In 2023, AerCap and DAE Capital showcased robust performances, recording significant acquisitions, sales, and lease agreements. AerCap’s transactions, including lease signings, cash insurance settlements, and substantial share repurchases, complemented DAE Capital’s strategic acquisitions and operational milestones. Both entities secured notable financing arrangements while maintaining strong Environmental, Social, and Governance (ESG) ratings within the industry.
AerCap Holdings N.V. (“AerCap”) and Dubai Aerospace Enterprise (DAE) Ltd, two leading entities in the aircraft leasing industry, have unveiled their comprehensive business updates for the full year 2023. The combined achievements highlight significant acquisitions, sales, lease agreements, and operational advancements.
AerCap’s Full Year and Fourth Quarter 2023 Transactions:
Full Year 2023 Transactions
- Lease Agreements: Signed 592 lease agreements, completed 173 purchases, and executed 188 sale transactions.
- Financial Operations: Received cash insurance settlements of approximately $1.3 billion and engaged in financing transactions totaling around $13.3 billion.
- Share Repurchase: Repurchased approximately 44 million shares, totaling about $2.6 billion.
Fourth Quarter 2023 Transactions
- Lease Transactions: Signed 179 lease agreements covering various aircraft types and engines.
- Asset Transactions: Completed 52 purchases and 36 sale transactions involving a diverse range of aircraft and engines.
- Financial Operations: Received cash insurance settlements of approximately $609 million and signed financing transactions worth approximately $1.7 billion.
DAE Capital’s Full Year 2023 Business Highlights:
DAE Capital:
- Aircraft Operations: Acquired 20 aircraft (owned: 10; managed: 10) and sold 30 aircraft (owned: 22; managed: 8).
- Lease Agreements: Signed 150 lease agreements, extensions, and amendments (owned: 114; managed: 36).
- Strategic Moves: Acquired rights, interests, and obligations of a portfolio of 64 Boeing 737 MAX aircraft in the third quarter.
DAE Engineering’s Operational Milestones:
- Operational Efforts: Booked over 1.4 million man-hours and performed over 300 checks for customers in 25 countries.
- Industry Partnerships: Appointed as the Middle East’s first Boeing 737-800BCF conversion line in partnership with Boeing.
- Expansion Plans: Announced expansion of Joramco’s facilities in Jordan, set to reach 22 maintenance lines by the second half of 2024.
Shared Achievements and Financial Highlights:
- Financing and Market Operations: Both entities announced significant financing activities, with DAE announcing a $1.6 billion multi-tranche bank financing, while AerCap engaged in open market bond repurchases totaling $400.7 million.
- ESG Ratings: Notably, the Morningstar Sustainalytics ESG Risk Rating for DAE stands at 12.5, positioning it as the industry and regional top-rated lessor for the third consecutive year, boasting the lowest ESG risk rating among rated aircraft lessors.
Note: Certain aircraft transactions of DAE Capital were subject to insurance settlements in the fourth quarter of 2023.
