Sky Harbour Group Corp (SKYH) 2024 Q4 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sky Harbour 2024 year-end earnings call and webinar. (Operator Instructions) Thank you. And I would now like to turn the call over to Mr. Francisco Gonzalez, Chief Financial Officer. Mr. Gonzalez, you may begin your conference.

女士們、先生們，午安。我叫艾比 (Abby)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Sky Harbour 2024 年終收益電話會議和網路研討會。（操作員指示）謝謝。現在我想將電話轉給財務長 Francisco Gonzalez 先生。岡薩雷斯先生，您可以開始您的會議了。

Thank you, Abby. Hello, and welcome to the 2024 fourth quarter and full year results investor conference call and webcast for the Sky Harbour Group Corporation. We have also invited our bondholder investors in our borrowing subsidiary, Sky Harbour Capital to join and participate on this call. Before we begin, I've been asked by counsel to note that on today's call, the company will address certain factors that may impact this and next year's earnings. Some of the information that will be discussed today contain forward-looking statements.

謝謝你，艾比。您好，歡迎參加 Sky Harbour Group Corporation 2024 年第四季和全年業績投資者電話會議和網路直播。我們也邀請了我們的借貸子公司 Sky Harbour Capital 的債券持有人投資者加入並參與此次電話會議。在我們開始之前，律師要求我指出，在今天的電話會議上，公司將討論可能影響今年和明年收益的某些因素。今天將討論的一些資訊包含前瞻性陳述。

These statements are based on management assumptions, which may or may not come true, and you should refer to the language on slides 1 and 2 of this presentation as well as our SEC filings for a description of the factors that may cause actual results to differ from our forward-looking statements. All forward-looking statements are made as of today, and we assume no obligation to update any such statements. So now let's get started. The team with us this afternoon, you know from our prior webcast, our CEO and Chair of the Board, Tal Keinan; our Treasurer, Tim Herr, our Chief Accounting Officer, Mike Schmitt; our Accounting Manager, Tori Petro. We also have Andreas Frank, our recently promoted Assistant Treasurer.

這些聲明是基於管理層的假設，這些假設可能會或可能不會實現，您應該參考本簡報第 1 頁和第 2 頁幻燈片中的語言以及我們的 SEC 文件，以了解可能導致實際結果與我們的前瞻性聲明不同的因素的描述。所有前瞻性陳述均截至今日作出，我們不承擔更新任何此類陳述的義務。現在讓我們開始吧。今天下午與我們在一起的團隊，您從我們之前的網絡廣播中知道，是我們的首席執行官兼董事會主席 Tal Keinan；我們的財務主管 Tim Herr、我們的首席會計官 Mike Schmitt；我們的會計經理Tori Petro。我們還有最近晉升的助理財務主管 Andreas Frank。

We have a few slides we will want to review with you before we open to questions. These were filed with the SEC about an hour ago in Form 8-K, along with our 10-K and will also be available on our website later this evening. We also filed our fourth quarter Sky Harbour Capital Obligated Group unaudited financials with MSRB EMMA a few days ago. As Abby mentioned, you may submit written questions during the webcast through the Q4 platform, and we'll address them shortly after our prepared remarks. So let's get started.

在回答問題之前，我們想先和大家一起回顧幾張投影片。這些是在大約一小時前以 8-K 表格形式連同我們的 10-K 表格一起提交給美國證券交易委員會的，今晚晚些時候也將在我們的網站上公佈。幾天前，我們也向 MSRB EMMA 提交了第四季 Sky Harbour Capital Obligated Group 未經審計財務報表。正如 Abby 所提到的，您可以在網路直播期間透過 Q4 平台提交書面問題，我們會在準備好的發言後立即解答這些問題。那麼就讓我們開始吧。

In the fourth quarter, on a consolidated basis, assets under construction and completed construction continued to accelerate, reaching over $250 million as of year-end on the back of construction activity at Phoenix, Dallas and Denver. Revenues experienced an increase of 13% sequentially over Q3 as we realized more leases in San Jose, optimized in the other 3 operating campuses and had 3 weeks of operations from the acquisition of the Camarillo California campus on December 6. For the full year, consolidated revenues doubled over those from 2023. Operating expenses in Q4 increased mainly from 2 factors. We began to hire general managers and staff for the new campuses coming online this quarter and next in order to do the adequate onboarding and training at our existing campuses.

第四季度，在綜合基礎上，在建資產和已完工資產繼續加速成長，在鳳凰城、達拉斯和丹佛的建設活動的推動下，截至年底已超過 2.5 億美元。由於我們在聖荷西實現了更多的租約，在其他 3 個營運園區進行了優化，並且自 12 月 6 日收購加州卡馬裡奧園區以來已經運營了 3 週，因此收入比第三季度環比增長了 13%。全年綜合收入較 2023 年翻了一番。第四季營業費用增加主要有兩個因素。我們開始為本季和下個季度上線的新校區招募總經理和員工，以便在現有校區進行充分的入職和培訓。

Second factor, as we have explained in the past, we accrue for ground lease payments at 13 airport locations, even if we're not actually making cash payments to the airport or municipal owner of our sites. That non-cash accrual of ground lease expense amounted to over $1.4 million in Q4 and is reflected within operating expenses.

第二個因素，正如我們過去所解釋的那樣，即使我們實際上並沒有向機場或我們場地的市政所有者支付現金，我們也會在 13 個機場收取地面租賃費用。第四季土地租賃費用的非現金應計金額超過 140 萬美元，並反映在營業費用中。

Also worth repeating that the increase over the last three quarters in ground lease expense is due principally to the ground lease payments at San Jose, which are significantly higher than our typical greenfield projects as ground lease payments incorporate the leasing of an existing large hanger apron and parking because of these existing buildings or facilities is basically amortized through ground lease payments as part of our operating expenses.

另外值得重複的是，過去三個季度土地租賃費用的增加主要是由於聖何塞的土地租賃付款，這比我們典型的綠地項目要高得多，因為土地租賃付款包括租賃現有的大型機庫停機坪和停車場，因為這些現有的建築物或設施基本上通過土地租賃付款作為我們運營費用的一部分進行攤銷。

On SG&A, we strive to keep it in check as we grow our business. And we also would like to reaffirm our prior guidance that we expect Sky Harbour to reach cash flow breakeven on a consolidated basis in Q4 of this year as we reach sufficient scale with the new campus openings to cover our holding company expenses.

對於銷售、一般及行政費用，我們在發展業務的同時盡力控制其費用。我們也想重申我們先前的指導，我們預計 Sky Harbour 將在今年第四季實現合併現金流收支平衡，因為隨著新校區的開設，我們的規模將足以支付我們的控股公司的費用。

One last thing to note, as you review the 10-K just filed is that for the first time, we're reporting fuel revenues apart from rental revenues. Fuel revenues are mostly margin we get from providing the fuel delivery service as we don't take ownership of fuel in most of our existing campuses. As this line item grows in importance, we will break down further to show how much of these fuel revenues correspond to minimum amount guarantees we embed in most of our channel leases as those represent also contracted revenues in a sense. Said simply, if a tenant does not fly or doesn't consume the minimum amount -- guaranteed amount, it's like additional contracted rents that get added to their rental invoice.

最後要注意的一點是，當您審查剛剛提交的 10-K 時，我們首次報告了除租金收入之外的燃料收入。燃料收入主要是我們提供燃料運送服務所獲得的利潤，因為我們在現有的大多數校園內並不擁有燃料所有權。隨著這項的重要性日益增加，我們將進一步細分，顯示這些燃料收入中有多少與我們在大多數通路租賃中嵌入的最低金額擔保相對應，因為從某種意義上說，這些也代表了合約收入。簡單地說，如果租戶不搭飛機或沒有消費最低金額（保證金額），這就像是額外的合約租金被加到他們的租賃發票中。

Next slide, please. This slide summarizes the financial results of our wholly owned Sky Harbour Capital subsidiary that forms the Obligated Group. This basically incorporates the results of our Houston, Miami and Nashville campuses, along with the CapEx and operating costs of our three projects under construction in Denver, Phoenix and Allison as of Q4. Two of those are now open. Revenues were basically flat from Q3 to Q4. We expect a step function increase in revenues in Q2, Q3 and Q4 of this year as these three campuses are leased up and rent revenues and revenues commence to flow.

請看下一張投影片。本投影片總結了我們全資擁有的、組成義務集團的 Sky Harbour Capital 子公司的財務表現。這基本上包含了我們休士頓、邁阿密和納許維爾校區的業績，以及截至第四季度我們在丹佛、鳳凰城和艾利森正在建造的三個項目的資本支出和營運成本。其中兩個現已開放。第三季至第四季的營收基本持平。我們預計今年第二季、第三季和第四季的收入將逐步增加，因為這三個校區的出租率已達到最高，租金收入和收入開始流入。

Operating expenses increased, but I should note, as we have discussed in the past, that this includes ground lease payments or accruals as per US GAAP in all six ground leases in the Obligated Group. In other words, we do not capitalize ground lease payments or accruals during construction.

營業費用增加了，但我應該指出，正如我們過去討論過的，這包括義務集團所有六項土地租賃中按照美國公認會計準則計算的土地租賃付款或應計費用。換句話說，我們不會將興建期間的土地租賃付款或應計費用資本化。

As may be seen in the bottom right-hand chart, we have firmly crossed into positive cash flow from operations at the project level. We expect this trend to continue and to accelerate, as I mentioned, in the second and third quarters of this year when Denver, Phoenix and Dallas campuses ramp up in lease rental and field revenues.

從右下圖可以看出，我們在專案層面的營運現金流量已穩固地轉為正值。我們預計這一趨勢將持續並加速，正如我所提到的，今年第二季和第三季度，丹佛、鳳凰城和達拉斯校區的租賃租金和現場收入將增加。

One last thing to note at the Sky Harbour Capital level is that at the end of 2024, we were required to begin the compliance testing as per our bond indenture, and we were in compliance in terms of those ratios for the 2024 and forward looking for 2025.

在 Sky Harbour Capital 層面最後要注意的一點是，在 2024 年底，我們需要根據債券契約開始進行合規性測試，並且我們在 2024 年以及 2025 年的這些比率方面都符合要求。

Next slide, let us now turn to Mike Schmitt, our Chief Accounting Officer, for a review of the introduction of the presentation of adjusted EBITDA in our reporting. Mike?

