What changed in this filing

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Item 2. Properties

2026-06-29 compared with 2025-06-27 · 27 added, 29 removed, 11 unchanged (84% of the section changed)

The Company owns approximately 4.626 acres and a 13,000 square foot office building in Denver, North Carolina, which houses the operations of MAC, and a 55,000 square foot office building in St.

The Company owns 5 acres and a 13,000 square foot office building in Denver, North Carolina, which houses the operations of MAC, and a 55,000 square foot office building in St.

Louis Park, Minnesota that is partially leased to tenants and is the location of the Company's Minnesota executive office.

The Company leases approximately 4,900 square feet of office space in Charlotte, North Carolina to accommodate Air T's operations.

The lease commenced on July 1, 2023 and will expire on November 30, 2028 with the option to extend the lease for one additional three year term.

The Company leases approximately 1,950 square feet of office space and approximately 4,800 square feet of hangar space at the Ford Airport in Iron Mountain, Michigan.

The Company leases 5,000 square feet of office space in Charlotte, North Carolina to accommodate Air T's operations.

The lease will expire on November 30, 2028 with the option to extend the lease for one additional three year term.

The Company leases 2,000 square feet of office space and 5,000 square feet of hangar space at the Ford Airport in Iron Mountain, Michigan.

CSA’s operations are headquartered at these facilities which are leased from a third party under an annually renewable agreement.

The Company leases approximately 53,000 square feet of a 66,000 square foot aircraft maintenance facility located in Kinston, North Carolina under an agreement that extends through January 2028, with the option to extend the lease for three additional five-year periods thereafter.

The Company leases 53,000 square feet of an aircraft maintenance facility located in Kinston, North Carolina under an agreement that extends through January 2028, with the option to extend the lease for three additional five-year periods thereafter.

The rental rate under the lease increases by increments for each of the five-year renewal periods.

The Company leases 21,000 square feet of hangar space at Rafael Hernández Airport in Puerto Rico.

The lease expires on August 31, 2029.

GGS leases a 113,000 square foot production facility in Olathe, Kansas.

The facility is leased from a third party under a lease agreement, which expired in August 2024.

On June 6th, 2024, GGS entered into an agreement to extend the current lease for an additional five years through August 31, 2029.

As of March 31, 2025, the Company leased hangar, maintenance and office space from third parties at a variety of other locations, at prevailing market terms.

Contrail leases a 21,000 square foot facility in Verona, Wisconsin.

This is a lease from a related party.

The lease expires on August 31, 2029.

Contrail leases a 21,000 square foot facility in Verona, Wisconsin from a related party.

See Note 1 4 “Related Party Matters” of Notes to Consolidated Financial Statements included under Part II, Item 8 of this report.

This lease expires on July 17, 2026.

Contrail also leases a 1,453 square foot office space in Denver, Colorado.

The lease was a 60 month lease that extended through June 2026.

As part of the formation of Crestone and transition of certain Contrail's employees to Crestone, Contrail terminated this lease prior to its expiration in 2026.

Crestone entered into a lease agreement of a 1,663 square foot office space in Glendale, Colorado on September 1, 2022.

On January 1, 2024, Crestone entered into an amended lease

agreement which terminated the 1,663 square foot office space and leased new premises of 3,698 square feet of office space located in Glendale, Colorado.

The amended lease expires in August 2027.

Jet Yard leases approximately 48.5 acres of land from Pinal County at the Pinal Air Park in Marana, Arizona.

The lease expires in May 2046, though Jet Yard has an option to renew the lease for an additional 30-year period (though the lease to a 2.6-acre parcel of the leased premises may be terminated by Pinal County upon 90 days’ notice).

The lease expires on July 17, 2026.

On May 7, 2026, Contrail entered into an agreement to extend the current lease for an additional three years through June 30, 2029, with the option to extend the lease for two additional one-year periods thereafter.

CAM leases 4,000 square feet of office space located in Glendale, Colorado.

The lease expires in August 2027.

Jet Yard leases 49 acres of land from Pinal County at the Pinal Air Park in Marana, Arizona.

The lease expires in May 2046, though Jet Yard has an option to renew the lease for an additional 30-year period (though approximately 3 acres of the leased premises may be terminated by Pinal County upon 90 days’ notice).

The lease agreement permits Pinal County to terminate the lease if Jet Yard fails to make substantial progress toward the construction of facilities on the leased premises in phases in accordance with a specified timetable.

On May 27, 2020, Pinal County and Jet Yard entered into the first amendment to the lease agreement in which Pinal County agreed to the terms of Jet Yard's ground hardening civil improvement project ("ground hardening improvements") on areas under lease to improve its aircraft parking facilities.

hardening improvements") on areas under lease to improve its aircraft parking facilities.

Starting in fiscal 2021, Jet Yard subleased the aforementioned lease along with the ground hardening improvements to Jet Yard Solutions.

1 unchanged sentence

The lease expires on July 31, 2028.

Worthington and AirCo lease a 41,280 square-feet facility in Eagan, Minnesota.

Worthington and AirCo lease 42,000 square feet of a facility in Eagan, Minnesota.

The lease for this facility expires in April 2027.

Worthington has a lease in Tulsa, Oklahoma, which is 22,582 square feet and expires in January 2027.

Additionally, Worthington also has two facility leases in Australia:

Unit E3 is 1,195 square feet and Unit B5 is 1,442 square feet.

The lease for Unit E3's lease expired in April 2025 and was not renewed.

The lease for Unit B5A's lease was renewed and extended until April 2029.

WASI subleases approximately 53,500 square feet of land and facilities located at Branson National Airport, Springfield, Missouri.

Worthington has a lease in Tulsa, Oklahoma, which is approximately 23,000 square feet and expires in January 2027.

WASI subleases 54,000 square feet of land and facilities located at Branson National Airport, Springfield, Missouri.

The lease expires on January 30, 2028 with an option to renew for two additional and consecutive five year terms plus an additional and consecutive term ending on May 5, 2039.

WASI also leased an additional 2,000 square feet of hangar space that expired on January 30, 2025 with no option to renew.

Rex leases office space totaling 3,000 square meters in Mascot, New South Wales, Australia.

The lease expires on June 30, 2026 with an option to renew for one additional two year term.

In February 2026, Rex entered into a new lease for office space totaling 1,000 square meters in Mascot, New South Wales, Australia, commencing on June 1, 2026.

The lease has a term of seven years, with an option to renew for one additional five-year term.

Rex owns freehold land, buildings and training facilities at Wagga Wagga, New South Wales, which serve as the campus of AAPA’s Wagga Wagga academy and Rex’s heavy maintenance base, and owns freehold training facilities in Ballarat, Victoria, used by AAPA’s Ballarat campus.

Rex also leases hangar, terminal, office and other operational space at airports across its network, including at Sydney and Adelaide airports, at prevailing market terms.

As of March 31, 2026, the Company leased hangar, maintenance and office space from third parties at a variety of other locations, at prevailing market terms.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties