<SEC-DOCUMENT>0001628280-25-005682.txt : 20250214
<SEC-HEADER>0001628280-25-005682.hdr.sgml : 20250214
<ACCEPTANCE-DATETIME>20250214160037
ACCESSION NUMBER:		0001628280-25-005682
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20250213
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250214
DATE AS OF CHANGE:		20250214

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AIR LEASE CORP
		CENTRAL INDEX KEY:			0001487712
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				271840403
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35121
		FILM NUMBER:		25628001

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		SUITE 1000-N
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 553-0555

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		SUITE 1000-N
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AIR LEASE Corp
		DATE OF NAME CHANGE:	20100323
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>al-20250213.htm
<DESCRIPTION>8-K
<TEXT>
<XBRL>
<?xml version='1.0' encoding='ASCII'?>
<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2025 Workiva-->
<!--r:9e80eb7b-310a-4bfa-a649-4153633e5b3a,g:562106cd-e9d9-49d9-a426-f08db3baf4de,d:73b1137136cd4427bd0a961d3f14e338-->
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:al="http://www.airleasecorp.com/20250213" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2020-02-12" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:dei="http://xbrl.sec.gov/dei/2023" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:us-gaap="http://fasb.org/us-gaap/2023" xml:lang="en-US"><head><meta http-equiv="Content-Type" content="text/html"/>


