Seaport Entertainment Group Inc (SEG) 2026 Q1 法說會逐字稿

Good morning, and welcome to Seaport Entertainment Group's first-quarter 2026 earnings conference call. (Operator Instructions) And as a reminder, today's call is being recorded.

早安，歡迎參加 Seaport Entertainment Group 2026 年第一季財報電話會議。(接線員指示) 並提醒各位，今天的電話會議將被錄音。

I would now like to turn the call over to Jason Wilk, Senior Vice President of Finance. Please go ahead.

現在我想把電話交給財務資深副總裁 Jason Wilk。請開始。

Thank you, operator, and good morning, everyone. With me today is our President and Chief Executive Officer, Matt Partridge; and our Chief Financial Officer and Treasurer, Lenah Elaiwat. Before we begin, I'd like to remind everyone that many of our comments today are considered forward-looking statements under federal securities law.

謝謝，接線員，各位早安。今天與我一同出席的有我們的總裁兼執行長 Matt Partridge，以及我們的財務長兼財務主管（Treasurer）Lenah Elaiwat。在開始之前，我想提醒各位，我們今天的許多評論依聯邦證券法屬於前瞻性陳述。

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.

公司實際的未來結果可能與這些前瞻性陳述所討論的事項有重大差異，我們亦不承擔更新這些陳述的義務。可能導致實際結果與預期存在重大差異的因素與風險，會不時在公司 Form 10-K、Form 10-Q 及其他向 SEC 提交的文件中更詳細揭露。您可在我們的網站 seaportentertainment.com 查閱我們的 SEC 報告、財報新聞稿及季度補充資訊。

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

接下來，我把電話交給 Matt。

Thanks, Jason, and good morning, everyone. Let's start with the headline items from the first 4 months of 2026, some of which we discussed during our previous earnings call in March, but are still incredibly important accomplishments as we continue to position the organization as a scalable real estate-centric hospitality and entertainment company.

謝謝 Jason，各位早安。我們先從 2026 年前 4 個月的重點事項談起，其中部分我們在 3 月上次的財報電話會議中已討論過，但在我們持續將組織定位為可擴展、以不動產為核心的餐旅與娛樂公司之際，這些仍是極其重要的成果。

To start the year, we completed the sale of 250 Water Street, generating more than $75 million of liquidity and eliminating ongoing carry costs. We leased the Tin Building to Lux Entertainment, the operator of the interactive contemporary art experience, Balloon Museum, transitioning the property to a leased and soon-to-be cash flowing asset.

年初，我們完成 250 Water Street 的出售，創造超過 7,500 萬美元的流動性，並消除持續性的持有成本。我們將 Tin Building 出租給 Lux Entertainment（互動式當代藝術體驗 Balloon Museum 的營運方），使該物業轉為已出租、且即將產生現金流的資產。

We opened Sadie's Restaurant in Garden Bar, our self-developed new American restaurant, which has received very positive initial reviews and has exceeded our expectations. We announced our arts, culture and hospitality focused partnership with Public Service, the creative and curatorial team behind the highly acclaimed concept Public Records to develop a new offering for the Seaport.

我們在 Garden Bar 開幕了 Sadie's Restaurant，這是我們自行開發的新美式餐廳，初期評價非常正面，表現也超出我們的預期。我們宣布與 Public Service 建立以藝術、文化與餐旅為重點的合作夥伴關係；Public Service 是備受好評的 Public Records 概念背後的創意與策展團隊，將共同為 Seaport 開發全新體驗。

We've developed a comprehensive calendar of seasonal sporting, cultural and evergreen programming, which serves as the foundation for guest engagement and increased visitation. And during the first-quarter, we generated a 21% year-over-year improvement in our non-GAAP adjusted net loss, which adjusts our GAAP net loss for certain noncash and nonrecurring items.

我們已建立完整的季節性運動、文化及常態（evergreen）活動行事曆，作為賓客互動與提升來訪人次的基礎。此外，在第一季，我們的非 GAAP 調整後淨損較去年同期改善 21%；該指標係將 GAAP 淨損就若干非現金及非經常性項目進行調整。

These achievements represent significant progress towards improving liquidity and cash flow, stabilizing and optimizing operations and creating sustainable long-term value for our shareholders, community and other stakeholders. Said differently, this is the turning point. And as a result of our progress, we believe we are on a path to drive positive long-term operational cash flow and earnings growth.

這些成果代表我們在改善流動性與現金流、穩定並優化營運，以及為股東、社區與其他利害關係人創造可持續的長期價值方面，取得了重大進展。換句話說，這就是轉捩點。基於我們的進展，我們相信公司正走在推動長期營運現金流轉正與獲利成長的道路上。

That said, we are still early in building what Seaport Entertainment Group can become. The broader opportunity for strategic positioning of our company is centered on real estate assets with market-specific multi-revenue ecosystems that drive outsized demand to the destinations through integrated experiences and curated placemaking.

不過，我們仍處於打造 Seaport Entertainment Group 未來樣貌的早期階段。公司更廣泛的策略定位機會，聚焦於不動產資產，以及具備市場特定、多元收入生態系的模式，透過整合式體驗與精心策劃的場域營造（placemaking），為目的地帶來超額需求。

Consumer wallet share is being structurally reallocated towards time, social connections and place-based spending. As screens get louder, digital content gets more crowded and AI makes it harder to know what is real, we believe people will place even greater value on memorable in-person experiences they can feel and share with others. People want human connection, and that is where we are focused.

消費者的錢包份額正結構性地重新分配到時間、社交連結與以場域為基礎的支出。隨著螢幕聲量愈來愈大、數位內容愈來愈擁擠，以及 AI 讓人更難分辨真偽，我們相信人們將更重視那些可親身感受、並能與他人分享的難忘線下體驗。人們渴望人與人的連結，而這正是我們的聚焦所在。

By creating places, events and activations that bring people together, we are giving them a reason to come back and building lasting value. This should ultimately result in more tenant and concept success, leading to long-term growth in rents and operational cash flow and in turn, improving overall real estate and organizational value.

透過打造能讓人們聚在一起的場所、活動與互動體驗（activations），我們給了他們再次回訪的理由，並建立長期價值。最終，這應能帶來更多租戶與品牌概念的成功，進而推動租金與營運現金流的長期成長，並反過來提升整體不動產與組織價值。

We know there is still a considerable amount of work to be done, and it's not going to happen overnight. The disciplined execution and a common focus is what will carry our progress forward as we create financially viable community-driven destinations that are grounded in live entertainment, food and beverage, arts and culture and event-based experiences.

我們知道仍有大量工作要做，而且不可能一蹴可幾。唯有紀律執行與一致的共同聚焦，才能推動我們持續前進，打造在現場娛樂、餐飲、藝術文化與活動型體驗之上、具財務可行性且由社區驅動的目的地。

At the Seaport in New York, many of our recent announcements will be supported by the long-term growth we are seeing in our nearby residential population and the momentum in New York City tourism. Lower Manhattan is home to more than 70,000 residents, continues to be one of the fastest-growing residential districts in New York City and is set to benefit from nearly 9,000 new units in the pipeline, driven by ongoing office conversions and ground-up development projects.

