Sky Harbour Group Corp (SKYH) 2025 Q3 法說會逐字稿

Good evening. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sky Harbour 2025 third-quarter earnings call and webinar. (Operator Instructions)

晚安.我叫蒂芬妮，今天我將擔任你們的會議接線生。在此，我謹代表上海天港2025年第三季財報電話會議及網路研討會，歡迎各位參加。（操作說明）

Thank you. Francisco Gonzalez, you may begin your conference.

謝謝。弗朗西斯科·岡薩雷斯，你可以開始你的會議了。

Thank you, Tiffany. And hello, and welcome to the 2025 third-quarter investor conference call and webcast for Sky Harbour Group Corporation. We have also invited our bondholder investors and our Bing subsidiaries, Cyro Capital, to join and participate in this call.

謝謝你，蒂芙尼。大家好，歡迎參加天港集團2025年第三季投資人電話會議及網路直播。我們也邀請了我們的債券持有人投資者和我們的 Bing 子公司 Cyro Capital 加入並參與本次電話會議。

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 contains forward-looking statements.

在會議開始之前，律師要求我說明，在今天的電話會議上，公司將討論一些可能影響今年和明年收益的因素。今天將要討論的部分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.

這些聲明是基於管理階層的假設，這些假設可能實現，也可能不實現。您應該參考本簡報第 1 頁和第 2 頁的文字以及我們向美國證券交易委員會提交的文件，以了解可能導致實際結果與我們的前瞻性聲明存在差異的因素。所有前瞻性陳述均截至今日，我們不承擔更新任何此類陳述的義務。

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; and Andreas Frank, our Assistant Treasurer. We have a few slides we want to review with you before we open it to questions. These were filed with the SEC an hour ago in Form 8-K, along with our 10-Q, and will also be available on our website later this evening.

那麼現在我們開始吧。今天下午和我們在一起的團隊成員，正如你們從我們之前的網絡直播中認識的，包括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；以及我們的助理財務主管 Andreas Frank。在開放式提問環節之前，我們想先和大家一起回顧幾張投影片。這些文件已於一小時前以 8-K 表格的形式提交給美國證券交易委員會，同時提交的還有我們的 10-Q 表格，今晚晚些時候也會在我們的網站上發布。

We also filed our third-quarter unaudited Sky Harbour Capital Obligated Group financials with MSRB EMMA an hour ago. As the operator stated, you may submit written questions during the webcast using the Q4 platform, and we'll address them shortly after our prepared remarks. Let's get started.

一小時前，我們也向 MSRB EMMA 提交了第三季未經審計的 Sky Harbour Capital Obligated Group 財務報表。正如運營商所說，您可以在網路直播期間使用 Q4 平台提交書面問題，我們將在準備好的演講結束後儘快回答這些問題。我們開始吧。

In the third quarter, on a consolidated basis, assets under construction and completed construction continued to increase, reaching over $300 million on the back of construction activity at the recently completed campuses in Phoenix, Dallas, and Denver. Please note, this graph is soon to accelerate its upward trajectory as we break ground in Bradley International, Salt Lake City, Addison Phase I, and other campuses.

第三季度，以合併計算，興建中和完工的資產持續增加，由於鳳凰城、達拉斯和丹佛最近完工的園區建設活動，資產總額超過 3 億美元。請注意，隨著我們在布拉德利國際校區、鹽湖城校區、艾迪森一期校區和其他校區破土動工，該圖表的上升趨勢很快就會加速。

Consolidated revenues experienced an increase of 78% year over year and 11% sequentially, reaching $7.3 million for the quarter, reflecting the acquisition of the Camarillo campus last December and higher revenues from existing and new campuses. Operating expenses in Q3 actually dropped slightly as some of the one-time nonrecurring start-up expenses and new campuses that we experienced in Q2 did not carry over to the last quarter.

合併收入年增 78%，季增 11%，本季達到 730 萬美元，這反映了去年 12 月收購卡馬裡奧校區以及現有和新校區收入的增加。第三季的營運支出實際上略有下降，因為我們在第二季經歷的一些一次性非經常性啟動費用和新校區費用沒有延續到上個季度。

SG&A had a one-time noncash expense in the quarter related to the recognition of vesting of our former COO's equity award compensation. We are working hard to keep SG&A stable. And as indicated in prior public discussions, we look for this line item not to exceed $20 million on a cash basis when it reaches its peak.

本季 SG&A 有一筆與確認前任營運長股權獎勵薪酬歸屬相關的非現金一次性支出。我們正在努力保持銷售、管理及行政費用的穩定。如同先前公開討論所述，我們預計該專案達到高峰時，現金支出不會超過 2,000 萬美元。

This line item has many noncash elements, which Mike, our Chief Accounting Officer, will review shortly. Most importantly, on the lower right-hand quadrant, we are only less than $1 million away from breakeven on a cash flow from operations basis and expect to reach that goal next month on a run rate basis, as discussed in prior calls and part of our formal guidance.

該項目包含許多非現金項目，我們的首席會計官麥克將很快對其進行審核。最重要的是，在右下象限，我們距離實現經營現金流盈虧平衡僅差不到 100 萬美元，並預計下個月按運行率計算即可達到該目標，正如我們在之前的電話會議和正式指導意見中所討論的那樣。

Next slide, please. This is a summary of the financial results of our wholly owned subsidiary, Sky Harbour Capital, and its operating subsidiaries that form the Oligat Group. This basically incorporates the results of our Houston, Miami, and Nashville campuses, along with the newly opened campuses in Phoenix, Dallas, and Denver.

請看下一張投影片。以下是我們全資子公司 Sky Harbour Capital 及其組成 Oligat 集團的營運子公司的財務表現概要。這基本上包含了我們休士頓、邁阿密和納許維爾校區的成果，以及新開設的鳳凰城、達拉斯和丹佛校區的成果。

Revenues in Q3 increased 25% year over year and 8% sequentially. We expect a continued increase in Q4 and the first quarter of next year as the new campuses continue to be leased, and phase two at Opa Loca, Miami expected to open around early April of next year. Operating expenses decreased moderately, as discussed, while the operating leverage is shown in the strong cash flow generation coming from operating activities, as you can see in the lower right-hand quadrant.

第三季營收年增 25%，季增 8%。我們預計第四季和明年第一季將繼續成長，因為新校區將繼續出租，邁阿密 Opa Loca 二期工程預計將於明年四月初開放。如前所述，營運費用略有下降，而營運槓桿作用體現在經營活動產生的強勁現金流上，正如您在右下象限中所看到的。

Let's turn now to our Chief Accounting Officer, Michael Schmitt, for a breakdown of adjusted EBITDA.

現在讓我們請首席會計官邁克爾·施密特來詳細分析一下調整後的 EBITDA。

Thank you, Francisco. Adjusted EBITDA is a measurement tool utilized by management to evaluate our operating and financial performance. I should note that it is supplemental in nature and is not calculated in accordance with US GAAP. We have provided a reconciliation from our GAAP net loss results to the three months ended September 30, 2025.

謝謝你，弗朗西斯科。調整後 EBITDA 是管理階層用來評估我們營運和財務表現的衡量工具。需要說明的是，這只是補充訊息，並非按照美國通用會計準則計算。我們已提供截至 2025 年 9 月 30 日止三個月的 GAAP 淨虧損結果的調整表。

Amongst the most significant items that are components of our reconciliation to adjusted EBITDA are the noncash portion of our ground lease expense. As we've discussed in prior quarters, most of virtually of our new ground leases signed do not actually require us to make cash payments until we receive a certificate of occupancy.

在調整 EBITDA 的調整表中，最重要的項目之一是我們的土地租賃費用中的非現金部分。正如我們在前幾季討論的那樣，我們新簽署的幾乎所有土地租賃合約實際上都不需要我們在收到入住許可證之前支付現金。

Nonetheless, under US GAAP, we are required to recognize straight-line expense. We show in this chart the effect of adding back that noncash expense to adjusted EBITDA. Another significant component of this particular quarter was share-based compensation, which totaled approximately $2 million, inclusive of certain nonrecurring charges previously addressed by Francisco. With that, I will pass it over to Tal.

然而，根據美國通用會計準則，我們必須確認直線法費用。我們在這張圖表中顯示了將該非現金支出加回調整後 EBITDA 的影響。本季度另一個重要組成部分是股權激勵，總額約 200 萬美元，其中包括弗朗西斯科之前提到的某些非經常性費用。這樣，我就把它交給塔爾了。

Thanks, Mike. Just a quick look at site acquisition. I think this is pretty self-explanatory. It's the same chart that we put up every week. We have 19 airports on the chart today. Those airports that are either in operation or development. We gave guidance that we will have 23 by the end of this year, and we plan on hitting that guidance. Next slide.

謝謝你，麥克。簡單看一下網站收購狀況。我覺得這已經很清楚了。這是我們每週都會發布的同一張圖表。今天圖表上共有 19 個機場。那些正在運作或正在開發的機場。我們曾預計到今年年底將達到 23 人，我們計劃實現這一目標。下一張投影片。

Okay. Our latest airport is Long Beach, California. As we've discussed on previous calls, Los Angeles is a critical market for us, with both a very robust installed base in business aviation and also high growth. Long Beach itself is a real emerging technology hub, particularly in the aerospace and defense sectors. And we've identified our first residents already there, a very significant airport for us. And I don't think it exhausts or comes anywhere near exhausting our opportunity in the Los Angeles market. Next slide, please.

好的。我們最新的機場是加州長灘市。正如我們在之前的電話會議中討論的那樣，洛杉磯對我們來說是一個至關重要的市場，它不僅擁有非常強大的公務航空裝機量，而且還具有很高的成長潛力。長灘本身就是一個真正的新興技術中心，尤其是在航空航太和國防領域。我們已經確定了第一批居民，那裡對我們來說是一個非常重要的機場。而且我認為這遠遠沒有耗盡我們在洛杉磯市場的機會。請看下一張投影片。

Okay. So this is a bit of an eye chart, but based on questions from the previous earnings calls, we thought we would provide this level of detail here, and I hope it's helpful to everybody. I'm just going to go through line by line so people understand exactly what we're looking at.

