7f supp

ITEM NO:      7f_Supp_1
DATE OF MEETING: August 23, 2016 
Port of Seattle 
Q2 2016 Financial Performance Report 
Commission Meeting 
August 23, 2016

Portwide Operating Income Summary 
Fav (UnFav)               Fav (UnFav)
2015 YTD  2016 Year-to-Date  Budget Variance Yea-End Projection Budget Variance
$ in 000's                Actual    Actual   Budget      $ % Forecast  Budget    $ %
Aeronautical Revenues     117,973   119,553  123,204  (3,651)  -3.0%  254,215 261,019  (6,804) -2.6%
SLOA III Incentive         (1,788)         (1,788)        (1,788)      - 0.0%   (3,576)  (3,576) -    0.0%
Other Operating Revenues   152,245   161,658  152,274   9,384   6.2%  344,494 327,135  17,359  5.3%
Total Operating Revenues   268,430   279,422  273,689   5,733   2.1%  595,133 584,578  10,555  1.8%
Total Operating Expenses    146,100   147,874  168,621  20,747  12.3%  336,642 335,943   (699)     -0.2%
NOI before Depreciation    122,330   131,549  105,069  26,480  25.2%  258,491 248,635   9,856  4.0%
Depreciation             81,861    82,277   81,206       (1,072)  -1.3%  164,451 162,451  (2,000) -1.2%
NOI after Depreciation      40,469    49,271   23,863       25,408 106.5%   94,040  86,184   7,856  9.1%

Excluding Aeronautical revenues, other operating revenues were $161.7M, $9.4M, or 6.2%, higher than
budget; and we are anticipating $17.4M above budget for the full year. 
Total Operating Expenses were $147.9M, $20.7M below budget; and we are forecasting an unfavorable
budget variance of $699K for the full year. 
NOI before Depreciation was $131.5M, 26.5M over budget, for the first half of the year. 

NOI before Depreciation forecasted to be $9.8M or 4.0% above budget 
2

Capital Summary by Division 
2016 YTD    2016   2016 Budget Variance
$ in 000's                    Actual  Forecast   Budget    $ %
Aviation                  53,437   173,444  245,241   71,797  29.3%
Maritime                 3,097   11,633   15,660   4,027  25.7%
Economic Development        1,041    5,182   8,751   3,569  40.8%
Corporate & Other (note 1)       1,976    9,058   12,396   3,338  26.9%
TOTAL            59,551  199,317 282,048  82,731 29.3%

Note:
(1) "Other" includes Street Vacation projects and Storm Water Utility Small Capital projects.


Forecasted to spend $199.3M or 70.7% of the capital budget 
3

Aviation Division 
Q2 2016 Financial Performance Report 
Commission Meeting 
August 23, 2016

Aviation Business Highlights 
Customer Service: 
Hired security checkpoint queue management contractor  realizing
significant reduction in peak period wait times 
Q2 Airport Service Quality (ASQ) survey overall score dropped to 4.06
from 4.10 in Q1. 
New air service: Volaris Airlines initiated service to Guadalajara,
Mexico 
New cargo services: 
DHL moved operations from Boeing Field to Sea-Tac 
Lufthansa Cargo 
ABX Air 
Capital project milestone: began preliminary construction on
North Satellite 
Airport Dining and Retail  awarded lease group #2 
DMCBP  executed Phase II & Phase III ground leases 

Progress on major initiatives 
5

Airport Activity 
YTD 2015  YTD 2016  % Change      YTD Passenger Growth 
Enplaned Passengers (000's)                                  Alaska +9% 
Domestic                  8,714      9,548    9.6%          Delta +19% 
International                    1,018       1,120    10.1%
Southwest +8% 
Total                       9,731     10,668         9.6%
United -5% 
Operations               177,649    197,152   11.0%
Landed Weight (million lbs.)
2016 YTD Load Factor
Cargo                    799      843   5.5%
down 2.4 points from
All other                      10,769           11,993         11.4%
last year 
Total                      11,568          12,835        11.0%
Cargo - metric tons
2016 YTD International
Domestic freight                79,419          83,079         4.6%
Freight tons trailing
International freight               59,131           55,287         -6.5%
prior year due to peak
Mail                     26,021         27,562        5.9%
volume in 2015 during
Total                      164,571     165,928    0.8%
Port shutdown. 

Increase in enplanements driven by Delta and Alaska 
6

Aviation Financial Summary 
Fav (UnFav)      Incr (Decr)
2015    2016    2016   Budget Variance  Change from 2015
$ in 000's                        Actual    Forecast   Budget      $ %        $ %
Operating Revenues:
Aeronautical Revenues                         229,624    254,215    261,019    (6,804)   -2.6%     24,591   10.7%
SLOA III Incentive Straight Line Adj     (3,576)         (3,576)         (3,576)          -     0.0%       -     0.0%
Non-Aeronautical Revenues                         196,844    223,613    208,321   15,292        7.3%    26,769   13.6%
Total Operating Revenues        422,892        474,252        465,764         8,488   1.8%    51,360       12.1%
Total Operating Expense                          238,140    268,742    267,803     (939)      -0.4%     30,602   12.9%
Net Operating Income                      184,752        205,510        197,962         7,548   3.8%   20,758       11.2%


2016 NOI forecast to be $20.5M higher than 2015 
7

Aviation Capital Summary 
$ in 000's                         2016       2016       2016     Budget Variance
Description                YTD Actual  Forecast    Budget     $ %
International Arrivals Fac-IAF (1)          14,693      41,527      57,612   16,085  27.9%
NS NSAT Renov NSTS Lobbies (2)        8,385     27,364     43,200   15,836  36.7%
Interim Baggage System Program (3)        1,256      5,256      10,000    4,744  47.4%
B2 Expansion for DL Club (4)              408       5,908       9,000    3,092  34.4%
Checked Bag Recap/Optimization (5)        1,921      5,421      8,257    2,836  34.3%
RW16C-34C Design and Reconst        7,057      9,057     11,755   2,698  23.0%
GSE Electrical Chrg Stations              199       4,199       5,100     901  17.7%
Construction Logistics Expansion          2,812       6,202       6,865     663   9.7%
All Other                         16,706      68,510      93,452   24,942  26.7%
Total Spending                  53,437   173,444    245,241  71,797  29.3%
(1)  Spending deferred from 2016 to 2017. Design Builder revised projections for General
Conditions to a less aggressive ramp up. 
(2)  Delays to construction due to a rebid of the PWP#1 construction effort. 
(3)  Delays in spending due to irregular bid and contract execution issues with CPO. 
(4)  Modifications to reimbursement approval caused a delay in reimbursements to Delta. 
(5)  Returned to Commission to increase Service Agreement, which resulted in delayed spending. 

