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Air Lease Corporation$32.79($.49)(1.47%)

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 Air Lease Corporation Announces Fiscal Year and Fourth Quarter 2014 Results
   Thursday, February 26, 2015 4:01:17 PM ET

Air Lease Corporation (ALC) (AL ) announced today financial results for the year and three months ended December 31, 2014.

Highlights

Air Lease Corporation reported another consecutive quarter of record fleet, revenue and profitability growth:

-- Diluted EPS increased 32% to $2.38 per share for the year ended December 31, 2014 compared to $1.80 per share for the year ended December 31, 2013. Diluted EPS increased 18% to $0.65 per share for the three months ended December 31, 2014 compared to $0.55 per share for the three months ended December 31, 2013.

-- Revenues increased 22% to $1 billion for the year ended December 31, 2014 compared to $859 million for the year ended December 31, 2013. Revenues increased 18% to $286 million for the three months ended December 31, 2014 compared to $243 million for the three months ended December 31, 2013.

-- Income before taxes increased 35% to $395 million with a pretax profit margin of 38% for the year ended December 31, 2014 compared to income before taxes of $293 million with a pretax profit margin of 34% for the year ended December 31, 2013. Income before taxes increased 19% to $108 million with a pretax profit margin of 38% for the three months ended December 31, 2014 compared to income before taxes of $91 million with a pretax profit margin of 37% for the three months ended December 31, 2013.

-- Recorded $20 million in gains on aircraft sales, trading and other activity for the three months ended December 31, 2014 compared to $17 million in gains on aircraft sales, trading and other activity for the three months ended December 31, 2013.

-- In January 2015, the Company became the launch customer for the Airbus A321LR.

-- Our Board of Directors declared a quarterly cash dividend of $0.04 per share on our outstanding common stock. The dividend will be paid on April 7, 2015 to holders of record of our common stock as of March 20, 2015.

The following table summarizes the results for the three months and years ended December 31, 2014 and 2013 (in thousands, except share amounts):

                                                                                                          Three Months Ended                                                                                                                                                                                                                      Year Ended
                                                                                                                                                                      December 31,                                                                                                                                                                                                                                                                                                    December 31,
                                                                                   ----------------------------------------------------------------------------------------------------------------------------------------------------------------------             -------------------- -------------------- -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                      2014             2013             % change             2014                  2013                       % change
                                                                                   ---------  -------------------- -------------------- -------------------- ---------  -------------------- -------------------- -------------------- -------------------- --------  -------------------- -------------------- -------------------- -------------------- -----------  -------------------- -------------------- -------------------- -------------------- -------------------- ---------  -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------
Revenues                                                                            $ 285,944        $ 242,901         17.7 %             $ 1,050,493            $ 858,675           22.3 %
Income before taxes                                                                 $ 108,110                                                                 $  90,571                                                                                     19.4 %                                                                                         $   394,776                                                                                                           $ 293,442                                                                                                          34.5 %
Net income                                                                          $  70,131                                                                 $  58,847                                                                                     19.2 %                                                                                         $   255,998                                                                                                           $ 190,411                                                                                                          34.4 %
Diluted EPS                                                                         $    0.65                                                                 $    0.55                                                                                     18.2 %                                                                                         $      2.38                                                                                                           $    1.80                                                                                                          32.2 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

"Air Lease Corporation concluded 2014 by generating over $1 billion in annual revenue for the very first time. At the same time, we delivered record profitability with a 38% pre-tax profit margin. Air Lease is now celebrating its fifth birthday as a Company and we are pleased with the consistency of our financial and operating results since inception. ALC’s business prospects look strong as the demand for our new technology aircraft remains robust," said Steven F. Udvar-Hazy, Chairman and Chief Executive Officer of Air Lease Corporation.

"Global passenger traffic grew 5.9% in 2014, continuing the strong global trends which underpin the need for aircraft. The market is healthy for new aircraft and we see a great deal of interest in the used market as well. We seized on opportunities during the quarter, recording gains of $20 million on sales, trading and other activity. We kicked off 2015 by issuing a $600 million seven year senior unsecured investment grade bond, with a fixed interest rate of 3.75%. This issuance continues our trend of raising attractively priced long dated financing and enhancing our investment grade credit profile," said John L. Plueger, President and Chief Operating Officer of Air Lease Corporation.

