PORT OF SEATTLE 
MEMORANDUM 
COMMISSION AGENDA 
STAFF BRIEFING 
Item No.       7a 
Date of Meeting   March 12, 2013 

DATE:      February 25, 2013 
TO:        Tay Yoshitani, Chief Executive Officer 
FROM:     Dan Thomas, Chief Financial and Administrative Officer 
Michael Tong, Corporate Budget Manager 
SUBJECT:    2012 Financial Performance Briefing 

BACKGROUND: 
The purpose of this presentation is to provide a status report of the 2012 financial performance 
results and an update on the forecast of the 2013 budget. The Port's overall operating revenues
for 2012 were $521.6 million, which is $4.8 million over budget and $38.5 million higher than 
2011 mainly due to higher revenues from Rental Cars, Concessions, Container, and Cruise,
partially offset by lower revenues from Public Parking, Grain, and Third Party Management. 
Total operating expenses for 2012 were $298.0 million, which is $11.9 million, or 3.8%, below
budget. The operating expense variance was largely due to delays in hiring, some vacant
positions, Terminal Realignment delay, and other budget savings. All divisions and Corporate
were under budget for 2012. 
Operating income before depreciation was $223.7 million, which is $16.6 million, or 8.0%, over 
budget. Operating income after depreciation was $56.4 million, which is $7.8 million, or 16.2%, 
higher than budget. 
Each division will present its results to the Commission. The presentation outline is as follows: 
1.  Portwide Operating Results 
2.  Aviation Division Operating Results
3.  Seaport Division Operating Results 
4.  Real Estate Division Operating Results 
5.  Capital Development Division Operating Results 
6.  Corporate Operating Results

COMMISSION AGENDA 
Tay Yoshitani, Chief Executive Officer 
February 25, 2013 
Page 2 of 2 

OTHER DOCUMENTS ASSOCIATED WITH THIS BRIEFING: 
2012 Financial and Performance Report. 
PowerPoint presentation. 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS: 
None.