下一張投影片，讓我們請我們的首席會計長 Mike Schmitt 回顧一下我們報告中調整後 EBITDA 的呈現方式。麥克風？

Thank you, Francisco. I would like to take this opportunity to provide and highlight a key business metric that we began presenting within the management discussion and analysis section of our annual report. Adjusted EBITDA is utilized by our management team to evaluate our operating and financial performance, which is supplemental in nature and a financial measure not calculated in accordance with US GAAP. We have provided a reconciliation from our GAAP net loss in fiscal years 2022 through 2024 on the right-hand portion of this slide.

謝謝你，弗朗西斯科。我想藉此機會提供並強調我們在年度報告的管理討論和分析部分中開始提出的一項關鍵業務指標。我們的管理團隊使用調整後的 EBITDA 來評估我們的營運和財務業績，其本質上是補充性的，並且是一種不符合美國公認會計準則計算的財務指標。我們在此投影片的右側部分提供了 2022 年至 2024 財年的 GAAP 淨虧損的對帳表。

We define adjusted EBITDA as GAAP net income or loss before the add-backs and subtractions that are enumerated on the left portion of the slide, which I encourage you to review. Amongst these items are a few significant non-cash items that we have discussed both in Francisco's commentary as well as our previous call, including the non-cash portion of our ground lease expense, share-based compensation and the change in fair value associated with our liability classified warrants.

我們將調整後的 EBITDA 定義為幻燈片左側部分列舉的加減項之前的 GAAP 淨收入或淨虧損，我鼓勵您進行查看。這些項目中包括一些重要的非現金項目，我們在弗朗西斯科的評論和先前的電話會議中都討論過這些項目，包括我們的土地租賃費用的非現金部分、股權激勵以及與我們的負債分類認股權證相關的公允價值變動。

We began including adjusted EBITDA in our filings as we believe it is a potentially useful metric for investors, analysts and other interested parties as it provides a view of our operating performance, analyzes our ability to meet debt service obligations and facilitates company-to-company operating performance comparisons by excluding potential differences caused by various factors, including items that are non-cash or volatile in nature.

我們開始將調整後的 EBITDA 納入我們的文件中，因為我們相信它對投資者、分析師和其他相關方來說是一個潛在有用的指標，因為它提供了我們的經營業績的視圖，分析了我們償還債務的能力，並通過排除由各種因素（包括非現金或波動性項目）造成的潛在差異，促進公司間經營業績的比較。

Lastly, it's important that I note that our method of calculating adjusted EBITDA may differ than similar measures utilized by other companies, and therefore, its comparability may be limited. And with that, I'll pass it back to Tal.

最後，我必須指出，我們計算調整後 EBITDA 的方法可能與其他公司採用的類似方法不同，因此其可比性可能有限。說完這些，我就將其交還給塔爾。

Thank you, Mike. So we've been sharing this chart on all of the last quarterly earnings calls. I think this is fundamentally where value is driven at Sky Harbour. This is the realizable revenue from ground leases that have already been signed. We are currently at the second to last from the right chart.

謝謝你，麥克。因此，我們在最近所有的季度財報電話會議上都分享了這張圖表。我認為這正是 Sky Harbour 價值的根本所在。這是已經簽署的土地租賃的可實現收入。我們目前位於右側圖表的倒數第二個。

That's BFI, that's our Boeing Field in Seattle, our most recent acquisition, which puts us at just under $140 million of realizable revenue. By the end of this year, if we meet our guidance, we will be coming in just shy of $190 million of realized revenue. The -- I think important thing to look at on this chart is, I would advise anyone look at the company, let me remind people of the methodology here.

那是 BFI，也就是我們位於西雅圖的波音機場，也是我們最近的收購，它使我們的可實現收入接近 1.4 億美元。到今年年底，如果我們達到預期目標，我們的實現收入將接近 1.9 億美元。我認為這張圖表上需要注意的重要一點是，我建議任何人都去看看這家公司，讓我提醒大家這裡的方法論。

This is the number of square footage -- the amount of square footage of hanger capacity that is billable on each site according to our site layouts times the Sky Harbour equivalent rent or share, which is what aircraft are currently paying on those airports in rented fuel. We think that's a conservative estimate because on every airport, we are -- our actual revenues have significantly exceeded the shares.

這是平方英尺數——根據我們的場地佈局，每個場地可計費的機庫容量平方英尺數乘以天港等價租金或份額，即飛機目前在這些機場租用燃料所支付的費用。我們認為這是一個保守的估計，因為在每個機場，我們的實際收入都大大超過了份額。

So that, I think, is a good starting point. Now then anyone who's analyzing us will want to discount for development risk, lease-up risk, operating risk that goes with that. But that fundamentally is the foundation of value creation at Sky Harbour. On the right side, you can see the current status of the various air fields that have been announced. With that, let's move to the next slide.

所以我認為這是一個很好的起點。現在，任何分析我們的人都會希望折扣開發風險、租賃風險和隨之而來的營運風險。但這從根本上來說是天港價值創造的基礎。在右側，您可以看到已公佈的各個機場的當前狀態。接下來，讓我們來看看下一張投影片。

Okay. So I won't dwell on this other than to highlight in the under construction section; DVT is Deer Valley, Phoenix; we actually have our first two certificates of occupancy at Deer Valley, and we've begun flight operations at that airport. We continue with construction with the rest of the campus. And at ADS at Addison Dallas, we have our first certificate of occupancy. And again, construction continues at the rest of the campus. Other than that, I'm not going to go through the rest of the items on that chart, and let me hand it back to Francisco.

好的。因此，除了強調正在建造的部分之外，我不會詳細討論這一點； DVT 是鳳凰城的鹿谷；實際上，我們在鹿谷機場已經獲得了前兩張使用許可證，並且已經開始在該機場開展飛行運營。我們繼續進行校園其餘部分的建造。在位於 Addison Dallas 的 ADS，我們獲得了第一張入住許可證。校園其餘部分的建設仍在繼續。除此之外，我不會討論該圖表上的其餘項目，而是將其交還給弗朗西斯科。

Thank you, Tal. On the left-hand side, we show that we continue to enjoy strong liquidity with about $127 million of cash and US Treasury bills. We continue our cash management strategy, led by our Treasurer, Tim Herr, of growing our cash in short-term one- and three-month US Treasury bills, pending their use in construction.

謝謝你，塔爾。在左側，我們表明我們繼續享有強勁的流動性，擁有約 1.27 億美元的現金和美國國庫券。我們繼續執行由財務主管 Tim Herr 領導的現金管理策略，即將我們的現金增加到短期一月和三個月的美國國庫券中，等待它們用於建設。

These cash balances exclude the approximately $32 million in cash we used in December to acquire and pay certain liabilities of CloudNine and [Skyro 5] at Camarillo Airport in Ventura County, California. On the right-hand side, I wanted to show the latest trading of our long bond, which continues to rally over the past year. We have been in constant touch with our bondholders who continue to exhibit interest in our bonds and look forward to our next offering.

這些現金餘額不包括我們 12 月用於收購和支付位於加州文圖拉縣卡馬裡奧機場的 CloudNine 和 [Skyro 5] 的某些債務的約 3,200 萬美元現金。在右側，我想展示我們的長期債券的最新交易情況，該債券在過去一年中持續上漲。我們一直與債券持有人保持聯繫，他們繼續對我們的債券表現出興趣並期待我們的下一次發行。

We have begun the process to approach the rating agencies to aim to secure investment-grade ratings for our existing bonds, and we'll be reporting on that exercise by this summer ahead of our next debt financing. And we also want to take the opportunity to reiterate our expectation that the future debt service coverage ratios for these bonds would exceed those that forecast -- that we forecasted at the time of the bond issuance three years ago.

我們已經開始與評級機構接洽，以期為我們現有的債券獲得投資級評級，並且我們將在今年夏天下一次債務融資之前報告這一情況。我們也想藉此機會重申我們的預期，即這些債券未來的償債覆蓋率將超過我們在三年前發行債券時所預測的水平。

And that -- and supporting and protecting that coverage is a solemn commitment that we have as a firm. Next slide, please. As many of you know, we completed our second pipe equity placement of common stock in the fourth quarter of last year, raising approximately $75 million from a group of existing and new qualified investors. Those proceeds, along with cash in hand will support our next debt issuance in anticipation of the start of construction of Phases 1 and various projects outside the existing Obligated Group. Let me turn it back to Tal to discuss those -- some of those new campuses and ground leases that we have secured in the past quarter.

支持和保護這項報道是我們公司的莊嚴承諾。請看下一張投影片。大家可能都知道，我們去年第四季完成了第二次普通股管道股權配售，從一群現有和新的合格投資者手中籌集了約 7,500 萬美元。這些收益連同手頭上的現金將支持我們下一筆債務的發行，以期開始第一階段的建設以及現有義務集團以外的各種項目。讓我回到塔爾來討論這些問題——我們在過去一個季度獲得的一些新校區和土地租賃。

Thanks, Francisco. Okay. Briefly on each campus, we're starting with Camarillo, California. This is our first brownfield acquisition at Sky Harbour. The reasoning behind it is pretty straightforward.

謝謝，弗朗西斯科。好的。簡單介紹一下每個校園，我們從加州的卡馬裡奧開始。這是我們在天港的首次棕地收購。背後的原因非常簡單。

As many of the people on the call know, we split our airport target list into what we call primary airports and secondary airports -- sorry, primary airports and repositioning airports. Primary airports are airports where the airplane lives at the same place that passengers board and de plane, okay?

正如許多參加電話會議的人所知，我們將機場目標清單分為所謂的主要機場和次要機場——抱歉，是主要機場和重新定位機場。主要機場是指飛機所在位置與乘客登機和下飛機位置相同的機場，好嗎？

So if you take an aircraft that's based at Peterborough that is a primary airport. Repositioning airports or airports where the airplanes live, but the passengers do not always board and deplane. So if you take Bradley, Connecticut or Oxford, Connecticut, that's a place where a lot of aircraft live that reposition to, let's say, Teterboro or White Plains for passenger operations.