Flight Equipment Portfolio

As of December 31, 2014, we owned 213 aircraft in our operating lease portfolio and we leased the aircraft to a globally diversified customer base of 77 airlines in 46 countries. During the quarter ended December 31, 2014, we delivered nine aircraft from our new order pipeline. In addition, we sold eight aircraft from our operating lease portfolio during the quarter ended December 31, 2014. As of December 31, 2014, we managed 17 aircraft for third parties.

Below are portfolio metrics of our fleet as of December 31, 2014 and December 31, 2013:

                                          December 31, 2014       December 31, 2013
                                         -----------------                                                                -----------------
Fleet size                                             213                                                                              193
Weighted-average fleet age(1)                    3.5 years                                                                        3.7 years
Weighted-average remaining lease term(1)         7.3 years                                                                        7.1 years
Aggregate fleet net book value                $9.0 billion                                                                     $7.6 billion
__________________
(1) Weighted-average fleet age
and remaining lease term calculated based on net book value.
 

The following table sets forth the percentage of net book value of our aircraft portfolio in the indicated regions as of December 31, 2014 and December 31, 2013:

                                            December 31, 2014                                December 31, 2013
Region                                     % of Net Book Value                                                                                       % of Net Book Value 
----------------------------------------- ------------------- --------------------                                                                                     ------------------- --------------------
Asia                                                     42.9 %                                                                                                                       41.6 %
Europe                                                   33.0 %                                                                                                                       34.9 %
Central America, South America and Mexico                 8.7 %                                                                                                                       10.9 %
The Middle East and Africa                                5.6 %                                                                                                                        4.9 %
Pacific, Australia, New Zealand                           5.2 %                                                                                                                        2.0 %
U.S. and Canada                                           4.6 %                                                                                                                        5.7 %
                                          ------------------- --------------------                                                                                     ------------------- --------------------
  Total                                                 100.0 %                                                                                                                      100.0 %
                                          ------------------- --------------------                                                                                     ------------------- --------------------
                                                                                                                                                                                            

The following table sets forth the number of aircraft we leased by aircraft type as of December 31, 2014 and December 31, 2013:

                                                                   December 31, 2014                                                                                                      December 31, 2013
                                          --------------------------------------------------------------------------------------------------                                                                      ------------------------------------------------------------------------------------------------------------------
Aircraft type                              Number of        % of Total                                                                 Number of                % of Total
                                           Aircraft                                                                                                                                                                Aircraft
--------------------                      ---------                                                                                     ---------                                                                 ---------                                                                                     -------------------------
Airbus A319/320/321                              64                                                                                      30.0    %                                                                       55                                                                                      28.5                    %
Airbus A330-200/300                              21                                                                                       9.8    %                                                                       21                                                                                      10.9                    %
Boeing 737-700/800                               69                                                                                      32.4    %                                                                       60                                                                                      31.1                    %
Boeing 767-300ER                                  1                                                                                       0.5    %                                                                        3                                                                                       1.6                    %
Boeing 777-200/300ER                             10                                                                                       4.7    %                                                                        7                                                                                       3.6                    %
Embraer E175/190                                 30                                                                                      14.1    %                                                                       31                                                                                      16.0                    %
ATR 72-600                                       18                                                                                       8.5    %                                                                       16                                                                                       8.3                    %
                                          ---------                                                                                     ----- ----                                                                ---------                                                                                     ----- --------------------
  Total                                         213                                                                                     100.0    %                                                                      193                                                                                     100.0                    %
                                          =========                                                                                     ===== ====                                                                =========                                                                                     ===== ====================
                                                                                                                                                                                                                                                                                                                       

Debt Financing Activities

We ended 2014 with total debt outstanding of $6.7 billion as compared to $5.9 billion as of December 31, 2013. We ended 2014 with total unsecured debt outstanding of $5.5 billion compared to $4.3 billion as of December 31, 2013, increasing the Company’s unsecured debt as a percentage of total debt to 82.3% as of December 31, 2014 compared to 73.4% as of December 31, 2013. The Company’s fixed rate debt as a percentage of total debt increased to 75.2% as of December 31, 2014 from 61.9% as of December 31, 2013. Since the end of 2014, we issued $600.0 million in senior unsecured notes maturing in 2022 with a fixed interest rate of 3.75%.

