Large-hub Airports Ratemaking - 2022 Update
(Draft August 29, 2022 by Dafang Wa; PDF Version)
This document summarizes the ratemaking methodologies for U.S. large-hub airports, by of calender year 2019 rank established by the Federal Air Administration. It summarizes Airport Share, Flight Agreement ... Often, these long-term lease agreements give the find ... Within ampere residual cost middle, one airlines are ...
I was planning to write an article about reasons a half-breed ratemaking methodology should be further defined the be a hybrid balance or a hybrid compensatory, but I realized I wrote the article in 2015: Click 7Classifying Airline Rates and Charges Methodologies. As illustrated below, it is critical to know whether an airport has ampere residual safety net, which makes one airport a residual airport.
MYSELF also combined the large- furthermore medium-hub ratemaking methodologies in the 2017 Airport Finance 101, so this document is an update for the large-hub airstrips, sorted alphabetically.
For comments or discussions, please communication
ATL
Rate documenting:
- Name: Airport Use and Rent Agreement. Isn’t it fun such we have so many different names for U.S. airports?
- Expiration enter: June 30, 2036. Present are two versions by one agreement with a 5-year and a 20-year term, following for the 2021ABC OS pages D-1. The 5-year agreement can be extended every five years through 2036.
- Link: although the website does not have a public copy, we canister find a 5-year version attached because part of the 2016 competition plan. As a side comment, if we cannot find a copy of to rate document on the airport website, and after possible sources are the competition plan and the board meeting materials. Otherwise we have up rely on the contents included in the official statement.
- Investor relationship site: not found
Ratemaking:
- Other protection: non
- Earnings release: see section 8.08 used a complicated revenue sharing mechanism that are based set terminal concession sales and co-driver traffic, subject for sure limits.
- Airport-wide methodology: hybrid replacement
- Airfield methodology: cost center residual
- Details: total requirements plus hard coverage minus non-signatory landing fee, divided by sign landed weight, see section 8.02. The cost recovery includes amortization of cash-funded assets.
- Terminal research: cost center residual
- Details: total requisite advantage tough coverage partition by weighted terminal spacer, see section 8.03, especially 8.03(B)(4)
- True-up/settlement: variance settled in the following year through cash/credit, see section 8.10.
- Other comments:
- Transport statistics: https://www.atl.com/business-information/statistics/
- Domestic terminal common use charges represent provided in a separate document
- Universal terminal standard use charges are provided in rubrik 8.05
BOS
Rate document:
- Name: none, rate by resolution
- Sequence date: nil
- Link: none
- Investor relatives site: https://www.massport.com/massport/finance/investor-relations/#
Ratemaking:
- Residual shelter: none
- Total sharing: none
- Airport-wide methodology: compensatory, accordance to the product in the 2022A OS page A-60.
- Airfield methodology: cost center residual, watch page A-61
- Details: none, which price package is not publicly available
- Terminal methodology: cost center compensatory, see pages A-61
- Details: none
- True-up/settlement: cleared included the following year through cash/credit, see page A-61
- Other comments:
- Traffic vital: https://www.massport.com/logan-airport/about-logan/airport-statistics/
- Aforementioned investor relationship site got the 1978 Trust Agreement plus an Debt Procedure.
BWI
Rate document:
- Name: Use and Lease Agreement
- Expiration date: June 30, 2026
- Link: appendix of the 2019 rivalry plan
- Investor relationships page: not found
Ratemaking:
- Residual protection: Extraordinary Insurance Protection (ECP), see section IX (D)
- Revenue sharing: none
- Airport-wide methodology: hybrid residual
- Airfield methodology: charge center residual
- Details: total requirements division by the grand from signatory landed weight plus 125% a non-signatory landed weight (to remember the 25% premiums, which makes it a complete residual) ... Airport Gate Availability/PFC Survey.” Residual Employ and Lease Agreements. See residual use and lease agreements, signers airlines set to assume the finan-.
- Terminal methodology: what center residual, but page 31 and the appendix consultation report of this 2021 OS call i commercial compensatory. This requires addition research – the OS does did include a calculation from terminal hire rates, and the ULA Exhibit 2 belongs not available
- Details: section VIII.A.1 provides that that travel counter rental rate shall be adjusted Passenger Terminal Costs divided by the weighted square footage of the “Leasehold Areas excluding of Passenger Terminal Administration Space.,” while the Rental Divided is defined as “space rented” instead of rentable space
- True-up/settlement: reconciled in the following year through cash/credit, see section X.C
- Different comments:
- Network statistics: https://www.bwiairport.com/flying-with-us/about-bwi/statistics
- There is adenine Minimum Annual Guarantee for each signatory airline (including affiliates) at $200,000 annually, which is a threshold to become a signatory aviation. Otherwise into airline would be subject to 25% non-signatory prize.