在紐約的 Seaport，我們近期的多項宣布，將受惠於我們在周邊住宅人口所見的長期成長，以及紐約市觀光的動能。曼哈頓下城居住人口超過 70,000 人，仍是紐約市成長最快的住宅區之一，且在持續的辦公室改建與新建開發案帶動下，未來管線中將新增近 9,000 個住宅單位。

From a tourism perspective, in spite of policy actions and geopolitical events that have created headwinds for growth and visitation, New York City 2026 visitation is expected to grow by more than 1 million visitors as it benefits from several large events, including the FIFA World Cup, and America's 250th anniversary. We plan to leverage both events through a growing programming calendar tied to these unique experiences.

從觀光角度來看，儘管政策措施與地緣政治事件對成長與來訪造成逆風，預期 2026 年紐約市來訪人次仍將增加逾 100 萬人，主要受惠於多項大型活動，包括 FIFA 世界盃，以及美國建國 250 週年。我們計畫透過與這些獨特體驗相連結、日益擴充的活動行事曆，來善用這兩項盛事。

Taken all together, these market dynamics reinforce our confidence in the underlying demand trends that support the Seaport. While some of this demand will be transient due to the onetime nature of the associated events, the addition of year-round experience-led anchors like the Balloon Museum opening later this summer and the Meow Wolf opening late 2027 or early 2028, will drive consistent visitation even during seasonally slower periods as well as longer time spent in the neighborhood and increased spending in adjacent businesses.

綜合而言，這些市場動態強化了我們對支撐 Seaport 的基本需求趨勢之信心。雖然其中部分需求將因相關活動的一次性特質而屬短期，但像是今年夏末開幕的 Balloon Museum，以及預計於 2027 年底或 2028 年初開幕的 Meow Wolf 等全年體驗型主力（anchors）的加入，將在季節性較淡的期間也帶來穩定來訪，並延長人們在社區停留時間、提升周邊商家的消費。

One of our business is expected to benefit the most from the improved demand trends in our active programming calendar is the recently opened Sadie's Restaurant in Garden Bar. As I mentioned earlier, Sadie's is our first self-developed restaurant concept, which offers an approachable new American menu, including familiar favorites in Daily Brunch.

在我們的業務中，預期最能受惠於活躍活動行事曆所帶動之需求改善的，是近期在 Garden Bar 開幕的 Sadie's Restaurant。如我先前提到，Sadie's 是我們第一個自行開發的餐廳概念，提供親民的新美式菜單，包括每日早午餐（Daily Brunch）中的多款熟悉經典。

With it, we opened Sadie's Garden Bar, one of the largest outdoor bars in Manhattan accommodate up to 1,000 guests. One of Sadie's differentiators is the scale and flexibility of its space, which is being combined with our robust programming calendar to drive consistent traffic and events to the neighborhood. In April, Sadie's Garden Bar hosted part of the neighborhood-wide New York Jets Draft Night Fan Fest, bringing thousands of visitors to the Seaport. It also played host to our Kentucky Derby event in early May, resulting in strong attendance, guest engagement and food and beverage sales.

同時，我們也開設了 Sadie's Garden Bar，這是曼哈頓規模最大的戶外酒吧之一，可容納多達 1,000 位賓客。Sadie's 的差異化之一在於其空間的規模與彈性；我們正將其與強大的活動行事曆結合，以帶動社區穩定的人流與活動。4 月，Sadie's Garden Bar 承辦了社區範圍的 New York Jets 選秀之夜球迷嘉年華（Draft Night Fan Fest）部分活動，為 Seaport 帶來數千名訪客。它也在 5 月初主辦了我們的肯塔基賽馬（Kentucky Derby）活動，帶來亮眼的出席人數、賓客互動，以及餐飲銷售表現。

Opening a new restaurant is no small accomplishment, and one on this scale is even more impressive. I couldn't be more proud of the Sadie's team for what they've achieved in such a short period of time. As we look ahead to the summer, we envision Sadie's as the central hub of activity on the historic Cobblestones. With its outdoor video wall, we expect to continue our momentum with sporting event watch parties, live music and other cultural programming, including serving as a key destination for viewing the World Cup.

開設一家新餐廳絕非小成就，而以這樣的規模更是令人印象深刻。我對 Sadie's 團隊在如此短的時間內所取得的成果感到無比自豪。展望夏季，我們將 Sadie's 視為歷史悠久的 Cobblestones 上活動的核心樞紐。憑藉其戶外影音牆，我們預期將透過體育賽事觀賽派對、現場音樂與其他文化節目持續延續動能，並包括作為觀賞世界盃的關鍵目的地。

In addition to Sadie's, we recently announced our long-term agreement with Public Service, the team behind Public Records to open their first experience in Manhattan and approximately 11,000 square feet of previously vacant space in the Cobblestones. For those who are not familiar, Public Records is an experience-driven hospitality and music concept located in Brooklyn that blends food and beverage, live music performances and art with thoughtfully designed spaces and creating a single cohesive destination. The Public Service team is an incredible group of tastemakers with a strong track record of generating consistent demand through a continuously evolving platform that has helped define culture in New York City.

除了 Sadie's 之外，我們近期也宣布與 Public Service 達成長期協議；Public Service 是 Public Records 背後的團隊，將在曼哈頓開設其首個體驗據點，並進駐 Cobblestones 約 11,000 平方英尺先前閒置的空間。若您不熟悉，Public Records 是位於布魯克林、以體驗為導向的餐旅與音樂概念，將餐飲、現場音樂演出與藝術結合，並透過精心設計的空間打造單一且一致的目的地。Public Service 團隊是一群令人驚豔的品味引領者，擁有強勁的實績，透過持續演進的平台創造穩定需求，並協助形塑紐約市的文化。

While this new project is expected to open in 2027 and more details will be announced in the coming months, it reflects the continued demand we're seeing for experience-driven destinations and reinforces the Seaport's unique position as a home for these concepts. Speaking of experience-driven concepts, we kicked off the 2026 concert series at The Rooftop at Pier 17 on May 2, with a sold-out show from Mika.

雖然此新專案預計於 2027 年開幕，且更多細節將在未來幾個月公布，但它反映了我們所見對體驗導向目的地的持續需求，並強化 Seaport 作為此類概念落腳地的獨特定位。談到體驗導向概念，我們已於 5 月 2 日在 Pier 17 的 The Rooftop 以 Mika 的完售演出揭開 2026 年演唱會系列的序幕。

This year's lineup is our largest ever with nearly 70 confirmed shows, roughly half of which are already on sale and seeing strong demand. Some of the more notable acts include Belle and Sebastian, Billy Currington and Kip Moore, Jimmy Eat World, Lupe Fiasco, Passion Pit, and Sam Barber. We are also welcoming back many returning artists this season, which speaks to the exceptional experience our team continues to deliver for both fans and artists.

今年的陣容是我們歷來最大規模，已確認近 70 場演出，其中約一半已開賣且需求強勁。較受矚目的藝人包括 Belle and Sebastian、Billy Currington 與 Kip Moore、Jimmy Eat World、Lupe Fiasco、Passion Pit，以及 Sam Barber。本季我們也迎回許多回歸演出者，這也反映我們團隊持續為樂迷與藝人提供卓越體驗。

Alongside the expanded lineup, we are continuing to improve the premium experience, growing offerings like the Liberty Club, Heineken Silver Zone and Patron Patio, while introducing new social engagement tools designed to enhance the guest experience, expand venue visibility and increase guest spending.

