Company: AYR
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001628280-25-019189
Chunk: 71

Company: Aircastle LTD
Filing Date: 2025-04-23
Form: 10-K
Item: Item 1
Chunk 71
---
INTRODUCTION

ITEM 1.   BUSINESS

Unless the context suggests otherwise, references in this Annual Report to “Aircastle,” the “Company,” “we,” “us,” or “our” refer to Aircastle Limited and its subsidiaries.  Throughout this Annual Report, when we refer to our aircraft, we include aircraft that we have transferred into grantor trusts or similar entities for purposes of financing such assets through term financings.  These grantor trusts or similar entities are consolidated for purposes of our financial statements.  All amounts in this Annual Report are expressed in U.S. dollars and the financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Overview

Aircastle acquires, leases, and sells commercial jet aircraft to airlines throughout the world. We are a leading secondary market investor that sources aircraft through various acquisition channels that include other aircraft lessors, airlines through purchase-leaseback transactions, financial institutions and other aircraft owners, and aircraft manufacturers. We have significant experience in successfully managing aircraft throughout their life cycle, including lease and technical management, aircraft redeliveries, transitions, and sales or disposals. We sell aircraft and engine assets, either with a lease attached or on a part-out basis, with the aim of generating profits and reinvesting proceeds. Our aircraft are managed by an experienced team based in the United States, Ireland and Singapore.

As of February 28, 2025, we owned and managed on behalf of our joint venture 273 aircraft leased to 77 lessees located in 47 countries.  The net book value of our fleet (comprised of flight equipment held for lease and net investment in leases, or “Net Book Value”) was $7.9 billion as of February 28, 2025, up 9% from $7.2 billion as of February 29, 2024.  The weighted average age of our fleet was 9.1 years and the weighted average remaining lease term was 5.4 years.  The weighted average utilization rate of our fleet was 99% for the year ended February 28, 2025.  During the year ended February 28, 2025, we purchased 50 aircraft and sold 27 aircraft and other flight equipment.  As of February 28, 2025, we had commitments to purchase 20 aircraft with delivery through March 2027 for $771.7 million, which includes estimated amounts