Air Lease reported revenues and net income for Q1/17 were $360.2 million and $84.9 million compared to $343.3 million and $92.9 million for the same quarter in 2016.

The following highlights were excerpted from the news release:

• Flight equipment rental revenue of $354.7 million was up 11.8% from $317.2 million in the same quarter of 2016.
• Added 11 aircraft with a cost of $825.0 million ending the quarter with $12.6 billion in aircraft with a weighted average age of 3.7 years and a weighted average lease term remaining of 6.9 years
• Flight equipment subject to operating leases net of depreciation at March 31, 2017 was $12.62 billion, up 4.8% from $12.04 billion at December 31, 2016.
• Signed 34 lease agreements and 19 letters of intent adding five additional airlines to our customer base
• Minimum future contracted rentals for current and future fleet increased to $24.0 billion
• Placed 91% of its order book on long-term leases for aircraft delivering through 2019
• As of March 31, 2017, the Air Lease fleet was comprised of 243 owned aircraft, with a weighted-average age and remaining lease term of 3.7 years and 6.9 years, respectively, and 31 managed aircraft. The company has a globally diversified customer base of 86 airlines in 54 countries.

“Our forward lease placements and leasing business continued to perform well with consistently high margins. During the first quarter, we successfully focused on a strategic opportunity to sell and manage a portfolio of 19 mid-life aircraft. We took advantage of favorable market conditions by issuing a 10 year bond and upsized our bank revolver. Looking forward, we are continuing to capitalize on incremental aircraft acquisition opportunities to help offset further delays on Airbus deliveries,” said John L. Plueger, CEO and president.

“Our team did an excellent job executing on our goals for the business during the first quarter of 2017. Throughout the quarter, we saw solid lease demand under attractive terms including robust placements of both our new generation single-aisle and twin-aisle aircraft. We also continue to see demand from buyers of our used Boeing and Airbus aircraft. We view the slowing of new aircraft orders as healthy for the industry in the face of record backlogs and ongoing strain in the global supply chain,” said Steven F. Udvar-Házy, executive chairman of the board.