在擴大演出陣容的同時，我們也持續提升高端體驗，擴充 Liberty Club、Heineken Silver Zone 與 Patron Patio 等方案，並導入新的社交互動工具，以提升賓客體驗、擴大場館能見度並提高賓客消費。

Beyond concerts, our events pipeline continues to grow due to our demonstrated ability to curate, produce and host large-scale activations such as the New York City Wine & Food Festival and Macy's 4th of July Fireworks. In addition to the return of many of these marquee events, we have a strong pipeline of several high-profile one-off activations being hosted in the Seaport with a recent standout being Spotify's BTS Swimside fan experience on the Rooftop of Pier 17 in March.

除了演唱會之外，憑藉我們在策劃、製作與承辦大型活動（例如 New York City Wine & Food Festival 與 Macy's 7 月 4 日煙火秀）方面的實證能力，我們的活動儲備持續成長。除多項指標性活動回歸外，我們也在 Seaport 擁有多個高知名度的一次性活動強勁儲備；近期亮點為 3 月在 Pier 17 Rooftop 舉辦的 Spotify「BTS Swimside」粉絲體驗。

The 2,000-person event marked the group's first US performance in four years and is a powerful example of our ability to attract high-impact experiences from culturally relevant brands. Moreover, it was recently announced that the Rooftop will host US Soccer's first-ever live US men's national team World Cup roster reveal and fan celebration later this month.

這場 2,000 人活動是該團體四年來首次在美國演出，強而有力地展現我們吸引具高影響力、且與文化高度相關品牌體驗活動的能力。此外，近期也宣布 Rooftop 將於本月稍晚舉辦美國足球（US Soccer）史上首次的美國男子國家隊世界盃名單現場揭曉與球迷慶祝活動。

While we have a tremendous amount of momentum in our programming calendar, we continue to make progress on our expanded event space at Pier 17. This remains a priority due to its ability to generate high-margin revenue and increase our operational scale, especially given it is a fully enclosed indoor facility with unique market positioning and amenities.

儘管我們的節目行事曆動能十足，我們仍持續推進 Pier 17 擴增活動空間的計畫。由於其可創造高毛利收入並擴大我們的營運規模，這仍是優先事項，尤其該設施為全封閉室內場館，具備獨特的市場定位與配套設施。

We're refining the scope and timing, but we currently expect to have the space operational by mid-2027. On the concept and tenant build-out side of things, execution remains a top priority, and we are making great progress across several material projects. Pier 17, we recently achieved an important milestone with the delivery of the landlord required work for Meow Wolf. Meow Wolf will now take the handoff and push forward with their build-out for a late 2027 or early 2028 opening.

我們正在細化範疇與時程，但目前預期該空間可於 2027 年年中投入營運。在概念與租戶裝修（build-out）方面，執行仍是首要任務，我們在多個重要專案上取得顯著進展。在 Pier 17，我們近期達成一項重要里程碑，完成並交付房東需負責的 Meow Wolf 工程。Meow Wolf 現將接手並推進其裝修工程，預計於 2027 年底或 2028 年初開幕。

Work is also ongoing for Flanker Kitchen and Sports Bar and Hidden Boot Saloon with Flanker expected to open in late 2026 and Hidden Boot Saloon targeting an opening date in early 2027. The Tin Building, the landlord work for the Balloon Museum's flagship US location is progressing on schedule with delivery to the tenant expected in late June.

Flanker Kitchen and Sports Bar 與 Hidden Boot Saloon 的工程也在進行中；Flanker 預計於 2026 年底開幕，Hidden Boot Saloon 目標於 2027 年初開幕。在 Tin Building，Balloon Museum 旗艦美國據點的房東工程正按進度推進，預計於 6 月底交付給租戶。

Current projections have the museum opening this summer. Notably, the exhibition will feature a major installation by Marina Abramovic, the renowned contemporary artist, who has exhibited across some of the world's most esteemed museums and cultural institutions. Her installation, combined with other notable artists in the museum's interactive curation will deliver an experience that we believe will be on par with some of the most in-demand cultural experiences in New York City.

目前預估該博物館將於今年夏季開幕。值得一提的是，展覽將呈現知名當代藝術家 Marina Abramovic 的大型裝置作品；她曾在全球多家最負盛名的博物館與文化機構展出。我們相信，她的裝置作品結合館內其他知名藝術家的互動式策展，將帶來可與紐約市最受追捧的文化體驗比肩的體驗。

Against that backdrop and all of the progress we've highlighted, we're encouraged by how our vision for the Seaport is coming together. In Las Vegas, our focus remains on delivering a high-quality guest experience at the Las Vegas ballpark while continuing to refine our operating model to drive greater efficiency and profitability.

在此背景以及我們所強調的各項進展之下，我們對 Seaport 願景的逐步成形感到振奮。在拉斯維加斯，我們的重點仍是於 Las Vegas Ballpark 提供高品質的賓客體驗，同時持續精進營運模式，以提升效率與獲利能力。

A key part of that strategy is leaning into our position as a true local offering, which is differentiated from the Major League sports franchises on the Strip. The Las Vegas Aviators provide a more approachable, family-friendly and community-oriented experience. This is supported by consistent programming and fan-friendly promotions that drive repeat visitation at an accessible price point.

該策略的關鍵之一，是強化我們作為真正在地供給的定位，並與大道（Strip）上的大聯盟職業運動特許經營隊伍形成差異化。Las Vegas Aviators 提供更親民、適合家庭且以社區為導向的體驗。這也透過穩定的節目安排與友善球迷的促銷活動加以支撐，以可負擔的價格帶動重複到訪。

That positioning is being bolstered by continued growth in the Summerlin community in the surrounding area. Today, Summerlin is home to more than 125,000 residents with a long-term plan to reach approximately 200,000 at full build-out, creating a growing and highly engaged customer base near the ballpark.

此一定位也因周邊 Summerlin 社區的持續成長而進一步強化。目前 Summerlin 居民超過 125,000 人，長期規劃在全面開發後可達約 200,000 人，為球場附近帶來持續擴大的高參與度客群基礎。

We remain focused on ticket pacing and pricing, expanding programming through theme nights, in-game experiences and non-baseball activations, leaning into our robust merchandising strategy and driving operational efficiencies. As we enter our second year operating our holiday activation Enchant, we expect improved execution and stronger margins as we build on last year's learnings.

我們仍專注於門票銷售節奏與定價，透過主題之夜、場內體驗與非棒球活動擴充節目內容，強化我們強勁的商品銷售策略，並推動營運效率提升。隨著我們進入假日活動 Enchant 的第二年營運，我們預期在吸收去年經驗後，執行將更到位、利潤率也將更強。

Looking at the 2026 Las Vegas Aviator season, we're seeing encouraging early results. Coming off of our 2025 Pacific Coast League championship, the Aviators are once again sitting in first place in the PCL, and I'm proud to say our Las Vegas Ballpark will once again host the AAA Minor League Championship game this fall for the fifth year in a row.

就 2026 年 Las Vegas Aviator 球季而言，我們看到令人鼓舞的早期成果。在 2025 年奪得太平洋海岸聯盟（PCL）冠軍後，Aviators 再次位居 PCL 第一名；我也很自豪地表示，我們的 Las Vegas Ballpark 將於今年秋天連續第五年再次主辦 AAA 小聯盟冠軍賽。

In March, we hosted two sold-out games between the Athletics and the Los Angeles Angels, welcoming more than 20,000 attendees and driving year-over-year growth in ticket revenue. We're seeing that demand continue across both group and season ticket sales for the Aviators, supported by a full calendar of themed promotions and fan-focused programming with solid pacing for individual ticket sales for many of the upcoming games.

3月，我們主辦了兩場由奧克蘭運動家隊（Athletics）對洛杉磯天使隊（Los Angeles Angels）的完售賽事，迎來超過20,000名觀眾，並帶動門票收入年增成長。我們看到這股需求在Aviators的團體票與季票銷售上持續延伸，並由完整的主題促銷行事曆與以球迷為核心的活動規劃所支撐；同時，許多即將到來的賽事在單場票銷售方面也維持穩健的銷售節奏。

This strong start reflects the consistent demand in the market and aligns with our position as one of the top-performing teams in Minor League Baseball. To wrap it up, we've had a very productive first-quarter, and we're entering the rest of the year from the strongest position since our inception. We are very excited about the momentum we are building, which will carry into 2027 and ultimately stabilize our existing assets in 2028. I want to recognize our entire team for their hard work and commitment.

這個強勁的開局反映出市場需求的持續性，並與我們作為小聯盟棒球（Minor League Baseball）表現最出色球隊之一的定位一致。總結來說，我們第一季非常有成效，並以自成立以來最強的態勢進入今年剩餘期間。我們對正在建立的動能感到非常振奮，這股動能將延續至2027年，並最終在2028年穩定我們現有資產。我想肯定我們整個團隊的辛勤付出與投入承諾。

Our results and continuing improvement are a product of their energy and dedication, and they should be incredibly proud of what they've accomplished.

我們的成果與持續改善，來自他們的活力與奉獻；他們應該為自己所達成的成就感到無比自豪。

With that, I'll turn it over to Lenah to talk through our first-quarter financial performance in detail.

接下來，我把時間交給Lenah，請她詳細說明我們第一季的財務表現。

Thanks, Matt. Before walking through our Q1 results, I want to highlight a change to our segment reporting that was implemented at the start of the year in an effort to improve clarity and better reflect how we view the operations of the business. Beginning with the first-quarter of 2026, our segment reporting measure used for reporting the performance of the Hospitality, Entertainment and Landlord Operations segments is operating EBITDA.

謝謝，Matt。在說明我們第一季（Q1）業績之前，我想先強調我們在年初為提升清晰度、並更貼近我們看待業務營運方式而實施的一項分部報導變更。自2026年第一季起，我們用於報導餐旅（Hospitality）、娛樂（Entertainment）與房東營運（Landlord Operations）分部績效的分部衡量指標為營運EBITDA（operating EBITDA）。

We define operating EBITDA as earnings before interest, taxes, depreciation, amortization, other income or loss, gains or losses from the sale of assets, equity and earnings or losses from unconsolidated ventures, provisions for impairment, G&A expenses and any intercompany transactions between segments. We believe that because operating EBITDA excludes nonrecurring and below-the-line income and expenses, it's a more comparable representation of the core performance of our operating businesses.

我們將營運EBITDA定義為：未計利息、稅項、折舊、攤銷、其他收益或損失、資產出售損益、未合併企業之權益法收益或損失、減損提列、一般及行政（G&A）費用，以及各分部間任何公司內部交易之前的盈餘。我們認為，由於營運EBITDA排除非經常性及損益表下方項目的收入與費用，因此能更具可比性地呈現我們營運業務的核心表現。

For the quarter ending March 31, 2026, total operating EBITDA of the company improved by $3.1 million or 21% year-over-year to a loss of $11.8 million despite a 21% reduction in revenue. The majority of the company's EBITDA improvement year-over-year is a result of progress made within the Hospitality segment. Hospitality operating EBITDA improved by $2.9 million or 36% year-over-year, driven by the closures of the Tin Building and Malibu Farm.

截至2026年3月31日止季度，公司整體營運EBITDA年增改善310萬美元（或21%），至虧損1,180萬美元，儘管營收下降21%。公司EBITDA年增改善的主要原因，是餐旅分部的進展。餐旅分部營運EBITDA年增改善290萬美元（或36%），主要受Tin Building與Malibu Farm關閉所帶動。

While hospitality operating EBITDA improved, revenue within the Hospitality segment decreased 34% or $2.6 million year-over-year, primarily driven by the closures of the Tin Building and Malibu Farm, which together accounted for approximately $3.1 million of the decline. This was partially offset by a favorable year-over-year comparison at GITANO, which operated for a full quarter in 2026.

雖然餐旅分部營運EBITDA有所改善，但餐旅分部營收年減34%（或260萬美元），主要同樣是由Tin Building與Malibu Farm關閉所致，兩者合計約占下降金額的310萬美元。此影響部分被GITANO的有利年比所抵銷，因其在2026年營運涵蓋完整一季。

Excluding the impact of Tin Building, Malibu Farm and GITANO, Hospitality revenue declined 22% year-over-year primarily driven by inclement weather, including extended periods of below freezing temperatures and two major snowstorms that reduced operating hours and overall foot traffic this winter across our restaurants.

若排除Tin Building、Malibu Farm與GITANO的影響，餐旅營收年減22%，主要因惡劣天候所致，包括長時間低於冰點的氣溫以及兩場大型暴風雪，導致今年冬季我們各餐廳的營業時數與整體人流下降。

Additionally, we strategically closed Mister Dips for the winter and we'll reopen the concept in conjunction with our concert season. And we suspended or limited lunch service at numerous other venues for most of the period. These actions reflect our focus on optimizing the financial outcomes of the businesses. While the Tin building repositioning and closure of Malibu Farm will continue to result in decreases in hospitality revenue as we progress through 2026, we've only realized a small portion of the EBITDA benefit expected from these changes.

此外，我們策略性地在冬季期間關閉Mister Dips，並將配合演唱會季重新開業。我們也在期間大部分時間暫停或限制多個其他場館的午餐服務。這些措施反映我們專注於優化各業務的財務成果。隨著2026年推進，Tin Building的重新定位以及Malibu Farm的關閉將持續導致餐旅營收下降，但我們目前僅實現了這些變更所預期EBITDA效益的一小部分。

These actions are part of our broader effort to reposition key parts of the portfolio into new high-potential concepts. Staying in New York, landlord operating EBITDA remained flat year-over-year. Rental revenue decreased $1 million or 27%, driven by a straight-line rent adjustment related to the iPic's long-term lease of approximately $800,000 following its Chapter 11 filing in February.

這些行動是我們更廣泛策略的一部分，旨在將投資組合中的關鍵部分重新定位為具高成長潛力的新概念。回到紐約，房東營運的營運EBITDA年比持平。租金收入下降100萬美元（或27%），主要因iPic於2月依《破產法》第11章（Chapter 11）申請後，與其長期租約相關的直線法租金調整約80萬美元所致。

We received Q1 cash rent in full and we'll continue recording rent received on a cash basis until bankruptcy proceedings are completed. Excluding the iPic noncash adjustment, Q1 rental revenue decreased 4% year-over-year on a consolidated basis, primarily reflecting the expiration of the ESPN lease in Q3 of 2025, partially offset by Nike termination fees recognized in the current quarter.

我們已全額收到第一季現金租金，並將在破產程序完成前，持續以現金基礎認列已收租金。若排除iPic的非現金調整，合併基礎下第一季租金收入年減4%，主要反映ESPN租約於2025年第三季到期的影響，部分由本季認列的Nike終止費用所抵銷。

The decrease in revenue was offset by expense savings of $1.1 million or 14%, achieved through a focus of driving cost efficiencies within our landlord operations. We expect these savings to build throughout the year, further supported by additional cost reduction initiatives and efficiencies. Looking ahead, we expect incremental improvements to rental revenue as the year progresses.

