Sky Harbour Group (SKYH) Company Report

Sky Harbour is a real estate company focused on aviation infrastructure, constructing hangars for business aircraft across the United States, addressing a growing demand in an undersupplied market.
The company is in a growth phase, currently operating at 23 airports and targeting 50+ airports, with a core competency in acquiring long-term ground leases.
Sky Harbour finances projects using tax-exempt municipal bonds, aiming for low to mid-teen NOI yields and 20%-30% return on equity.
Recent financing includes a $200 million debt facility with JPMorgan and $150 million in sub-debt at 6%, which will fund upcoming projects and is expected to avoid additional equity issuance for the "next couple of years".
The company has reached break-even on an EBITDA basis as of the most recent quarter, with expectations for positive EBITDA and continued growth as more airfields are completed in 2026 and 2027.

1 hour ago

Transcript

Sky Harbour Achieves EBITDA Break-Even and Funds Future Growth with Debt

SKYH

Debt Issuance

New Projects/Investments

Guidance Update

Sky Harbour (SKYH), an aviation infrastructure real estate company, has reached EBITDA break-even as of the most recent quarter and expects positive EBITDA and continued growth as it completes construction at airfields in 2026 and 2027.
The company has secured significant financing, including a $200 million debt facility with J.P. Morgan (fixed at 4.73%) and $150 million in subdebt (priced at 6%), providing over $350 million in capital to fund upcoming projects without the need for additional equity issuance in the near future.
Sky Harbour aims for low to mid-teen NOI yields on its projects, with target construction costs of $300 per sq ft and average revenues of $45 per sq ft (including fuel sales).
The company is currently operating at 23 airports and targets expansion to 50+ airports.
Dividends are not planned for the foreseeable future, as internally generated cash flows will be reinvested into high-yielding assets to support growth.

2 hours ago

Transcript

Sky Harbour Outlines Growth Strategy and Recent Financing

SKYH

Debt Issuance

New Projects/Investments

Revenue Acceleration/Inflection

Sky Harbour (SKYH) aims to expand its aviation infrastructure business from 23 to over 50 airports in the U.S., focusing on constructing and leasing hangars for business aircraft.
The company has secured substantial financing, including a $200 million debt facility with J.P. Morgan and $150 million in subdebt at 6%, which is expected to fund upcoming projects and prevent the need for additional equity issuance for the next few years.
Sky Harbour targets low to mid-teen NOI yields on projects, with current construction costs averaging $300/sq ft total and expected revenues of $45/sq ft from hangar rent and fuel sales.
The company has achieved EBITDA break-even, with property-level revenues now exceeding corporate expenses, and anticipates continued positive EBITDA growth as more airfields are completed in 2026 and 2027.

2 hours ago

Transcript

Sky Harbour Prices Series 2026 Bonds at 6%

SKYH

Debt Issuance

New Projects/Investments

Sky Harbour Group Corporation's indirect, wholly-owned subsidiary, Sky Harbour Capital III LLC, priced its Series 2026 Aviation Facilities Project bonds at a yield of 6.0% with a 6.0% coupon.
The bond offering was upsized from $100 million to $150 million due to approximately $450 million in orders from 18 institutional fund investors, with issuance expected around February 12, 2026.
The proceeds from these bonds, combined with a $200 million committed Draw Down Facility from J.P. Morgan, are intended to fund construction projects at various airports, adding over 1.2 million rentable square feet of new hangar capacity.
CFO Francisco X. Gonzalez noted that these subordinated bonds are a milestone in the company's capital formation strategy, effectively doubling their target return on project equity.

7 days ago

Press Release

Sky Harbour Group Corporation announces pricing of Series 2026 Bonds

SKYH

Debt Issuance

New Projects/Investments

Sky Harbour Group Corporation's subsidiary, Sky Harbour Capital III LLC, priced its Series 2026 Aviation Facilities Project bonds at a yield of 6.0% with a 6.0% coupon.
The transaction was upsized from $100 million to $150 million due to investor demand.
The bonds have a mandatory tender on January 1, 2031, and are expected to close on February 12, 2026.
The $150 million in proceeds, combined with a $200 million committed Draw Down Facility from J.P. Morgan, are intended to fund construction projects for over 1.2 million rentable square feet of new hangar capacity.

