ITEM NO:       7d_Supp_1___ 
DATE OF MEETING: Sept 8, 2015 
Q2 2015 Performance Report 
Portwide 
September 8, 2015

Q2 Portwide Income Summary 
Fav (UnFav)              Fav (UnFav)
2014 YTD 2015 Year-to-Date Budget Variance Yea-End Projection Budget Variance
$ in 000's                Actual   Actual  Budget     $ % Forecast   Budget    $ %
Aeronautical Revenues     115,304  117,973  116,995    979   0.8%  235,941  242,352  (6,411) -2.6%
SLOA III Incentive         (1,788)   (1,788)  (1,788)     ()  0.0%   (3,576)  (3,576)     0  0.0%
Other Operating Revenues   146,128  152,245  151,547    698   0.5%  322,502  312,989  9,513      3.0%
Total Operating Revenues   259,644  268,430  266,754   1,677   0.6%  554,868  551,766  3,102      0.6%
Total Operating Expenses   142,532  146,110  163,706  17,596  10.7%  329,214  332,914  3,700      1.1%
NOI before Depreciation    117,111  122,320  103,047  19,273  18.7%  225,654  218,852  6,802      3.1%
Depreciation            84,005   81,861  80,984   (878)  -1.1%  163,838  162,082  (1,756) -1.1%
NOI after Depreciation      33,107   40,459  22,064  18,395  83.4%   61,816   56,770  5,046       8.9%
Total Operating Revenues were $268.4M, $1.7M higher than budget. 
Total Operating Expenses were $146.1M, $17.6M or 10.7% below budget. 
NOI before Depreciation were $122.3M, $19.3M or 18.7% higher than budget. 

Strong financial performance results in the first half of 2015. 
2

Q2 Major Revenue Variances 
Fav (UnFav)     Incr (Decr)
2014 YTD   2015 Year-to-Date   Budget Variance  Change from 2014
$ in 000's                      Actual     Actual    Budget       $ %     $ %
Aero Revenues             115,304  117,973  116,995    979   0.8%   2,669   2.3%
SLOA III Incentive             (1,788)      -      (1,788)      - (1,788) -         ()  0.0%     -     0.0%0.0%
Public Parking                28,244   30,766   29,781     986   3.3%   2,523    8.9%
Rental Cars                 13,190   13,756   15,235   (1,479)  -9.7%    566    4.3%
RAC CFC Operating Rev        3,921    3,576    6,582   (3,007) -45.7%   (345)  -8.8%
Airport Dining and Retail         21,682    24,061   23,460     601   2.6%   2,379   11.0%
Employee Parking             3,177    3,860    3,525    335   9.5%    683   21.5%
Ground Transportation           4,139    3,974    3,981      (6)  -0.2%   (165)   -4.0%
Airport Commercial Properties      2,905    3,540    3,869    (329)  -8.5%    636   21.9%
Utilities - Aviation                3,393     3,382     4,008     (626) -15.6%     (11)   -0.3%
Container                  31,192   27,393   24,880   2,513  10.1%  (3,799)  -12.2%
Seaport Industrial Properties        8,391     8,347    8,692     (345)  -4.0%     (44)   -0.5%
Cruise                     4,856    5,362    5,497    (135)  -2.5%    507   10.4%
Grain                     1,958    2,446    2,663    (216)  -8.1%    488   24.9%
Dock                 2,221   2,350   2,291    59  2.6%   129   5.8%
Fishermen Terminal            2,665    2,801    2,718     83   3.0%    135    5.1%
Marinas                   4,819    5,007    5,017     (10)  -0.2%    188    3.9%
Central Harbor Management       3,149    3,367    3,023    343  11.4%    218    6.9%
Conference & Event Centers       4,047    4,453    4,159    294   7.1%    406   10.0%
Stormwater Utility                 -     1,391     -      1,391   0.0%   1,391    0.0%
Other                    2,179    2,411    2,165    246  11.4%    232   10.7%
Total Operating Rev (w/o Aero)    146,128   152,245  151,547     698   0.5%   6,117    4.2%
TOTAL             259,644  268,430  266,754  1,677  0.6%  8,787   3.4%
Operating revenues were favorable to the budget and $8.8M higher than Q2 2014. 
3

