Fly Leasing is confident that the lessor will hit its double-digit growth target this year after achieving its goal in 2013.
"We are well on the way to meeting our previously announced growth target of 10-15%, with an identified pipeline of approximately $200 million of acquisitions in the early part of 2014," says Colm Barrington, chief executive officer of Fly.
Last year, Fly increased its fleet size and lowered the average age of the portfolio, following the purchase of 14 aircraft and the sale of 10 older units.
The lessor ended the year with 113 aircraft.
It purchased 14 new aircraft, including an Airbus A320, eleven Boeing 737 Next Generation aircraft, one Boeing 777-300ER and one Boeing 787-8. The lessor also sold 10 aircraft for a net gain of $6.3 million.
In addition, Fly signed lease agreements for 36 aircraft
It also secured $1.1 billion of debt financing, raised $173 million of new equity capital.
After achieving its growth objectives for the year, Fly increased the quarterly dividend by 14% to $0.25 per share.