ITEM NO.:   7a_Supp____ 
DATE OF 
MEETING:  July 23, 2013 
Q2 2013 Performance Report 
Port of Seattle 
Commission Briefing 
July 23, 2013

Q2 Portwide Financial Highlights 
Total Operating Revenues were $240.0M, $16.8M below
the revised budget mainly due to timing of accruals for
aeronautical revenues. 
Total Operating Expenses were $146.0M, $14.5M, or
9.1%, below the revised budget. 
Net Income Before Depreciation was $2.3M, or 2.4%,
below the revised budget. 
Net Income After Depreciation was $1.5 million, or 14.1%,
below the revised budget. 

2

Q2 Major Revenue Variances 
2012 YTD   2013 YTD   2013 YTD     Budget    Change
Major Revenues (in $ '000)                  Actual        Actual  Rvsd Budget     Variance   from 2012
Aero Revenues                        114,547      104,574      120,009      (15,435)             (9,973)
Seaport Security Grants                      1,848       - 173              (173)           (1,848)
Public Parking                             25,205       26,055       25,410          645         850
Rental Cars                               16,066       14,253       14,518         (265)           (1,813)
Concessions                             17,652       18,721       19,293         (572)           1,069
Ground Transportation                     3,931        4,012        3,725          286          80
Utilities                                             3,876           3,225           3,495           (270)                (651)
Container                                38,126       31,888       31,369          519      (6,238)
Seaport Industrial Properties                  7,756         8,085         8,023            62          329
Grain                                    3,208          557        1,692       (1,135)            (2,651)
Recreational Boating                        4,387         4,530         4,431           99         143
Commercial Properties                     4,751        4,859        4,942          (82)            109
Conference & Event Centers               4,225        3,976        4,663         (687)            (249)
Other                                  18,764       19,893       19,559         335       1,129
Subtotal                                142,799      135,668      136,907        (1,239)             (7,131)
TOTAL                      259,194    240,242    257,089    (16,848)         (18,952)
Excluding Aeronautical Revenues and Seaport Security Grants, Other Operating Revenues were
$1.2M lower than the revised budget and $7.1M lower than Q2 2012. 
3

Q2 Major Expense Variances 
2012 YTD  2013 YTD  2013 YTD  Rvsd Bud    Change
Major Expenses (In $ '000)              Actual       Actual    Rvsd Bud    Variance  from 2012
Salaries & Benefits                     46,024       47,331       50,350      3,018             1,308
Wages & Benefits                    43,162      43,757      45,297      1,540             595
Payroll to Capital Projects                9,028         9,662       11,257       1,595               634
Equipment Expense                    2,896       2,795       3,093       298       (101)
Supplies & Stock                      3,735        2,962        3,382       419       (773)
Outside Services                       20,164       24,359       34,451     10,092       4,195
Utilities                                      11,351        11,288        11,339           51          (63) 
Travel & Other Employee Exps         1,963        1,840        3,304      1,464            (123)
Promotional Expenses                    395         562         797       235        167
Other Expenses                       13,540       15,448       13,606     (1,842)      1,908
Charges to Capital Projects            (13,743)      (13,987)      (16,328)     (2,341)       (244)
TOTAL                   138,514    146,016    160,547   14,531    7,503
Operating Expenses were $14.5M lower than the revised budget mainly due to vacant positions,
timing of spending, and some actual savings. 
Operating Expenses were $7.5M higher than Q2 2012 mainly due to terminal realignment expense,
higher payroll and environmental remediation expense. 

4

Portwide Operating Summary 
2012 YTD 2013 Year-to-Date  YTD Bud Var           Year-End Projections
Revised                  Approved  Revised            Rvsd
$ in 000's                        Actual    Actual   Budget       $ %     Budget    Budget  Forecast  Bud Var
Aeronautical Revenues        114,547  104,574 120,009  (15,435)  -12.9%   249,799  245,623   248,549    2,926
Other Operating Revenues     144,647  135,668 137,080   (1,413)   -1.0%   300,780  290,010   285,333    (4,677)
Total Operating Revenues     259,194   240,242 257,089  (16,848)   -6.6%   550,579  535,633   533,882    (1,751)
Total Operating Expenses     138,514   146,016 160,547   14,531     9.1%   328,912  323,943   323,880       63
NOI before Depreciation      120,680    94,225   96,542   (2,317)   -2.4%   221,667  211,690   210,002    (1,688)
Depreciation                  80,829    85,187   86,016      829     1.0%   171,510  171,510   171,510        0
NOI after Depreciation         39,851     9,038   10,526   (1,488)  -14.1%     50,157   40,180    38,492    (1,688)

