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Air Lease reports Q1/2011 results
17 May 2011
Air Lease Corporation (ALC) publishes its first quarterly filing after completing its initial public offering in April.
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Air Lease Corporation
ALC
Initial Public Offering
IPO
Public Lessor
Air Lease Corporation (ALC) had
a net income of $3.2 million for the first quarter 2011. The public aircraft lessor,
which successfully listed on the New York Stock Exchange (NYSE) on April 25,
announced total lease revenues of $54.6 million for the same period.
ALC sold about 35 million
shares with its IPO, which was upsized by 20% when underwriters exercised their
over-allotment option. While the company raised about $868.1 million, this is
not reflected in the company�s first quarter results ending March 31. To read more, click here.
The company closed
the quarter with 49 aircraft, about 70% of which are on lease to airlines in
Europe and Asia. While the company�s strategy is to invest in both narrowbody
and widebody aircraft, about 88% of ALC�s fleet are Airbus and Boeing
narrowbodies. The average age of the portfolio is 3.5 years. In addition to the existing fleet, ALC
has 161 orders for both new and used aircraft through 2017.
ALC has a about $1.4 billion
in consolidated debt including $434 million in secured debt and $336 million in
unsecured debt, with an overall consolidated cost of 3.29%.
As of May 16, 2011, the
company�s fleet grew to 56 aircraft across 37 airlines in 22 countries. ALC
expects to grow its portfolio to about 100 aircraft by year-end.