Air Lease Corporation Announces Third Quarter 2012 Results
Air Lease Corporation Announces Third Quarter 2012 Results
Business Wire
LOS ANGELES -- November 08, 2012
Air Lease Corporation (ALC) (NYSE: AL) announced today the results of its
operations for the three and nine months ended September 30, 2012.
Highlights
Air Lease Corporation reports another consecutive quarter of fleet, revenue,
profitability and financing growth:
* Doubled diluted EPS to $0.36 per share in the third quarter of 2012
compared to $0.18 in the third quarter of 2011. Diluted EPS increased 173%
to $0.90 per share for the nine months ended September 30, 2012 compared
to $0.33 per share for the nine months ended September 30, 2011.
* Delivered five aircraft from our order book, growing our fleet to 142
aircraft, cost now exceeds $6 billion and is spread across a diverse and
balanced customer base of 66 airlines and 37 countries.
* Completed successful senior unsecured notes offering of $500 million due
2016 bearing interest at a rate of 4.5%.
The following table summarizes the results for the three and nine months ended
September 30, 2012 and 2011 (in thousands, except share amounts):
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 % 2012 2011 %
change change
Revenues $ 174,925 $ 92,125 90% $ 465,651 $ 221,684 110%
Income $ 57,193 $ 28,341 102% $ 142,687 $ 44,154 223%
before taxes
Net income $ 37,011 $ 18,271 103% $ 92,110 $ 28,470 224%
Cash
provided by $ 132,276 $ 83,076 59% $ 372,496 $ 166,197 124%
operating
activities
Diluted EPS $ 0.36 $ 0.18 100% $ 0.90 $ 0.33 173%
Adjusted net $ 44,602 $ 25,122 78% $ 115,415 $ 56,294 105%
income^(1)
Adjusted $ 161,467 $ 79,954 102% $ 422,683 $ 188,001 125%
EBITDA^(1)
^(1) See notes 1 and 2 to the Consolidated Statements of Income included in
this earnings release for a discussion of the non-GAAP measures adjusted net
income and adjusted EBITDA.
“We are pleased with ALC’s strong financial and operating performance this
quarter, resulting in doubled year over year EPS. Our business model and
fundamentals are producing results that exceed the internal plans laid out at
the Company’s founding. We continue to execute our robust growth trajectory
due to our contracted delivery stream that carries on into the next decade.
Although global macro concerns continue to exist, our experienced leadership
team has planned ALC’s business model from the outset to adapt to cyclical
changes in the industry,” said Steven F. Udvár-Hazy, Chairman and Chief
Executive Officer of Air Lease Corporation.
“We completed our final placements for 2013 and 2014, and now turn our
attention to the back half of 2015. ALC has on order the aircraft types that
the market demands and the financing rates have remained low, resulting in
yields that are in line with our plan. Our operating results follow our order
pipeline, whereby a large second quarter of deliveries drove the strong third
quarter revenue growth. As we have told you before, we have many aircraft in
our pipeline delivering to Asian operators and you can now start to see our
fleet concentration shifting in that direction. In particular, the major
Chinese airlines are beginning a replacement cycle for their first generation
western built aircraft, such as the Boeing 737-300/400,” said John L. Plueger,
President and Chief Operating Officer of Air Lease Corporation.
Fleet Growth
Building on our base of 137 aircraft at June 30, 2012, we added five aircraft
during the third quarter of 2012 and ended the quarter with 142 aircraft
spread across a diverse and balanced customer base of 66 airlines based in 37
countries.
