Revenue Growth
Consolidated revenues increased by 78% year over year and 11% sequentially, reaching $7.3 million for the quarter, driven by the acquisition of Camarillo Campus and higher revenues from existing and new campuses.
Construction and Site Expansion
Assets under construction and completed construction increased to over $300 million due to activities at Phoenix, Dallas, and Denver, with plans to break ground in Bradley International, Salt Lake City, and Addison Phase 2.
Positive Financial Indicators
Operating expenses decreased, and the company is less than $1 million away from breakeven on a cash flow for operation basis.
Financing Developments
Finalized a $200 million tax-exempt drawdown facility with JPMorgan at a fixed rate of 4.73%, expected to support future projects over the next two years.
Strong Leasing Strategy
Pre-leasing strategy implemented for all future airports, with existing campuses showing high occupancy rates and some exceeding 100% occupancy.
Site Acquisition Progress
Secured ground leases at 19 airports with a target of 23 by year-end, focusing on tier-one airports and same-field expansion.