因此，如果您乘坐以彼得伯勒為基地的飛機，那麼這是一個主要機場。重新定位機場或飛機停靠的機場，但乘客並不總是登機和下飛機。因此，如果您以康乃狄克州的布拉德利或康乃狄克州的牛津為例，那裡是許多飛機的停靠地，這些飛機會重新定位到泰特波羅或白原市進行客運運作。

So Camarillo is both of those and a number of airports that serve both of those purposes. It's a primary airport for aircraft owners that live roughly in the quarter between Calabasas and Montecito, California. It's a secondary airport that serves Van Nuys, which is the top primary airport for the LA Basin. What we foresee happening, this is a little bit future looking from our perspective, but really not that much, is that Santa Monica Airport is in the process of closing.

因此，卡馬裡奧既是上述兩種機場，也是一些可以同時滿足這兩種用途的機場。對於居住在加州卡拉巴薩斯和蒙特西託之間地區的飛機擁有者來說，這是一個主要的機場。這是為範奈斯 (Van Nuys) 提供服務的二級機場，而範奈斯 (Van Nuys) 則是洛杉磯盆地的主要機場。我們預見的情況是，從我們的角度來看，這有點具有未來性，但實際上並不是那麼明顯，聖莫尼卡機場正在關閉。

It has been for a number of years now. It's already been cut in half in terms of runway length, forcing most of the large jets off of the airport. When it does finally close, A lot of the -- all of the aircraft that are based there will be looking for new homes in California, and there's going to be a crowding out phenomenon into a market where there is already zero capacity. Van Nuys is fully, fully booked with waiting list across the entire airport. Similar situations exist in Burbank.

這種情況已經持續好幾年了。該機場的跑道長度已縮短了一半，迫使大多數大型噴射機離開機場。當它最終關閉時，許多駐紮在那裡的飛機都將在加州尋找新家，這將產生擠出現象，進入一個容量已經為零的市場。範奈斯機場整個區域的候補名單都已滿。伯班克也存在類似的情況。

So LA is definitely one of the top markets for us in the country, capturing an existing facility that is already cash flowing that is really on the migration path. It has to pass through Camarillo is an important move for us. I will say, Francisco noted, we closed that transaction in December. So you're not really going to see any of the cash flow from Camarillo in our Q4 earnings.

因此，洛杉磯絕對是我們在美國的主要市場之一，我們可以佔領一個已經有現金流並且真正處於遷移道路上的現有設施。它必須經過卡馬裡奧，這對我們來說是一個重要的舉措。我要說的是，弗朗西斯科指出，我們在 12 月完成了這筆交易。因此，您實際上不會在我們的第四季度收益中看到來自卡馬裡奧的任何現金流。

You'll begin to see those captured starting in Q1 of this year. Next one is Trenton, New Jersey. Again, I've said it before on this call, Sky Harbour could be a New York-only company, and it'd be a pretty exciting company if we were only based in New York. Almost any square foot of land that we can get in the New York area, we want to get. And we would say, I'd say in general, the repositioning airports in the New York area feature higher rents than the primary airports in almost every other major metro center in the United States.

從今年第一季開始，您將開始看到這些被捕獲的內容。下一個是新澤西州特倫頓。我再說一遍，我之前在電話會議上說過，Sky Harbour 可能是一家僅在紐約開展業務的公司，如果我們的總部只設在紐約，那將是一家非常令人興奮的公司。幾乎紐約地區的每一平方英尺土地，我們都想得到。我們可以這麼說，總體來說，紐約地區重新定位的機場的租金比美國幾乎所有其他主要大都市中心的主要機場的租金都要高。

You'd say maybe a dozen, probably fewer than a dozen. So we're very excited with Trenton, New Jersey. It is, again, I would say, first and foremost, a repo airport for Teterboro and White Plains, although there is a significant amount of activity from, call it, the Philadelphia suburbs all the way to Princeton, New Jersey, a lot of the pharmaceutical industry that's based in that area. So exciting development for us. And then lastly, Boeing Field, which we've been at for about five years now.

您可能會說可能有十幾個，也可能少於十幾個。所以我們對新澤西州特倫頓感到非常興奮。我再說一遍，最重要的是，它是泰特波羅和白原市的回購機場，儘管從費城郊區一直到新澤西州的普林斯頓，有大量的製藥業活動都集中在這一地區。這對我們來說是一個非常令人興奮的發展。最後，波音球場，我們已經在這裡待了大約五年了。

And just a reminder to people, our site acquisition features a much longer gestation period than we originally appreciated. I think that was bad news for us for the first few years. It's very good news for us today that I think people are seeing there's a bit of a hockey stick moment going on right now on the site acquisition side that seeds that we planted five years ago are beginning to sprout today. Seattle is one of the best markets in the country. It's one of those, call it, dozen exceptions where you can exceed New York repositioning rent.

需要提醒大家的是，我們的站點收購的醞釀期比我們最初預想的要長得多。我認為這對我們來說最初幾年是個壞消息。今天對我們來說是個非常好的消息，我認為人們看到現在在場地收購方面出現了一些曲棍球棒式的發展，我們五年前種下的種子今天開始發芽。西雅圖是美國最好的市場之一。這是可以稱之為十幾個例外之一，在這些例外中，你可以超越紐約重新定位租金。

And Boeing Field is the reigning king of Seattle, no pun intended because its King County. This is our first foray into Boeing Field. There are additional targets for us on that field, and we hope this is the beginning of a very long and fruitful relationship with King County. A couple of highlights from Q4. By the way, I'll call out the photographs that is from -- somebody help me -- Phoenix.

波音機場是西雅圖的王者，這並不是雙關語，因為它屬於金縣。這是我們首次進軍波音機場。我們在這個領域還有其他目標，我們希望這是與金縣建立非常長期且富有成效的合作關係的開始。第四季的幾個亮點。順便說一下，我會說出來自——誰能幫我——鳳凰城的照片。

That's our -- one of our Phoenix hangers in the photograph. I'd like to bring things into the site acquisition, development, leasing and operations. Increasingly, people who study the company closely have seen that these 4 silos are increasingly integrated. It's really one fluid effort increasingly as we go. But in terms of framing and understanding the scope of our activities, it's still, I think, useful to break it into those 4 areas.

照片裡的就是我們的一個鳳凰機庫。我想參與場地收購、開發、租賃和營運。仔細研究該公司的人們越來越發現，這四個孤島日益融合。這確實是一項隨著我們的前進而不斷不斷推進的流暢努力。但就框架和理解我們活動範圍而言，我認為將其分為這 4 個領域仍然是有用的。

So on the fed acquisition side, we discussed those -- the three airports that have come on board. On development, the biggest theme is our really foundational effort to turn this into a major construction company with the associated benefits of speed and cost control. I'll talk about that a little bit in the next slide. But more tactically, DVT and ADS, that's Phoenix and Dallas, have both commenced operation. We have leases in both campuses with flight operations having commenced.

因此，在聯邦收購方面，我們討論了三個已加入的機場。在發展方面，最大的主題是我們真正基礎性的努力，將其轉變為大型建築公司，同時獲得速度和成本控制的相關優勢。我將在下一張幻燈片中稍微談論這一點。但從戰術角度來看，DVT 和 ADS（即菲尼克斯和達拉斯）都已開始運作。我們在兩個校區都簽訂了租約，並且已經開始了飛行運作。

Something that people look at us a little bit closely understand we do have kind of an interesting period where flight operations have begun, but construction is still not finished on the rest of the campus. And it's a bit of a dance to make them coexist in a safe and efficient way. We're there right now. And I think the overlap is several months. I don't think that's something that's going to go away.

人們仔細觀察後會發現，我們確實處於一個有趣的時期，飛行運作已經開始，但校園其餘部分的建設仍未完成。讓它們以安全有效的方式共存就像一場舞蹈。我們現在就在那裡。我認為重疊的時間有幾個月。我不認為這個現象會消失。

That's how we will operate probably forever because we do think we have a good handle on how to conduct those parallel operations safely and efficiently. And there's no reason to forgo the revenue in the meantime as you're waiting for lease-up. APA is Denver, that is set for delivery next month. We are under LOI for a good number of hangars in Denver already. Again, we can't move people in until we have certificate of occupancy, but that is in the next month or so.

我們可能將永遠採用這種運作方式，因為我們確實認為我們很好地掌握瞭如何安全有效地進行這些並行操作。而且，您也沒有理由在等待租賃期間放棄收入。APA 是丹佛，預計下個月交貨。我們已經與丹佛的許多機庫簽訂了意向書。再說一次，我們不能在獲得居住許可證之前讓人們搬進來，但那是在下個月左右的事了。

Two new projects slated for delivery end of this year, beginning of next is Miami Phase 2 and Dallas Phase 2. And we have another 14 projects in various phases of development. Not to jump ahead, but the Sky Harbour 37 is the name of the -- what we hope at least for the next few years will be the final prototype in Sky Harbour. A lot of our cost cutting and speed-enhancing exercises have to do with the fact that it is the same hangar, same prototype on every airport with minor adjustments, right? So we have a version that is compliant with wind load requirements in Florida, one that's compliant with snow load requirements in Connecticut and one that's compliant with seismic loads on the West Coast, but those are minor adaptations in the prototype.

兩個新項目計劃於今年底、明年初交付，分別是邁阿密二期和達拉斯二期。我們還有另外 14 個專案處於不同的開發階段。不是要搶先一步，而是 Sky Harbour 37 是——我們希望至少在未來幾年內它將成為 Sky Harbour 的最終原型。我們的許多削減成本和提高速度的措施都與在每個機場都使用同一個機庫、同一個原型，只進行微小的調整有關，對嗎？因此，我們有一個符合佛羅裡達州風荷載要求的版本，一個符合康乃狄克州雪荷載要求的版本，一個符合西海岸地震荷載的版本，但這些都是原型中的微小改動。

I call it 95% the same hangar in each of those locations. But possibly, I'll say possibly, it is the major effort right now at Sky Harbour is getting that program perfected and running. On the leasing side, I noted we've started leasing as soon as hangars are CO-ed. They've been leased in Phoenix and Denver. We hope to continue that.

