Air Lease Corporation confirms the delivery of first of ten Boeing 787-10 aircraft to Korean Air

 Air Lease Corporation announced the delivery of one new Boeing 787-10 to Korean Air. This aircraft is the first of ten 787-10s confirmed to deliver to the Korean flag carrier from ALC’s orderbook with Boeing.

“ALC is thrilled to announce delivery of the first of ten new Boing 787-10 aircraft leased to our longtime customer, Korean Air. We are honoured to continue to build on our strong relationship with Korean and support its exciting and transformational growth as one of the world’s premier airlines,” said John L. Plueger, Chief Executive Officer and President of Air Lease Corporation.

“Korean Air is excited to extend our strong relationship with ALC,” said Walter Cho, Chairman and Chief Executive Officer of Korean Air. “Korean Air has been a longtime loyal customer of ALC, and this addition will strengthen the future relationship. The 787-10 from ALC will be part of Korean Air's flagship aircraft, serving many key destinations around the world. With competitive and sustainable aircraft such as the 787-10, ALC and Korean Air will continue to strengthen the already strong relationship between the two companies.”

ALC currently has five Boeing aircraft on long-term lease to Korean Air, including two 777-300ERs and three 737-800s.

Korean Air is both the flag carrier and the largest airline of South Korea, with global headquarters located in Gonghang Dong, Gangseo-gu, Seoul, South Korea. Korean Air's international passenger division and related subsidiary cargo division together serve 130 cities in 45 countries, while its domestic division serves 20 destinations. It is among the top 20 airlines in the world in terms of passengers carried and is also the top-ranked international cargo airline. Incheon International Airport serves as Korean Air's international hub.

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First of 6 new Airbus A220 jets arrives for Croatia Airlines

The leasing giant Air Lease Corporation has confirmed the delivery of one new Airbus A220-300 aircraft to Croatia Airlines. This is the first A220 to join the Croatian carrier’s fleet and the first of six new A220 aircraft confirmed to be delivered to the airline from ALC’s order book with Airbus.

“Air Lease Corporation is honoured to have been selected by Croatia Airlines as the first Lessor to introduce the A220 to the airline and support Croatia’s major fleet modernization program,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation. “This milestone first of six new A220 deliveries is a wonderful achievement that commences the fleet transformation at Croatia Airlines.”

“We are thrilled to congratulate our colleagues at Croatia Airlines on this first A220 aircraft delivery,” said David Beker, Executive Vice President of Air Lease Corporation. “Croatia Airlines’ fleet modernization program is expected to deliver not only a new and improved standard of passenger comfort and experience but also significant financial and environmental benefits due to lower fuel consumption, reduced noise and lower emissions with the most modern, technologically advanced aircraft available.”

Air Lease Corporation delivers an Airbus A321-200neo aircraft to Uzbekistan's Centrum Air

Air Lease Corporation announced the long-term lease placement and delivery of one used Airbus A321-200neo aircraft with Centrum Air (Uzbekistan), one of the leading airlines in Uzbekistan. This aircraft is the airline’s first A321neo.

“We are very pleased with the placement of this A321neo aircraft with Centrum Air. Centrum and its sister cargo-airline, My Freighter, have been successfully serving the rapidly growing Uzbek air transport market since 2019,” said AJ Abedin, Senior Vice President of Air Lease Corporation. “With the addition of this state-of-the-art A321neo, the airline and its passengers will benefit from new destinations, operational efficiencies and a premium travel experience.”

"We are delighted to announce the addition of this Airbus A321neo to our fleet. This is a significant step in the development of our airline, which will strengthen our position in the market and offer our passengers further comfort and safety," said Centrum Air Founder and Chief Executive Officer, Abdulaziz Abdurakhmanov.

First of 19 new Airbus jets arrives for Condor from ALC

Aircraft management and leasing giant, Air Lease Corporation confirmed it had delivered the first of nineteen new Airbus jets to German leisure airline Condor.  

“ALC is pleased to announce this significant first of 19 new Airbus aircraft delivery to Condor today,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation. “The A321-200neo will modernize Condor’s jet fleet with a new standard of fuel-efficiency, performance and passenger comfort, and continue ALC’s leadership position as Condor’s largest aircraft Lessor.”