<title>al-20250213</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="c-1" name="dei:EntityCentralIndexKey" id="f-25">0001487712</ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="dei:AmendmentFlag" id="f-26">false</ix:nonNumeric></ix:hidden><ix:references xml:lang="en-US"><link:schemaRef xlink:type="simple" xlink:href="al-20250213.xsd"/></ix:references><ix:resources><xbrli:context id="c-1"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001487712</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-02-13</xbrli:startDate><xbrli:endDate>2025-02-13</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="c-2"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001487712</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2025-02-13</xbrli:startDate><xbrli:endDate>2025-02-13</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="c-3"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001487712</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">al:SeriesAMediumTermNotesMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2025-02-13</xbrli:startDate><xbrli:endDate>2025-02-13</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div id="i73b1137136cd4427bd0a961d3f14e338_1"></div><div style="min-height:36pt;width:100%"><div><span><br/></span></div></div><div style="-sec-extract:summary;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"/></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:2.5pt solid #000;padding:0 1pt"/></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">UNITED STATES </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Washington, D.C. 20549</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%">FORM <ix:nonNumeric contextRef="c-1" name="dei:DocumentType" id="f-1">8-K</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">CURRENT REPORT</span></div><div style="margin-top:9pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">PURSUANT TO SECTION 13 OR 15(d) OF </span></div><div style="margin-bottom:12pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">THE SECURITIES EXCHANGE ACT OF 1934</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="f-2">February 13, 2025</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Date of Report</span></div><div style="margin-bottom:5pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(Date of earliest event reported)</span></div></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:20pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityRegistrantName" id="f-3">AIR LEASE CORPORATION</ix:nonNumeric></span></div><div style="margin-bottom:5pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Exact name of registrant as specified in its charter)</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:32.556%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.196%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.994%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.165%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:31.589%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:138%"><ix:nonNumeric contextRef="c-1" name="dei:EntityIncorporationStateCountryCode" format="ixt-sec:stateprovnameen" id="f-4">Delaware</ix:nonNumeric></span></div></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:138%"><ix:nonNumeric contextRef="c-1" name="dei:EntityFileNumber" id="f-5">001-35121</ix:nonNumeric></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:138%"><ix:nonNumeric contextRef="c-1" name="dei:EntityTaxIdentificationNumber" id="f-6">27-1840403</ix:nonNumeric></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:138%">(State or other jurisdiction of</span></div><div style="margin-bottom:12pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:138%">incorporation)</span></div></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:138%">(Commission File Number)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:138%">&#160;(I.R.S. Employer</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:138%">&#160;Identification No.)</span></div></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:87.777%"><tr><td style="width:1.0%"/><td style="width:24.216%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:24.216%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:2.173%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:45.895%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressAddressLine1" id="f-7">2000 Avenue of the Stars,</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressAddressLine2" id="f-8">Suite 1000N</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressCityOrTown" id="f-9">Los Angeles,</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressStateOrProvince" format="ixt-sec:stateprovnameen" id="f-10">California</ix:nonNumeric></span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressPostalZipCode" id="f-11">90067</ix:nonNumeric></span></td></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Address of principal executive offices)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Zip Code)</span></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Registrant&#8217;s telephone number, including area code: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:700;line-height:120%">(<ix:nonNumeric contextRef="c-1" name="dei:CityAreaCode" id="f-12">310</ix:nonNumeric>) <ix:nonNumeric contextRef="c-1" name="dei:LocalPhoneNumber" id="f-13">553-0555</ix:nonNumeric> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:138%">Not Applicable</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:138%">(Former name or former address, if changed since last report.)</span></div></td></tr></table></div><div style="margin-bottom:5pt;text-align:center"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Check the appropriate box below if the&#160;Form 8-K&#160;filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</span></div><div><span><br/></span></div><div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:WrittenCommunications" format="ixt-sec:boolballotbox" id="f-14">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></div><div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:SolicitingMaterial" format="ixt-sec:boolballotbox" id="f-15">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></div><div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:PreCommencementTenderOffer" format="ixt-sec:boolballotbox" id="f-16">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></div><div style="margin-bottom:3pt"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:PreCommencementIssuerTenderOffer" format="ixt-sec:boolballotbox" id="f-17">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities registered pursuant to Section 12(b) of the Act:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:40.924%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.843%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:35.933%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Title of each class</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Trading Symbol(s)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Name of each exchange on which registered</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-2" name="dei:Security12bTitle" id="f-18">Class A Common Stock</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-2" name="dei:TradingSymbol" id="f-19">AL</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-2" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-20">New York Stock Exchange</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-3" name="dei:Security12bTitle" id="f-21">3.700% Medium-Term Notes, Series A, due April 15, 2030</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-3" name="dei:TradingSymbol" id="f-22">AL30</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-3" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-23">New York Stock Exchange</ix:nonNumeric></span></td></tr></table></div><div style="text-indent:18pt"><span><br/></span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </span></div><div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Emerging growth company </span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" id="f-24">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span style="color:#211d1e;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">o</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"/></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:2.5pt solid #000;padding:0 1pt"/></tr></table></div><div><span><br/></span></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="-sec-extract:summary;margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:138%">1</span></div><div style="margin-bottom:10pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:36pt;width:100%"><div><span><br/></span></div></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Item 7.01&#160;&#160;&#160;&#160;Regulation FD Disclosure</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 13, 2025, the Company held a conference call to discuss its financial results for the three months and year ended December 31, 2024. A copy of the conference call transcript is furnished herewith and attached hereto as Exhibit 99.1.</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The information in this Item 7.01 and the related information in Exhibit 99.1 attached hereto shall not be deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="margin-bottom:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 9.01&#160;&#160;&#160;&#160;Financial Statements and Exhibits</span></div><div style="margin-bottom:5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(d)   </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Exhibits</span></div><div style="margin-bottom:5pt;padding-left:33.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exhibit 99.1&#160;&#160;&#160;&#160;</span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline" href="ex-991transcriptq424.htm">Air Lease Corporation Conference Call Transcript dated </a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline" href="ex-991transcriptq424.htm">February</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline" href="ex-991transcriptq424.htm"> </a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline" href="ex-991transcriptq424.htm">13</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline" href="ex-991transcriptq424.htm">, 202</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline" href="ex-991transcriptq424.htm">5</a><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline" href="ex-991transcriptq424.htm">.</a></span></div><div style="margin-bottom:5pt;padding-left:33.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exhibit 104&#160;&#160;&#160;&#160;The cover page from this Current Report on 8-K formatted in Inline XBRL</span></div><div><span><br/></span></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="-sec-extract:summary;margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:138%">2</span></div><div style="margin-bottom:10pt"><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:36pt;width:100%"><div><span><br/></span></div></div><div style="margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:138%">SIGNATURE</span></div><div style="margin-bottom:10pt;margin-top:7pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:138%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</span></div><div style="margin-bottom:10pt;margin-top:7pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.861%"><tr><td style="width:1.0%"/><td style="width:44.379%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:2.655%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:2.655%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:36.869%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.942%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">AIR LEASE CORPORATION</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date: February 14, 2025</span></td><td colspan="9" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">/s/ Gregory B. Willis</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gregory B. Willis</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Executive Vice President and Chief Financial Officer <br/></span></td><td colspan="3" style="padding:0 1pt"/></tr></table></div><div style="margin-bottom:10pt"><span><br/></span></div><div style="margin-bottom:10pt"><span><br/></span></div><div style="height:36pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="-sec-extract:summary;margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:138%">3</span></div><div style="margin-bottom:10pt"><span><br/></span></div></div></div></body></html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex-991transcriptq424.htm
<DESCRIPTION>EX-99.1
<TEXT>
<html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2025 Workiva -->
<title>Document</title></head><body><div id="i91261615384a4cf89b5b236812f6d680_1"></div><div style="min-height:63pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Exhibit 99.1</font></div><div style="text-align:right"><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:115%">2 - 13 - 2025</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:21pt;font-weight:400;line-height:115%">Air Lease Corporation </font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Q4 2024 Earnings Conference Call</font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:115%">TOTAL PAGES&#58; 20</font></div><div><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:0.1pt"><font><br></font></div></div></div><div id="i91261615384a4cf89b5b236812f6d680_4"></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:21pt;font-weight:400;line-height:115%">Air Lease Corporation </font></div><div><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Q4 2024 Earnings Conference Call</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:150%">CORPORATE SPEAKERS&#58;</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Jason Arnold</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Air Lease Corporation&#59; Head of Investor Relations</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">John Plueger</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Air Lease Corporation&#59; Chief Executive Officer and President </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Steven Udvar-H&#225;zy </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Air Lease Corporation&#59; Executive Chairman</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Gregory Willis </font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Air Lease Corporation&#59; Executive Vice President and Chief Financial Officer</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:150%">PARTICIPANTS&#58;</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Catherine O'Brien</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Goldman Sachs&#59; Analyst</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Terry Ma</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Barclays&#59; Analyst</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Jamie Baker</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">JPMorgan&#59; Analyst</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Moshe Orenbuch</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">TD Cowen&#59; Analyst</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Hillary Cacanando</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Deutsche Bank&#59; Analyst</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Stephen Trent</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Citi&#59; Analyst</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Ronald Epstein</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Bank of America&#59; Analyst </font></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:150%">PRESENTATION&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Operator&#58;  Good afternoon. (Operator Instructions) At this time, I would like to welcome everyone to the Air Lease fourth quarter 2024 Earnings Conference Call. (Operator Instructions) I would now like to turn the call over to Mr. Jason Arnold, Head of Investor Relations. Mr. Arnold, you may begin your conference.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Jason Arnold&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Thanks, (Krista). And good afternoon, everyone.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Welcome to Air Lease Corporation&#8217;s fourth quarter and full year 2024 earnings call. This is Jason Arnold.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">I&#8217;m joined today by Steve Hazy, our Executive Chairman&#59; John Plueger, our Chief Executive Officer and President&#59; and Greg Willis, our Executive Vice President and Chief Financial Officer.</font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">2</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Earlier today we published our fourth quarter and full year 2024 results. A copy of our earnings release is available on the Investors section of our website at airleasecorp.com. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">This conference call is being webcast and recorded today Thursday, February 13, 2025.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">The webcast will be available for replay on our website. At this time all participants to the call are in listen-only mode.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Before we begin, please note that certain statements in this conference call including certain answers to your questions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">This includes without limitation statements regarding the state of the airline industry, the impact of aircraft and engine delivery delays and manufacturing flaws, our aircraft sales pipeline and our future operations and performance. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">These statements and any projections as to our future performance represent management&#8217;s current estimates and speak only as of today&#8217;s date. These estimates involve risks and uncertainties that could cause actual results to differ materially from expectations.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Please refer to our filings with the Securities and Exchange Commission for a more detailed description of risk factors that may affect our results. Air Lease Corporation assumes no obligation to update any forward-looking statements or information in light of new information or future events.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">In addition, we may discuss certain financial measures such as adjusted net income before income taxes, adjusted diluted earnings per share before income taxes and adjusted pretax return on equity, which are non-GAAP measures. A description of our reasons for utilizing these non-GAAP measures, as well as our definition of them and the reconciliation to corresponding GAAP measures can be found in the earnings release and 10-K we issued today. This release can be found in both the Investors and the Press section of our website.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Similar to last quarter, given ongoing litigation, we won&#8217;t be able to take any questions about our Russia fleet insurance claims. Lastly, as a reminder, unauthorized recording of this conference call is not permitted. I&#8217;ll now turn the call over to our Chief Executive Officer and President, John Plueger.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">John Plueger&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Well thanks, Jason. Hello. And good afternoon, everyone. Thank you for joining our call today. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">During the fourth quarter, Air Lease generated revenues of $713 million and $0.83 in diluted earnings per share. Our results benefited from the continued expansion of our fleet, offset by lower end of lease revenue as compared to the prior year. I&#8217;m also happy to report that </font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">3</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">full year 2024 revenue and ending fleet net book value reached record levels in the history of our company.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">We purchased 18 new aircraft from our orderbook during the quarter, adding $1.3 billion in flight equipment to our balance sheet and we sold 14 aircraft for approximately $540 million in sales proceeds. The weighted average age of our fleet was stable quarter-over-quarter at 4.6 years, while weighted average lease term remaining extended slightly to 7.2 years. Fleet utilization remains very robust at 100%.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Our fourth quarter deliveries came in better than expected as the OEMs pushed to achieve their own delivery goals and objectives ahead of year-end. On a full year basis, the $5 billion in deliveries we received hit the midpoint of the $4.5 billion to $5.5 billion range we outlined to you at the beginning of last year. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">For 2025, we expect to receive $3 billion to $3.5 billion of new aircraft delivered from our orderbook, with around $800 million anticipated to deliver in the first quarter of &#8216;25. I would also note that approximately 80% of our deliveries expected for 2025 are Boeing aircraft, so any additional challenges emerging in Boeing&#8217;s production efforts could be impactful. With the lower forecast expenditures on new aircraft deliveries for 2025 compared to 2024, ALC will have the ability to largely self-fund those deliveries from operating cash flow plus aircraft sales. This means reduced funding needs from the debt capital markets. In effect, for 2025, we anticipate debt funding of approximately $2 billion including refinancing of remaining 2025 debt maturities. So we will have less overall financing in 2025, where it appears that financing rates will remain elevated. Greg will discuss this further and we believe, by the way, that the same situation will exist for 2026. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Expected deliveries from our forward orderbook are fully placed through 2026, and the team is working diligently to achieve the highest possible lease rates on our remaining deliveries in 2027 and beyond. Our young fleet and sizable new orderbook, with delivery positions well inside of any available manufacturers, continues to position us exceptionally well in the current commercial aircraft supply-constrained environment. This strong environment is also continuing to drive up lease rates.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So to that point, I&#8217;d like to share some specific information that I hope you find useful as we report here on our full year 2024. Now I won&#8217;t be updating these specific comments or examples every quarter, but simply wanted to give you a flavor of what we are seeing in the overall context. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">First, during Q4, ALC executed lease extensions covering 23 single-aisle aircraft including Boeing 737-800, Boeing 737-8 MAX, A321ceos and one E190. In aggregate, that pool of aircraft extensions resulted in higher lease rates and lease rate factors than those just prior to extension. This is very significant in that lease rates normally are lower during a lease extension compared to when the aircraft delivered new.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Second, year-to-date in 2025, ALC has agreed to lease extensions on six Boeing 777-300ER aircraft across two airlines. The aggregate total lease rates and lease rate </font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">4</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">factors were largely in line with what they were prior to the extension, and I would add also significantly higher than the lease rates indicated currently for those aircraft by well-known appraisal firms. This points to the growing strength of widebody aircraft, which historically have always lagged narrowbody aircraft. In fact, we believe that widebody demand has surged faster than narrowbody demand over the past six months. Steve will comment on this further in his remarks.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Third, our Q4 new aircraft deliveries represented the highest delivery yield in a quarter in over four years. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Fourth, as you recall during Covid, we had a number of leases that were restructured or signed at relatively low lease rate factors as a product of the challenges facing our customers at that point in time. Approximately $5 billion net book value of these lower-yielding leases will mature by the end of 2026. As these leases mature and expire through 2026, we continue to be optimistic about lease rate extensions at significantly higher lease rates, or re-leasing to the next lessee at significantly higher lease rates, as we are seeing today.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Now at the same time we must recognize we are in an environment where interest rates have not fallen as rapidly as most of us expected a year ago. In fact, looking forward, it appears that interest rates will remain elevated for a longer period of time than we anticipated. Looking back over the past 24-plus months, it can still be said that overall, interest rates rose more than lease rates from their historic lows. Let me also remind you that we undertook a program several years ago to reduce our China content, and we have done so very effectively. That continued in 2024, wherein almost half of our aircraft sales were aircraft on lease to China. We made healthy gains on those sales, yet I want to remind you that those China leases were very profitable, in fact, some of our highest yielding leases, so this also affects our margins looking forward. With these factors, it is taking and will take a bit longer for increased lease margins being seen in our financial results. Nevertheless, we expect to see a moderately sized steady upward trajectory in fleet lease yields each year for the next three to four years based on our views of the market and assumptions around our sales activity and interest rate environment over the same period.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">At the same time, we are reaping the benefits of higher aircraft values in our aircraft sales. Strong commercial aircraft demand continues to support our sales efforts and gain on sale margins. Our gain on sale margins for fourth quarter &#8216;24 and full year &#8216;24 were very robust, reflecting this environment. Our sales pipeline remains solid at $1.1 billion, a consistently healthy gain on sale margins. We envision an overall sales outlook of about $1.5 billion for 2025, around $400 million of which is expected to close in the first quarter. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Given this overall backdrop, let me discuss capital allocation. For 2025, it&#8217;s going to be quite simple. We&#8217;ve told you that besides funding our orderbook, our top priority is to get back to our target debt-to-equity ratio of 2.5&#58;1. We expect to be there by the end of 2025, perhaps even earlier. So in 2025, we are focused first on debt reduction. Once we hit our target debt to equity level, we will, as always, consider all capital allocation avenues </font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">5</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">including incremental aircraft or fleet purchases, capital return to shareholders, M&#38;A possibilities, whichever we deem the best deployment of capital for our shareholders.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Let me conclude a bit off topic, but importantly, to comment on the tragic fires that devastated Los Angeles, our hometown, recently. You all read and saw firsthand the unprecedented devastation in our city. Despite a number of our employees being evacuated, I am incredibly thankful above all that none of our employees suffered the loss of their homes or any other tragedies. During this period of crisis, I am proud that the ALC team maintained normal business operations during this time without skipping a beat. At the same time we are all profoundly saddened by the loss of life and property of others less fortunate. Many of our employees spent time helping others in need and while we offered financial assistance to all employees for any fire-related housing or other costs, most declined, wishing instead that ALC make a meaningful contribution to those who saved our homes and our lives. As such, I&#8217;m pleased to advise that ALC is donating $0.5 million to L.A. City and County fire departments with our profound gratitude and heartfelt thanks.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So let me now turn the call over to Steve Hazy to offer some additional commentary. Steve&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Steven Udvar-Hazy&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Thank you, John. I&#8217;d first like to underscore John&#8217;s comments and my thanks to our team for their dedication to our company and our colleagues in the L.A. fires. I&#8217;m very proud of the way our team responded in offering help and assistance to each other as well as family, friends and neighbors in their communities to overcome the tragic destruction witnessed in Los Angeles during January.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">We are very pleased to report record revenues and fleet size during 2024, and view Air Lease as very well positioned for the current environment as we move forward in 2025 and beyond. Demand for commercial jet aircraft is extremely high, and our own fleet and large orderbook consists of some of the most attractive commercial aircraft types on the market. There&#8217;s rarely an airline customer meeting that goes by that we are not asked to find more aircraft for them, and nearly all of our leases maturing are being extended at very strong, profitable lease rates. The phenomenon of lease extension rates exceeding initial new aircraft lease rate is truly exceptional. Second leases are typically signed with a step down in the lease rate, given the depreciation of the aircraft over time, so it&#8217;s a pretty remarkable environment where lease rates are actually stepping up on a second lease to such high levels. As John noted, I do also point out that the drag of the lower yields of the restructured leases that we did during the pandemic and early deliveries in the pandemic season should begin to weigh less heavily on our overall fleet yield as the lower lease rate terms end and they&#8217;re extended at market rates with the existing airline or with a new airline. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Demand for our new commercial aircraft is being further supported by exceptionally strong passenger traffic volumes. According to recent data released by IATA, total passenger traffic volumes rose by more than 10% during 2024 versus 2023, reaching all-time record levels. International volumes were the strongest segment in the market, rising an amazing 14% year-over-year and practically, all markets growing in double digits or near very strong double-digit rates. Asia Pacific remains the leading international market globally, rising 25% </font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">6</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">during the year. While this dramatic pace of growth is likely to slow somewhat in the years ahead, as growth rates normalize, we continue to see this region as being a significant source of expansion worldwide. Latin America, the Middle East, Africa and Europe were growth leaders in the international segment last year. Domestic volumes, meanwhile, delivered a solid 6% rate of growth during the last year, which is more or less in line with the longer-term industry averages of approximately 2x the pace of GDP growth on a global level. Passenger load factors also continue to rise, reaching approximately an average of 84% for the full year of 2024. These are exceptionally robust levels, breaking records in a number of regions and markets. Asia Pacific region load factors, for example, achieved a record all-time high in 2024. 15 to 20 years ago, developing markets and international load factors were exciting if they moved into the high 70% range. While now some are approaching, and in some cases, even exceeding 90% load factor levels. High demand and low supply of commercial aircraft is certainly a component driving load factors to achieve these record levels. As a reminder, Air Lease clearly benefits from strong passenger traffic volume expansion, though we are not dependent on it, as we focus on replacing aging airline fleets with new technology fuel-efficient aircraft and economically profitable leases. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Much of the market focus on recent years has been on narrowbody supply&#47;demand imbalances, but I want to expand on John&#8217;s comments highlighting the widebody side as well. Widebody demand was more muted during the period in which the industry was recovering from the pandemic. But now things have changed. We are seeing extremely strong international passenger traffic over the last year or two and in particular, the shortfall of widebody availability is becoming increasingly apparent. This combination of accelerating widebody demand, relatively modest production rates and continued aging of the in-place operational widebody jets is developing into what we expect to be a protracted shortfall of good widebody aircraft over multiple years to come. John mentioned on the call the extension of six of our 777-300ER aircrafts to date in 2025. We&#8217;re also seeing the strengthening demand supporting similar dynamics to our other widebodies, including our A330s coming up for lease expiration. This backdrop of strong demand and limited production is appearing to repeat the same path and characteristics as witnessed in the narrowbody market already, which should definitely support strength in the value of our widebody fleet. It is very difficult to foresee a significant ramping up of OEM production rates that could address this expected shortfall, especially with the ongoing delays in the 777X program. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Wrapping up my comments, I&#8217;m very excited about Air Lease&#8217;s prospects for 2025 and beyond. We look forward to enjoying the higher lease rates on our new aircraft from our very sizable orderbook, along with robust lease rates on new extensions as further normalization of the yield curve over time which combined should be highly beneficial to our operating performance ahead. I will also remind you of the deep underlying value of our own fleet, which is carried at historical depreciated cost, as well as our orderbook positions, which are for slots well inside of any available aircraft from the OEMs and at prices that could not be duplicated at present. A significant part of the orderbook that we have today that is still yet to deliver were contracts that we negotiated in 2021. Our orderbook has significant value, and none of that is carried or reflected on our balance sheet at this time. </font></div><div><font><br></font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">7</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">I would like to now turn over the call to our CFO, Greg Willis, for his comments on our financial situation.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Gregory Willis&#58;  </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Thank you, Steve. And good afternoon, everyone. During the fourth quarter, Air Lease generated total revenues of $713 million, which was comprised of approximately $639 million of rental revenue and $74 million of aircraft sales, trading and other activities. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Rental revenue was in-line with the fourth quarter of &#8216;23, and lease yields remained essentially flat. Rental revenues have benefited from the growth of our fleet, offset by significantly lower end of lease revenue. As a reminder, we recognized $60 million in end of lease revenue in the prior period, which as compared to the current period, was $6 million. As we have messaged before, we continue to anticipate lower levels of end of lease revenue due to higher extension rates attributable to the supply shortage of commercial aircraft. As John discussed earlier, this environment has led to higher lease rates on extensions and has served to increase the value of these aircraft in our fleet.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Sales proceeds for the quarter approximated $540 million from the sale of 14 aircraft. These sales generated $65 million in gains, representing roughly a 14% gain on sale margin. We continue to expect to see healthy margins towards the upper end of our historical range of 8% to 10% based on our current sales pipeline of $1.1 billion. These gains continue to reflect the significant value embedded in our fleet, which we carry on the balance sheet at depreciated cost.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Moving on to expenses. Interest expense rose by approximately $38 million year-over-year, driven by a 37-basis-point increase in our composite cost of funds to 4.14% at year-end. Increased financing costs and higher debt balances were the primary contributors to the year-over-year increase in interest expense. However, as compared to the third quarter of &#8216;24, our composite rate declined slightly as we benefited from the Fed rate cuts in &#8216;24. At year-end, roughly 79% of our borrowings were fixed rate versus floating, just inside our 80% target. We continue to benefit from our largely fixed rate borrowings, which has meaningfully moderated the impact of the current interest rate environment. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Depreciation expense continues to track the growth of our fleet. SG&#38;A expense declined relative to the prior year, while also declining as a percentage of revenue relative to the prior year&#8217;s quarter. It&#8217;s also worth noting that we did benefit from a $67 million Russia insurance recovery in the fourth quarter of &#8216;23. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Moving on to our financing activities for the quarter. In mid-October, we redeemed our outstanding $250 million Series A preferred stock, utilizing the proceeds from the lower cost $300 million Series D preferred stock that we issued in the third quarter. During the fourth quarter, we raised approximately $1.3 billion in debt financings. This was comprised primarily of a $1 billion three-year syndicated unsecured bank term loan, priced at one month SOFR plus 1.125%. This capital is primarily sourced from new Asian banks helping us to grow our bank group to a global base of 83 financial institutions. Additionally, I&#8217;d like to </font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">8</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">highlight that we have launched a $2 billion commercial paper program in late January of this year. We believe our commercial paper program should serve to reduce our borrowing costs as CP rates at present are approximately 80 basis points lower than the rate on our revolving credit facility. The CP program also represents another funding channel to further diversify our access to capital.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Our debt-to-equity ratio at the end of the fourth quarter was 2.68x on a GAAP basis, which net of cash on the balance sheet, is approximately 2.6x, relatively flat quarter-over-quarter when adjusted for the impact of the timing difference of the preferred stock issuance and redemption last year. And with our lower CapEx outlook for the next few years, we anticipate reaching our leverage target by the end of the year, which should increase our financial flexibility. Our strong liquidity position of $8.1 billion as of quarter end, $30 billion of unencumbered asset base and $30 billion of contracted rentals remain key pillars of the strength of our business.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">As John and Steve outlined, we expect our portfolio lease yields to steadily increase at a moderate pace over the next several years. This is driven by an increase in yields on our attractively placed orderbook aircraft delivering over the next several years, higher-than-anticipated lease extension rates, given the strong market dynamics that we see persisting through the next several years. The continued seasoning of our existing fleet and the roll-off of our Covid-era leases. However, turning to margins, we still expect to experience some headwinds given the current elevated interest rate environment, which look to keep our adjusted margins in &#8216;25 generally around the levels we recorded in &#8216;24. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">With that, I&#8217;d like to turn the call back over to Jason for the question and answer session of the call.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Jason Arnold&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Thanks very much, Greg. This concludes our prepared commentary and remarks. For the question and answer session, we ask each participant to limit their time to one question and one follow-up. (Krista), please open the line for the Q&#38;A session.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Operator&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">(Operator Instructions) And your first question comes from the line of Catherine O&#8217;Brien with Goldman Sachs.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Catherine O&#8217;Brien&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> So I think your comments on some of the puts and takes around lease margins and ROE. China is a bit of a headwind this year.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Some of the lease renewals are going to be a tailwind over the coming years.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Obviously, it&#8217;s a bit of a slow-moving ship as you turn through the portfolio.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But can you just walk us through, what do you think gets you back to mid-teen adjusted pretax ROEs that you saw before the pandemic&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Or do you think that&#8217;s achievable&#63;</font></div><div><font><br></font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">9</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">And just any rough sense of the timeline would be great.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">John Plueger&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  Sure. Thanks, Catie. I&#8217;ll take that, and then I&#8217;ll ask Greg to comment. I think yes, I do think we are going to be able to achieve that mid-teens level that you spoke about, but it&#8217;s going to take two to three more years. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">And we&#8217;ve outlined the factors on the positive side and any headwinds.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But given all that in consideration, I do believe that&#8217;s a reasonable timeframe outlook in the two- to three-year timeframe.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Gregory Willis&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Yes.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">I think obviously the big question is around the timing of interest rates and lease rates as well.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">I mean -- but at the end of the day we -- obviously when it comes to capital allocation too, those are other factors that we have.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But I don&#8217;t see any impediment of reaching our ROE targets over a longer period of time. It&#8217;s just a question of how lease rates and interest rates evolve.