1FIRST QUARTER 2018 EARNINGS CALLbull 05032018

First Quarter 2019Earnings Call

May 2 2019

Forward-Looking Statements Property of Aircastle

All statements included or incorporated by reference in this presentation other than characterizations of historical fact are forward-looking statementswithin the meaning of the federal securities laws including the Private Securities Litigation Reform Act of 1995 Examples of forward-looking statementsinclude but are not necessarily limited to statements relating to our ability to acquire sell lease or finance aircraft raise capital pay dividends and increaserevenues earnings EBITDA Adjusted EBITDA Adjusted Net Income Cash Return on Equity and Net Cash Interest Margin and the global aviation industry andaircraft leasing sector Words such as ldquoanticipatesrdquo ldquoexpectsrdquo ldquointendsrdquo ldquoplansrdquo ldquoprojectsrdquo ldquobelievesrdquo ldquomayrdquo ldquowillrdquo ldquowouldrdquo ldquocouldrdquo ldquoshouldrdquo ldquoseeksrdquoldquoestimatesrdquo and variations on these words and similar expressions are intended to identify such forward-looking statements These statements are based onour historical performance and that of our subsidiaries and on our current plans estimates and expectations and are subject to a number of factors thatcould lead to actual results materially different from those described in the forward-looking statements Aircastle can give no assurance that its expectationswill be attained Accordingly you should not place undue reliance on any such forward-looking statements which are subject to certain risks anduncertainties that could cause actual results to differ materially from those anticipated as of the date of this presentation These risks or uncertaintiesinclude but are not limited to those described from time to time in Aircastlersquos filings with the SEC and previously disclosed under ldquoRisk Factorsrdquo in Item 1A ofAircastlersquos 2018 Annual Report on Form 10-K In addition new risks and uncertainties emerge from time to time and it is not possible for Aircastle to predictor assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements Such forward-lookingstatements speak only as of the date of this presentation Aircastle expressly disclaims any obligation to revise or update publicly any forward-lookingstatement to reflect future events or circumstances

The information contained herein is the property of Aircastle and shall not be disclosed copied distributed or transmitted or used for any purpose withoutthe express written consent of Aircastle

Acquired fourteen aircraft during the first quarter for $445 million Committed to acquire twelve additional aircraft in 2019 for $385 million

2019 acquisitions are all modern in-demand narrow-body aircraft

Sold four aircraft and reclassified two others as direct financing and sales-type leases for gains of $120 million

Repurchased $87 million of our common shares to date at an average price of $1757 per shareAverage Q119 share price of $1991 was 133 higher

Declared our 52nd consecutive quarterly dividend

Committed leases for Ten A320 aircraft repossessed from Avianca Brazil transitioning to LATAM Airlines Group SA and

Seven 737 family aircraft previously leased with Jet Airways

Q119 Highlights

Key Financial Metrics ndash Q119

Net income was $348 million versus $575 million in Q118$046 per diluted common share versus $073 the previous year

Adjusted net income1 was $396 million versus $568 million in Q118

$052 per diluted common share versus $072 the previous yearAdjusted diluted EPS was above FactSet consensus EPS estimate of $046 for Q119

Adjusted EBITDA1 was $1993 million versus $1911 million the prior year

Cash ROE1 was 118 and Net cash interest margin1 was 73The bankruptcies of Avianca Brazil and Jet Airways reduced annualized net cash interest margin by approximately 85bps in Q119

1 Refer to the selected financial Information accompanying this presentation for a reconciliation of GAAP to Non-GAAP numbers

Q119 Revenue Summary

Lease rental revenues of $1897 million up $28million vs Q118

Increase was driven by net fleet growth

Q119 rental revenues were $159 million lower due to the bankruptcies of Avianca Brazil and Jet Airways

Gain on sale up $62 millionSale of four aircraft resulted in a gain on sale of $83 million

$37 million of gain on sale due to reclassification of two other aircraft as direct financing and sales-type leases

Maintenance revenue of $164 million up $44 million due to transitions

Revenue Summary

$ in millions Q119 Q118

Lease Rental and Direct Financing and Sales-Type Lease Revenues $1897 $1869

Amortization of Lease Premiums Discounts and Incentives (57) (31)

Maintenance Revenue 164 120

Total Lease Revenue 2004 1958

Gain on Sale of Flight Equipment 120 58

Other Revenue 16 11

Total Revenues $2139 $2027

Q119 Earnings Summary

Net income decreased $227million versus Q118 adjusted net income down $171 million

Primarily driven by $159 million of unrecognized rental revenue from Avianca Brazil and Jet Airways

Adjusted EBITDA was $1993million up $82 million from Q118

Reflects higher revenues of $112 million partially offset by higher maintenance and other costs of $64 million

Earnings Summary

$ in millions except per share amounts Q119 Q118

Net Income $348 $575

per diluted common share $046 $073

Adjusted Net Income1 $396 $568

EBITDA1 $1918 $1919

Adjusted EBITDA1 $1993 $1911

Q119 Acquisitions amp Sales

Acquired fourteen aircraft in Q119 for $445 million

Committed to acquire twelve additional aircraft for $385 million in 2019

Sold four aircraft for gain on sale of $83 million recognized $37 million of gains from the reclassification of two aircraft as direct financing and sales-type leases

Our 2019 placement task is nearly complete confirmed leases signed for ten Avianca Brazil A320s and seven Jet 737 family aircraft

Acquisitions1 Completed Sales

Investments Sales Proceeds $445 million $56 million

Total Number of Aircraft 14 4

1 Closed deals only through March 31 2019

Robust Portfolio Management with an Active Asset Strategy

274 aircraft owned and managed at Q119

Since 2015

Acquired 227 aircraft

Sold 116 aircraft

Generated $201 million gains from sales and net proceeds of $25 billion

46

6068

39

14

31 3037

14

4

0

10

20

30

40

50

60

70

80

2015 2016 2017 2018 Q119

Num

ber o

f airc

raft

Purchases Sales

73 of the fleet now consists of more liquidnarrow-body aircraft

versus 36 five years ago

36

49

15

NBs WBs Freighters Classics

73

23

4

NBs WBs Freighters

9336

23

229

26

4

NBs WBs Freighters

Fleet EvolutionSignificant Fleet Risk Reduction

Since Q115 the number of wide-body freighter

and classic aircraft declined from a total of 59 aircraft to 30 aircraft

Q115 Aircraft Count Q119 Aircraft Count

Q115 Fleet Type (By NBV) Q119 Fleet Type (By NBV)

Aircastle continues to add in-demand narrow-bodies to the Companyrsquos fleet

Portfolio Metrics

Since Q115 expanded owned fleet at a compound annual growth rate of 71

$ in billions Q115 Q119 Q119 vs Q115

Flight Equipment Held for Lease1 $58 $76 + $18

Wtd Avg Fleet Age (years)2 83 94 + 11

Wtd Avg Lease Term (years)2 56 45 - 11

Managed JV Aircraft1 $05 $07 + $02

1 Calculated using NBV at period end2 Weighted average by NBV

NBV as used throughout this presentation includes the net book value of flight equipment held for lease and the net investment in direct financing and sales-type leases

Diversified Customer Base with Broad Geographic Distribution

86 airline customers in 47countries across the globe

Most top customers are large flag carriers and leading LCCs

Balanced distribution of the aircraft fleet by geographic region

Asia represents 37 of portfolio NBV followed by Europe at 29

South America represents 10 North America 9

Top Ten Lessees of NBV1 per

customer Customer Country Aircraft

gt6 IndiGo India 17

3-6

Lion Air Indonesia 11

LATAM Chile 3

TAP Portugal Portugal 8

Iberia Spain 15

SAA SouthAfrica 4

easyJet UnitedKingdom 20

Jeju Air SouthKorea 9

lt3Aerolineas Argentinas Argentina 5

Interjet Mexico 11

1 As of March 31 2019

Top Ten Countries

Country AC of NBV1

India 28 122

Indonesia 15 66

Russia 11 60

United Kingdom 30 52

South Korea 14 51

Portugal 8 45

Chile 3 44

USA 15 42

Mexico 16 42

Spain 16 41

Leasing Activity and Portfolio Performance

Note Aircraft on-lease days as a percent of total days in period weighted by NBV

937 utilization during Q119 was below trend primarily due to the bankruptcies of Avianca Brazil and Jet Airways

