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Air Lease deliveries fall slightly in Q3

Air Lease Corporation invested $1.5 billion in new aircraft during the quarter ended 30 September, down from the $1.6 billion in the second quarter as it took delivery of fewer aircraft.

The Los Angeles-based lessor states that it delivered 15 aircraft during the period, down from 17 in the earlier period. Deliveries comprised of two Airbus A320neos, six A321neos, one A330-900neos, one A350-900, two Boeing 787-9s and three 787-10s.

Nonetheless, compared to the same period in 2018 deliveries were notably higher than the seven new aircraft that were added to its portfolio then.

It also sold five aircraft to a third-party buyer for approximately $184 million.

At the end of September, Air Lease had 307 owned and 64 managed aircraft, with 318 committed acquisitions that will be delivered through 2024.

Financial highlights for the company included raising $1.1 billion through two bonds: a $600 million, 2.25% note due 2023, and a $500 million, 3.25% note maturing in 2029.

Air Lease originally expected to take about $6.5 billion worth of new aircraft in 2019, but delays from Airbus and Boeing reduced investments in the first half by about $700 million.

In July, it reiterated its expectation that most of its deliveries will occur in the second half of the year.

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