Below are portfolio metrics of our fleet as of September 30, 2012 and December
31, 2011:
September 30, December 31,
2012 2011
Fleet size 142 102
Weighted-average fleet age^(1) 3.4 years 3.6 years
Weighted-average remaining lease 7.0 years 6.6 years
term^(1)
Aggregate fleet cost $ 6.16 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 September 30, 2012 and December 31, 2011:
September 30, 2012 December 31, 2011
Region % of net book value % of net book
value
Europe 38.6 % 40.6 %
Asia/Pacific 35.6 33.5
Central America, South 12.3 12.2
America and Mexico
U.S. and Canada 7.9 9.1
The Middle East and Africa 5.6 4.6
Total 100.0 % 100.0 %
The following table sets forth the number of aircraft we leased by aircraft
type as of September 30, 2012 and December 31, 2011:
September 30, 2012 December 31, 2011
Number of % of Number of % of
Aircraft type aircraft total aircraft total
Airbus A319/320/321 39 27 .5% 31 30 .4%
Airbus A330-200/300 17 12 .0 11 10 .8
Boeing 737-700/800 40 28 .2 38 37 .2
Boeing 767-300ER 3 2 .1 3 2 .9
Boeing 777-200/300ER 7 4 .9 5 4 .9
Embraer E175/190 28 19 .7 12 11 .8
ATR 72-600 8 5 .6 2 2 .0
Total 142 100 .0% 102 100 .0%
We have made further progress in placing our aircraft. As of September 30,
2012, we have entered into contracts for the lease of all 70 aircraft
delivering through 2014, for nine new aircraft delivering in 2015 and for
eight new aircraft delivering after 2016.
Debt Financing Activities
During the third quarter of 2012, the Company entered into additional debt
facilities aggregating $546.4 million, which included $450.0 million in senior
unsecured notes, a $90.0 million addition to our Syndicated Unsecured
Revolving Credit Facility and additional unsecured term facilities aggregating
$6.4 million. We ended the quarter with total unsecured debt outstanding of
$2.5 billion. The Company’s unsecured debt as a percentage of total debt
increased to 58.6% as of September 30, 2012 from 31.7% as of December 31,
2011. We ended the third quarter of 2012 with a conservative balance sheet
with low leverage and ample available liquidity of $1.47 billion. As part of
our financing strategy we will continue to focus on financing the Company on
an unsecured basis.
We will continue to focus our financing efforts on raising unsecured debt
through the international and domestic capital markets, the global bank
market, reinvesting cash flow from operations and, to a limited extent,
secured financings including government guaranteed loan programs from the
European Export Credit Agencies in support of our new Airbus aircraft
deliveries, from Ex-Im Bank in support of our new Boeing aircraft deliveries
and direct financing from BNDES/SBCE in support of our new Embraer deliveries.
As of September 30, 2012, we had established a diverse lending group
consisting of 33 banks across four general types of lending facilities. The
Company’s debt financing was comprised of the following at September 30, 2012
and December 31, 2011 (dollars in thousands):
September 30, 2012 December 31, 2011
Secured
Term financings $ 675,245 $ 735,285
Warehouse facilities 1,107,547 1,048,222
Total secured debt 1,782,792 1,783,507
financing
Unsecured
Term financings 268,301 148,209
Convertible senior notes 200,000 200,000
Senior notes 1,725,000 120,000
Revolving credit 330,000 358,000
facilities
Total unsecured debt 2,523,301 826,209
financing
Total secured and 4,306,093 2,609,716
unsecured debt financing
Less: Debt discount (10,017 ) (6,917 )
Total debt 4,296,076 $ 2,602,799
Selected interest rates
and ratios:
Composite interest 3.97 % 3.14 %
rate^(1)
Composite interest rate 5.06 % 4.28 %
on fixed rate debt^(1)
Percentage of total debt 54.32 % 24.26 %
at fixed rate
^(1) Based on debt balances and rates in effect as of September 30, 2012 and
December 31, 2011. This rate does not include the effect of upfront fees,
undrawn fees or issuance cost amortization.
Conference Call
In connection with the earnings release, Air Lease Corporation will host a
conference call on November 8, 2012 at 4:30 PM Eastern Time to discuss the
Company’s third quarter 2012 financial results.
The earnings call will be broadcast live through a link on the Investor
Relations page of the Air Lease Corporation website at www.airleasecorp.com.
Please visit the website at least 15 minutes prior to the call to register,
download and install any necessary audio software. A replay of the broadcast
will be available on the Investor Relations page of the Air Lease Corporation
website.
About Air Lease Corporation
Air Lease Corporation is an aircraft leasing company based in Los Angeles,
California that has airline customers throughout the world. ALC and its team
of dedicated and experienced professionals are principally engaged in
purchasing commercial aircraft and leasing them to its airline partners
worldwide through customized aircraft leasing and financing solutions. For
more information, visit ALC’s website at www.airleasecorp.com.