We expect these aircraft to return to service in mid Q219 with utilization to begin normalizing

Three aircraft remaining to be sold or placed in 2019 represents 15 of NBV

Utilization Performance

Utilization has averaged 988 since Q115

80

82

84

86

88

90

92

94

96

98

100

Q1

15

Q1

16

Q1

17

Q1

18

Q1

19

Rental Yields and Net Cash Interest Margins

Approximately 85bps of the reduction reflects unrecognized rental revenue from AviancaBrazil and Jet Airways

105 lease rental yield 12 and 73 net cash interest margin1

114 pro-forma3 lease rental yield12 81 and net cash interest margin13

We expect the net cash interest margin to rebound in the second half of 2019 as the Avianca Brazil and Jet Airways aircraft return to revenue service

0

2

4

6

8

10

12

14

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Pro-

form

aQ

119

Lease Rental Yield Net Cash Interest Margin

105

73

2 Lease Rental Yield = Operating and finance lease rental revenue plus direct financing and sales-typelease collections average monthly NBV including direct financing and sales-type leases for the period calculated on a quarterly basis annualized

3 Adds back $159 million of lease rental revenue in Q119 to show the impact of the bankruptcies of Avianca Brazil and Jet Airways on Lease Rental Yield and Net Cash Interest Margin

1 2 13

Pro-forma 23

114

Pro-forma 13

81

Cash ROE Performance

Q119 118

AVG 140

Trailing twelve month Cash ROE1 was 118 versus 160 a year ago

GAAP ROE of 114

Cash flow from operations of $5100 million was $248million lower for LTM ended Q119 versus comparable period a year earlier

Q119 Pro-forma Cash ROE including unrecognized rental revenue of $159 million associated with Avianca Brazil and Jet Airways bankruptcies approximates 1262

2 Adds $159 million of lease rental revenue to the last twelve months Cash Flow From Operations to show the estimated impact of the bankruptcies of AviancaBrazil and Jet Airways on Cash ROE

0

2

4

6

8

10

12

14

16

18

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Cash

Ret

urn

on A

vera

ge S

hare

hold

errsquos

Equ

ity

Q119 Capital Structure

Strong liquidity profile and low financial leverage minimal forward commitments

Net debt to equity of 24x84 of total debt was unsecured at quarter-end

Average remaining life of debt is 32 years$500 million note matures in 2019

$705 million in available revolver capacity $375 million drawn from a total of $108 billionUnrestricted cash of $93 million

$63 billion of unencumbered flight equipment ndash 228 aircraft

Selected Financial Guidance Elements for Q219

Guidance Item Q219

Lease rental revenue1 $186 - $190

Direct financing and sales-type lease revenue $8 - $9

Amortization of lease premiums discounts and incentives $(5) - $(6)

Maintenance revenue2 $16 - $20

Gain on sale $4 - $8

Depreciation $87 - $90

Interest net $66 - $69

SGampA3 $18 - $19

Full year effective tax rate 7 - 9

1 Reflects the return to service of Avianca Brazil and Jet Airways aircraft commencing in Q219 2 Includes $101M of net maintenance revenue (maintenance reserves net of a transactional impairment) in connection with the early return of seven aircraft from Jet Airways3 Includes $32M of non-cash share based payment expense

Appendix

Q119 Capital Structure amp Liquidity Summary

Note The debt totals in the above table do not include debt issuance costs or discounts which are reflected in the net debt totals that are displayed on the consolidated balance sheet

Aircastles Capital Structure

As of Mar 31 2019 As of Dec 31 2018 As of Dec 31 2017($ in millions)Unrestricted cash and cash equivalents $ 93 $ 153 $ 212 Debt O S Rate1 O S Rate1 O S Rate1

ECA Term Financings 179 358 189 358 227 359Bank Financings 603 464 620 473 635 368

Total Secured Debt 783 440 809 446 863 365

Senior Notes due 2018 - - - - 400 463Senior Notes due 2019 500 625 500 625 500 625Senior Notes due 2020 300 763 300 763 300 763Senior Notes due 2021 500 513 500 513 500 513Senior Notes due 2022 500 550 500 550 500 550Senior 500 Notes due 2023 500 500 500 500 500 500Senior 440 Notes due 2023 650 440 650 440 - -Senior Notes due 2024 500 413 500 413 500 413Bank Revolvers 375 399 425 401 175 368Other Unsecured Bank Financings 335 424 120 434 120 359

Total Unsecured Debt 4160 506 3995 510 3495 521

Total Debt and Weighted Avg Rate 4943 496 4804 499 4358 490Shareholdersrsquo equity 2013 2009 1908 Total capitalization $ 6956 $ 6812 $ 6265

Net debt to equity 24 x 23 x 22 xUnsecured debt to total debt 84 83 80

Supplemental Financial Information

Three Months Ended

March 31in thousands except per share amounts 2019 2018

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

Adjusted EBITDA $ 199347 $ 191145

Net income $ 34810 $ 57547Net income allocable to common shares $ 34609 $ 57232

Per common share - Basic $ 046 $ 073Per common share - Diluted $ 046 $ 073

Adjusted net income $ 39616 $ 56751Adjusted net income allocable to common shares $ 39387 $ 56440

Basic common shares outstanding 74704 78367Diluted common shares outstanding 75274 78595

Reconciliation of GAAP to Non-GAAP Measures ndash EBITDA and Adjusted EBITDA

We define EBITDA as income (loss) from continuing operations before income taxes interest expense and depreciation and amortization We use EBITDA to assess our consolidated financial and operating performance and we believe this non-US GAAP measure is helpful in identifying trends in our performance

This measure provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieving optimal financial performance It provides an indicator for management to determine if adjustments to current spending decisions are needed

EBITDA provides us with a measure of operating performance because it assists us in comparing our operating performance on a consistent basis as it removes the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results

Accordingly this metric measures our financial performance based on operational factors that management can impact in the short-term namely the cost structure or expenses of the organization EBITDA is one of the metrics used by senior management and the board of directors to review the consolidated financial performance of our business

We define Adjusted EBITDA as EBITDA (as defined above) further adjusted to give effect to adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes Adjusted EBITDA is a material component of these covenants

2019 2018

Net income $ 34810 $ 57547

Depreciation 84735 75002

Amortization of lease premiums discounts and incentives 5711 3128

Interest net 63463 57108

Income tax provision 3098 (844)

EBITDA 191817 191941

Adjustments

Equity share of joint venture impairment 2724 -

Non-cash share based payment expense 2726 2378

(Gain) loss on MTM of interest rate derivative contracts 2080 (3174)

Three Mos Ended Dec 31

(Dollars in thousands)

Sheet1

Sheet2

Sheet3

Reconciliation of GAAP to Non-GAAP Measures ndash Adjusted Net Income

Management believes that ANI when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about operating and period-over-period performance and provides additional information that is useful for evaluating the underlying operating performance of our business without regard to periodic reporting elements related to interest rate derivative accounting changes related to refinancing activity and non-cash share based payment expense

1 Included in Other income (expense)2 Included in Selling general and administrative expenses

Net Income Loss on mark-to-market of interest rate derivative contracts(1)

Non-cash share-based payment expense(2)

Adjusted Net Income2726 2378

39616$ 56751$

For the Three Months Ended March 31

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Reconciliation of GAAP to non-GAAP Measures - Cash Earnings and Cash ROE

