This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Air Lease Corporation Announces Fourth Quarter 2012 Results And Declares Its First Quarterly Cash Dividend On Its Common Stock

“To further enhance ALC’s growth during Q4 we took advantage of opportunistic transactions and acquired 3 incremental aircraft over and above our new order pipeline. We concluded the first sale of an aircraft from our fleet and profitably redeployed a 737-800 from a troubled carrier. In addition to the strong execution of our business plan during the quarter, we worked equally hard to grow our future performance by increasing our orders in the last few months for additional aircraft from Airbus, Boeing and ATR. We continue to place these aircraft with high quality airline customers many years into the future,” said John L. Plueger, President and Chief Operating Officer of Air Lease Corporation.

Fleet Growth

Building on our base of 142 aircraft at September 30, 2012, we increased our fleet by 13 aircraft during the fourth quarter of 2012 and ended the quarter with 155 aircraft spread across a diverse and balanced customer base of 69 airlines based in 40 countries.

Below are portfolio metrics of our fleet as of December 31, 2012 and 2011:

        December 31, 2012         December 31, 2011
Fleet size 155 102
Weighted-average fleet age (1) 3.5 years 3.6 years
Weighted-average remaining lease term (1) 6.8 years 6.6 years
Aggregate fleet cost $ 6.60 Billion $ 4.37 Billion

(1)

 

Weighted-average fleet age and remaining lease term calculated based on net book value.

 

Over 90% of our aircraft are operated internationally. The following table sets forth the percentage of net book value of our aircraft portfolio in the indicated regions as of December 31, 2012 and 2011:

        December 31, 2012         December 31, 2011

Region

% of net book value % of net book value
Europe 38.4 % 42.1 %
Asia/Pacific 35.9 32.0
Central America, South America and Mexico 12.6 12.2
U.S. and Canada 7.3 9.1
The Middle East and Africa 5.8   4.6  
Total 100.0 % 100.0 %
 

The following table sets forth the number of aircraft we leased by aircraft type as of December 31, 2012 and 2011:

        December 31, 2012     December 31, 2011

Aircraft type

Number of aircraft

   

% of Total

Number of aircraft

   

% of t otal

Airbus A319/320/321 41 26.4 % 31 30.4 %
Airbus A330-200/300 17 11.0 11 10.8
Boeing 737-700/800 46 29.7 38 37.2
Boeing 767-300ER 3 1.9 3 2.9
Boeing 777-200/300ER 7 4.5 5 4.9
Embraer E175/190 31 20.0 12 11.8
ATR 72-600 10 6.5   2 2.0  
Total 155 100.0 % 102 100.0 %
 

Debt Financing Activities

During the fourth quarter of 2012 and through February 28, 2013, the Company entered into additional debt facilities aggregating $610.5 million, which included a $450.0 million in senior unsecured notes and additional debt facilities aggregating $160.5 million. We ended the fourth quarter of 2012 with total unsecured debt outstanding of $2.6 billion. The Company’s unsecured debt as a percentage of total debt increased to 60.2% as of December 31, 2012 from 31.7% as of December 31, 2011. We ended the fourth quarter of 2012 with a conservative balance sheet with low leverage and ample available liquidity of $1.29 billion. As part of our financing strategy we will continue to focus on financing the Company on an unsecured basis.

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs