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Lease Rental Revenues and Flight Equipment Held for Lease
 9 Months Ended
Sep. 30, 2013
Leases [Abstract]  
Lease Rental Revenues and Flight Equipment Held for Lease
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 September 30, 2013 were as follows:
Year Ending December 31,
Amount
Remainder of 2013
$
166,891

2014
620,543

2015
554,155

2016
483,676

2017
354,261

Thereafter
998,948

Total
$
3,178,474




Geographic concentration of lease rental revenue earned from flight equipment held for lease was as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Region
2012
 
2013
 
2012
 
2013
Europe
37
%
 
33
%
 
40
%
 
33
%
Asia and Pacific
33
%
 
38
%
 
30
%
 
38
%
North America
12
%
 
10
%
 
12
%
 
9
%
South America
7
%
 
9
%
 
7
%
 
9
%
Middle East and Africa
11
%
 
10
%
 
11
%
 
11
%
Total
100
%
 
100
%
 
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 September 30, 2012, one customer accounted for 9% of lease rental revenue and four additional customers accounted for a combined 24% of lease rental revenue. No other customer accounted for more than 5% of lease rental revenue. For the three months ended September 30, 2013, one customer accounted for 8% of lease rental revenue and three additional customers accounted for a combined 16% of lease rental revenue. No other customer accounted for more than 5% of lease rental revenue.
For the nine months ended September 30, 2012, one customer accounted for 10% of lease rental revenue and four additional customers accounted for a combined 25% of lease rental revenue. No other customer accounted for more than 5% of lease rental revenue. For the nine months ended September 30, 2013, one customer accounted for 8% of lease rental revenue and three additional customers accounted for a combined 17% 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 September 30,
 
2012
 
2013
Country
Revenue
 
Percent of
Total
Revenue
 
Number
of
Lessees
 
Revenue
 
Percent of
Total
Revenue
 
Number
of
Lessees
China(1)
$
19,303

 
11
%
 
4

 
$
—

 
—
%
 
—

United States(1)
17,685

 
10
%
 
6

 
—

 
—
%
 
—

Russia(1)
17,472

 
10
%
 
8

 
—

 
—
%
 
—

United Kingdom(2)
—

 
—
%
 
—

 
16,293

 
10
%
 
2


            
(1) Total revenue was less than 10% for the three months ended September 30, 2013.
(2) Total revenue includes $12,056 of maintenance revenue and $875 of other revenue related to an agreed upon lease termination prior to delivery date.

 
Nine Months Ended September 30,
 
2012
 
2013
Country
Revenue
 
Percent of
Total
Revenue
 
Number
of
Lessees
 
Revenue
 
Percent of
Total
Revenue
 
Number
of
Lessees
China
$
56,160

 
11
%
 
4

 
$
49,148

 
10
%
 
4

United States(1)
61,366

 
12
%
 
6

 
—

 
—
%
 
—

Russia(1)
50,280

 
10
%
 
8

 
—

 
—
%
 
—

_______________
(1) Total revenue was less than 10% for the nine months ended September 30, 2013.
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
 
September 30, 2013
Region
Number
of
Aircraft
 
Net Book
Value %
 
Number
of
Aircraft
 
Net Book
Value %
Europe
68

 
35
%
 
67

 
33
%
Asia and Pacific
50

 
34
%
 
52

 
38
%
North America
17

 
10
%
 
21

 
11
%
South America
14

 
8
%
 
14

 
7
%
Middle East and Africa
8

 
12
%
 
7

 
11
%
Off-lease
2

(1) 
1
%
 
—


—
%
Total
159

 
100
%
 
161

 
100
%
 
_______________

(1)
Includes one Boeing 767-300ER that was sold in the first quarter of 2013 and one Boeing 747-400BDSF aircraft which was delivered to a lessee in the second quarter of 2013.

The following table sets forth net book value of flight equipment (includes net book value of flight equipment held for lease and net investment in finance leases) 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
 
September 30, 2013
Country
Net Book
Value
 
Net Book
Value %
 
Number of
Lessees
 
Net Book
Value
 
Net Book
Value %
 
Number of
Lessees
China(1)
$
515,194

 
11
%
 
4

 
$
—

 
—
%
 
—


_______________
(1) The net book value of flight equipment was less than 10% as of September 30, 2013.

 At December 31, 2012 and September 30, 2013, the amounts of lease incentive liabilities recorded in maintenance payments on the consolidated balance sheets were $15,587 and $25,265, respectively.