遊客相關的較高消費模式。儘管如此，國內旅遊依然保持韌性，預計到 2025 年紐約市遊客總數將達到近 6500 萬人次，超過 2024 年的水平，並接近疫情前的遊客水平。

Meanwhile, the Manhattan office market has shown strength. It is one of the few major US cities to exceed pre-COVID office leasing activity, driven by increasing return to office momentum, particularly within the financial services, technology, and media industries.

同時，曼哈頓辦公室市場表現強勁。受不斷增強的復工復產勢頭推動，尤其是金融服務、科技和媒體行業，美國少數幾個辦公大樓租賃活動超過新冠疫情前水平的主要城市之一。

While office leasing in Lower Manhattan hasn't rebounded at the same levels as Midtown, Midtown South, and some of the higher-end corridors, Lower Manhattan office leasing will benefit from taking supply out of the submarket through office to residential conversions. An estimated 10,000 new residential units have recently come to market or are expected to come to market over the next few years, which will further enhance the area's vibrancy and residential density.

雖然曼哈頓下城的辦公大樓租賃市場尚未像中城、中城南區和一些高端街區那樣出現同樣的復甦，但透過將辦公大樓改建為住宅，減少該區域的供應，曼哈頓下城的辦公大樓租賃市場將會從中受益。據估計，近期已有約 10,000 套新的住宅單元上市，或預計在未來幾年內將上市，這將進一步提升該地區的活力和住宅密度。

Since 2010, Lower Manhattan has seen its population grow by nearly 29%, which is the fastest-growing district in all of Manhattan and the second fastest-growing district in all of New York City behind Brooklyn CD2, which includes Downtown Brooklyn, DUMBO, Brooklyn Heights, and other submarkets that are right across the East River with easy access to the Seaport via the Subway Ferry and Brooklyn Bridge transportation networks.

自 2010 年以來，曼哈頓下城的人口增加了近 29%，是曼哈頓成長最快的地區，也是紐約市成長速度第二快的地區，僅次於布魯克林 CD2。布魯克林 CD2 包括布魯克林市中心、DUMBO、布魯克林高地以及其他位於東河對岸的子市場，可透過地鐵、渡輪和布魯克林大橋交通網絡輕鬆前往海港區。

As part of Lower Manhattan's growth, two of the most proximate submarkets to the Seaport, the Financial District and the Seaport neighborhood itself experienced residential population growth of 45% and 34%, respectively, well above New York City's 7.7% growth rate over the same time frame.

作為曼哈頓下城發展的一部分，距離海港最近的兩個子市場——金融區和海港區本身——的居民人口分別增長了 45% 和 34%，遠高於紐約市同期 7.7% 的增長率。

Furthermore, the under 18 population in Lower Manhattan grew more than 60%, the fastest in all of New York City and FireEye residents between the ages of 20 and 34 years old have increased by 12.5%, a 60% higher growth rate than Manhattan's 20- to 34-year-old population growth rate.

此外，曼哈頓下城 18 歲以下人口成長超過 60%，是紐約市成長最快的地區；FireEye 公司 20 至 34 歲居民成長了 12.5%，比曼哈頓 20 至 34 歲人口的成長率高出 60%。

As a result of the office leasing strength in other submarkets, moderating supply from these conversions and a continued shift to becoming more of a younger residential neighborhood, incremental demand for commercial space in Lower Manhattan should grow faster than most, if not all, submarkets in New York City, which should ultimately help push rents higher over the long term for all commercial uses.

由於其他子市場的辦公租賃強勁，這些改造帶來的供應趨於緩和，以及該地區持續向更年輕的住宅區轉變，曼哈頓下城對商業空間的增量需求應該會比紐約市的大多數（如果不是全部）子市場增長得更快，這最終應該有助於在長期內推高所有商業用途的租金。

In the near term, our opportunity lies in our ability to curate and deliver compelling high-quality experiences within the Seaport, experiences that drive visitation, time spent in neighborhood, and customer spending regardless of broader market cycles or submarket dynamics.

短期來看，我們的機會在於我們能否在海港區內策劃並提供引人入勝的高品質體驗，這些體驗能夠推動遊客數量、在附近停留的時間以及顧客消費，而無需考慮更廣泛的市場週期或子市場動態。

Sticking with New York, I'd like to provide a quick update on the sale of 250 Water Street. In August, we announced we entered into an agreement to sell the 250 Water Street development project for $150.5 million to Tavros, an experienced and active mixed-use New York City-based developer.

繼續說紐約，我想快速更新沃特街 250 號的出售情況。8 月，我們宣布已達成協議，將 250 Water Street 開發案以 1.505 億美元的價格出售給 Tavros，Tavros 是一家經驗豐富且活躍的紐約市混合用途開發商。

In September, Tavros exercised its first extension option and more recently, they exercised their second and final extension option. As a result, the outside closing date for the sale is now December 15. The deposit has increased to $7.5 million and the sale price has increased to $152 million.

9 月，塔夫羅斯行使了其第一個續約選擇權；最近，他們又行使了其第二個也是最後一個續約選擇權。因此，此次出售的最終截止日期現定為 12 月 15 日。定金已增至 750 萬美元，售價已增至 1.52 億美元。

Once completed, we estimate the sale will positively improve historical cash burn by more than $7 million as a result of eliminating interest expense through the repayment of the associated land loan and other related carrying costs such as taxes, insurance, and site maintenance expenses. We remain confident in Tavros' ability to execute on the project and continue to believe this will be a terrific addition to Lower Manhattan and the Seaport neighborhood.

我們估計，一旦完成，此次出售將使歷史現金消耗減少 700 多萬美元，因為償還相關土地貸款消除了利息支出，以及其他相關持有成本，如稅金、保險和場地維護費用。我們仍然對 Tavros 執行該項目的能力充滿信心，並繼續相信這將是曼哈頓下城和海港區的一個極好的補充。

Hospitality operations during the third quarter and year-to-date have seen top line demand level off in certain legacy venues, while newer concepts such as Gitano, which opened in May and Lawn Club, which is in its second full year of operation, have both continued to outperform on a relative basis due to strong social and corporate demand.

第三季和今年迄今為止，酒店業的營業額在某些傳統場所趨於平穩，而像 5 月份開業的 Gitano 和已經運營第二個完整年度的 Lawn Club 這樣的新概念，由於強勁的社交和企業需求，在相對意義上繼續表現出色。

During the quarter, same-store Seaport food and beverage revenues were up 8%, while overall hospitality revenues increased 3% year over year, both of which are also sequential improvements from the first and second quarters. We expect a moderation in food and beverage revenue growth during the fourth quarter as we prioritize flow-through and profitability potentially at the expense of revenue growth.

本季度，同店海港餐飲收入成長 8%，而整體飯店業營收年增 3%，這兩項數據均較第一季和第二季有所較上季成長。我們預計第四季度食品和飲料收入成長將放緩，因為我們將優先考慮利潤率和盈利能力，這可能會以犧牲收入成長為代價。

But we believe the recently announced additions of Flanker Kitchen and Sports Bar and Hidden Boot Saloon will help drive momentum at Pier 17 in the back half of 2026. We believe that top-line softness we are experiencing in certain legacy venues is due to structural challenges. Such as the type of offering or price point, and we intend to address those issues as part of our ongoing repositioning efforts. Those repositioning efforts will also include a full assessment and go-forward plan for the Tin Building, which we intend to provide along with our broader hospitality strategy during our next earnings call.

但我們相信，最近宣布新增的 Flanker Kitchen and Sports Bar 和 Hidden Boot Saloon 將有助於推動 2026 年下半年 17 號碼頭的發展勢頭。我們認為，目前某些傳統場所出現的營收疲軟是由於結構性挑戰造成的。例如產品類型或價格定位，我們將在持續的重新定位工作中解決這些問題。這些重新定位工作還將包括對 Tin Building 進行全面評估和後續計劃，我們打算在下次財報電話會議上提供該計劃以及我們更廣泛的酒店策略。

And finally, before moving on from our hospitality segment, I'm pleased to share that we have now completed a number of technology initiatives, including fully centralizing our point-of-sale and procurement systems across all of our hospitality businesses.

最後，在結束我們的酒店業務板塊之前，我很高興地宣布，我們現在已經完成了一系列技術舉措，包括全面集中管理我們所有酒店業務的銷售點和採購系統。

This integration enhances our purchasing power, financial visibility, and reporting accuracy, enabling us to better optimize performance and margins across the portfolio. This represents a significant milestone for our company, and I want to take a moment to thank our team for the tremendous work over the past year to bring these projects to completion.

此次整合增強了我們的購買力、財務可見性和報告準確性，使我們能夠更好地優化整個投資組合的績效和利潤率。這對我們公司來說是一個重要的里程碑，我想藉此機會感謝我們的團隊在過去一年中為完成這些專案所付出的巨大努力。

As we previously disclosed, we made the decision not to move forward with the rooftop winter structure. Despite its strong appeal as a way to transform the rooftop into a year-round venue, as capital costs and operational complexities rose, the project became less feasible. Despite this change, we remain excited and committed to the rooftop of Pier 17 as one of the preeminent outdoor entertainment and event venues in New York City.

正如我們之前所透露的，我們決定不再推進屋頂冬季保暖結構的建造。儘管將屋頂改造成全年開放的場所的方案極具吸引力，但隨著資本成本和營運複雜性的增加，該專案變得不太可行。儘管發生了這種變化，我們仍然對 17 號碼頭的屋頂充滿熱情，並致力於將其打造成為紐約市首屈一指的戶外娛樂和活動場所之一。

Pollstar's third quarter worldwide top 200 club rankings placed the rooftop of Pier 17 seventh by gross ticket sales among venues of its size, a 5-spot improvement from last year's position. This achievement underscores the venue's continued growth, global recognition, and strength of our live entertainment programming.

Pollstar 第三季全球前 200 名俱樂部排名中，Pier 17 的屋頂酒吧按門票總銷售額在同等規模的場館中排名第七，比去年的排名提高了 5 位。這項成就凸顯了場館的持續發展、全球認可度以及我們現場娛樂節目的實力。

In the third quarter, we hosted 35 concerts, including 22 performances that were at or near sellout capacity. The sell-through rate or the number of tickets sold relative to overall show capacity was 86%, driving nearly 100,000 people to the Seaport.

第三季度，我們舉辦了 35 場音樂會，其中 22 場演出達到或接近滿座。售票率（即售出的門票數量佔總演出容量的比例）為 86%，吸引了近 10 萬人前往海港區。

We're encouraged by the performance of two newly introduced add-on experiences for this year's concert season, the Patron Patio, a two-level offering with a dedicated bar that provides elevated views of the performances, and Liberty Club, an enclosed lounge area with seating, a dedicated bar and all-inclusive food offerings. Both initiatives create meaningful upsell opportunities and deliver unique experiences that drive incremental spending and improve the guest experience.

我們對今年音樂會季新推出的兩項附加體驗的表現感到鼓舞，分別是：Patron Patio，這是一個兩層樓的露台，設有一個專屬酒吧，可提供更高的演出視野；以及 Liberty Club，這是一個封閉的休息區，設有座位、一個專屬酒吧和全包式餐飲服務。這兩項措施都創造了有意義的追加銷售機會，並提供了獨特的體驗，從而推動了消費成長，改善了顧客體驗。

In addition to the concert series, we hosted several unique events on the rooftop of Pier 17. Among them was the NBC broadcasted 49th Annual Macy's 4th of July Fireworks celebration, Nike's the One Global Finals held under the Jordan Brand banner, which showcased some of the top used basketball players worldwide, and the North American premiere of the Eminem documentary, STANS, featuring a special appearance by Marshall Mathers.

