AerCap takes $14.3m hit on 747F and A319 aircraft

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Operating lessor AerCap incurred a fourth-quarter impairment charge of $14.3 million related to a Boeing 747 freighter and two Airbus A319 aircraft.

Speaking on a fourth-quarter earnings call today, Keith Helming, the chief financial officer of AerCap, said the charge "included $9.7 million relating to one 747 freighter, triggered by a $6.8 million end-of-lease maintenance payment”, while the A319s resulted in a $4.6 million write-down as the lessor "revaluated its residual positions on the 15-year-old aircraft".

For the full year 2013, AerCap recognised $26.2 million in fleet write-downs.

AerCap incurred a fourth-quarter 2012 charge of $5.2 million that was "default-related and triggered by the release of maintenance reserves".

The lessor recognised an impairment charge of $12.6 million for the full year 2012 on older aircraft.

The charge pertains to "income from continuing operations" related to "four older A320 aircraft and one Boeing 737 Classic", AerCap indicates in an annual filing. Four of the aircraft are older than 15 years of age, according to the lessor.