Net Investment in Finance Leases

6 Months Ended

Jun. 30, 2020

Net Investment in Leases

At June 30, 2020 and December 31, 2019, our net investment in leases consisted of 24 and 29 aircraft, respectively. The components of our net investment in leases at June 30, 2020, and December 31, 2019, were as follows:



	June 30, 2020			December 31, 2019
Lease receivable	$	122,460		$	164,816
Unguaranteed residual value of flight equipment	200,043			254,580
Net investment leases	322,503			419,396
Allowance for credit losses	(2,972		)	—
Net investment in leases, net of allowance	$	319,531		$	419,396

The activity in the allowance for credit losses related to our net investment in leases for the six months ended June 30, 2020 is as follows:



	Amount
Balance at December 31, 2019	$	—
Adoption of accounting standard	6,270
Provision for credit losses	3,595
Balance at March 31, 2020	9,865
Provision for credit losses	1,206
Write-offs	(8,099		)
Balance at June 30, 2020	$	2,972

During the six months ended June 30, 2020, we wrote off $8,099 of lease rentals against the allowance for credit losses due to the early lease termination of seven Airbus A320-200 aircraft which had been classified as Net investment in leases. At June 30, 2020, future lease payments on net investment in leases are as follows:



Year Ending December 31,	Amount
Remainder of 2020	$	20,936
2021	34,793
2022	23,960
2023	23,234
2024	8,950
Thereafter	32,406
Total lease payments to be received	144,279
Present value of lease payments - lease receivable	(122,460		)
Difference between undiscounted lease payments and lease receivable	$	21,819