Note LTM Average Shareholdersrsquo Equity is the average of the most recent five quarters period end Shareholdersrsquo Equity Management believes that the cash return on equity metric (ldquoCash ROErdquo) when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provide useful information about operating and period-over-period performance and provide additional information that is useful for evaluating the underlying operating performance of our business without regard to periodic reporting impacts related to non-cash revenue and expense items and interest rate derivative accounting while recognizing the depreciating nature of our assets To reflect the expected sale of the assets in one of our joint ventures and to simplify the presentation of Cash ROE we are no longer adjusting for joint venture distributions in excess ofless than joint venture earnings recorded under the equity method of investment accounting

Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on Cash ROE by adding $159 million to Cash Flow From Operations in the first quarter of 2019

Dollars in thousands

LTM Ended CFFO +Gain on Sale

of Eqt - Deprec =Cash

Earnings

Average Shareholders

Equity

Trailing 12 Month Cash

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Net Cash Interest Margin Calculation

1 We define net cash interest margin as lease rentals from operating leases interest income and cash collections from direct financing and sales-type leases minus interest on borrowings net settlements on interest rate derivatives and other liabilities adjusted for loan termination payments divided by the average net book of flight equipment (which includes net investment in direct financing and sales-type leases) for the period calculated on a quarterly and annualized basis The second quarter of 2017 excludes a non-recurring $70 million accelerated collection received from a lessee in connection with a finance lease

2 Excludes loan termination payments of $15 million and $35 million in the first quarter and fourth quarter of 2016 respectively and loan termination payments of $10 million in both the second and third quarters of 2017 and an $08 million loan termination gain in the third quarter of 2018

Management believes that net cash interest margin when viewed in conjunction with the Companyrsquos results under US GAAP and the above reconciliation provides useful information about the effective deployment of our capital in the context of the yield on our aircraft assets the utilization of those assets by our lessees and our ability to borrow efficiently

Except for percentages all figures are $ in thousands

3 Pro-forma Q119 estimates the impact of the Avianca Brazil and Jet Airways bankruptcies on annualized net cash interest margin by adding $159 million to quarterly rental revenue in the first quarter of 2019

Average NBV

Quarterly Rental

Revenue1 Cash Interest2

Annualized Net Cash Interest

Margin12

Q115 5743035$ 181027$ 50235$ 91Q215 5967898$ 189238$ 51413$ 92Q315 6048330$ 191878$ 51428$ 93Q415 5962874$ 188491$ 51250$ 92Q116 5988076$ 186730$ 51815$ 90Q216 5920030$ 184469$ 55779$ 87Q316 6265175$ 193909$ 57589$ 87Q416 6346361$ 196714$ 58631$ 87Q117 6505355$ 200273$ 58839$ 87Q217 6512100$ 199522$ 55871$ 88Q317 5985908$ 184588$ 53457$ 88Q417 6247581$ 187794$ 53035$ 86Q118 6700223$ 193418$ 53978$ 83Q218 6721360$ 193988$ 53979$ 83Q318 6787206$ 200354$ 54521$ 86Q418 7136627$ 200027$ 60348$ 78Q119 7449957$ 195601$ 60279$ 73

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

As part of the Companyrsquos adoption of ASC 842 we were required to reclassify collections on direct financing and sales-type leases on our Consolidated Statement of Cash Flows for the three months ended March 31 2019 The presentation for the three months ended March 31 2018 has also been reclassified to conform to the current period presentation

Reclassification of Collections on Direct Financing and Sales-Type Leases

Three Months Ended March 31 2018

Net cash and restricted cash provided by operating activities as previously reported $142412

Collections on direct financing and sales-type leases 6493

Net cash and restricted cash provided by operating activities $148905

Book Value Per Share Calculation

As of Mar 31Shares Issued and Outstanding (000)

Shareholders Equity ($000)

Book Value Per Share Change

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Except for percentages all figures are in thousands1 For the three months ended March 31 2019 distributed and undistributed earnings to restricted shares was 058 of net income and adjusted net income The amount of restricted share

forfeitures for the period presented is immaterial to the allocation of distributed and undistributed earnings2 For all periods presented dilutive shares represented contingently issuable shares

Weighted-average shares Shares Percent2

Common shares outstanding ndash Basic 74704 9942Unvested restricted common shares 435 058Total weighted-average shares outstanding 75138 10000

Common shares outstanding ndash Basic 74704 9924Effect of dilutive shares1 570 076Common shares outstanding ndash Diluted 75274 10000

Net income allocationNet income $ 34810 10000Distributed and undistributed earnings allocated to unvested restricted shares (201) -058Earnings available to common shares $ 34609 9942

Adjusted net income allocationAdjusted net income $ 39616 10000Amounts allocated to unvested restricted shares (229) -058Amounts allocated to common shares $ 39387 9942

Sheet1

Limitations of EBITDA Adjusted EBITDA ANI Cash ROE and Net Cash Interest Margin

An investor or potential investor may find EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin important measures in evaluating our performance results of operations and financial position We use these non-US GAAP measures to supplement our US GAAP results in order to provide a more complete understanding of the factors and trends affecting our business

EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin have limitations as analytical tools and should not be viewed in isolation or as substitutes for US GAAP measures of earnings Material limitations in making the adjustments to ourearnings to calculate EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin and using these non-US GAAP measures as compared to US GAAP net income income from continuing operations and cash flows provided by or used in operations include

depreciation and amortization though not directly affecting our current cash position represent the wear and tear andor reduction in value of our aircraft which affects the aircraftrsquos availability for use and may be indicative of future needs for capital expenditures

the cash portion of income tax (benefit) provision generally represents charges (gains) which may significantly affect our financial results

elements of our interest rate derivative accounting may be used to evaluate the effectiveness of our hedging policy

hedge loss amortization charges related to Term Financing No 1 and Securitization No 1 and

adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our seniorunsecured notes

EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not alternatives to net income income from operations or cash flows provided by or used in operations as calculated and presented in accordance with US GAAP You should not rely on these non-US GAAP measures as a substitute for any such US GAAP financial measure We strongly urge you to review the reconciliations to US GAAP net income along with our consolidated financial statements included elsewhere in our Annual Report We also strongly urge you to not rely on any single financial measure to evaluate our business In addition because EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin are not measures of financial performance under US GAAP and are susceptible to varying calculations EBITDA Adjusted EBITDA ANI Cash Earnings Cash ROE and Net Cash Interest Margin as presented here may differ from and may not be comparable to similarly titled measures used by other companies

Slide Number 1
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Slide Number 7
Slide Number 8
Slide Number 9
Slide Number 10
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Slide Number 14
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Slide Number 28

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 2: First Quarter 2019 Earnings Call - static.seekingalpha.com

Forward-Looking Statements Property of Aircastle

All statements included or incorporated by reference in this presentation other than characterizations of historical fact are forward-looking statementswithin the meaning of the federal securities laws including the Private Securities Litigation Reform Act of 1995 Examples of forward-looking statementsinclude but are not necessarily limited to statements relating to our ability to acquire sell lease or finance aircraft raise capital pay dividends and increaserevenues earnings EBITDA Adjusted EBITDA Adjusted Net Income Cash Return on Equity and Net Cash Interest Margin and the global aviation industry andaircraft leasing sector Words such as ldquoanticipatesrdquo ldquoexpectsrdquo ldquointendsrdquo ldquoplansrdquo ldquoprojectsrdquo ldquobelievesrdquo ldquomayrdquo ldquowillrdquo ldquowouldrdquo ldquocouldrdquo ldquoshouldrdquo ldquoseeksrdquoldquoestimatesrdquo and variations on these words and similar expressions are intended to identify such forward-looking statements These statements are based onour historical performance and that of our subsidiaries and on our current plans estimates and expectations and are subject to a number of factors thatcould lead to actual results materially different from those described in the forward-looking statements Aircastle can give no assurance that its expectationswill be attained Accordingly you should not place undue reliance on any such forward-looking statements which are subject to certain risks anduncertainties that could cause actual results to differ materially from those anticipated as of the date of this presentation These risks or uncertaintiesinclude but are not limited to those described from time to time in Aircastlersquos filings with the SEC and previously disclosed under ldquoRisk Factorsrdquo in Item 1A ofAircastlersquos 2018 Annual Report on Form 10-K In addition new risks and uncertainties emerge from time to time and it is not possible for Aircastle to predictor assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements Such forward-lookingstatements speak only as of the date of this presentation Aircastle expressly disclaims any obligation to revise or update publicly any forward-lookingstatement to reflect future events or circumstances