營收下降被費用節省所抵銷：我們透過專注推動房東營運的成本效率，節省110萬美元（或14%）。我們預期這些節省將在全年逐步擴大，並將進一步受額外的降本措施與效率提升所支撐。展望未來，我們預期租金收入將隨著年度推進而逐步改善。

Effective April 1, we transitioned GITANO NYC from an internally managed hospitality venue to a third-party lease agreement. We also had a new tenant, Cork, a local wine bar, opened their doors in April, and they will be followed by Willett's and the Balloon Museum rent commencements in the coming months. Moving to entertainment.

自4月1日起，我們將GITANO NYC由內部管理的餐旅場館轉為第三方租賃協議。我們也迎來新租戶Cork（當地葡萄酒吧）於4月開幕，接下來幾個月Willett's與Balloon Museum也將陸續開始起租。接著談娛樂分部。

Operating EBITDA improved by 3% compared to the prior year as the suspension of the Pier 17 Rooftop Ice Rink more than offset accelerated Q1 expenses related to the Las Vegas operations and the concert series. As Matt mentioned earlier, Las Vegas had a great start to the year. Las Vegas revenue grew by 8%, driven by two sold-out games between the Athletics and the Los Angeles Angels during Big League weekend with over 20,000 people in attendance, resulting in strong growth in ticket and concession revenues versus prior year.

營運EBITDA較去年改善3%，因暫停Pier 17屋頂溜冰場（Pier 17 Rooftop Ice Rink）所帶來的效益，足以抵銷與拉斯維加斯營運及演唱會系列相關的第一季加速認列費用。如Matt先前提到，拉斯維加斯今年開局表現亮眼。拉斯維加斯營收成長8%，主要受Big League週末期間奧克蘭運動家隊對洛杉磯天使隊兩場完售賽事帶動，現場超過20,000人出席，使門票與餐飲販售收入相較去年大幅成長。

Furthermore, the Aviators hosted 4 regular season games in Q1 compared to three in the prior year. Las Vegas year-over-year expenses were up 26% and were unfavorably impacted by field replacement following our Enchant holiday activation and certain front-loaded costs of the season, such as sponsorship signage as well as costs incurred as a result of the additional home game in Q1 of 2026.

此外，Aviators在第一季主辦了4場例行賽，去年同期為3場。拉斯維加斯費用年增26%，主要受到在我們Enchant節慶活動後進行場地更換的影響，以及本季部分前置成本（例如贊助商招牌）與2026年第一季新增一場主場賽事所產生的相關成本，導致費用表現不利。

In concerts, the Rooftop at Pier 17 stage is typically constructed in April and is a Q2 cost when referencing prior years. However, this year, the stage was built in March to accommodate the Spotify BTS event, pulling some production costs forward into Q1. As mentioned in our previous earnings call, we referenced Q4 2025 as a baseline for what our general and administrative expenses can be going forward with certain quarter-to-quarter fluctuations.

在演唱會方面，Pier 17屋頂舞台通常於4月搭建，若參照往年則屬第二季（Q2）成本。然而今年為配合Spotify BTS活動，舞台於3月搭建，使部分製作成本提前至第一季（Q1）。如我們在前次法說會所提到，我們以2025年第四季（Q4 2025）作為基準，來衡量未來一般及行政費用可能的水準，但各季之間仍會有一定的波動。

Total G&A for Q1 2026 is $8.1 million. Excluding $1.4 million of restructuring costs related to the Tin Building and corporate restructurings, in the quarter, G&A totaled $6.7 million, generally in line with the prior quarter reference point. On a year-over-year basis, G&A improved by $1.7 million, inclusive of restructuring costs or an improvement of $3.1 million or 31%, excluding these restructuring costs, underscoring our focus on finding savings within our corporate infrastructure while continuing to effectively support the business.

2026 年第一季的 G&A 總額為 810 萬美元。扣除與 Tin Building 及公司重整相關的 140 萬美元重整成本後，本季 G&A 為 670 萬美元，整體上與前一季的參考水準大致一致。以年對年來看，包含重整成本在內，G&A 改善了 170 萬美元；若排除這些重整成本，則改善 310 萬美元或 31%，凸顯我們在持續有效支援業務的同時，專注於在公司基礎架構中尋找節省空間。

Excluding current quarter's restructuring costs, savings were primarily driven by year-over-year payroll reductions, lower legal and consulting fees as we continue to work towards stabilization post-spin, along with broader cost discipline across the company. In Q1, we announced the change in auditor from KPMG to Grant Thornton, which we expect to contribute to further reductions in G&A expense.

排除本季重整成本後，節省主要來自年對年的薪資支出下降，以及在我們持續推動分拆後穩定化的過程中，法律與顧問費用降低，並搭配公司整體更廣泛的成本紀律。在第一季，我們宣布將查核會計師由 KPMG 更換為 Grant Thornton，我們預期這將有助於進一步降低 G&A 費用。

In the quarter, we recorded $20.1 million of depreciation and amortization expense, resulting in a $12 million year-over-year increase, mainly driven by a $14 million impact from write-offs related to the Tin Building repositioning as we complete our landlord obligations under the Balloon Museum lease. Within other income or loss, we recognized a $2.2 million net expense in Q1, primarily driven by restructuring costs and preopening expenses.

本季我們認列折舊與攤銷費用 2,010 萬美元，年對年增加 1,200 萬美元，主要是因 Tin Building 重新定位相關的沖銷影響約 1,400 萬美元，因我們正完成在 Balloon Museum 租約下作為房東的義務。在其他收益或損失項下，我們於第一季認列 220 萬美元的淨費用，主要由重整成本與開業前費用所致。

Of this, $2 million of restructuring costs were predominantly related to the Tin Building transition to the Balloon Museum. The remaining impact included preopening expenses largely associated with the ramp-up of the newly opened Sadie's Restaurant in Garden Bar. Separately, in conjunction with the Tin Building closure, we recorded an approximate $340,000 provision for impairment related to unamortized artwork specific to the business.

其中，200 萬美元的重整成本主要與 Tin Building 轉換為 Balloon Museum 有關。其餘影響包含開業前費用，主要與新開幕的 Sadie's Restaurant in Garden Bar 的營運爬坡相關。另外，配合 Tin Building 關閉，我們就該業務特定、尚未攤銷的藝術品認列約 34 萬美元的減損準備。

Moving to interest income and expense. We experienced an unfavorable swing with net interest expense of $0.3 million in the quarter compared to net interest income of approximately $1 million in the comparative quarter of the prior year. This change was driven by the capitalization of interest related to 250 Water Street in the prior year period, whereas in 2026, we incurred interest expense through the date of closing, along with lower interest earned on invested cash balances.

接著談利息收入與費用。本季淨利息費用為 30 萬美元，相較於去年同期約 100 萬美元的淨利息收入，出現不利變動。此變動主要因去年同期將與 250 Water Street 相關的利息資本化；而在 2026 年，我們在成交日前皆發生利息費用，且投資現金餘額所賺取的利息較低。

Within equity and earnings or losses from unconsolidated ventures, both Lawn Club and Jean-Georges Restaurant Group were negatively impacted by the inclement weather and snowstorms in Q1, a trend seen across the broader New York City Hospitality sector, resulting in an approximate $1 million loss for the quarter.

