I recently discussed Seaport Entertainment (SEG) with Andrew Walker at Yet Another Value Podcast for an hour. The video is available in full and for free above. Paid members additionally have access to:
A cleaned transcript (below)
Our 35-page Special Report on Seaport Entertainment
Our follow-up article on changes at the company
Monthly updates
All content at the Table of Contents
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The timestamps to the video are:
[2:22] What is Seaport Entertainment and why it's interesting to Chris
[7:40] What is Chris seeing with $SEG that makes Seaport a risk adjusted alpha opportunity
[9:20] Cash burn / is the district really that valuable, good?
[17:41] What attracted Andrew to $SEG - how the opportunity came about (spin off from Howard Hughes)
[22:36] Ackman involvement
[27:25] Overview of Pier 17 and the new lease they've got there / Meow Wolf concept
[36:37] Tin Building and the vision for it / kitchen consolidation / competitive analysis
[48:50] Overview of 250 Water and Vegas assets (air rights, Triple A team)
[59:33] Overview of "The Historic District"
[1:02:38] How the $SEG thesis doesn't play out / new management team
[1:06:06] Final thoughts