The information contained herein is the property of Aircastle and shall not be disclosed copied distributed or transmitted or used for any purpose withoutthe express written consent of Aircastle

Q119 Highlights

Revenue Summary

Other Revenue 16 11

Earnings Summary

EBITDA1 $1918 $1919

Since 2015

Sold 116 aircraft

46

6068

39

14

31 3037

14

4

0

10

20

30

40

50

60

70

80

2015 2016 2017 2018 Q119

Num

ber o

f airc

raft

Purchases Sales

36

49

15

73

23

4

NBs WBs Freighters

9336

23

229

26

4

NBs WBs Freighters

Portfolio Metrics

gt6 IndiGo India 17

3-6

LATAM Chile 3

Iberia Spain 15

SAA SouthAfrica 4

Interjet Mexico 11

Top Ten Countries

Country AC of NBV1

India 28 122

Indonesia 15 66

Russia 11 60

South Korea 14 51

Portugal 8 45

Chile 3 44

USA 15 42

Mexico 16 42

Spain 16 41

80

82

84

86

88

90

92

94

96

98

100

Q1

15

Q1

16

Q1

17

Q1

18

Q1

19

0

2

4

6

8

10

12

14

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Pro-

form

aQ

119

105

73

1 2 13

Pro-forma 23

114

Pro-forma 13

81

Q119 118

AVG 140

GAAP ROE of 114

0

2

4

6

8

10

12

14

16

18

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Cash

Ret

urn

on A

vera

ge S

hare

hold

errsquos

Equ

ity

Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

Slide Number 1
Slide Number 2
Slide Number 3
Slide Number 4
Slide Number 5
Slide Number 6
Slide Number 7
Slide Number 8
Slide Number 9
Slide Number 10
Slide Number 11
Slide Number 12
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 16
Slide Number 17
Slide Number 18
Slide Number 19
Slide Number 20
Slide Number 21
Slide Number 22
Slide Number 23
Slide Number 24
Slide Number 25
Slide Number 26
Slide Number 27
Slide Number 28

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 3: First Quarter 2019 Earnings Call - static.seekingalpha.com

Q119 Highlights

Revenue Summary

Other Revenue 16 11

Earnings Summary

EBITDA1 $1918 $1919

Since 2015

Sold 116 aircraft

46

6068

39

14

31 3037

14

4

0

10

20

30

40

50

60

70

80

2015 2016 2017 2018 Q119

Num

ber o

f airc

raft

Purchases Sales

36

49

15

73

23

4

NBs WBs Freighters

9336

23

229

26

4

NBs WBs Freighters

Portfolio Metrics

gt6 IndiGo India 17

3-6

LATAM Chile 3

Iberia Spain 15

SAA SouthAfrica 4

Interjet Mexico 11

Top Ten Countries

Country AC of NBV1

India 28 122

Indonesia 15 66

Russia 11 60

South Korea 14 51

Portugal 8 45

Chile 3 44

USA 15 42

Mexico 16 42

Spain 16 41

80

82

84

86

88

90

92

94

96

98

100

Q1

15

Q1

16

Q1

17

Q1

18

Q1

19

0

2

4

6

8

10

12

14

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Pro-

form

aQ

119

105

73

1 2 13

Pro-forma 23

114

Pro-forma 13

81

Q119 118

AVG 140

GAAP ROE of 114

0

2

4

6

8

10

12

14

16

18

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Cash

Ret

urn

on A

vera

ge S

hare

hold

errsquos

Equ

ity

Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

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	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 4: First Quarter 2019 Earnings Call - static.seekingalpha.com

Revenue Summary

Other Revenue 16 11

Earnings Summary

EBITDA1 $1918 $1919

Since 2015

Sold 116 aircraft

46

6068

39

14

31 3037

14

4

0

10

20

30

40

50

60

70

80

2015 2016 2017 2018 Q119

Num

ber o

f airc

raft

Purchases Sales

36

49

15

73

23

4

NBs WBs Freighters

9336

23

229

26

4

NBs WBs Freighters

Portfolio Metrics

gt6 IndiGo India 17

3-6

LATAM Chile 3

Iberia Spain 15

SAA SouthAfrica 4

Interjet Mexico 11

Top Ten Countries

Country AC of NBV1

India 28 122

Indonesia 15 66

Russia 11 60

South Korea 14 51

Portugal 8 45

Chile 3 44

USA 15 42

Mexico 16 42

Spain 16 41

80

82

84

86

88

90

92

94

96

98

100

Q1

15

Q1

16

Q1

17

Q1

18

Q1

19

0

2

4

6

8

10

12

14

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Pro-

form

aQ

119

105

73

1 2 13

Pro-forma 23

114

Pro-forma 13

81

Q119 118

AVG 140

GAAP ROE of 114

0

2

4

6

8

10

12

14

16

18

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Cash

Ret

urn

on A

vera

ge S

hare

hold

errsquos

Equ

ity

Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

Slide Number 1
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Slide Number 28

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 5: First Quarter 2019 Earnings Call - static.seekingalpha.com

Revenue Summary

Other Revenue 16 11

Earnings Summary

EBITDA1 $1918 $1919

Since 2015

Sold 116 aircraft

46

6068

39

14

31 3037

14

4

0

10

20

30

40

50

60

70

80

2015 2016 2017 2018 Q119

Num

ber o

f airc

raft

Purchases Sales

36

49

15

73

23

4

NBs WBs Freighters

9336

23

229

26

4

NBs WBs Freighters

Portfolio Metrics

gt6 IndiGo India 17

3-6

LATAM Chile 3

Iberia Spain 15

SAA SouthAfrica 4

Interjet Mexico 11

Top Ten Countries

Country AC of NBV1

India 28 122

Indonesia 15 66

Russia 11 60

South Korea 14 51

Portugal 8 45

Chile 3 44

USA 15 42

Mexico 16 42

Spain 16 41

80

82

84

86

88

90

92

94

96

98

100

Q1

15

Q1

16

Q1

17

Q1

18

Q1

19

0

2

4

6

8

10

12

14

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Pro-

form

aQ

119

105

73

1 2 13

Pro-forma 23

114

Pro-forma 13

81

Q119 118

AVG 140

GAAP ROE of 114

0

2

4

6

8

10

12

14

16

18

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Cash

Ret

urn

on A

vera

ge S

hare

hold

errsquos

Equ

ity

Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

Slide Number 1
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Slide Number 28

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 6: First Quarter 2019 Earnings Call - static.seekingalpha.com

