Fly Leasing — J.P. Morgan Aviation, Transportation and Defense Conference 2012
15 slides from Fly Leasing's conference presentation, Mar 14, 2012
Slide 1: FLY Leasing Limited - J.P. Morgan Aviation, Transportation and Defense Conference
FLY Leasing Limited J.P. MORGAN AVIATION,TRANSPORTATION AND DEFENSE CONFERENCE NEW YORK March 14, 2012
Slide 2: Caution Concerning Forward-looking Statements
Caution Concerning Forward-looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "s
Slide 3: FLY - Investment Highlights
FLY - Investment Highlights Attractive portfolioFleet of 111 consisting predominantly of modern, fuel-efficient, widely used aircraftDiversified portfolio of 53 airline lesseesLong term leases with stringent termsFinanced with attractive debtSecured, non-recourse debt with low marginsManageable refi
Slide 4: Significant Growth Since NYSE IPO in September 2007
FLY - Investment Highlights Significant Growth Since NYSE IPO in September 2007 Increased portfolio from 47 to 111 aircraft (+136%) No new equity raised Commitment to shareholder value enhancements Paid 17 consecutive quarterly dividends since NYSE listing - total of $4.60 Current dividend of 20 cen
Slide 5: 2011 a Landmark Year
FLY - 2011 a Landmark Year Increased fleet to 109 aircraftAcquired 52 aircraft for ~$1.4 billionAll aircraft purchased with FLY's free cash and new or assumed debtIncreased lessee portfolio to 53 airlinesAdded 23 new lessees, including many of the industry's best creditsFurther diversified global fo
Slide 6: Further Progress in Q1 2012
FLY - Further Progress in Q1 2012 Extended $600 million secured, non-recourse debt facilityFLY's second largest facility extended from November 2012 to 2018Favorable terms - LIBOR + 330 bpsResold remaining repurchased securitization notesAverage price of 82% of face value2012 debt sales generated ne
Slide 7: Attractive Portfolio of Leased Aircraft
FLY - Attractive Portfolio of Leased Aircraft Modern Fleet - 8.3 Yr Average Age Modern Fleet - 8.3 Yr Average Age A320 Family 49 B737 Next Generation 34 B737 Classic (3) 3 B757 (3) 11 B717 6 Wide Body (4) 6 Total 109 % Narrow body (1) 89% Diversified Lessees - 53 Airlines (1) Long Leases - 3.6 Yr Av
Slide 8: Strong Credits, Diversified Exposure
FLY - Strong Credits, Diversified Exposure 53 lessees in 29 countriesAnnualized rentals of $363 million as of December 31, 2011FLY's lessees include the following major airlines:
Slide 9: Attractive Debt Facilities
FLY - Attractive Debt Facilities Facility Balance at Dec 31, 2011 (1) # of Aircraft Effective Interest Rate (2) Final Maturity Securitization $607m 40 4.94% November 2033 (3) Term Loan 1 $426m 16 6.87% January 2013(4) Term Loan 2 $598m 19 3.98% November 2018 Term Loan 3 $493m 20 4.98% 2012 - 2017 (5
Slide 10: Serviced by BBAM
FLY - Serviced by BBAM BBAM is the world's third largest lease managerBBAM is 85% owned by its management and 15% by FLYFLY's 15% interest has diversified earnings and been very profitable Leading Aircraft Lease Managers (CHART) Source: AirFinance Journal, August 2011. Portfolio value in billions of
Slide 11: BBAM's Global Platform
BBAM's Global Platform Over 460 aircraft under managementSolely a manager-does not own assetsOriginated over 600 aircraft for its clientsRelationships with over 200 airlinesLeader in Sale & LeasebacksOngoing source of aircraft for FLYComprehensive PlatformOrigination & remarketingTechnical servicesF
Slide 12: Track Record of Enhancing Shareholder Value
FLY - Track Record of Enhancing Shareholder Value Equity RepurchasesRepurchased over eight million shares (~24%) at average of $7.91 per shareDebt RepurchasesRepurchased $169 million face value of securitization notesAverage price of 49% of face valueSold repurchased securitization notesAverage pric
Slide 13: Track Record of Enhancing Shareholder Value
FLY - Track Record of Enhancing Shareholder Value DividendsQuarterly dividend of $0.20 per share, $0.80 annually17 consecutive quarterly dividendsCumulative dividends of $4.60 per share since IPO in late 2007Aircraft SalesSold eight aircraft at significant gains to book valueTotal pre-tax gains of $
Slide 14: Strategy for Increasing Shareholder Value
FLY - Strategy for Increasing Shareholder Value Re-Lease AircraftAirline industry is profitable, with focus on developing economiesSignificant orders for new aircraftHigh fuel cost requires replacement with fuel efficient aircraftPrudent Aircraft Purchases & InvestmentsPursue further portfolio and o
Slide 15: FLY Leasing Limited
FLY Leasing Limited iy Leasing
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