Air Lease Corporation

Air Lease Corporation (ALC) is an American aircraft leasing company founded in 2010 and headed by Steven F. Udvar-Házy.[2] Air Lease purchases new commercial aircraft through direct orders from Boeing, Airbus, Embraer and ATR, and leases them to its airline customers worldwide through specialized aircraft leasing and financing.

Air Lease Corporation
TypePublic
NYSE: AL (Class A)
Russell 1000 Component
IndustryAircraft leases
FoundedFebruary 2010 (2010-02)
Headquarters
Los Angeles, California
,
US
Key people
RevenueUS$1.5 billion (2017)
US$756 million (2017)
Number of employees
87 (2017)
Websitewww.airleasecorp.com
Footnotes / references
[1][2]

At the end of 2017, Air Lease reported that it owns 244 Airbus, Boeing, Embraer, and ATR aircraft, which it leases to over 91 airlines across 55 countries in every major geographical region in the world.[1]

Air Lease provides airlines with net operating leases, which require the lessee to pay for maintenance, insurance, taxes and all other aircraft operating expenses during the lease term.[1]

As of August 2018, Air Lease owns 271 aircraft, 38.9% of which are Boeing 737-800s, and had 391 aircraft on order.[3]

History

Steven Udvar-Házy, chairman and chief executive of Air Lease, was a founder of Century City aircraft leasing giant International Lease Finance Corp. (ILFC) and stayed on as chief executive after it was sold to American International Group (AIG) in 1990.[4] Udvar-Házy left ILFC to start Air Lease in 2010 following a dispute with AIG.[5]

Udvar-Házy started Air Lease in February 2010 with former ILFC chief operating officer John Plueger, who has the same role at the new company. On April 19, 2011, AL had an initial public offering of Class A stock on the New York Stock Exchange, and raised an estimated total of US$965.6 million.[6] Udvar-Hazy, estimated by Forbes in 2015 to have a net worth of $3.7 billion, has a 7 percent stake.[7]

Aircraft leasing

At the 2019 Paris Air Show Virgin Atlantic signed a deal for up to 20 Airbus A330-900 aircraft making it the first UK customer for the aircraft. Eight aircraft will come directly from Airbus, six from Air Lease Corporation and it has options on a further six aircraft. They will replace older Airbus A330-200s and -300s [8] and deliveries are expected from September 2021 to 2024.[9]

At the same venue Air Lease Corporation signed a deal for 29 Airbus A321XLR aircraft, as well as a letter of intent for 50 Airbus A220-300 aircraft.[8]

References
  1. "Annual report" (PDF). Archived from the original (PDF) on 2018-08-10. Retrieved 2018-08-09.
  2. "Bloomberg profile". Bloomberg.com.
  3. "Air Lease Corporation Announces Second Quarter 2018 Results" (PDF). Archived from the original (PDF) on 2018-08-10. Retrieved 2018-08-09.
  4. Leslie Wayne (10 May 2007). "The Real Owner of All Those Planes". The New York Times. NYTimes.com. Retrieved 2007-05-10.
  5. Seth Lubove (2012-10-04). "Jet-Lease Billionaire Udvar-Hazy Takes On AIG Hand That Fed Him". Bloomberg Business. Retrieved 20 May 2015.
  6. "Air Lease IPO to Target Emerging Markets". Los Angeles Business Journal. January 17, 2011. Retrieved April 19, 2011.
  7. "Steven Udvar-Hazy". Forbes-World's Billionaires. forbes.com. 9 March 2011. Retrieved 2011-04-27.
  8. "A321XLR Steals Paris Show". Airliner World. August 2019: 6–7.
  9. "'Buses from Toulouse for Virgin". Airliner World. August 2019: 10.
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