FLY Leasing Beats 2014 Growth Target

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By admin February 12, 2015 11:09

FLY Leasing Beats 2014 Growth Target

During 2014, FLY Leasing grew its portfolio by 22% to $3.7 billion, purchased 22 aircraft for $952 million and sold eight aircraft (average age 12.6 years) for a net gain of $19 million. FLY reduced its average fleet age to 7.8 years (from 8.6 years) and increased its average remaining lease term to 5.3 years (from 4.3 years). The lessor signed 17 lease extensions and 22 new leases and secured $703 million of additional debt financing

“We actively managed our portfolio in 2014, acquiring 22 new and relatively new aircraft and selling eight older models, increasing our fleet book value by 22% — well in excess of our 2014 growth target of 15% — and lowering our fleet’s average age to 7.8 years at year end,” said Colm Barrington, CEO of FLY. “During the year, we increased our average remaining lease term to 5.3 years and grew our annualized lease rentals to $420 million (from $371 million).”

“Looking forward, FLY will continue to grow its fleet in 2015 and beyond, maintaining a portfolio of the most popular aircraft types in use by airlines world-wide. Due to stronger passenger demand and reduced fuel prices, the global airline industry is in a healthy financial state, which is enhancing the demand for leased aircraft. As a result we are seeing increasing leasing revenues and strengthening aircraft values. We expect FLY’s business to benefit from these factors.” added Barrington.

admin
By admin February 12, 2015 11:09