Q2 Major Expense Variances 
Fav (UnFav)    Incr (Decr)
2014 YTD 2015 Year-to-Date Budget Variance Change from 2014
$ in 000's                   Actual   Actual  Budget      $ %    $ %
Salaries & Benefits             48,649   48,897   54,537   5,640      10.3%    248   0.5%
Wages & Benefits             45,329  46,868   48,678   1,810       3.7%   1,539       3.4%
Payroll to Capital Projects         10,673   11,713   13,297   1,584       11.9%   1,040        9.7%
Equipment Expense            2,420   2,594   3,450    856  24.8%    174   7.2%
Supplies & Stock              3,451   3,350    3,638    287   7.9%   (101)  -2.9%
Outside Services              22,656   23,864   31,051   7,187      23.1%   1,208       5.3%
Utilities                        12,319    9,988    13,491   3,503       26.0%   (2,331)  -18.9%
Travel & Other Employee Exps      1,806   2,001   3,178   1,176      37.0%    195  10.8%
Promotional Expenses             759    453     755    301  39.9%   (306) -40.3%
Other Expenses               11,146   13,948   12,479  (1,470) -11.8%   2,802      25.1%
Charges to Capital Projects       (16,677)  (17,567)  (20,847)  (3,280)  15.7%   (890)   5.3%
TOTAL            142,532 146,110 163,706 17,596 10.7%  3,578     2.5%

Operating expenses were $17.6M favorable to the budget in Q2. 
4

Capital Spending by Division 
2015 YTD    2015   2015 Budget Variance
$ in 000's            Actual   Forecast   Budget    $ %
Aviation          59,964   173,913  225,435   51,522  22.9%
Seaport            7,585   20,036   20,068     32   0.2%
Real Estate          2,133    9,920   12,194    2,274  18.6%
Corporate & CDD    3,661   10,902  13,133   2,231  17.0%
TOTAL       73,343  214,771 270,830  56,059 20.7%
We are anticipating the total capital spending to be $214.8M for 2015, $56.1M or 20.7%
lower than budget. 
What is the key point or message of this slide? The Port continues to make huge capital investments for the region. 

5

Q2 2015 Financial Performance 
Aviation 
September 8, 2015

Business Overview 
International Arrivals Facility  Commission launched 90 day review of
scope, cost, funding 
Sustainable Airport Master Plan  working on airfield modeling 
Airport Dining and Retail  finalized leasing/redevelopment plan and
schedule; prepared second lease package (For Q3 authorization) 
New international service: 
Hainan initiated flight to Shanghai 
Emirates added second flight to Dubai 
Enplanement growth (11% forecast) drives operational challenges and
non-aero revenues 
Purchased 3 high capacity over-ramp buses for remote aircraft arrivals and
departures 
Non-aero revenue up 7.4% over 2014 
New TSA security requirements resulted in staffing increase for Airfield
Security (11 FTE) and Credential Center (3 FTE) 

Steady progress  enplanement growth increasing. 
7

Airport Activity 
YTD 2014  YTD 2015  % Change
Enplaned Passengers (000's)
Domestic                  7,709      8,714   13.0%
International                      880       1,018    15.6%
Total                       8,589      9,731   13.3%
Operations               158,790    177,649   11.9%
Landed Weight (million lbs.)
Cargo                    771      799   3.7%
All other                       9,672      10,769         11.3%
Total                      10,443          11,568        10.8%
Cargo - metric tons
Domestic freight                80,580          79,418        -1.4%
International freight               50,718           59,804         17.9%
Mail                     24,910         26,021        4.5%
Total                      156,208     165,243    5.8%

Increase in enplanements driven by Delta and Alaska. 
8

Aviation Financial Summary 
Fav (UnFav)      Incr (Decr)
2014    2015    2015   Budget Variance  Change from 2014
$ in 000's                        Actual    Forecast   Budget      $ %        $ %
Operating Revenues:
Aeronautical Revenues             228,864    235,941    242,352    (6,411)   -2.6%     7,077    3.1%
SLOA III Incentive Straight Line Adj     (3,576)         (3,576)         (3,576)          -     0.0%        0    0.0%
Non-Aeronautical Revenues          180,791    194,144    188,465    5,678   3.0%    13,353   7.4%
Total Operating Revenues        406,079        426,509        427,242          (733)  -0.2%    20,430        5.0%
Total Operating Expense            230,704    243,007    248,141    5,134    2.1%     12,303    5.3%
Net Operating Income          175,375        183,502        179,101         4,401   2.5%    8,127       4.6%