Forward-Looking Statements
Statements in this press release that are not historical facts are hereby
identified as “forward-looking statements,” including any statements about our
expectations, beliefs, plans, predictions, forecasts, objectives, assumptions
or future events or performance. These statements are often, but not always,
made through the use of words or phrases such as “anticipate,” “believes,”
“can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,”
“plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar
words or phrases. These statements are only predictions and involve estimates,
known and unknown risks, assumptions and uncertainties that could cause actual
results to differ materially from those expressed in such statements,
including as a result of the following factors, among others:
* our inability to make acquisitions of, or lease, aircraft on favorable
terms;
* our inability to obtain additional financing on favorable terms, if
required, to complete the acquisition of sufficient aircraft as currently
contemplated or to fund the operations and growth of our business;
* our inability to obtain refinancing prior to the time our debt matures;
* impaired financial condition and liquidity of our lessees;
* deterioration of economic conditions in the commercial aviation industry
generally;
* increased maintenance, operating or other expenses or changes in the
timing thereof;
* changes in the regulatory environment;
* our inability to effectively deploy the net proceeds from our capital
raising activities; and
* potential natural disasters and terrorist attacks and the amount of our
insurance coverage, if any, relating thereto.
All forward-looking statements are necessarily only estimates of future
results, and there can be no assurance that actual results will not differ
materially from expectations. You are therefore cautioned not to place undue
reliance on such statements. Any forward-looking statement speaks only as of
the date on which it is made, and we undertake no obligation to update any
forward-looking statement to reflect events or circumstances after the date on
which the statement is made or to reflect the occurrence of unanticipated
events.
Air Lease Corporation and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and par value amounts)
September 30, December 31,
2012 2011
(unaudited)
Assets
Cash and cash equivalents $ 439,681 $ 281,805
Restricted cash 111,784 96,157
Flight equipment subject to operating leases 6,158,762 4,368,985
Less accumulated depreciation (286,374 ) (131,569 )
5,872,388 4,237,416
Deposits on flight equipment purchases 544,817 405,549
Deferred debt issue costs - less accumulated
amortization of $27,592 and $17,500 as of 76,603 47,609
September 30, 2012 and December 31, 2011,
respectively
Other assets 120,205 96,057
Total assets $ 7,165,478 $ 5,164,593
Liabilities and Shareholders' Equity
Accrued interest and other payables $ 95,240 $ 54,648
Debt financing 4,296,076 2,602,799
Security deposits and maintenance reserves on 380,272 284,154
flight equipment leases
Rentals received in advance 36,953 26,017
Deferred tax liability 71,265 20,692
Total liabilities 4,879,806 2,988,310
Shareholders' Equity
Preferred Stock, $0.01 par value; 50,000,000
shares authorized; no shares issued or — —
outstanding
Class A Common Stock, $0.01 par value;
authorized 500,000,000 shares; issued and
outstanding 99,417,998 and 98,885,131 shares 991 984
at September 30, 2012 and December 31, 2011,
respectively
Class B Non-Voting Common Stock, $0.01 par
value; authorized 10,000,000 shares; issued 18 18
and outstanding 1,829,339 shares
Paid-in capital 2,191,361 2,174,089
Retained earnings 93,302 1,192
Total shareholders' equity 2,285,672 2,176,283
Total liabilities and shareholders' equity $ 7,165,478 $ 5,164,593
Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share amounts)
Three Months Ended Nine Months Ended
September 30, September, 30
2012 2011 2012 2011
(unaudited) (unaudited)
Revenues
Rental of flight $ 172,856 $ 90,476 $ 459,643 $ 219,092
equipment
Interest and 2,069 1,649 6,008 2,592
other
Total revenues 174,925 92,125 465,651 221,684
Expenses
Interest 35,248 10,993 91,308 30,143
Amortization of
