PORT OF SEATTLE 
MEMORANDUM 
COMMISSION AGENDA 
STAFF BRIEFING 
Item No.       7b 
Date of Meeting   August 7, 2012 

DATE:      July 27, 2012 
TO:        Tay Yoshitani, Chief Executive Officer 
FROM:     Dan Thomas, Chief Financial and Administrative Officer 
Michael Tong, Corporate Budget Manager 
SUBJECT:    Second Quarter Financial Performance Briefing 

BACKGROUND: 
In compliance with Port strategies of "Ensuring Airport and Seaport Vitality" through financial
performance and "Enhancing Public Understanding and Support of the Port's Role in the
Region," this presentation is to provide a status report the second quarter of 2012 financial
performance results. 
The Port's overall operating revenues for the second quarter of 2012 were $259.2 million, which
is $8.7 million over budget and $15.9 million higher than the same period last year. Excluding
Aeronautical Revenues, which are based on cost recovery, and Seaport Security Grants, which
would have a corresponding change to the expense, other operating revenues were $6.5 million
above budget and $11.3 million above 2011 levels. 
Total operating expenses for the second quarter of 2012 were $138.5 million, which is $12.9 
million, or 8.5%, below budget. The operating expense variance was largely due to timing of
spending, delays in hiring, and some vacant positions. All divisions and Corporate were under
budget as of June. 
Operating income before depreciation was $120.7 million, which is $21.6 million, or 21.8%, 
over budget. Operating income after depreciation was $39.9 million, which is $19.5 million, or
95.9%, 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

COMMISSION AGENDA 
Tay Yoshitani, Chief Executive Officer 
July 27, 2012 
Page 2 of 2 
4.  Real Estate Division Operating Results 
5.  Capital Development Division Operating Results 
6.  Corporate Operating Results 
OTHER DOCUMENTS ASSOCIATED WITH THIS BRIEFING: 
2012 Q2 Financial and Performance Report. 
PowerPoint presentation. 
PREVIOUS COMMISSION ACTIONS OR BRIEFINGS: 
None.