FLY Leasing Sells 3 Aircraft
FLY Leasing Limited (NYSE: FLY) (“FLY”), a global lessor of modern commercial jet aircraft, today announced that it has sold one Boeing 737-700 and two Airbus A320-200s from its portfolio. The B737-700 was manufactured in 2001 while the A320s were both manufactured in 1995.
“FLY has now sold 11 aircraft from its portfolio, each at a premium to net book value. This highlightsthe inherent value in our portfolio and our continued commitment to creating shareholder value by capitalizing on market opportunities,” said Colm Barrington, CEO of FLY. “The sales of these 11 aircraft have generated aggregate gains in excess of $40 million above net book value.”
“These dispositions are in line with our strategy of selling older aircraft and reinvesting in younger models to maintain a fleet of the most modern, fuel-efficient commercial aircraft, which are in strong demand from airlines globally,” added Barrington. “We were particularly pleased to complete the sale of these older aircraft, emphasizing that there is investor interest and financing capacity in this market sector. We will continue to sell aircraft when we can achieve premium prices and to manage lessee and geographical diversification.”
FLY now has a fleet of 108 commercial aircraft on lease to 53 airlines in 29 countries.