我稱每個地點的機庫有 95% 是相同的。但有可能，我想說有可能，天港目前的主要努力就是完善並運行該計劃。在租賃方面，我注意到我們在機庫建成後立即開始租賃。它們已被菲尼克斯和丹佛租賃。我們希望繼續這樣做。

We think in the next four to six months, we should get close to full capacity on those campuses. Again, Denver under LOI, pending certificate of occupancy in the coming months. We are -- I think there's a line of questioning that we've gotten over the last year or two, both on these calls and offline regarding pre-leasing and why doesn't Sky Harbour do any kind of pre-leasing. And a lot of that comes from our bondholders, which we understand. And our answer has always been that our pricing leverage really peaks when we actually have a static product that's move-in ready.

我們認為，在未來四到六個月內，這些校園的容量將接近滿載。再次，丹佛按照意向書，等待未來幾個月的入住許可證。我認為，在過去一兩年裡，無論是在電話中還是線下，我們都收到了一系列關於預租的問題，以及為什麼 Sky Harbour 不進行任何形式的預租。其中很多來自我們的債券持有人，我們理解這一點。我們的答案一直是，當我們真正擁有可立即入住的靜態產品時，我們的定價槓桿才真正達到高峰。

This industry is not really one that looks two, four years ahead and as an industrial or office tenant might. Aircraft owners tend to look for hanger capacity when they need hanger capacity. We're starting to see a few exceptions to that. And I think that has to do with the brand that we've been making a really conscious effort at building this brand yet, but it is spreading and it's not a huge community, the business aviation community. People who understand the unique value proposition that Sky Harbour brings, they are often existing residents who are looking to expand.

這個行業實際上並不是一個像工業或辦公租戶那樣著眼於未來兩年或四年的行業。當飛機所有者需要機庫容量時，他們往往會尋找機庫容量。我們開始看到一些例外。我認為這與品牌有關，我們一直在有意識地努力打造這個品牌，但它正在傳播，而且它還不是一個龐大的社區，即商務航空社區。理解天港的獨特價值主張的人往往是正在尋求擴展的現有居民。

And we are entertaining our first pre-leases, specifically in Miami and Denver. We've begun to talk with people on other campuses that are not quite as far along in development. Again, if a very good anchor tenant who understands the value proposition and is comfortable with the rents that we're putting forward, I think that's something that we will increasingly experiment with. I don't see us ever try to pre-lease an entire campus, but one or two hangars is probably not a bad thing to do. So we'll stay tuned for how that goes.

我們正在進行首批預租，具體在邁阿密和丹佛。我們已經開始與發展進程尚未如此順利的其他校園的人們進行交談。再說了，如果有一位非常好的主力租戶，他理解我們的價值主張，並且對我們提出的租金感到滿意，我想我們會越來越多地嘗試這種做法。我並不認為我們會嘗試預租整個校園，但預租一兩個機庫可能不是什麼壞事。我們會繼續關注事態進展。

And then finally, again, if you're following our results, you could see it, and I mentioned it earlier, the actual revenues continue to exceed actually by increasing margins, our forecast revenues. That is particularly, again, if you're studying us closely, that's particularly the case on the second round of lease-ups, okay, the second round. The first time you lease up a campus, you've got 150,000, 200,000 square feet of hangar and its 150,000, 200,000 square feet of vacancies. You're negotiating with very sophisticated prospective residents that are coming in. So the leverage is such that from our perspective, let's get them leased up as quickly as possible.

最後，再說一次，如果你關注我們的結果，你會發現，正如我之前提到的，實際收入透過增加利潤率繼續超過我們的預測收入。尤其是，如果你仔細研究我們，你會發現第二輪租賃的情況尤其如此，好的，第二輪。第一次租賃園區時，您將擁有 15 萬到 20 萬平方英尺的機庫，以及 15 萬到 20 萬平方英尺的空置空間。您正在與即將入住的非常精明的潛在居民進行談判。所以從我們的角度來看，槓桿作用是如此之大，讓我們盡快將它們租賃出去。

But as you see, the second term of the lease is where we really start establishing what we think is the market rate. Again, something you can track if you're studying us closely. And then fourth, operations, an increasingly important part. We had a big thrust in the fourth quarter of last year, including the onboarding of Marty Kretchman, our Senior Vice President of Airports to really codify what seems to be the special sauce that's driving value for residents at Sky Harbour, and it's really the operations. The real estate is a platform.

但正如您所看到的，租賃的第二個期限是我們真正開始確定我們所認為的市場價格的。再說一次，如果你仔細研究我們，你就能追蹤到一些事情。第四，運營，這是越來越重要的部分。去年第四季度，我們採取了多項重大舉措，包括聘請機場高級副總裁 Marty Kretchman 來真正規範天港機場為居民帶來價值的特別之處，以及真正的營運。房地產是一個平台。

The real estate has to be put down in a very specific way in order to be able to serve that operational level that we've been serving. But fundamentally, staffing, training and equipping these campuses in our specific way is a key to the entire value proposition. And increasingly, we're seeing that recognized in the industry. There are a number of flight departments that will do everything they can to be at Sky Harbour, and that's -- we want to keep it that way and grow it. And lastly, a look ahead to the next 12 months, again, in the same 4 categories.

必須以非常特殊的方式放置房地產，以便能夠服務我們一直服務的營運層面。但從根本上來說，以我們特定的方式為這些校園配備人員、進行培訓和裝備是整個價值主張的關鍵。我們看到，業界越來越認可這一點。許多飛行部門都會盡一切努力來維護天空港的秩序，我們希望保持這種狀態並使其持續發展。最後，展望未來 12 個月，同樣還是那 4 個類別。

Site acquisition, so again, we have a lot of seeds sprouting as we go. And I don't want to say that happens on autopilot, but it increasingly requires, I call it, a more routine effort. So our kind of innovative aggressive efforts are increasingly focused on the best fields in the country. And fundamentally, we're still waiting for a competitor to come in and join us in the space. But for the time being, as we're alone here, our focus is really capturing the best revenue-producing fields in the country and the growing site acquisition team is focused primarily on that.

場地收購，讓我們再次看到，許多種子不斷發芽。我不想說這是自動發生的，但它越來越需要，我稱之為更常規的努力。所以我們的這種創新積極努力越來越集中在國內最優秀的領域。從根本上來說，我們仍在等待競爭對手進入並加入我們的行列。但就目前而言，由於我們在這裡是孤獨的，我們的重點是真正佔領國內最好的創收油田，而不斷壯大的場地收購團隊主要集中於此。

That is the ambition for 2025 is the best airports in the country. On the development side, right now, it's all about that scaling program. And if there are questions on it, we're happy to get into some detail. But for now, just I'll leave it at this. Our number-one ambition is quality.

我們的目標是到 2025 年，將機場建成全國最好的機場。從開發方面來說，現在一切都與擴充功能有關。如果對此有任何疑問，我們很樂意進行詳細討論。但現在我只能到此為止了。我們的首要目標是品質。

We want the best hanger in business aviation, full stop. Time; we want to put these up quicker than anybody knows how to put them up a lot faster than we're doing it today. And we want to -- doing it at an increasingly attractive cost to Sky Harbour. On the leasing side, there is a growing brand for Sky Harbour, and that's something that we're looking to capitalize on. We have opened a marketing department at Sky Harbour for the first time, and we will be looking to articulate our message and our value to the market in a more deliberate way going forward.

我們想要最好的商務航空機庫，僅此而已。時間;我們希望以比現在更快的速度將這些技術實現。我們希望以對天港來說越來越有吸引力的成本來實現這一目標。在租賃方面，Sky Harbour 的品牌正在不斷發展，我們希望能夠利用這一點。我們首次在天港開設了行銷部門，未來我們將以更謹慎的方式向市場傳達我們的訊息和價值。

And then lastly, operations. So the focus will remain on the Sky Harbour resident. I know a lot of people who have called in to ask about additional revenue-producing services, which are certainly in the works, but we're introducing those things, things like our new security service really is a value-enhancing service at the beginning rather than a revenue-producing service with the idea that, again, we want to put as many good dots on the map as we can right now.

最後是操作。因此，焦點仍將放在天港居民身上。我知道很多人打電話詢問有關額外的創收服務的情況，這些服務肯定正在籌備中，但我們正在推出這些服務，比如我們的新安全服務，在開始時實際上是一種增值服務，而不是創收服務，我們的想法是，再說一次，我們希望現在在地圖上標註盡可能多的好點。

That is the primary focus of the company is grow and grow in the right places, put out the best offering in aviation. And then we'll have time later to circle back and see which revenue line items we can capture later in a way that enhances value for our residents.

公司的首要關注點是在正確的地方成長和發展，提供最好的航空產品。然後，我們將有時間稍後再回過頭來看看我們可以以一種能為我們的居民帶來更多價值的方式獲取哪些收入項目。

So we've spoken about additional revenue-producing services in the past. I want to reiterate that's not -- it's important, but it's certainly not the most urgent item right now. It's not where we're allocating most of our resources. And with that, we have to -- with that, why don't we open questions?

我們過去曾談論過額外的創收服務。我想重申，這並不重要，但肯定不是當前最緊急的問題。這不是我們分配大部分資源的地方。既然如此，我們就必須──既然如此，我們為什麼不提出問題呢？

Yes, this concludes our prepared remarks. We look forward now to your questions. Operator, please go ahead with the queue.

是的，我們的準備好的演講到此結束。我們期待您的提問。接線員，請繼續排隊。

(Operator Instructions)

（操作員指令）

And your first question comes from [Alex Bert]. In a recent podcast interview with [Ben Klerman], Tal mentioned it's absolutely possible to have 50 campuses in 3 to 5 years. I'm not giving any spoilers, but I think it might be possible to exceed that as well. Could you provide more color on this statement and expand on what is leading to the potential of a significant acceleration in the pace of ground lease signings?

你的第一個問題來自[亞歷克斯·伯特]。在最近接受 [Ben Klerman] 的播客採訪時，Tal 提到在 3 到 5 年內擁有 50 所校區是絕對有可能的。我不會透露任何劇情，但我認為也可能超出這個範圍。您能否對此聲明進行更詳細的說明，並詳細說明導致土地租賃簽署速度大幅加快的潛在因素是什麼？

Yes. Thank you, Alex. Look, if we just meet our guidance and don't exceed it, then by the end of this year, we're already halfway there. And as you probably noticed, I know you're somebody who follows us quite closely, the pace of site acquisition wins is growing exponentially. It's not linear.