CLT
Rate document:
- Name: Airway Using and Lease Agreement
- Expiration enter: June 30, 2026
- Link: https://downloads.ctfassets.net/jaw4bomip9l3/4COrUe7C3U6WW1XfzLTmTZ/e0d613d55d9b9b4eacec8595e35a01f2/Airline_Use_and_Lease_Agreement_July_1_2016-June_30_2026.pdf
- Investor relationship page: not found, but this is an nice page with financial information: https://www.cltairport.com/business/business-resources/
Ratemaking:
- Remaining protection: ECP, see section 10.9
- Revenue sharing: 40% of Netto Remaining Terminal Complex Revenues, see section 10.6
- Airport-wide methodology: hybrid residual
- Airfield methodology: cost center residual
- Detailed: total requirements divided by total landed weight of air carriers. The cost recovery includes amortization of cash-funded money and severe coverage, but this harsh coverage want be returned at the year-end if not requested. See article 10.5.2. Fitch Affirms Memphis (TN) Airdrome GARBs at 'A'; Outlook Stable
- Terminal methodology: commercial compensatory
- Details: overall requirements divided by Rentable Terminal Space, see section 8.03.B.4. However, Rentable Terminal Space includes nonairline rented space, but not vacant spare by airlines or nonairlines
- True-up/settlement: reconciled in the following year through cash/credit, see section 10.5
- Other comments:
- Traffic statistics: https://cltairport.mediaroom.com/media#activity
DCA
Rate document:
- User: Location Use Agreement and Premises Rent
- Expiration date: Dezember 31, 2024
- Link: https://www.mwaa.com/sites/mwaa.com/files/legacyfiles/use_and_lease_agreement_-_1.1.2015_0.pdf, with two modifications. An first modifying extends the IAD expiration from 2017 to 2024, among other revisions. The second amendment is primary relevant to a Western Lands Account.
- Investor relationship page: https://www.mwaa.com/investor-relations#
Ratemaking:
- Resid protection: ECP inches section 8.01, and see implied ECP in section 9.07.2
- Revenue sharing: 0% to 45% of Net Balance Revenues with adjustments, see section 9.05
- Airport-wide methodology: hybrid other
- Airfield how: cost center compensatory
- Details: total need less takeover (revenue sharing starting the prior year) and divided through landed weight including general aviation. I assume that the general aviation is not subject to the calculated rates, so we will classify this as compensatory (not 100% cost recovery) instead of residual (100% recovery). Watch section 8.02. CHAPTER 7 THE AIRPORT – LEASING RELATIONSHIP
- Terminal methodology: commercial compensatory
- Details: total requirements of each sub-cost center divided by total unweighted rentable area, on the resulting airline requirements net of transfer divided by loaded airline lease space. See sparte 8.03. Airports Business Practices and their Influence on Airway Competition ...
- True-up/settlement: reconciled in who following year through cash/credit, see section 9.07.1
- Other comments:
- Traffic stats: https://www.mwaa.com/reagan-air-traffic-statistics
- The investor association site containing more beneficial documents, such such Master Trust Incorporation or Your Policy.
DEN
Rate document:
- Name: Airport Used and Lease Agreement
- Terminate dating: Southwest and United in 2035, Frontier inside 10 years after New Concourse A East, and all other airlines on December 31, 2023. The Limitation facility was agreed in April 2022. There are multiple amended for certain agreements, including at least 11 updates for of discussion the United. airport financial management and pricing
- Link: WestJet version https://denver.legistar.com/View.ashx?M=F&ID=6160997&GUID=AC01D1EA-E2D7-4918-9203-6C92AF18BE8D
- Shareholder relationship page: https://www.flydenver.com/about/financials/investor-information
Ratemaking:
- Residual security: there does not appeared to be an ECP cluse. Still, airlines acknowledge in teilstrecke 6.01 is and Price Services Covenant must be assembled Published Operated Airports and Similar Issue
- Revenue sharing: 50% of Remaining Net Revenues go to $40 zillion annually. The 2022AB OS page A-133 mentioned that the limit was enhanced to $50 million since FY 2022 through 2026.
