Concentration of Risk

12 Months Ended

Dec. 31, 2024

Geographical and credit risks

As of December 31, 2024, all of the Company’s Rental of flight equipment revenues were generated by leasing flight equipment to foreign and domestic airlines, and the Company leased and managed aircraft to 116 customers whose principal places of business are located in 58 countries as of December 31, 2024 compared to 119 lessees in 62 countries as of December 31, 2023.

Over 95% of the Company’s aircraft are operated internationally. The following table sets forth the regional concentration based on each airline's principal place of business of the Company’s flight equipment subject to operating leases based on net book value as of December 31, 2024 and 2023:


	December 31, 2024				December 31, 2023
Region	Net Book Value		% of Total		Net Book Value		% of Total
	(in thousands, except percentages)
Europe	$	11,653,668	41.4	%	$	9,881,024	37.7	%
Asia Pacific	10,077,621		35.8	%	10,456,435		39.8	%
Central America, South America, and Mexico	2,685,098		9.5	%	2,361,089		9.0	%
The Middle East and Africa	1,971,448		7.0	%	2,062,420		7.9	%
U.S. and Canada	1,782,631		6.3	%	1,470,240		5.6	%
Total	$	28,170,466	100.0	%	$	26,231,208	100.0	%

At December 31, 2024 and 2023, the Company owned and managed leased aircraft to customers in the following regions based on each airline's principal place of business:


	December 31, 2024			December 31, 2023
Region	Number of Customers(1)	% of Total		Number of Customers(1)	% of Total
Europe	51	44.0	%	50	42.0	%
Asia Pacific	32	27.6	%	34	28.6	%
The Middle East and Africa	14	12.1	%	15	12.6	%
U.S. and Canada	11	9.5	%	12	10.1	%
Central America, South America and Mexico	8	6.8	%	8	6.7	%
Total	116	100.0	%	119	100.0	%


(1) A customer is an airline with its own operating certificate.

The following table sets forth the dollar amount and percentage of the Company’s Rental of flight equipment revenues from its flight equipment subject to operating leases attributable to the indicated regions based on each airline’s principal place of business:


	Year Ended December 31, 2024				Year Ended December 31, 2023				Year Ended December 31, 2022
Region	Amount of Rental Revenue		% of Total		Amount of Rental Revenue		% of Total		Amount of Rental Revenue		% of Total
	(in thousands, except percentages)
Asia Pacific	$	1,004,202	40.4	%	$	1,156,837	46.7	%	$	1,067,270	48.2	%
Europe	944,637		38.0	%	769,407		31.1	%	611,091		27.6	%
The Middle East and Africa	206,846		8.3	%	262,554		10.6	%	251,243		11.3	%
Central America, South America and Mexico	189,919		7.6	%	156,275		6.3	%	141,638		6.4	%
U.S. and Canada	142,351		5.7	%	132,534		5.3	%	143,266		6.5	%
Total	$	2,487,955	100.0	%	$	2,477,607	100.0	%	$	2,214,508	100.0	%

For the year ended December 31, 2024, no individual country represented at least 10% of the Company’s rental revenue based on each airline’s principal place of business; however, for the years ended December 31, 2023 and 2022, China was the only individual country that represented at least 10% of the Company’s rental revenue based on each airline’s principal place of business, with rental revenues of $330.8 million and $360.0 million, respectively.

For the years ended December 31, 2024, 2023 and 2022, no individual airline contributed more than 10% to the Company’s rental revenue.

Currency risk

The Company attempts to minimize currency and exchange risks by entering into aircraft purchase agreements and a majority of lease agreements and debt agreements with U.S. dollars as the designated payment currency.