Fly Leasing has committed $215 million towards its target of $300-$500 million in aircraft acquisitions for the year, after entering purchase agreements for six aircraft during the first quarter.
Speaking on a first quarter earnings call today, Colm Barrington, chief executive officer of Fly Leasing, said the six aircraft include a Boeing 737-800, which already has been purchased, and five other "younger narrowbodies, primarily -800s" that are under letters of intent.
"We are on target to meet, or exceed, our growth targets for this year," says Barrington.
Fly says it is targeting a mix of "new or nearly-new aircraft" and selected "mid-life, in-production" units to build its portfolio this year.
During the first quarter to 31 March, Fly sold one Airbus A320, six Boeing 717s and two Boeing 737 Classics for a gain $6.5 million.
The six 2001-built Boeing 717-200 aircraft were sold to Falko Regional Aircraft and will remain on lease to Qantas and in service with QantasLink.
Fly Leasing acquired the 717s in 2011 as part of a 49-aircraft portfolio transaction.
"The sale of these non-core aircraft will result in a gain over our current book value and generate gross cash proceeds of $17 million," said Barrington, following the 717 sales.