Forecasted 2015 NOI $8.1M higher than 2014. 
9

Aviation Expense Summary 
Fav (UnFav)                    Fav (UnFav)
2014 YTD  2015 Year-to-Date   Budget Variance   Year-End Projection  Budget Variance
$ in 000's                             Actual     Actual    Budget      $ %      Forecast    Budget     $ %
Operating Expenses: 
Payroll                               46,032     47,383     50,984    3,601     7.1%    101,507    104,181    2,674        2.6%
Outside Services                       12,781     13,582    15,584    2,002    12.8%     33,321     32,534     (788)   -2.4%
Utilities                                     7,254      6,822      7,898    1,076     13.6%      13,762      14,796     1,034         7.5%
Other Airport Expenses                   6,236     7,412     7,238    (174)        -2.4%     17,134     15,698    (1,436)   -8.4%
Baseline Airport Expenses                           72,302        75,199        81,704        6,505    8.0%   165,724        167,208         1,484   0.9%
Airline Realignment                        452       31        2     (28)  -1187.4%       31        5      (26)     -84.5%
Environmental Remediation Liability              (77)     2,844      842   (2,002)  -237.8%      4,669      2,642    (2,027)  -43.4%
Capital to Expense                                 -         61   - (61)         n/a       61   - (61)     -100.0%
Total Exceptions to Baseline              375        2,936          844      (2,092)  -247.7%     4,761         2,647       (2,114)  -44.4%
Total Airport Expenses                           72,677        78,135        82,548        4,413    5.3%   170,485        169,855         (630)  -0.4%
Corporate                          19,191    19,247    21,586    2,339    10.8%     42,958     43,981    1,023        2.4%
Police Costs                               8,170     8,305     8,547     242     2.8%     17,344     17,413      69    0.4%
Capital Development/Other Expenses          6,159     4,984     8,611    3,628    42.1%     12,221     16,892    4,671       38.2%
Total Charges from Other Divisions       33,520         32,535        38,744        6,209   16.0%    72,522         78,286        5,764   7.9%
Total Operating Expense             106,198        110,671        121,293        10,622    8.8%   243,007        248,141         5,134   2.1%

Forecasted 2015 total expenses favorable by $5.1M. 
10

Key Measures 
Fav (UnFav)     Incr (Decr)
2014    2015    2015   Budget Variance  Change from 2014
Actual   Forecast   Budget     $ %      $ %
Performance Metrics
Cost per Enplanement (CPE)                              11.48     10.62     11.78     1.16   9.8%    (0.86)       -7.5%
O&M Cost per Enplanement             12.33    11.70     12.82     1.12   8.8%    (0.63)      -5.1%
Non-Aero Revenue per Enplanement                             9.66     9.34      9.74    (0.39)       -4.0%    (0.31)       -3.3%
Debt per Enplanement                   126      119      129      10   8.1%      (7)   -5.5%
Debt Service Coverage                               1.38      1.44      1.40     0.04   2.8%    0.06    4.1%
Days cash on hand (10 months = 304 days)      405      393       305       89  29.1%     (12)   -2.9%
Aeronautical Revenue Sharing ($ in 000's)                               17,031     24,342     19,488    (4,854)  -24.9%    7,311   42.9%
Activity (in 000's) 
Enplanements                     18,717        20,776    19,354     1,421   7.3%    2,059   11.0%
2015 enplaned passenger forecast now 11% above 2014. 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 nonairline
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. 
11

Non-Aeronautical Business 
Fav (UnFav)                     Fav (UnFav)
2014 YTD  2015 Year-to-Date   Budget Variance   Year-End Projection   Budget Variance
$ in 000's                       Actual     Actual    Budget      $ %     Forecast    Budget      $ %
Non-Aero Revenues
Rental Cars - Operations            13,190         13,756         15,235        (1,479)   -9.7%     33,629     32,772       857    6.5%
Rental Cars - Operating CFC          3,921         3,576         6,582       (3,007)  -45.7%     12,271     12,172        99    2.5%
Public Parking                   28,244     30,766     29,781     986    3.3%     62,120     58,925      3,195    5.4%
Ground Transportation              4,139     3,974     3,981      (6)   -0.2%     8,309     8,244        65    0.8%
Airport Dining & Retail             21,682     24,061     23,460     601    2.6%     51,688     49,883      1,805    3.6%
Other                      10,458    12,267    12,498    (231)      -1.9%    26,128    26,469      (341)  -1.3%
Total Non-Aero Revenues       81,635   88,401   91,538  (3,137)  -3.4%   194,144        188,465          5,678       3.0%
Total Non-Aero Expenses       37,073        39,228        44,728       5,499  12.3%   87,778        91,479         3,701       4.2%
Net Operating Income          44,562        49,172        46,810        2,362   5.0%   106,366         96,986         9,380       9.7%
Less: CFC Surplus                (2,311)          (757)    (3,511)   (2,754)  -78.4%     (5,067)         (4,760)           308    6.5%
Adjusted Non-Aero NOI        42,251        48,415        43,299       5,116  11.8%   101,299         92,227         9,072       9.8%
Debt Service                                                          (43,493)    (43,847)      (353)   -0.8%
Net Cash Flow                                                57,805        48,380         9,425      19.5%