是的。謝謝你，亞歷克斯。看，如果我們只是達到我們的指導並且不超過它，那麼到今年年底，我們已經完成一半了。您可能已經注意到，我知道您非常密切關注我們，網站獲取速度正在呈指數級增長。它不是線性的。

And that has to do with what I mentioned earlier is that a lot of that is seeds that were planted years ago that have been cultivated over the last years and are now beginning to sprout. So we see a very strong case for accelerating and significantly beating our projections, and we don't -- we're not quite ready to make any plans for the end of this year yet. But certainly for the next 3 to 5 years, I think 50 may end up having looked conservative.

這與我之前提到的有關，許多種子都是多年前種下的，經過多年的培育，現在已經開始發芽。因此，我們認為有非常充分的理由加速並大幅超出我們的預測，但我們還沒有準備好為今年年底制定任何計劃。但在未來 3 到 5 年內，我認為 50 可能最終會顯得保守。

And your next question comes from [Philip Row]. Congrats on the new BFI lease. I'm assuming this is the second brownfield location. If so, what is the expectation on price per square foot? Of the 6 new locations for this calendar year, are any of those 6 also brownfield?

你的下一個問題來自[菲利普·羅]。恭喜您獲得新的 BFI 租約。我認為這是第二個棕地位置。如果是，預計每平方英尺的價格是多少？今年的 6 個新地點中，有哪一個也是棕地嗎？

Finally, what does the time line look like for additional revenue streams to start to materialize?

最後，額外收入來源開始實現的時間表是怎麼樣的？

Okay. Thanks, Philip. So there are a couple of questions in there. Starting with the last, it's what I closed on at the end of my remarks is that those additional revenue streams, we're not in a rush to put them in place, right? So right now, almost all of our revenues are from rent and fuel.

好的。謝謝，菲利普。其中有幾個問題。從最後一個開始，我在最後說的是，我們並不急於實現這些額外的收入來源，對嗎？所以現在，我們幾乎所有的收入都來自租金和燃料。

Services that we have rolled out like the security service we're offering right now really is part of rent. And again, the idea is let's focus our efforts on claiming more marquee airport sites around the country and creating the best possible offering that we can for Sky Harbour residents. With the idea that we -- there'll be plenty of time to circle back and optimize the revenue streams and get into some of the other, call it, OpEx line items of an aircraft owner. So important, but less urgent than the others. On the 6 locations that we're set to announce for the coming year, well, all of them are greenfield.

我們推出的服務，例如我們現在提供的安全服務，實際上是租金的一部分。再說一次，我們的想法是集中精力在全國範圍內爭取更多的大型機場站點，並盡我們所能為天港居民提供最好的服務。我們有充足的時間來回顧和優化收入來源，並進入飛機所有者的其他一些營運支出項目。非常重要，但不如其他事情緊急。我們計劃於明年宣布的 6 個地點全部都是未開發的地區。

That said, the nature of the brownfield opportunities is such that they -- it's difficult to predict when they're going to materialize. Happily, Francisco and team have us in a place where from a liquidity perspective, we've been able to capitalize on those quickly. I think that's part of what allows us to win. So I don't know if any of those will materialize this year. I will say that the kind of informal pipeline of brownfield opportunities that are being shown to us seems to be getting more robust.

儘管如此，棕地機會的本質使得很難預測它們何時會實現。令人高興的是，從流動性的角度來看，弗朗西斯科和他的團隊讓我們迅速利用這些資金。我認為這是我們能夠獲勝的部分原因。所以我不知道今年這些是否都會實現。我想說的是，向我們展示的這種非正式的棕地機會管道似乎變得更加強勁。

So I wouldn't be surprised if we -- if there are some brownfield opportunities, but my guess is they'll be on top of the greenfield opportunities, not instead of. Anything else in there? No, I think that answers it -- move to the next.

因此，如果我們存在一些棕地機會，我不會感到驚訝，但我的猜測是，它們將位於綠地機會之上，而不是取而代之。還有別的東西嗎？不，我想這已經回答了問題——轉到下一個。

And your next question comes from Randy Binner. Great quarter. It is positive to see the '23 campus guide confirmed. Can you give us a sense of how campus development will progress in 2026?

您的下一個問題來自蘭迪·賓納 (Randy Binner)。非常棒的一個季度。很高興看到 23 年校園指南得到確認。您能否向我們介紹 2026 年的校園發展將會如何？

Okay. Thanks, Randy. So based on the first part of the question, I assume you mean by development, site acquisition in 2026. So we're not providing guidance quite yet for 2026. But I would say we should continue at least apace with 2025, possibly significantly more than that.

好的。謝謝，蘭迪。因此，根據問題的第一部分，我假設您指的是 2026 年的開發、場地收購。因此，我們尚未提供 2026 年的預測。但我想說，我們至少應該繼續保持與 2025 年同步的成長速度，甚至可能遠遠超過這個數字。

So if you want to put a range, I think the bottom of that range would be, call it, 6 airports. I don't want to say what the top of the range would look like.

因此，如果您要設定一個範圍，我認為該範圍的底部應該是 6 個機場。我不想說這個範圍的頂部會是什麼樣子。

Your next question comes from [Alex Bosart]. You mentioned that the average step-up in rents when you had a vacancy has been 28%. Do you believe that your existing tenant leases are below market? And do you believe you can continue to achieve large step-ups when you re-lease space?

你的下一個問題來自[亞歷克斯·博薩特]。您提到，當房屋空置時，租金平均上漲 28%。您是否認為您現有的租戶租約低於市場價格？您是否相信在重新租賃空間時可以繼續大幅成長？

All right. Thank you. That's a good question. Look, I'd say this, the -- I don't know that we've had a third lease on a hanger yet in the portfolio. My guess is that the step-up from the second lease to the third lease is not going to be quite as dramatic as the step-up from the first to the second lease.

好的。謝謝。這是個好問題。聽著，我想說的是——我不知道我們的投資組合中是否有第三份衣架租約。我的猜測是，從第二份租約到第三份租約的遞增不會像從第一份租約到第二份租約的遞增那麼顯著。

So that's more or less how I see this going down is you have a significant compromise, let's call it, on your first round of lease-up in an airport, a significant step-up to what I would consider market rates on the second round that you lease up. And then from the second round on -- or sorry, third row on, I would say inflation should more or less be our guide. Again, this is barring establishing a more solid brand and better recognition in the industry that if you are a premier jet owner, you want to be at Sky Harbour. If we put that aside for now, I think inflation should be our guide. Now to be clear, we think inflation at airports is going to outstrip CPI by a very, very significant margin.

因此，我或多或少看到這種情況的發生，即在機場第一輪租賃中，你做出了一個重大的妥協，在第二輪租賃中，我認為市場價格有了顯著的提高。然後從第二輪開始——或者抱歉，第三輪開始，我想說通貨膨脹應該或多或少成為我們的指導。再說一遍，除非你是頂級噴射機擁有者，否則你不會想在天空港建立更穩固的品牌和在行業中建立更好的認知度。如果我們暫時把這個問題放在一邊，我認為通貨膨脹應該成為我們的指導因素。現在需要明確的是，我們認為機場的通貨膨脹率將大幅超過 CPI。

It's beachfront property, there are no new airports coming up. There's limited additional land at existing airports. So we think inflation is going to be a pretty major factor. But that's what I think. There's just one kind of hint to where that goes is that our multiyear leases feature annual escalators of CPI with a floor of 4%.

這是海濱地產，目前沒有新建機場。現有機場的額外土地有限。因此我們認為通貨膨脹將是一個非常重要的因素。但我就是這麼認為。有一種暗示可以說明這一點，那就是我們的多年期租約規定，CPI 每年會呈現上升趨勢，最低為 4%。

And there's very little pushback in the industry. And again, we're dealing primarily with most sophisticated flight departments in aviation. The fact that there's a little pushback, I think, constitutes some recognition among those who are experienced in business aviation operations that significant airport inflation is inevitable.

但業內對此的反對卻非常少。再說一次，我們主要與航空業最先進的飛行部門打交道。我認為，事實上存在一些阻力，這表明那些在商務航空運營方面經驗豐富的人士認識到機場通膨大幅上升是不可避免的。

And your next question comes from [Tom York]. Slide 10 indicates you are funded for 800,000 square feet, assuming you receive the full $150 million of PAB funding. Your square foot in development outside of the Obligated Group is obviously more than double 800,000. How do you expect to bridge this gap funding-wise?

你的下一個問題來自[湯姆·約克]。投影片 10 表示您已獲得 80 萬平方英尺的資金，假設您收到全部 1.5 億美元的 PAB 資金。您在義務集團之外的開發面積顯然是 800,000 平方英尺的兩倍以上。您預計如何從資金方面彌補這一缺口？

Yes. Tom, it's Francisco. Again, thanks for the question. Indeed, we are very deliberate of our capital raising plan. And one of our objectives is always to be at least 12 to 18 months in terms of having the capital versus the time that we need to deploy it, making sure that we can then navigate any market environment and so on, on a timely basis.

是的。湯姆，我是弗朗西斯科。再次感謝您的提問。事實上，我們對我們的籌資計劃非常謹慎。我們的目標之一始終是，在獲得資本方面至少要有 12 到 18 個月的時間，然後再進行部署，以確保我們能夠及時應對任何市場環境等等。

So come 2026, we should be then -- so on a consolidated basis, a positive cash flow in company from the standpoint of the operations, which then leads to the question, do we redeploy that excess cash as the equity into the new fields thereafter? Or do we, at some point later in '26 or '27, start thinking about the dividend policy, if any, for the company. There's been a lot of school of thought in our Board, in our investor base, and that's a debate that we'll continue having internally over the course of the next 18 months. Do we dividend out most of our free cash flow, but then that will require us to raise growth equity in the market or do we reinvest our cash. Now given our accelerating level of ground leases, it's fair to say that -- those free cash flows for 2026 and '27 will not likely be sufficient to meet that time schedule.

