"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.
DUBLIN – FLY Leasing Limited, a global leader in aircraft leasing, 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.
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She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
