Four years ago American Airlines and Dallas – Fort Worth airport came to agreement on terminal improvements that included piecemealing a new terminal F and refreshing terminal C. At the time this was estimated to cost $3 to $3.5 billion.
Capital construction was part of master lease negotiations. The old lease expired in 2020, but was extended due to the pandemic. With American representing over 85% of passenger traffic, they have the lion’s share of say. And together with their joint venture partners they’re able to exercise de facto control. So it was American on hand with the CEO of the airport when they announced a new master lease today, that finally included plans for the new terminal and existing terminal refresh.