那麼到了 2026 年，我們應該在合併基礎上，從營運的角度來看公司的現金流為正，這引出了一個問題，我們是否應該將這些多餘的現金作為股權重新部署到新的領域？或者，在 26 年或 27 年晚些時候，我們開始考慮公司的股息政策（如果有的話）。我們的董事會和投資者群體中存在著許多不同的想法，我們將在接下來的 18 個月內繼續在內部就這個問題進行辯論。我們是否要將大部分自由現金流分紅，但這將需要我們在市場上提高成長股權，或者我們是否要再投資我們的現金。現在，鑑於我們土地租賃水準的加速，可以公平地說——2026 年和 2027 年的自由現金流可能不足以滿足該時間表。

We have been approached in the past couple of years by between 4 to 6 real estate infrastructure funds who have been interested in potentially partnering with us in some type of sidecar vehicles to prosecute our business plan where we will be needing to put just a small amount of equity and be able to extract a significant amount of the economics of our business model. So we also have been wrestling with those more asset light business models as a way of thinking about the right deployment of our capital and versus the dilution to existing equity holders. So again, we're going to be deliberate about this going forward and stay tuned for that. Thank you, Tom, for the question.

在過去幾年裡，有 4 到 6 家房地產基礎設施基金與我們接洽，他們有意與我們以某種形式的「側車」形式合作，以實施我們的商業計劃，我們只需投入少量股權，就能從我們的商業模式中獲得大量的經濟效益。因此，我們也一直在努力研究這些輕資產商業模式，以思考如何正確配置我們的資本，而不是稀釋現有股東的權益。因此，我們再次強調，我們將認真考慮這個問題，並保持關注。謝謝湯姆提出這個問題。

And your next question comes from Randy Binner. Can you please provide an update on the process for raising $150 million?

您的下一個問題來自蘭迪·賓納 (Randy Binner)。您能否提供籌集 1.5 億美元資金的最新進展？

Yes. Thank you, Randy, for your question. We just came earlier this week from a muni bond conference in Midtown Manhattan, sponsored by a large investment bank. And we're pleasantly happy to see we had about 11 one-on-ones with institutional investors, some of them who have been with us since the original deal, past deal 3 years ago and some new faces and so on. And it's clear that there's an interest in our bonds in terms of the existing bonds and the potential debt financing this summer.

是的。蘭迪，謝謝你的提問。本週早些時候，我們剛參加了由一家大型投資銀行主辦的曼哈頓中城市政債券會議。我們很高興地看到，我們與 11 家機構投資者進行了一對一的會談，其中一些人自最初的交易以來就一直與我們合作，有些是 3 年前的上一筆交易，還有一些是新面孔等等。很明顯，從現有債券和今年夏天潛在的債務融資來看，人們對我們的債券很感興趣。

In terms of the process, we have commissioned the feasibility and marketing study with a third-party consultant. So that is underway and should be ready by May, late April, early May. We also are in the process of starting the (inaudible) process with -- to seek investment grade with our existing bonds. And that's something that also, as I said in my remarks a few minutes ago, we look to also update everyone by the beginning of the summer. So we are obviously paying attention to market interest rates and credit spreads and all that and working with our various relationship bankers in terms of our strategy.

在流程方面，我們已經委託第三方顧問進行可行性和市場研究。這項工作正在進行中，應該會在五月、四月底或五月初準備就緒。我們也正在啟動（聽不清楚）流程——利用現有債券尋求投資等級。正如我幾分鐘前所說的那樣，我們希望在夏季開始前向大家通報最新情況。因此，我們顯然會關注市場利率和信用利差等，並與我們的各種關係銀行家合作我們的策略。

Simultaneously, we have received several proposals from some large commercial banks to basically provide five-year term financing in lieu of bonds, which is also an alternative that we have in place to the extent that we don't like the bond market at the time that we come to market this summer.

同時，我們也收到了一些大型商業銀行的提案，基本上是以五年期融資來代替債券，這也是我們在今夏進入市場時，由於不喜歡債券市場而採取的替代方案。

And your next question is from Alex Bosart. Does RapidBuilt have the opportunity to expand to clients outside of Sky Harbour? If so, how material could this be?

您的下一個問題來自 Alex Bosart。RapidBuilt 是否有機會擴展到 Sky Harbour 以外的客戶？如果是這樣，那這有多重要？

Yes. Thanks, Alex. So the answer is yes. It turns out that the Sky Harbour 37 prototype is actually a pretty good design, not just for Sky Harbour's uses. The way that's shaped, and I don't know if it's made its way to our website yet.

是的。謝謝，亞歷克斯。所以答案是肯定的。事實證明，Sky Harbour 37 原型實際上是一個相當不錯的設計，並不只適用於 Sky Harbour 的用途。其形狀是這樣的，我不知道它是否已經出現在我們的網站上。

If it hasn't, it will be soon. You can actually comfortably fit about 70,000 feet of airplane into that 37,000 square feet hanger, right? And you'll wonder if that sounds counterintuitive. When we put up on the website, you understand exactly how that works. If you're a busy FBO, you could probably get to a lot more than that.

如果還沒有，那很快就會有了。你實際上可以輕鬆地將大約 70,000 英尺的飛機放入那個 37,000 平方英尺的機庫，對嗎？您可能會想這聽起來是否有悖常理。當我們在網站上發布此資訊時，您就會清楚地了解其工作原理。如果您是一家繁忙的固定基地運營商 (FBO)，您可能會獲得比這更多的東西。

So the answer is yes. I just want to remind people that the purpose of the RapidBuilt acquisition was to increase the quality, speed and reduce the cost of Sky Harbour development. That's really what that company is about. We're not seeking to turn it into a profit center for Sky Harbour. That said, we're working one shift now at RapidBuilt.

所以答案是肯定的。我只是想提醒大家，收購 RapidBuilt 的目的是提高 Sky Harbour 開發的品質和速度並降低成本。這正是該公司的宗旨。我們並不想將其變成天港的利潤中心。話雖如此，我們現在在 RapidBuilt 只工作一班。

We're soon going to go up to two shifts where we're not going to be filling our two-shift capacity entirely. And we can go to three shifts ultimately in that factory as well. So there will come a point where we're very comfortable that we're supplying ourselves adequately and doing exactly what we need for Sky Harbour at RapidBuilt, and that might be a time. It's a pressure question because we are actually getting quite a bit of interest from third parties to manufacture middle buildings for them and people who understand the Sky Harbour 37 and are happy to take exactly that for their own uses. So I'd say probably not in the next couple of quarters, but ultimately, that is an opportunity.

我們很快就會採用兩班制，但我們不會完全填滿我們的兩班制產能。我們最終也可以在該工廠實行三班倒。所以，到時候我們會感到非常舒服，因為我們能夠充分供應自己，並且為 RapidBuilt 的 Sky Harbour 做我們需要做的事情，那可能就是時候了。這是一個壓力問題，因為我們實際上得到了第三方的極大興趣，希望為他們建造中間建築，而了解 Sky Harbour 37 的人也樂於將其用於自己的用途。所以我想說可能不會在接下來的幾個季度內發生，但最終這是一個機會。

And our next question is from [Pat McCann]. Can you give any expectations for the interest rate you might get with the upcoming private activity bond issuance?

我們的下一個問題來自[帕特·麥肯]。您能否對即將發行的私人活動債券的利率做出一些預期？

Yes. So our -- the secondary market trading of our current bonds and you can actually follow this by logging into the MSRB EMMA website of the municipal industry. But in the last trade, our long bond was about 5.38% in yield and our shortest bond, which is the 11-year traded last at 4.65%. So call it, on average, roughly around 5% and [one eights] in terms of secondary market level trading. A new issue sometimes likely comes at a discount to that, meaning a slightly higher yield.

是的。因此，我們目前債券的二級市場交易，您實際上可以透過登入市政行業的 MSRB EMMA 網站來追蹤這一點。但在上一交易中，我們的長期債券殖利率約為 5.38%，而我們的最短期債券（即 11 年期債券）的殖利率為 4.65%。因此，就二級市場交易而言，平均而言，大約為 5% 和 [八分之一]。新發行的債券有時可能會以低於該水平的價格發行，即收益率略高一些。

So in the current market, one could speculate a little bit that issuance like ours will come there in the low 5s. Now our plan, though, is first to seek investment-grade ratings for existing bonds, which should obviously impact those secondary market level of those bonds and then that might have a halo effect on our new issuance. So stay tuned for that. And our goal, obviously, is to get the lowest cost and value out there in the marketplace for the next financing.

因此，在當前市場中，人們可以稍微猜測一下，像我們這樣的發行量將達到 5% 以下。不過，現在我們的計劃是首先尋求現有債券的投資級評級，這顯然會影響這些債券的二級市場水平，然後可能會對我們的新發行產生光環效應。請繼續關注。顯然，我們的目標是在下一輪融資中實現市場上最低的成本和價值。

And your next question comes from Doug Johnston. Are you going to publish publicly, the projected 2025 DF coverage for the PAB Obligated Group?

您的下一個問題來自道格·約翰斯頓。您是否打算公開發布 PAB 義務集團預計的 2025 年 DF 覆蓋範圍？

Yes. Thanks for the question. We actually did -- if you look at the quarterly financial unaudited of the Sky Harbour Capital that was filed with MSRB a few days ago, March 1, and the audited financials will be coming up in the next few days. And you will see in the last page, the calculation for 2024 and the calculation for 2025.

是的。謝謝你的提問。我們確實這樣做了——如果你看一下幾天前（3 月 1 日）向 MSRB 提交的 Sky Harbour Capital 季度財務未審計報告，你會發現審計財務報表將在未來幾天內公佈。您將在最後一頁看到 2024 年的計算和 2025 年的計算。

The other thing I'll note in our website, we posted already -- or we're about to post the presentation that we provided this week in the municipal bond conference, and we showed the projected level of debt service for this kind of capital bonds and pro forma for -- or updated, I will say, better for the rents that we have been receiving in the past three years and that we expect to receive in the places that are still under construction or in development. And you can see our expectation of that service coverage in the presentation.