discounts and 4,595 2,308 11,553 6,972
deferred debt
issue costs
Extinguishment — — — 3,349
of debt
Interest expense 39,843 13,301 102,861 40,464
Depreciation of 57,932 30,657 154,805 73,431
flight equipment
Selling, general
and 12,833 11,512 40,750 32,661
administrative
Stock-based 7,124 8,314 24,548 30,974
compensation
Total expenses 117,732 63,784 322,964 177,530
Income before 57,193 28,341 142,687 44,154
taxes
Income tax (20,182 ) (10,070 ) (50,577 ) (15,684 )
expense
Net income $ 37,011 $ 18,271 $ 92,110 $ 28,470
Net income per
share of Class A
and Class B
Common Stock:
Basic $ 0.37 $ 0.18 $ 0.91 $ 0.33
Diluted $ 0.36 $ 0.18 $ 0.90 $ 0.33
Weighted-average
shares
outstanding:
Basic 101,247,337 100,714,470 100,906,094 85,845,031
Diluted 107,875,105 100,767,839 107,574,616 85,946,120
Other financial
data:
Adjusted net $ 44,602 $ 25,122 $ 115,415 $ 56,294
income^(1)
Adjusted $ 161,467 $ 79,954 $ 422,683 $ 188,001
EBITDA^(2)
^(1) Adjusted net income (defined as net income before stock-based
compensation expense and non-cash interest expense, which includes the
amortization of debt issuance costs and extinguishment of debt) is a measure
of both operating performance and liquidity that is not defined by United
States generally accepted accounting principles (“GAAP”) and should not be
considered as an alternative to net income, income from operations or any
other performance measures derived in accordance with GAAP. Adjusted net
income is presented as a supplemental disclosure because management believes
that it may be a useful performance measure that is used within our industry.
We believe adjusted net income provides useful information on our earnings
from ongoing operations, our ability to service our long-term debt and other
fixed obligations, and our ability to fund our expected growth with internally
generated funds. Set forth below is additional detail as to how we use
adjusted net income as a measure of both operating performance and liquidity,
as well as a discussion of the limitations of adjusted net income as an
analytical tool and a reconciliation of adjusted net income to our GAAP net
loss and cash flow from operating activities.
Operating Performance: Management and our board of directors use adjusted net
income in a number of ways to assess our consolidated financial and operating
performance, and we believe this measure is helpful in identifying trends in
our performance. We use adjusted net income as a measure of our consolidated
operating performance exclusive of income and expenses that relate to the
financing, income taxes, and capitalization of the business. Also, adjusted
net income assists us in comparing our operating performance on a consistent
basis as it removes the impact of our capital structure (primarily one-time
amortization of convertible debt discounts) and stock-based compensation
expense from our operating results. In addition, adjusted net income helps
management identify controllable expenses and make decisions designed to help
us meet our current financial goals and optimize our financial performance.
Accordingly, we believe this metric measures our financial performance based
on operational factors that we can influence in the short term, namely the
cost structure and expenses of the organization.
Liquidity: In addition to the uses described above, management and our board
of directors use adjusted net income as an indicator of the amount of cash
flow we have available to service our debt obligations, and we believe this
measure can serve the same purpose for our investors.
Limitations: Adjusted net income has limitations as an analytical tool, and
should not be considered in isolation, or as a substitute for analysis of our
operating results or cash flows as reported under GAAP. Some of these
limitations are as follows:
* adjusted net income does not reflect (i) our cash expenditures or future
requirements for capital expenditures or contractual commitments, or
(ii) changes in or cash requirements for our working capital needs; and
* our calculation of adjusted net income may differ from the adjusted net
income or analogous calculations of other companies in our industry,
limiting its usefulness as a comparative measure.
