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
ir@flyleasing.com
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SOURCE FLY Leasing Limited