We ended 2014 with a debt to equity ratio of 2.42:1 and available liquidity of $2.1 billion. Our financing strategy remains focused on raising unsecured debt in the global bank and capital markets.

The Company’s debt financing was comprised of the following at December 31, 2014 and December 31, 2013 (dollars in thousands):

                                                       December 31, 2014                 December 31, 2013
                                               --------------------------------                     --------------------------------
Unsecured
  Senior notes                                  4,579,194                                            3,055,620
  Revolving credit facilities                     569,000                                              808,000
  Term financings                                 196,146                                              247,722
  Convertible senior notes                        200,000                           200,000  
                                               ---------- --------------------                      ---------- --------------------
                                                5,544,340                                            4,311,342
   Total unsecured debt financing
Secured
  Warehouse facilities                            484,513                                              828,418
  Term financings                                 636,411                                              654,369
  Export credit financing                          64,884                            71,539  
                                               ---------- --------------------                      ---------- --------------------
                                                1,185,808                                            1,554,326
   Total secured debt financing
                                                                                                                
   Total secured and unsecured debt financing   6,730,148                                            5,865,668
     Less: Debt discount                          (15,786 )                                            (12,351 )
                                               ---------- --------------------                      ---------- --------------------
   Total debt                                   6,714,362                         5,853,317  
                                               ========== ====================                      ========== ====================
Selected interest rates and ratios:
 Composite interest rate(1)                          3.64 %                                               3.60 %
 Composite interest rate on fixed rate debt(1)       4.22 %                                               4.56 %
 Percentage of total debt at fixed rate             75.20 %                                              61.90 %
                                                                                                                
(1)This rate does not include the effect of upfront fees, undrawn
fees or issuance cost amortization.

Conference Call

In connection with the earnings release, Air Lease Corporation will host a conference call on February 26, 2015 at 4:30 PM Eastern Time to discuss the Company’s year end financial results for 2014.

Investors can participate in the conference call by dialing (800) 299-9630 domestic or (617) 786-2904 international. The passcode for the call is 38284996.

The conference call will also be broadcast live through a link on the Investor Relations page of the Air Lease Corporation website at www.airleasecorp.com. Please visit the website at least 15 minutes prior to the call to register, download and install any necessary audio software. A replay of the broadcast will be available on the Investor Relations page of the Air Lease Corporation website.

For your convenience, the conference call can be replayed in its entirety beginning at 8:30 PM ET on February 26, 2015 until 11:59 PM ET on March 5, 2015. If you wish to listen to the replay of this conference call, please dial (888) 286-8010 domestic or (617) 801-6888 international and enter passcode 66254088.

About Air Lease Corporation (AL )

Air Lease Corporation is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. For more information, visit ALC’s website at www.airleasecorp.com.

Forward-Looking Statements

Statements in this press release that are not historical facts are hereby identified as "forward-looking statements," including any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believes," "can," "could," "may," "predicts," "potential," "should," "will," "estimate," "plans," "projects," "continuing," "ongoing," "expects," "intends" and similar words or phrases. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in such statements, including as a result of the following factors, among others:

-- our inability to make acquisitions of, or lease, aircraft on favorable terms;

-- our inability to sell aircraft on favorable terms, including to the Company’s recently formed joint venture;

-- our inability to obtain additional financing on favorable terms, if required, to complete the acquisition of sufficient aircraft as currently contemplated or to fund the operations and growth of our business;

-- our inability to obtain refinancing prior to the time our debt matures;

-- impaired financial condition and liquidity of our lessees;

-- deterioration of economic conditions in the commercial aviation industry generally;

-- increased maintenance, operating or other expenses or changes in the timing thereof;

-- changes in the regulatory environment;

-- potential natural disasters and terrorist attacks and the amount of our insurance coverage, if any, relating thereto; and

-- the factors discussed under "Part I - Item 1A. Risk Factors," In our Annual Report on Form 10-K for the year ended December 31, 2014 and other SEC filings

All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations. You are therefore cautioned not to place undue reliance on such statements. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

 
                                                                                                               Air Lease Corporation and Subsidiaries
                                                                                                                     CONSOLIDATED BALANCE SHEETS
                                                                                                         (In thousands, except share and par value amounts)
 
 
                                                                                            December 31, 2014                            December 31, 2013
                                                                                                                      ----------------------------------------                                                               ---------------------------------------
Assets
Cash and cash equivalents                                                                                                   $    282,819                                                                                           $   270,173
Restricted cash                                                                                                                    7,469                                                                                                87,308
Flight equipment subject to operating leases                                                                                   9,832,421                                                                                             8,234,315
                                                                                                                                (878,617 )                                                                                            (621,180 )
   Less accumulated depreciation
                                                                                                                      -----------------  --------------------                                                                ----------------  --------------------
                                                                                                                               8,953,804                                                                                             7,613,135
Deposits on flight equipment purchases                                                                                         1,144,603                                                                                             1,075,023
Deferred debt issuance costs--less accumulated amortization of                                                        83,604                                                                                                90,249
$72,783 and $51,578 as of December 31, 2014 and December 31, 2013,
respectively
Other assets                                                                                                                     302,485                                                                            196,716  
                                                                                                                      ---------------------------------------                                                                --------------------------------------
      Total assets                                                                                                          $ 10,774,784                                                                        $ 9,332,604  
                                                                                                                      ======= ========== ====================                                                                ======= ========= ====================
Liabilities and Shareholders’ Equity
Accrued interest and other payables                                                                                              190,952                                                                                           $   131,223
Debt financing, net of discounts                                                                                               6,714,362                                                                                             5,853,317
Security deposits and maintenance reserves on flight equipment leases                                                            698,172                                                                                               569,847
Rentals received in advance                                                                                                       75,877                                                                                                61,520
Deferred tax liability                                                                                                           323,359                                                                            193,263  
                                                                                                                      ---------------------------------------                                                                --------------------------------------
      Total liabilities                                                                                                     $  8,002,722                                                                        $ 6,809,170  
                                                                                                                      ------- ---------- --------------------                                                                ------- --------- --------------------
Shareholders’ Equity
Preferred Stock, $0.01 par value; 50,000,000 shares authorized; no                                                        --                                                                                        --
shares issued or outstanding
                                                                                                                                                                                                                                                
Class A common stock, $0.01 par value; authorized 500,000,000                                                                      1,010                                                                                                 1,009
shares; issued and outstanding 102,392,208 and 101,822,676 shares
at December 31, 2014 and December 31, 2013, respectively
                                                                                                                                                                                                                                                
Class B Non-Voting common stock, $0.01 par value; authorized                                                              --                                                                                        --
10,000,000 shares; no shares issued or outstanding
Paid-in capital                                                                                                                2,215,479                                                                                             2,209,566
Retained earnings                                                                                                                555,573                                                                            312,859  
                                                                                                                      ---------------------------------------                                                                --------------------------------------
      Total shareholders’ equity                                                                 $  2,772,062                                                                        $ 2,523,434  
                                                                                                                      ------- ---------- --------------------                                                                ------- --------- --------------------
      Total liabilities and shareholders’ equity                                                 $ 10,774,784                                                                        $ 9,332,604  
                                                                                                                      ======= ========== ====================                                                                ======= ========= ====================
                                                                                                                                                                                                                                                
 
                                                                                                                                                Air Lease Corporation and Subsidiaries
                                                                                                                                                   CONSOLIDATED STATEMENTS OF INCOME
                                                                                                                                                 (In thousands, except share amounts)
 