好的。所以這有點像視力表，但根據先前財報電話會議上提出的問題，我們決定在這裡提供這種程度的細節，希望對大家有幫助。我將逐行講解，以便大家確切地了解我們正在查看的內容。

Actually, before we say that, all of the green airports are stabilized campuses. The blue ones are in the initial lease-up of campuses that were recently completed or are about to be completed construction. And then the yellow is our initial pre-leasing pilot that we discussed on the last earnings call. So going line by line, the revenue run rate is exactly what it looks like.

事實上，在我們這麼說之前，所有綠色機場都是已經穩定的園區。藍色的那些是近期竣工或即將竣工的校園的初始租賃項目。黃色部分是我們上次財報電話會議上討論過的初步預租賃試點計畫。因此，逐行來看，收入運行率與實際情況完全一致。

That is the annual total revenue run rate from each campus as of now. Rentable square feet is the amount of square footage of hangar and hangar support space that we have built or are going to build in the yellow case on each of these campuses. People have asked in the past about what is our actual rentable square footage is, and how did we get to above 100% occupancy in these spaces.

這是截至目前各校區的年度總收入運行率。可出租面積是指我們在每個校區黃色方框中已建成或將要建成的機庫和機庫配套空間的面積。過去曾有人問過我們實際可出租的面積是多少，以及我們是如何實現這些空間入住率超過 100% 的。

We'll get to that in a minute, but it's just important that everyone understands that in BNA, that's National International Airport, we have 149,000 built square feet that can be rented. The next line is private square footage. The private square footage is the square footage of a hangar that is leased on an exclusive or private basis.

我們稍後會談到這一點，但重要的是每個人都要明白，在 BNA（即國家國際機場），我們有 149,000 平方英尺的建築面積可以出租。下一行是私人建築面積。私人使用面積是指以獨家或私人方式租賃的機庫面積。

And you'll see that there are certain airports where that is the dominant form of lease. So Sugarland, for example, the first one, 100% of the hangars are fully private. There are no semiprivate spaces at Sugarland. And I don't know, let's take San Jose, where the vast majority of our airport space is actually leased on a semi-private basis.

你會發現，在某些機場，這種租賃方式佔據主導地位。例如，Sugarland，第一個，100% 的機庫都是完全私人的。Sugarland 沒有半私人空間。我不知道，就拿聖荷西來說吧，那裡的機場空間絕大多數其實是以半私有方式出租的。

I think a good way to look at that semi-private line, the fourth line, is the square footage of the hangar at that airport that is not privately leased. That is available for common use, or what we call semi-private. That's the square footage of hangar available for semi-private use on that airport.

我認為看待那條半私有線路（第四條線路）的一個好方法是，看機場中未被私人租賃的機庫面積。這是可供公眾使用的，或者我們稱之為半私有的。這是該機場可供半私人使用的機庫面積。

The fifth line is the actual square footage of aircraft in semi-private spaces. And remember, we don't care so much about the square footage of aircraft in private spaces because you're paying for every square foot in that space, regardless of the square footage of the airplane that's actually in that space. Semi-private space is leased on the basis of aircraft square footage.

第五行是飛機在半私人空間內的實際面積（平方英尺）。請記住，我們並不太關心私人空間內飛機的佔地面積，因為無論飛機實際佔用該空間的面積是多少，您都是為該空間內的每一平方英尺付費。半私人空間以飛機面積租賃。

So what we're seeing here is the actual aircraft square footage that is sitting in semi-private space. To answer one of the questions from, I think, the previous quarterly earnings call, if you look at, for example, SJC, that's San Jose Norman, Meta, you'll see that we have about 50,000 square feet of airplane sitting in about 41,500 square feet of hangar.

所以我們在這裡看到的是實際的飛機面積，它被放置在半私密的空間。為了回答上一季財報電話會議上提出的問題，例如，如果你看一下 SJC（即聖荷西諾曼 Meta），你會發現我們有大約 50,000 平方英尺的飛機停放在大約 41,500 平方英尺的機庫中。

That's an example of getting to more than 100% occupancy. As people who are following us know, we've transitioned from the old Sky Harbour 16, which was the prototype hangar and had 12,000 square feet of rentable hangar space, to the new prototype, which is going up in all of the current campuses, the Sky Harbour 37, which has 37,000 square feet of rentable hangar space.

這是入住率超過 100% 的一個例子。關注我們的人都知道，我們已經從舊的 Sky Harbour 16（原型機庫，擁有 12,000 平方英尺的可出租機庫空間）過渡到新的原型機庫 Sky Harbour 37（正在所有現有園區建設中，擁有 37,000 平方英尺的可出租機庫空間）。

The dividend you get from that is especially pronounced on a semi-private basis. Without getting too crowded, you can get close to 70,000 square feet of airplane into that 37,000 square feet of hangar. And I think people can look on the website to understand the geometry of exactly how that works, but we want to give you some empirical data points on what that's looking like.

從中獲得的利益，在半私有化模式下尤其顯著。在不顯得過於擁擠的情況下，你可以在那 37,000 平方英尺的機庫裡容納近 70,000 平方英尺的飛機。我認為人們可以查看網站以了解其運作原理，但我們想提供一些經驗數據點，讓您了解其現狀。

The next line, line number six, is revenue per square foot. And the way that works is very simple. We just take the total revenue, the top line, divided by the rentable square footage. The second line gives you your effective revenue per square foot. Then the last line, which I think is an important nuance.

下一行，也就是第六行，是每平方英尺的收入。它的運作方式非常簡單。我們只需將總收入（即營業額）除以可出租面積即可。第二行顯示的是每平方英尺的有效收入。然後是最後一行，我認為這是很重要的細節。

I think it's very important to understand, particularly in light of our current leasing strategy, shows you what the high and lows are on contracted revenue per square foot, okay, or contracted revenue per leased square foot. The reason that's important is that if you look a little bit closer, you'll see that there is a correlation between the recency of a signed lease.

我認為了解這一點非常重要，尤其是在我們目前的租賃策略下，它可以顯示每平方英尺合約收入的高峰和低谷，或者說每租賃平方英尺合約收入的高峰和低谷。之所以說這很重要，是因為如果你仔細觀察一下，你會發現簽署的租賃合約的最近時間與此之間存在相關性。

The later the lease was signed, the higher the revenue per rentable square foot, and also a correlation between the duration of the lease and the revenue per rentable square foot. Longer duration leases have higher revenues per square foot, different from what you're going to find in most real estate. And that has to do with, I think, our tenant community's appreciation of the expected inflation at airports.

租賃合約簽訂得越晚，每平方英尺可出租面積的收入就越高，而且租賃期限與每平方英尺可出租面積的收入之間也存在相關性。較長期限的租賃合約每平方英尺的收益更高，這與大多數房地產交易的情況不同。我認為，這與我們的租戶群體對機場預期通貨膨脹的理解有關。

So we charge a higher rentable square foot on longer-term leases. That feeds into our current leasing strategy before we move to pre-leasing. What you can see on the blue columns, the airports that are in initial lease-up right now, is that what we're trying to do on those airports is actually get as quickly as possible to 100% occupancy.

因此，長期租賃的房屋每平方英尺租金會更高。這為我們目前的租賃策略奠定了基礎，之後我們將轉向預租。從藍色長條圖中可以看出，目前正處於初期租賃階段的機場，我們正在努力讓這些機場的入住率盡快達到 100%。

And do that in general, on the basis of short-term leases, call it, 12-month leases, with the idea of establishing a more permanent occupancy at our target rents. So at the beginning, it's about speed, getting to 100% that puts us in a very different position with regard to leverage in negotiating new leases, and then go back and correct to market.

而且，我們通常會以短期租賃（例如 12 個月的租賃）為基礎，以期在目標租金水準上建立更長期的租賃關係。所以一開始，關鍵在於速度，盡快達到 100% 的完成度，這將使我們在談判新租賃合約時處於非常不同的優勢地位，然後再根據市場情況進行調整。

Now that said, in each of those blue airports, we do have one or two residents who are on longer-term leases that are paying full rent. What you can see on the green side is the relatively high disparities between the highest and the lowest leases.

話雖如此，在這些藍色機場的每個地方，我們確實有一兩個居民簽訂了長期租約，並支付全額租金。從綠色區域可以看出，最高租金和最低租金之間的差距相對較大。

Again, the highest tend to be the ones that are signed latest and/or the leases that have the longest tenure. Just a couple of things to point out before we move on. It's just to preempt any questions, Sugarland, that campus was gradually taken over by its anchor tenant.

同樣，租金最高的往往是最新簽訂的合約和/或租期最長的合約。在我們繼續之前，還有幾點需要指出。Sugarland，我先說明一下，校園是逐漸被其主要租戶接管的。

We started with seven hangars. The anchor tenant had two of those seven. Every time one of the hangars came due, that anchor tenant took over that lease, which brings us to the state of affairs today, where there is only one resident in the entire campus, so they're paying the same rent across the board.

我們最初只有七個機庫。這七個租戶中有兩個是主力租戶。每當一個機庫的租約到期時，那個主要租戶就會接手該租約，這就導致了今天的情況：整個園區只有一個租戶，所以他們支付的租金都一樣。

The last thing I'll point out to people is that the higher the ratio of semi-private to private space, the bigger the disparity you'll see between the highest and the lowest revenue per square foot. And again, that is a nod to our evolving strategy of increasing our emphasis on semi-private space versus private space.