Excluding Aeronautical Revenues, Other Operating Revenues for Q2 were $1.4M below the revised budget
mainly due to lower revenues from Grain, Conference & Event Centers, and Concessions. 
Operating Expenses for Q2 were $14.5M lower than the revised budget due to vacant positions and delay hiring,
savings of outside contracted services, and timing of spending. 
Excluding Aeronautical Revenues, Other Operating Revenues are forecasted to be $4.7M below the revised
budget mainly due to lower revenues from Grain revenue and Conference & Event Centers. 
Total Operating Expenses are forecasted to be $63K below the revised budget due to savings from all divisions,
largely offset by $4.9M unbudgeted Lora Lake environmental remediation expense. 

5

Moody's Ratings Outlook Change 
Moody's recently affirmed the        US Ports & Airports by Moody's
Port's revenue bond ratings,                Rating Category 
but revised the 1-2 year         35
outlook from stable to negative                       Port of Seattle
30                                Senior Lien 
Reasons cited were Seaport    25
competitive pressures and
prolonged airline lease          20
negotiations                     15
The Port's Aa2 Senior Lien     10
bond rating is among the
highest of all ports and airports   5
nationwide                      0
Aa2   Aa3   A1    A2    A3   Baa1  Baa2  Baa3  Ba1

6

Corporate 
Q2 2013 Performance Report 
Commission Briefing 
July 23, 2013

Q2 Key Business Events 
Held Delta Airlines Seattle to Shanghai inaugural ceremony. 
Welcomed new joint service of United Arab Shipping and China Shipping
Container Lines.
Sponsored Export and Tourism Roundtable Forums and joint Commission
meetings in Eastern Washington. 
Extended the music initiative live performances at the Airport. 
Launched the Cigna Wellness and Care Allies Rewards program with 97%
completion of the Health Assessment. 
Issued the 2013 Special Facility Revenue Refunding Bonds in the amount of
$88,660,000. 
Participated in the American Lung Association's Breathe Easy Awards
Breakfast and also received the American Lung Association Award. 
Received the Distinguished Budget Presentation Award from GFOA. 
8

Corporate Operating Summary 
2012 YTD      2012 YTD 2013 Year-to-Date2013 Year-to-Date  YTD Bud Var           YTD Bud Var         Year-End ProjectionsYear-End Projections
RevisedRevised               Approved     ApprovedRevisedRevised      Rvsd  Rvsd
$ in 000's $ in 000's                                 Actual    Actual  ActualActual  BudgetBudget      $$ % % Budget    BudgetBudgetBudgetForecastForecastBud Var Bud Var
Total Revenues      Total Revenues                        165 98    123 68     3977       29 45  75.8%   58.6%    155 155 155     155    184   190 29     35 
Executive Executive                                718 382     793  442     946495     15353    10.8%   16.1%  1,552 1,552 1,8061,806 1,806 1,806      -        - 
Commission   Commission                          425 194    448  209    704326    118  255  36.1%   36.3%  1,483 1,483 1,4451,445 1,427 1,297 18   147
Legal                                           567      698      735      36     5.0%      3,012    3,012     3,012       - 
Legal   Risk Services                           1,381    637   1,596  672   1,471   775    103    (125) 13.3%   -8.5%  3,186 3,012 3,1663,012 3,101 3,389 65   (378) 
Risk Services     Health & Safety Services                   1,225     256   1,393  259   1,566   278      17420     7.0%    11.1%  1,138 3,186 1,1183,166 1,112 3,100 5     66 
Health & Safety Services                Public Affairs                              486   1,270    1,199507    1,563   555    364 47  23.3%  8.5%  5,946 1,138 5,9461,118 5,946 1,106       -        11 
Public Affairs     Human Resources & Development            2,709   1,188   2,629    1,173   3,141       1,283     110  513    8.6%    16.3%  5,468 5,946 5,4255,946 5,425 5,817       -       129
Labor Relations                                   247       311      293      (19)    -6.3%      1,198    1,153     1,197      (44)
Human Resources & Development                      Information & Communications Technology   2,402   4,642   2,461   4,257   2,721      5,104    847  260  16.6%  9.6% 20,805 5,468 20,5055,425 20,505       5,325      -      100
Labor Relations       Finance & Budget                           492 376     559  353     578391      37 19   9.6%  3.3%  1,877 1,198 1,7771,153 1,777 1,135       19 
Information & Communications Technology                               Accounting & Financial Reporting Services    9,359   1,500   9,223    1,376  10,194     1,625    249  971  15.3%  9.5%  7,055  20,805 6,835 20,505 6,80920,205 26    300
Finance & Budget        Internal Audit                            737 278    743  291     801324     33 58  10.2%  7.3%  1,361 1,877 1,3611,777 1,361 1,568      -      210
Office of Social Responsibility                      359       215      464      249     53.6%      1,702     1,702      1,702       - 
Accounting & Financial Reporting Services                                 Police                                  3,111   5,219   2,869    5,069   3,435       5,595     526  566   9.4%    16.5% 22,574 7,055 22,3186,835  22,318       6,413       -       422
Internal Audit     Contingency                                 564 3     586  60     707     - (60) 121        0.0%    17.1%    450 1,361 450    1,361 450 1,340       -        21 
Office of Social Responsibility                     Total Expenses                            17,118      679     16,583    791   19,251   874   2,667 83  13.9%  9.4% 78,807 1,702 78,0191,702  77,949 1,682 70     20 
Police                                         10,418    10,544   11,180     636     5.7%     22,574   22,318    22,016      302
Contingency                                    53       60    - (60)         0.0%       450      450          450    - 
Total Expenses                            34,760          35,203  38,873   3,670    9.4%    78,807   78,019    76,650   1,369