 
                                                                                                       Three Months Ended                                                                               Year Ended
                                                                                                                                                                   December 31,                                                                                                    December 31,
                                                                                                                            ------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------
                                                                                                                                 2014              2013                                 2014              2013      
                                                                                                                            ----------------------------------                      ----------------------------------                      ----------------------------------                      ----------------------------------
                                                                                                                                                 (unaudited)
Revenues
                                                                                                                                $ 265,793                                               $ 226,279                                               $ 991,241                                               $ 836,516
  Rental of flight equipment
  Aircraft sales, trading and other                                                                                                20,151                               16,622            59,252            22,159  
                                                                                                                            ----------------------------------                      ---------------------------------- -------------------- ---------------------------------- -------------------- ----------------------------------
    Total revenues                                                                                                                285,944                              242,901         1,050,493           858,675  
                                                                                                                            ----------------------------------                      ---------------------------------- -------------------- ---------------------------------- -------------------- ----------------------------------
                                                                                                                                                                                                                                                                                                                   
Expenses
  Interest                                                                                                                         52,543                                                  43,099                                                 192,818                                                 168,743
                                                                                                                                    6,870                                7,056            27,772            23,627  
  Amortization of discounts and deferred debt issuance costs
                                                                                                                            ------------  --------------------                      ------------  -------------------- -------------------- ------------  -------------------- -------------------- ------------  --------------------
    Interest expense                                                                                                               59,413                                                  50,155                                                 220,590                                                 192,370
                                                                                                                                                                                                                                                                                                                   
  Depreciation of flight equipment                                                                                                 90,921                                                  75,580                                                 336,657                                                 280,037
  Selling, general and administrative                                                                                              23,674                                                  22,820                                                  82,422                                                  71,212
  Stock-based compensation                                                                                                          3,826                                3,775            16,048            21,614  
                                                                                                                            ----------------------------------                      ---------------------------------- -------------------- ---------------------------------- -------------------- ----------------------------------
    Total expenses                                                                                                                177,834                              152,330           655,717           565,233  
                                                                                                                            ----------------------------------                      ---------------------------------- -------------------- ---------------------------------- -------------------- ----------------------------------
                                                                                                                                                                                                                                                                                                                   
Income before taxes                                                                                                               108,110                                                  90,571                                                 394,776                                                 293,442
Income tax expense                                                                                                                (37,979 )                                               (31,724 )                           (138,778 )                           (103,031 )
                                                                                                                            ----------------------------------                      ---------------------------------- -------------------- ---------------------------------- -------------------- ----------------------------------
Net income                                                                                                                      $  70,131                            $  58,847         $ 255,998         $ 190,411  
                                                                                                                            ===== ======= ====================                      ===== ======= ==================== ==================== ===== ======= ==================== ==================== ===== ======= ====================
                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                   
Net income per share of Class A and Class B common stock:
  Basic                                                                                                                         $    0.68                                               $    0.58                                               $    2.51                                               $    1.88
  Diluted                                                                                                                       $    0.65                                               $    0.55                                               $    2.38                                               $    1.80
Weighted-average shares outstanding
  Basic                                                                                                                       102,387,530                                             101,792,573                                             102,142,828                                             101,529,137
  Diluted                                                                                                                     110,422,760                                             109,632,661                                             110,192,771                                             108,963,550
                                                                                                                                                                                                                                                                                                                   
 
                                                                                                      Air Lease Corporation and Subsidiaries
                                                                                                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                                  (In thousands)
 
                                                                         
                                                                                                                                                    ---------------------------------                        ----------------------------------
                                                                                                                                                              December 31, 2014                                        December 31, 2013
                                                                                                                                                    ---------------------------------                        ----------------------------------
                                                                                                                                                                                                              