最後我想指出的是，半私人空間與私密空間的比例越高，每平方英尺最高收入與最低收入的差距就越大。這再次表明，我們正在不斷調整策略，更加重視半私人空間而非私人空間。

In general, under most conditions, that's actually a better business for us. Then the last thing I'll say is the yellow bar is just our initial pre-leasing. That pilot has been successful, and we've turned that into a permanent leasing program going forward. And with that, let me turn it over to Tim.

總的來說，在大多數情況下，這實際上對我們來說是更好的商業選擇。最後我要說的是，黃色長條圖只是我們最初的預租。該試點計畫取得了成功，我們已將其轉變為長期租賃計劃。那麼，接下來就交給提姆吧。

Thanks, Tal. In the obligated group, we completed a modification of our construction program by removing the second phase of the Centennial Airport and adding the second phase at the Addison Airport. Addison has an earlier expected completion date at a lower expected construction cost.

謝謝，塔爾。在義務組內，我們完成了建設方案的修改，取消了百年機場的第二期工程，並增加了艾迪生機場的第二期工程。Addison工程預計竣工日期更早，預計建設成本更低。

And with its higher expected revenues, the modification will be positively accretive to our bondholders as we approach the final completion of all of the projects in the obligated group. Next slide.

隨著預期收入的增加，此修改將對我們的債券持有人產生正面影響，因為我們即將完成所有已承諾專案的最終交付。下一張投影片。

We also finalized a $200 million tax-exempt drawdown facility announced with JPMorgan in September. This five-year facility will provide debt funding for our next projects in the development pipeline. We expect to draw on the facility over the next two years, as you can see on the chart on the left, followed by an eventual takeout with longer-term tax-exempt bonds once the projects are completed.

我們也最終敲定了與摩根大通在9月宣布的2億美元免稅提款安排。這項為期五年的融資將為我們接下來的開發案提供債務資金。如左側圖表所示，我們預計將在未來兩年內使用該融資機制，然後在專案完成後透過發行長期免稅債券最終收回資金。

We recently announced that we have locked in our cost of financing at 4.73%, which is 4.73% through a floating for fixed swap. Now, let me turn it over to Francisco for discussions on future capital formation.

我們最近宣布，我們已將融資成本鎖定在 4.73%，這是透過浮動利率換固定利率的互換實現的。現在，我把時間交給法蘭西斯科，讓他來討論未來的資本形成問題。

Thank you, Tim. We closed the quarter with $48 million in cash and US treasuries, which are now enhanced with the $200 million committed JPMorgan facility that Tim discussed. We have been served well historically to continue to be a fortress of liquidity and be funded 18 to 24 months ahead of our needs.

謝謝你，提姆。本季末，我們持有 4,800 萬美元現金和美國國債，現在又獲得了 Tim 提到的摩根大通承諾的 2 億美元貸款。從歷史上看，我們一直得到很好的支持，從而保持了充足的流動性，並能提前 18 至 24 個月獲得資金。

Given the accelerating growth ahead of us, we continue to explore various private and public alternatives in terms of the right type and cost of growth capital. Until we decide to start paying a dividend, we will reinvest our positive operating cash flow next year into additional hangar campuses. We have also not used our ATM program or issued any equity, given that we consider too low of the share price.

鑑於未來成長速度加快，我們將繼續探索各種私人和公共融資方案，以確定合適的成長資本類型和成本。在我們決定開始派發股息之前，我們將把明年的正向經營現金流再投資於額外的機庫園區。鑑於我們認為股價過低，我們也沒有使用我們的 ATM 計劃或發行任何股票。

Instead, we are exploring the possibility of issuing yet additional private activity bonds outside the Obligator Group and outside the JPMorgan facility. Specifically, the five-year part of the curve looks attractive for an interim issuance while we construct our next portfolio of six to seven campuses. That will provide us with adequate time to come to a long-term bond issuance once our Oligator Group program achieves investment grade.

相反，我們正在探索在債務人集團之外以及摩根大通融資機制之外發行更多私人活動債券的可能性。具體來說，五年期債券曲線看起來很有吸引力，適合在我們建立下一個包含六到七個校區的投資組合期間進行過渡性發行。這將為我們提供足夠的時間，以便在我們的 Oligator Group 專案達到投資等級後發行長期債券。

We also announced today that we entered into a binding LOI with ultra-high net worth family office that is expected to acquire a 75% participation in a new Sky Harbour 34 hangar at phase two in Nopaloca for $30.75 million in cash. The transaction is expected to close on or about April 1 of next year, subject to certain conditions.

我們今天還宣布，我們與一家超高淨值家族辦公室簽訂了一份具有約束力的意向書，該家族辦公室預計將以 3075 萬美元現金收購諾帕洛卡二期工程中新建的 Sky Harbour 34 機庫 75% 的股份。該交易預計將於明年4月1日左右完成，但需滿足某些條件。

If completed, we expect to use the proceeds first to fund any remaining capital needs to construct phase two at Addison and then repay certain past payments previously advanced by our holding company to the Oliger Group. The balance will pass through the Oliger Group's waterfall and be subject to the resisted payment test of the surplus account.

如果專案完成，我們預計首先將所得款項用於滿足 Addison 二期工程建設的剩餘資金需求，然後償還我們控股公司先前向 Oliger 集團預付的某些款項。餘額將通過 Oliger 集團的清算程序，並接受盈餘帳戶的拒付測試。

This type of asset monetization is a prudent way to generate capital to fund our future growth if and only if the valuations support it and if the alternatives are less attractive to us from a dilution and cost of capital perspective. We continue to explore a few more potential hangar sales from people who simply do not like to rent and prefer to own a General Hangar.

如果估值支持，並且從稀釋和資本成本的角度來看，其他替代方案對我們來說吸引力較小，那麼這種資產貨幣化方式才是為我們未來的成長籌集資金的審慎方法。我們繼續探索更多潛在的機庫銷售機會，尋找那些不喜歡租賃而更喜歡擁有通用機庫的人。

With this, let me turn it back to Tal for Q3 highlights and forthcoming initiatives in the four pillars of our business.

接下來，讓我們把麥克風交給 Tal，請他介紹我們業務四大支柱領域第三季的亮點和即將推出的舉措。

Thanks, Francisco. We're breaking it down the same way we always do. site acquisition, 19 airport ground leases. We're on track to deliver 23 airports by the end of the year. We have begun pursuing same field expansion opportunities, and I'm going to expand on that on the next slide.

謝謝你，弗朗西斯科。我們按照一貫的方式進行分解：場地收購，19個機場地面租賃。我們預計在年底前交付 23 個機場。我們已經開始尋求同一領域的拓展機會，我將在下一張投影片中詳細介紹。

And as we've mentioned before, much of the focus, at least, has shifted to really targeting Tier 1 airports rather than just a lot of airport development. So our manufacturing subsidiary, Stratus, is now pumping out steel in full gear, meeting all of our development needs.

正如我們之前提到的，至少現在很多關注點已經轉移到真正瞄準一線機場，而不是只是進行大量的機場開發。因此，我們的製造子公司 Stratus 現在正全力生產鋼鐵，滿足我們所有的開發需求。

The construction program under our construction subsidiary, Ascend, is also in full gear. We're on an accelerated track to meet our 2026 construction schedule, which, as people have probably noticed, is a real step function in construction volume. Specifically, Miami-opilaca phase two is on schedule.

我們旗下建築子公司 Ascend 的建設項目也正在全面展開。我們正在加速推進，以實現 2026 年的建設目標，正如大家可能已經注意到的，建設量將出現真正的階躍式增長。具體來說，邁阿密-奧皮拉卡第二期工程正在按計劃進行。

We have broken ground in Bradley, Connecticut. We've nearly completed site demolition at Dallas Addison phase two. It's going to be probably the tightest schedule spread between phase one and phase two on an airport, and Dallas is a very good market for us. We've begun site work in Salt Lake City, and we have 10 airports in development now. Again, hopefully, that expands by four by the end of the year.

我們在康乃狄克州布拉德利破土動工。達拉斯艾迪生第二期工程的場地拆除工作已接近尾聲。這可能是機場第一期工程和第二期工程之間工期最緊張的一次，而達拉斯對我們來說是一個非常好的市場。我們已在鹽湖城開始場地施工，目前有 10 個機場正在開發中。希望到年底前，這個數字能再增加四個。

We've also instituted a comprehensive quality assurance program. It's a nose-to-tail program starting at the design phase through manufacturing, through construction. As people on the call have heard, this is an industry that's fraught with construction snaffles.

我們也建立了一套全面的品質保證體系。這是一個從頭到尾的項目，涵蓋從設計階段到製造，再到施工的整個過程。正如電話會議中的人們所聽到的那樣，這是一個充滿建築工程缺陷的行業。

And one of the benefits of specialization and pumping out exactly the same prototype hanger across the country is it introduces quality assurance tools that are not really available elsewhere in the industry. Leasing, stabilized campuses continue to grow revenues at a really robust pace post stabilization.

專業化和在全國範圍內批量生產完全相同的原型機庫的好處之一是，它引入了業內其他地方並不真正可用的品質保證工具。租賃型、營運穩定的園區在穩定營運後，營收持續以非常強勁的速度成長。

And again, this, I think, we'd like to take credit for to a certain extent in the quality of the offering and the fact that Sky Harbour has really become an established brand in the business aviation community. If people have a choice, they will come to Sky Harbour in general. Part of it is just inflation, where we're aware of that.

而且，我認為，我們在一定程度上要為我們提供的產品品質以及天港機場真正成為公務航空界知名品牌而感到自豪。如果人們有選擇，他們通常會來悉尼天空港。一部分原因是通貨膨脹，這一點我們很清楚。

And again, that's a central part of our thesis. I call the inflation our macro tailwinds, and the quality of the offering is the thrust on the aircraft. That's how we look at that. And we see no reason for that growth to abate. The airports that are in round one lease-up, that's Deer Valley in Phoenix, Addison Dallas, and Centennial in November.

