Company: TRTN-PA
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001660734-25-000004
Chunk: 37

Company: Triton International Ltd
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 37
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,956)  

Total leasing revenues were $1,534.8 million in 2024 compared to $1,543.8 million in 2023, a decrease of $9.0 million.

Per diem revenues were $1,368.7 million in 2024 compared to $1,371.0 million in 2023, a decrease of $2.3 million. The primary reasons for the decrease were as follows:

•$6.0 million decrease due to a decrease of approximately 0.1 million CEU in the average number of containers on-hire. The number of containers on-hire decreased throughout 2023, resulting in a decrease in average on-hires in 2024, despite the increase in pick-up activity during the year; partially offset by a

•$1.8 million increase due to an increase in the average lease rates for our product lines; and a

•$2.7 million increase due to the lease intangible becoming fully amortized as of the third quarter of 2024.

Fee and ancillary lease revenues were $58.2 million in 2024 compared to $67.5 million in 2023, a decrease of $9.3 million, primarily due to a decrease in repair revenue as a result of a lower volume of redeliveries.

Finance lease revenues were $107.9 million in 2024 compared to $105.3 million in 2023, an increase of $2.6 million. The increase was primarily due to the addition of a large finance lease in the second quarter of 2024, partially offset by the runoff of the existing portfolio.

Trading margin. Trading margin was $4.3 million in 2024 compared to $7.9 million in 2023, a decrease of $3.6 million. Container trading margins decreased in 2024 primarily as a result of a decrease in volume of new production units sold.

Net gain (loss) on saleof leasing equipment. Gain on sale of leasing equipment was $12.4 million in 2024 compared to $58.6 million in 2023, a decrease of $46.2 million. The decrease was primarily due to a $57.4 million up-front loss on a finance lease transaction in 2024 that included certain containers purchased during the COVID-19 pandemic with carrying values that were higher than current market values. Additionally, in the prior year we had a gain from the buyout of a finance lease of $