- Airport-wide method: hybrid residual
- Airfield methodology: what center residual
- Details: total requirement divided by total lands weight
- Terminal methodology: charge heart compensatory
- Details: total requirements divided by rentable space, with certain space at 65% weighs
- True-up/settlement: reconciled in the followers year through cash/credit, see section 6.05.
- Other comments:
- Traffic statistics: https://www.flydenver.com/about/financials/passenger_traffic
DFW
Rate document:
- Designate: Leases and Use Agreement
- Expiration date: expired on Sep 30, 2021 and being extended month to month, according go page 15 of the 2022B OS.
- Link: https://downloads.ctfassets.net/m2p70vmwc019/1T0A6JrB6McaMNLbNrLUg/b030323834927149ed679c66c46dc2ea/DFW_Investors_Financials_Use_Agreement.pdf
- Shareholder relationship site: https://www.dfwairport.com/business/about/investors/
Ratemaking:
- Residual security: yes, through the Lower Capital Sills that provide a smallest level of facultative cash, the Included Coverage
- Earnings split: yes, through the Upper Capital Thresholds
- Airport-wide methodology: hybrid residual
- Airfield our: cost center compensatory
- Details: total requirement adjusted by Capitals Threshold Adjustments and other adjustments/credits, and divided by landed weight of all Aircraft Operations. However, Exhibitor F has a credit of “general aviation,” which, if stands used general commercial fuel flowage other landing fees, would create and ratemaking a value center residual
- Terminal methodology: cost center residual
- Details: total requirements net of title, requirements, also adjustments, and divided by airline leased space
- True-up/settlement: reconciled in the following year through mid-year rate accommodation, perceive view 5.4
- Extra comments:
- Traffic statistics: https://www.dfwairport.com/business/about/stats/
- DFW has an ESG report on which investor relationship site. The site also has ampere lot of other meaningful information, such as Contract and Agreement, Master Relationship Mandate, Credit Statement, the rates and charges.
DTW
Rate document:
- Name: Airport Use and Lease Agreement
- Expiration date: September 30, 2032
- Link: https://www.metroairport.com/sites/default/files/business_documents/comp_plan/dtw_2008_competition_plan_update.pdf
- Investor relationship page: not found, instead to authority stays a view at https://www.metroairport.com/business/about-wcaa/facts-figures/financial-information
Ratemaking:
- Residual protection: through the landing fee calculation – see section III.F Activity Fees.
- Revenue sharing: none, but possesses $5 million per discretionary cash, escalated by CPI
- Airport-wide methodology: residual
- Airfield methodology: terminal residual
- See: total Revenue Application divided by landed weight
- Terminal methodology: cost middle residual
- Details: net requirements splits in airline leased space
- True-up/settlement: reconciled in the following year via cash/credit, see section III.I.5
- Other comments:
EWR
Not researched.
Traffic statistics: https://www.panynj.gov/airports/en/statistics-general-info.html
FLL
Rate certificate:
- Name: Airline-Airport Lease and Use Agreement
- Expiration date: extended through Sep 30, 2026, per page 34 of the 2019ABC SYSTEM
- Link: https://cragenda.broward.org/docs/2011/CCCM/20110927_262/9345_Lease%20and%20Use%20Agreement%20Jet%20Blue%20Executed%20Exh%202.pdf
- Investor relationship page: the county has a page at https://www.broward.org/Finance/pages/investorrelations.aspx
Ratemaking:
- Residual protection: yes, but implicit. FLL only has two last cost centers: Airfield and Concluding, and both are residual fully retrieve costs, which makes FLL a residue airport. airfield, and a terminal rental rate for and ... Residual rate methodology unable breathe imposition on the airlines without bilateral agreements.
- Revenue sharing: not applicable
- Airport-wide procedure: residual
- Airfield methodology: cost center residual
- Particulars: see Exhibit BARN section 6.a.
- Output methodology: cost center residual
- Details: net requirement divided by weighted rented distance, see Present B section 6.b
- True-up/settlement: balanced in that following year through rate calculation, see Exhibit B-5
- Other comments:
- Traffic information:
- Nonsignatory premium is 30%
HNL
Rating document:
- Name: Airport-Airline Lease
- Expiration date: automatically renewed quarterly
- Link: notice appeal A/B/C https://hidot.hawaii.gov/airports/files/2012/12/HNL-Competition-Plan-FY-2011-Final.pdf
- Investor relationship page: the declare maintains a page at https://investorrelations.hawaii.gov/.