The following tables show the reconciliation of net income and cash flows from
operating activities, the most directly comparable GAAP measures of
performance and liquidity, to adjusted net income (in thousands):
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
(unaudited) (unaudited)
Reconciliation of
cash flows from
operating activities
to adjusted net
income:
Net cash provided by $ 132,276 $ 83,076 $ 372,496 $ 166,197
operating activities
Depreciation of (57,932 ) (30,657 ) (154,805 ) (73,431 )
flight equipment
Stock-based (7,124 ) (8,314 ) (24,548 ) (30,974 )
compensation
Deferred taxes (20,182 ) (10,070 ) (50,573 ) (15,684 )
Amortization of
discounts and (4,595 ) (2,308 ) (11,553 ) (6,972 )
deferred debt issue
costs
Extinguishment of — — — (3,349 )
debt
Changes in operating
assets and
liabilities:
Other assets 11,727 (900 ) 20,114 15,427
Accrued interest and (16,924 ) (10,444 ) (48,085 ) (13,465 )
other payables
Rentals received in (235 ) (2,112 ) (10,936 ) (9,279 )
advance
Net income 37,011 18,271 92,110 28,470
Amortization of
discounts and 4,595 2,308 11,553 6,972
deferred debt issue
costs
Extinguishment of — — — 3,349
debt
Stock-based 7,124 8,314 24,548 30,974
compensation
Tax effect (4,128 ) (3,771 ) (12,796 ) (13,471 )
Adjusted net income $ 44,602 $ 25,122 $ 115,415 $ 56,294
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
(unaudited) (unaudited)
Reconciliation of net
income to adjusted
net income:
Net income $ 37,011 $ 18,271 $ 92,110 $ 28,470
Amortization of
discounts and 4,595 2,308 11,553 6,972
deferred debt issue
costs
Extinguishment of — — — 3,349
debt
Stock-based 7,124 8,314 24,548 30,974
compensation
Tax effect (4,128 ) (3,771 ) (12,796 ) (13,471 )
Adjusted net income $ 44,602 $ 25,122 $ 115,415 $ 56,294
^(2) Adjusted EBITDA (defined as net income before net interest expense,
stock-based compensation expense, income tax expense, and depreciation and
amortization expense) is a measure of both operating performance and liquidity
that is not defined by GAAP and should not be considered as an alternative to
net income, income from operations or any other performance measures derived
in accordance with GAAP. Adjusted EBITDA is presented as a supplemental
disclosure because management believes that it may be a useful performance
measure that is used within our industry. We believe adjusted EBITDA provides
useful information on our earnings from ongoing operations, our ability to
service our long-term debt and other fixed obligations, and our ability to
fund our expected growth with internally generated funds. Set forth below is
additional detail as to how we use adjusted EBITDA as a measure of both
operating performance and liquidity, as well as a discussion of the
limitations of adjusted EBITDA as an analytical tool and a reconciliation of
adjusted EBITDA to our GAAP net loss and cash flow from operating activities.
Operating Performance: Management and our board of directors use adjusted
EBITDA in a number of ways to assess our consolidated financial and operating
performance, and we believe this measure is helpful in identifying trends in
our performance. We use adjusted EBITDA as a measure of our consolidated
operating performance exclusive of income and expenses that relate to the
financing, income taxes, and capitalization of the business. Also, adjusted
EBITDA assists us in comparing our operating performance on a consistent basis
as it removes the impact of our capital structure (primarily one-time
amortization of convertible debt discounts) and stock-based compensation
expense from our operating results. In addition, adjusted EBITDA helps
management identify controllable expenses and make decisions designed to help
us meet our current financial goals and optimize our financial performance.
Accordingly, we believe this metric measures our financial performance based
on operational factors that we can influence in the short term, namely the
cost structure and expenses of the organization.
Liquidity: In addition to the uses described above, management and our board
of directors use adjusted EBITDA as an indicator of the amount of cash flow we
have available to service our debt obligations, and we believe this measure
can serve the same purpose for our investors.
Limitations: Adjusted EBITDA has limitations as an analytical tool, and should
not be considered in isolation, or as a substitute for analysis of our
operating results or cash flows as reported under GAAP. Some of these
limitations are as follows:
* adjusted EBITDA does not reflect our cash expenditures or future
requirements for capital expenditures or contractual commitments;
* adjusted EBITDA does not reflect changes in or cash requirements for our
working capital needs;
* adjusted EBITDA does not reflect interest expense or cash requirements
necessary to service interest or principal payments on our debt; and
* other companies in our industry may calculate these measures differently
from how we calculate these measures, limiting their usefulness as
comparative measures.