2016 spending is projected to be 70% of budget 
8

Maritime Division 
Q2 2016 Financial Performance Report 
Commission Meeting 
August 23, 2016

Maritime Business Highlights 
Fishermen's Terminal Long Range Strategic Plan finalized
and moving to implementation 
Stormwater Utility negotiations with the City of Seattle
completed  New line of business for Maritime division 
Successfully hosted Clipper Round the World at Bell Harbor
Marina providing worldwide showcasing of our harbor & city 
Cruise line of business promoting economic vitality to the
region and working with EDD on the Tourism Cooperative
Program 
SBM restaurant RFP a success and negotiations underway 

Port businesses and properties driving economic vitality to the region 
10

Maritime Financial Summary 
Fav (UnFav)                       Fav (UnFav)
2015 YTD  2016 Year-to-Date   Budget Variance   Year End Projections   Budget Variance
$ in 000's                    Actual    Actual    Budget      $ %     Forecast   Budget      $ %
Operating Revenue            21,407    22,027    22,196     (170)     -1%   49,714    49,314      400      1%
Security Grants                   0        0        0        0      NA       0        0        0      NA
Total Revenues             21,407   22,027   22,196     (170)     -1%   49,714   49,314     400      1%
Maritime Expenses (excl Maint)     4,340     4,993     5,249      255       5%   11,724    11,382     (342)      -3%
Maintenance Expenses          4,276    4,716    5,418     702     13%   10,576    10,576       0      0%
P69 Facilities Expenses             74      134      149       15      10%      294      294        0       0%
Other ED Expenses            1,521    1,710    1,973     263     13%    3,819    3,819       0      0%
Environmental & Sustainability       481      303      610      307      50%    1,430     1,430        0       0%
CDD Expenses              699     522     486     (36)     -7%   1,029    1,029      0      0%
Police Expenses               1,339     1,925     2,007       82       4%    4,023     4,023       0       0%
Corporate Expenses            2,693    4,423    5,040      618      12%    9,471    9,713      242      2%
Envir Remed Liability             258       48      202      154      76%     202      202        0       0%
Total Expenses             15,682    18,775    21,135    2,360     11%   42,569    42,469     (100)     0%
NOI Before Depreciation       5,725    3,252    1,061    2,191    206%    7,145    6,845     300      4%
Depreciation                 8,466     8,655     8,593      (62)      -1%   17,139    17,139       0       0%
NOI After Depreciation        (2,741)   (5,403)   (7,532)    2,129     -28%   (9,994)   (10,294)     300      3%
YTD Revenue variance driven by unfavorable Grain/Bulk ($649K), partially offset by a $319K Fishing and Operations
$319K favorable to budget from higher moorage occupancy and rates in previously under utilized properties. 
YTD Expenses $2,360K favorable to budget due primarily to timing of divisional expenses and lower than budgeted
corporate expenses. 
Year end NOI forecast to budget with favorable revenue and corporate expense projections offset by Cruise related
mitigation expenses. 
Strong maritime ops revenue and timing of expenses driving favorable NOI 
11

Maritime Capital Summary 
$ in 000's   2016 YTD    2016      2016     Budget Variance 
Actual   Forecast   Budget     $ % 

Maritime    3,097    11,633    15,660   4,010    26% 

Significant Variances: 
Major capital variances on hold or moved to future years 
Shilshole Bay Marina Restroom and Services Building Replacement  $644K 
Maintenance North Office Site Improvement  $500K 
Pier 91 South End Fender  $464K 
2016 Small Projects  $1,259K 
Favorable variances partially offset by Fleet Replacement capital expense higher
than budget 

Forecasted to spend 74% of Capital Budget 
12

Economic Development Division 
Q2 2016 Financial Performance Report 
Commission Meeting 
August 23, 2016

EDD Business Highlights 
Economic Development Partnership Program 
Completed the first Tourism Grant Program 
Financials 
YTD quarter net operating income (NOI) is $3.3M higher than
budget. 
Full-year NOI is forecasted to exceed budget. 
Occupancy Strong! 
Portfolio Management properties at 97% occupancy at end of Q2,
above target of 90%. 
Conference and Event Center Q2 revenue exceeded budget due to
strong sales and delayed construction at P-66 Cruise Terminal. 
Real Estate Draft Strategic Plan presented to
Commissioners 
Strong Occupancy and NOI 
14 

.

EDD Financial Summary 
Fav (UnFav)                    Fav (UnFav)
2015 YTD  2016 Year-to-Date   Budget Variance  Year End Projections  Budget Variance
$ in 000's                   Actual    Actual    Budget     $ %    Forecast   Budget     $ %
Revenue                 3,776    3,819    3,659    160     4%   7,639    7,449    190     3%
Conf & Event Ctr Revenue        4,453    4,518    3,462   1,057    31%    7,352    6,296   1,057    17%
Total Revenue             8,229    8,338    7,120   1,217    17%   14,991   13,745   1,246    9%
Central Harbor                1,145    1,104    1,373     269     20%    2,721    2,746     25     1%
Conf & Event Centers           3,823    3,665    3,420    (245)    -7%    6,952    6,439    (513)    -8%
Eastside Rail Corridor              13        8       72      64     90%      24      144     120     83%
P69 Facilities Expenses             19       81       90       9     10%     177      177      0     0%
Small Business                 157       9      61     52     85%     120      120      0     0%
Workforce Development           0     150     668    518    78%    1,421    1,558    138     9%
Tourism                  377     420     671    251    37%   1,082    1,174     92     8%
EconDev Expenses Other         715    1,047    1,339    292    22%    2,800    2,800     0     0%
Maintenance Expenses          1,477    1,253    1,670    418    25%    3,153    3,153      0     0%
Maritime Expenses (Excl Maint)       6      14      14      (1)    -4%      28      28     (0)     0%
Environmental & Sustainability       116       9       56      47     84%     140      126     (14)   -11%
CDD Expenses               59     153     105    (48)   -46%    182     248    66    27%
Police Expenses                221      81      84      4     4%     169      169      0     0%
Corporate Expenses             977    1,959    2,366    407    17%    4,469    4,565     96     2%
Envir Remed Liability              0       0       0      (0)     NA       0       0      0     NA
Total Expense              9,103    9,952   11,989   2,036    17%   23,437   23,447     10     0%
Net Operating Income         (875)   (1,615)   (4,868)   3,253    67%   (8,446)   (9,702)  1,256    13%
Favorable sales activity at P-66 Conference & Events Center, resulting in higher revenues & expenses. 
Favorable variances in direct expenses for Tourism, Workforce Development, and Maintenance were due to timing of expenditures. 
Corporate Expenses were under budget due to lower charges/allocations from Public Affairs, Accounting & Financial Reporting and
Office of Strategic Initiatives. 
Conference & Event Center Revenue 31% favorable to budget 
15

EDD Capital Summary 
$ in 000's    2016 YTD   2016      2016     Budget Variance
Actual  Forecast  Budget    $ %
Econ Dev   1,041    5,182    8,751   3,569   41%

Significant Variances: 
P66 Elevator 2, 3, 4 Upgrades: budget variance due to modernizations for elevators 3
and 4 have been postponed until after the NCL cruise terminal work is completed. 
T102 Building Roof HVAC Replacement: potential construction extension based on
current contractor performance. 

Forecasted to spend 59% of EDD Capital Budget due timing of projects 
16

Corporate 
Q2 2016 Financial Performance Report 
Commission Meeting 
August 23, 2016

Corporate Business Highlights 
Coordinated eight minority community outreach meetings for the CEO to
discuss issues and contracting opportunities with the Port. 
Developed and executed the Centers of Expertise for the Port. 
Contributed to regional transportation partner investments with 2nd
contribution to the State's Alaskan Way Viaduct Replacement Program;
and the final contribution to King County's South Park Bridge. 
Implemented new goal from Commissioners to significantly increase the
number of intern opportunities at the Port in 2016. 
Continued to coordinate with SDOT and the Seattle Police Department to
address significant truck traffic in key choke points in vicinity of P46.
Held Port leader development conference, "Be the Change".
Received the 2016 Distinguished Budget Presentation Award from the
Government Finance Officers Association (GFOA) for 9th consecutive year. 
Achieved a number of accomplishments in Q2
18

Financial Summary by Dept.  Part 1 
Fav (UnFav)                  Fav (UnFav)
2015 YTD 2016 Year-to-Date  Budget Variance Year-End Projections Budget Variance
$ in 000's                           Actual    Actual  Budget      $ %    Forecast  Budget      $ %
Total Revenues                     113     75      285    (210)  -73.7%    570        570   - 0.0%
Executive                            954    1,019    1,000     (19)      -1.9%    1,589    1,569     (20)     -1.3%
Commission                       680    723    852    129   15.1%   1,540    1,635    95  5.8%
Legal                            1,648       1,510   1,627    116    7.2%    3,116    3,219    103   3.2%
Public Affairs                           2,061        2,795    3,234     440   13.6%    6,463     6,447     (15)     -0.2%
Human Resources & Development          3,008       3,294   3,686    392   10.6%   7,211    7,634    422  5.5%
Labor Relations                         433     568     574      6     1.1%    1,131    1,126      (5)  -0.4%
Internal Audit                            614     673     840     167   19.9%    1,603     1,620      17   1.0%
Office of Strategic Initiatives                  1,374         2,235    6,778    4,543    67.0%    8,459     9,059     600   6.6%
Police                              10,924   11,312   11,767     455    3.9%   23,568    23,587           19   0.1%
Contingency                         417    126    250    124   49.7%     400        500    100  20.0%
Capital Development
Engineering                        1,642        2,227    1,940    (287)  -14.8%    4,901    5,913   1,012  17.1%
Port Construction Services               1,395        1,182    1,441     259   17.9%    2,747    2,862     115   4.0%
Aviation PMG                     674    560   2,389   1,829   76.6%   1,695    4,543   2,848  62.7%
Seaport PMG                    229    566    405   (161)  -39.7%    893       789   (104) -13.2%
Capital Development Admin              196     212    213      1     0.7%     431        430     (1) -0.2%
Sub-Total                      4,138       4,747   6,388   1,641   25.7%   10,668   14,538        3,870  26.6%