9

Capital Development Division 
Q2 2013 Performance Report 
Commission Briefing 
July 23, 2013

CDD Q2 Key Business Events 
Completed construction of utility relocation for Sound Transit South Link extension. 
Completed construction of all new and replacement escalators in 44 escalator project. 
Completed airline realignment pre-move construction. 
Completed 30% design of centralized baggage screening system for Transportation
Security Administration (TSA). 
Worked with Office of Social Responsibility (OSR) to revise Contractor Data System
(CDS) to report on subconsultant payments. OSR is inputting data from consultants. 
RCW 39.10 reauthorization approved by legislature and signed by Governor. 
Technical support for Transportation Investment Generating Economic Recovery
(TIGER) Grant Application for Terminal 46 Improvements. 
Notice To Proceed (NTP) issued in May for the Pier 69 Corrosion Control project.

CDD Gross Operating Results 
2012 YTD  2013 Year-to-Date    YTD Bud Var         Year-End Projections
Revised                 Approved Revised           Rvsd
$ in 000's                                                        Actual    Actual      Budget      $ %    Budget   Budget  Forecast Bud Var
Total Revenues                                           12          22    - 22        0.0%       -  - - - 
Expenses Before Charges To Cap/Govt/Envrs Propects
Capital Development Administration                            181       186           191           5       2.8%      382          378      378 - 
Engineering                                                  6,119      6,362      7,412   1,050     14.2%   14,904   14,853   13,833    1,020
Port Construction Services                                      3,216      3,301      3,327      25      0.8%    6,618    6,591     7,207     (616)
Central Procurement Office                                    2,292      2,197      2,249      52      2.3%    4,532    4,510    4,533      (23)
Aviation Project Management                                4,456     3,681     4,368     686     15.7%    8,710    8,679    8,679      - 
Seaport Project Management                                 1,073     1,161     1,963     802     40.9%    3,841    3,813    3,610     203 
Total Before Charges to Capital Projects                  17,338    16,887    19,508   2,621    13.4%   38,988   38,823   38,239     584

Aviation Division 
Q2 2013 Performance Report 
Commission Briefing 
July 23, 2013

Q2 Financial Performance 
2012 YTD     2013 YTD     2013 YTD       RevBud Var       Change from 2012
$ in 000's                                      Actual          Actual         RevBud           $ %              $ %
Aeronautical Revenues                        114,547        104,574        120,009      (15,435)   -12.9%              (9,973)   -8.7%
Non-Aeronautical Revenues                   72,357               72,369               72,382                (13)     0.0%             12       0.0%
Total Operating Revenues                  186,903       176,943       192,391     (15,448)    -8.0%         (9,961)   -5.3%
Expenses:
Operating Expenses                            66,404                67,016                75,065              8,049     10.7%            612     0.9%
Environmental Remediation Liability              1,914           5,176           2,308       (2,868)  -124.3%           3,262   170.4%
Airline Realignment                               2,733           6,841           8,034        1,194     14.9%           4,108   150.3%
Baseline Airport Expenses                  71,051               79,032               85,407              6,375     7.5%          7,981   11.2%
Corporate/CDD                            29,394              29,533              32,197             2,663     8.3%           140    0.5%
Total Airport Expenses                     100,445        108,566        117,604       9,038     7.7%          8,121    8.1%
NOI                             86,458           68,377           74,787          (6,411)   -8.6%      (18,082) -20.9%
Capital Spending                               46,180                45,600                76,300              30,700            40.2%            (580)         -1.3%
Enplaned Passengers                           7,844          8,164          7,970         195      2.4%            321     4.1%
Aeronautical revenues are lower than revised budget due to landing fees and terminal space rents based on
2012 carryover rates, which are less than 2013 recoverable costs. 
Vacant positions and payroll savings of $2.6 million. 
Delays in expenditures of contracted services $4.7 million: 
Sustainability aviation master plan 
Concession master plan 
Escalator and elevator services 
Unbudgeted Lora Lake  environmental remediation liability of $4.9 million recognized in 2nd quarter. 
Airline realignment savings of $1.2 million. 

