Seaport Entertainment Group Inc
For the period ended Dec 31, 2024. Filed Mar 10, 2025.
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FY2024 · Filed Mar 10, 2025
SEG$20.50-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Schedule III – Real Estate and Accumulated Depreciation
DECEMBER 31, 2024
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| · · · · · · · · · · · · · · · Costs Capitalized Subsequent · · Gross Amounts at Which Carried at · · · · · | ||||||||||||||||||||||||||
| · · · · · · · · · Initial Cost (b) · · to Acquisition (c) · · Close of Period (d) · · · · · · · | ||||||||||||||||||||||||||
| Name of Center · · · · · · · · · · · · Buildings and · · · · · Buildings and · · · · · Buildings and · · · · · Accumulated · · Date of · · Date Acquired | ||||||||||||||||||||||||||
| thousands · Location · Center Type · Encumbrances (a) · Land · Improvements · Land · Improvements · Land · Improvements · Total · Depreciation (e) · Construction · / Completed | ||||||||||||||||||||||||||
| Seaport · · · · · · · · · | ||||||||||||||||||||||||||
| Historic District Area / Uplands | New York, NY | Retail | | $— | | $— | | $7,884 | | $— | | $78,646 | $— | | $86,530 | | $86,530 | | $(36,631) | 2013 | 2016 | |||||
| Pier 17 | New York, NY | Retail | | — | | — | | 468,476 | | — | | (241,638) | | — | | 226,838 | | 226,838 | | (107,450) | 2013 | 2018 | ||||
| 85 South Street | New York, NY | Multi-family | | — | | 15,913 | | 8,137 | | (11,734) | | (1,873) | | 4,179 | | 6,264 | | 10,443 | | (4,501) | 2014 | |||||
| Tin Building | New York, NY | Retail | | — | | — | | 198,984 | | — | | (134,798) | | — | | 64,186 | | 64,186 | | (18,032) | 2017 | 2022 | ||||
| 250 Water Street | New York, NY | Development | | 61,300 | | — | | 179,471 | | — | | (36,261) | | — | | 143,210 | | 143,210 | | — | 2018 | |||||
| Summerlin | | | | | | | | | | |||||||||||||||||
| Aviators / Las Vegas Ballpark | Las Vegas, NV | Other | | 41,087 | | 5,318 | | 124,391 | | — | | 3,092 | | 5,318 | | 127,483 | | 132,801 | | (36,043) | 2018 | 2019 | ||||
| Total excluding Corporate and Deferred financing costs | | 102,387 | | 21,231 | | 987,343 | | (11,734) | | (332,832) | | 9,497 | | 654,511 | | 664,008 | | (202,657) | ||||||||
| Corporate (f) | Various | | — | | — | | 14,054 | | — | | 563 | | | 14,617 | | 14,617 | | (12,827) | ||||||||
| Deferred financing costs | N/A | | (794) | | — | | — | | — | | — | | — | | — | | — | | — | |||||||
| | | | Total | | $101,593 | | $21,231 | | $1,001,397 | | $(11,734) | | $(332,269) | | $9,497 | | $669,128 | | $678,625 | | $(215,484) | | | | | |
| (a) | Refer to Note 6 – Mortgages Payable, Net in the Notes to Consolidated and Combined Financial Statements included in this Annual Report for additional information. |
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| (b) | Initial cost for projects undergoing development or redevelopment is cost through the end of first complete calendar year subsequent to the asset being placed in service. |
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| (c) | For retail and other properties, costs capitalized subsequent to acquisitions is net of cost of disposals or other property write-offs and impairment. |
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| (d) | The aggregate cost of land, building and improvements for federal income tax purposes is approximately $463.0 million. |
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| (e) | Depreciation is based upon the useful lives in Note 1 – Summary of Significant Accounting Policies in the Notes to Consolidated and Combined Financial Statements included in this Annual report. |
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| (f) | Costs related to leasehold improvements related to Seaport office lease. |
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| · · · · · · · · · | ||||||
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| Reconciliation of Real Estate · · · · · · · · | ||||||
| thousands · 2024 · 2023 · 2022 | ||||||
| Balance as of January 1 | | $640,670 | | $1,254,496 | | $1,175,122 |
| Additions | | 57,021 | | 66,382 | | 85,511 |
| Dispositions and write-offs | | (17,746) | | (4,697) | | (5,146) |
| Impairments | | (1,320) | | (672,492) | | — |
| Contributions to unconsolidated ventures | | — | | (3,019) | | (991) |
| Balance as of December 31 | | $678,625 | | $640,670 | | $1,254,496 |
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| Reconciliation of Accumulated Depreciation | | | | | | |
| thousands | | 2024 | | 2023 | | 2022 |
| Balance as of January 1 | | $203,208 | | $161,637 | | $120,790 |
| Depreciation Expense | | 21,962 | | 45,030 | | 43,985 |
| Dispositions and Write-offs | | (9,686) | | (3,459) | | (3,138) |
| Balance as of December 31 | | $215,484 | | $203,208 | | $161,637 |
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