Revenue growth driven by increased enplanements. 
12

Rental Car Performance 
(in $000's)                           2014 YTD    2015 YTD    2015 YTD       2014         2015         2015
Rental Car - Concession Revenue       Actual      Actual     Budget      Actual     Forecast     Budget
RCF Concession Revenue to Port         11,441          11,985          13,462          28,955          30,052          29,195 
Gross Sales by Operators                  111,937      118,922      120,531       281,193      302,027      299,127
Total Transactions                       583,934      614,541      644,138      1,288,837     1,378,047     1,364,819
Average Ticket                  $ 191.69      $ 193.51      $ 187.12       $ 218.18      $ 219.17      $ 219.17 
Average Length of Stay                     4.06        4.17        4.37         4.33        4.34        4.37
Transactions/O&D Enplanements             9.22%      8.57%      9.88%       9.34%      9.00%      9.79%
CFC Revenue Summary
Total Transaction Days                   2,371,382     2,561,631     2,814,882      5,582,820     5,980,724     5,964,257
CFC Rate per Transaction Day         $ 6.00     $ 6.00     $ 6.00     $ 6.00     $ 6.00     $ 6.00 
Total CFC Revenue Earned            14,228          15,370          16,889          33,497          35,884          35,786 
Reserve for debt service and CP interest:        (10,308)      (10,294)      (10,307)       (19,889)      (20,614)      (20,614)
Reserve for CP principal payment:               -         (1,500) -            -         (3,000)            (3,000) 
Debt Service Reserve Requirement       (10,308)    (11,794)    (10,307)     (19,889)    (23,614)    (23,614)
Residual - CFC Operating Revenue:        3,921          3,576          6,582          13,608          12,271          12,172 
(in $000's)                           2014 YTD    2015 YTD    2015 YTD       2014         2015         2015
Rental Car - Revenue Summary        Actual     Actual     Budget      Actual     Forecast     Budget
RCF Concession Revenue to Port             11,441      11,985      13,462       28,955      30,052      29,195
Residual - CFC Operating Revenue:            3,921       3,576       6,582       13,608       12,271       12,172
Land Rent/Space Rent/Other                1,749       1,771       1,773        3,541       3,577       3,577
Total Rental Cars Operating Revenue       17,111          17,332          21,818           46,104          45,899          44,944 
Growth in Concession revenue despite decline in % per enplanement. 
Increased CFC revenue, reduced by planned Commercial Paper pay down. 
13

Aeronautical Business 
Fav (UnFav)                     Fav (UnFav)
2014 YTD   2015 Year-to-Date   Budget Variance    Year-End Projection  Budget Variance
$ in 000's                      Actual      Actual     Budget      $ %      Forecast    Budget       $ %
Revenues:
Movement Area              36,898     36,678    36,774     (97)      -0.3%    79,567    78,635     932    1.2%
Apron Area                  4,495          6,159         5,317        842    15.8%    10,571    11,233     (663)   -5.9%
Terminal Rents                 70,110      76,384     75,647     737     1.0%    151,013    153,167    (2,154)   -1.4%
Federal Inspection Services (FIS)       2,549           5,820          4,778         1,042        21.8%     10,177     10,360      (183)   -1.8%
Total Rate Base Revenues      114,051          125,041         122,516         2,524    2.1%   251,327         253,395         (2,068)   -0.8%
\
Commercial Area               4,192          4,811         4,223        589    13.9%     8,955     8,445     510    6.0%
Subtotal before Revenue Sharing  118,244          129,852         126,739         3,113    2.5%   260,283         261,840         (1,558)   -0.6%
Revenue Sharing               (2,939)         (11,878)          (9,744)        (2,134)   -21.9%    (24,342)   (19,488)    (4,854)  -24.9%
Total Aeronautical Revenues     115,304          117,973         116,995          979    0.8%   235,941         242,352         (6,411)  -2.6%
Total Aeronautical Expenses      69,125          71,442         76,565        5,123    6.7%   155,229         156,662          1,433    0.9%
Net Operating Income         46,179         46,531         40,430        6,101     - 15.1%   80,712        85,690        (4,979)  -5.8%
Debt Service                                                             (83,802)         (84,496)           (694)   -0.8%
Net Cash Flow                                                   (3,091)    1,194       (4,285) -358.8%

