Sky Harbour Group Corp (NYSE American: SKYH) is a business aviation real estate company that develops, owns, and operates private hangar campuses, called home base operator (HBO) campuses, at airports across the United States. Revenue comes from leasing exclusive and semi-exclusive hangar space to business jet owners and operators under ground leases at airport locations. The company targets tenants operating heavy business jets requiring large-footprint, tall-clearance hangar space, a segment where hangar supply has lagged fleet growth. SKYH uses proprietary prototype hangar designs intended to lower construction costs and standardize build-out across its portfolio. Operations are conducted substantially under ground leases from airport authorities. The company is financed with municipal-style bond debt (Series 2021 Bonds) and a Term Loan Facility, making it capital-intensive. Sky Harbour Group Corp was structured as a holding company whose principal asset is its interest in Sky Harbour LLC, the operating subsidiary.

Revenue model

Lease income from tenants occupying hangar space at HBO campuses. Tenants receive exclusive or semi-exclusive access to hangar facilities. The company conducts operations under ground leases with airport authorities and sub-leases hangar space to business aviation tenants.

Products and services

Home base operator (HBO) hangar campuses at airports, featuring hangars capable of accommodating heavy business jets in multi-configuration, NFPA 409 Group III fire code compliance, high-voltage capability, industrial drainage, impervious floors supporting in-hangar maintenance, and smartphone-controlled access. The company also provides fuel storage and fueling services at campuses.

Customers and end markets

Business jet owners and operators, specifically those operating larger private jets requiring tall tail clearances and significant square footage. The end market is U.S. business aviation, where the cumulative square footage of the business aircraft fleet increased 73% between 2010 and 2025, with a 120% increase in the square footage of jets with greater than a 24-foot tail height over that same period (per the FY2025 10-K filed 2026-03-19).

Value-chain role

Developer and landlord of business aviation hangar infrastructure. SKYH sits between airport authorities (ground lessor) and business jet operators (tenants), building and operating the physical hangar facilities. The company does not provide transient FBO services; campuses are structured exclusively for home-based tenants.

Geographic exposure

United States. The portfolio is geographically diversified across multiple airports and climates to mitigate weather-related construction risk, per the FY2025 10-K filed 2026-03-19. Specific airport locations are not enumerated in the filing excerpts provided.

Source: SEC 10-K, filed 2026-03-19

Industry: Real Estate Peers: Saker Aviation Services Inc