Item No.:
_11a_supp
Date of Meeting: January 27, 2026

Rental Car Program at SEA
Jeffrey Wolf, Director, Aviation Commercial Management
Geoffrey Foster, Assistant Director, Aviation Business Development
Naseem Tirhi, Senior Real Estate & Portfolio Manager

Agenda
• Background of the Rental Car program
• Revenue and funding
• Rebidding and next steps
• Capital Projects completed at the Rental Car Facility
• Upcoming Actions for Commission

2

Customer
Service
Building

Quick Turnaround 1&2

Quick Turnaround 3&4

Rental Car Facility

3

Rental Car Facility Background
• Over 2,100,000 square feet of space
• LEED Silver
• Occupies 23-acre site
• Approximately $400 million investment by Port, includes Bus
Maintenance Facility, buses, roadway improvements, and the
Rental Car Facility
• Paid for with customer facility charges (CFCs) assessed to
customers
• Bus fleet of 35 CNG buses, operated by Port
4

Rental Car Facility Background
• 11 brands operate at the RCF
- Enterprise, Alamo, National, Avis, Budget, Hertz, Thrifty, Fox, Dollar,
Sixt, and Payless

• Facility includes a Small Operator Area, with 1 current operator
• Consists of 5 floors, 4 operational, 1 customer services/bus
loop
• Each operational floor has own fueling and car wash area or
"quick turn-around" (QTA)
• 96 fuel dispensers, 21 car wash or light maintenance bays
5

Rental Car Program Background
• Rental cars have been operating
from the Consolidated Rental Car
Facility (RCF) since May 2012
• Prior to the facility opening,
some rental cars operated from
the terminal garage, while others
had to transport to off-site
locations
• A consolidated facility allowed
for a better customer experience

6

Rental Car Program Background
• Three class of operators
- Rental Car Facility Tenants (on-airport)
• 8 leases representing 11 brands
- Concession Fees, Customer Facility Charges, Land Rent

- Off-Airport Rental Car Companies
• No active agreement, one in process
- Concession Fees & Transportation Facility Charge

- FBO Rental Cars
• One agreement, operates at FBO for non-terminal customers only
- Concession Fees & Transportation Facility Charge

7

Rental Car Program Operations
Total Passengers - Rental Car Busing Operations
6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

0
2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Over 60 million passengers transported since 2012
8

Sales & Revenues to SEA- RCF
Gross Sales
$450,000,000

Revenues

CFCs

2019

$32.8 million

$39 million

$350,000,000

2020

$12.2 million

$17 million

$300,000,000

2021

$30.3 million

$27 million

$400,000,000

$250,000,000

$200,000,000

2022

$39.6 million

$37 million
$150,000,000

2023

$41.2 million $41.6 million

$100,000,000

2024

$41.9 million

$50,000,000

2025

$38.8 million* $48.4 million

$46 million

$0
2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Gross Sales

Plus land rent of $4.5 million

*2025 Data through Nov
9

Revenues and Funding - CFCs
Rental Car
CFC Rate Change Summary
2006
CFC Rate

Rate Change ($)
Rate Change (%)

$

2009

2012

2021

2022

2023

2024

2025

2026

$

$

$

$ 7.75

$

8.00

0.25 $ 0.25 $
3%
3%

0.25
3%

4.00 $

5.00 $

6.00 $

6.50

$

1.00 $
25%

1.00 $
20%

0.50 $
8%

7.00

0.50 $
8%

7.25

0.25 $
4%

7.50

Annual CFC rate increases implemented beginning in 2021, support rental car facility capital
projects and growth in CFC-eligible operating expenses.

10

Rebidding / Midpoint of 30-year program
• Initial 30-year lease for rental car facility, through May 31, 2042
• Concession agreement, covering concessions & MAG, originally
structured to be 10-year terms
• Structure allowed for rebidding should there be significant
changes or consolidation in the industry
• COVID-19 relief to rental cars included extension of concession
agreement by five (5) years (no underlying lease term
extension)
• Result is one-time rebidding opportunity (we are here now)
11

Rebidding / Midpoint of 30-year program
• Existing Customer
Service Building
Layout
• Rebidding is a spaceposture endeavor
• During concession
agreement term,
allocation changes do
occur (every 15 or 30
months) under
different set of space
rules
12

Rebidding / Midpoint of 30-year program
• Request for Qualifications (RFQ) released in November 2025,
first step in the rebidding process
• RFQ allows determination of market share breakdown of SEA
airport market for space in RCF
- New entrants to the airport market have on-going opportunities to
enter facility in small operator area

• Rules/process of rebidding included in 30-year lease
agreement, which remains active
• Concession agreement will be a Commission action in 2026
13

Continued Investment in RCF
• Most maintenance of the RCF is the responsibility of the rental
car operators, the Port is generally responsible for system
replacements and major maintenance projects.
• Capital Projects performed by the Port at the RCF and paid for
by the CFC fund balance.
• Passenger experience enhancements
• Continued tenant improvements from operators

14

Prior Investment in RCF
• Pavement Remediation (Completed)
- Correcting unusual wear in bus loop, 5th floor membrane
replacement

• Security Enhancements (Completed)
- Fencing, building improvements, camera replacements

• QTA Boiler Replacements (Closeout)
- Replaced failed boilers at QTA service buildings

• QTA Fire Suppression System Replacement (In Construction)
- Replace foam (PFAS) system with water-based sprinkler system
15

Upcoming Actions for Commission
• Q2 2026: Re-demising construction authorization
• Q2/Q3 2026: Concession agreement form
Expected upcoming projects:
• End of 2026/early 2027: LED lighting retrofit for RCF
• 2027: Major Maintenance work for 15-year life cycle
Potential future project: 5th QTA creation
16

Questions?

17