Air Lease announced its Q3/16 net income of $93.3 million was up 21.1% from $77.0 million in the same year ago quarter on record revenues of $355.1 million. Year-to-date net income of $277.9 million was up 61% from $172.5 million a year earlier.

The following highlights were excerpted from the news release:

• Flight equipment subject to operating leases at the end of Q3/16 was $13.37 billion, up 11.1% from $12.03 billion at the end of the same period a year earlier.
• Acquisition of flight equipment under operating leases of $1,436.7 million for the nine month period ended September 30, 2016 was down from $1,697.7 million for the same period a year earlier.
• As of September 30, 2016, the Air Lease fleet was comprised of 244 owned aircraft and 33 managed aircraft. The company has a customer base of 88 airlines in 52 countries.

John L. Plueger, CEO and president of Air Lease said, “Our business continues its strong performance with our adjusted pre-tax return on equity increasing to 19% this quarter, the highest in our company’s history. S&S has recognized our growing strength by recently upgrading us from BBB- to BBB. Demand for our delivery positions remains solid; in particular we see no slowing of lease appetite globally, and our twin-aisle placements have kept pace with our single-aisle placements. The sales program of our ATR and E-jet fleet to NAC is on track. We continue to see steady demand from buyers for our other aircraft.”

Steven F. Udvar-Hazy, executive chairman of the board, said, “ALC’s forward global lease placement activity has never been stronger and we are building a formidable and industry leading portfolio of long term contracted lease revenues, to deliver strong and predictable business growth well into the next decade.”