在權益法投資以及未合併企業的收益或損失方面，Lawn Club 與 Jean-Georges Restaurant Group 於第一季均受到惡劣天候與暴風雪的不利影響；此趨勢亦見於更廣泛的紐約市餐旅業，導致本季約 100 萬美元的損失。

The Lawn Club was further impacted by a 10-day closure in January due to waterline repairs as well as higher depreciation expense compared to the prior year quarter. first-quarter net loss attributable to common stockholders was $44.1 million, an increase of $12.2 million in loss or 38% year-over-year. Net loss per share was $3.47 compared to $2.51 in the prior year, representing a $0.96 per share increase in loss or 38%.

Lawn Club 亦因 1 月為進行供水管線修繕而關閉 10 天，以及相較去年同期較高的折舊費用而進一步受影響。第一季歸屬普通股股東的淨損為 4,410 萬美元，年對年損失增加 1,220 萬美元或 38%。每股淨損為 3.47 美元，去年同期為 2.51 美元，代表每股損失增加 0.96 美元或 38%。

The key drivers as stated earlier were the accelerated depreciation resulting from the repositioning of the Tin Building, restructuring costs and the inclement weather in New York venues, both in hospitality and unconsolidated ventures. On a non-GAAP adjusted net income basis, results improved by 21% or approximately $4.9 million year-over-year to a loss of $17.9 million or a loss of $1.41 per share. The improvement was driven by the early benefits of the Tin Building repositioning and continued improvements to G&A.

如先前所述，主要驅動因素為 Tin Building 重新定位所導致的加速折舊、重整成本，以及紐約場館（包含餐旅與未合併企業）遭遇的惡劣天候影響。以非 GAAP 調整後淨利（損）基礎衡量，年對年結果改善 21% 或約 490 萬美元，至淨損 1,790 萬美元，或每股淨損 1.41 美元。此改善主要來自 Tin Building 重新定位的早期效益，以及 G&A 的持續改善。

Capital expenditures in Q1 totaled $6.1 million, with the majority of investments related to landlord work from Meow Wolf and the continued build-out of Flanker Kitchen and Sports Bar and Hidden Boot Saloon, along with our other projects, including Sadie's and the Public Service concept. As a reminder, the $70 million to $90 million of capital expenditures discussed in our prior earnings call represents our total remaining investment from year-end 2025 to stabilization of the portfolio, which we currently anticipate by 2028 rather than a single year spend.

第一季資本支出合計 610 萬美元，投資多數與 Meow Wolf 的房東工程，以及 Flanker Kitchen and Sports Bar 與 Hidden Boot Saloon 的持續建置相關，並包含我們其他專案（包括 Sadie's 與 Public Service 概念）。提醒一下，我們在前次財報電話會議中提到的 7,000 萬至 9,000 萬美元資本支出，代表自 2025 年底至投資組合達到穩定化為止的剩餘總投資額；我們目前預期於 2028 年前達成，而非單一年度的支出。

This includes tenant improvements and leasing commissions associated with executed leases, landlord work and capital required to activate remaining vacancies as well as internal build-outs, including the Pier 17 event space and other experiential offerings. Total cash, including restricted cash, increased by $57.3 million from year-end 2025 to $144.7 million as of Q1 '26, mainly as a result of the completion of the sale of 250 Water Street in February of this year.

其中包含已簽署租約相關的承租人裝修與租賃佣金、房東工程，以及啟用剩餘空置所需的資本與內部建置（包括 Pier 17 活動空間及其他體驗式產品）。截至 2026 年第一季（含受限制現金在內）的現金總額較 2025 年底增加 5,730 萬美元至 1 億 4,470 萬美元，主要因今年 2 月完成出售 250 Water Street。

A portion of our restricted cash balance over $27 million is held in escrow to complete certain post-closing obligations related to 250 Water Street, where we anticipate the completion of these obligations and receipt of the majority of these proceeds by year-end. With the 250 Water Street loan now repaid, the only outstanding debt of the company is the $39 million Las Vegas ballpark loan.

我們受限制現金餘額中超過 2,700 萬美元的一部分存放於託管帳戶，用以完成與 250 Water Street 相關的部分交割後義務；我們預期於年底前完成這些義務並收取其中大部分款項。隨著 250 Water Street 貸款已償還，公司目前唯一未償債務為 3,900 萬美元的拉斯維加斯球場貸款。

At quarter end, we held a net cash position of $105.6 million as of March 31, 2026, reinforcing the strength of our balance sheet as we continue executing on our transformation and positioning the company for long-term sustainable growth. With the changes made over the past four months, our efforts to simplify our operating structure through the Tin Building repositioning and sale of 250 Water Street, combined with the grand opening of Sadie's and kickoff of the Aviators and Rooftop at Pier 17 concert seasons are helping us build momentum on all fronts towards creating authentic experiences for our guests and long-term value for our shareholders.

截至 2026 年 3 月 31 日季末，我們持有淨現金部位 1 億 560 萬美元，強化了我們資產負債表的穩健性，並支持我們持續推動轉型、為公司長期可持續成長進行定位。過去四個月所做的變革中，我們透過 Tin Building 重新定位與出售 250 Water Street 來簡化營運架構，再加上 Sadie's 的盛大開幕，以及 Pier 17 的 Aviators 與 Rooftop 演唱會季啟動，正協助我們在各方面建立動能，為賓客創造真實體驗並為股東創造長期價值。

With that, we'll now open the line for questions.

接下來我們開放提問。

(Operator Instructions) Matthew, JonesTrading.

（接線員指示）Matthew，JonesTrading。

Congrats on all the continued progress. So with 250 Water Street behind you, you guys have an ample amount of cash, and I apologize if I missed the number for continued CapEx at the Seaport, but historically, it was in that $70 million to $90 million range. Is that still kind of what you guys are expecting? And then with the cash that's remaining, what should we expect for you guys to look for in terms of deployment?

恭喜你們持續取得進展。那麼，隨著 250 Water Street 已經告一段落，你們手上有相當充裕的現金；如果我漏聽了 Seaport 後續資本支出的數字先說聲抱歉，但歷史上大概是在 7,000 萬到 9,000 萬美元的區間。這仍然是你們目前的預期嗎？另外，對於剩餘的現金，在資金運用方面我們應該期待你們會尋找哪些部署方向？

Thanks, Matt. Yes, I think the $70 million to $90 million is still the number. We had minimal spend in Q1. I think it was about $6 million. So that will come off of that number, but that's still the right number to get to stabilization. In terms of the rest of the cash, I think we're going to continue to be opportunistic, right? We have the buyback program in place, which gives us the tool in the toolbox in the event that it makes sense to use. I think we've been pretty consistent in saying that there are some limitations around that until we get past our two -year anniversary mark.

謝謝，Matt。是的，我認為 7,000 萬到 9,000 萬美元仍然是那個數字。我們在第一季的支出很少。我想大約是 600 萬美元。所以那會從該數字中扣除，但要達到穩定化，這仍是正確的數字。至於其餘現金，我認為我們會持續把握機會，對吧？我們已設有庫藏股回購計畫，這讓我們在需要且合理時有工具可用。我想我們一直相當一致地表示，在跨過兩周年的時間點之前，這方面會有一些限制。

Beyond that, I think the company is evolving, right? It's -- it was a disparate collection of real estate and operating assets. And I think we've rounded it into more of an experiential platform focused on owning operating and activating the destinations. So we've got hospitality, food and beverage, live entertainment, cultural programming, retail, public activations, but it all centers around creating that emotional connectivity that we talked about in the remarks.