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Catherine O&#8217;Brien&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Got it. Makes sense.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Then I&#8217;m assuming your comment on reaching your leverage target is based on just core business trends, but correct me if I&#8217;m wrong&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Based on what you see in the market right now between incremental aircraft M&#38;A or the value of AL shares, if you were to get back to your target debt to equity faster than you currently expect, what will be the right choice for AL shareholders&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">John Plueger&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">We&#8217;ll make that determination at that time, Catie.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Steven Udvar-Hazy&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  But they&#8217;re all on top of our list. I view capital allocation as very important, with a view toward maximizing the value to our shareholders.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Once we get to the 2.5x area, which will hopefully happen sometime in the second half of this year, our Board will consider multiple scenarios including initiating a buyback program.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">John Plueger&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> And one other appendage to that, Catie. I mean it should be obvious, but also when you&#8217;re looking at capital return to shareholders and our current stock price has a major bearing on that.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So we never predict where that will be.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But obviously as you know, that&#8217;s a key consideration.</font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">10</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Operator&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  Your next question comes from the line of Terry Ma with Barclays.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Terry Ma&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Thank you. Good afternoon.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So I appreciate the comments on the direction of the overall fleet lease yield over the next few years.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But when you kind of factor in the forward curve and your planned funding needs, should we expect the net spread margin to go up by a similar amount&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Or is that going to be kind of depressed by just overall funding or interest rates&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">John Plueger&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Greg&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Gregory Willis&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  Yes. I think for &#8216;25, we thought that we&#8217;d be around the same levels as we did in &#8216;24. A lot of that depends on what happens with interest rates.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">I mean it&#8217;s nice to see a nice, steady grind up of the lease yield over time. Which I think is a pretty powerful lever, but it does take time to make its way through the business.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Terry Ma&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Got it.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Okay.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Then on the leases that you extended in the fourth quarter, like should we expect kind of the incremental pickup in yield rental revenue to kind of flow through in the first quarter&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Then any more color on the cadence of the remaining renewals&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Gregory Willis&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  Yes. I think it -- those that were signed in Q4 will roll through in &#8216;25.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Then as we work through the $5 billion of airplanes that are rolling off over the next two years. I think that will also provide an uplift to lease yields.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So I think you should expect a steady grind higher on the top line.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Then, I guess finally, you need to factor in, we don&#8217;t see the market changing given the supply&#47;demand dynamics that are in play.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So we still see airplane shortages extending three to four years based upon what&#8217;s going on, on the production side.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So I think that&#8217;s going to create a shortage of airplanes that is going to contribute to both aircraft values and lease rates being strong for the next several years.</font></div><div><font><br></font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">11</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Steven Udvar-Hazy&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Yes. And coupled, Greg and John, with the expirations of those leases that we renegotiated during Covid &#8211; as those progressively liberate us and allow us to get back to market lease rates, either by extension or repositioning those aircraft to new lessees. That will have a continual upward trend on the overall corporate lease yield.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Operator&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Your next question comes from the line of Jamie Baker with JPMorgan.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Jamie Baker&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> So an argument that -- well a debate that Mark Streeter and I were having -- because we don&#8217;t really argue.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Have you thought about even greater aircraft sales into this strong market as a means of potentially improving the value proposition of the equity&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Or is the preference just to maintain the current level of sales and then wait for that pickup in deliveries at some point down the road&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Does that make sense&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">John Plueger&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Yes.</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Steven Udvar-Hazy&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> We are looking at that carefully.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">John Plueger&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  Sorry. Let me just quickly start.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Then Steve will turn it over to you.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">As I said in my remarks, we&#8217;re looking to be about $1.5 billion in sales in 2025.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">That&#8217;s pretty close to the $1.7 billion we had in 2024. Sales programs are largely also opportunistic.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">In the prior quarter, I also talked about the fact that we&#8217;re being approached from fairly significant buyers who want to do larger scale managed portfolios.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So with all these factors, we have to look at opportunities and what&#8217;s in front of us.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But generally speaking, I think we&#8217;re biased towards keeping about the same level of sales proceeds &#8211; that seems to be a good balance every year. If there is a strongly compelling reason why we should sell x amount of more, we&#8217;ll take a look at it.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But I think currently, our plans are to remain about our current levels.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Jamie Baker&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  Okay.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Steve, anything to add to that&#63;</font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">12</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Steven Udvar-Hazy&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> I think we&#8217;re also are very interested in developing structures where we still maintain the relationships with the airline customer and bring in passive institutional investors into a managed structure vehicle where we have a small equity stake, but we have a large portion of the profitability in the end of lease disposition of those aircraft and a sizable management fee during the tenure of these arrangements.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So that could be an avenue where we may add some additional assets and transfer them to these new entities.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Jamie Baker&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  Okay. That&#8217;s helpful. All good points.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Then second, and I guess this gets back to the comment that Greg made in the prior question about the steady grind. AerCap had this slide that showed the percentage of, let&#8217;s call it, sort of cold, medium and hot leases as a percentage of total for each year.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">The cold leases being the least profitable in reflecting aircraft that were placed at the bottom of the market. And again Steve, you commented on this just a moment ago.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But if we were to focus just on those less profitable leases at Air Lease, would you have an estimate for 2024, &#8216;25 and &#8216;26 as to what percentage of the book they represent&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Just trying to put a visual behind the burning off of these leases as they are being overtaken by the stronger deals that you&#8217;ve been talking about ever since John&#8217;s prepared remarks.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">I hope that&#8217;s clear.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">John Plueger&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Greg, do you want to talk about that&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Gregory Willis&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Yes.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">We don&#8217;t have the page in front of us, but we&#8217;re familiar with the numbers, and that&#8217;s why we tried to give the color in the prepared remarks about a $5 billion worth of aircraft that were Covid-era leases that are rolling off over the next two years.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">I think you can take that as a ratio of the overall fleet. That was our attempt to give some color about how quickly the lease yield can move forward.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Operator&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Your next question comes from the line of Moshe Orenbuch with TD Cowen.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Moshe Orenbuch&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> I apologize for some of the background noise here.</font></div><div><font><br></font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">13</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">As you look, John, at these lease renewals that are going on, are those getting better in this environment&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Like in other words, if you think about where they&#8217;ll be in &#8216;25 and &#8216;26 versus what you mentioned in terms of up slightly for narrowbodies, flat for widebodies. Is that improving in this environment or have they peaked&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">John Plueger&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  Yes. The answer is unequivocally, yes. The examples I gave on the extensions we executed in the fourth quarter on the single-aisles, where the lease rates were higher than the initial term. And about flat on the widebodies, both of those are against the backdrop of typically lease rates step down after the initial lease term on new aircraft. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">And so this is a very significant element that we see, and we see it continuing to strengthen in 2025 as we look at our leases that are subject to extension and that we&#8217;re discussing right now.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So look at it on a very robust level.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Moshe Orenbuch&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  But if you were at your leverage target today and everything is as it was today in other words, a lower level of deliveries into 2025, what would be at the top of your list for deploying capital&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Would it be -- would you be looking at sale leasebacks&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Would you be looking at a stock buyback with where the stock is&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Like could you maybe talk about that from a hypothetical standpoint&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">John Plueger&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Well from a hypothetical standpoint, I would just say based on where our stock is today, we look at that very, very strongly, and it&#8217;s a compelling value today. Having said that, as I said earlier, we&#8217;ll make that determination at such time when we get to our debt equity ratio.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But just know very certainly that this is a very strong possible avenue for the company.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But again, we withhold our decisions on that until such time as we are where we want to be.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Gregory Willis&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  Especially when you&#8217;re selling aircraft at a 14% premium to their carrying values and your stock is trading well above.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Moshe Orenbuch&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Right.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Operator&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Your next question comes from the line of Hillary Cacanando with Deutsche Bank.</font></div><div><font><br></font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">14</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Hillary Cacanando&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So this question is more high level and not specific to your insurance situation.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So I&#8217;m hoping you could answer it.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But I was wondering if there&#8217;s a ceasefire agreement between Russia and Ukraine, could there be any impact to the lessors&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">I guess more specifically, do you think there&#8217;s any chance that Russia can try to return the aircraft to the lessors, which I don&#8217;t think the lessors would want.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">I don&#8217;t know if that&#8217;s even a possibility.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But I wanted to see if there&#8217;s any like high-level thoughts you could provide on a possible ceasefire.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">John Plueger&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Hillary, we&#8217;re just not going to comment on that.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Sorry.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Hillary Cacanando&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Okay.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Okay. I figured as much.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Then I guess when you talked about taking two to three years to get to the mid-teen level returns, are you assuming that interest rates remain at the same at the current level if there&#8217;s an interest rate hike&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Or is there are more cuts this year, will that two- to three-year assumption change&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">John Plueger&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Greg&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Gregory Willis&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> I think a lot of it depends on where interest rates are. I mean I think the mid-teen target is more of a longer-term target because there&#8217;s nothing fundamentally different in our business today. It&#8217;s just going to take a little bit of time for that stuff to make its way through our $30 billion balance sheet.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So if anything, I would emphasize that it&#8217;s going to take time to make it work its way through and some of it, of course will depend on how quickly and in which direction interest rates move.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Steven Udvar-Hazy&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Also the cut in interest rates only affect our incremental borrowings. All of our existing bonds that were issued two, three, four years ago and do not roll off in this period, the interest rate on those bonds is what it is.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">We can&#8217;t change that.</font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">15</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But if interest rates improve for us, it will affect all of our short-term bank borrowings and any new bond offerings.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But as Greg said, that number would have to be pretty substantial to have a major impact on the portfolio debt coming down proportionately.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Operator&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Your next question comes from the line of Stephen Trent with Citi.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Stephen Trent&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> A quick one here, two quick ones here. First, when you think about what we know about tariffs today and I know there&#8217;s not a lot of information, but is it conceivable that leasing could actually gain a little favor over aircraft purchases in the case of Airbus or Embraer customers here that the impact of a tariff could be rolled over the long life of a lease as opposed to a onetime hit from purchasing on spot or -- and I know there&#8217;s not a lot of information. I&#8217;m just sort of high level, trying to get my brain around it.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Steven Udvar-Hazy&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Well the first answer is that any tariffs or taxes on these type of transactions involving leasing or finance lease, operating lease, the airline, the lessee airline operator, is responsible for any such tariffs or duties or taxes. The second point I want to make is that a very large percentage of Airbus aircraft are either manufactured in the U.S., components, engines, avionics.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Same goes for Boeing. A lot of the components that go to Boeing aircraft are manufactured outside the United States.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So it&#8217;s going to be a pretty complex calculation to figure out what percentage of an Airbus A321 is U.S.-made even if it&#8217;s built in Europe versus being built here in Mobile, Alabama.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">The same thing with Boeing. I mean big components of the 787s and 737s are manufactured outside the U.S.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Stephen Trent&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Very helpful. Definitely appreciate the color. And just one other high level one for you here. I think on some of the previous calls, you guys have not expected aircraft supply to normalize for a couple of years.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">What you&#8217;re seeing in the tea leaves from your suppliers, have your views on that changed at all&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Do you still think we&#8217;re a couple of years away from normalization of aircraft production&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">John Plueger&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> No. Views have not changed whatsoever.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">We see this over multi years, we don&#8217;t see any change at all.</font></div><div><font><br></font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">16</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">We think aircraft are still going to be in short supply. The manufacturers are not going to achieve nearly the rate of production that they would want to achieve or they would need to make up for the last several years.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So we&#8217;re quite convinced we&#8217;re in this for a fairly long period of time.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Operator&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Your next question comes from the line of Ron Epstein with Bank of America.