再次強調，這是我們論點的核心部分。我把通貨膨脹稱為我們的宏觀順風，而產品和服務的品質就是飛機的推力。我們是這樣看待這件事的。我們認為這種成長勢頭沒有減弱的理由。第一輪租賃的機場有：鳳凰城的鹿谷機場、達拉斯的艾迪生機場和 11 月的百年紀念機場。

Like I said before, the objective is to first get to 100% occupancy with compromises on revenue per square foot as long as our lease terms are short. And then in term two, really establish our market rents on these fields. And we were, again, already seeing that even on those four airports, we're already seeing that the longer-term leases are above our target rents.

正如我之前所說，我們的目標是在租賃期限較短的情況下，首先實現 100% 的入住率，即使每平方英尺的收入有所妥協也在所不惜。然後在第二階段，真正確定這些領域的市場租金。我們再次看到，即使在這四個機場，長期租賃的租金也高於我們的目標租金。

So we expect that to work nicely. Then, like we said, going forward, pre-leasing will be the strategy. So starting with Bradley, Connecticut, all airports will be subject to that pre-leasing strategy. On the operations side, we've got nine fields in operation today. We've got two phase twos in preparation, that's Miami and Dallas.

所以我們相信這會很順利。然後，正如我們所說，未來預租將成為我們的策略。因此，從康乃狄克州布拉德利機場開始，所有機場都將採用這種預租賃策略。營運方面，我們目前有九個油田正在營運。我們正在籌備兩個第二階段項目，分別是邁阿密和達拉斯。

One of the things I think the more student observers will notice is that there's actually a very modest change in OpEx when you open a second phase on a campus. So while your revenues might double on that campus, your OpEx change is actually quite small, and we will hopefully be realizing those efficiencies on a lot of airports going forward. So please stay tuned for that.

我認為，越來越多的學生觀察員會注意到，在校園內開設二期工程時，營運支出實際上變化非常小。因此，雖然您在該園區的收入可能會翻倍，但您的營運支出變化實際上很小，我們希望未來能在許多機場實現這些效率提升。所以請繼續關注。

That industry recognition it's one of these things that's a little bit difficult to judge objectively, but I think it's a pretty emphatic across-the-board recognition, not just in our own resident community, but in people who are coming into reserve spots in places like Dallas International or Bradley, or Miami phase two.

這種行業認可很難客觀地評判，但我認為這是一種非常全面的認可，不僅在我們自己的居民社區，而且在達拉斯國際機場、布拉德利機場或邁阿密二期等地預訂房間的人們中也是如此。

We are very satisfied with the ops training program, which we continue to improve, which has a lot of features that you don't see elsewhere in the industry. Actually, I think we have two pictures actually on this slide. So I'll call everybody's attention to that.

我們對營運培訓計劃非常滿意，並且一直在不斷改進，該計劃有很多你在業內其他地方看不到的功能。實際上，我認為這張投影片上有兩張圖片。所以我要提醒大家注意這一點。

What you see on the right side of the slide is a training rig that we actually manufacture ourselves, which allows our line crew to do both initial and recurrent training in operating and operating tow equipment and moving aircraft, not on an actual aircraft. Which means there's no risk of damage to a tenant's property.

您在幻燈片右側看到的是我們自己製造的訓練裝置，它可以讓我們的航線工作人員進行操作和牽引設備以及移動飛機的初始和復訓，而無需在真正的飛機上進行操作。這意味著租戶的財產不會受到損害。

We do virtually all of our training now on this rig. One of the side benefits of that is you can train much more often. Again, if you're towing a $50 million airplane, you can be very, very judicious about the amount of time you spend on it. We don't do that anymore. Maybe others in the industry do, but that's one example of what we think is an innovative new approach to providing just top, top-level service.

我們現在幾乎所有的訓練都是在這個平台上進行的。這樣做的一個附帶好處是，你可以更頻繁地進行訓練。再說一遍，如果你拖的是一架價值 5000 萬美元的飛機，你就可以非常非常謹慎地控制花在它上面的時間。我們不再那樣做了。或許業內其他人也這樣做，但我們認為這是提供頂級服務的創新方法的一個例子。

We've also instituted what we call the Sky standard property management program. It's not just about the service. It's also about the upkeep of these facilities, which have to be six stars, and I think our residents have come to expect that. And we've invested quite heavily in managing that centrally and getting really the best property management program in aviation across the country. Next slide.

我們也推行了所謂的「天空標準物業管理計畫」。這不僅僅是服務的問題。這也關係到這些設施的維護，它們必須達到六星標準，我認為我們的居民已經對此有所期待。我們投入了大量資金進行集中管理，力求全國打造航空業最佳的資產管理方案。下一張投影片。

Looking ahead, on-site acquisition, again, we've said that we believe we're on course to meet our guidance for 2025. That's 23 airports by the end of the year. In 2026, the focus will be on number one, max revenue capture, that is, the Tier 1, the best airports in the country, is our primary focus.

展望未來，就現場收購而言，我們再次表示，我們相信我們能夠實現 2025 年的目標。到年底將達23個機場。2026 年，我們的重點將是實現收入最大化，也就是說，一級機場，也就是全國最好的機場，是我們的主要關注點。

Then, secondarily, there is the same field expansion. And again, what we're finding is in the airport we're already operating, we know the players, both on the airport sponsor side and in the resident community, have real intimate knowledge of how that market works and how it's evolving.

其次，還有同樣的場擴展。我們再次發現，在我們已經營運的機場中，無論是機場贊助商還是當地居民，都對這個市場的運作方式和發展趨勢有著非常深入的了解。

There are just great benefits in expanding. I would say if you could double the ground lease at an existing airport, it's probably worth a lot more than establishing a new ground lease on a brand-new airport, all other things held equal.

擴張有很多好處。我認為，如果能將現有機場的土地租賃面積擴大一倍，其價值可能比新建機場並簽訂新的土地租賃合約要高得多，前提是其他條件相同。

On top of that, as I alluded to with the in the phasing discussion, there are real operational efficiencies. If you double the size of your campus, you do not need to double the size of your team or double your equipment list on that campus. Moving on to development.

除此之外，正如我在分階段討論中提到的那樣，還有實際的營運效率提升。如果你的校園面積擴大一倍，你不需要將團隊規模擴大一倍，也不需要將校園內的設備清單擴大一倍。接下來進入開發階段。

We feel ready for all the reasons I enumerated on the last slide. We feel ready for the surge in 2026. It's almost an order of magnitude change in the scope and volume of our manufacturing and construction. And there's going to be another one in 2027, another phase shift or step-up in development volume in 2027, and we're getting ready for that.

鑑於我在上一張投影片中列舉的所有原因，我們已經準備好了。我們已做好迎接2026年需求激增的準備。我們的製造業和建築業的規模和產量幾乎發生了十倍的變化。2027 年還將有另一次，2027 年開發規模將迎來另一次階段性轉變或提升，我們正在為此做好準備。

Leasing, we have grown the leasing team threefold as the volume of leasable space has gone up. All of the growth in that team has been veterans. Some of the people who track us closely know, we've had really great success in recruiting military veterans to our team, a lot of benefits to a team that's so heavily weighted toward veterans, and that's been a big advantage.

租賃方面，隨著可租賃空間的增加，我們的租賃團隊規模擴大了三倍。該隊所有新晉球員都是老將。一些密切關注我們的人都知道，我們在招募退伍軍人加入我們的團隊方面取得了巨大的成功，對於一支退伍軍人佔比很高的團隊來說，這帶來了很多好處，也是一個很大的優勢。

Order of operations, let's start with the short term. We're bringing those blue campuses from one of the previous slides to 100% occupancy. That is mission number oen. Mission number two is bring those campuses to market rents, meaning cycle those short-term leases to longer-term leases at higher rents. That's when we call those campuses fully stabilized.

操作順序，我們先從短期開始。我們正在將先前幻燈片中提到的那些藍色校區實現 100% 入住率。這是第一項任務。第二個任務是讓這些校區的租金達到市場水平，也就是說，將短期租賃合約轉為租金較高的長期租約。那時我們就稱這些校園完全穩定了。

And then circle back to our legacy campuses to focus on revenue enhancement, where, again, we've had perhaps too small a leasing team. It took us a little longer than I would have liked to get to the size of the leasing team that we have today. Now that we have it, though, it's going back, really culling those waiting lists in Miami and in Nashville and the various other locations and looking for the best residents to bring in.

然後回到我們的傳統園區，專注於收入成長，而在這方面，我們可能又缺少一支規模較小的租賃團隊。我們組成如今這樣規模的租賃團隊所花費的時間比我預想的要長一些。但現在我們已經掌握了這些訊息，接下來就要重新審視邁阿密、納許維爾以及其他各個地方的等候名單，尋找最優秀的居民來入住。

It's not just a matter of maximizing revenue. It's a matter of bringing the best residents in the industry into Sky Harbour. And then longer term, as we've discussed, we're migrating, starting with Bradley, Connecticut, to a pre-leasing model where we go out and lease these campuses up well in advance.

這不僅僅是最大化收入的問題。關鍵在於將業內最優秀的居民引入天空港灣。從長遠來看，正如我們討論過的，我們正在從康乃狄克州布拉德利開始，逐步過渡到預租模式，提前租賃這些校園。

Remember, we have tenant leases already in Bradley, which is 12 months out, and Dallas, which is 18 months out for delivery. And I'll just take a moment to also just note with gratitude that people are affording us the credibility to put down cash deposits and enter binding leases on products that we're only going to be delivering 1.5 years from now.