The following tables show the reconciliation of net income and cash flows from
operating activities, the most directly comparable GAAP measures of
performance and liquidity, to adjusted EBITDA (in thousands):
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
(unaudited) (unaudited)
Reconciliation of
cash flows from
operating activities
to adjusted EBITDA:
Net cash provided by $ 132,276 $ 83,076 $ 372,496 $ 166,197
operating activities
Depreciation of (57,932 ) (30,657 ) (154,805 ) (73,431 )
flight equipment
Stock-based (7,124 ) (8,314 ) (24,548 ) (30,974 )
compensation
Deferred taxes (20,182 ) (10,070 ) (50,573 ) (15,684 )
Amortization of
discounts and (4,595 ) (2,308 ) (11,553 ) (6,972 )
deferred debt issue
costs
Extinguishment of - - - (3,349 )
debt
Changes in operating
assets and
liabilities:
Other assets 11,727 (900 ) 20,114 15,427
Accrued interest and (16,924 ) (10,444 ) (48,085 ) (13,465 )
other payables
Rentals received in (235 ) (2,112 ) (10,936 ) (9,279 )
advance
Net income 37,011 18,271 92,110 28,470
Net interest expense 39,218 12,642 100,643 39,442
Income taxes 20,182 10,070 50,577 15,684
Depreciation 57,932 30,657 154,805 73,431
Stock-based 7,124 8,314 24,548 30,974
compensation
Adjusted EBITDA $ 161,467 $ 79,954 $ 422,683 $ 188,001
Three Months Ended Three Months Ended
September 30, September 30,
2012 2011 2012 2011
Reconciliation of net
income to adjusted (unaudited) (unaudited)
EBITDA:
Net income $ 37,011 $ 18,271 $ 92,110 $ 28,470
Net interest expense 39,218 12,642 100,643 39,442
Income taxes 20,182 10,070 50,577 15,684
Depreciation 57,932 30,657 154,805 73,431
Stock-based 7,124 8,314 24,548 30,974
compensation
Adjusted EBITDA $ 161,467 $ 79,954 $ 422,683 $ 188,001
Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Nine Months Ended
September 30,
2012 2011
(unaudited)
Operating Activities
Net income $ 92,110 $ 28,470
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation of flight equipment 154,805 73,431
Stock-based compensation 24,548 30,974
Deferred taxes 50,573 15,684
Amortization of discounts and deferred debt 11,553 6,972
issue costs
Extinguishment of debt — 3,349
Changes in operating assets and liabilities:
Other assets (20,114 ) (15,427 )
Accrued interest and other payables 48,085 13,465
Rentals received in advance 10,936 9,279
Net cash provided by operating activities 372,496 166,197
Investing Activities
Acquisition of flight equipment under (1,651,831 ) (1,706,278 )
operating lease
Payments for deposits on flight equipment (185,373 ) (278,820 )
purchases
Acquisition of furnishings, equipment and (71,484 ) (66,910 )
other assets
Net cash used in investing activities (1,908,688 ) (2,052,008 )
Financing Activities
Issuance of common stock 43 867,365
Tax withholdings on stock-based compensation (7,312 ) (8,456 )
Net change in unsecured revolving facilities (28,000 ) 153,000
Proceeds from debt financings 2,042,389 800,043
Payments in reduction of debt financings (344,912 ) (62,376 )
Restricted cash (15,627 ) (26,143 )
Debt issue costs (39,487 ) (10,338 )
Security deposits and maintenance reserve 108,968 127,262
receipts
Security deposits and maintenance reserve (21,994 ) (3,720 )
disbursements
Net cash provided by financing activities 1,694,068 1,836,637
Net increase (decrease) in cash 157,876 (49,174 )
Cash and cash equivalents at beginning of 281,805 328,821
period
Cash and cash equivalents at end of period $ 439,681 $ 279,647
Supplemental Disclosure of Cash Flow
Information
Cash paid during the period for interest,
including capitalized interest of $13,698 at $ 68,307 $ 34,849
September 30, 2012 and capitalized interest
of $7,297 at September 30, 2011
Supplemental Disclosure of Noncash
Activities
Buyer furnished equipment, capitalized
interest, deposits on flight equipment
purchases and seller financing applied to $ 136,850 $ 33,408
acquisition of flight equipment under
operating leases
Contact:
Air Lease Corporation
310-553-0555
Investors:
Ryan McKenna
Assistant Vice President, Strategic Planning & Investor Relations
rmckenna@airleasecorp.com
or
Media:
Laura St. John
Media and Investor Relations Coordinator
lstjohn@airleasecorp.com
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