FLYEXCLUSIVE INC

16. Leases

The Company’s lease arrangements generally pertain to real estate leases and aircraft. The Company leases real estate including hangars and office space under non-cancelable operating leases, ranging fromtwo tothirty years. As of December 31, 2023 and December 31, 2022, the Company operated 42 and 30 aircraft, respectively, under non-cancelable operating leases ranging fromtwo tosix years for charter flight services. For the Company’s aircraft leases, in addition to the fixed lease payments for the use of the aircraft, the Company is also obligated to pay into aircraft engine reserve programs and additional variable costs which are expensed as incurred and are not included in the measurement of our leases which amounted to $12,689 and $13,778 for the years ended December 31, 2023 and 2022, respectively. During the year ended December 31, 2023, the Company negotiated the purchase oftwo aircraft under existing operating leases. Additionally, the Company entered into sale-leaseback transactions forten aircraft during the same period and recognized an aggregate gain of $10,223 from the transactions. The sale-leaseback transactions qualified as a sale and the associated assets were removed from Property and equipment, net and recorded as Operating lease right-of-use assets on the Company’s consolidated balance sheets.

Vehicle leases typically have month-to-month lease terms and are classified as short-term leases.

The following table sets forth information about the Company’s operating lease costs for the years ended December 31, 2023 and 2022:

The following table sets forth supplemental information about the leases for the years ended December 31, 2023 and 2022:

The Company’s future lease payments under non-cancellable operating leases as of December 31, 2023 are as follows: