DUBLIN, Feb. 11, 2015 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY), a global leader in aircraft leasing, today announced the following transactions and achievements during 2014:
- Grew portfolio by 22% to $3.7 billion
- Purchased 22 aircraft for $952 million
- Sold eight aircraft (average age 12.6 years) for a net gain of $19 million
- Reduced average fleet age to 7.8 years (from 8.6 years)
- Increased average remaining lease term to 5.3 years (from 4.3 years)
- Signed 17 lease extensions and 22 new leases
- 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.
About FLY
FLY Leasing is global aircraft leasing company with a fleet of modern, high-demand and fuel-efficient commercial jet aircraft. FLY acquires and leases its aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, a worldwide leader in aircraft lease management and financing. For more information visit www.flyleasing.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain "forward - looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for FLY's future business and financial performance. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks. Further information on the factors and risks that may affect FLY's business is included in filings FLY makes with the Securities and Exchange Commission from time to time, including its Annual Report on Form 20-F and its Reports on Form 6-K. FLY expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.
Contact:
Matt Dallas
FLY Leasing Limited
+1 203-769-5916
[email protected]
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SOURCE FLY Leasing Limited
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