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LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE | 3 Months Ended
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Mar. 31, 2023
LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE |
LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE | NOTE H — LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE Aircraft and engines held for operating leases, net, as of the below dates consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2023 |  | December 31, 2022
Aircraft and engines held for operating leases | ​ | $ | 78,705 | ​ | $ | 83,902
Less accumulated depreciation | ​ |  | (45,150) | ​ |  | (52,614)
​ | ​ | $ | 33,555 | ​ | $ | 31,288
​ Total depreciation expense amounted to $1.1 million and $1.9 million for the three months ended March 31, 2023 and 2022, respectively, and is included in cost of leasing in the Condensed Consolidated Statements of Operations. The Company did not record any impairment of Flight Equipment for the three months ended March 31, 2023 and 2022, respectively. Supplemental rents recognized as revenue totaled $3.1 million and $3.5 million for the three months ended March 31, 2023 and 2022, respectively. The Company’s current operating lease agreements for leased flight equipment expire over the next three years. The amounts in the following table are based upon the assumption that flight equipment under operating leases will remain leased for the length of time specified by the respective lease agreements. Minimum future annual lease rentals contracted to be received under existing operating leases of flight equipment were as follows (in thousands): ​
​ | ​ | ​ | ​
Year ending December 31: |  | ​ | ​
2023 | ​ | $ | 4,372
2024 | ​ | ​ | 1,483
2025 | ​ |  | 143
Total minimum lease payments | ​ | $ | 5,998
​

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=77888252 + Details
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