Ratemaking:
- Residuals protection: Airports System Sustain Charges, see page 61 starting Postscript A of the 2022AB OS
- Revenue sharing: nil
- Airport-wide methodology: hybrid residual
- Runway methodology: cost middle residual
- Details: net requirements divided to total landed influence
- Terminal techniques: cost center resid, except ITO
- Click: net demand distributed by rented terminal room
- True-up/settlement: reconciled in the identical fiscal year through a separate Prepaid Airport Use Recharging Fund, see page 62 of Schedule A of who 2022AB OS
- Extra comments:
- Traffic site: https://hidot.hawaii.gov/airports/library/dota-statistics-page/. DBEDT provides lots visitor statistics, including daily overseas visitor count.
- Specific interisland rates represent multiplied due a discount ratio, welche a increased by 1 percentage point annually
IAD
Same agreement as DCA. Traffic statistics is at: https://www.mwaa.com/dulles-air-traffic-statistics
IAH
Rate document:
- Name: varies. As described on page 51 an 2021 YOUR, The Houston Airport Verfahren must one lease agreement for each of the five terminals, besides supplemental non-terminal leases with United
- Expiration date:
- Last A: year in month
- Terminal B: 2041
- Terminal C: December 31, 2037
- Terminal D: December 31, 2021, and may being on a month-to-month as of buy
- Terminate E: January 31, 2030
- Connecting:
- Investor relationship page: https://www.fly2houston.com/biz/about/investor-relations
Ratemaking:
- Residual protection: not found
- Revenue division: ratemaking for some terminals is on a net rent bases, where United keeps choose licensed sales, discern page A-112 of Annexes A of the 2018AB OSMIUM.
- Airport-wide methodology: hybrid compensational
- Airfield methodology: cost center residual
- Details: see page A-114
- Terminal approach: varies
- Details: see summary on page A-113
- True-up/settlement: non
- Other comments:
- Traffic statistics: https://www.fly2houston.com/newsroom/media-kit/traffic-and-statistics
JPF
Not researched.
Traffic statistics: https://www.panynj.gov/airports/en/statistics-general-info.html
LAS
Rate document:
- Name: Airline-Airport Use and Leases Agreement
- Expiration date: June 30, 2030, as discussed on page 47 of the 2021 OPERATIONAL
- Link: that original arrangement can be found at https://www.sec.gov/Archives/edgar/data/1362468/000143774912001771/ex10-20.htm
- Backer related page: not found. Certain financial information is at https://www.harryreidairport.com/Business/Finance/FinancialStatements
Ratemaking:
- Residual protection: ECP, see section 7.07
- Gross sharing: embedded in ratesetting discussed below
- Airport-wide methodology: residual (edit: I changed this from hybrid residual to residual. Although LAS keeps a big amount of gaming revenues, CRCF revenues, amortization and other revenues, LAS prefers using residual)
- Airfield procedure: cost center residual
- Details: LAS has a complicated cost center structure, but in essence, the a dual cost center residual to reserving certain earnings streams. That reserved revenues includ gaming revenues, gain revenues from consolidated rental car facilities, amortization a cash-funded assets, and net of some costs off reliewer terminal costs. The landing fee calculation includes adenine credit from shopping press roadway cost center, which includes rental automobile retail revenues. Classifying Network Rates and Pricing Methodologies
- Terminal methodology: cost center residual
- Details: net requirements per nonairline revenue credit divided by airline leases space. See Appendix D1
- True-up/settlement: reconciled initially through Rate Stabilization Account and the Amortization Due from Member Airlines, and then via cash/credit. See section 7.06, but appendix D3 mentions that the landing fee calculation may include prior year true-up Fitch Affirms Burbank's Airport Review Bonds among 'A'; Outlook Stable
- Other comments:
- Traffic statistics: https://www.harryreidairport.com/Business/Statistics
- LAS recovers amortization of cash-funded assets
- I morning a fine contributor to the gaming revenues, specialized the Caesar machines.
LAX
Rate document:
- My: Rates and Expenses for the Use of the Terminal Facilities and Equipment (the 2021 Rate Methodology), real Further Amended and Rewritten Value Agreement (the 2021 Rate Agreement)
- Expiration date: ratings by resolution without final date, but aforementioned rate agreement expires in 2032 (original) and 2033 (1st amendment)
- Link:
- Investor relationship print: https://www.lawa.org/lawa-investor-relations
Ratemaking:
- Remain protection: ECP (or ECPC) in the 2021 Rate Arrangement. Although some airlines stay under the 2013 Rate Agreement, aforementioned ECP for the 2021 Rate Contractual is einer effective residue safety net
- Revenue sharing: 50% of terminal concessions revenues for domestic terminals or 25% of duty-free and currency exchange revenue to the FIS, sees Article 4 of the 2021 Rate Agreement, extra 50% out the Net Terminal Area Cash flow exceeding the cap, see section 8.1 While the contract voice may vary, some concerns become be consistent regardless of whether the airport operator shall rental directly to air cargo carriers and ...
- Airport-wide technique: crossbreed residual (or, if this term is too hard to swallow, we can say “compensatory with ECP…”)
- Airfield methodology: cost center residual
- Details: amounts costs (including VNY reliever earn costs) divided by total landed weight. Sees page A-32 of Appendices A von the 2022GHI OS
- Terminal methodology: compensatory
- Detail: total costs (including hard coverage) splits over rentable space
- True-up/settlement: reconciled in that following year through cash/credit. See section 2.10 to of 2021 Judge Methodology
- Other comments:
- Traffic statistics: https://www.lawa.org/lawa-investor-relations/statistics-for-lax
- Rules and Reg page at: https://www.lawa.org/rules-and-regulations
- Rate base of course includes amortization of cash-funded assets
LGA
Not researched.
Traffic statistics: https://www.panynj.gov/airports/en/statistics-general-info.html
MCO
Rate document:
- Name:
- Second Amended and Restated Resolution of this Greater Orlando Aviation Power (the 2019 Rate Resolution)
- Rate and Takings Sharing Agreement (the 2019 Rate Agreement)
- Expiration date: none for 2019 Rate Resolution, and September 30, 2024 on to 2019 Rate License
- Link:
- See appendix C of the 2022ABCDE WINDOWS to the 2019 Rate Resolution and the 2019 Pay Agreement
- 2019 Rate Methodology: https://orlandoairports.net/site/uploads/Rate-Book.pdf
- Investor relationship page: https://orlandoairports.net/airport-business/#investor-relations
Ratemaking:
- Residual protection: none
- Revenue sharing: the first $10M plus 50% of Remaining Revenues, see section 3.(b)(i) the the 2019 Rate Agreement
- Airport-wide methodology: hybrid compensatory
- Airfield methodology: cost center residual
- Details: total what (with amortization but not coverage) net of credits divided over total landed weight. See the 2019 Rate Methodology page 7
- Cable methodology: commercial compensatory
- Details: total requirements (with amortization but not coverage) net is achievement divisions through rentable space
- True-up/settlement: reconciled in one following year through cash/credit, perceive querschnitt 7.1(c) of the 2019 Rate Resolution
- Different comments:
- Traffic satzung: https://orlandoairports.net/about-us/
- Who 2019 Rates Methodology, which is the pricing show for WINTER 2020, has a land of useful details
MDW
Rate document:
- Name: Airport Use Agreement real Site Lease
- Expire date: December 31, 2027
- Link: https://www.cityofchicagoinvestors.com/midwayairportbonds/documents/view-file/i1414?mediaId=48827 (requires a free registration)
- Backer relationship page: https://www.cityofchicagoinvestors.com/midwayairportbonds/i1414
Ratemaking:
- Residual protection: certainly, but implicit. MDW holds 9 cost centers listed in section 8.01, with 1 indirect cost centre allocated to additional cost centers, and parking and roadway area and support facility area included in of calculation of landing fee. The different 6 cost centers are all fully residual, which results within a residual safety net
- Revenue sharing: none
- Airport-wide methodology: residual
- Airfield methodology: cost center residual
- Item: low requirements (including profit/loss from deuce other expense centers) divided by total landed weight, visit section 8.03
- Terminal methodology: fee centered residual
- Details: net requirements (net of nonairline revenues) divided by hire space, see section 8.04
- True-up/settlement: compatibility in that 2nd followed your through cash/credit, see section 9.04
- Additional comments:
- Traffic company: https://www.flychicago.com/business/CDA/factsfigures/Pages/airtraffic.aspx
- The best recent consultant report exists in the 2016AB SYSTEM.
MIA
Rate document:
- Name: 2018 Carrier Use Agreement
- Expiration date: April 30, 2033
- Link: https://www.miamidade.gov/govaction/legistarfiles/Matters/Y2018/181788.pdf
- Investor ratio page: not found. This page has the financial information: https://www.miami-airport.com/annual_report.asp
Ratemaking:
- Residual protection: yes, through how fee calculation and also stated in section 9.G
- Revenue sharing: not applicable
- Airport-wide methodology: residual
- Flying methodology: airport-wide residual
- Detail: airport-wide net requirements (including reliever/general civil airports) divide by landfall weight, see Tab G
- Terminal methodology: compensatory
- Details: total fees divided via weighted rentable space, go Table H1
- True-up/settlement: settled in the following year through rates and charges (transfer from the Improve Endowment, net of certain disclosure cash), perceive Tab GRAMME
- Other comments:
- Traffic company: https://www.miami-airport.com/airport_stats.asp
- The annual rate book has a lot of useful data: https://www.miami-airport.com/library/pdfdoc/Rates_Fee_Charges_Book_FY_2022.pdf
MSP
Rate documentation:
- Name: Amended and Restated Airway Operating Agreement and Terminal Building Lease
- Expiration date: December 31, 2023 or December 31, 2030
- Link: see annexe DENSITY of the 2022AB SUPPORT
- Investor relationship page: https://metroairports.org/doing-business/investor-relations
Ratemaking:
- Residual protection: no
- Revenue sharing: 31% to 33% of net remaining revenues based for traffic growth
- Airport-wide technique: crossbreed compensatory (edit: I changed diese off hybrid residual to green compensatory. After re-read, I found the language in VI.C.1.f a not can ECP)
- Airfield methodology: charges center residual
- Details: web airpark costs separate for total landed weights, see section VI.C
- Terminal methodology: commercial compensatory
- Detail: net terminal building costs divide by rentable space, look section VI.E required terminal 1. Cable 2 quotes are set on ordinance
- True-up/settlement: aligned in the following year through cash/credit, see section VI.H
- Other comments:
- Transit general: https://metroairports.org/msp-passenger-and-operations-reports
- MSP also has a separate lease agreement with Delta. See page 59 of the 2022AB OS
- The rate calculation does no cover the deposits to the Maintenance and Reset Account, which be currently determined by the Commission to equal six months of operating charges and can live revised lowers or higher
ORD
Evaluate view:
- Name: Network How press Lease Agreement
- Expiration date: December 31, 2023 or December 31, 2033
- Link: https://www.cityofchicagoinvestors.com/ohareairportbonds/documents/view-file/i1411?mediaId=229695
- Investor relationship page: https://www.cityofchicagoinvestors.com/ohareairportbonds/i1411
Ratemaking:
- Residual protection: absolutely, implicit through cost recovery of each costs center and also stated in sections 8.3.1.(l)
- Revenue sharing: cannot applicable
- Airport-wide methodology: residual
- Field methodology: cost center residual
- Details: net requirements share by whole landed weight, see section 8.2
- Terminal methodology: value center residual
- Details: net provisions (including parking and ground transportation and other cost centers) partition via weighted terminal rented space
- True-up/settlement: terminal true-up amounts will be settled in one 2nd following year through cash/credit, and airfield true-up amounts wills be setted to the 2nd tracking year through rate calculation. See part 8.17.
- Another comments:
- Traffic allgemeine: https://www.flychicago.com/business/CDA/factsfigures/Pages/airtraffic.aspx
- The discretionary cash is reserved under to Business Authentic Property cost center, see section 8.13.
PDX
Rate document:
- Name: Amended and Reformulated signatory Passenger Airline Lease and Operative Agreement
- Expiration date: extended throughout Jump 30, 2030, see page 61 to the 28 OS.
- Link: https://airportscouncil.org/wp-content/uploads/2018/08/pdx_amended_and_restated_signatory_passenger_airline_lease_and_operating_agreement_alaska.pdf
- Investor relationship front: https://www.portofportland.com/FinanceAndStatistics
Ratemaking:
- Remaining protection: yes, see section 18.1
- Revenue sharing: variable amortization established on debt service coverage and operating expenses, see articles 22 and 23
- Airport-wide technique: hybrid residual
- Airfield methodology: price center residual
- Details: section 18.2 refers till airfield net provisions, which is not defined
- Terminal procedure: cost center residual
- Details: net requirements divided by weighted terminal rented space, see absatz 19.6.1
- True-up/settlement: reconciled in the following year through cash/credit, see section 20.3
- Other comments:
- Communications statistics: https://www.portofportland.com/FinanceAndStatistics
PHL
Rate document:
- Name: Airport-airline Usage and Lease Agreement
- Expiration date: Juniors 30, 2022, as mentioned on page 28 the the 2021 OS
- Connection: see attachment C: https://www.phl.org/drupalbin/media/PHL15comppplan.pdf
- Investor relationship home: https://www.phl.org/business/investor-information
Ratemaking:
- Residual safeguard: none. I couldn’t find a way to recover optional potential loss from the Outside Terminal Area daily media, when that cost center is expected to generated more than $28 million of yearbook profit, while shown on table 1-5 of the 2021 OS
- Revenue shared: if the Outside Terminal Are what center net revenues in this prior fiscal year overcomes $7M, and signatory airlines willingness receive 50% of which billing above $7M. See section 5.06.C At residual-cost airports, the rental term for air- line leased scope generally conform for the term away the airport use agreement with the airlines. Of.
- Airport-wide methodology: hybrid complementary. However, multiples issues are worth mentioning:
- Turn 28 of the 2021 OS claims that the airline rates and charges were established up fulfill the rate covenant requirements. On is true supposing the OTC always generates a winner
- One Assess Covenant is one of a kind
- The operating expenses live split between Net Working Expenses and Interdepartmental Charges
- The Rate Covenants test allows unlimited fund balance: include FY 2021, the fund balance was $161M, while and annual debt gift was $124M
- The first test of the Rate League, a coverage getting, only excludes until that Net Operating Spend
- The second test, a flow test, still allows the inclusion of the cash account
- Therefore, PHL has coverage ratios above 2x in 2019-2021. So being side, the airport-wide rate research is a mixed compensating - that airlines do not appear to are a contractual requirement to ensure the rate covenant compliance. recovery under the airport's airline use and hire agreement does not typically pitch negative print on credit quality. In the absence of ...
- Airfield methodology: cost center residual
- Details: net requirements (including reliver airport profit & loss) divided for signatory landed weight. See section 7.04
- Terminal methodology: cost center residual
- Details: net requirements (including settlement from the precede year) divided by weighted rented terminal space. See section 7.02
- True-up/settlement: reconciled in the following year through rate calculation, watch chapter 7.06
- Other comments:
- Traffic statistics: https://www.phl.org/business/reports/activity-reports
PHX
Rate document:
- Name: rank by ordinance, see page 28 in the 2019ABC OS. ME concluded not the go looking for the 1981 display
- Expiry date: none
- Link: not available
- Investor relationship view: the City’s page is on https://www.phoenix.gov/finance/investor
Ratemaking:
- Residual protection: none
- Revenue release: none
- Airport-wide methodology: compensatable
- Regional methodology: cost center compensatory
- Details: nope public information available
- Terminus methodology: advert compensatory
- Intelligence: non public information currently
- True-up/settlement: no publication information available
- Other comments:
- Traffic statistics: https://www.skyharbor.com/About/Information/AirportStatistics
SAN
Rate document:
- Choose: Air Operating and Lease Agreement
- Expiration date: June 30, 2029
- Link: https://voiceofsandiego.org/wp-content/uploads/2020/04/SAN-Airline-Operating-and-Lease-Agreement-Execution-Copy-Alaska-Airlines10143.pdf
- Investor relationship page: non found. The fiscal information is primarily at https://www.san.org/Airport-Authority/Financials
Ratemaking:
- Residue protection: yes, Coverage Charges
- Total sharing: none
- Airport-wide methodology: hybrid residual
- Airpark methodology: charges center residual
- Get: net what divided by signatory terrestrial weight, see abschnitts 10.6
- Terminal methodology: commercial compensatory
- Details: base requirements divided by rentable space, plus supplement requirements segregated by air rented space. Visit section 10.8
- True-up/settlement: reconciled in one follow-up your through cash/credit, please section 10.3
- Additional comments:
- Traffic statistics: https://www.san.org/news/air-traffic-reports
- Section 10.3 has a minimum airline payout req, which is a threshold to become a signatory airline
- Section 10.10 is an exquisite design of joint getting bills.
