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Air Lease Corporation Class A (AL-5.53%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $2.7 billion for the year, a 1.8% increase from the previous year. This increase was primarily driven by growth in aircraft sales and trading activity, as well as an expansion of the company's fleet.
The company purchased 65 new aircraft from Airbus and Boeing and sold 39 aircraft during the year, ending with a total of 489 aircraft in its owned fleet. The net book value of the fleet increased by 7.4% to $28.2 billion.
Air Lease Corporation reported a net income attributable to common stockholders of $372.1 million, or $3.33 per diluted share, compared to $572.9 million, or $5.14 per diluted share, in the previous year. The decrease was primarily due to higher interest expenses.
The company ended the year with $29.5 billion in committed minimum future rental payments, with $18.3 billion from contracted minimum rental payments on existing fleet and $11.2 billion from future deliveries scheduled through 2029.
Air Lease Corporation's debt financing strategy focused on raising unsecured debt, with total debt outstanding of $20.4 billion as of December 31, 2024, 79.0% of which was at a fixed rate.
The company has commitments to purchase 269 aircraft from Airbus and Boeing for delivery through 2029, with an estimated aggregate commitment of $17.1 billion.
The filing also discusses the impact of ongoing delivery delays from aircraft manufacturers and the Boeing labor strike, which are expected to continue affecting the company's delivery schedule.
The report highlights the company's strategy to maintain a young and modern fleet, with a focus on fuel-efficient aircraft, and its efforts to manage risks associated with aircraft leasing through diversification and careful management of leases.
Air Lease Corporation continues to pursue recovery of losses related to aircraft detained in Russia, with ongoing litigation against insurance carriers and Russian airlines' insurers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Air Lease Corporation Class A annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.