除了音樂會系列活動外，我們還在 17 號碼頭的屋頂上舉辦了幾場獨特的活動。其中包括 NBC 電視台直播的第 49 屆梅西百貨 7 月 4 日煙火慶祝活動、耐吉在 Jordan Brand 旗下舉辦的 One Global 總決賽（展示了一些世界頂級籃球運動員的風采）以及埃米納姆紀錄片《STANS》的北美首映（馬歇爾·馬瑟斯特別出演）。

The benefit of hosting these events and experiences is best represented by the Macy's 4th of July Fireworks celebration, which helped drive the single highest grossing revenue day in SEG's history. We achieved this through multiple buyouts across our dining venues and through our partnership with Macy's while also working with New York City to provide thousands of free tickets and viewing opportunities for city residents.

舉辦這些活動和體驗的好處在梅西百貨的 7 月 4 日煙火慶祝活動中體現得淋漓盡致，該活動幫助 SEG 創下了單日收入最高的紀錄。我們透過在旗下多家餐飲場所進行多次包場，並與梅西百貨合作，同時與紐約市政府合作，為市民提供數千張免費門票和觀看機會，從而實現了這一目標。

In addition to the fireworks, in October, we hosted the New York City Wine & Food Festival, with Chef Jean-George acting as culinary host. The five-day festival, which included an opening party at the Tin Building, drew more than 35,000 visitors across a variety of events driving significant awareness to the Seaport. The experience showcased some of the world's most celebrated chefs creating a truly one-of-a-kind culinary event.

除了煙火表演，10 月我們還舉辦了紐約市葡萄酒美食節，由主廚 Jean-George 擔任美食主持人。為期五天的節日，包括在錫樓舉行的開幕派對，吸引了超過 35,000 名遊客參加各種活動，大大提高了人們對海港的認識。這場活動匯聚了世界上一些最著名的廚師，創造了一場真正獨一無二的美食盛宴。

These events, among others, hosted at the Seaport this year have further validated our conviction in our ability to deliver marquee events that drive substantial visitation to the neighborhood and position us as a premier destination for cultural experiences in New York City.

今年在海港區舉辦的這些活動以及其他活動，進一步證實了我們有能力舉辦能夠吸引大量遊客到訪該街區的標誌性活動，並將我們定位為紐約市文化體驗的首選目的地。

As mentioned previously and highlighted in our press release last week, we are pleased to announce Flanker Kitchen and Sports Bar and Hidden Boot Saloon, two concepts from Carver Road Hospitality. The award-winning Flanker brand currently includes locations in Salt Lake City, Glendale, and Las Vegas, and we're excited to welcome their East Coast flagship location to the Seaport. These concepts will occupy over 14,000 square feet at Pier 17.

如同先前所提到的，並在我們上週的新聞稿中重點介紹，我們很高興地宣布推出 Flanker Kitchen and Sports Bar 和 Hidden Boot Saloon，這是 Carver Road Hospitality 旗下的兩個概念。屢獲殊榮的 Flanker 品牌目前在鹽湖城、格倫代爾和拉斯維加斯均設有分店，我們很高興歡迎其東海岸旗艦店落戶海港區。這些概念店將佔據 17 號碼頭超過 14,000 平方英尺的空間。

Flanker Kitchen and Sports Bar will offer an elevated cocktail-focused sports and dining experience, with Hidden Boot Saloon offering live music and country style atmosphere, both with private event spaces. This new venue introduces fresh, differentiated concepts that will be a complement to the recently opened dining and nightlife venue in Toronto as well as to our existing restaurant portfolio in the neighborhood. Our Seaport neighborhood merchandising plan, which also includes Meow Wolf and the aforementioned Gitano and Lawn Club should appeal to the more social and sometimes younger demographic that is becoming increasingly prevalent in Lower Manhattan.

Flanker Kitchen and Sports Bar 將提供以雞尾酒為主的高檔體育餐飲體驗，而 Hidden Boot Saloon 將提供現場音樂和鄉村風格的氛圍，兩者都設有​​私人活動空間。這家新店引入了新鮮獨特的理念，將與最近在多倫多開業的餐飲和夜生活場所以及我們在該地區的現有餐廳組合形成互補。我們的海港區商品銷售計劃，包括 Meow Wolf 和前面提到的 Gitano 和 Lawn Club，應該會吸引在曼哈頓下城日益盛行的、更注重社交且有時更年輕的消費群體。

Overall, with more than 110,000 square feet of space leased or programmed over the past 12 months, our plan for the Seaport should build momentum in the coming years as our concepts further support Lower Manhattan's increasing residential density and evolving population.

總體而言，在過去 12 個月裡，我們已租賃或規劃了超過 110,000 平方英尺的空間，隨著我們的理念進一步支持曼哈頓下城不斷增長的住宅密度和不斷變化的人口，我們的海港區規劃將在未來幾年獲得發展動力。

Finally, I want to congratulate the Las Vegas Aviators on a historic season as Pacific Coast League champions, celebrating the franchise's first PCL title since 1988. While we didn't take home the Championship title. The team narrowly lost the AAA National Championship game by way of walk-off home run in the bottom of the ninth inning. We're extremely proud of their achievements.

最後，我要祝賀拉斯維加斯飛行者隊取得了歷史性的賽季成績，並獲得太平洋海岸聯盟冠軍，這是該球隊自 1988 年以來首次獲得太平洋海岸聯盟冠軍。雖然我們沒能贏得冠軍頭銜。該隊在 AAA 全國錦標賽決賽中惜敗，第九局下半場被對手擊出再見本壘打。我們為他們的成就感到無比自豪。

Our team in Las Vegas is now in the midst of transforming the Las Vegas ballpark to Enchant, a winter wonderland activation complete with ice rink and other festive activities, which opens later this month and runs through the holiday season.

我們拉斯維加斯的團隊目前正在將拉斯維加斯棒球場改造成 Enchant，這是一個冬季仙境主題活動，包括溜冰場和其他節日活動，將於本月晚些時候開放，並持續到假期結束。

This year, we made the decision to bring the operations in-house, which required upfront investment and start-up costs, but we believe it will prove to be a worthwhile endeavor as it should strengthen guest engagement, introduce new audiences to the venue and allow us to cross-market to a broader customer base.