Operating Activities
  Net income                                                                                                                                             $ 255,998                                                 $ 190,411
  Adjustments to reconcile net income to net cash provided by
  operating activities:
  Depreciation of flight equipment                                                                                                                         336,657                                                   280,037
  Stock-based compensation                                                                                                                                  16,048                                                    21,614
  Deferred taxes                                                                                                                                           137,107                                                   102,636
  Tax benefits from stock-based compensation arrangements                                                                                                   (7,011 )                                                  (2,115 )
  Amortization of discounts and deferred debt issuance costs                                                                                                27,772                                                    23,627
  Gain on aircraft sales, trading and other activity                                                                                                       (56,457 )                                                 (19,234 )
  Changes in operating assets and liabilities:
    Other assets                                                                                                                                            (1,191 )                                                  (2,653 )
    Accrued interest and other payables                                                                                                                     45,738                                                    39,507
    Rentals received in advance                                                                                                                             14,357                                 20,383  
                                                                                                                                                    -----------------------------------                      ------------------------------------
Net cash provided by operating activities                                                                                                                  769,018                                654,213  
                                                                                                                                                    -----------------------------------                      ------------------------------------
Investing Activities
   Acquisition of flight equipment under operating lease                                                                                                (1,568,748 )                                              (1,329,619 )
   Payments for deposits on flight equipment purchases                                                                                                    (601,307 )                                                (828,839 )
   Proceeds from aircraft sales, trading and other activity                                                                                                603,849                                                    97,748
   Acquisition of furnishings, equipment and other assets                                                                                                 (239,451 )                                                (125,184 )
                                                                                                                                                    -----------------------------------                      ------------------------------------
Net cash used in investing activities                                                                                                                   (1,805,657 )                                              (2,185,894 )
                                                                                                                                                    -----------------------------------                      ------------------------------------
Financing Activities
   Issuance of common stock upon exercise of options                                                                                                           944                                            --
   Cash dividends paid                                                                                                                                     (12,243 )                                                  (7,608 )
   Tax withholdings on stock-based compensation                                                                                                            (18,089 )                                                 (12,664 )
   Tax benefits from stock-based compensation arrangements                                                                                                   7,011                                                     2,115
   Net change in unsecured revolving facilities                                                                                                           (239,000 )                                                 388,000
   Proceeds from debt financings                                                                                                                         1,663,120                                                 1,608,854
   Payments in reduction of debt financings                                                                                                               (577,212 )                                                (531,831 )
   Net change in restricted cash                                                                                                                            79,839                                                    18,999
   Debt issuance costs                                                                                                                                      (7,975 )                                                 (37,535 )
   Security deposits and maintenance reserve receipts                                                                                                      185,639                                                   172,662
   Security deposits and maintenance reserve disbursements                                                                                                 (32,749 )                                                 (29,227 )
                                                                                                                                                    -----------------------------------                      ------------------------------------
Net cash provided by financing activities                                                                                                                1,049,285                              1,571,765  
                                                                                                                                                    -----------------------------------                      ------------------------------------
Net increase (decrease) in cash                                                                                                                             12,646                                                    40,084
Cash and cash equivalents at beginning of period                                                                                                           270,173                                230,089  
                                                                                                                                                    -----------------------------------                      ------------------------------------
Cash and cash equivalents at end of period                                                                                                               $ 282,819                              $ 270,173  
                                                                                                                                                    ====== ======= ====================                      ======= ======= ====================
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized                                                                                          $ 211,345                                                 $ 188,464
interest of $42,775, $32,659 and $19,388 at December 31, 2014,
2013 and 2012, respectively
Supplemental Disclosure of Noncash Activities
Buyer furnished equipment, capitalized interest, deposits on                                                                                             $ 756,286                                                 $ 459,432
flight equipment purchases and seller financing applied to
acquisition of flight equipment and other assets applied to
payments for deposits on flight equipment purchases
Cash dividends declared, not yet paid                                                                                                                    $   4,096                                                 $   3,055
                                                                                                                                                                                                                              

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150226006590r1&sid=cmtx6&distro=nx&lang=en

SOURCE: Air Lease Corporation

Air Lease Corporation 
Investors: 
Ryan McKenna 
Vice President 
rmckenna@airleasecorp.com 
or 
Media: 
Laura St. John 
Manager, Media and Investor Relations 
lstjohn@airleasecorp.com 
310-553-0555


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