Aengus Kelly, Chief Executive Officer of AerCap, said, "AerCap generated strong results for the second quarter of 2021. The airline industry is witnessing an unprecedented and rapid recovery in air travel in the world's major markets. For AerCap, this resulted in increased demand for our aircraft and a significant increase in our cash flows. With solid earnings, a strong balance sheet, and an improving leasing environment, we are excited about AerCap's future.
We continue to work hard and make good progress on the regulatory approvals and integration workstreams for the GECAS transaction," said Mr. Kelly. "As the recovery gathers pace, we are even more enthusiastic about the transaction today than we were when we announced it."
Highlights:
Signed lease agreements for 51 aircraft, including 13 widebody aircraft, in the second quarter of 2021. In addition, signed an agreement for the long-term lease of seven A350 aircraft.Received regulatory approvals for the GECAS transaction from the U.S., the E.U. and a number of other jurisdictions. We continue to expect to close the transaction in the fourth quarter of 2021.Significant improvements in cash collections, trade receivables and deferral requests.Adjusted debt/equity ratio of 2.4 to 1, which is a record for the company, and well below the company's target of 2.7 to 1.100% of new aircraft order book placed through 2022, and only 5% of the company's fleet scheduled to come off lease through the end of 2022.New technology aircraft comprise 65% of AerCap's fleet, one of the highest percentages in the industry, and our average remaining contracted lease term is 7.2 years.
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