Revenue Growth

Emphasized through new tenant leases, higher renewal rates, the San Jose campus integration, and a 20% markup on leases " " "

Highlighted with a step‐function increase driven by full occupancy, even higher renewal rates, and additional market monetization efforts " "

Consistently positive with an even stronger operational boost in Q3

Pricing Power

Focused on lease renewals, location advantages (e.g., New York metro), and a 32% rent increase on renewals " "

Continued strong pricing power evidenced by higher-than-projected markups and market conditions in areas like Phoenix " " "

Steady confidence with widened geographic and operational emphasis

Accelerated Expansion

Outlined plans for 11 projects over 2025-2026 with a parallel development approach " "

Announced increased project starts and completions (9 starts, 5 completions for 2025) and an expanded portfolio target of 23 airports " " "

Acceleration in both scale and scope with more aggressive targets in Q3

Market Leadership

Positioned itself as the largest hangar developer with strong brand awareness and emphasis on standardized operations " "

Reinforced leadership with additional endorsements (e.g., New York as the richest market) and recognition as the model of choice " " "

Reaffirmed and enhanced leadership positioning with added market endorsements

Robust Market Demand Exceeding Capacity

Noted strong demand with waiting lists and premium rents due to limited airport capacity " "

Expanded discussion to include new jet markets (e.g., Nashville) and innovative models (semiprivate) contributing to capacity exceedance " "

Ongoing robust demand with new geographic emphasis and innovative model adoption

Hangar Rent Inflation and Lease Escalators

Discussed a 20% markup on renewals and CPI-based escalators that drive rent inflation across renewals " " "

Emphasized even higher inflation—including massive demand in Miami—while reiterating lease escalators (annual floor of 3%) and markups exceeding 20% in some cases " "

Reinforced inflationary pressures with stronger regional examples and higher markups

Rising Construction Cost Inflation

Identified efforts to curb cost increases using prototype designs and process efficiencies, though challenges remained "

Raised alarm over “generational inflation” in construction costs requiring additional equity injections, signaling deeper external cost pressures " "

Shift toward heightened caution as cost pressures intensify despite mitigation efforts

Potential Equity Dilution

Addressed dilution concerns with organized equity offerings and careful ATM usage, avoiding near‐term offerings " "

Embraced proactive equity raising paired with debt to accelerate projects, accepting dilution as accretive to long‐term value "

A transition from cautious management to an active, acceleration-focused approach despite dilution

Short Lease Terms and Tenant Turnover Risk

Leveraged staggered lease terms to manage renewal risk and capture a 20% markup upon renewal " " "

Continued the controlled mix of short and long leases with a similar strategy for risk management and revenue enhancement " "

Consistently managed risk, maintaining focus on revenue opportunities via lease staggering

Increasing Operating Expenses from High Ground Lease Payments

Explained higher operating expenses due to premium ground lease payments and noncash accruals (e.g., San Jose campus) "

Reiterated that elevated ground lease payments in San Jose and advanced expense recognition remain key expense drivers "

Steady observation with consistent concerns over nontraditional operating cost drivers

Challenges in Scaling Development Capacity

Described the shift from serial to parallel development and standardization via prototype designs to drive cost efficiencies " "

Focused on the dramatic scale‐up and vertical integration efforts as the company handles faster-than-expected expansion "

Persisting challenges with an intensified focus on operational scaling and integration

Difficulty in Acquiring Airport Land

Addressed the complexity and uniqueness of acquiring airport sites, creating a competitive moat "

Acknowledged the difficulty in measuring progress until binding agreements occur, while emphasizing strategic site expansions (e.g., adjacent property acquisitions) "

Continued as a structural challenge, with a gradual shift toward expanding existing assets rather than new site acquisitions

Strong Financial Position and High Return on Equity

Emphasized a robust liquidity profile with $150 million in cash and a target of 30%+ ROE, supported by long-term fixed-rate debt " " "

Not mentioned in Q3 discussions, with focus shifting to operational and expansion themes

No longer emphasized in Q3, possibly reflecting a strategic focus on growth and operational execution over capital structure narratives