7 days ago

8-K

Sky Harbour Announces Debt Draw, Bond Offering, and Leasing Updates

SKYH

Debt Issuance

New Projects/Investments

Revenue Acceleration/Inflection

Sky Harbour Capital II LLC drew approximately $13 million from its JPM Facility on January 8, 2026, to reimburse for prior advances and fund reserves, leaving approximately $187 million in capacity for future borrowings.
The company is preparing to offer $100 million of tax-exempt fixed rate bonds (Series 2026 Bonds), with pricing expected during the week of January 26th, to finance hangar campus development.
As of January 9, 2026, occupancy levels at recently opened campuses were 87% for Dallas Addison (ADS) Phase 1, 73% for Phoenix Deer Valley (DVT), and 27% for Denver Centennial (APA).
Sky Harbour secured an upfront lump sum rent payment of $5.9 million by entering into an amended 15-year lease with an existing tenant at OPF Phase 1.

Jan 12, 2026, 9:02 PM

8-K

Sky Harbour Group Corporation Amends At Market Issuance Sales Agreement

SKYH

Sky Harbour Group Corporation entered into an Amended and Restated At Market Issuance Sales Agreement on December 31, 2025, adding Yorkville Securities, LLC as an additional sales agent alongside B. Riley Securities, Inc..
Under this agreement, the Company may offer and sell Class A common stock with an aggregate offering price of up to $100.0 million, with approximately $98.6 million remaining available for issuance as of December 31, 2025.
The compensation to the sales agent for each sale of Placement Shares will be up to 3.0% of the aggregate gross proceeds.

Jan 2, 2026, 9:06 PM

8-K

Skyharbour Resources Closes Strategic Agreement with Denison Mines for Russell Lake Project

SKYH

New Projects/Investments

M&A

Skyharbour Resources Ltd. (SYH) closed a strategic agreement with Denison Mines Corp. (DML) for its Russell Lake Uranium Project, establishing four new joint ventures.
The agreement provides up to CAD $61.5 million in combined project consideration, which includes $10.0 million in cash payments to Skyharbour, an additional $8.0 million in cash and shares by year-end 2025, and up to $43.5 million in expenditures and cash payments for Denison to acquire ownership interests.
Skyharbour will maintain initial ownership interests of 80% in the Russell Lake (RL) claims, 70% in Getty East, 51% in Wheeler North, and 30% in the Wheeler River Inlier Claims.
Denison has committed to a minimum of $4 million in exploration expenditures over the first two years at Wheeler North and Getty East, and will fund its pro-rata 20% participation in the RL claims up to $10 million in total expenditures.
Skyharbour is well-funded with over $11 million in its treasury going into 2026.

Dec 17, 2025, 9:00 AM

Press Release

Sky Harbour Group Subsidiary Issues Promissory Note and Company Issues Shares

SKYH

Debt Issuance

New Projects/Investments

On December 8, 2025, Sky Harbour Group Corporation's subsidiary, Sky Harbour LLC, issued a non-convertible, unsecured promissory note with an aggregate principal amount of $15 million to YA II PN, Ltd..
The promissory note accrues interest at a rate of 7.75% per annum, matures on June 8, 2027, and requires monthly repayments of $1,250,000 starting July 8, 2026. The proceeds are designated for working capital and general corporate purposes.
In connection with this transaction, Sky Harbour Group Corporation issued 50,000 shares of its Class A common stock to YA II PN, Ltd. in a registered direct offering on December 15, 2025.

Dec 15, 2025, 9:31 PM

8-K

Sky Harbour Group Corp. Reports Q3 2025 Results and Strategic Updates

SKYH

Earnings

Guidance Update

New Projects/Investments

Sky Harbour Group Corp. is experiencing accelerated construction and increasing revenues, with three new campus openings expected in 2025.
The company reaffirmed its guidance for four new airport announcements by year-end 2025, bringing the total to 23 airports, and announced expansion into the Tier 1 LA market with the Long Beach Airport (LGB), projected to generate $10 million in potential stabilized revenue.
A $200 million JPMorgan Drawdown Facility has been secured to fund construction of several new campuses (BDL, SLC, POU1, ORL1, and TTN) at a fixed interest rate of 4.73% with a 5-year maturity.
Operational highlights for Q3 2025 include 19 airport ground leases on track, 10 fields in development, and nine fields operating, with a pre-leasing strategy adopted for future campuses.