Forecasted expense savings and higher revenue sharing 
14

2015 Capital Budget 
$ in 000's                         2015       2015       2015     Budget Variance
Description                YTD Actual  Forecast    Budget     $ %
RW16C-34C Design and Reconst (1)       7,513     38,513     52,850   14,337  27.1%
2014-2015 Roof Replacement (2)            79       229      3,875    3,646  94.1%
NS NSAT Renov NSTS Lobbies (3)        4,840     15,411     18,076    2,665  14.7%
CCTV Camera/Data Improvements (4)        53       653      3,065    2,412  78.7%
C4 UPS System Improvements (5)           18       668      3,025    2,357  77.9%
Checked Bag Recap/Optimization         3,384      8,384      8,800     416  4.7%
International Arrivals Fac-IAF            2,773      11,983      12,088     105   0.9%
NS Refurbish Baggage Systems          9,551     12,899     12,966     67  0.5%
All Other                         31,753      85,173     110,689   25,516  23.1%
Total Spending                 59,964         173,913         225,435        51,522   23%
(1) Lowest bid was 25% below the engineer's estimate. Recognized $11.7M in actual savings 
(2) Reduction in scope and delay due to SAMP evaluation 
(3) Spending slow down due to design decision gyrations, delays in HP billings, and invoice lags 
(4) Delay in design procurement (6 months) will push out construction work and billing 
(5) Changes in procurement strategy impacted timeliness of obtaining Commission authorization and
getting contract executed 

Forecasted 2015 spending is 23% below budget. 
15

Q2 2015 Financial Performance 
Seaport 
September 8, 2015

Business Overview 
Full Year Net Operating Income forecasted to exceed budget by $2.8
million 
Business Volume 
TEU volume was 760K, up 7% from YTD Q2 2014. 
Grain volume was at 2,019K metric tons, up 4% from YTD Q2 2014 but (5%)
below 2015 budget. 
Cruise passengers totaled 340K which was about 8% above YTD Q2 2014 and
approximately equal to budget. 
Commissioners from the ports of Seattle and Tacoma voted to submit a
final agreement to form the Northwest Seaport Alliance to the Federal
Maritime Commission for approval. 
Considerable work underway to form the Seaport Alliance. 
Environmental 
Over 120 drayage trucks have been replaced with model-year 2007 or
newer engines under the Seaport Truck Scrappage and Replacements
for Air in Puget Sound (ScRAPS 2) program (largely grant funded). 
$1,066 thousand in clean-up project costs were recovered from grants
and insurance in through Q2. 
17

Q2 Financial Summary 
Fav (UnFav)                     Fav (UnFav)
2014 YTD   2015 Year-to-Date   Budget Variance  Year End Projections  Budget Variance
$ in 000's                   Actual      Actual    Budget      $ %     Forecast   Budget      $ %
Operating Revenue             48,617   45,899   44,022    1,876      4%   95,135   91,635    3,500      4%
Security Grants                    0       0       0       0      NA       0       0       0      NA
Total Revenues              48,617   45,899   44,022    1,876     4%   95,135   91,635    3,500     4%
Seaport Expenses (excl env srvs)      6,535     6,321     8,900    2,579     29%   19,022    18,165     (857)     -5%
Environmental Services             820    1,041    1,067      26      2%    2,452    2,452       0      0%
Maintenance Expenses           2,959    3,544    3,532     (13)     0%    7,067    7,067      0      0%
P69 Facilities Expenses              204      184      228      43     19%     446      446       0      0%
Other RE Expenses              151     184     220      36     17%     433     433      0      0%
CDD Expenses              1,058     673     924    251    27%   1,740    1,847    108     6%
Police Expenses                 2,059    1,910    1,959      49      2%    3,990    3,990       0      0%
Corporate Expenses             3,768    4,283    4,705     422      9%    8,653    8,953     300      3%
Security Grant Expense              0       0       0       0      NA       0       0       0      NA
Envir Remed Liability              (130)     258      125     (133)   -107%     500      250     (250)   -100%
Total Expenses              17,424   18,398   21,659    3,262     15%   44,303   43,603    (700)    -2%
Net Operating Income         31,193   27,501   22,363    5,138    23%   50,831   48,031    2,800     6%
Foss Maritime lease generated $2,859K in unbudgeted revenue. 
Surface Water Utility Revenue unfavorable ($1,225K). Surface Water fees are now paid directly by tenants to
Stormwater Utility. 
Seaport Expenses favorable $2,579K due to Outside Services related to Terminal 91 Maintenance Dredging ,
Surface Water Expense related to tenants occupied sites which will be expensed by the new Stormwater 
Utility, and due to open positions. 
Full year Net Operating Income forecasted at $2.8 million favorable to Budget. 
18

