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 Air Lease to write off more than $800 million in aircraft in Russia

 

Air Lease Corp. AL, -2.08% disclosed Monday that it will record a charge of $802.4 million to write off 27 aircraft in Russia, including 21 in its owned fleet. The stock was still inactive in premarket trading.

The California-based air craft leasing company said it has determined that "it is unlikely" it will regain possession of the aircraft in Russia, after the company terminated leasing of all aircraft to Russian airlines following sanctions imposed by the U.S., U.K. and European Union in response to Russia's invasion of Ukraine. Air Lease said it did not expect the write off of its assets in Russia to result in material future cash expenditures. The company said it was "vigorously pursuing insurance claims" to recover the losses. To put the write off in context, Air Lease recorded 2021 net income of $501 million and revenue of $2.02 billion. The stock has edged up 0.3% year to date, while the S&P 500 SPX, -2.77% has dropped 10.4%.