除此之外，我認為公司正在演進，對吧？它——它原本是由分散的房地產與營運資產所組成。而我認為我們已將其整合成一個更偏向體驗式的平台，聚焦於持有、營運並活化這些目的地。因此我們涵蓋旅宿、餐飲、現場娛樂、文化策展、零售、公共活動，但一切都圍繞著打造我們在談話中提到的那種情感連結。

So we'll evaluate different models, whether that's an asset-light model where we're bringing our special sauce, so to speak, to other real estate owners. And we'll evaluate other opportunities as they come our way. But capital allocation is a point-in-time decision, and we're going to evaluate all of our options before we put anything to work.

所以我們會評估不同的模式，無論是輕資產模式——也就是把我們的「獨門配方」帶給其他不動產業主。我們也會在機會出現時評估其他可能性。但資本配置是基於當下時點的決策，在投入任何資金之前，我們會先評估所有選項。

Got it. That's helpful. And then as it relates to the event space, what are you guys expecting there in terms of time line? I know you mentioned kind of that middle of the year '27. Is there anything that needs to happen before you guys kind of break ground there and start --

了解。這很有幫助。那再談到活動空間，你們對時程的預期是什麼？我知道你提到大概是2027年年中。在你們正式動工並開始之前，是否還有什麼需要先完成的事項？——

Yes, I'll let Lenah talk about how we've gotten back control of some of that space. But we're in design. We're largely through design, and now we're getting into sort of the nuts and bolts of scope and timing and all of those things. So I think mid-2027 is a pretty safe time line. Hopefully, we're ready to go earlier than that because we want to start booking events as soon as we can.

是的，我先讓Lenah談談我們如何重新取得部分空間的控制權。不過我們目前在設計階段。設計大致已完成，現在正進入範疇與時程等細節的「螺絲釘」工作。所以我認為2027年年中是一個相當保守且安全的時程。希望我們能更早準備就緒，因為我們希望能盡快開始承接活動預訂。

Yes, Matt. And earlier, we had said the Nike lease didn't expire until February of 2027, which was a part of our planned event space. So the timing was a little uncertain. But we've actually recently been able to negotiate an agreement with Nike to get back the space early, finalize the termination of the lease and accelerate the payments of the past due rent and termination fee.

是的，Matt。而且先前我們曾說Nike的租約要到2027年2月才到期，而那是我們規劃活動空間的一部分。所以當時時程有些不確定。但我們最近其實已經能與Nike協商達成協議，提前收回該空間，完成租約終止，並加速收取逾期租金與終止費的付款。

So that happened really recently. So it will be a Q2 event, but we have the space back now, and we're able to start the planning and build-out of that space.

所以這是非常近期才發生的事。因此會是一個第二季的事件，但我們現在已經把空間收回來了，也能開始規劃與裝修建置。

Awesome. Appreciate the color there. And then it looks like the largest space that you guys kind of still have to lease up at the Seaport is One Seaport Plaza. What have the talks been like there? What are the possible tenants? And then do you think you guys could foresee splitting that box up to do something similar to what you've already done at the Seaport in terms of smaller tenants?

太棒了。感謝你提供這些細節。接著看起來你們在Seaport仍需招租的最大空間是One Seaport Plaza。那邊的洽談進展如何？可能的承租戶有哪些？另外你們是否可能把那個大空間切分，做成類似你們在Seaport已經做過的那種小型租戶組合？

Yes, you're right, Matt, that is the largest space remaining. It's two floors, about 20,000 square feet, give or take. I think it can be split up. Previously, it was an Abercrombie and a Superdry, some more traditional retail. We've had a lot of conversations around it. I think what we're trying to do is figure out the phasing of it. It arguably has some of the best visibility of space that we have because it sits right on the corner of Fulton and Water Street, and there's a lot of foot traffic and driving traffic that go by it.

是的，你說得對，Matt，那確實是目前剩下最大的空間。它有兩層樓，大約2萬平方英尺上下。我認為它是可以切分的。之前是Abercrombie和Superdry，屬於比較傳統的零售。我們已經就此進行了很多討論。我想我們正在做的是釐清它的分期（phasing）安排。它可以說是我們擁有的空間中能見度最好的之一，因為它就在Fulton與Water Street的轉角處，行人與車流量都很大。

So just finding the right tenant and then playing off of that right tenant who has that corner visibility is really where our focus is for that.

所以，找到合適的租戶，並以那個具備轉角能見度的主力租戶為核心去延伸配置，就是我們在這件事上的重點。

Got it. That's helpful. And then looking on slide 15 of the supplemental, could you kind of walk me through the differences of what an operating and license structure is and how that kind of impacts the model?

了解。這很有幫助。再來看補充資料第15頁，你能否帶我了解一下「營運」與「授權」架構的差異，以及這會如何影響整體模式？

Yes. No, it's a good question, and GITANO is a good reference point. So when we launched GITANO, we wanted to get it open as soon as we could for the season. And so we operated the space under their brand while they went through the liquor license approval process. They've recently gotten their liquor license approval process.

可以。不，這是個好問題，而GITANO是一個很好的參考案例。當我們推出GITANO時，我們希望能在當季盡快開幕。因此在他們進行酒類執照核准流程期間，我們以他們的品牌來營運該空間。他們最近已完成酒類執照核准流程。

So as Lenah mentioned in the prepared remarks, we've transitioned that from a license to a lease. We'll probably make mid- to high 6 figures more cash flow this year than last year, just given the ramp-up of the business and some of the preopening costs related to that. So for us, the owner of that business is going to operate it more entrepreneurially and they're going to live and breathe the concept.

所以如Lenah在事先準備的發言中提到的，我們已把它從授權（license）轉為租賃（lease）。考量到業務爬坡以及部分開業前成本，今年我們的現金流可能會比去年多出約中到高六位數（美元）。對我們而言，該業務的所有者會以更具創業精神的方式來經營，並全心投入這個概念。

But we're going to shift the execution risk to them and just purely get the rental income. I think that rental income approach applies to Meow Wolf to Willett's to Cork, the Public Records -- or I'm sorry, the Balloon Museum. All of those have percentage rent lease structures. So if they do better than their projections, we should get additional rent beyond what's contractual.

但我們會把執行風險轉移給他們，而我們只單純收取租金收入。我認為這種租金收入的做法適用於Meow Wolf、Willett's、Cork、Public Records——或抱歉，是Balloon Museum。這些都採用抽成租金（percentage rent）的租約結構。因此如果他們的表現優於預測，我們應可在合約約定之外取得額外租金。

And then things like Flanker and the Public Service, Public Records concept, those are license agreements where we'll either operate the concept or they'll manage it for us, which is very similar to how we work with Fulton, where we operate the Fulton, but it's a Jean-Georges or Carne Mare, where it's an Andrew Carmellini concept, but they operate it on our behalf. So each one is a little bit different.

而像Flanker以及Public Service、Public Records這些概念，則是授權協議；我們要嘛自己營運該概念，要嘛由他們替我們管理，這與我們和Fulton的合作方式非常類似：我們營運Fulton，但它是Jean-Georges或Carne Mare——也就是Andrew Carmellini的概念，但由他們代表我們營運。所以每一個案子都會有些不同。

On the license deals, those are going to have more operational leverage on them because the full impact of the P&L, both revenues and operating expenses is going to be on our P&L, whereas, obviously, the leases are going to be -- are going to come through the landlord operations side, and there'll be pretty high flow-through, but less revenue to flow through.