今年，我們決定將營運工作收歸公司內部，這需要前期投資和啟動成本，但我們相信這將是一項值得的努力，因為它應該能夠加強與顧客的互動，為場館引入新的受眾，並使我們能夠向更廣泛的客戶群體進行交叉行銷。

We anticipate more than 175,000 guests will visit this season, driving revenue to the ballpark during baseball's off-season. With that, want to again thank the entire SEG team for their extraordinary effort to date as we continue to drive improvement quarter-to-quarter. I'm so appreciative of their commitment and enthusiasm, and I know we'll deliver further progress over the coming months as we get into 2026.

我們預計本賽季將有超過 175,000 名遊客到訪，在棒球賽季結束後為球場帶來收入。在此，我要再次感謝整個 SEG 團隊迄今所付出的非凡努力，我們將繼續推動每季的進步。我非常感謝他們的投入和熱情，我知道隨著我們進入 2026 年，在接下來的幾個月裡，我們將取得更大的進展。

I'll now turn it over to Lenah.

現在我把它交給莉娜。

Thanks, Matt, and good morning, everyone. Before I get into the company's third-quarter financial performance, I'd like to remind everyone of some changes made at the start of the year, including renaming our Sponsorships, Events, and Entertainment segment to Entertainment.

謝謝馬特，大家早安。在深入探討公司第三季財務表現之前，我想提醒大家年初做出的一些改變，包括將我們的贊助、活動和娛樂部門更名為娛樂部門。

In conjunction with this change, we reallocated Sponsorship and Events revenues and expenses to their respective segments that most appropriately reflect the source of sponsorship or events. These changes are reflected in both the current and prior year periods presented in our consolidated and combined statements of operations.

伴隨這項變化，我們將贊助和活動收入及支出重新分配到各自的細分市場，以最適當地反映贊助或活動的來源。這些變更反映在我們合併經營報表中列示的當年度及上年度。

Beginning in 2025 and in conjunction with internalizing our food and beverage operations, we consolidated the Tin Building into our Hospitality segment. In prior years, the Tin Building was accounted for as an unconsolidated joint venture, and our share of net loss was reflected in the equity and earnings or losses from unconsolidated ventures line on our consolidated and combined statement of operations.

從 2025 年開始，隨著我們餐飲業務的內部化，我們將 Tin Building 併入了我們的酒店業務部門。往年，錫樓被列為非合併合營企業，我們應佔的淨虧損份額反映在我們合併經營報表中非合併合營企業的權益和損益項下。

In an effort to provide more comparable information, we'll refer to the 2024 operating results on a pro forma basis, reflecting the inclusion of the Tin Building as a consolidated entity during the prior year period when providing year-over-year comparisons on this call.

為了提供更具可比性的信息，我們將以備考為基礎，參考 2024 年的經營業績，以反映上年同期將 Tin Building 作為合併實體納入其中的情況，並在本次電話會議上提供同比比較。

In the third quarter, total consolidated revenues were $45.1 million, a 1% year-over-year increase when compared to pro forma Q3 2024. Consolidated revenues exclude the financial results of our unconsolidated ventures, such as the Lawn Club and our investment in Jean-George Restaurants since they are reflected in the equity and earnings or losses from unconsolidated ventures line on our consolidated and combined statements of operations.

第三季度，合併總收入為 4,510 萬美元，與 2024 年第三季相比，年增 1%。合併收入不包括我們未合併合資企業的財務業績，例如 Lawn Club 和我們對 Jean-George Restaurants 的投資，因為這些業績反映在我們合併經營報表中的「未合併合資企業的權益和收益或虧損」項下。

In our Hospitality segment, hospitality revenues declined 4% compared to pro forma year over year in the third quarter. As Matt noted earlier, the decline in hospitality revenue mainly reflects lower revenues at the Tin Building and softness among certain legacy stand-alone restaurants.

在我們的飯店餐飲業務板塊，第三季飯店餐飲收入與去年同期相比下降了 4%。正如 Matt 之前指出的那樣，餐飲業收入的下降主要反映了 Tin Building 的收入減少以及某些傳統獨立餐廳的疲軟。

Including results of our unconsolidated venture Lawn Club, total hospitality revenues increased 5% year over year, while same-store hospitality revenue rose 11%. These gains were driven by the continued success of the Lawn Club, the strong launch of Gitano and the benefit our venues received from hosting events on the 4th of July.

包括我們未合併的合資企業 Lawn Club 的業績在內，酒店業總收入年增 5%，而同店酒店業收入增長 11%。這些收益得益於 Lawn Club 的持續成功、Gitano 的強勁推出以及我們的場地在 7 月 4 日舉辦活動所獲得的收益。

Hospitality segment adjusted EBITDA, including earnings from unconsolidated ventures, declined by $2.9 million year over year as a result of reflecting a favorable onetime benefit from reimbursements received in the third quarter of 2024 related to prior period operating expenses. Excluding this onetime item, the Hospitality segment adjusted EBITDA improved by 40% year over year, supported by the growth of the Lawn Club, improvements from Gitano, event-driven restaurant buyouts during Macy's 4th of July celebration, and overall lower operating expenses achieved through cost-cutting measures.

由於 2024 年第三季收到與前期營運費用相關的報銷款項，飯店業務調整後的 EBITDA（包括來自非並表合資企業的收益）年減 290 萬美元。除此一次性項目外，酒店業務調整後的 EBITDA 同比增長 40%，這得益於 Lawn Club 的增長、Gitano 的業績改善、梅西百貨 7 月 4 日慶祝活動期間的餐廳收購以及通過削減成本措施實現的整體運營費用降低。

Moving to the Entertainment segment. Revenues declined 5% year over year, primarily due to hosting seven fewer concerts at The Rooftop at Pier 17 compared to prior year. As we noted on the last call, the show count was favorable in the second quarter compared to prior year, but unfavorable to the third quarter, reflecting a timing shift in shows rather than a change in demand.

