<SEC-DOCUMENT>0001193125-25-115169.txt : 20250815
<SEC-HEADER>0001193125-25-115169.hdr.sgml : 20250815
<ACCEPTANCE-DATETIME>20250507193135
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-25-115169
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250507

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
		EIN:				271840403
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AIR LEASE Corp
		DATE OF NAME CHANGE:	20100323
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<TD VALIGN="top">John-Paul Motley</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"><B><I>VIA EDGAR</I></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">T: <I></I>+1 213 561 3204</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">jpmotley@cooley.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;7, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S.
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Trade&nbsp;&amp; Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Suying Li, Rufus Decker </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Air Lease Corporation </B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&#8201;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended December&nbsp;31, 2024
</B></P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&#8201;</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-35121</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of our client, Air Lease
Corporation (the &#147;<B><I>Company</I></B>&#148;), we submit this letter in response to the comments received from the staff (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;)
by letter dated April&nbsp;30, 2025 (the &#147;<B><I>Comment Letter</I></B>&#148;) with respect to the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2024, filed with the
Commission on February&nbsp;13, 2025 (the &#147;<B><I>Annual Report</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Set forth below are the Company&#146;s responses to the Comment
Letter. For the convenience of the Staff, the Staff&#146;s comments are repeated below in bold and are followed by the Company&#146;s responses. Page references in the text of this response letter correspond to the page numbers of the Annual Report.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended December&nbsp;31, 2024 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Consolidated Balance Sheets, page 66 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please disclose total current assets and total current liabilities for all periods presented. Refer to Rules
<FONT STYLE="white-space:nowrap">5-02.3,</FONT> .8, .9 and .19 through .21 of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Company purchases new commercial aircraft with a <FONT STYLE="white-space:nowrap">25-year</FONT> useful life and leases
these assets to airlines, typically on operating leases, with lease terms ranging from eight to 12 years. At the end of the lease, the Company will either renew the lease, <FONT STYLE="white-space:nowrap">re-lease</FONT> the aircraft to a different
airline, or sell the aircraft to a third party. The Company operates in one line of business as described above and does not have any manufacturing, service or trading aspect to its business. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">210-10-45-1,</FONT></FONT></FONT> <FONT
STYLE="white-space:nowrap">45-5</FONT> and Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> Rules <FONT STYLE="white-space:nowrap">5-02.3,</FONT> .8, .9 and .19 through .21 state that a classified balance sheet is typically required to present
total current assets and total current liabilities separately; however, it also allows for exceptions based on the entity&#146;s industry and the nature of the entity&#146;s operations. ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">210-10-45-3</FONT></FONT></FONT> and <FONT STYLE="white-space:nowrap">45-4</FONT> clarify that when an entity&#146;s operating cycle exceeds one year, as is the case with the Company&#146;s
long-term aircraft leasing arrangements, the length of that cycle may be used in place of the standard <FONT STYLE="white-space:nowrap">one-year</FONT> period, and an unclassified presentation may be more relevant and appropriate for users. The
operating cycle of an aircraft </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 355 South
Grand Avenue Suite 900 Los Angeles, CA 90071 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: +1 213 561 3250 f: +1 213 561 3244 cooley.com </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May 7, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Two </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">leasing company exceeds one year, and it is not possible to define the cycle clearly as lease
lengths vary. Typically, the balance sheets of leasing companies and real estate companies do not distinguish between current and noncurrent assets and liabilities. Since the Company&#146;s main operations are related to the leasing of aircraft,
presenting a classified balance sheet may not provide the most meaningful information to users of its financial statements. An unclassified balance sheet presentation is not uncommon to companies in this industry given the long-term nature of
leasing operations. In addition, the Company has no working capital requirements or covenants that require the tracking of a classified balance sheet. The Company provides all required disclosures under Rules
<FONT STYLE="white-space:nowrap">5-02.3,</FONT> <FONT STYLE="white-space:nowrap">5-02.8,</FONT> <FONT STYLE="white-space:nowrap">5-02.9,</FONT> and <FONT STYLE="white-space:nowrap">5-02.19</FONT> through
<FONT STYLE="white-space:nowrap">5-02.21</FONT> in its financial statement footnotes, including the nature, composition, and timing of realization or settlement of key balance sheet items. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Based on the discussion above, the Company believes that its current presentation is acceptable under ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">210-10-45-1,</FONT></FONT></FONT> <FONT STYLE="white-space:nowrap">45-5</FONT> and related guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">210-10-45-3</FONT></FONT></FONT> and <FONT STYLE="white-space:nowrap">45-4,</FONT> and Rules <FONT STYLE="white-space:nowrap">5-02.3,</FONT> .8, .9 through <FONT STYLE="white-space:nowrap">5-02.21</FONT> of Regulation <FONT
