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Air Lease Corporation Announces First Quarter 2013 Results



  Air Lease Corporation Announces First Quarter 2013 Results

Business Wire

LOS ANGELES -- May 09, 2013

Air Lease Corporation (ALC) (NYSE: AL) announced today the results of its
operations for the three months ended March 31, 2013.

Highlights

Air Lease Corporation reports another consecutive quarter of fleet, revenue,
profitability and financing growth:

  * Diluted EPS increased by 46% to $0.38 per share for the three months ended
    March 31, 2013 from $0.26 per share for the three months ended March 31,
    2012
  * Revenues increased 45% to $192 million for the three months ended March
    31, 2013 compared to $133 million for the three months ended March 31,
    2012
  * Income before taxes increased 48% to $62 million with a pretax margin of
    32% for the three months ended March 31, 2013 compared to income before
    taxes of $42 million with a pretax margin of 31% for the three months
    ended March 31, 2012
  * Received a corporate credit rating of A- from Kroll Bond Rating Agency
  * Acquired seven aircraft (including five aircraft from our order book and
    two incremental aircraft), growing our fleet to 162 aircraft spread across
    a diverse and balanced customer base of 71 airlines in 41 countries
  * Asia/Pacific carriers now represent the largest regional concentration of
    our fleet at 39.2% based on net book value as of March 31, 2013
  * On May 7, 2013, we amended our Syndicated Unsecured Revolving Credit
    Facility increasing the aggregate principal amount by $607 million to $1.7
    billion, reducing the interest rate to LIBOR plus a margin of 1.45% from
    LIBOR plus 1.75% and extending the term from three to four years
  * Increased our bank group to 40 financial institutions
  * Issued our first bond guaranteed by the Export-Import Bank of the United
    States for $77 million at a fixed rate of 1.6% for 12 years
  * Issued a $400 million senior unsecured notes offering due in 2020 at a
    rate of 4.75%
  * Our Board of Directors declared ALC’s second quarterly cash dividend of
    $0.025 per share on our outstanding common stock

The following table summarizes the results for Q1 2013 and Q1 2012 (in
thousands, except share amounts):

                             
                                Three Months Ended
                                March 31,
                                2013              2012              % change
Revenues                        $   191,997       $   132,553       45     %
Income before taxes             $   61,672        $   41,610        48     %
Net income                      $   39,996        $   26,927        49     %
Cash provided by
operating                       $   161,141       $   101,522       59     %
activities
Diluted EPS                     $   0.38          $   0.26          46     %
Adjusted net                    $   47,769        $   34,100        40     %
income^(1)
Adjusted EBITDA^(1)             $   177,258       $   118,317       50     %
                             
^(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.
 

“During the first quarter we continued to execute our strategic plan for
future growth, increasing our fully diluted EPS by 46% compared to Q1 of 2012.
Although macro-economic indicators remain mixed, we continue to see strong
global growth of passenger traffic led by the emerging markets, which drives
demand for new aircraft. We see that strength continuing for the foreseeable
future. Accordingly, we increased our order positions to meet that demand.
Financing markets remain open and investors and institutions have been very
receptive to ALC’s strong credit metrics. Our recent corporate credit rating
of A- from Kroll further broadens our access to attractively priced capital,”
said Steven F. Udvar-Házy, Chairman and Chief Executive Officer of Air Lease
Corporation.

“The results of our first quarter reflect ALC’s strong core leasing business
that continues to yield attractive lease and operating margins. Asia/Pacific
has now surpassed Europe as ALC’s largest region as measured by percentage of
net book value of our fleet. We see this trend continuing. We see further
pockets of opportunity emerging with quality airlines in the Middle East,
Africa and Latin America. Our overall lease placements are tracking as
expected, including placement of our recently announced orders, and we have no
significant customer credit concerns,” said John L. Plueger, President and
Chief Operating Officer of Air Lease Corporation.

Fleet Growth

Building on our base of 155 aircraft at December 31, 2012, we increased our
fleet by seven aircraft during the first quarter of 2013 and ended the first
quarter with 162 aircraft spread across a broad customer base of 71 airlines
across 41 countries.