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Ronald Epstein&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  </font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So maybe just following up on Steve&#8217;s last question. Do you have any sense when the industry will actually be back in equilibrium&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">I mean how long is it going to take the industry to dig itself out of the hole in terms of the shortage of supply&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Steven Udvar-Hazy&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> If anything, Ron, we have been stretching out that timeframe, not shortening it. I&#8217;ll give you an example. The appetite of the airlines for spare engines to cover for engines that are in the shop for much longer periods and with longer lead times to an overhaul facility, to even just get in, creates a shortage of new engines.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Because today a larger percentage of the production of CFM LEAP, GTS engines and even Rolls-Royce Trent engines, are being allocated to cover airline operations today &#8211; AOGs today.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So that is a constraining factor on both Boeing and Airbus&#58; getting enough engines to be able to increase production rates.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So that&#8217;s one factor.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">The second factor is that during the pandemic, a lot of the smaller subcontractors for both airframe and engines and avionics and DSE, seats and galleys, reduced their staffing and cut back on their infrastructure. And now they&#8217;re being asked again to ramp it up, which means they have to invest more in machinery, in digital tools, get their hands on labor that&#8217;s trained.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">And so those are all factors that are limiting the ability of the supply chain to get back to what you said was pre-pandemic levels.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">It&#8217;s not an overnight process, as you can imagine.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But I would say the engine situation is the most visible to us in all the discussions we have with airlines.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Ronald Epstein&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> And would you say the airlines are getting accustomed to flying older equipment, meaning that maybe your leases will just last longer for the foreseeable period of time&#63;</font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">17</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Steven Udvar-Hazy&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Yes. We&#8217;re seeing that.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> We&#8217;re seeing that particularly in North America, where with the refurbished old Northwest Airlines A320ceo, that&#8217;s more than 25, in some cases, 30 years old, with a refreshed interior, the customer who gets on the jetway doesn&#8217;t have any clue how old that aircraft is because most of them have been freshened up.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So a lot of the 767s, earlier generation 737s, A320s, A321s &#8211; are staying in service longer than what was originally anticipated.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">This is to cover growth in traffic, as well as the delays in the deliveries that they&#8217;ve contracted for us.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">All of that leads to us being asked to provide more aircraft than we have, where supply is limited and demand far outpaces our ability to get enough new airplanes.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Ronald Epstein&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Then maybe just one last related question. And again this would be constrained by the supply chain, of course. Kind of all else being equal, do you think that the industry needs a third supplier now&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Because it seems like two isn&#8217;t enough.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Steven Udvar-Hazy&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Well if you look at the size of the overall commercial jet population and the forecast that it&#8217;s going to grow to about 40,000 airplanes in the next six or seven years, there&#8217;s definitely room for a third party.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But I think that third party and the one that&#8217;s talked about most is Embraer, would need a partner in that program that has financial key pockets.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But that is one possible alternative.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">I know the guys down in Brazil are working on that very hard. The big question in our mind, Ron, is what engines would go on that airplane.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Because if it&#8217;s the same old catalog, Leap 1A or 1B or the current GTS, which hopefully will get upgraded in 2027 &#8211; what engine would somebody put on that&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Because that is a big factor, there needs to be a step change improvement in the propulsion system. Not so much on fuel burn, but more on reliability, dependability and life on the wing.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Ronald Epstein&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Yes. That makes sense.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Okay cool. Thank you.</font></div><div><font><br></font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">18</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Operator&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Your Next question comes from the line of Catherine O&#8217;Brien with Goldman Sachs.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Catherine O&#8217;Brien&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  I just wanted to come back to the $5 billion number you gave. It was really helpful to helping us think through like what percentage of book values tied to these Covid-era leases over the next couple of years. Just in very rough numbers, understanding the backdrop might be different today.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">It doesn&#8217;t sound like that&#8217;s what you guys think, sounds like you think it might even be better.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But if you could snap your fingers and write those leases at today&#8217;s lease rates, like what would the upside be on that pool of aircraft&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Steven Udvar-Hazy&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">It&#8217;s hard to say because it depends on the airlines, the length of the lease extension or the economics of shifting the aircraft in other airlines.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But the numbers could be anywhere from 30% to 50% higher than the lease rates we currently enjoy.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So as these leases come off that sort of charity period, I call it, to our customers to keep them alive and kicking, as those progressively come off between now and the fourth quarter of 2026, we are going to see marked improvement in the lease yields on those aircraft, especially since they&#8217;re being depreciated.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So the factor of the depreciated cost versus lease rate is going to be improving every quarter, once these charity periods are over.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Catherine O&#8217;Brien&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Yes.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So doubly beneficial to lease yield.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Steven Udvar-Hazy&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> But Greg can give you color. Greg can comment on how much of this comes off every quarter or every six months.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Gregory Willis&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  Yes. I mean we gave some color that we thought that would modestly increase over the next four years. I think what that means is somewhere between 150 to 200 basis points in yield improvement over that period of time over the four-year period.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Catherine O&#8217;Brien&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Per year, Greg, or the total period, sorry&#63;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Gregory Willis&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">No. In total. Cumulatively.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">John Plueger&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">  Keep in mind, Catie, we&#8217;ve got basically just about a $30 billion net book of aircraft.</font></div><div><font><br></font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">19</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So these significant lease rate increases are very, very helpful.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">But it&#8217;s trying to steer a pretty big aircraft carrier.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">So it just takes a little bit more time to push the carrier around versus a little speedboat.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Operator&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> And that concludes our question and answer session. Mr. Arnold, I&#8217;ll turn the call back over to you.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Jason Arnold&#58; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%"> Thanks everyone, for participating in our fourth quarter call.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">We look forward to speaking with you again next quarter. Krista, thanks for your assistance. Please disconnect the line.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:115%">Operator&#58;  </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:115%">Ladies and gentlemen. this does conclude today&#8217;s conference call. Thank you for your participation. You may now disconnect.</font></div><div style="height:87.44pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10.5pt;font-weight:400;line-height:115%">20</font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>3
<FILENAME>al-20250213.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2025 Workiva-->
<!--r:9e80eb7b-310a-4bfa-a649-4153633e5b3a,g:562106cd-e9d9-49d9-a426-f08db3baf4de-->
<xs:schema xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:al="http://www.airleasecorp.com/20250213" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:dtr-types1="http://www.xbrl.org/dtr/type/2020-01-21" attributeFormDefault="unqualified" elementFormDefault="qualified" targetNamespace="http://www.airleasecorp.com/20250213">
  <xs:import namespace="http://fasb.org/us-gaap/2023" schemaLocation="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
  <xs:import namespace="http://www.xbrl.org/dtr/type/2020-01-21" schemaLocation="https://www.xbrl.org/dtr/type/2020-01-21/types.xsd"/>
  <xs:import namespace="http://xbrl.sec.gov/dei/2023" schemaLocation="https://xbrl.sec.gov/dei/2023/dei-2023.xsd"/>
  <xs:annotation>
    <xs:appinfo>
      <link:linkbaseRef xmlns:xlink="http://www.w3.org/1999/xlink" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="al-20250213_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:type="simple"/>
      <link:linkbaseRef xmlns:xlink="http://www.w3.org/1999/xlink" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="al-20250213_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:type="simple"/>
      <link:linkbaseRef xmlns:xlink="http://www.w3.org/1999/xlink" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="al-20250213_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:type="simple"/>
      <link:roleType id="CoverPageCoverPage" roleURI="http://www.airleasecorp.com/role/CoverPageCoverPage">
        <link:definition>0000001 - Document - Cover Page Cover Page</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
    </xs:appinfo>
  </xs:annotation>
  <xs:element id="al_SeriesAMediumTermNotesMember" abstract="true" name="SeriesAMediumTermNotesMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>4
<FILENAME>al-20250213_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2025 Workiva-->
<!--r:9e80eb7b-310a-4bfa-a649-4153633e5b3a,g:562106cd-e9d9-49d9-a426-f08db3baf4de-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/all" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all"/>
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension"/>
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default"/>
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain"/>
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member"/>
  <link:roleRef roleURI="http://www.airleasecorp.com/role/CoverPageCoverPage" xlink:type="simple" xlink:href="al-20250213.xsd#CoverPageCoverPage"/>
  <link:definitionLink xlink:role="http://www.airleasecorp.com/role/CoverPageCoverPage" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInformationLineItems"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntitiesTable_d87943c6-7b36-439d-ad19-3bbd8a5e10b1" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitiesTable"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntitiesTable_d87943c6-7b36-439d-ad19-3bbd8a5e10b1" xlink:type="arc" order="1" xbrldt:closed="true" xbrldt:contextElement="segment"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementClassOfStockAxis_c82cf635-75de-41d6-abea-97425496c4ec" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementClassOfStockAxis"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_dei_EntitiesTable_d87943c6-7b36-439d-ad19-3bbd8a5e10b1" xlink:to="loc_us-gaap_StatementClassOfStockAxis_c82cf635-75de-41d6-abea-97425496c4ec" xlink:type="arc" order="1"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockDomain_c82cf635-75de-41d6-abea-97425496c4ec_default" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ClassOfStockDomain"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementClassOfStockAxis_c82cf635-75de-41d6-abea-97425496c4ec" xlink:to="loc_us-gaap_ClassOfStockDomain_c82cf635-75de-41d6-abea-97425496c4ec_default" xlink:type="arc" order="1"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockDomain_97f61df9-4b22-4a95-8a5b-681ee730b9fd" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ClassOfStockDomain"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementClassOfStockAxis_c82cf635-75de-41d6-abea-97425496c4ec" xlink:to="loc_us-gaap_ClassOfStockDomain_97f61df9-4b22-4a95-8a5b-681ee730b9fd" xlink:type="arc" order="1"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonClassAMember_fed97884-cb28-4998-b38d-72937439a033" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonClassAMember"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_97f61df9-4b22-4a95-8a5b-681ee730b9fd" xlink:to="loc_us-gaap_CommonClassAMember_fed97884-cb28-4998-b38d-72937439a033" xlink:type="arc" order="0"/>
    <link:loc xlink:type="locator" xlink:label="loc_al_SeriesAMediumTermNotesMember_3821db6b-f7ba-4c6c-8406-1e571fae9965" xlink:href="al-20250213.xsd#al_SeriesAMediumTermNotesMember"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ClassOfStockDomain_97f61df9-4b22-4a95-8a5b-681ee730b9fd" xlink:to="loc_al_SeriesAMediumTermNotesMember_3821db6b-f7ba-4c6c-8406-1e571fae9965" xlink:type="arc" order="1"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType_ba4e421e-b36b-4cd3-a477-0f63a291c5cd" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_DocumentType_ba4e421e-b36b-4cd3-a477-0f63a291c5cd" xlink:type="arc" order="0"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate_fd9575ac-7a3f-47e1-94d8-5eb70a786d72" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_DocumentPeriodEndDate_fd9575ac-7a3f-47e1-94d8-5eb70a786d72" xlink:type="arc" order="1"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName_f2ad21fe-03c2-44ec-8fcd-cec68d8dda96" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityRegistrantName_f2ad21fe-03c2-44ec-8fcd-cec68d8dda96" xlink:type="arc" order="2"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode_fe4cb642-373d-4342-85d4-8e49c5aaa256" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityIncorporationStateCountryCode_fe4cb642-373d-4342-85d4-8e49c5aaa256" xlink:type="arc" order="3"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber_f5961de9-7f09-4270-bf10-5353469ba1d0" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityFileNumber_f5961de9-7f09-4270-bf10-5353469ba1d0" xlink:type="arc" order="4"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber_9d261daf-892f-4d85-b047-2e0a704b6f67" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityTaxIdentificationNumber_9d261daf-892f-4d85-b047-2e0a704b6f67" xlink:type="arc" order="5"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1_65387109-ec88-4937-b197-feeffa7d1285" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityAddressAddressLine1_65387109-ec88-4937-b197-feeffa7d1285" xlink:type="arc" order="6"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine2_0e63eccc-a608-4f8e-8775-649ea6ac3ab4" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityAddressAddressLine2_0e63eccc-a608-4f8e-8775-649ea6ac3ab4" xlink:type="arc" order="7"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown_0920f188-7ee1-4ec5-a481-a76a842011c4" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityAddressCityOrTown_0920f188-7ee1-4ec5-a481-a76a842011c4" xlink:type="arc" order="8"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince_783bf922-dfec-4ad4-adc8-e1efe0e76472" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityAddressStateOrProvince_783bf922-dfec-4ad4-adc8-e1efe0e76472" xlink:type="arc" order="9"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode_a36b9ab0-76ff-4ed5-8a23-96e080c20240" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityAddressPostalZipCode_a36b9ab0-76ff-4ed5-8a23-96e080c20240" xlink:type="arc" order="10"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode_5436ebe9-fbb5-4987-8860-dc671013216a" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_CityAreaCode_5436ebe9-fbb5-4987-8860-dc671013216a" xlink:type="arc" order="11"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber_4454b071-be46-4557-8db9-3767c8586a7c" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_LocalPhoneNumber_4454b071-be46-4557-8db9-3767c8586a7c" xlink:type="arc" order="12"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_WrittenCommunications_e1123390-1938-4d09-8003-9feebe8953f4" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_WrittenCommunications_e1123390-1938-4d09-8003-9feebe8953f4" xlink:type="arc" order="13"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SolicitingMaterial_ff4955a4-6c61-492f-b106-0bd06ea3144a" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_SolicitingMaterial_ff4955a4-6c61-492f-b106-0bd06ea3144a" xlink:type="arc" order="14"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementTenderOffer_5041dfa6-6867-4cd8-9d90-03eb027729dd" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_PreCommencementTenderOffer_5041dfa6-6867-4cd8-9d90-03eb027729dd" xlink:type="arc" order="15"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementIssuerTenderOffer_e7dc33c3-c654-4d5b-8843-1a0fb933d100" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_PreCommencementIssuerTenderOffer_e7dc33c3-c654-4d5b-8843-1a0fb933d100" xlink:type="arc" order="16"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle_9826639a-5e9a-4791-a111-9acae7e0bcef" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_Security12bTitle_9826639a-5e9a-4791-a111-9acae7e0bcef" xlink:type="arc" order="17"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol_c30a04a2-644a-438c-bc84-6ecc10c538e7" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_TradingSymbol_c30a04a2-644a-438c-bc84-6ecc10c538e7" xlink:type="arc" order="18"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName_0238026b-1338-4af9-9ffe-0530dfd5283e" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_SecurityExchangeName_0238026b-1338-4af9-9ffe-0530dfd5283e" xlink:type="arc" order="19"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany_798d0b4e-1312-4f1a-8f45-3c9edbcd4d62" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityEmergingGrowthCompany_798d0b4e-1312-4f1a-8f45-3c9edbcd4d62" xlink:type="arc" order="20"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey_987026d6-6e42-4dc5-9033-d417b8104c54" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityCentralIndexKey_987026d6-6e42-4dc5-9033-d417b8104c54" xlink:type="arc" order="21"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag_1c5716b4-f7dd-4c93-88e5-af47ed8f2002" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag"/>
    <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_AmendmentFlag_1c5716b4-f7dd-4c93-88e5-af47ed8f2002" xlink:type="arc" order="22"/>
  </link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>al-20250213_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2025 Workiva-->
<!--r:9e80eb7b-310a-4bfa-a649-4153633e5b3a,g:562106cd-e9d9-49d9-a426-f08db3baf4de-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/netLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel"/>
  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel"/>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="lab_dei_EntityInformationLineItems_b2f70e4e-6cce-4110-83cc-009b8b962f32_terseLabel_en-US" xlink:label="lab_dei_EntityInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Information [Line Items]</link:label>