STYLE="white-space:nowrap">S-X,</FONT> and is consistent with industry practices while providing decision-making and economically relevant information to the Company&#146;s investors, analysts, and users of its financial statements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Consolidated Statements of Operations and Other Comprehensive Income/(Loss), page 67 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please include <FONT STYLE="white-space:nowrap">non-operating</FONT> line items (e.g., interest expense and
amortization of debt discounts and issuance costs) below your operating expense line items in your statements of operations. Refer to Rules <FONT STYLE="white-space:nowrap">5-03.7</FONT> through .9 of Regulation
<FONT STYLE="white-space:nowrap">S-X.</FONT> </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> ASC <FONT STYLE="white-space:nowrap">220-10</FONT> and
Rules <FONT STYLE="white-space:nowrap">5-03.7</FONT> through <FONT STYLE="white-space:nowrap">5-03.9</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> provide general guidance for the presentation of the statement of operations but do
not prescribe a specific format or require classification of interest expense as <FONT STYLE="white-space:nowrap">non-operating</FONT> in all cases. ASC <FONT STYLE="white-space:nowrap">220-10</FONT> permits flexibility in presentation based on the
nature of the entity&#146;s operations, and Rule <FONT STYLE="white-space:nowrap">5-03</FONT> applies specific sequencing only when a subtotal such as &#147;Operating Income&#148; is presented. Since the Company uses a single-step income statement
that does not include such a subtotal, the requirements to separate operating and <FONT STYLE="white-space:nowrap">non-operating</FONT> items are not applicable. The Company operates a capital-intensive aircraft leasing business in which debt
financing is fundamental to acquiring revenue-generating assets. Interest expense and related amortization are recurring and integral to the Company&#146;s cost structure. Presenting these items within operating expenses better reflects the nature
of the Company&#146;s business and the direct linkage between financing and revenue generation. This presentation is consistent with financial reporting practices of other entities in similar industries where financing activities are core to
operations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company provides full transparency of interest expense and related amortization on the face of the financial statements
and in the accompanying notes. The disclosures include total amounts, components, and relevant debt terms, consistent with the requirements under U.S. GAAP and Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Based on the discussion above, the Company believes that its current presentation is acceptable under ASC
<FONT STYLE="white-space:nowrap">220-10</FONT> and Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> Rules <FONT STYLE="white-space:nowrap">5-03.7</FONT> through <FONT STYLE="white-space:nowrap">5-03.9</FONT> and provides a meaningful and
representative view of the Company&#146;s operating results in the context of its business model. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 355 South
Grand Avenue Suite 900 Los Angeles, CA 90071 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: +1 213 561 3250 f: +1 213 561 3244 cooley.com </P>

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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May 7, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Three </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please remove dividends declared per share of common stock from your statements of operations. Refer to ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">505-10-S99-1,</FONT></FONT></FONT> ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">260-10-45-5</FONT></FONT></FONT> and SEC Release <FONT STYLE="white-space:nowrap">No.&nbsp;33-10532.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> Beginning with the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended March&nbsp;31, 2025,
the Company removed dividends declared per share of common stock from its statements of operations and will continue to do so in future filings with the Commission. This information will instead be presented in the consolidated statements of
shareholders&#146; equity and/or disclosed in the notes to the consolidated financial statements, consistent with the guidance in ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">505-10-S99-1,</FONT></FONT></FONT> ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">260-10-45-5,</FONT></FONT></FONT> and SEC Release <FONT STYLE="white-space:nowrap">No.&nbsp;33-10532.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact me at
(213) <FONT STYLE="white-space:nowrap">561-3204</FONT> or via <FONT STYLE="white-space:nowrap">e-mail</FONT> at jpmotley@cooley.com if you have any questions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ John-Paul Motley </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John-Paul Motley </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cooley LLP&#8195; </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">John L. Plueger, Air Lease Corporation </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Gregory B. Willis, Air Lease Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Carol Forsyte, Air Lease Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Logan Tiari, Cooley LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 355 South
Grand Avenue Suite 900 Los Angeles, CA 90071 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: +1 213 561 3250 f: +1 213 561 3244 cooley.com </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