Below are portfolio metrics of our fleet as of March 31, 2013 and December 31,
2012:

                                            March 31, 2013     December 31,
                                                               2012
Fleet size                                  162                155
Weighted-average fleet age^(1)              3.5 years          3.5 years
Weighted-average remaining lease            7.1 years          6.8 years
term^(1)
Aggregate fleet net book value              $ 6.57 Billion     $ 6.25 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 March 31, 2013 and December 31, 2012:

                                     March 31, 2013        December 31, 2012
Region                               % of net book value   % of net book value
Asia/Pacific                         39         .2%        35        .9%
Europe                               36         .1         38        .4
Central America, South America       12         .3         12        .6
and Mexico
U.S. and Canada                      6          .9         7         .3
The Middle East and Africa           5          .5         5         .8
Total                                100        .0%        100       .0%

The following table sets forth the number of aircraft we leased by aircraft
type as of March 31, 2013 and December 31, 2012:

                           March 31, 2013        December 31, 2012
                           Number of   % of      Number of   % of
Aircraft type              aircraft    Total     aircraft    total
Airbus A319/320/321        45          27  .8%   41          26  .4%
Airbus A330-200/300        19          11  .8    17          11  .0
Boeing 737-700/800         46          28  .4    46          29  .7
Boeing 767-300ER           3           1   .8    3           1   .9
Boeing 777-200/300ER       7           4   .3    7           4   .5
Embraer E175/190           32          19  .7    31          20  .0
ATR 72-600                 10          6   .2    10          6   .5
Total                      162         100 .0%   155         100 .0%

Debt Financing Activities

During the first quarter of 2013 and through May 9, 2013, the Company entered
into additional debt facilities aggregating $1.2 billion, which included a
$607.0 million addition to our Syndicated Unsecured Revolving Credit Facility,
$400.0 million in senior unsecured notes due 2020 bearing interest at a rate
of 4.75% per annum, $76.5 million of secured notes due 2024 bearing interest
at a rate of 1.6% and are guaranteed by the Export-Import Bank of the United
States (“Ex-Im Bank”) and additional facilities aggregating $75.0 million. We
ended the first quarter of 2013 with total unsecured debt outstanding of $3.0
billion. The Company’s unsecured debt as a percentage of total debt increased
to 61.8% as of March 31, 2013 from 60.2% as of December 31, 2012. The
Company’s fixed-rate debt as a percentage of total debt increased to 58.0% as
of March 31, 2013 from 53.9% as of December 31, 2012. We ended the first
quarter of 2013 with a conservative balance sheet with a low residual value
risk profile and ample liquidity of $1.3 billion.

Our financing plan remains focused on raising unsecured debt in the global
bank and capital markets, reinvesting cash flow from operations, and limited
utilization of export credit financing. In May 2013, the Company received a
corporate credit rating of A- from Kroll Bond Ratings which further broadens
our access to attractively priced capital.

We have established a globally diverse lending group consisting of 40 banks.
The Company’s debt financing was comprised of the following at March 31, 2013
and December 31, 2012:

                                                           
                                        March 31, 2013       December 31, 2012
                                        (dollars in thousands)
Unsecured
Senior notes                            $   2,163,950        $   1,775,000
Revolving credit facilities                 445,000              420,000
Term financings                             199,229              248,916
Convertible senior notes                    200,000              200,000     
Total unsecured debt                        3,008,179            2,643,916
financing
                                                              
Secured
Warehouse facilities                        1,045,292            1,061,838
Term financings                             740,431              688,601
Export credit financing                     76,530               —           
Total secured debt                          1,862,253            1,750,439
financing
                                                              
Total secured and unsecured                 4,870,432            4,394,355
debt financing
Less: Debt discount                         (9,231     )         (9,623     )
Total debt                              $   4,861,201        $   4,384,732   
                                                              
Selected interest rates and
ratios:
Composite interest rate^(1)                 4.05       %         3.94       %
Composite interest rate on                  5.11       %         5.06       %
fixed rate debt^(1)
Percentage of total debt at                 57.95      %         53.88      %
fixed rate
 
^(1) 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 May 9, 2013 at 4:30 PM Eastern Time to discuss the
Company's first quarter 2013 financial results.

Investors can participate in the conference call by dialing (866) 271-6130
domestic or (617) 213-8894 international. The passcode for the call is
98586894.

For your convenience, the conference call can be replayed in its entirety
beginning at 6:30 PM ET on May 9, 2013 until 11:59 PM ET on May 16, 2013. If
you wish to listen to the replay of this conference call, please dial (888)
286-8010 domestic or (617) 801-6888 international and enter passcode 24099055.

