What is a potential drawback for airlines that lease their aircraft?

Leasing aircraft can provide airlines with various operational advantages, such as flexibility in fleet management and access to newer models without major upfront investments. However, one significant drawback is the lack of equity accumulation. When an airline leases an aircraft, it does not build any ownership stake in the asset. Instead, the airline makes regular lease payments, which do not contribute to any future ownership or asset value. Over time, this can limit the airline's long-term financial benefits since they are essentially paying for the use of the aircraft without gaining any equity that would typically come from outright ownership.

In contrast, other options like high equity retention and ownership of the aircraft are not applicable to leased aircraft, as they imply a level of ownership that leasing inherently negates. Flexibility in leasing options is generally viewed as a benefit rather than a drawback, as it allows airlines to adapt their fleets more readily to market demand. Thus, the absence of equity is the key drawback highlighted in this question.