Company: AIRTP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000353184-25-000073
Chunk: 77

Company: AIR T INC
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 77
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,2026 (excluding the 3 months ended 06/30/2025)$2,192 20273,361 20282,843 Thereafter— Total$8,396 Subsequent to the financial statement period end date, as mentioned in Note 19 of Notes to Condensed Consolidated Financial Statements included under Part I, Item 1 of this Report on Form 10-Q, on July 15, 2025, CASP completed the sale of the two Airbus Model A321-111 aircrafts, including associated engines, for over $18.0 million. Concurrently, CASP entered into assignment, assumption, and amendment agreements under the existing leases, effectively transferring the lessor’s rights and obligations to the purchaser. The amounts related to the transferred leases included in the future minimum rental payments to be received under non-cancelable leases schedule above are as follows: $2.1 million, $3.3 million, and $2.8 million for the years ended March 31, 2026 (excluding the 3 months ended June 30, 2025), 2027, and 2028, respectively. Office leasesThe Company, through its wholly-owned subsidiary, Wolfe Lake, leases offices to third parties with lease terms between 5 and 29 years under operating lease agreements. For the offices currently on lease, there are no options for the lessees to purchase the spaces at the end of the leases. Our contractual obligations for offices currently on lease can include termination and renewal options. We utilize the reasonably certain threshold criteria in determining which options our customers will exercise. The Company depreciates the assets on a straight-line basis over the assets' useful life. Depreciation expense relating to office leases was $0.1 million for the three months ended June 30, 2025 and 2024, respectively. During the three months ended June 30, 2025, the Company recognized rental and other revenues related to operating lease payments of $0.5 million, of which variable lease payments were $0.2 million. During the three months ended June 30, 2024, the Company recognized rental and other revenues related to operating lease payments of $0.5 million, of which variable lease payments were $0.2 million. Future minimum rental payments to be received do not include variable lease payments that may be received under certain leases because amounts are based on usage. The following table sets forth the undiscounted cash flows for future minimum base rents