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YE Financial Performance 
2012       2013       2013       2013        RevBud Var      Change from 2012
Revised   Approved
$ in 000's                                    Actual      Forecast      Budget       Budget           $ %            $ %
Aeronautical Revenues                   233,000              248,549     245,623              249,799        2,926      1.2%     15,549              6.7%
Non-Aeronautical Revenues              153,022             156,972     156,563             157,826          409      0.3%      3,950       2.6%
Total Operating Revenues           386,023     405,521    402,186     407,625       3,336     0.8%    19,499      5.1%
Expenses:
Operating Expenses                     144,880              152,660     152,819              155,607          159      0.1%      7,780       5.4%
Environmental Remediation Liability          5,321         9,471              4,615         4,615        (4,856)   -105.2%       4,150       78.0%
Airline Realignment                         5,802        14,311       16,069        16,069                1,758     10.9%       8,509     146.6%
Baseline Airport Expenses         156,004     176,442    173,503     176,291       (2,938)    -1.7%    20,438     13.1%
Corporate/CDD                       60,562       63,170      64,343       65,411             1,173     1.8%      2,608       4.3%
Total Airport Expenses              216,565     239,612    237,846     241,702       (1,766)    -0.7%    23,047     10.6%
NOI                       169,458    165,910   164,340    165,923     1,570    1.0%   (3,548)    -2.1%
Capital Spending                          100,305               152,600      174,651              174,651        22,051            12.6%      52,295             52.1%
Key Indicators
Enplaned Passengers (000s)               16,597        17,294       17,017       17,017                 278      1.6%        697        4.2%
CPE ($)                                13.23        13.59       13.65        13.80         0.05      0.4%       0.36       2.7%
Debt Service Coverage                     1.40              1.34        1.33              1.35         0.01      0.8%      (0.06)            -4.3%
Non-Aero NOI less CFC Surplus ($000)                                      79,787       74,937      72,915       74,810               2,022      2.8%      (4,850)      -6.1%
Forecast and revised budget assumes airline rates and charges based on a resolution. 
Variable rate debt and debt related fee savings lowers aeronautical costs and revenues by $913.8K. 
Unbudgeted Lora Lake  environmental remediation liability of $4.9 million recognized in 2nd quarter. 
Airline realignment savings of $1.7 million. 
Corporate/CDD/Police savings of $1.2 million. 
15

Seaport Division 
Q2 2013 Performance Report 
Commission Briefing 
July 23, 2013

Seaport Business Highlights 
Business Volume 
TEU Volume was 790K, down 22% from Q2 YTD 2012. 
Grain volume was at 258K metric tons, down 91% from 2012 YTD
and 83% under 2013 YTD budget. 
Cruise season commenced on May 1st. Early season occupancy has
averaged 104%. 
Net Operating Income Full Year Forecast 
Revenue ($3,629K) unfavorable to budget. 
Expenses $569K favorable to budget. 
Net Operating Income ($3,060K) unfavorable to budget. 
United Arab Shipping Company commenced calls in June. 
Asset Condition Assessments 100% complete. 
Truck Radio Frequency Identification program underway. 
17