接下來進入娛樂板塊。收入年減 5%，主要是因為與前一年相比，17 號碼頭屋頂舉辦的音樂會減少了 7 場。正如我們在上一次電話會議上提到的，第二季度的演出數量比上年同期要好，但比第三季度要差，這反映出演出時間發生了變化，而不是需求發生了變化。

Partially offsetting the lower number of concerts was revenue from the Macy's 4th of July broadcast as well as the Las Vegas Aviators post-season run, which included three additional playoff games, resulting in a Pacific Coast League championship game appearance, all held at our Las Vegas ballpark.

部分抵消演唱會數量減少的是梅西百貨 7 月 4 日電視轉播的收入，以及拉斯維加斯飛行員隊季後賽的收入，其中包括三場額外的季後賽，最終打入太平洋海岸聯盟冠軍賽，所有比賽都在我們拉斯維加斯的棒球場舉行。

Entertainment segment adjusted EBITDA decreased 51% year over year in the third quarter, primarily reflecting decreases resulting from the reduced concert count, variances in allocations of overhead compared to prior year, along with increased sponsorship fulfillment costs, which mainly occurred during peak concert season.

第三季娛樂業務調整後 EBITDA 年減 51%，主要反映出演唱會數量減少、與上年相比管理費用分配的差異以及贊助履行成本增加（主要發生在演唱會旺季）等因素導致的下降。

Within the Landlord segment, rental revenue drove most of the consolidated revenue increase in the third quarter, rising 56% year over year on a pro forma basis. We benefited from approximately $1 million in termination-related income in the quarter associated with Nike and ESPN, both tenants of Pier 17.

在房東業務部門中，租金收入推動了第三季合併收入成長的大部分，按備考基準計算年增 56%。本季度，我們從與耐吉和 ESPN 相關的終止合約收入中獲益約 100 萬美元，這兩家公司都是 17 號碼頭的租戶。

Rental revenue growth also included private event activity, most notably Nike's the One Global Finals event, which took place on The Rooftop at Pier 17. Looking ahead, we'll no longer receive or recognize any rental revenue from ESPN while continuing to recognize NIKE's termination income through 2026 and into the first quarter of 2027.

租賃收入的成長還包括私人活動，其中最值得一提的是Nike的 One Global 總決賽活動，該活動在 17 號碼頭的屋頂舉行。展望未來，我們將不再收到或確認來自 ESPN 的任何租賃收入，同時將繼續確認耐吉終止合作的收入，直至 2026 年以及 2027 年第一季。

In addition, Nike will continue with its ongoing monthly rent payments under the lease agreement. Landlord segment adjusted EBITDA decreased 45% year over year in the third quarter, primarily due to onetime non-cash charges totaling around $6 million, which include a $4 million loss recorded on 250 Water Street in conjunction with classifying the property as held for sale and a $2 million write-off related to capital spend on the rooftop winter structure. Excluding these non-recurring items, Landlord segment adjusted EBITDA improved 76% year over year, reflecting both the revenue gains discussed earlier and lower operating expenses compared to the prior year period.

此外，耐吉將繼續按照租賃協議支付每月租金。第三季度，房東業務調整後 EBITDA 年減 45%，主要原因是約 600 萬美元的一次性非現金支出，其中包括將 250 Water Street 物業歸類為待售物業而產生的 400 萬美元虧損，以及與屋頂冬季結構資本支出相關的 200 萬美元減值。在剔除這些非經常性項目後，房東業務部門調整後的 EBITDA 年成長 76%，反映了前面討論的營收成長以及與去年同期相比較低的營運費用。

Overall, total segment adjusted EBITDA for the company in the third quarter of 2025, which reflects the financial performance of each of our segments before the effects of G&A interest income and expense and depreciation and amortization and includes the results of unconsolidated ventures, declined by $7 million compared to Q3 2024 on a pro forma basis.

總體而言，公司 2025 年第三季的總分部調整後 EBITDA（反映了我們各分部在扣除一般及行政費用利息收入和支出以及折舊和攤銷的影響之前的財務業績，並包括未合併合資企業的業績）與 2024 年第三季度相比，按備考基準減少了 700 萬美元。

When you exclude the impact of the nonrecurring items discussed earlier from both periods, notably the 250 Water Street loss on held-for-sale classification, the rooftop winter structure write-off and the favorable hospitality operating expense reimbursement recognized in the prior year, consolidated segment adjusted EBITDA improved by 76% or over $4 million year over year.

如果排除前面討論過的兩個期間的非經常性項目的影響，特別是待售物業分類的 250 Water Street 虧損、屋頂冬季結構減值以及上一年確認的有利的酒店運營費用補償，則合併分部調整後的 EBITDA 同比增長 76%，超過 400 萬美元。

General and administrative expenses during the quarter were $18 million, resulting in a quarterly year-over-year reduction of 2%. While prior year G&A continues to be impacted by our predecessor cost structure, in the quarter, we recognized approximately $11 million in accruals related to the leadership transition.

本季一般及行政費用為 1,800 萬美元，較上年同期減少 2%。雖然上一年度的 G&A 繼續受到我們前任成本結構的影響，但本季我們確認了與領導層過渡相關的約 1,100 萬美元的應計費用。

Excluding this onetime accrual, our corporate cost structure continues to reflect sequential improvement as we work towards a sustainable operating model. Interest expense decreased by $3 million compared to Q3 of 2024 as a result of a $1 million decrease in interest expense related to 250 Water Street when compared to 2024 because of a loan paydown that occurred around the time of our separation from Howard Hughes.

除此一次性應計費用外，隨著我們努力實現可持續的營運模式，我們的公司成本結構持續改善。與 2024 年第三季相比，利息支出減少了 300 萬美元，原因是與 2024 年相比，由於在與霍華德休斯公司分道揚鑣前後償還了一筆貸款，導致與 250 Water Street 相關的利息支出減少了 100 萬美元。

An approximately $800,000 decrease in interest expense related to the capitalization of interest on the 250 Water Street loan and $1 million of offsetting interest income earned on invested cash deposits. During the quarter, we suspended capitalization of interest for 250 Water Street midway through the period as it was classified as held for sale, which resulted in higher interest expense compared to the second quarter.

