Air Lease Corporation (ALC) has reported financial results for the year and three months ended December 31, 2019.
ALC has reported revenues of US$549 million for the three months ended December 31, 2019, an increase of 21.9% and US$2.0 billion for the full year 2019, an increase of 20.1%. Diluted earnings per share was US$1.42 for the three months ended December 31, 2019, an increase of 14.5% and US$5.09 for the full year 2019, an increase of 10.7%.
Since ALC’s inception in 2010, the company has built a leasing platform in size and scale exceeding US$50 billion, consisting of approximately US$22 billion in assets, US$27 billion in aircraft orders and US$3 billion in managed aircraft.
During the fourth quarter of 2019, ALC took delivery of 11 aircraft from its order book and purchased one aircraft from the secondary market, representing US$825 million in aircraft investments. As of December 31, 2019, the company owned 292 aircraft in its operating lease portfolio, with a net book value of US$18.7 billion, a weighted average age of 3.5 years and a weighted average lease term remaining of 7.2 years.
ALC has finalized agreements to purchase an additional 102 aircraft comprised of 25 Airbus A321neo aircraft, 27 Airbus A321neo XLR and 50 Airbus A220 aircraft, with a purchase option for an additional 25 Airbus A220 aircraft. ALC entered into 145 leases, lease extensions and letters of intent in 2019, ending the year with a customer base of 106 airlines in 59 countries.
To date, ALC has placed 89% of its contracted order book positions on long-term leases for aircraft delivering through 2021 and 79% through 2022.
The company has ended the year with US$29.1 billion in committed minimum future rental payments consisting of US$14.1 billion in contracted minimum rental payments on the aircraft in its existing fleet and US$15.0 billion in minimum future rental payments related to aircraft on order.
