US lessor acquires 24 aircraft | News | Airfinance Journal

US lessor acquires 24 aircraft

New York City-based Fortress Transportation and Infrastructure Investors (FTAI)’s aircraft division acquired 24 aircraft and 44 engines in the first nine months 2021.

It also disposed of four aircraft and 31 engines.

Total third-quarter aircraft equipment revenues were $94 million, up from $66 million in last year’s third quarter. Quarterly expenses were $51 million; net income was $54 million.

Of the $94 million in aircraft revenues, $36 million each were earned in Asia-Pacific and Europe and $18 million in North America.

Adjusted third-quarter EBITDA of the aviation leasing business was $96 million. For the first nine months EBITDA was $237 million.

For the first nine months aircraft revenues were $228 million, up from $225 million year on year. Expenses were $135 million and net income was $109 million.

As at 30 September, FTAI had aviation assets of $1.87 billion on its balance sheet, against $171 million in liabilities.

As of 30 September, the FTAI aviation leasing segment owned and managed 294 aviation assets, consisting of 90 commercial aircraft and 204 engines, up from 78 and 186 at the beginning of the year.

Of those, 77 of the commercial aircraft and 127 of the engines were leased to operators or other third parties as at 30 September, accounting for a 74% portfolio utilisation rate.

The 90 aircraft have a weighted average remaining lease term of 36 months, and the engines currently on lease have an average remaining lease term of 18 months.

The 90 units comprise 12 widebodies and 78 narrowbody aircraft, changed from 15 and 63 at the start of 2021.

 

Transaction SnapshotFortress Transportation | Bond issuance | 04-21 | $1bn

Financial Close:
12/04/2021
Value:
$1,002.49m USD
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