JETBLUE AIRWAYS CORP
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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FY2024 · Filed Feb 14, 2025
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Item 2. Properties
Aircraft
As of December 31, 2024, our aircraft types and configurations consisted of the following(1):
| Aircraft | Seating Capacity | Owned (2) | Operating Lease | Total | Average Age in Years |
|---|---|---|---|---|---|
| Airbus A220 | 140 | 42 | — | 42 | 2 |
| Airbus A320 | 150 | 11 | — | 11 | 24 |
| Airbus A320 Restyled | 162 | 101 | 18 | 119 | 19 |
| Airbus A321 | 200 | 28 | — | 28 | 9 |
| Airbus A321 with Mint® | 159 | 35 | — | 35 | 8 |
| Airbus A321neo | 200 | 16 | — | 16 | 5 |
| Airbus A321neo with Mint® | 160 | 10 | — | 10 | 2 |
| Airbus A321neoLR with Mint® | 138 | 11 | — | 11 | 2 |
| Embraer E190 (3) | 100 | 10 | 8 | 18 | 16 |
| 264 | 26 | 290 | 12 | ||
(1)Includes aircraft that have been temporarily removed from service, including 11 aircraft grounded as of December 31, 2024, due to the required removal of certain Pratt & Whitney engines for inspection and lack of engine availability. All aircraft temporarily removed from service are expected to return to operation in the future.
(2)Total owned aircraft includes aircraft associated with sale-leaseback transactions that did not qualify as sales for accounting purposes.
(3) Excludes 15 permanently parked aircraft owned by the Company, and five parked aircraft awaiting lease return.
As of December 31, 2024, our aircraft leases had an average remaining term of approximately two years, with expiration dates between 2025 and 2028.
As of December 31, 2024, we had 106 aircraft on order and scheduled for delivery through 2033. Our future aircraft delivery schedule is as follows(1):
| Contractual Order Book | |||
|---|---|---|---|
| Year | Airbus A220 | Airbus A321neo | Total |
| 2025 | 20 | 4 | 24 |
| 2026 | 17 | — | 17 |
| 2027 | 5 | — | 5 |
| 2028 | 9 | — | 9 |
| 2029 | 7 | — | 7 |
| Thereafter | — | 44 | 44 |
| Total (2) | 58 | 48 | 106 |
(1)The aircraft orders stated above represents the current delivery schedule set forth in our Airbus order book as of December 31, 2024.
Ground Facilities
Airports
All of our airport facilities are under leases or other occupancy agreements. This space is leased directly or indirectly from the local airport authority on varying terms dependent on prevailing practices at each airport. Our passenger terminal service facilities consisting of ticket counters, gate space, operations support area, and baggage service offices generally have agreement terms ranging from less than one year to five years. They can contain provisions for periodic adjustments of rental rates, landing fees, and other charges applicable under the type of lease. Under some of these agreements, we are responsible for the maintenance, insurance, utilities, and certain other facility-related expenses and services.
A summary of our most significant lease agreements is provided below:
JFK -We have a lease agreement with the PANYNJ for Terminal 5 until November 2042, but we have the option to terminate the agreement in 2033. In 2012, we amended the lease to extend into the former Terminal 6 property in order to build T5i. In November 2022, we amended the lease to relinquish a portion of the former Terminal 6 property to allow for development of a new Terminal 6 by our development partner, JFK Millennium Partners ("JMP").
BOS - In May 2005, we entered into a lease with Massachusetts Port Authority ("Massport") with a five-year term (and 20 automatic one-year renewals), for five gates in Terminal C, which expanded to 11 by November 2008. We have since entered into multiple amendments with Massport to continue to grow our footprint in Terminal C. As of December 31, 2024, we leased 30 gates in Boston. Our lease with Massport is scheduled to expire in April 2030.
We have entered into use arrangements at each of the airports we serve providing for the non-exclusive use of runways, taxiways, and other airport facilities. Landing fees under these agreements are typically based on the number of aircraft landings and the weight of the aircraft.
Other
We lease the following hangars and airport support facilities at our focus cities:
New York -At JFK, we have a ground lease agreement which expires in 2030 for an aircraft maintenance hangar, an adjacent office, and warehouse facility, including a storage facility for aircraft parts. These facilities accommodate our technical support and catering operations. We also lease a building from the PANYNJ which is mainly used for ground equipment maintenance work.
Boston -We have a ground and building lease agreement which expires in 2028 for an aircraft maintenance hangar and associated support space, with an option to extend for five additional years. We also have separate leases for facilities to accommodate our ground support equipment maintenance and catering operations.
Orlando -We have a ground lease agreement for a hangar which expires in 2035. We also occupy a training center, JetBlue University, with a lease agreement expiring in 2035 which we use for training our pilots and inflight crewmembers, as well as support training for our technical operations and airport crewmembers. This facility is equipped with 12 full flight simulators, 12 flight training devices, four cabin trainers, a training pool, classrooms, and support areas.
The Lodge at the Orlando Support Center is adjacent to JetBlue University and is used for lodging our crewmembers when they attend training.
Our primary corporate office is located in Long Island City, New York, with our lease expiring in 2039. We have an additional support center located in Salt Lake City, Utah, with our lease expiring in 2028.
We also maintain other facilities that are necessary to support our operations in the cities we serve.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.