Company: AYR
Filing Date: 2025-01-10
Form Type: 10-Q
Source: 0001628280-25-001098
Chunk: 25

Company: Aircastle LTD
Filing Date: 2025-01-10
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 $603.0 million.  As of November 30, 2024, we had commitments to purchase 32 aircraft for $1.4 billion, with delivery through the first quarter of 2028, which included estimated amounts for pre-delivery deposits, contractual price escalations and other adjustments.  As of January 7, 2025, we have purchased 6 additional aircraft and have commitments to purchase 26 aircraft for $1.0 billion.

During the nine months ended November 30, 2024, we sold 20 aircraft and other flight equipment for net proceeds of $474.1 million and recognized a net gain on the sale of $56.9 million for these aircraft and other flight equipment.  As of January 7, 2025, we have sold 1 additional aircraft.

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Fiscal Year 2024 Lease Expirations and Lease Placements

As of January 1, 2025, we had 1 off-lease aircraft and 1 aircraft with a lease expiring in fiscal year 2024, which combined account for less than 1% of our Net Book Value at November 30, 2024, remaining to be placed or sold.  Of these 2 aircraft, we expect to transition 1 aircraft to a new lessee and sell or part out the other aircraft.

Fiscal Years 2025 to 2028 Lease Expirations and Lease Placements

Taking into account lease and sale commitments, we currently have the following number of aircraft with lease expirations scheduled in the fiscal years 2025 to 2028, representing the percentage of our Net Book Value as of November 30, 2024, specified below:

•2025: 11 aircraft, representing 3%;

•2026: 35 aircraft, representing 12%;

•2027: 32 aircraft, representing 11%; and

•2028: 32 aircraft, representing 11%.

Finance

We operate in a capital-intensive industry and have a demonstrated track record of raising substantial amounts of capital from debt and equity investors.  Since our inception in late 2004, we have raised $2.6 billion in equity capital from private and public investors, including $500.0 million received during the past 18 months in respect of the Subscription Agreement entered into with our Shareholders – see Note 9 in the Notes to the Unaudited Consolidated Financial Statements.  We also have raised $22.5 billion in debt capital from