AerCap has reported that lease revenue for the first quarter was US$1,162.1 million, compared with US$1,120.3 million for the same period in 2018, primarily due to the delivery of new technology aircraft from January 2018 through March 2019, resulting in a US$2.3 billion increase in average lease assets.
Net income was US$234.2 million, compared with US$265.4 million for the same period in 2018.
Net income was primarily affected by lower net gain on sale of assets, partially offset by higher lease rents. AerCap’s sales volume was significantly lower in the first quarter of 2019 than in the first quarter of 2018, resulting in lower net gain on sale of assets. This was partially offset by higher lease rents primarily resulting from the increase in average lease assets.
As of March 31, 2019, AerCap’s portfolio consisted of 1,400 aircraft that were owned, on order or managed. The average age of its owned fleet as of March 31, 2019 was 6.2 years and the average remaining contracted lease term was 7.4 years.