Earnings Summary

EBITDA1 $1918 $1919

Since 2015

Sold 116 aircraft

46

6068

39

14

31 3037

14

4

0

10

20

30

40

50

60

70

80

2015 2016 2017 2018 Q119

Num

ber o

f airc

raft

Purchases Sales

36

49

15

73

23

4

NBs WBs Freighters

9336

23

229

26

4

NBs WBs Freighters

Portfolio Metrics

gt6 IndiGo India 17

3-6

LATAM Chile 3

Iberia Spain 15

SAA SouthAfrica 4

Interjet Mexico 11

Top Ten Countries

Country AC of NBV1

India 28 122

Indonesia 15 66

Russia 11 60

South Korea 14 51

Portugal 8 45

Chile 3 44

USA 15 42

Mexico 16 42

Spain 16 41

80

82

84

86

88

90

92

94

96

98

100

Q1

15

Q1

16

Q1

17

Q1

18

Q1

19

0

2

4

6

8

10

12

14

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Pro-

form

aQ

119

105

73

1 2 13

Pro-forma 23

114

Pro-forma 13

81

Q119 118

AVG 140

GAAP ROE of 114

0

2

4

6

8

10

12

14

16

18

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Cash

Ret

urn

on A

vera

ge S

hare

hold

errsquos

Equ

ity

Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

Slide Number 1
Slide Number 2
Slide Number 3
Slide Number 4
Slide Number 5
Slide Number 6
Slide Number 7
Slide Number 8
Slide Number 9
Slide Number 10
Slide Number 11
Slide Number 12
Slide Number 13
Slide Number 14
Slide Number 15
Slide Number 16
Slide Number 17
Slide Number 18
Slide Number 19
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Slide Number 21
Slide Number 22
Slide Number 23
Slide Number 24
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Slide Number 27
Slide Number 28

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 7: First Quarter 2019 Earnings Call - static.seekingalpha.com

Since 2015

Sold 116 aircraft

46

6068

39

14

31 3037

14

4

0

10

20

30

40

50

60

70

80

2015 2016 2017 2018 Q119

Num

ber o

f airc

raft

Purchases Sales

36

49

15

73

23

4

NBs WBs Freighters

9336

23

229

26

4

NBs WBs Freighters

Portfolio Metrics

gt6 IndiGo India 17

3-6

LATAM Chile 3

Iberia Spain 15

SAA SouthAfrica 4

Interjet Mexico 11

Top Ten Countries

Country AC of NBV1

India 28 122

Indonesia 15 66

Russia 11 60

South Korea 14 51

Portugal 8 45

Chile 3 44

USA 15 42

Mexico 16 42

Spain 16 41

80

82

84

86

88

90

92

94

96

98

100

Q1

15

Q1

16

Q1

17

Q1

18

Q1

19

0

2

4

6

8

10

12

14

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Pro-

form

aQ

119

105

73

1 2 13

Pro-forma 23

114

Pro-forma 13

81

Q119 118

AVG 140

GAAP ROE of 114

0

2

4

6

8

10

12

14

16

18

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Cash

Ret

urn

on A

vera

ge S

hare

hold

errsquos

Equ

ity

Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

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	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 8: First Quarter 2019 Earnings Call - static.seekingalpha.com

Since 2015

Sold 116 aircraft

46

6068

39

14

31 3037

14

4

0

10

20

30

40

50

60

70

80

2015 2016 2017 2018 Q119

Num

ber o

f airc

raft

Purchases Sales

36

49

15

73

23

4

NBs WBs Freighters

9336

23

229

26

4

NBs WBs Freighters

Portfolio Metrics

gt6 IndiGo India 17

3-6

LATAM Chile 3

Iberia Spain 15

SAA SouthAfrica 4

Interjet Mexico 11

Top Ten Countries

Country AC of NBV1

India 28 122

Indonesia 15 66

Russia 11 60

South Korea 14 51

Portugal 8 45

Chile 3 44

USA 15 42

Mexico 16 42

Spain 16 41

80

82

84

86

88

90

92

94

96

98

100

Q1

15

Q1

16

Q1

17

Q1

18

Q1

19

0

2

4

6

8

10

12

14

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Pro-

form

aQ

119

105

73

1 2 13

Pro-forma 23

114

Pro-forma 13

81

Q119 118

AVG 140

GAAP ROE of 114

0

2

4

6

8

10

12

14

16

18

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Cash

Ret

urn

on A

vera

ge S

hare

hold

errsquos

Equ

ity

Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

Slide Number 1
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	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 9: First Quarter 2019 Earnings Call - static.seekingalpha.com

36

49

15

73

23

4

NBs WBs Freighters

9336

23

229

26

4

NBs WBs Freighters

Portfolio Metrics

gt6 IndiGo India 17

3-6

LATAM Chile 3

Iberia Spain 15

SAA SouthAfrica 4

Interjet Mexico 11

Top Ten Countries

Country AC of NBV1

India 28 122

Indonesia 15 66

Russia 11 60

South Korea 14 51

Portugal 8 45

Chile 3 44

USA 15 42

Mexico 16 42

Spain 16 41

80

82

84

86

88

90

92

94

96

98

100

Q1

15

Q1

16

Q1

17

Q1

18

Q1

19

0

2

4

6

8

10

12

14

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Pro-

form

aQ

119

105

73

1 2 13

Pro-forma 23

114

Pro-forma 13

81

Q119 118

AVG 140

GAAP ROE of 114

0

2

4

6

8

10

12

14

16

18

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Cash

Ret

urn

on A

vera

ge S

hare

hold

errsquos

Equ

ity

Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

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	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 10: First Quarter 2019 Earnings Call - static.seekingalpha.com

Portfolio Metrics

gt6 IndiGo India 17

3-6

LATAM Chile 3

Iberia Spain 15

SAA SouthAfrica 4

Interjet Mexico 11

Top Ten Countries

Country AC of NBV1

India 28 122

Indonesia 15 66

Russia 11 60

South Korea 14 51

Portugal 8 45

Chile 3 44

USA 15 42

Mexico 16 42

Spain 16 41

80

82

84

86

88

90

92

94

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Q1

15

Q1

16

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17

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18

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19

0

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4

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Q1

15

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Q1

18

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18

Q3

18

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18

Q1

19

Pro-

form

aQ

119

105

73

1 2 13

Pro-forma 23

114

Pro-forma 13

81

Q119 118

AVG 140

GAAP ROE of 114

0

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12

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16

18

Q1

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Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Cash

Ret

urn

on A

vera

ge S

hare

hold

errsquos

Equ

ity

Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

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	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 11: First Quarter 2019 Earnings Call - static.seekingalpha.com

gt6 IndiGo India 17

3-6

LATAM Chile 3

Iberia Spain 15

SAA SouthAfrica 4

Interjet Mexico 11

Top Ten Countries

Country AC of NBV1

India 28 122

Indonesia 15 66

Russia 11 60

South Korea 14 51

Portugal 8 45

Chile 3 44

USA 15 42

Mexico 16 42

Spain 16 41

80

82

84

86

88

90

92

94

96

98

100

Q1

15

Q1

16

Q1

17

Q1

18

Q1

19

0

2

4

6

8

10

12

14

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Pro-

form

aQ

119

105

73

1 2 13

Pro-forma 23

114

Pro-forma 13

81

Q119 118

AVG 140

GAAP ROE of 114

0

2

4

6

8

10

12

14

16

18

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Cash

Ret

urn

on A

vera

ge S

hare

hold

errsquos

Equ

ity

Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

Slide Number 1
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Slide Number 28

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 12: First Quarter 2019 Earnings Call - static.seekingalpha.com

80

82

84

86

88

90

92

94

96

98

100

Q1

15

Q1

16

Q1

17

Q1

18

Q1

19

0

2

4

6

8

10

12

14

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Pro-

form

aQ

119

105

73

1 2 13

Pro-forma 23

114

Pro-forma 13

81

Q119 118

AVG 140

GAAP ROE of 114

0

2

4

6

8

10

12

14

16

18

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Cash

Ret

urn

on A

vera

ge S

hare

hold

errsquos

Equ

ity

Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

Slide Number 1
Slide Number 2
Slide Number 3
Slide Number 4
Slide Number 5
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Slide Number 13
Slide Number 14
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Slide Number 27
Slide Number 28

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 13: First Quarter 2019 Earnings Call - static.seekingalpha.com

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17

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105

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Pro-forma 23

114

Pro-forma 13

81

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AVG 140

GAAP ROE of 114

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15

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15

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15

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16

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18

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18

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19

Cash

Ret

urn

on A

vera

ge S

hare

hold

errsquos

Equ

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Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

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	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 14: First Quarter 2019 Earnings Call - static.seekingalpha.com

