Company: AYR
Filing Date: 2025-07-10
Form Type: 10-Q
Source: 0001628280-25-034715
Chunk: 90

Company: Aircastle LTD
Filing Date: 2025-07-10
Form: 10-Q
Item: Part I, Item 2
Chunk 90
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 to closely monitor the ongoing geopolitical developments in the Middle East; our airline customers located in the Middle East comprised 5% of both our Net Book Value and lease rental revenue as of and for the three months ended May 31, 2025.  See Item 1A. “Risk Factors – Risks Related to Our Operations – Events outside of our control, including economic downturns, the threat or realization of epidemic or pandemic diseases, terrorist attacks, war or armed hostilities between countries or non-state actors, and natural disasters may adversely affect the demand for air travel, the financial condition of our lessees and of the aviation industry more broadly, and may ultimately impact our business” in our Annual Report on Form 10-K for the year ended February 28, 2025. 

We believe we have sufficient liquidity to meet our contractual obligations over the next twelve months.  As of July 1, 2025, total liquidity of $2.6 billion included $2.0 billion of undrawn credit facilities, $0.5 billion of projected adjusted operating cash flows and contracted asset sales and $0.1 billion of unrestricted cash through July 1, 2026.

21

Acquisitions and Sales

During the three months ended May 31, 2025, we purchased 12 aircraft for $464.8 million.  As of May 31, 2025, we had commitments to purchase 23 aircraft for $1.2 billion, with delivery through December 2027, which included estimated amounts for pre-delivery deposits, contractual price escalations and other adjustments.  As of July 1, 2025, we have purchased 4 additional aircraft and have commitments to purchase 22 aircraft for $1.1 billion.

During the three months ended May 31, 2025, we sold 14 aircraft and other flight equipment for net proceeds of $226.8 million and recognized gains on the sale or disposition of flight equipment totaling $30.3 million.  As of July 1, 2025, we have sold 1 additional aircraft.

Fiscal Year 2025 Lease Expirations and Lease Placements

As of July 1, 2025, we had 1 off-lease aircraft and 6 aircraft with a lease expiring in fiscal year 2025, which combined account for approximately 1% of our Net Book Value at May 31, 2025, remaining to be placed or sold.  Of these 7 aircraft,