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SFO seeks temporary rent relief for DFS Group, estimating $74.6M in reduced revenue over four years
Summary
SFO proposed Amendment No. 6 to DFS Group’s international terminal lease to lower percentage rent and the minimum annual guarantee for 2026–2029; staff said the change responds to lower luxury retail spending and estimated a $74.6M revenue reduction to the airport and a $11.2M reduction to the general fund share over four years; the committee forwarded the item to the Board.
SFO staff presented an amendment to the DFS Group LP international terminal lease proposing a temporary reduction in percentage rent and minimum annual guarantee for lease years equivalent to calendar 2026 through 2029. Daniel Singh said the amendment would reduce the minimum annual guarantee for 2026 to $25,000,000 (with…
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