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Spin-offs/Howard Hughes Holdings → Seaport Entertainment Group Inc.

Seaport Entertainment Group Inc.SEG

Spin-off from Howard Hughes Holdings (HHH) · Jul 31, 2024 · NYSE American

Announced
Oct 5, 2023
Form 10 filed
May 24, 2024
Record date
Jul 29, 2024
Distributed
Jul 31, 2024
Ratio
1 : 9
Debt loaded
—
Cash to parent
—
Latest filing
Jul 23, 2024

one share of Seaport Entertainment for every nine shares of Howard Hughes

Documents

Form 10Information statementAnnouncement 8-KPress releaseNew company filingsParent filings

Both companies today

The new company
Seaport Entertainment Group Inc.SEG
Market cap
$330M
Moat
None
Quality
17
Price
$26.26
Fair value
—
Price / FV
—
The parent
Howard Hughes HoldingsHHH
Market cap
$3.57B
Moat
Narrow
Quality
40
Price
$64.12
Fair value
$248.77
Price / FV
0.26×

Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.

What is being separated

Seaport Entertainment Group owns Howard Hughes' entertainment-related real estate in New York City and Las Vegas, including the Seaport in Lower Manhattan, combining real estate with restaurant, retail and leisure offerings.

Stated rationaleHoward Hughes said separating the entertainment assets would leave it a pure-play developer of master planned communities.

The four questions

The four-question write-up for Seaport Entertainment Group Inc. is pending. Terms, documents and both companies’ numbers above are live; the checklist is added once the information statement has been worked through.

Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months.