我要在我們的網站上指出的另一件事是，我們已經發布了——或者我們即將發布本週在市政債券會議上提供的演示文稿，我們展示了此類資本債券的預計債務償還水平和預計——或更新，我會說，這對於我們過去三年收到的租金以及我們預計在仍在建設或開發的地方收到的租金來說更好。您可以在簡報中看到我們對該服務覆蓋範圍的期望。

And your next question is from Tom York. In 2023, you projected debt service coverage of over 3x in 2025, but have lowered this to 1.36 on EMMA. What are the moving pieces here?

您的下一個問題來自湯姆·約克。2023 年，您預測 2025 年的債務償還覆蓋率將超過 3 倍，但在 EMMA 上將其降低至 1.36。這裡有哪些活動部件？

Yes. Thank you, Tom, for the question. It's actually like a follow-up to the prior question. Yes, the debt service coverage ratio calculated for 2025 is 1.36, which is higher than the 1.25 maintenance requirement in the indenture. But we have to remember that we still are halfway or actually less than halfway of the revenue potential of the Obligated Group.

是的。謝謝湯姆提出這個問題。這其實就像是對前一個問題的後續。是的，以2025年計算的債務償還率是1.36，高於契約中的1.25的維護要求。但我們必須記住，我們仍然只實現了義務集團收入潛力的一半，或者實際上還不到一半。

So as we open Denver, Phoenix and Dallas in the coming months and then later on in early 2026, Opa Locka Phase 2 and later then Denver Phase 2, all those things together will result and our expectation is that the debt service coverage once all those things stabilize, a couple of years from now, will be higher than the three times that we expected three years ago. Actually, again, referencing that illustration that we provided in that presentation filed with MSRB EMMA, actually that we're going to file later tonight or tomorrow.

因此，隨著我們在未來幾個月開放丹佛、鳳凰城和達拉斯，然後在 2026 年初開放奧帕洛卡第二階段，然後是丹佛第二階段，所有這些事情都會結合在一起，我們預計，一旦所有這些事情穩定下來，幾年後，債務償還覆蓋率將高於我們三年前預期的三倍。實際上，再次參考我們在向 MSRB EMMA 提交的簡報中提供的說明，實際上我們將於今晚晚些時候或明天提交。

And you will see that our expectation is that instead of three times as we projected three years ago at the time of the bond issue, we are looking to be at four to five times the debt service coverage of our debt service in the future years. So please look into that.

您會發現，我們預期未來幾年的債務償還覆蓋率將達到四到五倍，而不是像三年前發行債券時預測的那樣達到三倍。所以請仔細看一下。

And your next question is from [Peyton Skel]. Based on the 10-K, estimated some airfield construction costs, RSF have changed quarter-over-quarter in both directions. Can you provide some color on initiatives that have reduced costs RSF, i.e., BDL and challenges that have increased cost, RSF, i.e., PWK?

你的下一個問題來自[佩頓·斯凱爾]。根據 10-K 估算的一些機場建設成本，RSF 在兩個方向上都出現了季度環比變化。您能否介紹一下降低 RSF 成本的措施（即 BDL）以及增加 RSF 成本的挑戰（即 PWK）？

Yes. Thanks, Peyton. So let's start with all the macro factors are pushing costs up. And that's obviously not specific to Sky Harbour. That's across the board. The efforts that we've been talking about for the last several quarters on the development side have started to bear fruit.

是的。謝謝，佩頓。首先，所有宏觀因素都在推高成本。這顯然不只限於天港。這是全面的情況。我們過去幾季在開發方面所討論的努力已經開始取得成果。

So I'll give you some examples. Just the manufacturing of pre-engineered metal buildings by ourselves is saving us today on the most recent projects between $32 and $33 a square foot, right? That's what we'd be paying a pre-engineered metal building margin to third-party suppliers if we had to purchase from them. We've taken a lot of the ability to control the feedback loop between manufacturing and construction.

我舉一些例子給你聽。光是我們自己製造預製金屬建築就能為我們節省最近每平方英尺 32 至 33 美元的費用，對嗎？如果我們必須向第三方供應商購買預製金屬建築材料，我們就需要向他們支付這些保證金。我們已經掌握了控制製造和施工之間反饋迴路的能力。

And I'm talking about the extreme end of the construction envelope, which is the subcontractors and take, for example, trades like erection and create a strong feedback loop between our manufacturing and what is now becoming a small group of regional and national erector partners with Sky Harbour who are putting up our campuses. That feedback loop is, we project and we haven't seen this yet, but we're going to have to live up to this as we put these next projects into construction, is going to result in significant time savings in the field, right?

我指的是施工範圍的最末端，也就是分包商，例如，進行安裝等行業，並在我們的製造業和現在正在與 Sky Harbour 合作建設我們園區的一小群地區和國家安裝商之間建立強大的反饋循環。這個反饋循環是我們預測的，我們還沒有看到這一點，但當我們將這些下一個項目投入建設時，我們必須實現這一點，這將節省現場的大量時間，對嗎？

These buildings are going to go up a lot faster than the previous buildings went up, and that's time savings. On the other side of that, and we don't exactly put this into cost cutting, but if you figure that a fully leased campus generates, call it, $0.5 million to $700,000 a month in net operating income, shaving a month or two off of a construction time frame is very significant in terms of when revenues get turned on again. Another example, and I won't provide too many of these, but another example is national procurement, right?

這些建築物的建造速度將比以前的建築物快得多，從而節省時間。另一方面，我們並沒有把這完全算作成本削減，但如果你計算一下，一個完全租賃的園區每月可以產生 50 萬到 70 萬美元的淨運營收入，那麼將建設時間縮短一兩個月對於何時再次產生收入來說意義重大。另一個例子，我不會提供太多這樣的例子，但另一個例子是國家採購，對嗎？

So the way we've built all of the campuses to date has been, let's say, you're looking at your lighting fixtures, of which there are thousands on a campus. We will purchase those on a per campus per project basis, typically through our electrical subcontractor who takes a margin on that as well.

所以，到目前為止，我們建造所有校園的方式都是，比如說，你正在查看照明設備，一個校園裡有數千個照明設備。我們將根據每個校園每個項目的情況進行購買，通常是透過我們的電力分包商來購買，他們也會從中抽取利潤。

So that means building each campus as though it's the only campus that we're ever going to build. What we're doing is starting now on the campuses that are coming in is that we're pre-purchasing everything that we can for the next six, seven, eight campuses at once. And we're already realizing really significant cost savings by that procurement.

所以這意味著我們在建造每個校園時都要把它當作唯一的校園。我們現在正在為即將落成的校園進行預先採購，為接下來的六、七、八個校園採購所有可用的東西。而且我們已經透過該採購實現了顯著的成本節約。

And so there's all sorts of interesting kind of hedging and procurement means that we can take. But look, some of them, I think we could have done earlier. We just didn't -- we hadn't gotten around to it. Some of them are really a function of the scale that we're building it right now and that we're able to realize it. So stay tuned for that. If we do this right, you'll see our development costs continue to come down as we go forward.

因此我們可以採取各種有趣的對沖和採購手段。但看看，其中一些，我認為我們可以早點完成。我們只是沒有——我們還沒有開始做這件事。其中一些實際上取決於我們現在正在建造的規模以及我們能夠實現的規模。請繼續關注。如果我們做得對，你會看到我們的開發成本不斷下降。

And your next question is from Dave Storms. One, as you are procuring materials and labor for development, are you seeing any impact from tariffs? And two, you mentioned site acquisition has benefited from seeds planted a while ago. Are you seeing or expecting to see any impact on the pace or availability of site acquisitions coming from some of the uncertainty in the public sector following the government layoffs at the federal level?

下一個問題來自戴夫·斯托姆斯 (Dave Storms)。第一，當您為開發採購材料和勞動力時，您是否看到關稅的影響？第二，您提到，地塊收購得益於之前種下的種子。您是否看到或預期聯邦政府裁員後公共部門的一些不確定性將對地塊收購的速度或可用性產生任何影響？

Yes. All right. Thanks, Dave. I'll start with the second one. The short answer is no. First of all, what -- our exposure to the federal regulation is relatively static, right? Compliance with FAA guidelines, secondarily TSA guidelines, pretty much anything national is uniform. It can be complicated, but it's uniform and it's relatively unchanging. So we don't see any significant change. Most of the unique hurdles that we have to cross on every project are local, right, local and state.

是的。好的。謝謝，戴夫。我先說第二個。簡短的回答是「不」。首先，我們對聯邦法規的接觸相對來說是靜態的，對嗎？遵守 FAA 指南，其次是 TSA 指南，幾乎所有國家指南都是統一的。它可能很複雜，但它是統一的並且相對不變。因此我們沒有看到任何重大的變化。我們在每個項目中必須跨越的大多數獨特障礙都是地方性的、對的、地方的和州的。

So the answer to that one is no. On the first one, look, there have been two hikes in steel prices this month. So the short answer is yes. We are seeing some materials and labor, materials changes. I'm not going to talk about labor quite yet.

因此，答案是否定的。第一，你看這個月鋼材價格已經漲了兩次了。所以簡短的回答是肯定的。我們看到一些材料、勞動力和材料的變化。我暫時還不想談勞動。

But -- so yes, those are directly the result of tariffs. Luckily, we were able to preempt that just out of abundance of caution, put some pretty large preorders in place before those happen, and we're able to capture some savings. So we're feeling pretty lucky to have gotten that in place. And then going forward, we don't want to speculate on macro developments, the night is on. We'll see how the whole tariff situation unfolds for us. But for the coming projects, we're actually covered. We were -- Sky Harbour itself was actually not impacted by those two increases in steel prices.

但是——是的，這些都是關稅的直接結果。幸運的是，我們能夠先發制人，出於謹慎考慮，在這種情況發生之前進行了一些相當大的預訂，我們能夠節省一些錢。因此我們很幸運能夠實現這個目標。展望未來，我們不想對宏觀發展進行猜測，夜晚已經開始。我們將觀察整個關稅情勢如何發展。但對於即將開展的項目，我們實際上已經做好了準備。我們——Sky Harbour 本身實際上並沒有受到這兩次鋼鐵價格上漲的影響。

(Operator Instructions) And your next question is from [Jacob Robinson]. Hi, Sky Harbour team, a student from the University of Michigan here. I was wondering if you had a solid outlook on the CapEx financing plan well into the next five years and how the terms of that lending might gradually turn in your favor and when you might choose to instead turn to equity issuance and further dilution?

