Lease Rental Revenues and Flight Equipment Held for Lease

Minimum future annual lease rentals contracted to be received under our existing operating leases of flight equipment at March 31, 2013 were as follows:



Year Ending December 31,	Amount
Remainder of 2013	$	436,196
2014	500,121
2015	438,924
2016	380,948
2017	269,145
Thereafter	682,456
Total	$	2,707,790

Geographic concentration of lease rental revenue earned from flight equipment held for lease was as follows:



	Three Months Ended March 31,
Region	2012		2013
Europe	43	%	34	%
Asia and Pacific	28	%	37	%
North America	12	%	9	%
Latin America	6	%	9	%
Middle East and Africa	11	%	11	%
Total	100	%	100	%

The classification of regions in the tables above and in the table and discussion below is determined based on the principal location of the lessee of each aircraft.

For the three months ended March 31, 2012, one customer accounted for 10% of lease rental revenue and four additional customers accounted for a combined 26% of lease rental revenue. No other customer accounted for more than 5% of lease rental revenue.

For the three months ended March 31, 2013, one customer accounted for 6% of lease rental revenue and two additional customers accounted for a combined 12% of lease rental revenue. No other customer accounted for more than 5% of lease rental revenue.

The following table sets forth revenue attributable to individual countries representing at least 10% of total revenue (including maintenance revenue) based on each lessee’s principal place of business:



	Three Months Ended March 31,
	2012					2013
Country	Revenue		Percent of Total Revenue		Number of Lessees	Revenue		Percent of Total Revenue		Number of Lessees
China	$	18,219	11	%	4	$	19,303	11	%	4
United States	27,513		17	%	5	17,919		10	%	6

Geographic concentration of net book value of flight equipment (includes net book value of flight equipment held for lease, net investment in finance leases and flight equipment held for sale) was as follows:



	December 31, 2012				March 31, 2013
Region	Number of Aircraft		Net Book Value %		Number of Aircraft			Net Book Value %
Europe	68		35	%	64			33	%
Asia and Pacific	50		34	%	51			35	%
North America	17		10	%	16			9	%
Latin America	14		8	%	13			7	%
Middle East and Africa	8		12	%	8			13	%
Off-lease	2	⁽¹⁾	1	%	6	⁽²	⁾	3	%
Total	159		100	%	158			100	%


(1)	Includes one Boeing 767-300ER that was sold in the first quarter of 2013 and one Boeing 747-400BDSF aircraft for which we have a commitment for lease.

(2)

Includes one Airbus A330-200 for which we have a commitment for lease, one Airbus A319-100 for which we have a commitment for sale, one Boeing 767-300ER that was sold in the second quarter of 2013, one Boeing 747-400BDSF for which we have a commitment for lease and two Boeing 737-700 aircraft, one of which was delivered to a customer in Europe in the second quarter of 2013 and one of which is subject to a commitment for lease.

The following table sets forth net book value of flight equipment (includes net book value of flight equipment held for lease, net investment in finance leases and flight equipment held for sale) attributable to individual countries representing at least 10% of net book value of flight equipment based on each lessee’s principal place of business as of:



	December 31, 2012					March 31, 2013
Country	Net Book Value		Net Book Value %		Number of Lessees	Net Book Value		Net Book Value %		Number of Lessees
China	$	515,194	11	%	4	$	508,695	11	%	4

At December 31, 2012 and March 31, 2013, the amounts of lease incentive liabilities recorded in maintenance payments on the consolidated balance sheets were $15,587 and $15,488, respectively.