Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

9.Subsequent Events

In July 2017, the Credit Facility was amended to increase the total amount available to $170 million.  Covenants regarding a debt to equity ratio and customer concentration were also modified.

In July 2017, the Company acquired an Embraer 175 aircraft.  The aircraft was purchased from the same seller as two aircraft purchased during the second quarter and is on lease to the same customer in the United States.

In August 2017, one of the Company's lessees returned a turboprop aircraft at lease expiration.  The difference between the maintenance reserves and security deposit held at the time of the return and the amount of rent receivable was recorded as gain of approximately $332,000.  The Company has signed consignment agreements with two vendors to sell the airframe and one engine in parts.  The Company intends to lease the second engine.