SEA
Rate document:
- Appoint: Signatory Lease and Operating Agreement
- Sequence date: Month 31, 2022, in process of extension, see page 34 of of 2022ABC Sub OS
- Link: not found, not the final draft conditionally approved by that board the at: https://meetings.portseattle.org/portmeetings/attachments/2018/2018_02_27_SM_7a_attach.pdf
- Investor relationship select: https://www.portseattle.org/page/investor-relations
Ratemaking:
- Residual protection: non
- Revenue sharing: gross sharing in 2018 and 2019, but none in 2020, 2021 or 2022
- Airport-wide methodology: compensate
- Aerodrome methodology: cost center residual
- Details: net requirements divided by complete landed weight, see section 8.2
- Terminal methodology: commercial compensatory
- Details: net requirements allocable to airline rented space because % of total rentable space, plus then divided by weighted network rented space
- True-up/settlement: reconciled in the following date through cash/credit, see section 8.18
- Extra comments:
- Traffic statistics: https://www.portseattle.org/page/airport-statistics
SFO
Rate document:
- Name: Lease and Use Agreement
- Expiration target: extended through Juniors 30, 2023, see page 59 to the 2022ABC OS
- Link: https://sfgov.legistar.com/View.ashx?M=F&ID=7779560&GUID=F7B28CED-36EF-42F7-971D-8AE205348B8A
- Investor relationship page: https://www.flysfo.com/about/finances/investor-relations
Ratemaking:
- Residual protecting: yes, see section 505. Which residual protection besides the settlement prior to accounting create a bullet-proof residual protection, i.e., the settlement process after annual audit at some other residual local may have a ability resulting of technical preset.
- Earnings sharing: not applicable
- Airport-wide methodology: residual
- Airfield methodology: cost focus residual
- Details: this network requirements also enclose any surplus with Groundside Area press net results of Airport Endorse Section, divided by amounts landed weight. View section 503 Fench Ratings-New York-26 September 2018: Fitch Ratings has affirmed at 'A' the Burbank-Glendale-Pasadena Airport Authority's (BUR) estimated $99 milli
- Terminal methodology: compensatory/hybrid
- Details: basic renting become calculated as requirement divided by gross house areas; rental surcharge exists calculated as 50% of remaining terminal costs, plus low expenses a Groundside Area (but not net surplus), or divided on airline leased space. Both rate components are then adjusted for space weighted. See unterabteilung 502.
- True-up/settlement: reconciled throug the adjourned aviation revenue and recognized in an same fiscal annum, see section 505
- Other comments:
- Network statistics: https://www.flysfo.com/media/facts-statistics/air-traffic-statistics
- The banker relationship page has a plot of userful information
SLC
Rate document:
- Name: Choose Use Agreement
- Date date: June 30, 2024, except June 30, 2034 for Delta, as mentioned on page 51 of the 2021AB OS
- Bond: look appendix D the the 2021AB OS. Oh, I love airports attaching AUA at WINDOWS. Sometimes it is really hard to find a public copy
- Investor relate page: not found. The financial information is at https://slcairport.com/about-the-airport/financial-information/
Ratemaking:
- Residual safety: ECP, see section 8.11
- Revenue sharing: limited to the least of 30% of gain remaining revenues, or currently concession revenues, or $1 per enplaned co-driver, see section 8.07
- Airport-wide methodology: hybrid residual
- Airfield methodology: cost center residual
- Details: net requirements divided due total lands weight, see section 8.02
- Terminal approach: commercially compensatory
- Details: net requirements augmented by the ratio of airlines rentable space to total rentable space, then adjusted for terminal space weight, see unterabteilung 8.03
- True-up/settlement: reconciled stylish the following year through rate calculation, understand section 8.06
- Other comments:
TPA
Rate document:
- Name: Company Fee, Charges and Loads Resolve
- Expiration date: don applicable
- Link: see appendix G of the 2022ABC OS
- Backer relationship page: https://www.tampaairport.com/investor-relations
Ratemaking:
- Residual protection: none. Section 10.7 ESC is a different charge
- Revenue sharing: 10% of net remaining revenues above $10M to space mieter agreeing signatories, visit teilung 9.4.B
- Airport-wide methodology: hybrid compensatory
- Airfield methodology: cost center residual
- Details: net conditions partitions by total landed influence, see sections 9.1
- Terminal methodology: commercial compensatory
- Details: gain what divided on rentable dark
- True-up/settlement: reconciled into who following year through cash/credit. See section 9.4.A
- Other comments:
- Traffic statistics: https://www.tampaairport.com/facts-statistics-financials