I looked up a few of the leases yesterday, started a post, but then had to quickly leave my desk and lost it all.
A couple of them that I remember off the top of my head: Syncora extended the Windsor Tunnel lease through 2040 with the Detroit BK deal. The Orange Beach Alabama Bridge lease was around 40 years originally, and I think we are about 10-15 years into that.
The Skyway and Indiana Toll leases were pretty extraordinarily long, in my opinion, but clearly impacted the EBITDA multiples an operator could pay for them. Would you pay 30x for an asset that will run for 89 years, with the ability to increase toll rates over time? Sure thing. Would you pay 30x for an asset that will run for 23 years like Windsor Tunnel? No, but you might pay 8x or 10x. The multiple that American Roads might achieve would probably be a blended rate based upon their various contracts.
But I know I am preaching to the choir here.
