Air Lease Claims $802.4 Million Write Off After 27 Leased Jets Stuck in Russia

The aircraft lease company said it is pursuing insurance claims to cover the losses, which it says amounts to 3.4 percent of its fleet, according to an SEC filing.

Kimberly Johnson

Monday, April 25, 2022 at 01:40 PM ET

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AN SEC filing says the 27 aircraft represent about 3.4 percent of the Los Angeles-based aircraft leasing company's fleet. [File photo: Shutterstock]

Key Takeaways:

Air Lease Corporation (AL) is writing off 27 aircraft valued at $802.4 million that are stranded in Russia due to international economic sanctions.
The company deems these aircraft, representing 3.4% of its fleet, unrecoverable given Russia's re-registration of many leased planes.
AL is vigorously pursuing insurance claims to cover the losses and does not anticipate significant future cash expenditures from the write-off.

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Air Lease Corporation (NYSE: AL) is writing off 27 aircraft worth $802.4 million and pursuing insurance claims to cover the loss after widespread economic sanctions left the airplanes stuck in Russia.

The 27 aircraft represent about 3.4 percent of the Los Angeles-based aircraft leasing company’s fleet, according to an April 19 Securities and Exchange Commission filing.