Strong positive financial performance results in Q2 
19

Financial Summary by Dept.  Part 2 
Fav (UnFav)                  Fav (UnFav)
2015 YTD 2016 Year-to-Date  Budget Variance Year-End Projections Budget Variance
$ in 000's                           Actual    Actual  Budget      $ %    Forecast  Budget      $ %
Finance
Accounting & Financial Reporting          3,272        3,364    3,773    409   10.8%    7,270    7,570    300   4.0%
Information & Communication Technology    9,134       10,228   9,677    (551)   -5.7%   21,127   21,127 -     0.0%
Finance & Budget                  2,194       2,378   2,452     74    3.0%    4,898    4,933     35  0.7%
Business Intelligence                      -      416     470      54   11.5%    1,077      917    (160) -17.5%
Risk Services                       1,536        1,619    1,722     103    6.0%    3,446    3,449      3    0.1%
Sub-Total                     16,135   18,006   18,095     89    0.5%   37,818   37,995         177  0.5%
Security and Preparedness
Emergency Management              172    167    195    28   14.4%    358       393    35  8.9%
ICT Information Security                381     405     459     54   11.8%     927        927    - 0.0%
Maritime Security                      73      75        77        2     2.0%     161        161    - 0.0%
Sub-Total                       625    647    731     84   11.5%    1,445    1,480     35  2.4%
Environment & Sustainability
Aviation Environmental & Planning         3,224        2,470    4,529   2,059   45.5%    7,925   10,064        2,139  21.3%
Maritime Environmental & Planning        1,392         484   1,101    617   56.1%    2,871    2,587    (284) -11.0%
Noise Programs                     252    348    441     93   21.1%     821        891     70  7.9%
Environment & Sustainability               -       1  - (1)      0.0%       1  - (1)     0.0%
Sub-Total                      4,868       3,303   6,072   2,769   45.6%   11,619   13,542        1,924  14.2%
Total Expenses                   47,878   50,957   61,893   10,936   17.7%  116,629  123,951   7,322  5.9%

Operating Expenses forecasted to be $7.3M favorable to budget 
20

Appendix

Portwide Major Revenue Variances 
Fav (UnFav)      Incr (Decr)
2015 YTD   2016 Year-to-Date   Budget Variance  Change from 2015
$ in 000's                           Actual    Actual    Budget       $ %     $ %
Aeronautical Revenues             117,973  119,553        123,204   (3,651)  -3.0%   1,579        1.3%
SLOA III Incentive                 (1,788)   (1,788)   (1,788)         0.0%          0.0%
Public Parking                    30,766   34,166        33,116    1,051   3.2%   3,400       11.1%
Rental Cars - Operations              13,756   15,271        13,768    1,503  10.9%   1,515       11.0%
Rental Cars - Operating CFC           3,576    3,872        3,787     85   2.2%    296       8.3%
Airport Dining and Retail             23,621   25,952        25,329     624   2.5%   2,332        9.9%
Employee Parking                 3,860    4,563        4,001    562  14.1%    703      18.2%
Ground Transportation               3,974    5,668        4,227   1,441  34.1%   1,693       42.6%
Non-Aero Commercial Properties        3,747    4,951        5,320    (369)  -6.9%   1,204       32.1%
Airport Utilities                      3,382     3,571         3,649      (79)  -2.2%    189       5.6%
Fishing & Commercial Vessels          1,491    1,500        1,485     15   1.0%     9     0.6%
Maritime Operations                2,350    2,919        2,508     411  16.4%    570      24.2%
Recreational Boating                4,789    5,083        5,178     (95)  -1.8%    294       6.1%
Cruise                         5,362    5,410        5,386     23   0.4%     47      0.9%
Grain                        2,446    2,010        2,659    (649) -24.4%   (436)  -17.8%
Maritime Industrial                  3,022    3,075        3,038      37   1.2%     54      1.8%
Marina Office & Retail               1,944    2,024        1,941     83   4.3%     80      4.1%
Central Harbor Management           3,367    3,393        3,324     69   2.1%    26      0.8%
Conference & Event Centers            4,453    4,518        3,462   1,057  30.5%     65      1.5%
Licensed NWSA Assets               -    28,991       25,568   3,423  13.4%  28,991        0.0%
Other                        36,338    4,719        4,528     191   4.2% (31,619)  -87.0%
Total Operating Revenues (w/o Aero)   152,245  161,658        152,274   9,384   6.2%  9,413       6.2%
TOTAL              268,430 279,422      273,689  5,733  2.1% 10,992      4.1%
Operating Revenues w/o Aeronautical $9.4M or 6.2% favorable to budget 
22

Portwide Major Expense Variances 
Fav (UnFav)    Incr (Decr)
2015 YTD 2016 Year-to-Date Budget Variance Change from 2015
$ in 000's                    Actual   Actual  Budget      $ %    $ %
Salaries & Benefits               48,887   51,795   55,214   3,419   6.2%   2,908        5.9%
Wages & Benefits              46,868  48,261   50,750  2,490   4.9%  1,393       3.0%
Payroll to Capital Projects          11,713   10,040   13,792   3,753  27.2%  (1,673)  -14.3%
Equipment Expense             2,594   2,923   2,741   (181)     -6.6%   329   12.7%
Supplies & Stock               3,350   3,454    3,608    154   4.3%    104    3.1%
Outside Services                23,864   25,663   39,620  13,957  35.2%  1,799        7.5%
Utilities                            9,988   10,510    10,877     366    3.4%     523     5.2%
Travel & Other Employee Exps      2,001   1,879   2,997  1,118  37.3%   (122)   -6.1%
Promotional Expenses             453    362     436    74    17.0%    (92)  -20.2%
Other Expenses               13,948   8,450   12,029  3,579  29.8%  (5,498)  -39.4%
Charges to Capital Projects        (17,567)  (15,463)  (23,445)  (7,982)  34.0%   2,104       -12.0%
TOTAL             146,100 147,874 168,621 20,747 12.3%  1,774     1.2%

Operating expenses were $20.7M below budget mainly due to savings in Payroll, Outside Services,
and Travel & Other Employee expenses. 

Operating Expenses $20.7M favorable to budget 
23

EDD Contribution to Other Divisions 
Fav (UnFav)         Incr (Decr)
2015 YTD  2016 Year-to-Date   Budget Variance   Change from 2015
$ in 000's                       Actual    Actual    Budget      $ %        $ %
Revenues:
Airport Dining & Retail           23,621    25,952    25,329      624       2%    2,332      10%
Airport Properties                3,748     4,962     5,320      (358)      -7%    1,214      32%
Business Development          1,529    2,072    2,043      29      1%     542     35%
Business Development & Mgmt     28,898   32,986   32,691     295      1%    4,088     14%
Maritime Industrial               3,022     3,075     3,038       37       1%      54       2%
Marina Office & Retail            1,944     2,024     1,941       83       4%      80       4%
Maritime Portfolio Management       4,966    5,100    4,979     120      2%     134      3%
Total Revenues to Other Divisions    33,864    38,086    37,671      415      1%    4,221      12%
Expenses to Other Divisions
Business Development & Mgmt      3,279    3,787    5,257    1,471     28%     507     15%
Maritime Portfolio Mgmt           1,182     1,394     1,714      320      19%     212      18%
Total Expenses to Other Divisions     4,462     5,180     6,971     1,791      26%     719      16%

