Air Lease Corporation Activity Update for the First Quarter of 2022

Rhea-AI Summary

Air Lease Corporation (NYSE: AL) provided an update on its operations for Q1 2022, highlighting a fleet of 391 owned and 93 managed aircraft, with 451 new aircraft orders through 2028. The company delivered eight new aircraft, investing approximately $490 million in the quarter. Financing efforts included issuing $1.5 billion in senior unsecured medium-term notes. However, ALC terminated leases for all aircraft leased to Russian customers, with 21 owned aircraft remaining in Russia, equating to 3.4% of its fleet by net book value as of March 31, 2022.

Positive

• Fleet expansion with 451 aircraft on order for delivery through 2028.
• Delivered eight new aircraft in Q1 2022.
• Invested approximately $490 million in aircraft investments.

Negative

• Terminated leases for all aircraft leased to Russian customers, potentially impacting future revenue.
• 21 owned aircraft remain in Russia, representing 3.4% of the fleet by net book value.

LOS ANGELES--(BUSINESS WIRE)-- Today Air Lease Corporation (NYSE: AL) announced an update on aircraft investments, sales, new significant financing, and other activity occurring in the first quarter of 2022.

As of March 31, 2022, ALC’s fleet was comprised of 391 owned aircraft and 93 managed aircraft, with 451 new aircraft on order from Boeing and Airbus set to deliver through 2028.

Aircraft Investments

• Delivered eight new aircraft from ALC’s order book including one Airbus A320neo, two Airbus A321neos, one Airbus A330-900neo, three Boeing 737-8s, and one Boeing 737-9
• Purchased one incremental Boeing 737-800, which was concurrently leased to an ALC customer
• Aircraft investments in the quarter totaled approximately $490 million

Sales

• No aircraft sales occurred during the quarter

Financing

• Issued $1.5 billion of senior unsecured medium-term notes comprised of $750 million of 2.20% senior unsecured medium-term notes due 2027, and $750 million of 2.875% senior unsecured medium-term notes due 2032

Russia Exposure

• In March of 2022, we terminated leases for all ALC aircraft on lease to Russian airline customers.  We currently have 21 owned aircraft remaining in Russia, representing approximately 3.4% of our fleet by net book value as of March 31, 2022.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Some or all of the results anticipated by these forward-looking statements are unknown at this time, including the ultimate impact of the COVID-19 pandemic on our results, prospects and opportunities. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.

About Air Lease Corporation (NYSE: AL)

ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. ALC routinely posts information that may be important to investors in the “Investors” section of ALC’s website at www.airleasecorp.com. Investors and potential investors are encouraged to consult the ALC website regularly for important information about ALC. The information contained on, or that may be accessed through, ALC’s website is not incorporated by reference into, and is not a part of, this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220411005976/en/

Investors:

Mary Liz DePalma

Vice President, Investor Relations

Email: investors@airleasecorp.com

Jason Arnold

Assistant Vice President, Finance

Email: investors@airleasecorp.com

Media:

Laura Woeste

Senior Manager, Media and Investor Relations

Email: press@airleasecorp.com

Ashley Arnold

Manager, Media and Investor Relations

Email: press@airleasecorp.com

Source: Air Lease Corporation

FAQ

What were Air Lease Corporation's aircraft investments in Q1 2022?

Air Lease Corporation invested approximately $490 million in aircraft investments during Q1 2022.

What is the status of Air Lease Corporation's aircraft orders?

As of March 31, 2022, Air Lease Corporation has 451 new aircraft on order for delivery through 2028.

How much financing did Air Lease Corporation issue in Q1 2022?

Air Lease Corporation issued $1.5 billion in senior unsecured medium-term notes in Q1 2022.

What is the impact of Russia exposure on Air Lease Corporation?

Air Lease Corporation has terminated leases for all aircraft on lease to Russian customers, with 21 owned aircraft remaining in Russia, representing 3.4% of its fleet.