Company: AYR
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001628280-25-019189
Chunk: 57

Company: Aircastle LTD
Filing Date: 2025-04-23
Form: 10-K
Item: Item 16
Chunk 57
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 Russian airlines’ insurance and the Company’s contingent and possessed insurance policies (“C&P Policies”) seeking indemnity.During the fourth quarter of fiscal year 2024, the Company received cash proceeds of $49.5 million in settlement of the Company’s claims against certain of the insurers under its C&P Policies.  The settlement proceeds were recorded as a component of other income for the year ended February 28, 2025.  The receipt of the insurance proceeds serve to mitigate in part, the Company’s losses under its aviation insurance policies.  We remain in settlement discussions with some of the remaining insurers under our C&P Policies.  However, the collection, timing and amount of any future recoveries, including those related to insurance litigation, remain uncertain.  Accordingly, at this time, the Company can give no assurance as to when or what amounts it may ultimately collect with respect to these matters.

During the year ended February 29, 2024, the Company received cash settlement proceeds of $43.2 million in settlement of the Company’s claims under the insurance policies of Joint Stock Company Aurora Airlines and Joint Stock Company Rossiya Airlines (collectively, the “Airlines”) in respect of 4 aircraft (collectively, the “Aircraft”) formerly on lease to the Airlines, which has been recorded within gain on sale or disposition of flight equipment.  The settlement resolves claims against the Airlines, their respective insurers, and transfers the Aircraft title to a Russian insurer. 

F - 16

Aircastle Limited and SubsidiariesNotes to Consolidated Financial Statements(Dollars in thousands, except per share amounts)

Note 4.  Lease Rental Revenues

Minimum future lease rentals contracted to be received under our existing operating leases of flight equipment at February 28, 2025 were as follows:Year Ended February 28/29,Amount(1)2026$706,174 2027633,400 2028530,198 2029446,034 2030362,417 Thereafter941,765 Total$3,619,988 _______________(1)Reflects impact of lessee lease rental deferrals.At February 28, 2025 and February 29, 2024, the amounts of lease incentive liabilities recorded in maintenance payments on the consolidated balance sheets were $34.8 million and $26.6 million, respectively.

Note 5.  Net Investment in Leases, Net

At February 28, 2025 and February 29,