Sky Harbour enters BDL and POU ground leases; reports $5.2M in construction cost overruns and schedule delays

Sky Harbour Group Corp

Entered two ground leases: BDL (8 acres, 30-yr term, $30M min capex) and POU (7 acres, 15-yr term, 25-yr extension option).
Construction cost overruns: $3.2M at DVT, $2.0M at APA for structural retrofits; completion delayed to June & Aug 2024 respectively.
Dallas (ADS) sees schedule delay but lower budget impact; Chicago (PWK) and future campuses built to enhanced design.
Company to contribute cash from unrestricted funds in Q1 2024 to cover cost overruns; completed campuses not affected.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Sky Harbour Group Corp entered into POU Ground Lease with County of Dutchess, New York valued at Initial term 15 years from completion of construction, extension option additional 25 years with leg (effective 2023-12-13).

Action: entry
Agreement: lease
Counterparty: County of Dutchess, New York
Value: Initial term 15 years from completion of construction, extension option additional 25 years with leg
Effective: 2023-12-13

Exact text from the filing

On December 13, 2023, the Company, through a wholly-owned subsidiary of the Company, entered into a ground lease agreement at Hudson Valley Regional Airport (“POU”) with the County of Dutchess, New York (the “POU Lease”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Sky Harbour Group Corp entered into BDL Ground Lease with Connecticut Airport Authority valued at Initial term 30 years, extension option additional 20 years, minimum capital improvements $30 millio (effective 2023-12-13).

Action: entry
Agreement: lease
Counterparty: Connecticut Airport Authority
Value: Initial term 30 years, extension option additional 20 years, minimum capital improvements $30 millio
Effective: 2023-12-13

Exact text from the filing

On December 13, 2023, Sky Harbour Group Corporation (the “Company”), through a wholly-owned subsidiary of the Company, entered into a ground lease agreement (the “BDL Lease”) at Bradley International Airport (“BDL”) with the Connecticut Airport Authority (“CAA”).

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Sky Harbour Group Corp filing history →

Source: SEC EDGAR

accession 0001437749-23-034776

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