Q119 118

AVG 140

GAAP ROE of 114

0

2

4

6

8

10

12

14

16

18

Q1

15

Q2

15

Q3

15

Q4

15

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Cash

Ret

urn

on A

vera

ge S

hare

hold

errsquos

Equ

ity

Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

Slide Number 1
Slide Number 2
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Slide Number 28

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 15: First Quarter 2019 Earnings Call - static.seekingalpha.com

Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

Slide Number 1
Slide Number 2
Slide Number 3
Slide Number 4
Slide Number 5
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Slide Number 7
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Slide Number 9
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Slide Number 28

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 16: First Quarter 2019 Earnings Call - static.seekingalpha.com

Guidance Item Q219

SGampA3 $18 - $19

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

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Slide Number 28

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145

Page 17: First Quarter 2019 Earnings Call - static.seekingalpha.com

Appendix

Three Months Ended

Revenues $ 213927 $ 202680

EBITDA $ 191817 $ 191941

2019 2018

Net income $ 34810 $ 57547

EBITDA 191817 191941

Adjustments

Sheet1

Sheet2

Sheet3

39616$ 56751$

2019 2018

34810$ 57547$ 2080 (3174)

Sheet1

Earnings

Equity

ROEQ115 $498536 $28289 $300284 $226541 $1682857 135Q116 $525569 $64597 $320584 $269582 $1769981 152Q117 $499768 $27052 $307743 $219077 $1804573 121Q118 $534771 $60176 $294492 $300455 $1881633 160Q119 $510008 $43000 $320583 $232425 $1976235 118

Pro-forma Q119 $525899 $43000 $320583 $248316 $1976235 126

Average NBV

Quarterly Rental

Margin12

Pro-forma Q119 7449957$ 211501$ 60279$ 81 33

Summary

Data

Chart in Powerpoint

Chart in Press Release

TABLE

2015 81181 $1753552 $2160 172016 78811 $1770884 $2247 402017 78718 $1856084 $2358 492018 78539 $1937454 $2467 462019 75078 $2012939 $2681 87

Q115-Q119 CAGR 56

Sheet1

Slide Number 1
Slide Number 2
Slide Number 3
Slide Number 4
Slide Number 5
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Slide Number 7
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Slide Number 9
Slide Number 10
Slide Number 11
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Slide Number 28

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Three Months Ended March 31 2019						Three Months Ended March 31 2019

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		74704		9942			Common shares outstanding ndash Basic		74704		9942

Unvested restricted common shares		435		058			Unvested restricted common shares		435		058

Total weighted-average shares outstanding		75138		10000			Total weighted-average shares outstanding		75138		10000


Common shares outstanding ndash Basic		74704		9924			Common shares outstanding ndash Basic		74704		9924

Effect of dilutive shares1		570		076			Effect of dilutive shares1		570		076

Common shares outstanding ndash Diluted		75274		10000			Common shares outstanding ndash Diluted		75274		10000


Net income allocation						Net income allocation

Net income	$		34810		10000			Net income	$	34810		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058			Distributed and undistributed earnings allocated to unvested restricted shares		(201)		-058

Earnings available to common shares	$		34609		9942			Earnings available to common shares	$	34609		9942


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		39616		10000			Adjusted net income	$	39616		10000

Amounts allocated to unvested restricted shares		(229)		-058			Amounts allocated to unvested restricted shares		(229)		-058

Amounts allocated to common shares	$		39387		9942			Amounts allocated to common shares	$	39387		9942



	Three Months Ended March 31 2018						Three Months Ended March 31 2018

Weighted-average shares		Shares		Percent2			Weighted-average shares		Shares		Percent2

Common shares outstanding ndash Basic		78367		9945			Common shares outstanding ndash Basic		78367		9945

Unvested restricted common shares		431		055			Unvested restricted common shares		431		055

Total weighted-average shares outstanding		78798		10000			Total weighted-average shares outstanding		78798		10000


Common shares outstanding ndash Basic		78367		9971			Common shares outstanding ndash Basic		78367		9971

Effect of dilutive shares1		228		029			Effect of dilutive shares1		228		029

Common shares outstanding ndash Diluted		78595		10000			Common shares outstanding ndash Diluted		78595		10000


Net income allocation						Net income allocation

Net income	$		57547		10000			Net income	$	57547		10000

Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055			Distributed and undistributed earnings allocated to unvested restricted shares		(315)		-055

Earnings available to common shares	$		57232		9945			Earnings available to common shares	$	57232		9945


Adjusted net income allocation						Adjusted net income allocation

Adjusted net income	$		56751		10000			Adjusted net income	$	56751		10000

Amounts allocated to unvested restricted shares		(311)		-055			Amounts allocated to unvested restricted shares		(311)		-055

Amounts allocated to common shares	$		56440		9945			Amounts allocated to common shares	$	56440		9945

	Q119		Q418		Q318		Q119 B (W) vs Q418

Average NBV for the 4th and 3rd Quarters of 2018		$ 7449957		$ 7136627		$ 6787206		$ 313330	Average NBV 44 higher Q418 to Q119

Operating and Finance Lease Revenues		$ 189676		$ 192711		$ 190836		$ (3034)

Finance Lease Collections		$ 5925		$ 7316		$ 9518		$ (1391)

Annualized Portfolio Yield		105		112		118		-07	Annualized yield 71bps lower

Cash Interest Expense		$ 60279		$ 60348		$ 54521		$ 69

Annualized Cash Interest		32		34		32		01	Annualized cash int exp 15bps lower

Annualized Cash Net Interest Margin		73		78		86		-06	Annualized cash margin 56bps lower

	Average NBV		Quarterly Rental Revenue(1)		Cash Interest(2)		Annualized Net Cash Interest Margin(1)(2)		Yield		Cash Interest Expense

Q112		$ 4388008		$ 152242		$ 44969		98		139		410

Q212		$ 4542477		$ 156057		$ 48798		94		137		430

Q312		$ 4697802		$ 163630		$ 41373		104		139		352

Q412		$ 4726457		$ 163820		$ 43461		102		139		368

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	Average NBV		Quarterly Rental Revenue1		Cash Interest2		Annualized Net Cash Interest Margin12		Yield		Cash Interest Expense

Q113		$ 4740161		$ 162319		$ 48591		96		137		410

Q213		$ 4840396		$ 164239		$ 44915		99		136		371

Q313		$ 4863444		$ 167876		$ 47682		99		138		392

Q413		$ 5118601		$ 176168		$ 49080		99		138		384

Q114		$ 5312651		$ 181095		$ 51685		97		136		389

Q214		$ 5721521		$ 190574		$ 48172		100		133		337

Q314		$ 5483958		$ 182227		$ 44820		100		133		327

Q414		$ 5468637		$ 181977		$ 44459		101		133		325

Q115		$ 5743035		$ 181027		$ 50235		91		126		350

Q215		$ 5967898		$ 189238		$ 51413		92		127		345

Q315		$ 6048330		$ 191878		$ 51428		93		127		340

Q415		$ 5962874		$ 188491		$ 51250		92		126		344

Q116		$ 5988076		$ 186730		$ 51815		90		125		346

Q216		$ 5920030		$ 184469		$ 55779		87		125		377

Q316		$ 6265175		$ 193909		$ 57589		87		124		368

Q416		$ 6346361		$ 196714		$ 58631		87		124		370

Q117		$ 6505355		$ 200273		$ 58839		87		123		362

Q217		$ 6512100		$ 199522		$ 55871		88		123		343

Q317		$ 5985908		$ 184588		$ 53457		88		123		357

Q417		$ 6247581		$ 187794		$ 53035		86		120		340

Q118		$ 6700223		$ 193418		$ 53978		83		115		322

Q218		$ 6721360		$ 193988		$ 53979		83		115		321

Q318		$ 6787206		$ 200354		$ 54521		86		118		321

Q418		$ 7136627		$ 200027		$ 60348		78		112		338

Q119		$ 7449957		$ 195601		$ 60279		73		105		324

Pro-forma Q119		$ 7449957		$ 211501		$ 60279		81		114		324

	NBV FE		Fin Lease		NBV Flight Equip + Fin Lease					Lease Rentals		Interest Inc Fin lease		Collections on Fin Leases		Total Lease Rent Collections		Quarterly Lease rent Collections		Cash Interest		Loan and Contract Termination Fees included in Cash Interest		Adj Cash Int		NIM $				NIM		Yield		Cash Int

