Company: AYR
Filing Date: 2025-07-10
Form Type: 10-Q
Source: 0001628280-25-034715
Chunk: 23

Company: Aircastle LTD
Filing Date: 2025-07-10
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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, 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, we expect to transition 3 aircraft to a new lessee and sell or part out the other 4 aircraft.

Fiscal Years 2026 to 2029 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 2026 to 2029, representing the percentage of our Net Book Value as of May 31, 2025, specified below:

•2026: 32 aircraft, representing 10%;

•2027: 35 aircraft, representing 10%;

•2028: 32 aircraft, representing 9%; and

•2029: 36 aircraft, representing 12%.

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.  We also have raised $23.8 billion in debt capital from a variety of sources, including the unsecured bond market, commercial banks, export credit agency-backed debt