EDD making significant contribution to other divisionsQ1 net contribution to other divisions: $13.6M 
24

Stormwater Utility Financial Summary 
2015 YTD   2016 YTD    2016 YTD Bud Var Year End Projections 2016 Bud Var
$ in 000's               Actual   Actual   Budget     $ %    Forecast  Budget     $ %
NH Alliance SW         1,644   1,630   1,588     41     3%   3,260   3,177    83    3%
Maritime SW            247    484    346    139    40%    969    691   277   40%
EconDev SW          298    248    224     24    11%    496    449    47   11%
Other                  0      7      0      7     NA     14      0    14    NA
Total Revenue          2,189   2,369   2,158    211    10%   4,738   4,317   421   10%
Expenses
NH Alliance SW          19     25     200     175    88%    399    399     0    0%
Maritime SW             1      1     42     41    97%     85     85     0    0%
EconDev SW           1     1    28     27    98%    56    56    0    0%
SW Admin            0    24    71    47    66%    50    142    92   65%
Maintenance Expenses        0     321     759     438    58%   1,080   1,518    438    29%
Other Maritime Expenses       0      3      0      (3)     NA      0      0     0    NA
Environmental (Excl SWU)      0     11     108     97     90%     293    293     0    0%
CDD Expenses            0     20      1    (19)  -2508%     20     2    (18) -1201%
Total Expense             21     407   1,209     803    66%   1,983   2,495    512   21%
NOI Before Depreciation   2,168   1,963    949   1,013   107%   2,755   1,822   933   51%
Depreciation             492     445     548     103     19%     889    1,096    207    19%
NOI After Depreciation    1,675   1,518     401   1,117   278%   1,866    726  1,140  157%
Revenue $211K favorable due to applying new rates reflected in the charter on more accurately
measured areas through GIS system instead of historical tax parcels. 
Expenses favorable mainly due to the work progress delay resulting from timing of receiving
the Camera Inspection truck in order to access the lines. Truck is has been delivered, so
spending will pick up in 2nd half of the year. 
Full Year Net Operating Income forecasted at $933 thousand favorable to budget 
25

AV Appendix

Significant Financial Drivers 
2016 Forecast vs. Budget 
Revenue  key items only 
$5.0M   Non-Aero - DMCBP Phase II lump sum payment 
$10.1M    Higher Non-Aero revenue due to higher enplanements 
($7.6M)    Offset by higher revenue sharing 
Expense  key items only 
$5.2M   Lora Lake ERL increase  airfield rate base 
$3.2M   Amortization of DMCBP Phase II frontage fees 
$2.7M    Security Checkpoint queue management contract 
$1.3M    Full employee screening 

Reflected in 2016 Forecasted Results 
27

Key Performance Measures 
Fav (UnFav)     Incr (Decr)
2015    2016    2016   Budget Variance  Change from 2015
Actual   Forecast   Budget     $ %      $ %
Performance Metrics
Cost per Enplanement (CPE)                               10.12     10.68     11.00     0.32   2.9%    0.56    5.6%
O&M Cost per Enplanement       11.28   11.68   12.06   0.38  3.1%  0.40  3.5%
Non-Aero Revenue per Enplanement                               9.33     9.72      9.38     0.34   3.6%    0.39   4.2%
Debt per Enplanement                   119      108      111       3   3.0%     (11)   -9.5%
Debt Service Coverage                                1.49      1.51      1.46     0.06   3.8%    0.03    1.9%
Days cash on hand (10 months = 304 days)      468      354       309       45  14.4%    (114)      -24.4%
Aeronautical Revenue Sharing ($ in 000's)      29,450     35,676     28,055    (7,621)  -27.2%    6,226   21.1%
Activity (in 000's)
Enplanements                     21,109        23,009    22,214      794   3.6%    1,900   9.0%
2016 enplaned passengers forecasted to be up 9.0% above 2015. This reflects new scheduled flights,
primarily by Delta and Alaska. 
Reduction in CPE reflects lower airline costs due to higher revenue sharing (driven by increased non-airline
revenues), and increased enplaned passengers. 
Improved debt service coverage compared to budget reflects increased cash flow from growth in
enplanements. 
Enplanement growth drives improved performance 
28

Aviation Expense Summary 
Fav (UnFav)                    Fav (UnFav)
2015 YTD  2016 Year-to-Date   Budget Variance   Year-End Projection  Budget Variance
$ in 000's                             Actual     Actual    Budget      $ %      Forecast    Budget     $ %
Operating Expenses: 
Payroll                               47,229     49,708     52,623    2,915     5.5%    102,733    106,659    3,926        3.7%
Outside Services                       13,580     15,736    19,539    3,803    19.5%     40,769     39,915     (854)   -2.1%
Utilities                                      6,822       7,358       7,655      297      3.9%      14,858      14,686      (172)    -1.2%
Other Airport Expenses                   7,399     9,132     7,684   (1,448)   -18.8%     22,560     16,911    (5,649)  -33.4%
Total Airport Direct Charges                        75,030         81,934        87,501        5,567    6.4%   180,920         178,171         (2,749)  -1.5%
Environmental Remediation Liability            2,844       33     3,196    3,163    99.0%      6,383      3,246    (3,137)  -96.7%
Capital to Expense                         61       -  - - n/a       -  - - 0.0%
Total Exceptions                        2,905          33      3,196       3,163   99.0%    6,383         3,246       (3,137) -96.7%
Total Airport Expenses               77,935        81,968        90,697        8,730    9.6%   187,304         181,417        (5,887)  -3.2%
Corporate                          19,757    22,723    27,427    4,704    17.2%     51,209     52,424    1,215        2.3%
Police Costs                           8,305     8,943     9,342     400     4.3%     18,712     18,728      15    0.1%
Capital Development                    3,018     3,358     5,164    1,806    35.0%     8,029     11,746    3,717       31.6%
Maritime/Economic Development                         1,655     1,826     1,801     (24)   -1.4%     3,488     3,488    - 0.0%
Total Charges from Other Divisions       32,736         36,849        43,734        6,885   15.7%    81,438         86,386        4,947   5.7%
Total Operating Expense             110,671        118,817        134,432        15,615   11.6%   268,742        267,803         (939)  -0.4%

