FLY Leasing Announces 2013 Transactions
DUBLIN, Jan. 29, 2014 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY) ("FLY"), a leading global lessor of modern commercial jet aircraft, today announced the completion of the following transactions during 2013:
- Signed agreements to lease 36 aircraft
- Purchased 14 aircraft, including one A320, eleven B737-NGs, one B777-300ER and one B787-8
- Sold ten aircraft (average age 13.6 years) for a net gain of $6.3 million
- Secured $1.1 billion of debt financing
- Raised $173 million of new equity capital
- Increased portfolio to 113 aircraft at year end
"We actively managed the portfolio in 2013, acquiring 14 aircraft and selling ten older aircraft, which increased our fleet size and lowered its average age," said Colm Barrington, CEO of FLY. "We also raised $173 million in equity capital and $1.1 billion in debt financing, putting the Company in a strong position to grow further in 2014. After achieving our growth objectives for the year, we increased the quarterly dividend by 14% to $0.25 per share, which we believe also demonstrates our confidence in the Company's outlook."
"Looking forward into 2014, we are well on the way to meeting our previously announced growth target of 10-15%, with an identified pipeline of approximately $200 million of acquisitions in the early part of 2014," added Barrington.
FLY has a fleet of 113 aircraft on lease to 62 airlines in 34 countries.
FLY acquires and leases modern, high-demand and fuel-efficient commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, one of the world's leading aircraft lease managers with more than 20 years of experience. For more information about FLY, please visit our website at 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. 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.
FLY Leasing Limited
SOURCE FLY Leasing Limited