The Airbus A321-200neo comes from ALC’s orderbook, Condor ordered 17 A321-200neos and 2 A320-200neos which are scheduled to be delivered to the carrier between now and the end of 2027. In addition to these aircraft, ALC currently has three A321s and two A320s on long-term lease to the airline.

“We are thrilled to continue to build our strong relationship with Condor with our first A321neo delivery to the airline,” added Lauren Kervick, Vice President of Air Lease Corporation. “Our A321-200neos will fill an important role in Condor’s growing fleet and expanding route network.”

“Condor is looking forward to welcome another A321neo to the fleet,” said Björn Walther, Chief Financial Officer of Condor. “We are delighted to have ALC onboard as our long-term partner for further 18 narrowbody aircraft. Thanks to this strong partnership, we will soon be offering guests on short and medium-haul routes the most modern and efficient fleet in Europe.”

The Condor A321neo flies in a two-class configuration with Business Class and Economy Class. The cabin has a total of 233 seats in a 3-3 seating arrangement. Guests can enjoy the "FlyConnect" internet and entertainment portal on board, where the latest entertainment program with blockbusters, classics, children's films and a wide range of music and magazines is available to stream on personal devices free of charge. In the “FlyConnect” portal, guests can also purchase various data packages to stay connected above the clouds.

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Air Lease Corporation releases details of its first quarter 2024 results

Aircraft leasing and management giant, Air Lease Corporation has just released its financial results for the three months ended March 31, 2024. During the first quarter, ALC took delivery of 14 aircraft from its existing order book, representing approximately $900 million in aircraft investments. The company ended the period with 472 aircraft in its owned fleet and approximately $31 billion in total assets. ALC sold five aircraft during the first quarter for approximately $240 million in sales proceeds.

“With aircraft in short supply and values rising, we benefit from continued fleet expansion and sales activity in an industry backdrop that remains positive. We see this environment continuing for the near to medium term future,” said John L. Plueger, Chief Executive Officer and President, and Steven F. Udvar-Házy, Executive Chairman of the Board.

First Quarter 2024 Results

The following table summarizes our operating results for the three months ended March 31, 2024 and 2023 (in millions, except per share amounts and percentages):

Operating Results

	Three Months Ended March 31,
		2024				2023			$ change				% change
Revenues	$	663.3			$	636.1			$	27.2			4.3	%
Operating expenses		(528.0	)			(477.9	)			(50.1	)		10.5	%
Income before taxes		135.3				158.3				(23.0	)		(14.5	)%
Net income attributable to common stockholders	$	97.4			$	118.3			$	(20.9	)		(17.7	)%
Diluted earnings per share	$	0.87			$	1.06			$	(0.19	)		(17.9	)%
Adjusted net income before income taxes(1)	$	146.3			$	166.8			$	(20.5	)		(12.3	)%
Adjusted diluted earnings per share before income taxes(1)	$	1.31			$	1.50			$	(0.19	)		(12.7	)%

Key Financial Ratios

	Three Months Ended March 31,
	2024			2023
Pre-tax margin	20.4	%		24.9	%
Adjusted pre-tax margin(1)	22.1	%		26.2	%
Pre-tax return on common equity (trailing twelve months)	11.2	%		10.2	%
Adjusted pre-tax return on common equity (trailing twelve months)(1)	11.6	%		11.0	%

(1)

 

Adjusted net income before income taxes, adjusted diluted earnings per share before income taxes, adjusted pre-tax margin and adjusted pre-tax return on common equity have been adjusted to exclude the effects of certain non-cash items, one-time or non-recurring items that are not expected to continue in the future and certain other items. See note 1 under the Consolidated Statements of Operations included in this earnings release for a discussion of the non-GAAP measures and a reconciliation to their most comparable GAAP financial measures.

Air Lease Corporation announces pricing of offering of €600 Million of Senior Unsecured Medium-Term Notes

Air Lease Corporation announced the pricing on March 20, 2024 of its offering of €600 million aggregate principal amount of 3.70% senior unsecured medium-term notes due April 15, 2030 (the “Notes”). The sale of the Notes is expected to close on March 27, 2024, subject to satisfaction of customary closing conditions.

The Notes will mature on April 15, 2030 and will bear interest at a rate of 3.70% per annum, payable annually in arrears on April 15 of each year, commencing on April 15, 2024. Owners of the Notes will receive payments relating to the Notes in Euros.

The Company intends to use the net proceeds of the offering for general corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of existing indebtedness.

