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  "documentTitle": "AerCap Holdings (AER)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2015-04-07 00:00:00",
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      "text": "Pretax return on assets is almost 7% after subtracting leasing costs, which include credit losses and corporate SG&A.",
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      "text": "Here are the numbers: Lease payments vary depending on the plane. Wide-bodies generate higher up-front lease rates but bear more remarketing risk given a smaller customer pool. AerCap tends to focus on lower risk narrow-bodies. Maintenance revenue funds aircraft overhaul expenses. Depreciation is over 25 years with a 15% residual or scrap value. Pretax return on assets is almost 7% after subtracting leasing costs, which include credit losses and corporate SG&A.",
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      "text": "As % of Aircraft Purchase Price\nBasic lease payments 11.0%\nMaintenance revenue 1.0%\nTotal lease revenue 12.0%\nDepreciation (3.4%)\nLeasing costs (0.8%)\nSG&A (1.0%)\nPre-tax ROA (%) 6.8%",
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