2016 total expenses forecasted to be unfavorable by $0.9M 
29

Non-Aeronautical Business 
Fav (UnFav)                     Fav (UnFav)
2015 YTD  2016 Year-to-Date   Budget Variance   Year-End Projection   Budget Variance
$ in 000's                      Actual     Actual    Budget      $ %      Forecast    Budget      $ %
Non-Aero Revenues
Rental Cars - Operations            13,756         15,271         13,768         1,503   10.9%     37,072     35,398      1,674    4.7%
Rental Cars - Operating CFC         3,576         3,872         3,787         85      2.2%     12,940     12,767       173    1.4%
Public Parking                  30,766     34,166     33,116    1,051    3.2%     69,767     66,847      2,920    4.4%
Ground Transportation              3,974     5,668     4,227    1,441   34.1%     12,618     8,327      4,291   51.5%
Airport Dining & Retail             23,621     26,452     25,753     700    2.7%     54,598     54,429       169    0.3%
Commercial Properties             3,540     4,286     4,757    (471)       -9.9%     15,708     10,251      5,457   53.2%
Non-Airline Terminal Leased Space      207      665      563     103   18.2%     1,201     1,125        76    6.7%
Utilities                              3,382       3,571       3,649       (79)    -2.2%       7,348       7,626        (278)   -3.7%
Employee Parking               3,860     4,563     4,001     562   14.1%     8,921     8,249       672   8.1%
Clubs and Lounges                895     1,378     1,431     (53)   -3.7%     2,578     2,578    - 0.0%
Other                       822      443      375     69     18.4%      861      723      138   19.1%
Total Non-Aero Revenues       88,401   100,336   95,426   4,909   5.1%   223,613        208,321         15,292       7.3%
Total Non-Aero Expenses       39,088        42,744        49,032       6,289  12.8%   96,180        97,454         1,274       1.3%
Net Operating Income         49,313        57,592        46,394       11,198   24.1%   127,433        110,867         16,565       14.9%
Less: CFC (Surplus) / Deficit           (757)      (430)      (38)    (392)     -1037.3%     (6,219)          (5,146)          (1,073)       -20.9%
Adjusted Non-Aero NOI        48,556        57,162        46,356       10,806  23.3%   121,214        105,721         15,492       14.7%
Debt Service                                                          (44,372)    (43,494)      (878)   -2.0%
Net Cash Flow                                                76,842        62,227        14,615       23.5%

Revenue growth driven by increased enplanements 
30

Aeronautical Business 
Fav (UnFav)                     Fav (UnFav)
2015 YTD   2016 Year-to-Date   Budget Variance    Year-End Projection  Budget Variance
$ in 000's                        Actual      Actual     Budget      $ %      Forecast    Budget       $ %
Revenues:
Movement Area               36,678     45,551    44,322    1,230        2.8%   100,462    95,220    5,242       5.5%
Apron Area                   6,159          6,088         6,599        (510)   -7.7%    14,291    14,120     171    1.2%
Terminal Rents                  76,384      75,640     76,719    (1,079)    -1.4%    155,101    159,593    (4,491)   -2.8%
Federal Inspection Services (FIS)        5,820           5,174          4,930          243     4.9%     10,839     10,836        4      0.0%
Total Rate Base Revenues       125,041          132,453         132,569          (116)   -0.1%   280,694         279,768           926    0.3%
\
Commercial Area                4,811          4,479         4,662        (183)   -3.9%     9,197     9,306     (109)   -1.2%
Subtotal before Revenue Sharing   129,852          136,932         137,231          (300)   -0.2%   289,891         289,074           817   0.3%
Revenue Sharing                (11,878)          (17,379)         (14,028)        (3,352)   -23.9%    (35,676)   (28,055)    (7,621)  -27.2%
Total Aeronautical Revenues     117,973          119,553         123,204         (3,651)   -3.0%   254,215         261,019         (6,804)  -2.6%
Total Aeronautical Expenses      71,583          76,073         85,399        9,326   10.9%   172,562         170,349         (2,213)   -1.3%
Net Operating Income          46,390         43,480         37,805        5,675     - 15.0%   81,653        90,670        (9,017)  -9.9%
Debt Service                                                              (91,351)         (91,723)           373    0.4%
Net Cash Flow                                                   (9,697)   (1,053)   (8,644) 821.0%

Expense savings and higher revenue sharing compared to Budget 
31

Aero Cost Drivers 
Impact on Aero Revenues
2015    2016    2016
'Budget vs Forecast
$ in 000's                              Actual   Forecast   Budget       $ %
O&M (1)                        150,286   168,648   166,776     1,872   1.1%
Debt Service Gross                    111,477   120,311   120,668      (357)   -0.3%
Debt Service PFC Offset                (32,454)         (32,859)         (32,583)           (276)   0.8%
Amortization                         24,853    28,217    28,338       (121)   -0.4%
Space Vacancy                    (3,469)   (2,785)   (2,431)     (354)  14.6%
TSA Operating Grant and Other             (1,099)     (838)    (1,000)      162     -16.2%
Rate Base Revenues              249,594  280,694  279,768      926     0.3%
Commercial area                      9,519        9,197        9,306          (109)  -1.2%
Total Aero Revenues              259,113  289,891  289,074      817     0.3%
O&M, Debt Service Gross, and Amortization do not include commercial area costs or the international incentive expenses
(1) Higher O&M costs than Budget due to increased Lora Lake environmental reserve,
Security Checkpoint Queue Management and Full Employee Screening contracts. These
expenses are largely offset by savings from CDD and Corporate divisions, SAMP
NEPA/SEPA & IDIQ master planning delays, Airport Obstruction Removal project savings,
and payroll savings in AV division. 

Aero rate base revenues based on cost recovery formulas 
32

Rental Car Performance 
(in $000's)                           2015 YTD    2016 YTD    2016 YTD       2015         2016         2016
Rental Car - Concession Revenue       Actual      Actual     Budget      Actual     Forecast     Budget
RCF Concession Revenue to Port         11,985          13,474          11,974          30,662          33,455          31,781 
Gross Sales by Operators                  124,496      129,105      130,003       301,439      334,400      317,562
Total Transactions                       633,157      654,740      658,751      1,390,169     1,457,407     1,448,928
Average Ticket                  $ 196.63      $ 197.18      $ 197.35       $ 216.84      $ 229.45      $ 219.17 
Average Length of Stay                     4.05        4.15        4.12         4.34        4.32        4.34
Transactions/O&D Enplanements             9.32%      8.79%      8.63%       9.44%      9.07%      8.85%
CFC Revenue Summary
Total Transaction Days                   2,561,631     2,714,894     2,711,403      6,033,825     6,295,998     6,288,348
CFC Rate per Transaction Day         $ 6.00     $ 6.00     $ 6.00     $ 6.00     $ 6.00     $ 6.00 
Total CFC Revenue Earned            15,370          16,289          16,268          36,203          37,776          37,730 
Reserve for debt service and CP interest:        (11,794)      (10,918)      (10,982)       (20,540)      (21,836)      (21,963)
Reserve for CP principal payment:               -         (1,500)            (1,500)            (3,000)            (3,000)            (3,000) 
Debt Service Reserve Requirement       (11,794)    (12,418)    (12,482)     (23,540)    (24,836)    (24,963)
Residual - CFC Operating Revenue:        3,576          3,872          3,787          12,663          12,940          12,767 
(in $000's)                           2015 YTD    2016 YTD    2016 YTD       2015         2016         2016
Rental Car - Revenue Summary        Actual     Actual     Budget      Actual     Forecast     Budget
RCF Concession Revenue to Port             11,985      13,474      11,974       30,662      33,455      31,781
Residual - CFC Operating Revenue:            3,576       3,872       3,787       12,663       12,940       12,767
Land Rent/Space Rent/Other                1,771       1,797       1,793        3,189       3,617       3,617
Total Rental Cars Operating Revenue       17,332          19,143          17,555           46,515          50,013          48,166 

RCF Concession Revenue Increased by 12.4% compared to YTD 2015 
33

Ground Transportation 
Revenue to Port                                    Fav (UnFav)                     Fav (UnFav)
2015 YTD  2016 Year-to-Date   Budget Variance   Year-End Projection  Budget Variance
$ in 000's                      Actual     Actual    Budget      $ %     Forecast    Budget      $ %
Ground Transportation Revenues
Transportation Network Companies       -        907   - 907        n/a     2,727    - 2,727         n/a
On Demand Taxis               1,819        2,449        1,819        631   34.7%     5,367     3,637     1,730   47.6%
On Demand Limos               416     414     465    (52)  -11.1%      872     1,037     (166)     -16.0%
All other Operators (cost recovery)      1,642      1,753      1,874     (121)       -6.5%      3,515      3,515     - 0.0%
Other Misc Revenues               98      145       68     76    111.1%      137      137       (0)   0.0%
Total GT Revenue            3,974        5,668        4,227       1,441  34.1%   12,618         8,327        4,291  51.5%
Trip Activity                                          Fav (UnFav)                        Fav (UnFav)
2015 YTD  2016 Year-to-Date   Budget Variance   Year-End Projection  Budget Variance
in 000's                        Actual     Actual    Budget      #      %     Forecast    Budget      #       %
Ground Transportation Trips
Transportation Network Companies       -        149   - 149      100%      513   - 513      100%
On Demand Taxis               441        438        453       (16)  -3.4%      869      928      (59)  -6.4%
On Demand Limos               41      39      42     (3)  -8.0%      75      89      (14)  -15.7%
All other Operators (cost recovery)       831       958       768     191   24.9%      1,815      1,578       237   15.0%
Total GT Trip Activity           1,314         1,585         1,263         321  25.4%     3,272         2,595          677  26.1%

GT Trip Volume Increased by 20.6% compared to YTD 2015 
34

Airport Dining & Retail 
Fav / (Unfav)    Incr / (Decr) from
Airport Dining & Retail              2015    2016    2016   Budget Variance       2015
Org Basis (in 000's)                              Actual  Forecast  Budget    $ %      $ %
ADR Revenue 
Food & Beverage                 17,427       20,218       18,657        1,561        8.4%   2,791   16.0%
Retail                                  12,127         12,619         13,128          (510)        -3.9%     492        4.1%
Duty Free                               6,769        6,080        7,412       (1,332)        -18.0%    (689)   -10.2%
Advertising                         6,460        6,761        6,754           7      0.1%     301       4.7%
Foreign Currency Exchange                              1,219        1,224        1,224 -       0.0%      5    0.4%
All other ADR revenue                               6,563        6,637        6,243         393       6.3%     73    1.1%
Total ADR Revenue             50,566      53,538       53,419        119      0.2%  2,973   5.9%
Expenses 
ADR expenses                            2,465       2,542       2,612         70      2.7%     77    3.1%
Income from Operations            48,100       50,996       50,807         189      0.4%   2,896    6.0%
Primary Concession Gross Sales (in $000's)  240,556        265,830        263,282          2,548        1.0%  25,273   10.5%
Enplanements (in 000's)                                  21,109    23,009    22,214      794        3.6%    1,900     9.0%
Sales per Enplanement (SPE)                          $ 11.40      $ 11.55      $ 11.85      $ (0.30)       -2.5% $ 0.16       1.4%
Food & Beverage gross sales growing at twice the rate of enplanement growth. 
Retail sales negatively impacted by long wait times at security checkpoints during Q1.
Sales began rebounding in Q2, expected to continue to improve. 
Duty Fee significantly impacted by international gate assignments to Concourse A with
smaller Duty Free store, and new China regulation limiting duty free merchandise value to
~$700/person (effective April 2016). 
Food & Beverage UP, Retail & Duty Free DOWN 
35

