Aircastle Limited reported lease rental revenues totaled $742.4 million, an increase of $1.3 million versus the previous year. Total revenues in 2016 were $773 million, a decline of $46.2 million versus the previous year. The decrease in total revenues was driven by a $37.5 million reduction in maintenance revenues and a $10.4 million decline in lease end termination fees due to a lower number of aircraft that came off lease during 2016 compared to the previous year.

Net income for the full year was $151.5 million, up $29.7 million year-over-year, while adjusted net income was $168.5 million, an increase of $26.3 million. The improvements were primarily driven by a $91.3 million reduction in non-cash aircraft impairment charges, partially offset by lower maintenance revenues, lower gain on sale and lower lease termination fees, which declined a combined $66.8 million.

During 2016, Aircastle acquired 60 aircraft for $1.6 billion, including 28 aircraft for $635.8 million during the fourth quarter. The average age of the aircraft acquired during 2016 was 7.4 years and the leases had an average remaining term of approximately 5.4 years. Of the 60 aircraft purchased during the year, 57 aircraft were narrow-bodies.

Aircastle currently has acquired or committed to acquire three aircraft in 2017 for $137.3 million. Including its order commitment with Embraer for 25 E-2 aircraft, Aircastle has commitments to acquire a total of 28 aircraft for $1.1 billion through 2021. Aircastle said it raised $1.3 billion in new financing during 2016 from funding sources worldwide.

During 2016, Aircastle sold 30 aircraft for net proceeds of $755.9 million, and realized a gain on the sale of flight equipment of $39.1 million. The average age of the aircraft sold during 2016, excluding sales to joint ventures, was 15 years.

In the fourth quarter of 2016, the company completed the sale of eleven aircraft, including two wide-body and one freighter aircraft. Full year sales included seven wide-body and three freighter aircraft. Aircastle portfolio sales reduced freighter exposure to eight aircraft, accounting for 8% of the company’s total fleet net book value.

As of December 31, 2016, Aircastle owned 193 aircraft having a net book value of $6.5 billion. The company also managed thirteen aircraft with a net book value of $689 million on behalf of its joint ventures with Ontario Teachers’ Pension Plan and IBJ of Japan.