Greetings, and welcome to the Seaport Entertainment Group First Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder this conference is being recorded. It is now my pleasure to introduce your host, Matt Partridge, CFO. Thank you. You may begin.

Thank you, operator, and good morning, everyone. Thank you for joining us today for our earnings conference call. With me today is our Chairman, President and CEO; Anton Nikodemus. As outlined in our earnings announcement press release from a few weeks ago and in a similar format to our year-end 2024 earnings conference call in March, we solicited questions ahead of today's call, and we've incorporated many of those questions and answers into our prepared remarks. If you have additional questions after today's call, please contact, ir@seaportentertainment.com, and we'll respond to any additional questions accordingly. Before we begin, I'd like to remind everyone that many of our comments today are considered forward-looking statements under federal securities law. The company's actual future results may differ significantly from matters discussed in these forward-looking statements, and we undertake no duty to update these statements. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time-to-time in greater detail in the company's Form 10-K, Form 10-Q and other SEC filings. You can find our SEC reports, earnings release and most recent investor presentation on our website at seaportentertainment.com. With that, I'll now turn the call over to Anton.

Thanks, Matt, and good morning, everyone. Before I get into our first quarter performance, I'd like to highlight the priorities and strategies we've outlined during our last call, because I think they provide a nice foundation for today's prepared remarks and a framework for our execution in 2025 and beyond. Our main priority is to address the factors contributing to the company's cash burn by implementing strategies to achieve breakeven in 2026, profitability in 2027 and a stabilization of the current asset base by 2028. To achieve these milestones, we've emphasized handful of more specific initiatives that include evolving the Tin Building experience to meet guest needs, while improving financial performance by working closely with our partners at Jean-Georges to leverage what is working well and addressing or fine-tuning what isn't, programming and leasing the existing vacancy throughout the Seaport neighborhood to drive improved cash flows, frequency of visitation and customers' length of stay, monetizing limited or non-cash flowing assets such as 250 Water Street through outright sales or strategic partnerships, optimizing the utilization of the Las Vegas ballpark through unique relationships and special events and improving our organizational infrastructure to allow us operate more efficiently. With these priorities as a backdrop, I'm pleased to report we had a productive start to 2025 as we continue to identify and implement best practices and execute on our strategic initiatives designed to improve the performance of our operational assets, build leasing and programming momentum at the Seaport and work through transitional items to stabilize our overall infrastructure. Starting with our Hospitality segment. During the first quarter, we made a strategic decision to reduce operating hours as many of our restaurants in the Seaport, including closing certain outlets. This decision had a negative impact on first quarter hospitality revenues but allowed for better…

Thanks Anton. As mentioned during our last earnings call in March, some of our year-over-year comparisons are impacted by new businesses, closed businesses, separation-related expenses, and other operating changes. In certain instances, these changes make the comparisons more nuanced to require us to modify prior financial reporting practices to account for the change in circumstances. First quarter 2025 reported financials had two changes that we want to highlight. First, we've reevaluated our segment reporting based on economic characteristics and the types of revenue streams. As a result, we renamed our sponsorships, events and entertainment segment entertainment and certain events and sponsorship revenues and expenses have been reclassified throughout our various reporting segments for Q1 2025 and Q1 2024. Second, as Anton mentioned, our financial results the first quarter of 2025 now consolidate the 10 building, whereas for 2024, the financial results of the 10 building are reflected in the equity and earnings or losses from a consolidated ventures line item of our consolidated statement of operations. The consolidation is driven by our internalization of the food and beverage operations team that occurred on January 1, 2025. In an effort to provide investors with more comparable information or year-over-year comparisons for various components of our statement of operations will be pro forma to consolidate the 10 building for Q1 2024. Total consolidated revenues during the first quarter were $16.1 million, a 12% year-over-year decrease when compared to the pro forma Q1 2024. And as a reminder, the financial results of our unconsolidated ventures, such as the Lawn Club and our investment in Jean-Georges restaurants are reflected in the equity and earnings or losses from a consolidated ventures line item in our consolidated statement of operations. For our Hospitality segment, Q1 2025 consolidated revenue compared to pro forma Q1 2024 decreased 28%,…

Thanks, Matt. As you can see, we are making progress with our priorities and strategies, including laying the foundation to transform the Seaport from a seasonal destination into a year-round vibrant neighborhood. Combined with our portfolio management and our organizational initiatives, we believe we are on the path to improving our cash burn and achieving our long-term goals. I want to thank our team, our partners and our shareholders for their dedication and support we look forward to updating everyone on our progress in the coming months. Thank you, everyone. This concludes the conference call. Have a great day. End of Q&A: This concludes today's teleconference. You may now disconnect your lines. Thank you for your participation.