The conference call will also 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;
  * potential natural disasters and terrorist attacks and the amount of our
    insurance coverage, if any, relating thereto; and
  * the factors discussed under “Part I – Item 1A. Risk Factors,” In our
    Annual Report on Form 10-K for the year ended December 31, 2012 and other
    SEC filings.

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)
                                                                
                                                 March 31,       December 31,
                                                 2013            2012
                                                 (unaudited)
Assets
Cash and cash equivalents                        $ 217,623       $ 230,089
Restricted cash                                    110,558         106,307
Flight equipment subject to operating              6,981,975       6,598,898
leases
Less accumulated depreciation                      (410,898  )     (347,035  )
                                                   6,571,077       6,251,863
Deposits on flight equipment purchases             776,472         564,718
Deferred debt issue costs—less accumulated
amortization of $36,891 and $32,288 as of          80,161          74,219
March 31, 2013 and December 31, 2012,
respectively
Other assets                                       199,784         126,428
Total assets                                     $ 7,955,675     $ 7,353,624
Liabilities and Shareholders’ Equity
Accrued interest and other payables              $ 104,045       $ 90,169
Debt financing                                     4,861,201       4,384,732
Security deposits and maintenance reserves         453,922         412,223
on flight equipment leases
Rentals received in advance                        46,971          41,137
Deferred tax liability                             114,418         92,742
Total liabilities                                $ 5,580,557     $ 5,021,003
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 99,455,339 and 99,417,998              991             991
shares at March 31, 2013 and December 31,
2012, respectively
Class B Non-Voting Common Stock, $0.01 par
value; authorized 10,000,000 shares;               18              18
issued and outstanding 1,829,339 shares
Paid-in capital                                    2,203,534       2,198,501
Retained earnings                                  170,575         133,111
Total shareholders’ equity                         2,375,118       2,332,621
Total liabilities and shareholders’ equity       $ 7,955,675     $ 7,353,624
                                                                              

 
Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share amounts)
 
                                                 Three Months Ended
                                                 March 31,
                                                 2013            2012
                                                 (unaudited)
Revenues
Rental of flight equipment                       $  190,103      $  131,737
Interest and other                               1,894           816          
Total revenues                                   191,997         132,553
                                                                  
Expenses
Interest                                         40,230          21,914
Amortization of discounts and deferred           5,210           2,867        
debt issue costs
Interest expense                                 45,440          24,781
                                                                  
Depreciation of flight equipment                 63,863          44,336
Selling, general and administrative              14,247          13,609
Stock-based compensation                         6,775           8,217        
Total expenses                                   130,325         90,943       
                                                                  
Income before taxes                              61,672          41,610
Income tax expense                               (21,676     )   (14,683     )
Net income                                       $  39,996       $  26,927    
                                                                  
Net income per share of Class A and Class
B Common Stock:
Basic                                            $  0.39         $  0.27
Diluted                                          $  0.38         $  0.26
Weighted-average shares outstanding:
Basic                                            101,260,614     100,717,302
Diluted                                          108,346,885     107,426,789
                                                                  
Other financial data:
Adjusted net income^(1)                          $  47,769       $  34,100
Adjusted EBITDA^(2)                              $  177,258      $  118,317
                                                                              

       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
^(1)   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 income 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 you should not 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
                                                     March 31,
                                                     2013          2012
                                                     (unaudited)
Reconciliation of cash flows from operating
activities to adjusted net income:
Net cash provided by operating activities            $ 161,141     $ 101,522
Depreciation of flight equipment                       (63,863 )     (44,336 )
Stock-based compensation                               (6,775  )     (8,217  )
Deferred taxes                                         (21,676 )     (14,679 )
Amortization of discounts and deferred debt            (5,210  )     (2,867  )
issue costs
Changes in operating assets and liabilities:
Other assets                                           (6,739  )     7,658
Accrued interest and other payables                    (11,048 )     (7,529  )
Rentals received in advance                            (5,834  )     (4,625  )
Net income                                             39,996        26,927
Amortization of discounts and deferred debt            5,210         2,867
issue costs
Stock-based compensation                               6,775         8,217
Tax effect                                             (4,212  )     (3,911  )
Adjusted net income                                  $ 47,769      $ 34,100   
                                                                              

