Air Lease Corporation Activity Update for the Third Quarter of 2024

Rhea-AI Summary

Air Lease (NYSE: AL) has released its activity update for the third quarter of 2024. The company's fleet now consists of 485 owned aircraft and 64 managed aircraft, with 287 new aircraft on order from Airbus and Boeing scheduled for delivery through 2029. During the quarter, ALC delivered 20 new aircraft from its orderbook, including various models from Airbus and Boeing. The company's aircraft investments totaled approximately $1.9 billion.

ALC also sold nine aircraft to third-party buyers, generating sales proceeds of approximately $340 million. On the financing front, the company issued $300 million of 6.00% fixed-rate reset non-cumulative perpetual preferred stock, Series D.

Positive

• Delivered 20 new aircraft from orderbook, expanding fleet
• Aircraft investments totaled $1.9 billion in Q3 2024
• Generated $340 million from aircraft sales
• Issued $300 million in preferred stock for additional financing

Negative

• None.

Insights

Financial Analyst

This quarterly update from Air Lease (ALC) provides significant insights into the company's operational and financial performance. The delivery of 20 new aircraft in Q3 2024, valued at approximately $1.9 billion, demonstrates strong execution of ALC's growth strategy and ability to meet customer demand. This substantial investment indicates confidence in the aviation market's recovery and future growth prospects.

The sale of nine aircraft for $340 million showcases ALC's active portfolio management, potentially optimizing fleet composition and realizing gains on asset sales. This strategy helps maintain a modern, in-demand fleet while generating cash flow.

The issuance of $300 million in preferred stock reflects ALC's ability to access capital markets on favorable terms, with the 6.00% rate indicating investor confidence in the company's credit quality. This financing provides additional liquidity to support fleet expansion and operational flexibility.

Overall, ALC's Q3 activities suggest a robust business model with strong order book execution, strategic asset management and solid financial positioning. The company's growing fleet and orderbook indicate positive long-term growth prospects in the aircraft leasing market.

LOS ANGELES--(BUSINESS WIRE)-- Today Air Lease Corporation (NYSE: AL) announced an update on aircraft investments, sales, and significant financing activities occurring in the third quarter of 2024.

As of September 30, 2024, ALC’s fleet was comprised of 485 owned aircraft and 64 managed aircraft, with 287 new aircraft on order from Airbus and Boeing set to deliver through 2029.

Aircraft Investments
- Delivered 20 new aircraft from ALC’s orderbook including three Airbus A220s, six Airbus A321neos, three Airbus A330-900neos, two Airbus A350-900s, two Boeing 737-8s, one Boeing 787-9, and three Boeing 787-10s.
- Aircraft investments in the quarter totaled approximately $1.9 billion.

Sales
- Sold nine aircraft to third-party buyers.
- Aircraft sales proceeds for the quarter totaled approximately $340 million.

Financing
- Issued $300 million of 6.00% fixed-rate reset non-cumulative perpetual preferred stock, Series D.

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. 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)

Air Lease Corporation is a leading global 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 new commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. The company routinely posts information that may be important to investors in the “Investors” section of its website at www.airleasecorp.com. Investors and potential investors are encouraged to consult Air Lease Corporation’s website regularly for important information. 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/20241007933913/en/

Investors:

Jason Arnold

Vice President, Investor Relations

Email: investors@airleasecorp.com

Media:

Laura Woeste

Senior Manager, Media and Investor Relations

Email: press@airleasecorp.com

Ashley Arnold

Senior Manager, Media and Investor Relations

Email: press@airleasecorp.com

Source: Air Lease Corporation

FAQ

How many aircraft did Air Lease (AL) deliver in Q3 2024?

Air Lease delivered 20 new aircraft from its orderbook in the third quarter of 2024.

What was the total value of Air Lease 's (AL) aircraft investments in Q3 2024?

Air Lease 's aircraft investments totaled approximately $1.9 billion in the third quarter of 2024.

How many aircraft did Air Lease (AL) sell in Q3 2024?

Air Lease sold nine aircraft to third-party buyers in the third quarter of 2024.

What was the value of Air Lease 's (AL) aircraft sales in Q3 2024?

Air Lease 's aircraft sales proceeds for the third quarter of 2024 totaled approximately $340 million.