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8-Nov-2013 1:02 PM

FLY Leasing expands portfolio to 107 aircraft, sees strong growth opportunity for 2014

FLY Leasing CEO Colm Barrington reported (07-Nov-2013) that during 3Q2013, the leasing company added five aircraft to its portfolio, increasing its portfolio to 107 aircraft as of the end of 3Q0213. So far in 4Q2013 FLY has added two more aircraft, including a new Boeing 787 on a long-term lease to a "top credit airline". During 2013, FLY Leasing has added aircraft worth more than USD560 million to its fleet, reaching its growth target for the year and putting it on track to add more than USD600 million worth of aircraft by year end. Mr Barrington said FLY has the capital to maintain this strong growth in 2014 and continues to see attractive acquisition opportunities. FLY Leasing portfolio as of 30-Sep-2013:

As of 30-Sep-2013, the average age of FLY's portfolio was 8.8 years and the average remaining lease term was 4 years, both weighted by the net book value of each aircraft. The leases were generating annualised revenues of approximately USD345 million. Lease utilization was 97% for 3Q2013 and was 95% for the first nine months of the year.

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