Q2 Capital 
$ in 000's    2015 YTD   2015      2015     Budget Variance
Actual  Forecast  Budget    $ %
Seaport     7,585    20,036   20,068    32     0%

Significant Variances: 
T5 Berth Modernization  ($2,806K) due to continuation of design 
T46 Development  ($1,274K )due to accelerated design schedule for Crane Rail
& Berth Extension project. 
Contingency - $3,500K adjusted to offset higher spending on above projects. 


Forecasted to spend 100% of Capital Budget. 
19

Q2 2015 Financial Performance 
Real Estate 
September 8, 2015

Business Overview 
Full Year Net Operating Income forecasted to exceed budget. 
Occupancy Rates/Activity 
Commercial property at 91% occupancy, below target of 94% and Seattle market
average of 92%. 
Marinas: Fishermen's Terminal and Maritime Industrial Center at 86% average
occupancy, above target of 80%. Recreational marinas at 96% average occupancy
above target occupancy of 95%. 
Conference and Event Center revenue exceeded budget by 7% and 2014 actual
results by 10%. 
Real Estate Development & Planning 
Construction is underway on the first phase of the Des Moines Creek Business Park
project after closing on the first phase ground lease occurred in April.
Federal General Services Administration selected the Des Moines Creek Business
Park site for the Federal Aviation Administration's new regional offices. 
Eastside Rail Corridor 
Sale of 2.6 miles of the rail corridor in King County to the City of Woodinville is
expected to close some time in late 2015. Discussions are ongoing with Eastside
Community Rail LLC, who holds the freight easement on the rail corridor, regarding
the sale of the remaining approximately 12 mile section to Snohomish County. 

21

Q2 Financial Summary 
Fav (UnFav)                    Fav (UnFav)
2014 YTD  2015 Year-to-Date   Budget Variance  Year End Projections  Budget Variance
$ in 000's                   Actual    Actual    Budget     $ %    Forecast   Budget     $ %
Facility/Property Revenue        11,637    12,003    11,658     345     3%   23,971    23,970      1     0%
Conf & Event Ctr Revenue        4,047    4,453    4,159    294     7%    8,913    8,580    333     4%
Total Revenue             15,684   16,456   15,817    639     4%   32,884   32,550    334    1%
Real Estate Exp(excl Co nf,Maint,P 69)    5,296     5,011     6,255    1,244      20%    11,487    11,967     480      4%
Conf & Event Ctr Expense        3,312    3,823    3,654    (169)    -5%    7,679    7,504    (175)    -2%
Eastside Rail Corridor            1,048       13      120     107     89%     210      210      0      0%
Maintenance Expenses          4,057    3,950    5,018   1,068    21%    9,576    9,976    400     4%
P69 Facilities Expenses             63       55       68      13     19%     133      133      0     0%
Seaport Expenses               479     576     623     47     8%    1,377    1,377      0     0%
CDD Expenses              862     776     889    112    13%   1,699    1,777    78    4%
Police Expenses                669      620      634     13     2%    1,291    1,291      0     0%
Corporate Expenses            2,468    2,278    2,399    121     5%    4,838    4,921     83     2%
Envir Remed Liability              0       0      125     125    100%     250      250      0     0%
Total Expense             18,255   17,102   19,785   2,683    14%   38,541   39,407    866     2%
Net Operating Income        (2,571)    (646)   (3,968)   3,322    84%   (5,658)   (6,858)  1,200    17%
Facility/Property Revenue favorable due to Bell Street Garage, lump sum early termination payment for Fishermen's Terminal
tenant, and retroactive lease payment for Terminal 34.
Conference and Event Center activity favorable to budget resulting in a favorable revenue variance and a partially offsetting 
unfavorable expense variance.
Real Estate expense variance reflects open positions and under spendingon tenant improvements. More tenant
improvements have qualified for capitalization than assumed in 2015 Budget. Maintenance Expenses reflect slower start on
projects including delay on permit for demolishing W50 Building at T91. 
Full year Net Operating Income forecasted at $1.2 million favorable to Budget. 
22

Q2 Capital 
$ in 000's    2015 YTD   2015      2015     Budget Variance
Actual  Forecast  Budget    $ %
Real Estate  2,133    9,920    12,194   2,274    19%
Significant Variances: 
Pier 69 Roof Beam Rehabilitation  Project is moving slower than expected due to
delayed design and contractor schedule conflict. Expect to complete Q3 2016. 
Tenant Improvements Capital  More tenant improvements qualify for capitalization than
expected in 2015 Budget. There is a related favorable operating expense variance. 
Other projects delayed or on hold including C15 Building Tunnel Improvement $700K,
Maintenance North Office Improvements $500K, Bell Harbor International Conference
Center Fall Protection for Roof $420K. 


Forecasted to spend 81% of Capital Budget. 
23

Q2 2015 Performance Report 
Capital Development 
September 8, 2015

Business Overview 
Completion and opening of three new Concourse C vertical
circulation passenger ramps and two of four new elevators. 
Selection of winning International Arrivals Facility design-build team
(Clark/SOM). 
Completed 60% design submittal for Terminal 5 Berth Modernization
project. 
Runway 16C closure implemented with construction underway to
October completion date. Engineering and PMG resources
collocated at West side Office facility. 
PCS worked on 272 projects, processed 145 work authorizations/
service directives and utilized 28 small works/ professional contracts. 
Argo Yard Truck Roadway & East Marginal Way  Project celebration
with project partners occurred on June 18. 
Major projects are moving ahead. 
Major projects are moving ahead. 
25

Q2 Key Metrics 
Project Hard/Soft Costs 
CDD Construction Soft Costs % 
100%
90%
80%    42%     34%     25% 
29% 
70%                               31% 
60%
50%
40%
30%    58%     66%     75% 
71%                         Total Soft Costs
20%
69% 
10%                                             Total Construction Costs
0%
Q2 2015
Q1 2015
Q4 2014
Q3 2014
Q3 2012 - Q2
2015
(36 month
average)

Design activity is tipping the soft cost share. 
26

Q2 Key Metrics continued 
Procurement Timeliness 
#               KPM
Contracts Avg # Days to  Standard
Executed  Execution    Days    % On-Time
Construction: RTB - Execution
Major Construction                     6       62        70       83%
Small Works                        14      40       45       86%
Purchasing: Final Specs - Execution
ITB (Invitation to Bid)                       9        60         66        67%
RFP (Request for Procurement)              2       141       149       50%
Service Agreements: Final Scope - Execution
IDIQ                             9      192       141      33%
Proj Spec                             7       156       190       43%
CAT I                               15       16        30        73%
CAT II                                  3        50         46        33%
Key Performance Measures assigned to each category. 
27

Q2 Financial Summary 

Fav (UnFav)                      Fav (UnFav) 
Budget Variance 
2015
Year-to-
2014 YTD   Date            Budget Variance   Year-End Projections 
$ in 000's                                   Notes    Actual    Actual     Budget        $ %     Forecast     Budget      $ % 
Expenses Before Charges To Cap/Govt/Envrs Propects 
Capital Development Administration                       189     196      206       9        4.6%    416      419       3     0.6%
Engineering                                     7,096    6,840     8,509    1,668      19.6%   16,254    17,524    1,270     7.2%
Port Construction Services                             4,191     3,032      4,086    1,054       25.8%    7,337     8,165     828     10.1%
Central Procurement Office                            2,197     2,224     2,972     748       25.2%    5,574     5,604      30     0.5%
Aviation Project Management                         5,334    5,834     8,134    2,300      28.3%   13,397    16,350    2,952    18.1%
Seaport Project Management                          1,380     884      1,271     387       30.5%   2,418     2,550     133     5.2%
Total Before Charges to Capital Projects                                          20,387   19,009     25,177    6,168       24.5%  45,397    50,612    5,215    10.3%

89% personnel fill. 
28

Q2 2015 Performance Report 
Corporate 
September 8, 2015

Business Overview 
Participated as a presenting sponsor of Seattle Maritime Festival. 
Celebrated 30 years of tourism promotion in the UK. 
Received the Driver Training Award for the Pier 69 Fleet Users from the
Public Risk and Insurance Management Association (PRIMA).
Obtained Commission authorization of the issuance and sale of
intermediate lien revenue and refunding bonds (not exceed $675M). 
Upgraded the banking interfaces used by several revenue generating
systems. 
Met with the Sound Transit, City of Seattle, King County to collaborate
on apprenticeship utilization and construction workforce issues. 
Continued to work through a variety of accounting, budgeting, finance,
customer billing, ICT, HR issues related to the Seaport Alliance. 

