Investor Presentaiton
Textainer Long-Term Lease Commitments
t
X
Rate/CEU
($ in Millions)
$2,000
Cash receipts from hypothetical owned fleet runoff 1
Lease maturities (operating leases only)²
CEUs
1,200,000
120%
$1,800
$1,600
$10.4 billion in total future cash receipts
(2Q23 onwards)
1,000,000
110%
$1,400
800,000
100%
$1,200
$1,000
600,000
90%
$800
400,000
80%
$600
200,000
70%
$400
$200
$-
0
60%
Expired
2023
2024
2025
2026
Thereafter
Existing lease Renewal
Disposal
>2032
Long term
Spot/MLA
Sales age
Rental rate vs. fleet avg
The above shows cash receipts from the hypothetical runoff of our owned
fleet (assuming no capex), summarized under 3 components:
о
"Existing lease" - expected fixed-rate rentals during the remaining
minimum contractual term of currently existing leases, plus a 1-yr build
down period. Includes actual year-to-date revenue for the current year.
"Renewal" - assumes rentals, following the expiration of the minimum
contractual term of existing leases, until the disposal of the container.
Assumes the same rental rate as of the expired lease.
"Disposal" - assumes proceeds from the disposal of containers
(includes a ctual year-to-date proceeds for the current year). Disposals
are assumed to occur once the lease expires and the containers reach
the end of their GAAP useful life (i.e. 13 years for a 20' dry), plus a 1-
year build down period. Disposal proceeds are assumed to equal
current GAAP residuals (i.e. $1,000 for a 20' dry), even though the
current average resale prices are higher.
Our fleet has an average age of 5.1 years and an average remaining
lease tenor of 6.0 years. The period of contractually guaranteed fixed-
rate rentals represents 77% of the fleet's remaining depreciable life on
a NBV basis.
Controlled levels of annual lease maturities guarantee stable cash
flows.
Current resale prices are above our GAAP residual values, providing an
opportunity for gains of sales age containers.
Customers generally have on average a 12-month build-down period
to return containers up on lease expiry.
1) Represents cash inflows from the hypothetical runoff of our owned fleet (excludes managed), assuming consistent rental rates and GAAP residuals upon disposal. This chart is for illustration purposes only and the
actual runoff could differ materially due to the uncertainty of future events or circumstances, including but not limited to utilization rates, rental renewal rates or disposal prices.
2) Consists only of containers on operating leases (i.e. excludes finance leases). The average rental rate per CEU is indexed to the fleetwide average for all operating leases. "Sales Age" containers have exceeded
their useful life at lease expiry and thus expected to be sold upon redelivery.
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