BBVA, Deutsche Bank, J.P. Morgan, NatWest Markets, and Societe Generale are acting as joint book-running managers for the offering of the Notes.

Air Lease Corporation announces pricing of offering of €600 Million of senior unsecured medium-term notes

Air Lease Corporation announced the pricing on March 20, 2024 of its offering of €600 million aggregate principal amount of 3.70% senior unsecured medium-term notes due April 15, 2030 (the “Notes”). The sale of the Notes is expected to close on March 27, 2024, subject to satisfaction of customary closing conditions.

The Notes will mature on April 15, 2030 and will bear interest at a rate of 3.70% per annum, payable annually in arrears on April 15 of each year, commencing on April 15, 2024. Owners of the Notes will receive payments relating to the Notes in Euros.

The Company intends to use the net proceeds of the offering for general corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of existing indebtedness.

BBVA, Deutsche Bank, J.P. Morgan, NatWest Markets, and Societe Generale are acting as joint book-running managers for the offering of the Notes.

Transavia to lease two new Airbus A321-200neo jets

Global leasing giant, Air Lease Corporation has confirmed this week it has agreed with Transavia on a long lease deal for two new Airbus A321-200neo aircraft.  

The jets are scheduled to arrive in late 2025 and early 2026 and these two new Airbus A321-200neos join seven A321-200neos ALC has leased to Transavia. The first ALC A321neo aircraft was delivered to Transavia in December 2023 and was the first A321-200neo to join the Dutch carrier’s fleet.

“ALC is pleased to announce this transaction for two additional Airbus A321neo aircraft with Transavia,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation. “Our nine A321-200neo aircraft will offer significant enhancements and efficiency to the airline’s fleet operations, as demonstrated by the first ALC A321neo that delivered to Transavia last year.”

In addition to the nine Airbus A321-200neo aircraft, ALC has ten Boeing 737-800s on long-term lease to the Dutch carrier.

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. 

Transavia is a low-cost airline that for the past 50 years has taken great pleasure in flying passengers to over 110 destinations in Europe and North Africa. Transavia stands for accessibility and affordability: whether you are planning a holiday or a business trip, you will always find a flight that fits your budget. Transavia operates from the Netherlands and France.

Air Lease Corporation Announces Fourth Quarter & Fiscal Year 2023 Results

Air Lease Corporation, one of the global leaders in aircraft leasing and management has just released details of its financial results for the three months and year ended December 31, 2023.

Air Lease Corporation is a leading global aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. Air Lease Corporation 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.

“Fourth quarter and full-year performance at ALC was very strong. With the exception of the benefit of tax reform in 2017, we achieved record revenues and profits for the 4th quarter, with net income increasing 56% and revenues increasing 19% over the prior year’s quarter. Similarly, for the full year 2023, we enjoyed record revenues, aircraft sales, and total assets which exceeded $30 billion for the first time. Looking forward, the commercial aircraft supply/demand backdrop remains highly favourable for our current fleet and our $22 billion forward orderbook scheduled to deliver over the next 4-5 years,” said John L. Plueger, Chief Executive Officer and President, and Steven F. Udvar-Házy, Executive Chairman of the Board.

Fourth Quarter 2023 vs. Fourth Quarter 2022

Our total revenues for the three months ended December 31, 2023 increased by 19% to $717 million as compared to the three months ended December 31, 2022. The increase in total revenues was primarily driven by the continued growth in our fleet, an increase in sales activity and higher end-of-lease revenue. During the three months ended December 31, 2023, we recognized $59 million in gains from the sale of eight aircraft. We also recognized $60 million in end-of-lease revenue related to the return of seven aircraft. During the three months ended December 31, 2022, we recorded approximately $28 million in gains from the sale of six aircraft1.

Air Lease Corporation Activity Update for the Fourth Quarter of 2023

This week, Air Lease Corporation announced an update on aircraft investments, sales, and significant financing activities occurring in the fourth quarter of 2023.

As of December 31, 2023, ALC’s fleet was comprised of 463 owned aircraft and 78 managed aircraft, with 334 new aircraft on order from Boeing and Airbus set to deliver through 2029.

Aircraft Investments

• Delivered 22 new aircraft from ALC’s order book including six Airbus A220s, one Airbus A320neo, eight Airbus A321neos, two Airbus A330-900neos, two Boeing 737-8s, and three Boeing 737-9s.
• Aircraft investments in the quarter totalled approximately $1.2 billion.

