Atlanta Braves Holdings Reports 27% Revenue Growth in Q1 2025

Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) reported a strong first quarter with total revenue rising 27% year-over-year to $47.2 million. Growth was driven by both its baseball operations and its mixed-use development adjacent to Truist Park.
Key Financial Highlights:
• Baseball revenue rose 30% to $28.6 million, fueled by a 104% increase in broadcasting revenue, despite no home games during the quarter.
• Mixed-use development revenue grew 23% to $18.6 million, supported by new lease commencements, and increased parking and sponsorship income.
• Adjusted OIBDA improved by 15%, narrowing the loss to $28.5 million from $33.8 million in Q1 2024.
• The Mixed-Use Development segment delivered $12.9 million in Adjusted OIBDA, up from $9.9 million.
• Cash rose to $244.7 million, up from $110.1 million at year-end, driven by operating cash flow and debt financing.
• Total debt climbed to $702.5 million, up from $620.1 million, primarily to fund real estate expansion.
Operational Notes:
• The Braves hosted seven sellout games through the first three homestands of the regular season (post-Q1).
• Hosting events like the Savannah Bananas games contributed to non-ticket revenue growth.
• Net loss narrowed to $41.4 million from $51.3 million in Q1 2024.
• Diluted EPS improved to $(0.66) from $(0.83) a year earlier.
Atlanta Braves Holdings includes the MLB franchise and the Battery Atlanta mixed-use development, offering a blend of sports, retail, and real estate assets. Management reaffirmed its strategy to continue leveraging both baseball and real estate operations for long-term growth.

Atlanta Braves Holdings acquires six-building ‘Pennant Park’ office complex adjacent to The Battery Atlanta

Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) announced that its real estate arm, Braves Development Company, has acquired Pennant Park, a six-building office complex totaling 763,465 square feet, located next to The Battery Atlanta at the intersection of I-75 and I-285.

Pennant Park, previously owned by Rubenstein Partners, spans approximately 34 acres and includes over 2,700 parking spaces. The property is home to 24 tenants, including anchor tenant The Home Depot, and currently has an occupancy rate of over 80%. The acquisition expands the company’s real estate footprint by more than 30% and is expected to be immediately accretive.

“This represents a strategic step in the growth of our real estate portfolio and creates a significant opportunity for Atlanta Braves Holdings to enhance the tenant experience while investing in the future of our growing community at The Battery Atlanta,” said Mike Plant, President and CEO of Braves Development Company.

The complex is divided into two components:

*Pennant Commons* includes four buildings (320, 340, 360, and 380) on 17 acres with a communal plaza called The Quad. Buildings 320 and 340 are fully leased to The Home Depot, while 360 and 380 are multi-tenanted.

*Pennant View* comprises two six-story buildings (210 and 3100), also on 17 acres, featuring upgraded lobbies and providing potential for future site development.

Amenities at the property include two fitness centers, cafés, a 48-person conference center, game courts, a jogging trail, and a Cobb Community Transit stop. The acquisition increases Atlanta Braves Holdings’ total available leasable office space to more than 3 million square feet.

Atlanta Braves Holdings, Inc. (NASDAQ: BATRA, BATRK) announced its fourth-quarter and full-year 2024 financial results.

Key highlights:
- Total revenue increased 3% year-over-year to $663 million.
- Baseball revenue grew 2% to $595 million, supported by increased broadcasting revenue and sponsorship agreements.
- Mixed-use development revenue rose 14% to $67 million, driven by rental income and higher parking revenue.
- Adjusted OIBDA increased 5% to $39.7 million.
- Operating loss improved 15% year-over-year to $39.7 million.
- Cash flow: ABH ended the fourth quarter of 2024 with $110 million in cash, an increase of $9 million.
- Debt reduction: Total debt decreased by $23 million in the fourth quarter, mainly due to repayments under the TeamCo revolver.

Revenue breakdown:
- Baseball event revenue rose 2% to $348 million, benefiting from higher sponsorships and ticket prices, though offset by lower attendance.
- Broadcasting revenue increased 3% to $166 million due to contractual rate increases.
- Mixed-use development revenue grew 14% to $67 million, driven by new lease commencements and increased tenant recoveries.

Outlook:
ABH continues investing in team operations and The Battery Atlanta development, positioning itself for long-term revenue growth.

Conference call:
ABH will discuss earnings on February 26, 2025, at 10:00 a.m. Eastern Time. Investors can access the call via the company’s website.