Walker & Dunlop (WD) Investor update summary

Growth and operational performance

• Passenger volume is projected to reach 82.4 million in 2025, with a goal of 100 million by 2030 and forecasts up to 120 million by 2045.

• The airport is the largest employer in Colorado and contributes 10% of the state's GDP.

• Flight cancellation rates are among the lowest in the U.S. at 0.85%, outperforming Atlanta and Chicago.

• TSA wait times average 6-10 minutes, significantly lower than other major airports.

• Train system uptime is 99.9%, serving 160,000 passengers daily.

Infrastructure and expansion plans

• Six runways, including the longest in North America, support any aircraft and low cancellation rates.

• Expansion of Concourse C West and a new north terminal are underway to accommodate growth.

• Pre-environmental work for a seventh runway is ongoing, with costs estimated at $700 million to $1 billion.

• A consolidated rental car facility with up to 18,000 spaces is in development, with EV chargers planned.

• Peña Boulevard widening and transit improvements are under environmental review, with a preferred alternative expected by year-end.

Financial management and revenue

• Annual revenues are around $1.2–$1.3 billion, with all profits reinvested due to federal law.

• Non-aeronautical revenue, especially parking (51,000 spaces), is a major focus to keep airline costs competitive.

• The airport holds the highest credit ratings in its history, supporting $7 billion in debt.

• A $12 billion, 10-year capital improvement program is underway.