    <link:label id="lab_dei_EntityInformationLineItems_label_en-US" xlink:label="lab_dei_EntityInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Information [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityInformationLineItems" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInformationLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInformationLineItems" xlink:to="lab_dei_EntityInformationLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentPeriodEndDate_67514f98-1d1e-4c55-9c33-68b28aeeb5d9_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_PreCommencementTenderOffer_0d6efd9f-439e-4c87-a3ff-6bf72cb89cba_terseLabel_en-US" xlink:label="lab_dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementTenderOffer_label_en-US" xlink:label="lab_dei_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementTenderOffer" xlink:to="lab_dei_PreCommencementTenderOffer" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_ClassOfStockDomain_14738c61-761d-4242-9db1-3b924a444689_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class of Stock [Domain]</link:label>
    <link:label id="lab_us-gaap_ClassOfStockDomain_label_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class of Stock [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockDomain" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ClassOfStockDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockDomain" xlink:to="lab_us-gaap_ClassOfStockDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_al_SeriesAMediumTermNotesMember_70680b61-7c6f-41c4-93c1-d953c5476f1e_terseLabel_en-US" xlink:label="lab_al_SeriesAMediumTermNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Series A Medium-Term Notes</link:label>
    <link:label id="lab_al_SeriesAMediumTermNotesMember_label_en-US" xlink:label="lab_al_SeriesAMediumTermNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Series A Medium-Term Notes [Member]</link:label>
    <link:label id="lab_al_SeriesAMediumTermNotesMember_documentation_en-US" xlink:label="lab_al_SeriesAMediumTermNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Series A Medium-Term Notes</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_al_SeriesAMediumTermNotesMember" xlink:href="al-20250213.xsd#al_SeriesAMediumTermNotesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_al_SeriesAMediumTermNotesMember" xlink:to="lab_al_SeriesAMediumTermNotesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_SolicitingMaterial_c374440e-f031-44fd-a289-6e3af1849c03_terseLabel_en-US" xlink:label="lab_dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Soliciting Material</link:label>
    <link:label id="lab_dei_SolicitingMaterial_label_en-US" xlink:label="lab_dei_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Soliciting Material</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SolicitingMaterial" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SolicitingMaterial" xlink:to="lab_dei_SolicitingMaterial" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CityAreaCode_1ca91641-fc0a-44f9-9f09-5a825813ccb3_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressPostalZipCode_0b5acffe-1e23-41f3-9589-9b177f7701b7_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCentralIndexKey_0d713f17-d13f-4f0c-ada3-f2495cf27f3e_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:label id="lab_dei_EntityCentralIndexKey_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressCityOrTown_60625399-e596-48d8-8903-f8b7fe20319a_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_SecurityExchangeName_b2ed8be1-c82f-4d1c-b98b-422ef9ade5e1_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
    <link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_Security12bTitle_fafedab4-885a-4321-9d81-31386c58b2cc_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_WrittenCommunications_fe333dac-aa17-43c4-9981-2e9ab78fc59e_terseLabel_en-US" xlink:label="lab_dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Written Communications</link:label>
    <link:label id="lab_dei_WrittenCommunications_label_en-US" xlink:label="lab_dei_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Written Communications</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_WrittenCommunications" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_WrittenCommunications" xlink:to="lab_dei_WrittenCommunications" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_LocalPhoneNumber_a91e2750-c425-4bf4-85c0-c92b27206f4e_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_TradingSymbol_3781a6fd-16df-4c07-9cb8-943dab584fb4_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
    <link:label id="lab_dei_TradingSymbol_label_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_4a7c54c0-c7a8-4429-b32b-a291bd3a1243_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressStateOrProvince_7d48e62b-b11c-4a8a-a00d-1d72a8acbee0_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_b8c487f9-44e6-43eb-af35-e12058161574_terseLabel_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:label id="lab_dei_PreCommencementIssuerTenderOffer_label_en-US" xlink:label="lab_dei_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementIssuerTenderOffer" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_PreCommencementIssuerTenderOffer" xlink:to="lab_dei_PreCommencementIssuerTenderOffer" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_CoverAbstract_81963621-e8a4-48fc-a3b1-65a3e2de844a_terseLabel_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cover page.</link:label>
    <link:label id="lab_dei_CoverAbstract_label_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cover [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CoverAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CoverAbstract" xlink:to="lab_dei_CoverAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_441627b9-3ac6-4968-bd28-4afdb8dff6b4_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_CommonClassAMember_6fa4f72d-5ec4-402f-9b9e-3bc20bc44bc3_terseLabel_en-US" xlink:label="lab_us-gaap_CommonClassAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class A Common Stock</link:label>
    <link:label id="lab_us-gaap_CommonClassAMember_label_en-US" xlink:label="lab_us-gaap_CommonClassAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Class A [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonClassAMember" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonClassAMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonClassAMember" xlink:to="lab_us-gaap_CommonClassAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentType_13153362-72d2-4464-9427-5999d3622887_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AmendmentFlag_afac1eae-3b22-4297-89d9-ad6a98612f0f_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:label id="lab_dei_AmendmentFlag_label_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_us-gaap_StatementClassOfStockAxis_47c1990a-4811-4f8f-a1d9-cc03cef599d2_terseLabel_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Class of Stock [Axis]</link:label>
    <link:label id="lab_us-gaap_StatementClassOfStockAxis_label_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Class of Stock [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementClassOfStockAxis" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementClassOfStockAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementClassOfStockAxis" xlink:to="lab_us-gaap_StatementClassOfStockAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityFileNumber_c3c5e06e-e347-43b5-ade3-c88b3c782b89_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntitiesTable_e5bd6fef-7fc9-43b4-b538-1f1ef470dc81_terseLabel_en-US" xlink:label="lab_dei_EntitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entities [Table]</link:label>
    <link:label id="lab_dei_EntitiesTable_label_en-US" xlink:label="lab_dei_EntitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entities [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntitiesTable" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitiesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntitiesTable" xlink:to="lab_dei_EntitiesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_4c79c36e-0ef7-4d18-ace7-9d13398f46c0_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:label id="lab_dei_EntityTaxIdentificationNumber_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Tax Identification Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine1_364484c9-e21b-4ddf-9ce4-b866f9422112_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine1_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine2_8ba9af7b-1205-4db6-aad9-972724058c73_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line Two</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine2_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine2" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine2" xlink:to="lab_dei_EntityAddressAddressLine2" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityRegistrantName_9e9e3a82-0c6c-4ee3-9a59-f18bf7e756e3_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:label id="lab_dei_EntityRegistrantName_label_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>al-20250213_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2025 Workiva-->
<!--r:9e80eb7b-310a-4bfa-a649-4153633e5b3a,g:562106cd-e9d9-49d9-a426-f08db3baf4de-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.airleasecorp.com/role/CoverPageCoverPage" xlink:type="simple" xlink:href="al-20250213.xsd#CoverPageCoverPage"/>
  <link:presentationLink xlink:role="http://www.airleasecorp.com/role/CoverPageCoverPage" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract_b93ead0f-7537-4ea7-b54b-a8ec36a7eaba" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CoverAbstract"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntitiesTable_d87943c6-7b36-439d-ad19-3bbd8a5e10b1" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitiesTable"/>
    <link:presentationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_CoverAbstract_b93ead0f-7537-4ea7-b54b-a8ec36a7eaba" xlink:to="loc_dei_EntitiesTable_d87943c6-7b36-439d-ad19-3bbd8a5e10b1" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementClassOfStockAxis_c82cf635-75de-41d6-abea-97425496c4ec" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementClassOfStockAxis"/>
    <link:presentationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntitiesTable_d87943c6-7b36-439d-ad19-3bbd8a5e10b1" xlink:to="loc_us-gaap_StatementClassOfStockAxis_c82cf635-75de-41d6-abea-97425496c4ec" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockDomain_97f61df9-4b22-4a95-8a5b-681ee730b9fd" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ClassOfStockDomain"/>
    <link:presentationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementClassOfStockAxis_c82cf635-75de-41d6-abea-97425496c4ec" xlink:to="loc_us-gaap_ClassOfStockDomain_97f61df9-4b22-4a95-8a5b-681ee730b9fd" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonClassAMember_fed97884-cb28-4998-b38d-72937439a033" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_CommonClassAMember"/>
    <link:presentationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_97f61df9-4b22-4a95-8a5b-681ee730b9fd" xlink:to="loc_us-gaap_CommonClassAMember_fed97884-cb28-4998-b38d-72937439a033" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_al_SeriesAMediumTermNotesMember_3821db6b-f7ba-4c6c-8406-1e571fae9965" xlink:href="al-20250213.xsd#al_SeriesAMediumTermNotesMember"/>
    <link:presentationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ClassOfStockDomain_97f61df9-4b22-4a95-8a5b-681ee730b9fd" xlink:to="loc_al_SeriesAMediumTermNotesMember_3821db6b-f7ba-4c6c-8406-1e571fae9965" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInformationLineItems"/>
    <link:presentationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntitiesTable_d87943c6-7b36-439d-ad19-3bbd8a5e10b1" xlink:to="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType_ba4e421e-b36b-4cd3-a477-0f63a291c5cd" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType"/>
    <link:presentationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_DocumentType_ba4e421e-b36b-4cd3-a477-0f63a291c5cd" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate_fd9575ac-7a3f-47e1-94d8-5eb70a786d72" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate"/>
    <link:presentationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_DocumentPeriodEndDate_fd9575ac-7a3f-47e1-94d8-5eb70a786d72" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName_f2ad21fe-03c2-44ec-8fcd-cec68d8dda96" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName"/>
    <link:presentationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityRegistrantName_f2ad21fe-03c2-44ec-8fcd-cec68d8dda96" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode_fe4cb642-373d-4342-85d4-8e49c5aaa256" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode"/>
    <link:presentationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityIncorporationStateCountryCode_fe4cb642-373d-4342-85d4-8e49c5aaa256" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber_f5961de9-7f09-4270-bf10-5353469ba1d0" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber"/>
    <link:presentationArc order="5" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityFileNumber_f5961de9-7f09-4270-bf10-5353469ba1d0" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber_9d261daf-892f-4d85-b047-2e0a704b6f67" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber"/>
    <link:presentationArc order="6" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityTaxIdentificationNumber_9d261daf-892f-4d85-b047-2e0a704b6f67" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1_65387109-ec88-4937-b197-feeffa7d1285" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1"/>
    <link:presentationArc order="7" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityAddressAddressLine1_65387109-ec88-4937-b197-feeffa7d1285" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine2_0e63eccc-a608-4f8e-8775-649ea6ac3ab4" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2"/>
    <link:presentationArc order="8" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityAddressAddressLine2_0e63eccc-a608-4f8e-8775-649ea6ac3ab4" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown_0920f188-7ee1-4ec5-a481-a76a842011c4" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown"/>
    <link:presentationArc order="9" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityAddressCityOrTown_0920f188-7ee1-4ec5-a481-a76a842011c4" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince_783bf922-dfec-4ad4-adc8-e1efe0e76472" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince"/>
    <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityAddressStateOrProvince_783bf922-dfec-4ad4-adc8-e1efe0e76472" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode_a36b9ab0-76ff-4ed5-8a23-96e080c20240" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode"/>
    <link:presentationArc order="11" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityAddressPostalZipCode_a36b9ab0-76ff-4ed5-8a23-96e080c20240" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode_5436ebe9-fbb5-4987-8860-dc671013216a" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode"/>
    <link:presentationArc order="12" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_CityAreaCode_5436ebe9-fbb5-4987-8860-dc671013216a" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber_4454b071-be46-4557-8db9-3767c8586a7c" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber"/>
    <link:presentationArc order="13" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_LocalPhoneNumber_4454b071-be46-4557-8db9-3767c8586a7c" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_WrittenCommunications_e1123390-1938-4d09-8003-9feebe8953f4" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications"/>
    <link:presentationArc order="14" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_WrittenCommunications_e1123390-1938-4d09-8003-9feebe8953f4" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SolicitingMaterial_ff4955a4-6c61-492f-b106-0bd06ea3144a" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial"/>
    <link:presentationArc order="15" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_SolicitingMaterial_ff4955a4-6c61-492f-b106-0bd06ea3144a" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementTenderOffer_5041dfa6-6867-4cd8-9d90-03eb027729dd" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer"/>
    <link:presentationArc order="16" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_PreCommencementTenderOffer_5041dfa6-6867-4cd8-9d90-03eb027729dd" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_PreCommencementIssuerTenderOffer_e7dc33c3-c654-4d5b-8843-1a0fb933d100" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer"/>
    <link:presentationArc order="17" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_PreCommencementIssuerTenderOffer_e7dc33c3-c654-4d5b-8843-1a0fb933d100" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle_9826639a-5e9a-4791-a111-9acae7e0bcef" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle"/>
    <link:presentationArc order="18" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_Security12bTitle_9826639a-5e9a-4791-a111-9acae7e0bcef" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol_c30a04a2-644a-438c-bc84-6ecc10c538e7" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol"/>
    <link:presentationArc order="19" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_TradingSymbol_c30a04a2-644a-438c-bc84-6ecc10c538e7" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName_0238026b-1338-4af9-9ffe-0530dfd5283e" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName"/>
    <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_SecurityExchangeName_0238026b-1338-4af9-9ffe-0530dfd5283e" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany_798d0b4e-1312-4f1a-8f45-3c9edbcd4d62" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany"/>
    <link:presentationArc order="21" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityEmergingGrowthCompany_798d0b4e-1312-4f1a-8f45-3c9edbcd4d62" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey_987026d6-6e42-4dc5-9033-d417b8104c54" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey"/>
    <link:presentationArc order="22" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_EntityCentralIndexKey_987026d6-6e42-4dc5-9033-d417b8104c54" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag_1c5716b4-f7dd-4c93-88e5-af47ed8f2002" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag"/>
    <link:presentationArc order="23" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityInformationLineItems_30733f1f-3ce9-485b-9abf-b44a005a40cc" xlink:to="loc_dei_AmendmentFlag_1c5716b4-f7dd-4c93-88e5-af47ed8f2002" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
  </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>8
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45457067649328">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover Page Cover Page<br></strong></div></th>
<th class="th"><div>Feb. 13, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Feb. 13,  2025<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">AIR LEASE CORPORATION<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-35121<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">27-1840403<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">2000 Avenue of the Stars,<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 1000N<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Los Angeles,<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">90067<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">310<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">553-0555<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001487712<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Class A Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A Common Stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AL<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=al_SeriesAMediumTermNotesMember', window );">Series A Medium-Term Notes</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">3.700% Medium-Term Notes, Series A, due April 15, 2030<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">AL30<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=al_SeriesAMediumTermNotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=al_SeriesAMediumTermNotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>9
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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M='@//GL?)=-[*CG_5U/\!%!+ P04    "  1@$Y:EXJ[',     3 @  "P
M %]R96QS+RYR96QSG9*Y;L,P#$!_Q=">, ?0(8@S9?$6!/D!5J(/V!(%BD6=
MOZ_:I7&0"QEY/3P2W!YI0.TXI+:+J1C]$%)I6M6X 4BV)8]ISI%"KM0L'C6'
MTD!$VV-#L%HL/D N&6:WO606IW.D5XA<UYVE/=LO3T%O@*\Z3'%":4A+,P[P
MS=)_,O?S##5%Y4HCE5L:>-/E_G;@2=&A(E@6FD7)TZ(=I7\=Q_:0T^FO8R*T
M>EOH^7%H5 J.W&,EC'%BM/XU@LD/['X 4$L#!!0    ( !& 3EKE:(KL.0$
M #("   /    >&PO=V]R:V)O;VLN>&ULC5'1;L(P#/R5*A^PEFE#&J*\@+8A
M31L:$^^A=:E%$E>."QM?/[=5!=)>]F3[;%WN+O,S\7%/=$R^O0LQ-[5(,TO3
M6-3@;;RC!H)N*F)O14<^I+%AL&6L <2[]#[+IJFW&,QB/G)M.+T=2* 0I*!@
M!^P0SO&Z[\;DA!'WZ%!^<M/W#DSB,:#'"Y2YR4P2:SJ_$N.%@EBW+9B<R\UD
M6.R !8L_\+83^67WL4?$[C^M"LG--%/""CE*?]'S6]5X CT>IE;H&9T KZS
M"U/;8#AT-.HBO;'1YS#6(<09_R=&JBHL8$5%ZR'(D".#ZP2&6&,331*LA]PL
MZ02<;.P!DFO;^=,'U^7@553D37(\0UWPNASDCAI+J#! ^:ZT47'-J]APTI6>
MY_[A<?*DN;3.+17["&]DR]'R^%V+7U!+ P04    "  1@$Y:)!Z;HJT   #X
M 0  &@   'AL+U]R96QS+W=O<FMB;V]K+GAM;"YR96QSM9$]#H,P#(6O$N4
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M4')O<',O87!P+GAM;%!+ 0(4 Q0    ( !& 3EID]ZL+[@   "L"   1
M          "  :\   !D;V-0<F]P<R]C;W)E+GAM;%!+ 0(4 Q0    ( !&
M3EJ97)PC$ 8  )PG   3              "  <P!  !X;"]T:&5M92]T:&5M
M93$N>&UL4$L! A0#%     @ $8!.6@A/*Z+P!   RA4  !@
M ("!#0@  'AL+W=O<FMS:&5E=',O<VAE970Q+GAM;%!+ 0(4 Q0    ( !&
M3EJ?H!OPL0(  .(,   -              "  3,-  !X;"]S='EL97,N>&UL
M4$L! A0#%     @ $8!.6I>*NQS     $P(   L              ( !#Q
M %]R96QS+RYR96QS4$L! A0#%     @ $8!.6N5HBNPY 0  ,@(   \
M         ( !^!   'AL+W=O<FMB;V]K+GAM;%!+ 0(4 Q0    ( !& 3EHD
M'INBK0   /@!   :              "  5X2  !X;"]?<F5L<R]W;W)K8F]O
M:RYX;6PN<F5L<U!+ 0(4 Q0    ( !& 3EIED'F2&0$  ,\#   3
M      "  4,3  !;0V]N=&5N=%]4>7!E<UTN>&UL4$L%!@     )  D /@(
' (T4      $!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
.report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