30

Q2 2015 Corporate Key Metrics 
YTD 2015    YTD 2014 
Employment through Airport Jobs Center                          644         682 
Apprenticeship Opportunity Project Placements                      46          50 
% of Eligible Dollars Spent with Small Businesses                      54.0%        44.2% 
Employee Development Class Attendees                          425         233 
Occupational Injury Rate                                      4.3          6.1 
Total Lost work days                                          374          891 
Responded to Public Disclosure Requests                           220         174 
Customer Survey for Police Service Excellent or Very Good                87%         92% 

Strong performance results for Corporate in the second quarter. 
31

Q2 Major Expense Variances 
Fav (UnFav)    Incr (Decr)
2014 YTD 2015 Year-to-Date  Budget Variance Change from 2014
$ in 000's                   Actual   Actual  Budget      $ %     $ %
Salaries & Benefits             18,466   18,463   19,992    1,529    7.6%     (3)      0.0%
Wages & Benefits             9,529  10,087  10,094      7   0.1%    559   5.9%
Payroll to Capital Projects         1,016    1,406    1,527     120    7.9%    390   38.3%
Equipment Expense             364    346    366     20   5.5%    (18)  -4.9%
Supplies & Stock               178    210    232     21    9.2%    32   18.2%
Outside Services              5,076   5,245   6,283    1,038   16.5%    169   3.3%
Travel & Other Employee Exps      892   1,105   1,501    396   26.4%    212  23.8%
Insurance Expense             1,074   1,129   1,174     45    3.8%    55   5.2%
Litigated Injuries & Damages         20     66 -       (66)     n/a     46  229.6%
Other                    1,270    569   1,081    511   47.3%   (700)  -55.2%
Charge to Capital              (1,016)  (1,406)  (1,527)    (120)   -7.9%    390   38.3%
Total                     36,868   37,221   40,723   3,502   8.6%    353   1.0%

Expenses were favorable to the budget mainly due to payroll and outside services. 
32

2015 Year-end Forecast 
Fav (UnFav)                Fav (UnFav)
2014 YTD   2015 Year-to-Date Budget Variance Year-End Projections  Budget Variance
$ in 000's                    Notes    Actual   Actual   Budget      $ %   Forecast   Budget    $ %
Total Revenues                     190     112     170    (58)  -34.3%     340     340   - 0.0%
Executive                           808     954    1,066    113   10.6%    1,798    1,798     - 0.0%
Commission                      604    680    797   117   14.6%   1,440   1,545    105      6.8%
Legal                             1,519    1,648        1,627    (21)   -1.3%    3,195    3,156     (39)   -1.2%
Risk Services                         1,441    1,536        1,627     91    5.6%    3,244    3,249      5    0.2%
Health & Safety Services                  513     550     580     30    5.3%    1,153    1,190     37    3.1%
Public Affairs                          2,659    2,437         3,069    631   20.6%    5,707    5,937     231        3.9%
Human Resources & Development          2,547    2,459       2,873   414   14.4%   5,489    5,958    469       7.9%
Labor Relations                         409     433     522     89   17.0%     963    1,024     61    6.0%
Information & Communications Technology     9,649    9,515       10,173        658    6.5%   21,285   21,435         150       0.7%
Finance & Budget                     884     786     829    43    5.1%    1,708    1,713      5    0.3%
Accounting & Financial Reporting Services      3,062    3,272        3,712    440   11.9%    7,057    7,350     293       4.0%
Internal Audit                            738      614      802    188    23.4%    1,459    1,552      93     6.0%
Office of Social Responsibility                947      923    1,165    242   20.8%    2,271    2,312      41     1.8%
Office of Strategic Initiatives                   -         75   - (75)        0.0%      378    - (378)         0.0%
Police                             11,001   10,924   11,231         308    2.7%   22,789   22,879          90    0.4%
Contingency                          88       417     650    233   35.8%     800    1,050    250      23.8%
Total Expenses                   36,868   37,221       40,723  3,502   8.6%   80,736   82,149   1,413    1.7%

Corporate expenses are forecasted to be $1.4M favorable to the budget. 
33