請記住，我們在布拉德利和達拉斯都有租戶租賃合同，分別在 12 個月和 18 個月後交付。我還要藉此機會表達我的感激之情，感謝大家給予我們信任，願意支付現金定金並簽訂具有約束力的租賃合同，而我們實際上要到 1.5 年後才會交付產品。

And that really is, at least for me, a milestone event in the evolution of this company. Lastly, operations. We have a very active resident feedback loop. A lot of our residents' principals speak to me directly, which we value a ton, both for better and for worse, when we do something good and when we do something bad, which allows us to really institute a rapid feedback loop, which I think people increasingly appreciate. We certainly do because it's making us better all the time.

對我而言，這確實是公司發展歷程中的里程碑事件。最後，營運。我們擁有非常活躍的居民回饋機制。我們許多居民的校長都會直接和我溝通，我們非常重視這一點，無論好壞，無論我們做得好還是做得不好，這都能讓我們真正建立一個快速的反饋循環，我認為人們越來越欣賞這一點。當然，因為這讓我們不斷進步。

On the defense side, I made the same point last time, and I think they're critical and they stand every time is we aim to be absolutely bulletproof on safety, security, and efficiency. That's not where we get creative. That's where we're perfect.

在防禦方面，我上次也表達了同樣的觀點，我認為這些觀點至關重要，而且始終不變，那就是我們的目標是在安全、保障和效率方面做到絕對萬無一失。我們發揮創造力的地方並不在這裡。我們在這方面簡直完美。

And then offense is where we get creative, continue innovating, introducing new services or new variations on services, customized services that really delight the residents, and they're often created in partnership with the residents to continue really growing that value gap between the Sky Harbour offering and really anything else that you can access in business aviation. And with that, I think we are done.

然後，進攻方面，我們會發揮創造力，不斷創新，推出新服務或新服務版本，提供真正令居民滿意的定制服務，這些服務通常是與居民合作創建的，以繼續擴大天港機場提供的服務與公務航空領域其他任何服務之間的價值差距。至此，我想我們結束了。

Thank you, Tal. This concludes our prepared remarks. We now look forward to your questions. Operator, please go ahead with the queue.

謝謝你，塔爾。我們的發言稿到此結束。現在我們期待您提出問題。操作員，請繼續排隊。

(Operator Instructions) Your first question comes from Tom Catherwood with BTIG. The question is, with the pre-leasing program now becoming the standard approach for all new developments, how will Sky Harbour manage the potential risk of locking in lease economics before the full scope of construction costs is determined?

（操作說明）您的第一個問題來自 BTIG 的 Tom Catherwood。問題是，隨著預租計畫逐漸成為所有新開發案的標準做法，天港城將如何管理在確定全部建造成本之前鎖定租賃經濟效益的潛在風險？

Thanks, Tom. Good question. I'd say two things. Number one, as we systematize and diversify, we think the risk of significant overruns in any of these projects continues to come down. We certainly were in the early days when we were maybe a little bit more experimental and bringing a different hangar design to each new campus.

謝謝你，湯姆。問得好。我想說兩點。第一，隨著我們逐步實現系統化和多元化，我們認為這些專案中出現重大超支的風險會持續降低。在早期，我們確實更傾向於嘗試新事物，為每個新校區設計不同的機庫。

I think the risk was significantly higher. We've, I think, lowered that considerably. Remember that we're locking in guaranteed maximum price contracts on these projects, which further mitigates the risk. Secondly, the objective is not to get to full occupancy through pre-leasing. So we have yet to determine what the optimum is.

我認為風險要高得多。我認為我們已經大幅降低了這個數字。請記住，我們為這些項目簽訂了最高限價保證合同，這進一步降低了風險。其次，我們的目標不是透過預租來達成滿​​租。所以我們尚未確定最佳方案是什麼。

It's going to be north of 50%, but does that mean 60%, 70%? It's not 100%, but we do want to leave a little bit in reserve for later. Fundamentally, the real risk here, assuming construction is going to cost what it costs. The real risk here is underestimating a market's potential.

將會超過 50%，但這是否意味著 60%、70%？雖然還沒到百分之百，但我們確實想留點餘地以備後用。從根本上講，真正的風險在於，假設建設成本將維持現狀。真正的風險在於低估市場的潛力。

If we think this is a $50 a foot market and it ends up being a $60 a foot market, that is the basic risk we're taking. So I think between those two factors, that risk is significantly mitigated. But it's certainly something that's on our mind, and I appreciate the question.

如果我們認為這是一個每平方英尺 50 美元的市場，而最終市場價格變成了每平方英尺 60 美元，這就是我們所承擔的基本風險。所以我認為，這兩個因素加在一起，風險就大大降低了。但這確實是我們一直在考慮的問題，我很感謝你的提問。

Your next question comes from Timothy D'Agostino with B. Riley Securities. The question is, are any properties in operation over 100% occupancy? Can you talk about which ones those would be?

下一個問題來自 B. Riley Securities 的 Timothy D'Agostino。問題是，目前營運中的物業入住率是否超過 100%？能具體說說是哪些嗎？

Yes. Thanks, Tim. You might have posted this question before we hit the slide. So just in case you skip back to the leasing slide, you'll see examples like San Jose, which are significantly above 100% occupancy. What you'll find is that the more heavily weighted we are to semi-private hangars versus private hangars, the higher the occupancy is going to be.

是的。謝謝你，提姆。你或許在我們講到幻燈片之前就已經提出這個問題了。所以，萬一你跳回租賃幻燈片，你會看到像聖荷西這樣的例子，其入住率遠高於 100%。你會發現，半私人機庫相對於私人機庫的比例越高，入住率就越高。

And remember, all of the new campuses are Sky Harbour 37 hangars, which just geometrically fit more aircraft, meaning the ratio of aircraft square footage to hangar square footage can be a lot higher in the Sky Harbour 37 than it can be in a Sky Harbour 16. So I think you'll see hopefully an increase in occupancy as we go forward with these new airports.

請記住，所有新校區都是 Sky Harbour 37 機庫，其幾何形狀可以容納更多飛機，這意味著 Sky Harbour 37 的飛機面積與機庫面積之比可能比 Sky Harbour 16 高得多。所以我認為，隨著這些新機場的陸續投入使用，入住率有望提高。

Your next question is from Ryan Meyers with Lake Street Capital Markets and is as follows: Congrats on another solid quarter showing progress. First question for me. Is there anything from this quarter, qualitative or quantitative, that highlights early signs of scale in the business?

下一個問題來自 Lake Street Capital Markets 的 Ryan Meyers，問題如下：恭喜你們又一個季度業績穩健成長。我的第一個問題是：本季是否有任何定性或定量數據表明公司業務已初具規模？

Yes. So what I can say on that is there doesn't have to be too much guesswork, Ryan, on that is that there's a funnel in this business. And it really goes along the lines that I've been enumerating in all of these calls, which is look at site acquisition, look at development pace and then look at operations as revenues start flowing, which will give you a very solid sense of what that is.

是的。所以，瑞恩，我可以說，這方面不需要太多猜測，因為這個產業是有流程的。這其實和我之前在所有這些電話會議中提到的思路一致，那就是關注選址、發展速度，然後在收入開始流入時關注運營情況，這將讓你對情況有一個非常清晰的了解。

So if you look at 2025, where for most of 2025, we were under construction in three campuses, Denver, Dallas, and Phoenix. In 2026, that goes to 10. So there's a very significant scale. Now, the revenues from that will start accruing in a real step function. This is not incremental growth starting in late 2026 and entering 2027.

所以，如果你看看 2025 年，你會發現 2025 年的大部分時間裡，我們在丹佛、達拉斯和鳳凰城這三個校區都在建設中。到 2026 年，這個數字將達到 10。所以規模非常大。現在，由此產生的收入將開始呈現階躍式成長。這不是從 2026 年底到 2027 年的漸進式成長。

If you look at the pipeline, watch the pipeline closely, if we hit the 23 airports by the end of this year, and we'll obviously publish new guidance for site acquisition in 2026, you see how the top of the funnel widens, and I think you can trace directly from that to revenues. So I think that's probably the best way to look at that question.

如果你仔細觀察專案進展，密切注意專案進展，如果我們能在今年年底前涵蓋 23 個機場，而且我們顯然會在 2026 年發布新的選址指導方針，你就會發現專案規模正在擴大，我認為你可以直接從中追溯到收入。所以我認為這可能是看待這個問題的最佳方式。

Your next question is from Gaurav Mehta with Alliance Global Partners. They ask, What are the details on the potential five-year $75 million to $100 million tax-exempt bond? What's the potential timing? And what is the expected rate?

下一個問題來自 Alliance Global Partners 的 Gaurav Mehta。他們問道：這項潛在的五年期 7,500 萬至 1 億美元的免稅債券的具體細節是什麼？大概時間是什麼時候？預期利率是多少？

Thank you, Gaurav. This is Francisco. Thanks also for your coverage of our company. Yes. So we're looking at a financing that could come to market as early as next month and as late as January or February.

謝謝你，高拉夫。這是弗朗西斯科。感謝貴方對我們公司的報道。是的。因此，我們正在考慮的融資方案最快可能在下個月上市，最晚可能在明年一月或二月上市。

And think about it as a holding company issuance, meaning that it will be structurally subordinated to the existing bondholders in the obligated group and the JPMorgan facility. So it will basically come in lieu of issuing equity.

可以把它看作是一家控股公司發行的債券，這意味著它在結構上將次於現有債券持有人（包括債務集團和摩根大通的債券持有人）。所以它基本上會取代發行股票的方式。

So in terms of expected rates, it's going to be subject to market conditions, but this is a transaction that we hope will be in the 6% area. And if rates don't come at the level that we're looking for, then we'll just not do the deal.

因此，就預期利率而言，這將取決於市場狀況，但我們希望這筆交易的利率能在 6% 左右。如果利率達不到我們預期的水平，那我們就不做這筆交易了。

One of the things, as I mentioned earlier, to have the flexibility that our liquidity provides is that we tap the markets that make sense. And if we don't like the pricing, we just don't do the deal and look at other alternatives or weigh things like that. So that's like the short answer to your question.

