2021. As of February 17, 2022, all aircraft in our fleet, except for one aircraft, were subject to lease agreements or letters of intent and our lease utilization rate for 2021 was 99.8%.
Aircraft Orders. On December 20, 2021, we increased our orderbook by entering into agreements with Airbus to purchase 116 aircraft, including 59
A321neos, 25 A220-300s, 20 A321XLRs, seven A350Fs and five A330-900s. Deliveries of the aircraft are scheduled to commence in 2023 and continue through 2028. This represented the largest individual order for new aircraft in our Companys
history. Also, in February 2022, we agreed to purchase 50 737 MAX aircraft, which consisted of 32 incremental 737 MAX aircraft and 18 737 MAX aircraft resulting from the conversion of three 787 aircraft from our existing orderbook. Deliveries of the
aircraft are scheduled to commence in 2024 and continue through 2026. The additional 32 737 MAX aircraft are pursuant to a memorandum of understanding and are subject to the negotiation of a definitive purchase agreement.
New Aircraft Pipeline. As of December 31, 2021, we had commitments to purchase 431 aircraft from Boeing and Airbus for delivery through 2028
with an estimated aggregate commitment of $27.7 billion (giving effect to our conversion of three Boeing 787 aircraft to 18 737 MAX aircraft in February 2022). We have placed approximately 99% of our committed orderbook on long-term leases for
aircraft delivering through the end of 2023 and have placed 58% of our entire orderbook. We ended 2021 with $30.9 billion in committed minimum future rental payments, consisting of $14.8 billion in contracted minimum rental payments on the
aircraft in our existing fleet and $16.1 billion in minimum future rental payments related to aircraft which will deliver between 2022 through 2025.
Financing. In 2021, we issued $3.7 billion in aggregate principal amount of senior unsecured notes with maturities ranging from 2022 to 2028
with a weighted average interest rate of 1.27%. In addition, we ended 2021 with an aggregate borrowing capacity under our revolving credit facility of $6.8 billion and total liquidity of $7.9 billion. We had total debt outstanding of
$17.2 billion, of which 94.8% was at a fixed rate and 99.2% of which was unsecured. As of December 31, 2021, our composite cost of funds was 2.79%.
Financial Highlights. Our total revenues for the year ended December 31, 2021 increased by 3.6% to $2.1 billion as compared to 2020. The increase
in total revenues was primarily driven by the continued growth in our fleet, an increase in our cash collections from our lessees as well as an increase in our aircraft sales, trading and other activity, partially offset by the impact of cash basis
accounting and lease restructurings. The impact of cash basis accounting and lease restructurings for the year ended December 31, 2021 resulted in a decrease in revenue of $72.7 million and $132.5 million, respectively. During the
year ended December 31, 2021, our net income available to common stockholders was $408.2 million compared to $500.9 million for the year ended December 31, 2020. Our diluted earnings per share for the full year 2021 was $3.57
compared to $4.39 for the full year 2020. Despite the growth of our fleet, our net income available to common stockholders and diluted earnings per share decreased due to the impact of lease restructurings and cash basis accounting.
Return of Capital. On November 3, 2021, our Board of Directors approved an increase in our quarterly cash dividend on our Class A Common Stock by
approximately 16%, from $0.16 per share to $0.185 per share. This dividend, paid on January 5, 2022, marked our 36th consecutive dividend since we declared our first dividend in 2013, and our ninth consecutive annual dividend increase over that
time. In addition, our Board of Directors approved a new share repurchase program, which authorized repurchase of up to $150.0 million of the Companys Class A common stock through September 30, 2022.
Productivity. As of December 31, 2021, we had 129 employees and $27.0 billion of total assets. Per employee, our revenue and net income available
to common stockholders for the year ended December 31, 2021 was approximately $16.2 million and $3.2 million, respectively.
For a comprehensive
discussion of our financial results, please review our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on February 17, 2022 and is available
at http://www.airleasecorp.com/investors.
iii | Air Lease Corporation | 2022 Proxy Statement