（操作員指示）你的下一個問題來自[雅各羅賓遜]。大家好，Sky Harbour 團隊，我是密西根大學的學生。我想知道您是否對未來五年的資本支出融資計劃有一個明確的展望，以及貸款條款如何逐漸對您有利，以及您何時會選擇轉而發行股票並進一步稀釋股權？

Thank you, Jacob, for the question. It reminds me that there are always college students looking to invest early in their careers. Also I have to say go blue for those guys who follow Michigan. Listen, the interesting thing about our model is that we have a very modular business plan in terms of -- the moment we secure those ground leases, as Tom mentioned earlier, we then have a very deliberate plan in terms of getting the entitlements, the permits and so on that could range between 6 or 9 months, and then we have like a 12-month construction period. So we then have basically a lot of visibility ahead in the finance area of looking out at those ground leases as they're coming together and those various construction plans and so on.

謝謝 Jacob 提出這個問題。這讓我想起，總有一些大學生希望在職涯早期進行投資。另外，我還想說，對於那些支持密西根的人來說，他們應該支持藍色。聽著，我們模型的有趣之處在於，我們有一個非常模組化的商業計劃——正如湯姆之前提到的，在我們獲得這些土地租賃的那一刻，我們就會有一個非常週化的計劃，以獲得權利、許可證等，時間可能為 6 到 9 個月，然後我們有 12 個月的建設期。因此，我們在財務方面基本上有很大的可預見性，可以關注這些土地租賃的形成以及各種建設計劃等等。

So we basically have a good idea well in advance. I'd say actually, as I mentioned, like about a year or 2 years in advance on when we actually need funding, which is important because it allows us to plan, be opportunistic and so on. And as I said earlier, our plan is always to be raising the funds 12 to 18 months minimum ahead of when we need the funds.

所以我們基本上提前就有了一個好主意。我想說的是，實際上正如我所提到的那樣，我們實際上需要資金時大約要提前一兩年，這很重要，因為它使我們能夠規劃、把握機會等等。正如我之前所說，我們的計劃始終是在需要資金之前至少 12 到 18 個月籌集資金。

So as you look out into the future that translates into a capital plan and a financing plan that we obviously opportunistic situations that lend themselves in the marketplace, either in the debt side or on the equity side. I think one important thing is always to have a plan B or plan C and so on just in case there's market turbulence either in the equity markets or in the debt market.

因此，當你展望未來時，這將轉化為資本計劃和融資計劃，我們顯然會在市場上抓住機會，無論是在債務方面還是在股權方面。我認為重要的事情是始終要有 B 計劃或 C 計劃等，以防股票市場或債務市場出現市場動盪。

I think we have proven in terms of our pipe financings that we have been able to take advantage of reverse inquiry interest into the company as we have proven in a couple of financings in the past 1.5 years. And we -- as I mentioned earlier, we have -- we're dual tracking for lack of a better word, between a bond deal and a bank financing for this upcoming bond deal or debt financing this summer.

我認為，就管道融資而言，我們已經證明我們能夠利用對公司的反向調查利益，正如我們在過去 1.5 年中的幾筆融資中所證明的那樣。正如我之前提到的，我們採用雙軌制，即債券交易和銀行融資相結合的方式，用於今年夏天即將進行的債券交易或債務融資。

And also, as I said in another -- response to another question, we have also the opportunity to potentially co-invest with existing large real estate or infrastructure funds in some projects, especially brownfield ones. So there's a lot of alternatives here that we see in front of us. And so we're going to be deliberate as we go forward in our deployment and obviously being conscious of cost of capital and dilution to our equity investors.

而且，正如我在另一個問題的回答中所說的那樣，我們也有機會與現有的大型房地產或基礎設施基金共同投資一些項目，尤其是棕地項目。因此，我們面前有很多選擇。因此，我們在部署時會慎重考慮，顯然會意識到資本成本和股權投資者的稀釋。

And your next question is from Brad Thomas. Curious as to Sky Harbour's customer sentiment as it relates to reshoring announcements and Trump tax cuts.

您的下一個問題來自布拉德·托馬斯。好奇 Sky Harbour 的客戶情緒與回流公告和川普減稅之間的關係。

So I think by customers, I mean our residents, it's a good question. I'm trying to think where we might have gotten a peek into that. I will say, in general, we're feeling significant optimism from our residents. If you measure that in terms of the level of improvement, post-delivery improvement the tenants put into their hangars. And in some cases, we're talking about like literally $1 million on leased space, right?

所以我認為，顧客，也就是我們的居民，這是一個很好的問題。我在想我們可以從哪裡了解這一點。我想說，總的來說，我們感受到居民們的極大樂觀。如果以改進程度來衡量，租戶在交付後對機庫的改進。在某些情況下，我們談論的租賃空間價值實際上高達 100 萬美元，對嗎？

It's often not necessarily a very long-term lease. There actually is quite a bit of optimism in that group. Whether that has to do with reshoring or tax cuts, I don't know. I'll ask anyone around the table, Francisco, about -- bonus depreciation.

這通常不一定是一個長期的租約。這個群體中確實存在著相當多的樂觀情緒。我不知道這是否與回流或減稅有關。弗朗西斯科，我會向在座的任何人詢問獎金折舊問題。

Yes, I was going to add that. First of all, thank you, Brad, for the question, and it's great to see the king of REITs following our stock. Yes, I was going to mention that it has been rumored that the tax plan is coming together in Washington that they may bring back what they had in the 2017 tax reform of the accelerated depreciation for new machinery equipment and that will include also business aviation aircraft.

是的，我正要補充這一點。首先，感謝布拉德提出這個問題，很高興看到房地產投資信託基金之王關注我們的股票。是的，我要說的是，有傳言稱華盛頓正在製定稅收計劃，他們可能會恢復 2017 年稅改中的新機械設備加速折舊政策，其中還包括商務航空飛機。

So if that were to happen, we basically depreciate the entire purchase of your -- of a plane within a year, that should accelerate the people purchasing planes or upgrading their planes to bigger planes. And remember, in our business model, it's not just the demand on business aviation, it's the demand for business aviation on larger planes cannot be serviced by the existing legacy hanger real estate out there.

所以如果發生這種情況，我們基本上會在一年內貶值整個購買的飛機，這應該會加速人們購買飛機或將他們的飛機升級為更大的飛機。請記住，在我們的商業模式中，不僅是商務航空的需求，大型飛機的商務航空需求無法透過現有的傳統機庫來滿足。

And your final question is from Alex Bosart. In a recent podcast interview with Ben Klerman, Tal mentioned that recent M&A transactions of hanger space by peers in the industry imply a value for Sky Harbour a lot higher than the current share price. Could you mention what those comps are and their valuation?

最後一個問題來自 Alex Bosart。在最近接受 Ben Klerman 的播客採訪時，塔爾提到，業內同行最近進行的機庫空間併購交易意味著 Sky Harbour 的價值將遠高於目前的股價。您能否介紹一下這些公司的比較以及它們的估值？

We avoid having discussions of our view of our value. We let that to the pundits and the research analysts that cover us and so on. One thing we will note is that we have observed in the M&A market for FBOs, although, again, different model, but those continue being bought and sold at very hefty multiples. And more -- I think more comparable than an MPO because we're infrastructure real estate business model is marinas. Marinas, especially in the US, have a lot of similarities to us in the sense that they are beachfront properties, clearly beachfront properties.

我們避免討論我們的價值觀。我們將這一訊息傳達給報告我們的專家和研究分析師等等。我們注意到的一點是，我們已經觀察到 FBO 的併購市場，儘管模式再次不同，但這些市場的買賣價格仍然非常高。而且 — — 我認為這比 MPO 更具可比性，因為我們的基礎設施房地產業務模式是碼頭。碼頭，尤其是美國的碼頭，與我們的碼頭有許多相似之處，因為它們都是海濱地產，明顯是海濱地產。

And they sell fuel and you can really replicate or be -- there's no more marinas being dredging and environmental issues make it very scarce real estate. And obviously, they serve a very diverse clientele of high net worth individuals. So a lot of similarities. And we saw a recent M&A transaction when Blackstone, I think, acquired safe harbour marinas from a REIT out there called Sun Communities. And that was at a hefty multiple. I think it was 21 times EBITDA or something like that.

他們出售燃料，你真的可以複製或——不再有碼頭被疏浚，環境問題使房地產變得非常稀缺。顯然，他們服務的客戶群非常多元化，都是高淨值人士。有很多相似之處。我們看到最近的一次併購交易，我認為是黑石集團從一家名為 Sun Communities 的房地產投資信託基金 (REIT) 收購了安全港碼頭。而且這個數字已經是相當可觀的倍數了。我認為它是 EBITDA 的 21 倍或類似的數字。

Anyway, but -- so we keep track of the M&A activity out there. But truthfully, we're very focused on our business and execution on our plan and so on and our funding needs and so on and that valuation be something that gets determined over time by the marketplace.

不管怎樣，但是——我們會追蹤那裡的併購活動。但說實話，我們非常專注於我們的業務和計劃的執行等，以及我們的資金需求等，而估值是隨著時間的推移由市場決定的。

And with no further questions at this time, I would like to turn the call back to Mr. Francisco Gonzalez for closing remarks.

現在沒有其他問題了，我想請弗朗西斯科·岡薩雷斯先生作最後發言。

Thank you, Abby. Thank you, everybody, for joining us this afternoon and for your interest in Sky Harbour. We have, as I mentioned earlier, additional information at our website that we keep updating, and that's at www.skyharbour.group. And you can always reach us directly with any additional questions through the e-mail investors@skyharbour.group. So thank you again for your participation. And with this, we have concluded our webcast, Operator. Thank you.

謝謝你，艾比。感謝大家今天下午加入我們並關注天空港。正如我之前提到的，我們的網站上有更多資訊並且我們會不斷更新，網址是 www.skyharbour.group。如您有任何其他問題，也可以隨時透過電子郵件 investor@skyharbour.group 直接與我們聯繫。再次感謝您的參與。我們的網路廣播到此結束，操作員。謝謝。

Thank you. And ladies and gentlemen, this concludes today's call. We thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。