正如我之前提到的，我們利用流動性所提供的彈性，可以進入合適的市場。如果我們不滿意價格，我們就取消交易，尋找其他替代方案或權衡其他因素。這就是你問題的簡短答案。

Thank you for the question. Next is from Peyton Steel. The JV deal implies that the hangar is valued at 41 mm. At that valuation, are you looking to do more of these deals? How are you evaluating this strategy versus the core operation of leasing hangars over the life of the ground lease?

謝謝你的提問。接下來是佩頓鋼鐵公司的數據。合資協議意味著該機庫價值 41 毫米。按照這個估值，您是否打算進行更多此類交易？您如何評估此策略與在地面租賃期間內租賃機庫的核心營運模式之間的差異？

Peyton, thanks for the question. Let me answer it, and let me ask Francisco to answer it, because I think you commented on it from two directions. I think what you're implying here, without getting into valuations specifically, is that the net present value of a 50-year stream of lease revenue is probably significantly higher than what you've calculated here, and we agree with that.

佩頓，謝謝你的提問。讓我來回答這個問題，也請弗朗西斯科來回答一下，因為我覺得你從兩個方面都發表了評論。我認為你在這裡暗示的（暫且不談具體的估值），50 年租賃收入流的淨現值可能比你在這裡計算的要高得多，我們同意這一點。

I think that's true. However, I don't know that that should be the only bogey for doing these deals. I think there's a capital formation angle that you need to take into account as well. So Francisco, can you talk to that for a minute?

我認為確實如此。然而，我不認為這應該是進行這些交易的唯一障礙。我認為還需要考慮資本形成的問題。弗朗西斯科，你能花一分鐘時間談談這件事嗎？

Yes, sure. Thank you, Tal, and thank you, Peyton, for the question. Indeed, we look, as I mentioned earlier, at all the alternatives in terms of equity, debt, different structures, and so on. And we're always looking at what makes sense for the company from a risk-reward perspective and a cost of capital perspective.

當然可以。謝謝塔爾，也謝謝佩頓提出的問題。正如我之前提到的，我們會考慮股權、債務、不同結構等所有可能的替代方案。我們始終從風險回報和資本成本的角度來考慮什麼對公司來說是合理的。

So at this juncture, when the equity markets seem not to fully capture basically what we believe is the value of this company, looking at the monetization of very deliberate one or two hangars here and there makes a lot of sense in lieu of having to issue equity at the current prices.

因此，在當前股票市場似乎尚未完全反映我們認為這家公司的價值之際，與其以當前價格發行股票，不如考慮將一兩個機庫進行精心策劃的貨幣化，這很有意義。

So of course, our core business, as Tal mentioned, is the leasing of hangars over time. The present value of our expected leasing rates and cash flows, we believe, is higher even than the implied valuation that you mentioned of $41 million. But still, the analysis doesn't end there. The license will be compared to our alternatives. And right now, we're looking to take advantage of this opportunity.

所以，正如塔爾所提到的，我們的核心業務當然是長期租賃機庫。我們認為，我們預期的租賃價格和現金流的現值甚至高於您提到的 4,100 萬美元的隱含估值。但分析並未就此結束。我們將把該許可證與我們的替代方案進行比較。現在，我們正尋求抓住這個機會。

I will also say the following. There are certain potential tenants out there that just intrinsically don't like to rent. So by looking at opportunities where they can actually have an opportunity to acquire a hangar rather than rent it, it basically also expands our universe a little bit on that front. Anyway, but a very good question, and that's like the balanced approach and why we're taking advantage of this.

我還要補充以下幾點。有些潛在租客天生就不喜歡租房子。因此，透過尋找他們能夠真正獲得機庫而不是租賃機庫的機會，這實際上也稍微擴展了我們在這一領域的視野。總之，這是一個很好的問題，這就引出了平衡的方法以及我們為什麼要利用這一點。

By the way, Peyton, I'll add to that. I don't know that it's exactly a strategy. I mean, you asked how you are evaluating the strategy versus the core operation. I don't know if it's exactly a strategy. We might do one, we might do two, maybe three of these.

對了，佩頓，我還要補充一點。我不知道這算不算是一種策略。我的意思是，你問的是如何評估策略與核心營運之間的關係。我不知道這算不算是一種策略。我們可能會做一件，可能會做兩件，也可能做三件。

I don't see this becoming part of the -- remember, we don't need that much more equity to fund our development. This is primarily a cost of capital question. So you are right, I mean, once you're covered in terms of your equity, it really becomes a matter of maximizing net present value.

我不認為這會成為其中的一部分——記住，我們不需要那麼多股權來資助我們的發展。這主要是資金成本問題。所以你是對的，我的意思是，一旦你的權益得到了保障，剩下的就真的就是最大化淨現值了。

Your next question is a follow-up from Tom Catherwood. By our math, the letter of intent for a 75% JP ownership stake in a S834 hangar at OPS LL implies a gross valuation of more than $1,000 per square foot.

你的下一個問題是湯姆·卡瑟伍德提出的後續問題。根據我們的計算，JP公司擬收購OPS LL S834機庫75%所有權股份的意向書意味著每平方英尺的總估值超過1000美元。

With an expected cost of roughly $353 per square foot, this deal represents a development margin of more than 180%. Is this indicative of value across your portfolio? Or is the deal unique, given the specific needs of your JP partner?

預計每平方英尺的成本約為 353 美元，這筆交易的開發利潤率超過 180%。這是否顯示您的投資組合整體有價值？或者，鑑於貴公司日本合作夥伴的具體需求，這筆交易是否具有獨特性？

Yes. Tom, thanks for that. And by the way, I really enjoyed your research coverage. I think you've got us dialed in, I think, quite well. Look, a similar question to the previous one.

是的。湯姆，謝謝你。順便說一句，我非常喜歡你們的研究報告。我認為你已經把我們了解得很清楚了。你看，這個問題和上一個問題類似。

I wouldn't say it's indicative of the value across the portfolio necessarily, but it's also not unique to the specific needs of that JV partner. Anybody who has an appreciation of who's living in that market, I think, comes to the same conclusion that we come to, which is that the airport system is Manhattan. It's Manhattan. You cannot build more airports in this country. There is no room for it.

我不會說這一定能反映整個投資組合的價值，但這也不是該合資夥伴特有的需求。我認為，任何了解這個市場中居民組成的人都會得出和我們一樣的結論，那就是機場系統就是曼哈頓。這裡是曼哈頓。在這個國家，你不能再蓋更多的機場了。沒有地方容納它。

So we are stuck with a static supply of developable land for what a very, very growing demand, a very sharply growing demand for aviation hangar space. So what I'd recommend is that all the analysts do is look at the model's sensitivity to inflation assumptions.

因此，我們面臨著可開發土地供應停滯不前，而航空機庫空間的需求卻在急劇增長的困境。所以我建議所有分析師都應該關注模型對通膨假設的敏感度。

And again, I'm not saying we're going to necessarily hit the same inflation rate as Manhattan residential real estate over the past decades, but I wouldn't be surprised if we do. Anybody who shares that view, I think, understands that there is tremendous value here. Again, we tend to think it's worth more than what we're selling it for today.

我再次強調，我並不是說我們一定會達到過去幾十年曼哈頓住宅房地產的通膨率，但如果真的達到了，我不會感到驚訝。我認為，任何持這種觀點的人都會明白，這裡面蘊含著巨大的價值。我們通常認為它的價值高於我們今天的售價。

So I think we're creating win-wins with some of these people because, again, it's primarily a cost of capital question for us. So I think it's a good compromise for us to be making. Francisco, do you want to add something?

所以我認為我們正在與這些人創造雙贏局面，因為，再說一遍，這對我們來說主要是資金成本問題。所以我認為這對我們來說是一個很好的折衷方案。弗朗西斯科，你還有什麼要補充的嗎？

Yes, I just wanted to add on to your math. Just be aware that given the square footage of the Sky Harbour, the implied valuation is roughly about $1,200 per constructed rentable square foot of that hangar, and we hope to come in at a cost lower than $353. So basically, you're looking at north of 2x or maybe even 3x our cost in terms of the implied valuation.

是的，我只是想補充一下你的計算。請注意，考慮到天空港的建築面積，該機庫每平方英尺可出租面積的隱含估值約為 1200 美元，我們希望最終成本低於 353 美元。所以基本上，就隱含估值而言，你看到的可能是我們成本的 2 倍甚至 3 倍以上。

That's the cost of the hangar, not the cost of getting to a place where you can actually put these hangars up.

那是機庫本身的成本，而不是到達可以實際建造這些機庫的地方的成本。

Your next question is from Joe Jackson. Regarding the Miami JP, how was the $30.75 million valuation for a 75% stake determined? Is this a repeatable financing model you plan to use at other campuses?

下一個問題來自喬傑克森。關於邁阿密JP，75%股份的估值3,075萬美元是如何確定的？這是你們計劃在其他校區推廣的可複製的融資模式嗎？

Yes. So again, it's a similar question. We definitely think it's repeatable. We don't know that we're going to want to repeat it too much, but it's certainly repeatable. There's definitely demand for this across the country.

是的。所以，這又是一個類似的問題。我們絕對認為它是可以重複的。我們不知道是否會經常重複這種方法，但它肯定是可以重複的。全國各地對這種產品的需求非常旺盛。

Your next question is from Philip. Congratulations on the quarter. What are your thoughts about more hangers similar to the 75% in Miami and in SPV? Also, are these more likely to happen if the equity price for Sky Harbour is below what is attractive to raise equity capital? Or is that not a major factor?