	Month End		Month End		Month End		Mo Avg		Qtrly Avg			MTD		MTD											QTD		QTD		QTD

DEC10		4065780		- 0		4065780

JAN11		3981690		- 0		3981690		4023735		- 0			47091		- 0		- 0		47091			- 0			- 0		- 0

FEB11		4051167		- 0		4051167		4016428		- 0			47264		- 0		- 0		47264			- 0			- 0		- 0

MAR11		4120309		- 0		4120309		4085738		4041967			46761		- 0		- 0		46761		141116		$ 41278			41278		99838				988

APR11		4125377		- 0		4125377		4122843		- 0			47211		- 0		- 0		47211			- 0			- 0		- 0

MAY11		4194987		- 0		4194987		4160182		- 0			47897		- 0		- 0		47897			- 0			- 0		- 0

JUN11		4099641		- 0		4099641		4147314		4143446			48248		- 0		- 0		48248		143356		$ 43217		$ 3196		40021		103335				998

JUL11		4271013		- 0		4271013		4185327		- 0			47994		- 0		- 0		47994			- 0			- 0		- 0

AUG11		4248242		- 0		4248242		4259628		- 0			49193		- 0		- 0		49193			- 0			- 0		- 0

SEP11		4196918		- 0		4196918		4222580		4222512			48704		- 0		- 0		48704		145890		$ 42066			42066		103824				984

OCT11		4430527		- 0		4430527		4313723		- 0			49054		- 0		- 0		49054			- 0			- 0		- 0

NOV11		4401782		- 0		4401782		4416155		- 0			50498		- 0		- 0		50498			- 0			- 0		- 0

DEC11		4387986		- 0		4387986		4394884		4374921			50297		- 0		- 0		50297		149848		$ 43041			43041		106807				977

JAN12		4391666		- 0		4391666		4389826		- 0			51034		- 0		- 0		51034			- 0			- 0		- 0

FEB12		4385360		- 0		4385360		4388513		- 0			49705		- 0		- 0		49705			- 0			- 0		- 0

MAR12		4386010		- 0		4386010		4385685		4388008			51503		- 0		- 0		51503		152242		$ 44969			44969		107273				978

APR12		4484956		- 0		4484956		4435483		- 0			50824		- 0		- 0		50824			- 0			- 0		- 0

MAY12		4570712		31500		4602212		4543584		- 0			51020		- 0		- 0		51020			- 0			- 0		- 0

JUN12		4604493		90024		4694518		4648365		4542477			51781		956		1476		54213		156057		$ 48798			48798		107259				944

JUL12		4572121		90739		4662860		4678689		- 0			52892		963		- 0		53855			- 0			- 0		- 0

AUG12		4665966		90332		4756298		4709579		- 0			52945		948		- 0		53893			- 0			- 0		- 0

SEP12		4532445		121533		4653978		4705138		4697802			53709		1608		565		55881		163630		$ 41373			41373		122257				1041

OCT12		4574055		120934		4694990		4674484		- 0			52277		1311		- 0		53588			- 0			- 0		- 0

NOV12		4645741		120345		4766086		4730538		- 0			52596		1321		- 0		53917			- 0			- 0		- 0

DEC12		4662661		119951		4782612		4774349		4726457			53217		1286		1811		56314		163820		$ 43461			43461		120359				1019

JAN13		4639414		119339		4758753		4770682		- 0			52957		1298		- 0		54255			- 0			- 0		- 0

FEB13		4614480		118707		4733187		4745970		- 0			51936		1277		- 0		53213			- 0			- 0		- 0

MAR13		4544773		129700		4674474		4703830		4740161			51697		1309		1845		54850		162319		$ 48591			48591		113728				960

APR13		4621392		128981		4750373		4712423		- 0			51363		1384		- 0		52747			- 0			- 0		- 0

MAY13		4915814		128237		5044051		4897212		- 0			53613		1359		- 0		54972			- 0			- 0		- 0

JUN13		4651553		127504		4779057		4911554		4840396			52942		1370		2207		56520		164239		$ 47869		$ 2954		44915		119324				986

JUL13		4668642		149932		4818574		4798816		- 0			52469		1372		- 0		53840			- 0			- 0		- 0

AUG13		4690154		149017		4839171		4828873		- 0			53339		1423		- 0		54763			- 0			- 0		- 0

SEP13		4938113		148005		5086118		4962645		4863444			55340		1327		2606		59273		167876		$ 47682			47682		120194				989

OCT13		4913184		147017		5060200		5073159		- 0			56643		1350		- 0		57993			- 0			- 0		- 0

NOV13		5011676		146076		5157752		5108976		- 0			56264		1361		- 0		57625			- 0			- 0		- 0

DEC13		5044410		145173		5189583		5173668		5118601			56367		1333		2850		60550		176168		$ 49080			49080		127088				993

JAN14		5015452		144256		5159708		5174646		- 0			58142		1337		- 0		59478			- 0			- 0		- 0

FEB14		5129035		143356		5272392		5216050		- 0			57572		1354		- 0		58926			- 0			- 0		- 0

MAR14		5679723		142400		5822123		5547257		5312651			58621		1297		2773		62691		181095		$ 51685			51685		129410				974

APR14		5605462		155551		5761013		5791568		- 0			61276		1329		- 0		62604			- 0			- 0		- 0

MAY14		5512769		154435		5667205		5714109		- 0			60998		1338		- 0		62336			- 0			- 0		- 0

JUN14		5577966		72600		5650566		5658886		5721521			60957		1231		3446		65634		190574		$ 48172			48172		142402				996

JUL14		5418990		71971		5490961		5570764		- 0			60509		484		- 0		60993			- 0			- 0		- 0

AUG14		5412453		71345		5483799		5487380		- 0			59617		488		- 0		60105			- 0			- 0		- 0

SEP14		5232940		70723		5303663		5393731		5483958			58760		491		1877		61129		182227		$ 44820			44820		137407				1002

OCT14		5340303		88360		5428663		5366163		- 0			59394		480		- 0		59874			- 0			- 0		- 0

NOV14		5374566		107667		5482233		5455448		- 0			59717		542		- 0		60259			- 0			- 0		- 0

DEC14		5579718		106651		5686369		5584301		5468637			59091		537		2216		61844		181977		$ 44459			44459		137518				1006		1331		325			134		99

JAN15		5642590		105896		5748487		5717428		- 0			59898		539		- 0		60437			- 0			- 0		- 0

FEB15		5623616		105155		5728770		5738628		- 0			58688		552		- 0		59240			- 0			- 0		- 0

MAR15		5712950		104377		5817327		5773049		5743035			58560		516		2274		61350		181027		$ 50235			50235		130792				911		1261		350

APR15		5778092		119625		5897717		5857522		- 0			60016		589		- 0		60605			- 0			- 0		- 0

MAY15		5940205		118903		6059108		5978412		- 0			61684		628		- 0		62311			- 0			- 0		- 0

JUN15		5953555		122855		6076411		6067759		5967898			63140		660		2521		66322		189238		$ 51413			51413		137825				924		1268		345

JUL15		5942037		122200		6064238		6070324		- 0			63838		625		- 0		64463			- 0			- 0		- 0

AUG15		5917660		121542		6039202		6051720		- 0			62322		623		- 0		62945			- 0			- 0		- 0

SEP15		5885807		120882		6006689		6022946		6048330			61877		620		1973		64470		191878		$ 51428			51428		140450				929		1269		340