Commercial Properties 
Fav / (Unfav)    Incr / (Decr) from
Commercial Properties             2015   2016   2016   Budget Variance      2015
Org Basis (in 000's)                 Actual  Forecast  Budget    $ %      $ %
DMCBP Revenue
Option Area Rent                    120        41        59       (17)      -29.9%     (79)   -65.8%   DMCBP Phase I 
Phase I - Base Rent                    43       373        418        (46)      -10.9%    330      763.3%
Construction phase
Phase I - In-lieu Fees                    121        221        221 -        0.0%     100       82.6%
Phase II - Base Rent                   - 17        35       (18)      -51.1%     17      n/a        completed in May 
Phase II - In-lieu Fees                    - 5,434          486       4,948       1018.5%    5,434      n/a
Phase III - Base Rent                  - 32 -        32               32      n/a
Phase III - In-lieu Fees                   - 97 -         97                97      n/a   DMCBP Phase II 
208th St. Rent Credit (Phase I)             - (450)        (450) -       0.0%    (450)      n/a
Lump sum payment of
DMCBP Owner's Liaison Reimb          - 100       100 -      0.0%    100        n/a
Subtotal - DMCBP Revenue          284      5,864        868      4,996      575.5%  5,580 1963.6%      in-lieu fees 
In-flight Kitchen Revenue               6,251        6,839        6,664         175        2.6%     588        9.4%       $1.8M net impact to
NERA 3 Grant Revenue              - 1,350       1,350 -      0.0%   1,350     n/a
NOI 
All other Commercial Properties revenue     1,387        1,472        1,368         104       7.6%     85     6.1%
Commercial Properties Revenue      7,922      15,526       10,251        5,275       51.5%  7,604   96.0%
DMCBP Phase III 
DMCBP Expenses
Phase I prepaid frontage fee amort.          104        179        179 -       0.0%      74    71.5%       Early activation of
Phase II prepaid frontage fee amort.          - 3,578         414       (3,164)       -763.6%    3,578      n/a        Phase III ground lease 
Phase III prepaid frontage fee amort.         - 84 -        (84)                84      n/a
DMCBP Owner's Liaison expense          24      100       100 -      0.0%     76   309.2%
Subtotal - DMCBP Expenses         129      3,941        693     (3,248)      -468.7%  3,812 2965.2%
NERA 3 Grant expenses               - 1,500       1,500 -      0.0%   1,500     n/a
All other Commercial Properties expenses      266        211        261         50      19.2%     (55)   -20.6%
Commercial Properties Expenses       394      5,652       2,454      (3,198)      -130.3%  5,257 1333.6%
Income from Operations            7,528       9,874       7,797       2,077       26.6%   2,346   31.2%
DMCBP  all acreage under ground lease DMCBP  all acreage under ground lease 
36

Aero Revenue Sharing 
Impact on Aero
2015    2016    2016      Revenues
'Budget vs Forecast
$ in 000's                              Actual   Forecast   Budget       $ %
Aero Revenues (incl' commercial)           259,113   289,891   289,074       817      0.3%
Non-Aeronautical Revenues              196,844   223,613   208,321     15,292   7.3%
Total O&M Expenses                (238,140)        (268,742)        (268,216)           (526)  0.2%
Net Operating Income             217,816  244,762  229,179     15,583       6.8%
ADF Interest Income                   2,349        2,740        1,988          752      37.8%
Security Checkpoint TSA Grant              1,102         1,000         1,000           -     0.0%
Misc. Non-Operating Expenses              (762)       (1,278)    (1,890)      612     -32.4%
CFC Excess                      (5,159)   (6,219)   (5,146)    (1,073)      20.9%
Available for Debt Service   [a]       215,347   241,006   225,132     15,874        7.1%
Debt Service                        125,153   135,723   135,217       505      0.4%
Debt Service x 1.25       [b]        156,441   169,653   169,022      631      0.4%
Available for revenue sharing [c]=[a]-[b]    58,906   71,352   56,110    15,242        27.2%
Revenue Sharing        [d]=[c]*0.5   29,453   35,676   28,055     7,621      27.2%

Increased revenue sharing drives reduction in CPE 
37

Expense Variances by Department 
Fav / (Unfav)
2016    2016    Budget
Department           Forecast   Budget   Variance             Primary Drivers
Landside                  15,495    16,086        590 Curbside Assistants contract not utilized in 2016
Airfield                       8,705          8,880              175  Cargo building maintenance contract savings
Terminal                  26,147    23,765      (2,382) Passenger Security checkpoint contract ($2.7M) and
international incentives ($0.6M)
Business Development          13,413    10,503      (2,910) DMBCP Phase II Amortization
Utilities                          15,303      15,252           (51) 
Aviation Executive             16,600     16,792        192  YTD Usage of contingency
Airport Security                9,438          8,504            (934) Full Employee Screening
Aviation Facilities                4,771           5,143              372  Vacancies & hiring delays
Aviation Maintenance           57,701     58,485        784 Vacancies & hiring delays
Aviation Planning               3,105          4,319           1,214      Advance Planning IDIQ Master Plan delayed start
Aviation Environmental Group      4,717         5,745           1,028     SAMP environmental review savings ($1.3M), offset by
Energy/Carbon Strategy and Biofuels projects ($0.3M)
Aviation Risk Mgmt Expenses      2,799         1,873           (925) Update to legal reserves booked as of Q2
Aviation Environmental Reserve     6,383         3,246          (3,137) Reserve for Lora Lake Parcel, offset by deferred projects
All Other Aviation Departments     2,761         2,823             63
Grand Total             187,304   181,417     (5,887)

Airport Direct Expenses expected to exceed budget by $5.9M 
38

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