Boston Omaha Corporation, a significant shareholder in Sky Harbour Group Corp (NASDAQ:SKYH), recently divested a portion of its holdings in the company. According to a recent filing, Boston Omaha sold a total of 39,053 shares across three transactions between December 27 and December 31, 2024. The sales took place at prices ranging from $12.0559 to $12.207 per share, amounting to a total value of $473,238. The timing is notable as InvestingPro data shows SKYH has experienced a 7.6% decline in the past week, though maintaining a strong 29% gain over six months.
Following these transactions, Boston Omaha continues to hold 10,889,758 shares directly. Additionally, United Casualty & Surety Insurance Company, a wholly-owned subsidiary of Boston Omaha, retains ownership of 1,511,831 shares of Sky Harbour's Class A common stock.
In other recent news, Sky Harbour Capital reported robust revenue growth in its latest earnings call, driven by the launch of its San Jose campus and high occupancy rates at its existing facilities. The company is expanding its airport portfolio and anticipates raising additional funding through a second PIPE closing. Sky Harbour is also working towards achieving an investment-grade rating for its bonds.
The company's financial position remains strong, with $110 million in cash and Treasuries reported as of September 30. The planned PIPE investment is expected to contribute an additional $37.6 million. Among other developments, Sky Harbour has completed the Sky Harbour 37 prototype and appointed Marty Kretchman as Senior Vice President of Airports.
Sky Harbour's strategy now includes semi-private hangars, which have boosted occupancy and revenue. The company plans to expand its portfolio to 23 airports by the end of 2025 and expects to start interest payments on bond debt in 2025. However, the company faces increased construction costs due to post-COVID inflation, particularly for the OPF Phase 2 project in Miami. Despite these challenges, Sky Harbour continues to focus on enhancing the resident experience for aircraft owners and other aviation professionals.
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