.report table.authRefData a {
	display: block;
	font-weight: bold;
}

.report table.authRefData p {
	margin-top: 0px;
}

.report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

.report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

.report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

.report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
.pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
.report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

.report hr {
	border: 1px solid #acf;
}

/* Top labels */
.report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

.report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

.report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

.report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

.report td.pl div.a {
	width: 200px;
}

.report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
.report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
.report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
.report .re, .report .reu {
	background-color: #def;
}

.report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
.report .ro, .report .rou {
	background-color: white;
}

.report .rou td {
	border-bottom: 1px solid black;
}

.report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
.report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
.report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

.report .nump {
	padding-left: 2em;
}

.report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
.report .text {
	text-align: left;
	white-space: normal;
}

.report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

.report .text .more {
	display: none;
}

.report .text .note {
	font-style: italic;
	font-weight: bold;
}

.report .text .small {
	width: 10em;
}

.report sup {
	font-style: italic;
}

.report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.25.0.1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>3</ContextCount>
  <ElementCount>23</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>2</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>0</UnitCount>
  <MyReports>
    <Report instance="al-20250213.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>0000001 - Document - Cover Page Cover Page</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.airleasecorp.com/role/CoverPageCoverPage</Role>
      <ShortName>Cover Page Cover Page</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="8-K" isOnlyDei="true" isUsgaap="true" original="al-20250213.htm">al-20250213.htm</File>
    <File>al-20250213.xsd</File>
    <File>al-20250213_def.xml</File>
    <File>al-20250213_lab.xml</File>
    <File>al-20250213_pre.xml</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy items="26">http://xbrl.sec.gov/dei/2023</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>15
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "version": "2.2",
 "instance": {
  "al-20250213.htm": {
   "nsprefix": "al",
   "nsuri": "http://www.airleasecorp.com/20250213",
   "dts": {
    "inline": {
     "local": [
      "al-20250213.htm"
     ]
    },
    "schema": {
     "local": [
      "al-20250213.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd",
      "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd",
      "https://www.xbrl.org/dtr/type/2022-03-31/types.xsd",
      "https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd",
      "https://xbrl.fasb.org/srt/2023/elts/srt-roles-2023.xsd",
      "https://xbrl.fasb.org/srt/2023/elts/srt-types-2023.xsd",
      "https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd",
      "https://xbrl.fasb.org/us-gaap/2023/elts/us-roles-2023.xsd",
      "https://xbrl.fasb.org/us-gaap/2023/elts/us-types-2023.xsd",
      "https://xbrl.sec.gov/country/2023/country-2023.xsd",
      "https://xbrl.sec.gov/dei/2023/dei-2023.xsd"
     ]
    },
    "definitionLink": {
     "local": [
      "al-20250213_def.xml"
     ]
    },
    "labelLink": {
     "local": [
      "al-20250213_lab.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "al-20250213_pre.xml"
     ]
    }
   },
   "keyStandard": 23,
   "keyCustom": 0,
   "axisStandard": 1,
   "axisCustom": 0,
   "memberStandard": 1,
   "memberCustom": 1,
   "hidden": {
    "total": 2,
    "http://xbrl.sec.gov/dei/2023": 2
   },
   "contextCount": 3,
   "entityCount": 1,
   "segmentCount": 2,
   "elementCount": 30,
   "unitCount": 0,
   "baseTaxonomies": {
    "http://xbrl.sec.gov/dei/2023": 26
   },
   "report": {
    "R1": {
     "role": "http://www.airleasecorp.com/role/CoverPageCoverPage",
     "longName": "0000001 - Document - Cover Page Cover Page",
     "shortName": "Cover Page Cover Page",
     "isDefault": "true",
     "groupType": "document",
     "subGroupType": "",
     "menuCat": "Cover",
     "order": "1",
     "firstAnchor": {
      "contextRef": "c-1",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "al-20250213.htm",
      "first": true,
      "unique": true
     },
     "uniqueAnchor": {
      "contextRef": "c-1",
      "name": "dei:DocumentType",
      "unitRef": null,
      "xsiNil": "false",
      "lang": "en-US",
      "decimals": null,
      "ancestors": [
       "span",
       "div",
       "body",
       "html"
      ],
      "reportCount": 1,
      "baseRef": "al-20250213.htm",
      "first": true,
      "unique": true
     }
    }
   },
   "tag": {
    "dei_AmendmentFlag": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "AmendmentFlag",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Amendment Flag",
        "label": "Amendment Flag",
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission."
       }
      }
     },
     "auth_ref": []
    },
    "dei_CityAreaCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CityAreaCode",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "City Area Code",
        "label": "City Area Code",
        "documentation": "Area code of city"
       }
      }
     },
     "auth_ref": []
    },
    "us-gaap_ClassOfStockDomain": {
     "xbrltype": "domainItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "ClassOfStockDomain",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Class of Stock [Domain]",
        "label": "Class of Stock [Domain]"
       }
      }
     },
     "auth_ref": []
    },
    "us-gaap_CommonClassAMember": {
     "xbrltype": "domainItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "CommonClassAMember",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Class A Common Stock",
        "label": "Common Class A [Member]"
       }
      }
     },
     "auth_ref": []
    },
    "dei_CoverAbstract": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "CoverAbstract",
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Cover page.",
        "label": "Cover [Abstract]",
        "documentation": "Cover page."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentPeriodEndDate": {
     "xbrltype": "dateItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentPeriodEndDate",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Document Period End Date",
        "label": "Document Period End Date",
        "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD."
       }
      }
     },
     "auth_ref": []
    },
    "dei_DocumentType": {
     "xbrltype": "submissionTypeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "DocumentType",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Document Type",
        "label": "Document Type",
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntitiesTable": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntitiesTable",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entities [Table]",
        "label": "Entities [Table]",
        "documentation": "Container to assemble all relevant information about each entity associated with the document instance"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine1": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressAddressLine1",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, Address Line One",
        "label": "Entity Address, Address Line One",
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressAddressLine2": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressAddressLine2",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, Address Line Two",
        "label": "Entity Address, Address Line Two",
        "documentation": "Address Line 2 such as Street or Suite number"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressCityOrTown": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressCityOrTown",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, City or Town",
        "label": "Entity Address, City or Town",
        "documentation": "Name of the City or Town"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressPostalZipCode": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressPostalZipCode",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, Postal Zip Code",
        "label": "Entity Address, Postal Zip Code",
        "documentation": "Code for the postal or zip code"
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityAddressStateOrProvince": {
     "xbrltype": "stateOrProvinceItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityAddressStateOrProvince",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Address, State or Province",
        "label": "Entity Address, State or Province",
        "documentation": "Name of the state or province."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityCentralIndexKey": {
     "xbrltype": "centralIndexKeyItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityCentralIndexKey",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Central Index Key",
        "label": "Entity Central Index Key",
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_EntityEmergingGrowthCompany": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityEmergingGrowthCompany",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Emerging Growth Company",
        "label": "Entity Emerging Growth Company",
        "documentation": "Indicate if registrant meets the emerging growth company criteria."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_EntityFileNumber": {
     "xbrltype": "fileNumberItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityFileNumber",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity File Number",
        "label": "Entity File Number",
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityIncorporationStateCountryCode": {
     "xbrltype": "edgarStateCountryItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityIncorporationStateCountryCode",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Incorporation, State or Country Code",
        "label": "Entity Incorporation, State or Country Code",
        "documentation": "Two-character EDGAR code representing the state or country of incorporation."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityInformationLineItems": {
     "xbrltype": "stringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityInformationLineItems",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Information [Line Items]",
        "label": "Entity Information [Line Items]",
        "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table."
       }
      }
     },
     "auth_ref": []
    },
    "dei_EntityRegistrantName": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityRegistrantName",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Registrant Name",
        "label": "Entity Registrant Name",
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_EntityTaxIdentificationNumber": {
     "xbrltype": "employerIdItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "EntityTaxIdentificationNumber",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Entity Tax Identification Number",
        "label": "Entity Tax Identification Number",
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS."
       }
      }
     },
     "auth_ref": [
      "r1"
     ]
    },
    "dei_LocalPhoneNumber": {
     "xbrltype": "normalizedStringItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "LocalPhoneNumber",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Local Phone Number",
        "label": "Local Phone Number",
        "documentation": "Local phone number for entity."
       }
      }
     },
     "auth_ref": []
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "PreCommencementIssuerTenderOffer",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Pre-commencement Issuer Tender Offer",
        "label": "Pre-commencement Issuer Tender Offer",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r3"
     ]
    },
    "dei_PreCommencementTenderOffer": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "PreCommencementTenderOffer",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Pre-commencement Tender Offer",
        "label": "Pre-commencement Tender Offer",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r4"
     ]
    },
    "dei_Security12bTitle": {
     "xbrltype": "securityTitleItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "Security12bTitle",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Title of 12(b) Security",
        "label": "Title of 12(b) Security",
        "documentation": "Title of a 12(b) registered security."
       }
      }
     },
     "auth_ref": [
      "r0"
     ]
    },
    "dei_SecurityExchangeName": {
     "xbrltype": "edgarExchangeCodeItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SecurityExchangeName",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Security Exchange Name",
        "label": "Security Exchange Name",
        "documentation": "Name of the Exchange on which a security is registered."
       }
      }
     },
     "auth_ref": [
      "r2"
     ]
    },
    "al_SeriesAMediumTermNotesMember": {
     "xbrltype": "domainItemType",
     "nsuri": "http://www.airleasecorp.com/20250213",
     "localname": "SeriesAMediumTermNotesMember",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Series A Medium-Term Notes",
        "label": "Series A Medium-Term Notes [Member]",
        "documentation": "Series A Medium-Term Notes"
       }
      }
     },
     "auth_ref": []
    },
    "dei_SolicitingMaterial": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "SolicitingMaterial",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Soliciting Material",
        "label": "Soliciting Material",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act."
       }
      }
     },
     "auth_ref": [
      "r5"
     ]
    },
    "us-gaap_StatementClassOfStockAxis": {
     "xbrltype": "stringItemType",
     "nsuri": "http://fasb.org/us-gaap/2023",
     "localname": "StatementClassOfStockAxis",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Class of Stock [Axis]",
        "label": "Class of Stock [Axis]"
       }
      }
     },
     "auth_ref": []
    },
    "dei_TradingSymbol": {
     "xbrltype": "tradingSymbolItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "TradingSymbol",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Trading Symbol",
        "label": "Trading Symbol",
        "documentation": "Trading symbol of an instrument as listed on an exchange."
       }
      }
     },
     "auth_ref": []
    },
    "dei_WrittenCommunications": {
     "xbrltype": "booleanItemType",
     "nsuri": "http://xbrl.sec.gov/dei/2023",
     "localname": "WrittenCommunications",
     "presentation": [
      "http://www.airleasecorp.com/role/CoverPageCoverPage"
     ],
     "lang": {
      "en-us": {
       "role": {
        "terseLabel": "Written Communications",
        "label": "Written Communications",
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act."
       }
      }
     },
     "auth_ref": [
      "r6"
     ]
    }
   }
  }
 },
 "std_ref": {
  "r0": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b"
  },
  "r1": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r2": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r3": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r4": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Number": "240",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r5": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Exchange Act",
   "Section": "14a",
   "Number": "240",
   "Subsection": "12"
  },
  "r6": {
   "role": "http://www.xbrl.org/2003/role/presentationRef",
   "Publisher": "SEC",
   "Name": "Securities Act",
   "Number": "230",
   "Section": "425"
  }
 }
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>16
<FILENAME>0001628280-25-005682-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001628280-25-005682-xbrl.zip
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M++]\B#@**C,TO>G(C8*CK9)QKP/#JZSD43*1Y6H05,3=D,.;N1YYQJKF%R+
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MA ,[^.YGQ+;!^[9W'[&5U1^BDW^[KO4_4$L#!!0    ( !& 3EI]\=$B)0,
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M %(J&_A^9CW7-%Q6:C7AIOS^3;I-O,2J.Z2/FL"Z9:3C\3@.5G<^ QETJ97
M_>"XT:I!;3F:APTD.)AKK/((!.U.T;=&8]_%T0$>N=_4@3<[_VC<:0[9GMVG
MT[GP%<DCXZH@<+5!_V[V#*M#LW<4+OE_D+N XM#<'07%@6E[XK6S$\[RZ%2Y
MJ_\"9GCW$1$/N+G\N+_KA^5WL+NUNM7NJS--PB\E]/X-04E@$D]]\'D2;W.W
MO+8&V6<Y#=_;ZE^3UY ]Q!)$V8K#>9N"VTE;3W9;O6Y!\68/6HTW^I3O4NN[
M.90'Q+<KU$X^;\Z1\;:^1EU_4A;-.=8%:G?7%\9J*-WU;77K:N=[;![MYT@N
MG&Z\N%:<\"B9.)URQ:Z#<%BK0TBN%;=N 6Y;/_J@5=ODT0K.+=;NH;""W[U2
M)DS5P.5'9_2>O/1"EJN./NW] E!+ P04    "  1@$Y:^%+I(88(   ?/@
M$P   &%L+3(P,C4P,C$S7V1E9BYX;6S=FUMOVSH2Q]_[*;S9UV5,BO>@[4$V
M;1?!]A(T.3@'^V+P,G2$RE(@*4WR[7?D2W.QFVPMY2R<%T>6:,Y_YC<BAY3R
M^K?K63'Z#G635^6;/;9/]T90ABKFY?3-WN]G'XC9^^WMJU>O_T;(G__\^G'T
MK@J7,RC;T5$-KH4XNLK;\U%[#J,_JOI;_MV-3@K7IJJ>$?)V_K.CZN*FSJ?G
M[2BCF5PU6UVM#RP8"EY[PAEU1/CDB%/"$L$D5YR#]-S]8WH@5<:H"I& C7BQ
M^W B4R11$SWW+HD(\TZ+O/QVT'UXU\ (W2N;^=<W>^=M>W$P'E]=7>U?^[K8
MK^KI.*.4CU>M]Y;-K]?:7_%Y:V:M'<^O_FC:Y)L:8K=L_.>GCZ?A'&:.Y&73
MNC+<&D#SL?WQP[MJY'AQ$9LV^4$S__W'*KAV#NA)%T8_;=%](ZMFI#M%6(9!
MW[]NXM[;5Z/1(G*N#G55P%=(H^7A[U^/UY7F93N.^6R\;#-V18&*YSVT-Q?P
M9J_)9Q<%K,Z=UY!^JG[E<B=*=G+^WO4V[JWI'(74X=(#P;-0=BD^H,9-O??7
M_*,O$B&YRZ(=4/%ZWX/JK68N'S+ :UT/H';>$9G!S$,]I-1[_=[1N1+Y4&'7
MI<OK O!>#%5]L1^JV7@N\:C"T?C$3>''P=,Z74&ZL95FC,_E;.CCCB:$GY=Y
M-YY\Q*_+CCK; ZB#ZQ;*"(L!966PJ,*]1D4WG%4_XE\X#\7\["1"/GE?MGE[
M<UQV<XA;JH3C%F;-A%/->6*)\  X!QCIB74^$2^$0Q1.T!#6"3:KC$!G]J?5
M]S%:08P9[PZZP"V"]KCM10![>)1#<^9\ 9-HM!4\**(]5T1P&XF+S!+N?31.
M J.>]7=B9>Z^[EOTA_7*@^6]\4M#?*JKV>#$VFJ(D"V H.:]455'J+&HP4OS
M^_4@%%4#\<U>6U_"[<FJ;#%MWQ?0U35X@\&T.]@6^&5#ILY=3$Y;+(^ZCHX*
MUS1?TFE;A6^'UWDS"28+27%)M,221;"H"/[<$:M%)H550<!C69Q<X^=\EI86
M60!%VZS.W*;#DV(&3(]'9ML-Z;(=V^HY8KPI8WK"OZOGW7QN^)\431[,^0/1
M7U<S(/:?%BRWT ?&53U+K/^:++ Z*183#H4^RXAP5A),<D^480":4V]3W%'Z
M]\J__R/\7PGQ<T"O9K.JG.LZ_#2O!R<)HM7&"!)\9G#I:@WQW$2B,\LUCGB.
M<CXT]#450T+?5$6O$^_+YB'J?H%=1TVW1>V*R2G4.(.ACIA?SLZ@GGVN6FB6
MLKC)6/3*DZ2](R*H0(R@BC"0FB4'UBKY> '_A(6=93EDY :\=[NJ9+6Q=89M
M)]X)$!D#3"<4(T+DQ FM"<5QRF66!1D>&Z:?KM'O6OOK:#Y3L;YUZ :\)^_J
M.,$4J^+[,K[#*6>2HI5:ND"TXXD(#8Q8$0V1X#5UVJBHLT%8WC/[8J!N'\R!
M;]"%CU]AFC=M[<KVLYNAGLS%C"4@E <<A+!2(":%2 ($9:*)T5DUP([ ?:L[
MS[9W*-?19OW1'I?=7E-5SYV<EXM'U679UC='541Y(()7(B-<\XCK1#PR,@IB
M0-@@G7.9'(+THR)>"/CA KV>![Q_'GS("_A\N2CPI,4: UW4B:*?F:;$)T:)
MY)(+9;UCD0X _=;B"R&\90C7<8K^.,_<]7'$B21/^>(IUE*8C1D*<XD8F^%4
M$HTDG@I-,L")A JODM(#L/V)^1<">HC@KE.7_:D?QE@#KM06?SIWV41);C3#
M+(1@NN4:U\0SJTD"2,GIR#(C!R"^P?0+H=TWJ.NDU7.0SB84%(<0 G&*HJAD
M@!BM)5'"@E,N<.?%LY#.7BSI7POJ.FD]&.DC//Q2GU57Y83:C":&>:<!5P)8
M,DI<[!E&G%;.B(PR%@;D?&OX95'>,J#KC,U@C.=5X9?ZI*Z^YV6 B3;<)YME
M)"9<%PB']:"+P1!@D(""5J+G(OHQZR^+=I_0KB.W@R$_J9K6%?_)+^:K ,>5
M1]\HT2IA 0&QV]W+.+$*J*$!V8DA*N]-ME\6[NW#NF'_I-?V6#?,'-;@YD*D
MX H\NI6\EU@V&$V,493$H+":8#QCRO7B>]?:SA/=.G0;&/;:!.O>!"Q.SJMR
MM;P30@I/-2,>A")"2A03O<7%N]+!2*.<[O=*S$.+.\^R5P@W\.RU\_5'G;<M
ME-VSK<MRN81K)L!8QKFEA%F.E5[$ZMYT[VM:+.H]&"MYZE=6;32[\V3[!W,#
MWEX;6J=5D0<,8CG]A)-^G;MBDI*P$GT@*BBL\+KEN6=4$>HC5> X0R=[L5VW
MN?-@>X9Q ]5>^UHG-70Y!EB]S1][=6\\UE]2PK%$4L%B<HHHHW3W],L0&S'W
M* =/,ZTS&_L]./RY[9VG/%!8-]#NM9_U0-9QTUQ"?5<<Z!@X#YP$)04.,.BO
M,8(3YFCREO/(:+]2^2D%+XU\OQ!OX-]KE^L4PB5.+#<L\V=Y6\#$FDPI;AV1
M@!]"6UR>,\;0U>!  _4!4K\1_('%G>?;*X0;>/;:RSJK7???3:<W,U\5D\"I
MH\)E1*$/1' 3B \&IQ4(@=$@N8%^3R'NF=MYDML';P/&7MM5JYQZ?QW.73F%
M^3-L#+RAF?*$\:[6<\EBF=<]TI:<QA1E9OB&?_'8XM:\:W7GH?8.Y0:V ^Q+
MO9]!/<5D^U==7;7G.$%<N/)FHJV)U M 72PC(C%'3!(2?;80?8@BJB%V(C<:
MWWG20P5VP_L?O;:F%KJ.<.ZO77&,\_[UO^$&9PF-&1BQZ@.!BF*0Q%+.211,
M>\.H"'*(IPL/S+X0R'V"N0%OKUVK0ZSJ8E?9?2C<=,*"U$QY09*.$8MYR[&8
M TE<$AJB21FE_>[@>^9V'N?VP=N <;E9]7K\(!HH\]O;5\O3W4?W3\)O7_T7
M4$L#!!0    ( !& 3EI4$M-"[0P  /5N   3    86PM,C R-3 R,3-?;&%B
M+GAM;,6=:V_;.!:&O_=7:+-?=H%A(UXDD<6T@VRF703;&YH,9K#%PB I,A%J
M6X&L-,F_7TJR4SO6A:1L]4OC"WU>OK0?G2.*5'_][6$Q#[ZK8I7ER]<G\&5X
M$JBES--L>?WZY(^K=X">_/;FQ8M?_P; 7__Z\C[X/9=W"[4L@_-"\5*EP7U6
MW@3EC0K^S(MOV7<>?)[S4N?% H W]<?.\]O'(KN^*0,4HFC3;/-N\8HI&BJ1
M"(!AR $1F@,>$P8(C'",L8H$YK]<OXIB!,-8ID"QU+Q9_<,)BH$.:2JPX)JD
MJ@XZSY;?7E7_"+Y2@;&W7-5/7Y_<E.7MJ]/3^_O[EP^BF+_,B^M3%(;X=-/Z
M9-W\8:_]/:Y;0\;8:?WN4]-5UM;0A(6G?WUX?REOU(*#;+DJ^5)6 JOLU:I^
M\7TN>5F/^F"_@LX6U3.P:0:JEP!$9B1?/JS2DS<O@J 9CB*?JR]*!]7?/[Y<
M=$JRTZK%Z5)=5]_M9U5D>7I9\J)\SX6:F][7T<K'6_7Z9)4M;N=J\]I-H71[
MV'E1[$2M>LFJ7L*XZN7?N\1.1W3_0/TM]_MZ@,[5=C\>JH]]8_KQ8-V],D<(
M=?P.;\F,[G+S@WJ[3*?Z[3Y)C>[Z\7M\J)]%7O+Y!#^+'S);79Y7+[PWC]8R
M5:">@VFMLSYT;W55/91JF:KF:+D3.LC2UR?FT2Q5V>SMLLS*QXMEE=GJP[81
M5A>E6JQF NDD5$2!6$IETA8, <52 F-%4,%BI#&:E4^_[)E:@C\N-YVHE6QD
M3AQ<EAVT%FJ5WQ6RR7-&NLKQ36_>-,+!EG+PM=(.:O'__7KZH[?> S6?R/Y\
M$N>YW%&85^D\+YX;RZ6EL1^0K(RSVM5*R9?7^?=3$\"X0[AZ *H'-1L#84_W
MOJ:S8M-C7LB!<5RW.)6YJ5IN2[ SI+K(%R[6RMSE&VZ&TW3@),B+5!6F*FTQ
ML_.;VQ2E3\?AW\U18Q8G$22:40!3:+B44028Q!C$5"#*E1)1RFRY;%4X,I)/
MI78C&AC5H)*U9[%]7(8Q'.W6C4!GHT[H]9KQHJX]XF3 ]1K:9JV_H3MFGPMU
MGB],1*FJL%=5WBP^::V*69C&2J=, X)9Q1I- ,=:@UCH!$E!F13<EK5NF2,#
M9X2!W%(.&NF@UK:GKF>8AM$[C'DW_OQ\.T$X;,N+Q)ZPD^$X;&V;28O6;F#>
MK< UY[>S\SE?K3[IRS*7WW[/%SQ;SB!),)4Q!$D,4T 008"E @(L&"*<$!)3
MJP38+7%D(&O!(-=!+1E\;40MB]&>@>G'\#!VW1!T=6H-W["9%O T7XG:SOK3
M#7UJ7JXVK_S L$=@$@2'#6[PLVCIAAZ?SRY-:E6KLP\JS>X65ZI8?,Q+M?J@
M%L(<[9,PIJ&H^).QR8Q0$L"PA"!E$98126(-E0U_ SI'AK"1#LZ"1AQ4ZD$M
M;\?AT"CUPWA [VY$=ML.OC;:EL>A(?_INDJKSX:F&(<=P6/^#*P/4I;FFB,5
MGU<'GRA$L#D #7UXDJ.0I8/-H<BVN7N-?IG/,YF5V?+Z@RGVB\PH29R87!\J
MH$,, 2$Z!1Q1!F*%N8:4,!EBV]I\/_RQCSY/@L%&T;X2;QF,X0I\G$7'@XR#
M.Z=ZN]N$5YW=$FZR^KK;RG9=W=/*':+SK'P\*Q0_SU,U@Y(S&!,(M*RN3Q+-
M -,A Q&G**(02RFL\=D.?.S:N9K4K+2"2LR>F1WOP[3X.G(LC^W,."'2UG,O
M.'8"389%6_>W@6A]WQV%9K[V+$W-M[/ZG*]*/O]O=EO_.$(1<6G.7 %4")OR
M5F/ (I-7F(!)HI,DA")QN^[1)C/-=8^U\B]!HQT8<4=N>@9JF*+#V'=CRM>Y
MQW6//F,CKGNTAIWXND>?M?WK'KVM?>$\-[5\P><7RU0]_$<]SL(T@5C#!*3F
M#R ZE("G' .-"(ND1HG&5J>=G0K3(+D6#6K5P,BZLOA\7&PQ'.'6BT![HQ[H
M=9@90=WSB!,#UV%HG[6NAB-S8)57/Q57^?UR%H<QBC!C0$4L!H2F%% 6&M"H
M2+1"YFR+65_TZ-"8./O5=59>!)6T9^K;&A_'O.?G>ES2LS+LG_'V+8U/=ULQ
M?TZNVS?5F>A:FGI,:2AY5YA ;Q_DC?DNU4>^4#.!5$J%@D!29))<"B40C I
M$%*:\51%"EI/:K0(''U2M9$,-II!)>HPL]$V)A9S&R.=NDZA.IETF^#H<>(W
MQ=$6<+I)CAX[.],<?>W\T8)(7&7E7,TTURKE@@!*(PX(1A"PE$* (::QC*A
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M]UX]F\VNY6CJ$CY"FO7O?WX\NF/2%4T)>':HF[/]4"_G_:#Y88U0'+L%?/V
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M!0ZWKCP?T"Z)'QIQXLRR2D1Q0$YI'&-R(TBT\]I],2)%@Q7D==-6U;1(%9]
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M]62YM=;_>TFR]" HWC#&V.R/E>$F<&5]D)P1U\RU<AJ% F9I"'?>&!6H:ZX
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MT/2RNI=[K IHE=/IO0=O!>3&C<:T+8"8J> !X_)EO]KKZTTTK9T"Z:;WW@X
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M29-UW7[1R,"D*OQ*%94V^(%4U;^3/YOS'/CA-#0\?F6Z DV#&*<_89X4;)#
MJX#OHH61YM]^I_NWT*WSN,8@IP_D: /\3/)(H=/331+CQ#ZBOSSZ_EGVXY.+
M%Y/LZ>M7<?65 :2DXU(4_NAEM9U;31?V8>6^&Q7)P[G1NH)YR"0EH70.U<O
M0J.AB^=/ ]AMM$L:2/R=D >4=%.,XUL@O:<@_)D/*82A:=4DQ"IW/5";V9+1
M9<EYYW9N!>?+&<%D_&!?FM%'J =E,!R"XQ49[YB3C(QN7LC!)+TF:MI!NW;S
M29\E9-F##AF@J^YF(&IJI/$82R/>?CKL+"SEVB17*&1>^!^/7SV9T!",MG98
MXIE;ND>-I6T7/GT'=] L%N$P 0/'=H DP1SP;O2FV--#8J.:Y]SVIKU>2\]
M>,[VHGJ+I#,T<E>'*BUIW<L>4$!O2!\1 ;JB,R$\I9+)-=#AQ"U!Q4/?JQ!
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MN=):E<A93!O5Y)(P _"X)YX35@#R)7--V84JXA!>EK.PK.+CPAT;[QI%T3[
MF4?.E(I;@=$-J)83M/*LLY,+R(>3AUG@$%8ZE:>O7X40-EHP+CIFCF58D45\
MF^Y!+I41I\>G]Z.=G:Q?" "24S.K\BTWQM2%_#348Y^7PKF1:+5*3U7]H62
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M+3(P,C4P,C$S+GAS9%!+ 0(4 Q0    ( !& 3EKX4NDAA@@  !\^   3
M          "  ? 3  !A;"TR,#(U,#(Q,U]D968N>&UL4$L! A0#%     @
M$8!.6E02TT+M#   ]6X  !,              ( !IQP  &%L+3(P,C4P,C$S
M7VQA8BYX;6Q02P$"% ,4    "  1@$Y:U,1;UC@(  #V0   $P
M    @ '%*0  86PM,C R-3 R,3-?<')E+GAM;%!+ 0(4 Q0    ( !& 3EK9
MF<$6HTD  .:A 0 8              "  2XR  !E>"TY.3%T<F%N<V-R:7!T
><30R-"YH=&U02P4&      8 !@"# 0  !WP

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>al-20250213_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xml:lang="en-US"
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:al="http://www.airleasecorp.com/20250213"
  xmlns:dei="http://xbrl.sec.gov/dei/2023"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:us-gaap="http://fasb.org/us-gaap/2023"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="al-20250213.xsd" xlink:type="simple"/>
    <context id="c-1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001487712</identifier>
        </entity>
        <period>
            <startDate>2025-02-13</startDate>
            <endDate>2025-02-13</endDate>
        </period>
    </context>
    <context id="c-2">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001487712</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-02-13</startDate>
            <endDate>2025-02-13</endDate>
        </period>
    </context>
    <context id="c-3">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001487712</identifier>
            <segment>
                <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">al:SeriesAMediumTermNotesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-02-13</startDate>
            <endDate>2025-02-13</endDate>
        </period>
    </context>
    <dei:EntityCentralIndexKey contextRef="c-1" id="f-25">0001487712</dei:EntityCentralIndexKey>
    <dei:AmendmentFlag contextRef="c-1" id="f-26">false</dei:AmendmentFlag>
    <dei:DocumentType contextRef="c-1" id="f-1">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="c-1" id="f-2">2025-02-13</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName contextRef="c-1" id="f-3">AIR LEASE CORPORATION</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode contextRef="c-1" id="f-4">DE</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="c-1" id="f-5">001-35121</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="c-1" id="f-6">27-1840403</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="c-1" id="f-7">2000 Avenue of the Stars,</dei:EntityAddressAddressLine1>
    <dei:EntityAddressAddressLine2 contextRef="c-1" id="f-8">Suite 1000N</dei:EntityAddressAddressLine2>
    <dei:EntityAddressCityOrTown contextRef="c-1" id="f-9">Los Angeles,</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="c-1" id="f-10">CA</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="c-1" id="f-11">90067</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="c-1" id="f-12">310</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="c-1" id="f-13">553-0555</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="c-1" id="f-14">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="c-1" id="f-15">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="c-1" id="f-16">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="c-1" id="f-17">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle contextRef="c-2" id="f-18">Class A Common Stock</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="c-2" id="f-19">AL</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="c-2" id="f-20">NYSE</dei:SecurityExchangeName>
    <dei:Security12bTitle contextRef="c-3" id="f-21">3.700% Medium-Term Notes, Series A, due April 15, 2030</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="c-3" id="f-22">AL30</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="c-3" id="f-23">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="c-1" id="f-24">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