OCT15		5829040		103074		5932114		5969402		- 0			61959		611		- 0		62570			- 0			- 0		- 0

NOV15		5801167		117861		5919028		5925571		- 0			60485		623		- 0		61108			- 0			- 0		- 0

DEC15		5867062		201211		6068273		5993651		5962874			60949		1072		2791		64812		188491		$ 51250			51250		137241				921		1264		344			127		92

JAN16		5836479		198445		6034923		6051598		- 0			60245		1141		- 0		61387			- 0			- 0		- 0

FEB16		5796230		213436		6009666		6022295		- 0			60098		1161		- 0		61259			- 0			- 0		- 0

MAR16		5558666		212336		5771002		5890334		5988076			59227		1195		3663		64085		186730		$ 53324		1509		51815		134915				901		1247		346

APR16		5654825		211354		5866179		5818591		- 0			58383		1160		- 0		59544			- 0			- 0		- 0

MAY16		5659238		265253		5924490		5895335		- 0			58787		1432		- 0		60218			- 0			- 0		- 0

JUN16		5875935		291903		6167838		6046164		5920030			58955		1582		4170		64707		184469		55779			55779		128690				870		1246		377

JUL16		5980982		290048		6271030		6219434		- 0			60301		1805		- 0		62107			- 0			- 0		- 0

AUG16		6017274		288131		6305405		6288218		- 0			60757		1744		- 0		62501			- 0			- 0		- 0

SEP16		6004489		265854		6270343		6287874		6265175			60917		1805		6580		69301		193909		57589			57589		136320				870		1238		368

OCT16		6025556		264389		6289945		6280144		- 0			61757		1413			63170			- 0			- 0		- 0

NOV16		6097520		262667		6360187		6325066		- 0			62824		1357			64181			- 0			- 0		- 0

DEC16		6246707		260853		6507560		6433874		6346361			62969		1394		5000		69363		196714		62082		3451		58631		138083				870		1240		370			124		88

JAN17		6219012		259264		6478276		6492918		- 0			63296		1359			64655			- 0

FEB17		6227957		257474		6485431		6481853		- 0			63575		1288			64863			- 0

MAR17		6297190		299969		6597159		6541295		6505355			63715		1426		5614		70755		200273		58839			58839		141434				870		1231		362

APR17		6269189		348327		6617516		6607338				64119		1814			65933

MAY17		6156371		377186		6533557		6575537				63186		2079			65265

JUN17		5818821		354474		6173295		6353426		6512100			61794		1985		4545		68324		199522		56859		988		55871		143651				882		1226		343

JUL17		5615695		352411		5968106		6070700				59464		1954			61418

AUG17		5523543		390140		5913683		5940895				56603		1917			58520

SEP17		5490164		488408		5978572		5946128		5985908			55621		2541		6488		64650		184588		54527		1070		53457		131131				876		1233		357

OCT17		5493432		549212		6042644		6010608				55282		2833			58115

NOV17		5789587		554117		6343704		6193174				56823		3248			60071

DEC17		6188469		545750		6734219		6538962		6247581			57826		3272		8511		69609		187794		53035			53035		134759				863		1202		340			122		87

JAN18		6163924		543311		6707235		6720727				59570		3212			62782

FEB18		6173766		514024		6687790		6697513				59177		3007			62184

MAR18		6143695		533373		6677067		6682429		6700223			58736		3222		6493		68451		193418		53978			53978		139440				832		1155		322

APR18		6120068		531077		6651145		6664106				58481		2936			61417

MAY18		6257826		528503		6786329		6718737				59975		3015			62990

JUN18		6249406		526738		6776144		6781236		6721360			60030		2918		6634		69582		193988		53979			53979		140009				833		1154		321							12 MONTH CALCULATION

JUL18		6261431		523491		6784922		6780533				60815		2990			63804																				Yield		NIM

AUG18		6250137		519066		6769203		6777062				60517		2927			63444																			2014		134		99

SEP18		6321623		517221		6838844		6804023		6787206			60712		2876		9518		73106		200354		53683		-838		54521		145833				859		1181		321							2015		127		92

OCT18		6602809		515251		7118060		6978452				62875		2742			65617																			2016		124		88

NOV18		6657588		512429		7170017		7144039				61402		2610			64012																			2017		122		87

DEC18		6935585		469180		7404765		7287391		7136627			60405		2677		7316		70398		200027		60348			60348		139679				783		1121		338			115		83				2018		115		83

JAN19		6900489		509725		7410214		7407489				59462		2959			62421																			LTM Q119		112		80

FEB19		6907294		507653		7414948		7412581				62458		2701			65158

MAR19		7138689		505964		7644653		7529800		7449957			59314		2783		5925		68022		195601		60279			60279		135322				727		1050		324			112		80


wCollections on Finance Leases													2019							2018				2017

												Finance Lease Collections							Finance Lease Collections				Finance Lease Collections

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				YTD		5925						YTD		29961			YTD		32184

Q117		1231		362		870					6505355		200273		$ 58839				Q119		5925						Q118		6493			Q117		5614

Q119		1050		324		727					7449957		195601		60279				Q219							Q218		6634			Q217		11571

	-181		-038		-143			Change			145		-23		24				Q319							Q318		9518			Q317		6488

												Q419							Q418		7316			Q417		8511

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest				Finance Lease Revenue							Finance Lease Revenue				Finance Lease Revenue

Q118		1155		322		832					6700223		193418		53978				Q119		8442						Q418		8029			Q417		9353

Q119		1050		324		727					7449957		195601		60279				January		2959						October		2742			October		2833

	-104		001		-106			Change			112		11		117				February		2701						November		2610			November		3248

												March		2783						December		2677			December		3272

	Yield		Cash Interest		Net Spread					Avg NBV		Lease Rent		Interest

Q418		1121		338		783					7136627		200027		60348										Collections on Finance Leases excludes $70 million of unusual payments received from KLM in Q217

Q119		1050		324		727					7449957		195601		60279

	-071		-015		-056			Change			44		-22		-01

				112							w$17mm added to Q119

				11						Actual		1050		324			727

									Revised		1141		324			818


										091				091

wCollections on Finance Leases

	Yield		Cash Interest		Net Spread

Q314		13292		3269		1002

Q316		12380		3677		870

	-0911		0408		-132


	Yield		Cash Interest		Net Spread

Q315		12690		3401		929

Q316		12380		3677		870

	-0310		0276		-059


	Yield		Cash Interest		Net Spread

Q216		12464		3769		870

Q316		12380		3677		870

	-0084		-0092		001

Old Format

	Yield		Cash Interest		Net Spread

Q314		13221		3312		991

Q316		12173		3852		832

	-1047		-0540		-159


	Yield		Cash Interest		Net Spread

Q315		12691		3471		922

Q316		12173		3852		832

	-0518		-0381		-090


	Yield		Cash Interest		Net Spread

Q216		12409		3930		8479

Q316		12173		3852		8321

Change		-0236		0078		-0159

	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

(Gain) loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751


	For the Three Months Ended March 31

	2019		2018


Net Income		$ 34810		$ 57547

Loss on mark-to-market of interest rate derivative contracts(1)		2080		(3174)

Non-cash share-based payment expense(2)		2726		2378

Adjusted Net Income		$ 39616		$ 56751

	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		-

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145




	Three Mos Ended Dec 31

	2019		2018

	(Dollars in thousands)


Net income		$ 34810		$ 57547

Depreciation		84735		75002

Amortization of lease premiums discounts and incentives		5711		3128

Interest net		63463		57108

Income tax provision		3098		(844)

EBITDA		191817		191941


Adjustments

Equity share of joint venture impairment		2724		- 0

Non-cash share based payment expense		2726		2378

(Gain) loss on MTM of interest rate derivative contracts		2080		(3174)

Adjusted EBITDA		$ 199347		$ 191145