由於 250 Water Street 貸款的利息資本化，利息支出減少了約 80 萬美元，同時投資現金存款獲得的利息收入抵消了約 100 萬美元。本季中期，由於 250 Water Street 被歸類為持有待售物業，我們暫停了該物業的利息資本化，導致本季利息支出高於第二季。

When compared to pro forma Q3 2024 results, equity and earnings or losses from unconsolidated ventures improved 180% year over year, mainly driven by continued growth at Lawn Club, which in its second year of operations, continues to meet a strong demand for private events.

與 2024 年第三季的備考業績相比，非並表企業的權益和收益或虧損年增 180%，這主要得益於 Lawn Club 的持續成長。 Lawn Club 已營運兩年，並繼續滿足私人活動的強勁需求。

Third-quarter net loss attributable to common stockholders was $33.2 million, representing a year-over-year decline of around $700,000 or 2% with a net loss attributable to common stockholders per share of $2.61, an improvement of $3.28 per share or 56% compared to the third quarter of 2024.

第三季歸屬於普通股股東的淨虧損為 3,320 萬美元，年減約 70 萬美元，降幅為 2%；歸屬於普通股股東的每股淨虧損為 2.61 美元，較 2024 年第三季改善 3.28 美元，降幅達 56%。

The non-GAAP adjusted net loss attributable to common stockholders for the third quarter was $7.2 million, representing an improvement of around $18 million or 71% versus the comparable period in 2024. Q3 2025 non-GAAP adjusted net loss attributable to common stockholders per share was $0.57, an improvement of $3.97 per share or 87% compared to the third quarter of 2024.

第三季歸屬於普通股股東的非GAAP調整後淨虧損為720萬美元，與2024年同期相比改善了約1,800萬美元，降幅達71%。2025 年第三季歸屬於普通股股東的非 GAAP 調整後每股淨虧損為 0.57 美元，與 2024 年第三季相比，每股虧損減少了 3.97 美元，降幅達 87%。

Capital expenditures in Q3 2025 totaled $4.8 million. Excluding capitalized costs associated with the 250 Water Street development, the majority of the capital expenditures were related to the rooftop winter structure, completing the River Deck Bar build-out and landlord work and maintenance capital for our existing operations.

2025年第三季資本支出總額為480萬美元。除與 250 Water Street 開發相關的資本化成本外，大部分資本支出與屋頂冬季結構、完成 River Deck Bar 的建設以及我們現有業務的房東工程和維護資本有關。

Long-term debt outstanding as of September 30 remained at $101.4 million, unchanged from year-end 2024, except for regular way amortization of the Las Vegas ballpark loan. Net debt to gross assets at quarter end was negative 2%. Our negative net debt position continues to reflect the strength of our balance sheet and cash restricted cash and cash equivalents balances, which totaled $117 million as of September 30.

截至 9 月 30 日，未償長期債務仍為 1.014 億美元，與 2024 年底相比沒有變化，但拉斯維加斯棒球場貸款的正常攤銷除外。季度末淨債務與總資產之比為負2%。我們的負淨債務狀況繼續反映出我們資產負債表的穩健以及現金受限現金和現金等價物餘額的良好狀況，截至 9 月 30 日，該餘額總計 1.17 億美元。

Before we open it up for questions, I want to take a moment to thank Matt for his leadership and guidance in our time working together, but especially over the past few weeks during this transition. I'd also like to thank the entire SEG team, our partners and our Board of Directors for their continued support and collaboration.

在正式開始提問之前，我想藉此機會感謝 Matt 在我們共事期間的領導和指導，尤其是在過去幾週的過渡時期。我還要感謝SEG團隊、我們的合作夥伴和董事會一直以來的支持與合作。

I'm excited about the opportunities ahead as we move into planning for 2026, and I look forward to building on the progress we've made as a team. With that, we'll now open the line for questions.

隨著我們進入 2026 年的規劃階段，我對未來的機會感到興奮，並期待在我們團隊已經取得的進展基礎上再接再厲。接下來，我們將開放提問環節。

(Operator Instructions) Matthew Erdner, JonesTrading.

（操作說明）Matthew Erdner，JonesTrading。

Congrats on the continued improvement. As we look to profitability, what do you think are the biggest levers that you guys can pull to drive that path forward?

恭喜你持續進步。展望獲利能力，您認為您可以採取哪些最重要的措施來推動公司朝向獲利方向發展？

Hey, Matt. Good to hear from you. It's a good question. And obviously, it's a pertinent one because we have made a lot of progress, but most of the leasing that we've done, if not all of the leasing that we've done other than Gitano hasn't rent commenced or started operating. So I think getting some of these tenants open and operating and paying rent, continuing the momentum on the leasing front to fill up the remaining vacancy, which if we include the Nike space that we'll get back in 2027, it's about 100,000 square feet left of programmer lease.

嘿，馬特。很高興收到你的來信。這是個好問題。顯然，這是一個非常重要的問題，因為我們取得了很大的進展，但除了 Gitano 之外，我們所做的大部分租賃，甚至可以說是全部租賃，都沒有開始出租或開始營運。所以我認為，讓這些租戶開業、運營並支付租金，繼續保持租賃方面的勢頭，填補剩餘的空置空間，如果我們把耐吉在 2027 年重新租回的空間也算進去，那麼程式設計師租賃的剩餘面積大約還有 10 萬平方英尺。

And then I think focusing on the operational model and the G&A to try to create some efficiencies with what we've already done, but there's more room to go is really going to be the path to get us to breakeven and then profitability.