Seaport Financial Summary 
2012 YTD   2013 Year-to-Date  YTD Rvsd Bud Var            Year-End Projections
Revised                      Approved   Revised                 Rvsd
$ in 000's                                Actual       Actual     Budget         $ %       Budget      Budget      Forecast    Bud Var
Operating Revenue                    55,114     47,943     48,601       (658)      -1%    110,110    100,603       97,147     (3,456)
Security Grants                          1,848           0         173        (173)    -100%        173         173             0       (173)
Total Revenues                     56,962     47,943     48,774       (831)     -2%   110,283    100,777      97,147    (3,629)
Seaport Expenses (excl env srvs)          6,238       6,958       7,496         538        7%     15,385      14,971       14,771        200
Environmental Services                     874        959       1,169        209      18%      2,675       2,675        2,675          0
Maintenance Expenses                  2,759      3,104      3,092        (13)      0%      6,360       6,076        6,076         0
P69 Facilities Expenses                     272        251         263          11        4%        526         526          526          0
Other RE Expenses                      145       138        185         47      25%       353        353         353         0
CDD Expenses                      1,969     1,792      1,792        (0)      0%     3,530      3,475       3,475        0
Police Expenses                          1,900      1,973       2,115        142       7%      4,271       4,223        4,141         82
Corporate Expenses                     5,494      5,432       6,282        850      14%     12,773      12,678       12,391       287
Security Grant Expense                  1,833         18           0        (18)      NA          0           0            0          0
Envir Remed Liability                       32         (76)        585        661     113%      1,170       1,170        1,170          0
Total Expenses                      21,514     20,551     22,978      2,427      11%    47,043     46,147      45,578       569
Net Operating Income               35,447    27,392     25,796      1,596      6%    63,240     54,630      51,569    (3,060)
Forecasted Revenue Variance: 
Grain Revenue: ($2.6 million) volume is currently forecasted to come in 52% below budget. 
T-18 Crane Rent: ($1.6 million) due to no minimum payment required for MHI cranes if full year volume falls
below 250K lifts. Tenant has indicated lifts will be below that level. 
T-5 Crane Rent and Intermodal Revenue: $.7 million favorable due to more usage than budgeted. 
18

Real Estate Division 
Q2 2013 Performance Report 
Commission Briefing 
July 23, 2013

Real Estate Q2 Key Events 
Full Year Net Operating Income forecasted to meet budget. 
Occupancy Rates/Activity 
Commercial property at 91% occupancy, slightly below target of 92%
but above 2013 Q2 Seattle market average of 89%. 
Marinas: Fishermen's Terminal and Maritime Industrial Center at 77%
YTD average occupancy, slightly below target of 78%. Recreational
marinas at 96%, above target of 92%. 
Conference and Event Center activity below budget due to significant
new competitive challenges. 
Fishermen's Terminal Net Shed Compliance Improvements
project authorized by Commission. 
Executed a purchase and sale agreement with King County
and City of Seattle to sell Terminal 91 West Yard. 
Developer selected for Des Moines Creek Business Park. 
20 


The 85th Annual Blessing of the Fleet was held at
Fishermen's Terminal in March. 
Real Estate Development & Planning: 
Issued a request for proposals for the Des Moines Creek
Business Park site 
Reached settlement agreement with King County related
to the condemnation action to acquire an interest in the
Terminal 91 West Yard site for its CSO project

Real Estate Division Financial Summary 
2012 YTD   2013 Year-to-Date      YTD Bud Var         Year-End Projections
Revised                  Approved  Revised            Rvsd
$ in 000's                                   Actual       Actual        Budget      $ %      Budget    Budget   Forecast  Bud Var
Revenue                           10,937     11,250     11,184       66      1%   22,776    22,776    22,819      43
Conf & Event Ctr Revenue               4,225      3,976      4,663      (687)    -15%     9,740     9,740     8,205   (1,535)
Total Revenue                        15,163     15,226     15,847      (621)    -4%   32,516   32,516   31,024   (1,492)
Real Estate Exp(excl Conf, Maint,P69)        4,929       5,102       5,789       687      12%    11,300     11,300     11,108      192
Conf & Event Ctr Expense                3,356       3,368       3,688       320      9%     7,642     7,642     6,502    1,140
Eastside Rail Corridor                        189          44          89         44      50%       177       177       177         0
Maintenance Expenses                  3,356      3,643      4,706     1,063     23%     9,630     9,535     9,435      100
P69 Facilities Expenses                       101          85          89          4       5%       178       178       178         0
Seaport Expenses                         557        578        590        12      2%     1,268     1,268     1,268        0
CDD Expenses                         501       512      1,097      585     53%    2,148     2,131     2,131       0
Police Expenses                            658        653        700        47       7%     1,412     1,396     1,376       20
Corporate Expenses                      2,246      2,382      2,535       153      6%     5,166     5,117     5,077       40
Envir Remed Liability                         97          (2)         40        42     104%        80        80        80         0
Total Expense                          15,991     16,365     19,322     2,957    15%   39,002   38,824   37,332    1,492
Net Operating Income                   (828)    (1,138)    (3,475)    2,336    67%    (6,486)   (6,308)   (6,308)       0


21