下一個問題來自菲利普。恭喜你本季取得佳績。您對在邁阿密和聖保羅建造更多類似 75% 的機庫有什麼看法？另外，如果 Sky Harbour 的股權價格低於籌集股權資本的吸引力水平，這些情況是否更有可能發生？或者說，這並非一個主要因素？

So definitely, we get a lot of focus on this particular transaction. Philip, you're bringing a new angle to it. And I think if I understand your question right, you get this. This is not the new business model for Sky Harbour. It's about the cost of capital.

所以，毫無疑問，這筆交易受到了許多關注。菲利普，你帶來了一個新的視野。我想如果我理解你的問題沒錯的話，你應該可以明白我的意思。這並非雪梨天港機場的新商業模式。關鍵在於資金成本。

And it's about getting to a place where the company is not reliant on primary equity issuance to fund its growth, even if that growth is as fast as we hope it's going to be. We want to be independent of the primary issuance market as a benefit, obviously, to all current shareholders of the company.

而最終目標是讓公司不再依賴發行股票來為其成長提供資金，即使這種成長速度如我們所願。我們希望獨立於一級發行市場，這顯然對公司所有現有股東都有好處。

There is some breakeven. We're probably going to be debating that late at night over the coming year or so is what is the share price at which it does make sense to raise private equity in the company, considering the options that we have. Remember, there are, I don't know how many, 70-some hangers in the network today.

存在一定的損益平衡點。在接下來的一年左右的時間裡，我們可能會在深夜裡討論這樣一個問題：考慮到我們擁有的各種選擇，當公司股價達到什麼水平時，透過私募股權融資才是合理的。記住，如今網路中有，我不知道有多少，大概有70多個機庫。

It's not taking a significant bite out of your total addressable market if you do two or three deals like this. So that is something that I think is probably not unlikely to happen over the coming months. But you're absolutely right that the equity price is a factor that we have to consider.

如果你做兩三筆這樣的交易，並不會大幅減少你的潛在市場。所以我認為，這種情況在未來幾個月內發生的可能性並非不大。但您說得完全正確，股票價格是我們必須考慮的因素。

Your next question is from Ryan Meyers. Do you think you could see similar JP partnerships across other campuses like the one you announced at Miami Phase 2?

下一個問題來自 Ryan Meyers。您認為能否像您在邁阿密二期專案上宣布的那樣，在其他校園也看到類似的JP合作關係？

Yes. Again, I think all these questions were probably asked before. So I think we've addressed that. Why don't we go to the next question?

是的。我覺得這些問題可能之前都有人問過了。所以我覺得我們已經解決了這個問題。我們為什麼不直接進入下一個問題？

Next is Gaurav M. Is there an opportunity to do pre-leasing at more airports?

接下來是 Gaurav M. 的問題。是否有機會在更多機場進行預租？

Yes. Gaurav, thanks for the question. The strategy going forward is pre-leasing. So starting with Bradley, Connecticut, we want to do pre-leasing at all future airports.

是的。Gaurav，謝謝你的提問。未來的策略是預租。因此，我們希望從康乃狄克州布拉德利機場開始，在所有未來的機場進行預租賃。

Next is from Peter Hendricks. It has been projected that some of the NY area locations can reach rents of $100 per square foot. Do you think this is possible? Where is BDO shaking out in your pre-leasing?

接下來是彼得·亨德里克斯的發言。據預測，紐約地區部分地段的租金可能達到每平方英尺 100 美元。你認為這有可能嗎？BDO在你們的預租市場中表現如何？

The answer is it's definitely possible. Bradley is not at $100 a square foot today, but let's see how that goes. Remember, these are pre-leases that are way out. So we think the willingness to pay when we're ready to open and there's a very short supply will hopefully be significantly higher.

答案是：這絕對有可能。布拉德利目前的房價還沒有達到每平方英尺 100 美元，但讓我們拭目以待。請記住，這些都是遠期的預租屋來源。因此，我們認為，當我們準備開業且供應非常短缺時，人們的支付意願有望顯著提高。

Remember also that the closer you get to New York City, the higher the rents at those airports. And of the four New York airports, Bradley is actually the farthest from New York City. So that's actually a significant repositioning flight from Bradley to New York and back. But the big answer is yes, we do think that's possible.

也要記住，離紐約市越近，機場附近的租金就越高。在紐約的四個機場中，布拉德利機場其實是距離紐約市最遠的。所以這其實是從布拉德利機場到紐約機場再回程的重要調機航班。但總的來說，答案是肯定的，我們認為這是有可能的。

Your next question is from Alan Jackson. Two questions. Can you please provide a status update on when Sky Harbour expects to receive investment-grade ratings? I believe the original target was the end of this year.

下一個問題來自艾倫傑克森。兩個問題。請問天港國際機場預計何時能獲得投資等級信用評等？我相信最初的目標是今年年底。

Second question, in general, what percentage of the portfolio leases are expected to expire in 2026? Should we expect the same step-up in rental revenue on the second term of the lease as discussed in prior calls?

第二個問題，總體而言，預計到 2026 年，投資組合租賃合約將有多少百分比到期？我們是否應該預期租賃合約第二期租金收入會像之前電話會議中討論的那樣出現同樣的增長？

Very good question. I'll answer the first one. Tal will take the second one. In terms of the first one, as you heard us say before, we're very conscious that we want to take a program to invest in grade ratings, and we want to arrive at the ratings with our best foot forward to not just be a BBB- hanging by the balance, but be a very strong BBB-.

問得好。我先回答第一個問題。塔爾將拿下第二個。關於第一點，正如你們之前聽到我們所說，我們非常清楚，我們想要投資於評級計劃，我們希望以最好的姿態獲得評級，而不僅僅是勉強達到 BBB- 的水平，而是成為一個非常強大的 BBB-。

If you let me, I'm going to make the case to the rating agencies that we should go right to BBB, but let me temper also everybody's expectations. The idea here is that now that we're completing the leasing of these three new campuses, and then we will open Opa Loca phase two, and then we will finish Addison in the next year.

如果可以的話，我會向評級機構提出我們應該直接向商業改進局 (BBB) 申訴的理由，但我也要提醒大家降低一下期望值。我們的想法是，既然我們已經完成了這三個新校區的租賃工作，那麼我們將開放 Opa Loca 二期，然後在明年完成 Addison 的建設。

Next summer is really where we want to approach the rating agencies, where we're basically now, and show the full power of the cash flow generation of these various campuses. And that we have basically completed and taken away the construction risk of this portfolio, we believe that that's the opportune time to approach the rating agencies and see the BBB- and hopefully BBB ratings. Tal?

明年夏天，我們真正想接觸評級機構，也就是我們現在所處的位置，並向他們展示這些不同校區的全部現金流生成能力。鑑於我們已經基本完成了該項目的建設，並消除了該項目的建設風險，我們認為現在是與評級機構接洽，爭取獲得 BBB- 甚至 BBB 評級的最佳時機。塔爾？

Yes. So Allan, I don't know what the actual percentage of portfolio leases that were expected to expire in 2026. What I'll say is it's more significant because if you look at the mature campuses, Houston, Miami, Nashville, you'll see that the average tenor on those leases is very long.

是的。所以艾倫，我不知道預計在 2026 年到期的投資組合租賃合約的實際百分比是多少。我想說的是，這意義更加重大，因為如果你看看那些成熟的校園，像是休士頓、邁阿密、納許維爾，你會發現這些租賃合約的平均期限都非常長。

I don't know exactly what it is, but I'm guessing more than five years, because those are campuses that are in a relatively permanent state. We're much closer to finishing cycling out of the shorter-term leases, where we've compromised both on the identity of the resident and on the revenue per square foot.

我不太清楚具體時間，但我估計超過五年，因為這些校園都處於相對穩定的狀態。我們距離徹底淘汰短期租賃合約已經更近了一步，因為在短期租賃合約中，我們在住戶的身份和每平方英尺的收入方面都做出了妥協。

The new campuses are in that first phase. So Dallas, Denver, and Phoenix are all in that phase where our objective is to get to 100% occupancy first with compromises at least on the shorter-term leases, and then go back and recycle. So we do think you're going to get those step-ups, perhaps even higher step-ups here because that was not the deliberate strategy in Miami, Houston, and Nashville.

新校區目前處於第一階段。所以達拉斯、丹佛和鳳凰城都處於這樣的階段：我們的目標是先在短期租賃方面做出妥協，以達到 100% 的入住率，然後再進行循環利用。所以我們認為你在這裡會得到這些進步，甚至可能得到更高的進步，因為在邁阿密、休士頓和納許維爾，這並不是我們刻意採取的策略。

Your next question is from Philip. What are your thoughts on new locations for 2026?

下一個問題來自菲利普。您對2026年的新地點有什麼想法？

Well, Phil, thanks. That's probably one of the areas where we think we should be playing our cards as close as possible to our best. Probably the most proprietary thing that we do is site acquisition in the company. Again, we're structured in a way that we really couldn't find any other company. We couldn't find people to hire who have this skill set to do the type of site acquisition we do at airports across the country.

菲爾，謝謝你。這或許是我們應該盡可能發揮最佳水準的領域之一。公司裡最專有的技術可能就是網站收購了。再說一遍，我們的組織架構是我們在其他公司找不到的。我們找不到具備這種技能的人員來從事我們在全國各地機場進行的那種站點選址工作。

And the targeting methodology is key to that. It's not always so obvious which airports we should be going after and which airports we actually are going after. So apologies, I'm not going to get any more specific on that other than to say the primary focus is on Tier 1 airports.

而目標定位法則是關鍵所在。我們應該瞄準哪些機場，以及我們實際瞄準了哪些機場，這些機場並不總是那麼顯而易見。很抱歉，除了說主要關注點是第一梯隊機場之外，我不能透露更多細節。

The next question is from Tess. Your projected DSCR is 3 basis points above your covenant level in 2026. How do you weigh the probability of a cure in the case of a delay or slow leasing?