我認為，接下來應該專注於營運模式和一般及行政費用，努力提高我們已有的效率，但仍有提升空間，這才是實現收支平衡乃至盈利的真正途徑。

Got it. That's helpful. And then following up on the leasing, could you talk a little bit about the demand that you guys are experiencing down there and I guess the mix of tenants that are looking at your prospective spaces?

知道了。那很有幫助。接下來，關於租賃方面，您能否談談您那邊的需求情況，以及正在考慮租用您空間的租戶組成？

Yeah. I think demand has been really strong. There's plenty of articles out there speaking to demand specifically for restaurant space over the last few months in New York City. We've obviously had a lot of success with food and beverage operators and getting them in the space, whether that's Gitano or Flanker or Cork or Willets. So I think the food and beverage has been strong. We're now starting to focus a little bit more on the more traditional retail tenants while filling out some of our legacy F&B spaces.

是的。我認為需求一直非常強。過去幾個月來，紐約市的餐飲空間需求出現了顯著成長，相關的文章也層出不窮。顯然，我們在吸引餐飲業者進入這個領域方面取得了巨大的成功，無論是 Gitano、Flanker、Cork 還是 Willets。所以我覺得餐飲方面表現不錯。我們現在開始更加關注傳統的零售租戶，同時也填補一些原有的餐飲空間。

So we're not short on demand. We're more focused on finding the right partners, the right experiences, and the right tenants for the diverse community and customer base that we're trying to serve.

所以，我們並不缺少需求。我們更注重為我們努力服務的多元化社區和客戶群尋找合適的合作夥伴、合適的體驗和合適的租戶。

Got it. And then is there anything that we should expect kind of timing-wise? Are you guys wanting to kind of get all of these guys in and opened up prior to Meow Wolf to say, maybe middle, second half of next year, we should look for velocity to really pick up?

知道了。那麼，在時間安排方面，我們應該有什麼預期嗎？你們是否想讓所有這些球員都加入進來，並在 Meow Wolf 比賽之前做好準備，比如說，明年中下半年，我們應該期待他們的球速真正提升？

Yeah. I think velocity is definitely going to be in the back half of the year. I think Cork will probably get open before the midpoint. Willets will be around that 4th of July time frame, hopefully. And then in Flanker and some of the other stuff we're working on will hopefully be in the back end of 2026.

是的。我認為球速肯定會在下半年有所提升。我認為科克隊可能會在比賽中段之前放開手腳。希望威爾利茨能在7月4日左右到貨。然後，Flanker 和我們正在開發的其​​他一些項目預計將在 2026 年底推出。

And then depending on who we fill the other vacancies with will either be a late '26 or call it, first half of 2027. So the goal is to get everybody open and operating before Meow Wolf, but obviously, it will depend on how things get phased in here from a leasing standpoint.

然後，根據我們用誰來填補其他空缺，要么會在 2026 年末，要么會在 2027 年上半年。因此，我們的目標是在 Meow Wolf 開業之前讓所有店鋪都開業運營，但顯然，這取決於租賃方面各項工作的分階段推進情況。

Got it. And then last one for me. How do you guys position yourself to continue bringing the special events such as Macy's Wine and Food Festival? And then could you also talk about just the importance that these events really bring in helping drive exposure and awareness to the district?

知道了。最後，也是我最後一個問題。你們如何定位自己，才能繼續舉辦像梅西葡萄酒美食節這樣的特別活動？那麼，您能否也談談這些活動對於提高該地區的知名度和影響力究竟有多重要？

Yeah. On the latter point, I'm relatively new to New York. I've been here about two years now. And a lot of the conversations I have with people who live in New York, say, I went to the Seaport pre-COVID or I haven't been there in a handful of years. And so I think these events help pull people down who maybe otherwise wouldn't have the Seaport top of mind.

是的。關於後一點，我對紐約還不太熟悉。我在這裡已經兩年了。我和住在紐約的人的許多對話中，他們都會說：“我在新冠疫情之前去過海港區”，或者“我已經好幾年沒去過那裡了”。所以我認為這些事件有助於吸引那些原本可能不會把海港區放在第一位的人。

So it's a great marketing opportunity for us and for the community and for the neighborhood. And then I think more broadly, positioning the Seaport as a cultural and experiential destination just more broadly for New York, I think, is an important part of pulling people down here and ultimately making all the concepts and partners that we're bringing here successful.

所以這對我們、對社區、對週邊地區來說都是一個絕佳的行銷機會。而且我認為，從更廣泛的角度來看，將海港區定位為紐約更廣泛的文化和體驗目的地，我認為這對於吸引人們來到這裡，並最終使我們引入的所有理念和合作夥伴取得成功至關重要。

So it's as much about foot traffic and time and destination as it is anything else. And I think these events definitely help with that. In terms of how to keep building on that momentum, obviously, the team has done a great job of pulling a number of events down here this year, and we're hoping to bring all of those events back in more next year.

所以，人流、時間和目的地等因素就跟其他因素一樣重要。我認為這些活動肯定有助於實現這一點。至於如何保持這種勢頭，顯然，團隊今年已經出色地將許多賽事帶到了這裡，我們希望明年能把所有這些賽事更多地帶回來。

Some of that will be through programming the rooftops. Some of that will be doing special events out on the Pier and the Cobblestone. So it's an array of different opportunities that we have in front of us, and we just have to keep working and keep networking and creating the partnerships that bring these things down here over a multiyear period.

部分工作將透過對屋頂進行編程來實現。其中一些活動將在碼頭和鵝卵石路上舉行。所以，我們面前有很多不同的機會，我們只需要繼續努力，繼續拓展人脈，建立夥伴關係，在多年時間內將這些機會帶到這裡。

That's great. Appreciate the comments as always. Thank you, guys.

那太棒了。一如既往，感謝大家的留言。謝謝大家。

(Operator Instructions) Ross Haberman, RLH Investments.

（操作說明）羅斯·哈伯曼，RLH 投資公司。

Could you talk specifically -- you talked a little bit in your Q about the restructuring with Jean-Georges. Do you think you'll hit a breakeven with that cash-wise in '26? Let me start off with that. Thanks.

