In Q1/22, Air Lease delivered eight new aircraft from its orderbook, including one Airbus A320neo, two Airbus A321neos, one Airbus A330-900neo, three Boeing 737-8s and one Boeing 737-9. The aircraft lessor also purchased one incremental Boeing 737-800, which was concurrently leased to a customer, and made aircraft investments in the quarter of approximately $490 million.

During the quarter, Air Lease did not complete any aircraft sales, but it did issue $1.5 billion of senior unsecured medium-term notes, which were comprised of $750 million of 2.2% senior unsecured medium-term notes due 2027 and $750 million of 2.875% senior unsecured medium-term notes due 2032.

In March, Air Lease terminated leases for all aircraft on lease to Russian airline customers. Air Lease currently has 21 owned aircraft remaining in Russia, representing approximately 3.4% of its fleet by net book value as of March 31.

As of March 31, Air Lease’s fleet was comprised of 391 owned aircraft and 93 managed aircraft, with 451 new aircraft on order from Boeing and Airbus set to deliver through 2028.