在授權交易上，營運槓桿會更高，因為損益表（P&L）的完整影響——包含收入與營運費用——都會反映在我們的P&L上；而租賃當然會——會走房東營運端的科目，雖然流入（flow-through）比例會很高，但可流入的收入規模會較小。

Got it. Yes, that's helpful there. And then touching on the Tin Building and kind of the Balloon Museum, I think you kind of mentioned June, July-ish there for the opening. Were there any setbacks that you guys kind of experienced as you went through the process or that you foresee that could delay that opening a little bit?

了解。是的，這很有幫助。最後談到Tin Building以及Balloon Museum，你剛才提到大概在6月、7月左右開幕。在推進過程中，你們是否遇到任何挫折，或你們是否預見有任何因素可能讓開幕再延後一些？

I mean opening is going to be dependent on the Balloon Museum fitting out their space. We're on target and on track to deliver to them as expected in the lease when we negotiated it. So there's always moving parts, especially when we're doing the amount of work that we're doing in the time frame that we're doing it. But our team has done a great job working through some of the challenges that pop up, and we're still on schedule to hand it over to Balloon Museum.

我的意思是，開幕時間將取決於 Balloon Museum 是否能完成其場地的裝修與佈置。我們正按目標、按進度推進，將依照我們在談判租約時所預期的方式交付給他們。因此總會有一些變動因素，尤其是在我們要在這樣的時間範圍內完成這麼大量的工作時。但我們的團隊在處理一些突發挑戰方面做得非常好，我們仍按計畫進度，準時把場地交付給 Balloon Museum。

Ross Haberman, RLH Investments.

Ross Haberman，RLH Investments。

Just a couple of quick questions. He hit upon your prior question -- he hit upon most of my questions. But going back to page 14 on the remaining vacancies, could you talk about -- I guess you touched upon the Pier 17. You think you're going to be able to use up most of that 7,700 square feet in the next year or so? Or what's your plan for the excess there as well as, I guess, the Schermerhorn Row, the 10,000 square feet there. Give us some thought on the lease-up for that maybe over the next year or so? What are your potential there?

我有幾個簡短的問題。他剛剛提到你前一個問題——也涵蓋了我大部分的問題。不過回到第14頁的剩餘空置面積，你能談談——我想你有提到 Pier 17。你認為你們能在未來一年左右把那 7,700 平方英尺大部分消化掉嗎？或者你們對那邊的多餘空間，以及我想 Schermerhorn Row 那邊的 10,000 平方英尺，有什麼計畫？能否分享一下未來一年左右那部分的出租進度想法？你們那邊的潛在機會是什麼？

Yes. I touched on One Seaport with Matt. In terms of the rest of the vacancy, Schermerhorn Row and Museum Block are largely smaller spaces. And we historically have held back on trying to fill those because that's where we're going to get the highest rent per square foot, and we wanted to have the anchors in place to allow us a little bit more pricing power.

可以。我已經和 Matt 提到 One Seaport。就其餘空置而言，Schermerhorn Row 和 Museum Block 主要是較小的空間。而我們過去一直刻意保留、沒有急著把那些空間填滿，因為那裡每平方英尺可以拿到最高租金，我們希望先把主力店（anchor）到位，以便讓我們有更大的定價能力。

Obviously, with Balloon Museum and the Meow Wolf signed up and Public along with some of the restaurant spaces, we've got those anchors in place. And so now we're just trying to figure out the right merchandising mix between traditional retail, service-based retail and everything in between. In terms of the Pier 17, that 7,700 square feet is largely the Malibu Farm space that we closed at the beginning of the year. We're working with some different partners on different options. So I think we'll probably have more to talk about on the next earnings call related to that space, but we're making a lot of progress there.

顯然，隨著 Balloon Museum、Meow Wolf 簽約，以及 Public 和部分餐飲空間到位，我們已經把這些主力店配置好了。因此現在我們只是要找出合適的業態組合（merchandising mix），在傳統零售、服務型零售以及介於兩者之間的各種型態之間取得平衡。至於 Pier 17，那 7,700 平方英尺主要是我們在年初關閉的 Malibu Farm 空間。我們正在與一些不同的合作夥伴就不同方案進行合作。所以我想在下一次財報電話會議時，我們應該能就那個空間有更多可分享的內容，但我們目前在那方面已取得很大進展。

And the $31 million you're talking about in EBITDA pro forma, that is just all those names on page 15 and excludes all of the vacancies on page 14. Is that correct?

另外，你提到的 EBITDA 備考（pro forma）3,100 萬美元，這只是第15頁上列出的那些名稱，並且不包含第14頁所有空置面積，對嗎？是這樣嗎？

Correct. That's correct. So there's no projections for the vacancy in there, and the $31 million is either what we reasonably think will be a year one operating yield or it's the contractual rent. So if the tenants come out of the gate and perform better than expected and there's percentage rent, that would be upside to the $31 million in some of those leases.

正確。沒錯。所以裡面沒有納入任何空置的預估，而這 3,100 萬美元要嘛是我們合理預期的第一年營運收益（operating yield），要嘛就是合約租金。因此，如果租戶一開始的表現優於預期，且租約中有抽成租金（percentage rent），那就會成為這 3,100 萬美元之上的上行空間（upside）。

Just two last questions. The $6.7 million of corporate quarterly overhead, is that a good ongoing number? Or would you hope to bring that down to a lesser number in '27, '28?

最後兩個問題。每季 670 萬美元的公司層級管理費用（corporate overhead），這會是一個可持續的合理水準嗎？或者你們希望在 2027、2028 年把它降到更低？

I think we're going to continue to evaluate it. As you very well know, following the story for as long as you have, we've had a lot of moving pieces and those moving pieces sometimes cost money. I think we'll have fewer moving pieces going forward, which will allow us to get more efficient. So my hope is that, that number will continue to come down, probably not at the pace that it's come down over the last 12 months, but we should continue to see improvement there over the next 12 months.

我想我們會持續評估。如你非常清楚的，畢竟你追蹤這個故事這麼久，我們一直有很多變動中的事項，而這些變動有時候是需要成本的。我認為未來我們的變動事項會更少，這將使我們能更有效率。所以我希望這個數字能持續下降，可能不會像過去 12 個月下降得那麼快，但在未來 12 個月我們應該仍會看到改善。

And just one final thing, 85 South Street, any new developments there?

最後一點，85 South Street 那邊有任何新進展嗎？

No, it's on the market. We're having active conversations with buyers. We had to disclose a lot more than we traditionally would with the 250 Water Street process given the materiality of that asset on our balance sheet. I would say our typical approach is not to talk about transactions until they're done because it puts us at a competitive disadvantage when we're negotiating. But it is on the market, and we are having a whole host of conversations with various potential buyers on how to move that process forward.

沒有，它仍在市場上出售。我們正在與買方進行積極的洽談。由於 250 Water Street 的流程，考量到該資產在我們資產負債表上的重要性（materiality），我們必須披露比以往更多的資訊。我會說，我們通常的做法是在交易完成之前不談交易，因為在談判時這會讓我們處於競爭劣勢。但它確實在市場上，我們也正與各種潛在買家進行大量對話，討論如何推動該流程往前進。

(Operator Instructions) All right. There are no further questions at this time. I will turn the call back over to Matt Partridge. Please go ahead.

（接線員指示）好的。目前沒有其他問題。我將把電話會議交回給 Matt Partridge。請繼續。

Thanks, operator. I appreciate everybody joining us today. Thank you for the support, and we'll talk to you on the next earnings call.

謝謝，接線員。感謝各位今天加入我們。謝謝大家的支持，我們在下一次財報電話會議再與各位交流。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。