您能否具體談談——您在問答中稍微談到了與 Jean-Georges 的重組。你認為到 2026 年，你的資金能達到收支平衡嗎？我就先從這一點說起。謝謝。

When you say hit a breakeven in '26, are you talking about specifically in the hospitality segment or something else?

您說的2026年達到損益平衡，是指旅館業還是其他產業？

Jean-Georges, the Tin Building, that's what I'm talking about.

我說的就是讓-喬治，那棟錫皮樓。

For the Tin Building. I'm not in a position today to give forward guidance on what the Tin Building will do in '26. We've spent a lot of time on it. And as we mentioned in the prepared remarks, it's a big focus for us, and we plan to be able to outline that plan on the next earnings call. So I'd say, give us a couple of months to finalize the budget process, and we'll make sure to appropriately lay out our plans for that building, call it, early March.

錫製建築。我目前無法對錫樓在 2026 年的動向做出預測。我們在這方面投入了大量時間。正如我們在準備好的演講稿中所提到的，這是我們工作的重點，我們計劃在下次財報電話會議上概述該計劃。所以我想說，給我們幾個月的時間來最終確定預算流程，我們會確保在三月初之前妥善製定建築物的計劃。

With the restructuring -- let me ask you, with the restructuring, basically, are you cutting costs there?

重組－我想問一下，重組的實質內容，是不是在削減成本？

No, the restructuring -- sorry, the restructuring was really to bring the employee base in-house. It was previously third-party managed by Jean-Georges. So that's what the restructuring allowed us to do. And by bringing it in-house, we were able to restructure those agreements. So we had license agreements now instead of management agreements. And so we were able to reduce some of the management fees that we were paying for that external management.

不，重組－抱歉，重組的真正目的是為了將員工隊伍納入公司內部。先前由 Jean-Georges 等第三方公司管理。所以，重組讓我們能夠做到這一點。透過將業務收歸公司內部，我們得以重組這些協議。所以我們現在簽訂的是授權協議，而不是管理協議。因此，我們得以減少支付給外部管理公司的部分管理費。

Is a new concept or adjusted concept part of the thinking?

思考過程中是否包含了新概念或調整後的概念？

I think everything is on the table. Now we're obviously working very closely with our counterparts at Jean-Georges. It's a great relationship for us. It's one that we obviously value quite a bit, especially with our 25% ownership in their broader organization. So we're working hand-in-hand with them to try to figure out the best path forward. And like I said, I think we'll have a pretty well laid out plan by March on the next earnings call.

我認為一切皆有可能。現在我們顯然正與 Jean-Georges 的同行們密切合作。這對我們來說是一段非常好的關係。我們顯然非常重視這家公司，尤其是我們也持有該公司 25% 的股份。因此，我們正與他們攜手合作，努力找出最佳的前進方向。正如我所說，我認為到三月的下一次財報電話會議上，我們將有一個相當完善的計劃。

You talked about 100,000 square feet of space to rent. How is that coming? And I don't know, do you think you'll be able to make a dent of half of that in '26? Or what's your thought? And I mean, in terms of the people you're currently negotiating or speaking with now, do you have a couple of larger prospects that could use, I don't know, half or more of that within '26?

您提到有 10 萬平方英尺的空間可供出租。進展如何？我不知道，你認為你在 2026 年能完成其中一半嗎？你有什麼想法？我的意思是，就你目前正在談判或洽談的對象而言，你是否有幾家規模較大的潛在客戶，他們可能需要在 2026 年內投入一半或更多的資金？

So the biggest chunk of that 100,000 is the Nike space. We won't get that back until 2027, but obviously, we're not going to wait to try to work through that. A lot of the remaining space is small shop space. So we should be able to drive higher rents on those spaces, just given the size and the use.

所以，這 10 萬美元中最大的一部分是耐吉的份額。直到 2027 年我們才能恢復正常，但顯然，我們不會等到那時才去解決這個問題。剩餘空間大部分是小型店鋪空間。鑑於這些空間的面積和用途，我們應該能夠提高這些空間的租金。

We are working on a whole host of different opportunities, some of which I'm sure will get over the finish line and some of which maybe not -- maybe won't make it there. But I'm pretty excited about some of the stuff we have in the queue that we haven't been able to talk about yet that hopefully will get over the finish line before the end of the year, and we can have some more announcements.

我們正在努力爭取各種不同的機會，其中一些我確信會成功，而另一些則可能不會成功。但我對我們目前正在籌備但尚未能公開談論的一些項目感到非常興奮，希望這些項目能在年底前完成，屆時我們就可以發布更多公告了。

And just one final question, if I may. What do you expect for the capital expenditures for the fourth quarter?

最後一個問題，可以嗎？您對第四季的資本支出有何預期？

So for the fourth quarter, it will probably be somewhat light. We're deep into the Meow Wolf landlord work right now, and we're doing some work on Willets and Cork. It will probably ramp up in the first half of 2026. We've got about $50 million or so committed between all the projects that we've announced. I think the majority of that is going to go out sort of in the mid to back half of 2026.

所以第四季比賽可能會比較少。我們現在正全力投入 Meow Wolf 房東的工作中，同時也處理 Willets 和 Cork 的一些事務。這種情況可能會在2026年上半年加劇。我們已宣布的所有項目加起來大約有 5000 萬美元的投資。我認為大部分產品將在 2026 年中後期上市。

Okay. Thanks again for having the call. I appreciate it.

好的。再次感謝您接聽電話。謝謝。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Partridge for any final comments.

女士們、先生們，我們的問答環節到此結束。我把發言權交還給帕特里奇先生，請他作最後的總結發言。

Appreciate it, operator. Thank you, everybody, for joining us today. We'll look forward to sharing more progress on the fourth quarter and year-end conference call in the early part of the new year. Have a great holiday. Thank you.

謝謝，接線生。謝謝各位今天蒞臨。我們將在新年伊始的第四季和年終電話會議上與大家分享更多進展。祝你假期愉快。謝謝。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。