Sales

• Sold seven aircraft to third-party buyers.
• Aircraft sales proceeds for the quarter totalled approximately $440 million.

Financing

• Issued C$500 million of 5.4% senior unsecured medium-term notes.
• Upsized senior unsecured revolving credit facility to $7.4 billion from $7.2 billion.

Transavia Airlines gets its first Airbus A321neo

Dutch low-cost carrier Transavia Airlines,  part of  the Air France-KLM group, has taken delivery of its first A321neo on lease from Air Lease Corporation. The aircraft was delivered from Airbus’ Hamburg production facilities taking advantage of Airbus’ option for Sustainable Aviation Fuel (SAF) on its delivery flight to Amsterdam’s Schiphol Airport. With this new aircraft Transavia becomes a new Airbus operator of the type.

This first A321neo marks the beginning of Transavia Airlines’ transition to an all-Airbus latest-generation fleet. Due to its lower fuel consumption and emissions, the A321neo will play a key role in the airline group’s sustainable development goals.

The newly delivered A321neo for Transavia Airlines seats 232 passengers in a single class layout. The cabin features Airbus’ Airspace XL bins. The larger bins provide a 40% more stowage space than previous ones for a more relaxed boarding experience for passengers and cabin crew. In addition, USB-C ports are available for passengers at every seat, and the latest lighting system enhances the overall passenger experience.

The A321neo is the largest member of the Airbus A320neo Family, offering unmatched range and performance. Equipped with sharklets and powered by new generation CFM International LEAP-1A engines, the A321neo delivers a 50 per cent reduction in noise footprint and 20 per cent reduction in fuel burn and CO₂ emissions compared to previous generation single-aisle aircraft.

To date the A321neo has captured more than 5,600 orders received from over 100 customers across the globe.

Air Lease Corporation Announces Delivery of First of Seven New Airbus A321-200neo Aircraft to Transavia

Air Lease Corporation announced one new Airbus A321-200neo aircraft delivered to Transavia. This aircraft is the first of seven new Airbus A321s confirmed to deliver to Transavia on long-term lease from ALC’s order book with Airbus and the first A321-200neo to join the Dutch carrier’s fleet.

“ALC is pleased to announce the first of seven A321-200neo aircraft delivered today to our longtime customer, Transavia,” said Grant Levy, Executive Vice President of Air Lease Corporation. “With these new ALC A321neos, Transavia will continue to excel by offering excellent and efficient service at affordable fares to its customers. We are honoured to introduce the A321-200neo to Transavia and look forward to continuing to assist the airline with its single-aisle fleet development for years to come.”

Transavia is a low-cost airline that for the past 50 years has taken great pleasure in flying passengers to over 110 destinations in Europe and North Africa. Transavia stands for accessibility and affordability: whether you are planning a holiday or a business trip, you will always find a flight that fits your budget. Transavia operates from the Netherlands and France.

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. 

Danish carrier Sunclass Airlines gets two new Airbus aircraft on lease from ALC - one A321-200neo and one new A330-900neo

Air Lease Corporation announced this week that two new Airbus aircraft were delivered to Sunclass Airlines of Denmark, including one new A321-200neo and one new A330-900neo. Both aircraft were delivered to Sunclass Airlines this December on long-term lease from ALC’s order book with Airbus.

“We are pleased to announce the first of two A321-200neos and the first of three A330-900neos delivered to Sunclass Airlines,” said Steven Udvar-Házy, Executive Chairman of Air Lease Corporation. “With these new ALC aircraft, Sunclass will continue to progress its fleet modernization program adding new generation widebodies and narrowbodies that offer the most advanced technology and efficiency.”

Sunclass Airlines A/S is a Danish charter airline that operates charter services from Norway, Sweden, Denmark and Finland. The company is affiliated with Ving Group, a Nordic tour operator.

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.

It is an ambitious and proud CEO, Valdemar Warburg, who a few weeks before his one-year anniversary in Sunclass Airlines, receives the second large Airbus neo aircraft says:  "Specifically, we in the Group have a goal of reducing the carbon footprint of our travels by 25 percent by 2030 and to reach zero emissions by 2050. And in this plan, fleet replacement is very central, which is why it is also very pleasing that we can now fly out of 2023 with as many as three neo-aircraft in the fleet – and that the entire replacement actually seems to be going faster than expected."

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