“High-quality commercial aircraft are increasingly in limited supply given strong airline need for capacity – exacerbated by ongoing delivery delays at both Boeing and Airbus, which we do not see abating. We expect to see continued growth and strength in global air traffic and airline yields in 2023, offering a counterbalance to global macroeconomic cross-currents,” said Steven F. Udvar-Házy, Executive Chairman of the Board.
Highlights
As of December 31, 2022, we had 417 aircraft in our owned fleet, with a net book value of $24.5 billion, a weighted average age of 4.5 years and a weighted average lease term remaining of 7.1 years. During the fourth quarter, we took delivery of 16 aircraft from our order book, representing approximately $1.0 billion in aircraft investments, ending the period with over $28 billion in total assets.
Sold five aircraft during the quarter for approximately $211 million in proceeds.
In October 2022, we recovered one Boeing 737-8 MAX aircraft previously detained in Russia, resulting in an approximately $31 million offset to the write-off line item in our income statement.
Placed 90% of our contracted orderbook positions on long-term leases for aircraft delivering through the end of 2024 and have placed 60% of our entire orderbook.
Ended the year with $31.4 billion in committed minimum future rental payments consisting of $15.6 billion in contracted minimum rental payments on the aircraft in our existing fleet and $15.8 billion in minimum future rental payments related to aircraft on order.
Issued $2.2 billion of senior unsecured Medium-Term Notes in 2022 with a weighted average interest rate of 3.59% and ended the year with total liquidity of $6.9 billion.
On February 14, 2023, our board of directors declared a quarterly cash dividend of $0.20 per share on our outstanding common stock. The next quarterly dividend of $0.20 per share will be paid on April 12, 2023 to holders of record of our common stock as of March 16, 2023.
Financial Overview
Our total revenues for the year ended December 31, 2022, increased by 11% to $2.3 billion as compared to the year ended December 31, 2021. The increase in total revenues was primarily driven by the continued growth in our fleet and significantly lower COVID-19-related lease restructuring and cash basis losses.
Our net loss attributable to common stockholders for the year ended December 31, 2022, was $138.7 million, or net loss of $1.24 per diluted share compared to net income of $408.2 million, or $3.57 per diluted share, for the year ended December 31, 2021. Despite the growth of our fleet, the decrease was due to the net impact of the write-off of our Russian fleet, which totaled approximately $771.5 million as of December 31, 2022.
Our adjusted net income before income taxes during the year ended December 31, 2022 was $659.9 million or $5.89 per adjusted diluted share as compared to $589.7 million or $5.15 per adjusted diluted share for the year ended December 31, 2021. The increase for the year ended December 31, 2022 as compared to 2021, was primarily due to the continued growth of our fleet and the increase in revenues as discussed above.