下一個問題來自 Tess。預計 2026 年您的債務償債比率 (DSCR) 將比您的契約水準高出 3 個基點。如果出現延誤或租賃緩慢的情況，如何評估治癒的可能性？

Yes. Thank you for the question. It's important for those of you guys following the obligator Group and, of course, we have been slower or a little bit delayed in terms of delivery of these campuses than at the time that we projected this portfolio four years ago, when we did the bond deal. But the construction costs, as you all know, have been higher. As you know, we all basically met that with additional equity in the portfolio.

是的。謝謝你的提問。對於關注債務人集團的各位來說，這一點很重要。當然，與四年前我們進行債券交易時預測該投資組合的情況相比，我們在交付這些校區方面速度較慢或有所延誤。但大家都知道，建設成本更高。如您所知，我們基本上都是透過在投資組合中增加權益來滿足這一需求的。

But the most important thing, as Tal has mentioned before, and we mentioned in prior calls, is that rents ended up being higher than what we forecasted and higher on a present value basis than the cost increases. Thus, debt service coverage when you look out into the future is actually higher than what we forecasted at the time of the bond issuance four years ago.

但正如 Tal 先前提到的，也是我們在先前的電話會議中提到的，最重要的是，租金最終高於我們的預測，而且以現值計算也高於成本成長。因此，展望未來，債務償付覆蓋率實際上高於我們四年前發行債券時的預測。

And as we mentioned earlier in the press release and as Tim discussed, we just filed the, quote-unquote, pivot in the Oliga Group, bringing the second phase of ASO to the Oliga Group and pushing out the Centennial phase two. And as part of that, you're required to file an updated market and feasibility report, basically on the entire portfolio of properties.

正如我們在先前的新聞稿中提到的，也正如蒂姆所討論的，我們剛剛在 Oliga Group 提交了所謂的「轉型」文件，將 ASO 的第二階段帶到了 Oliga Group，並推出了百年紀念計劃的第二階段。作為其中的一部分，您需要提交一份更新的市場和可行性報告，基本上涵蓋所有房產組合。

I encourage everybody to look at the EMA MSRB filing that we did today, and be able to look at this comprehensive report that has a lot of information regarding all our campuses. Obviously, it's their assumptions, their work, and so on, but it gives you a sense of what coverage is going to be in the future. And so we are very comfortable that the debt service coverage covenant test will be met in terms of compliance.

我鼓勵大家看看我們今天提交給 EMA MSRB 的文件，這份綜合報告包含了我們所有校區的大量資訊。顯然，這是他們的假設、他們的工作等等，但這可以讓你了解未來報道的走向。因此，我們非常有信心，債務償付覆蓋率契約測試將符合合規要求。

Your next question is from Pat McCann with NOBLE Capital Markets. Can you elaborate on the statement that 2026 will be focused on max revenue capture?

下一個問題來自NOBLE Capital Markets的Pat McCann。您能否詳細說明一下「2026 年將重點放在實現收入最大化」這一說法？

Yes. Thanks, Pat. If you think about it, we have a defined threshold that we've published that we want to see a double-digit yield on cost on the basis of current revenues at an airport and our projected construction costs at that airport. If you only use that criterion, there are 200 airports in the country where you can do that. I'm not going to name an airport specifically, but there are a lot of attractive airports in the country.

是的。謝謝你，帕特。仔細想想，我們已經公佈了一個明確的門檻，那就是我們希望看到機場的當前收入和我們預計的建設成本能夠達到兩位數的成本收益率。如果只使用這個標準，那麼全國有 200 個機場可以滿足這個條件。我不會具體點名哪個機場，但這個國家有很多很有吸引力的機場。

Now that we have our methodology in the place that we want it, and we have existing processes at the top airports in the country, we want to shift our focus, at least for the time being, to the airports where you can get much more than just double-digit yield on cost on those airports.

現在我們的方法論已經達到了我們想要的水平，並且在全國頂級機場也建立了相應的流程，因此我們希望至少在目前，將重點轉移到那些能夠獲得遠超兩位數成本收益的機場。

And as I've said here before, the denominator of yield on cost, which is primarily construction costs, right, because OpEx is pretty low in our business, that construction cost varies within a fairly tight range across the country. It's not double in one place what it is in another, whereas the numerator, the revenue, is very significant. We're in the real estate business. It's primarily about location.

正如我之前在這裡所說，成本收益率的分母主要是建設成本，對吧？因為在我們這個行業，營運支出相當低，所以全國各地的建設成本波動範圍都相當小。雖然一個地方的價格不是另一個地方的兩倍，但分子（收入）卻非常可觀。我們從事房地產行業。主要取決於地理位置。

So as we're in a place where I don't think we've still seen real competition come into our space, but we're anticipating it. I mean, we're on these calls every quarter, and people are seeing the numbers, what this business looks like. We're sure there are going to be other players in our space. We would like to be in the best 30, 40 airports in the country before we have robust competition. And then we'll compete for the remainder.

所以，雖然我認為我們目前還沒有看到真正的競爭進入我們的領域，但我們正在為此做好準備。我的意思是，我們每季都會開電話會議，大家都能看到這些數據，了解這家公司的經營狀況。我們確信未來還會有其他競爭者進入這個領域。我們希望在面臨激烈競爭之前，躋身全國前30、40名機場之列。然後我們將爭奪剩餘的席位。

We'll still be doing those airports, will still be out there. So I think that's the appropriate time to shift. By the way, by the time we get to those airports, the hope is that our construction costs through prototyping, manufacturing, value engineering, everything that we're doing to get that construction cost down, will be significantly lower, which now increases the universe of airports where you can achieve those double-digit yields on cost.

我們仍會繼續服務那些機場，仍會在那裡開展工作。所以我認為現在是轉變的好時機。順便說一句，當我們建成這些機場時，我們希望透過原型製作、製造、價值工程以及我們為降低建設成本所做的一切努力，能夠顯著降低建設成本，從而擴大能夠實現兩位數成本收益的機場範圍。

So hopefully, we get there. Cost of capital, of course, will also be a factor in that. But for the time being, call it 2026, we think the focus should be on getting the best airports in the country first, then circle back.

希望我們能實現目標。當然，資金成本也是一個影響因素。但就目前而言，暫且稱之為 2026 年，我們認為重點應該放在先建成全國最好的機場上，然後再回頭考慮其他問題。

Your next question comes from Dave Storms. Do you see a greater percentage increase between first and second leases of square feet that is private, and compared to square feet that is semi-private?

下一個問題來自戴夫·斯托姆斯。您是否發現，與半私人空間相比，私人空間的第一份和第二份租賃合約之間的租金漲幅百分比更大？

Well, in general, we're migrating to a more semi-private model, again, because of the occupancy rates. We do see that there are flight departments in the country that recognize, hey, look, you can get to 130% occupancy on this airport, like we are in San Jose today.

總的來說，我們正在朝著更偏向半私密的模式轉變，這同樣是因為入住率的原因。我們確實看到，國內有些航班部門意識到，嘿，瞧，這個機場的上座率可以達到 130%，就像我們今天在聖荷西看到的那樣。

Privacy is important enough to me that I'm going to pay you a 30% premium per square foot over what you're getting there, which is great for us, and we're happy to have that as well. So increasingly, we are migrating to a more semi-private weighted model.

隱私對我來說非常重要，所以我願意支付比你現在所租價格高出每平方英尺 30% 的溢價，這對我們來說是件好事，我們也樂於接受這樣的價格。因此，我們正越來越多地轉向半私有的加權模型。

Also, if I may, it has to do with our prototype being so much bigger, and it allows, obviously, the ability to do semi-private. And as we have discussed in the past, semi-private has the punch in terms of being able to get occupancy theoretically in that Skybor 34 all the way to 140% of economic occupancy.

另外，如果可以的話，這與我們的原型機體積更大有關，而且顯然，這使得半私密化成為可能。正如我們過去討論過的，半私人公寓在理論上能夠達到 Skybor 34 的經濟入住率的 140%，這方面具有優勢。

Your next question is from Cor Kim. Do you expect to begin pre-leasing OPF 2 in the coming quarters?

下一個問題來自 Cor Kim。您預計在未來幾季開始預租 OPF 2 嗎？

Yes. So we've already begun leasing OPA Laca 2. I don't know that we exactly call it pre-leasing because we're already there, and a number of the new residents coming into OPA Laca phase two are actually currently phase one residents.

是的。所以我們已經開始租賃 OPA Laca 2 了。我不知道我們是否應該稱之為預租，因為我們已經進入預租階段了，而且 OPA Laca 二期的一些新住戶實際上目前是一期的住戶。

And we're very happy because there's a big waiting list for phase one. So it's relatively straightforward to backfill those hangars, also at higher rents. So that's already in progress. What we've called pre-leasing is really what we're doing on these fresh campuses like Bradley and Dallas.

我們非常高興，因為第一階段的候補名單很長。因此，即使租金更高，重新填滿這些機庫也相對容易。所以這項工作已經在進行中。我們所說的預租，其實就是我們在布拉德利和達拉斯等新建校區所做的事情。

There are no further questions at this time. Mr. Gonzalez, I'd now like to turn the call back over to you.

目前沒有其他問題了。岡薩雷斯先生，現在我想把電話交還給您。

Thank you, operator. Thank you for all of you for joining us this afternoon and for your interest in Sky Harbour. Additional information may be found on our website at www.skyharbour.group, and you can always reach out directly with any additional questions through the e-mail investors@skyharbour.group.

謝謝接線生。感謝各位今天下午蒞臨，也感謝各位對雪梨天空港的關注。更多資訊請造訪我們的網站 www.skyharbour.group，如有任何其他疑問，您也可以透過電子郵件 investors@skyharbour.group 直接與我們聯繫。

Thank you again for your participation. With this, we have concluded our webcast. Thank you, operator.

再次感謝您的參與。至此，我們的網路直播就結束了。謝謝接線生。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。