Sky Harbour Group Corporation · NYSE:SKYH
Sky Harbour — JPM Municipal Transportation Conference 2025
16 slides from Sky Harbour's conference presentation, March 2025
Slide 1: JPM Municipal Transportation Conference
JPM Municipal Transportation Conference March 2025
Slide 2: Disclaimer
DISCLAIMER General This presentation and information provided at a webcast or meeting at which it is presented (the “Presentation") is for informational purposes only to assist investors, prospective investors and other parties in making their own evaluation with respect to Sky Harbor Group Corporat
Slide 3: Disclaimer: Financial Information; Non-GAAP; Municipal Bond Offering
DISCLAIMER Financial Information; Non-GAAP Financial Measures Certain financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X or Regulation G. Accordingly, such information and data may not be included in, may be adjusted in, or may be presen
Slide 4: Aviation Infrastructure Real Estate
AV I AT I O N INFRASTRUCTURE R E A L E S TAT E A Specialty Real Estate Platform Robust Project Returns & Cashflows Deep Competitive Moats Recession Resilience Significant Scalability & Diversification 3 ©2025 Sky Harbour Confidential and Proprietary
Slide 5: Sky Harbour – Snapshot
Sky Harbour – Snapshot Applying a new business model to a longstanding opportunity • Secure land at key US airfields Business • Develop campuses of private hangars • Lease hangars and manage campuses • Mid-teens stabilized yield on cost = >30% return on equity • 50+ airfields Goals • Exceed DSCRs of
Slide 6: Business Aviation Suffers from Chronic Hangar Deficit
BUSINESS AVIATION SUFFERS FROM CHRONIC HANGAR DEFICIT Cumulative US Business Aircraft Fleet Square Footage Consistent Demand Growth over pre-COVID Decade 50% Increase • 29,600,000 square feet net growth in US business aviation (BizAv) fleet • 16,600,000 square feet net growth in >24’ tail height seg
Slide 7: Financing Backed by Obligated Group Credit
Financing Backed by Obligated Group Credit ▪ The corporate structure of Sky Harbour is Sky Harbour composed of holding and 100% sub-holding LLC limited liability companies ▪ Sky Harbour Services LLC is the developer, 100% asset and operational manager of all the Sky Harbour Sky Harbour facilities Ho
Slide 8: Security Structure and Flow of Funds
Security Structure and Flow of Funds ADS ▪ Pledge of tenant lease agreements and all related revenues ▪ Master Indenture of Trust governs all debt sold by the Obligated Group ▪ Obligations of the Master Trustee secured by leasehold mortgage and revenues associated with all current and future propert
Slide 9: Summary of Original Series 2021 Bonds
Summary of Original Series 2021 Bonds Summary Original Sources and Uses ($mm) Sources of Funds Amount ▪ Fully amortizing debt structure, all on the Senior Lien Par Amount of Series 2021 Bonds $166,340,000 Original Issue Premium $249,436 ▪ DSCR structure based on forecast revenues from the Equity Con
Slide 10: Sky Harbour Capital - PABs Obligated Group
SKY HARBOUR CAPITAL - PABS OBLIGATED GROUP Results Awaiting Expected Step Up in 2025 with Three New Campus Openings COST OF CONSTRUCTION AND CONSTRUCTED ASSETS QUARTERLY REVENUES OPERATING EXPENSES (In millions) (In millions) (In millions) 200 3.5 3.5 3 3 150 2.5 2.5 2 2 100 1.5 1.5 1 1 50 0.5 0.5 0
Slide 11: Updates on Obligated Group Capitalization
Updates on Obligated Group Capitalization Q3 2022 Q1 2024 Current Bond Recap & Pivot Remediation & Equity Injection Completion Funding Gap ▪ Sep 2022 Recapitalization of Obligated Group to ▪ Prototype Design Flaw discovered in Q1 ▪ Total Obligated Group project cost address construction cost inflati
Slide 12: Construction Update
Construction Update February Construction Report 11 ©2025 Sky Harbour Confidential and Proprietary
Slide 13: Portfolio Performance and Expected Debt Service Coverage
Portfolio Performance and Expected Debt Service Coverage 12 10 ▪ Portfolio revenue results outperforming Debt Service Coverage Ratio (DSCR) underwritten market rental assumptions 8 ▪ Projected to significantly exceed long term DSCR forecast 6 Market Leasing Assumptions ($/RSF) 4 Location SGR BNA OPF
Slide 14: Key Credit Highlights
Key Credit Highlights ▪ Supply-Demand Imbalance of Hangar Space in the US ▪ Significant Barriers to Entry ▪ No new airports constructed in major metro areas ▪ Long tenor ground leases (49-year average term) ▪ Diversified Portfolio of Hangar Campuses ▪ Geography ▪ Tenant ▪ Staggered Tenant Lease Term
Slide 15: Growth Capital
Growth Capital PIPE Closing, NYSE Uplisting and Upcoming Debt Issuance • PIPE: $75.2 million proceeds at net purchase price of $9.50 • Upcoming Debt Issuance: $150 million • Current Equity Market Capitalization: $930 million Sources ($ in thousands) PIPE Closing $75,000 Excess SKYH Cash $15,000 Fund
Slide 16: Aviation Infrastructure Real Estate
AV I AT I O N INFRASTRUCTURE R E A L E S TAT E ©2025 Sky Harbour Confidential and Proprietary 15
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