Quarterly report [Sections 13 or 15(d)]

LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE, NET

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LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE, NET
3 Months Ended
Mar. 31, 2025
LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE, NET  
LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE, NET

NOTE G — LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE, NET

Aircraft and engines held for operating leases, net, as of the below dates consisted of the following (in thousands):

    

March 31, 2025

    

December 31, 2024

Aircraft and engines held for lease

$

100,691

$

96,910

Less accumulated depreciation

 

(31,201)

 

(29,063)

$

69,490

$

67,847

Total depreciation expense amounted to $3.0 million and $1.2 million for the three months ended March 31, 2025 and 2024, respectively, and is included in cost of leasing in the condensed consolidated statements of operations.

Supplemental rents recognized as revenue totaled $3.5 million and $1.5 million for the three months ended March 31, 2025 and 2024, respectively.

The Company’s current operating lease agreements for leased Flight Equipment expire over the next five years. The amounts in the following table are based upon the assumption that Flight Equipment under operating leases will remain leased for the length of time specified by the respective lease agreements. Minimum future annual lease rentals contracted to be received under existing operating leases of Flight Equipment were as follows (in thousands):

Year ending December 31:

    

Remaining nine months of 2025

$

23,887

2026

25,267

2027

 

15,360

2028

5,033

2029

2,335

Thereafter

2,200

Total minimum lease payments

$

74,082