                                                      
                                                       Three Months Ended
                                                       March 31,
                                                       2013         2012
                                                       (unaudited)
Reconciliation of net income to adjusted net
income:
Net income                                             $ 39,996     $ 26,927
Amortization of discounts and deferred debt              5,210        2,867
issue costs
Stock-based compensation                                 6,775        8,217
Tax effect                                               (4,212 )     (3,911 )
Adjusted net income                                    $ 47,769     $ 34,100  
                                                                              

      
       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
^(2)   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 income 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
                                                     March 31,
                                                     2013          2012
                                                     (unaudited)
Reconciliation of cash flows from operating
activities to adjusted EBITDA:
Net cash provided by operating activities            $ 161,141     $ 101,522
Depreciation of flight equipment                       (63,863 )     (44,336 )
Stock-based compensation                               (6,775  )     (8,217  )
Deferred taxes                                         (21,676 )     (14,679 )
Amortization of discounts and deferred debt            (5,210  )     (2,867  )
issue costs
Changes in operating assets and liabilities:
Other assets                                           (6,739  )     7,658
Accrued interest and other payables                    (11,048 )     (7,529  )
Rentals received in advance                            (5,834  )     (4,625  )
Net income                                             39,996        26,927
Net interest expense                                   44,948        24,154
Income taxes                                           21,676        14,683
Depreciation                                           63,863        44,336
Stock-based compensation                               6,775         8,217    
Adjusted EBITDA                                      $ 177,258     $ 118,317  
                                                                              

                                                      
                                                       Three Months Ended
                                                       March 31,
                                                       2013        2012
                                                       (unaudited)
Reconciliation of net income to adjusted EBITDA:
Net income                                             $ 39,996    $ 26,927
Net interest expense                                     44,948      24,154
Income taxes                                             21,676      14,683
Depreciation                                             63,863      44,336
Stock-based compensation                                 6,775       8,217
Adjusted EBITDA                                        $ 177,258   $ 118,317
                                                                      

 
Air Lease Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
                                                  Three Months Ended
                                                  March 31,
                                                  2013           2012
                                                  (unaudited)
Operating Activities
Net income                                        $ 39,996       $ 26,927
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation of flight equipment                    63,863         44,336
Stock-based compensation                            6,775          8,217
Deferred taxes                                      21,676         14,679
Amortization of discounts and deferred debt         5,210          2,867
issue costs
Changes in operating assets and
liabilities:
Other assets                                        6,739          (7,658    )
Accrued interest and other payables                 11,048         7,529
Rentals received in advance                         5,834          4,625      
Net cash provided by operating activities           161,141        101,522    
                                                                              
Investing Activities
Acquisition of flight equipment under               (323,431 )     (458,710  )
operating lease
Payments for deposits on flight equipment           (299,029 )     (104,006  )
purchases
Acquisition of furnishings, equipment and           (36,708  )     (35,113   )
other assets
Net cash used in investing activities               (659,168 )     (597,829  )
                                                                              
Financing Activities
Cash dividends paid                                 (2,532   )     —
Tax withholdings related to vesting of              (1,742   )     —
restricted stock units
Net change in unsecured revolving                   25,000         (245,500  )
facilities
Proceeds from debt financings                       551,030        1,465,949
Payments in reduction of debt financings            (99,953  )     (178,433  )
Restricted cash                                     (4,251   )     (16,220   )
Debt issue costs                                    (10,760  )     (23,291   )
Security deposits and maintenance reserve           40,333         26,703
receipts
Security deposits and maintenance reserve           (11,564  )     (11,440   )
disbursements
Net cash provided by financing activities           485,561        1,017,768  
Net increase (decrease) in cash                     (12,466  )     521,461
Cash and cash equivalents at beginning of           230,089        281,805    
period
Cash and cash equivalents at end of period        $ 217,623      $ 803,266    
                                                                              
Supplemental Disclosure of Cash Flow
Information
Cash paid during the period for interest,
including capitalized interest of $6,899          $ 30,600       $ 17,408
and
$3,949 at March 31, 2013 and 2012
                                                                              
Supplemental Disclosure of Noncash
Activities
Buyer furnished equipment, capitalized
interest, deposits on flight equipment
purchases and seller financing applied to         $ 108,492      $ 105,590
acquisition of flight equipment under
operating leases
                                                                              

Contact:

Air Lease Corporation
Investors:
Ryan McKenna
Assistant Vice President, Strategic Planning & Investor Relations
310-553-0555
rmckenna@airleasecorp.com
or
Media:
Laura St. John
Media and Investor Relations Coordinator
310-553-0555
lstjohn@airleasecorp.com
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