Press release
Fortress Transportation and Infrastructure Investors LLC Reports Second Quarter 2022 Results, Declares Dividend of $0.33 per Common Share
NEW YORK, July 27, 2022 (GLOBE NEWSWIRE) -- Fortress Transportation and Infrastructure Investors LLC (NASDAQ:FTAI) (the “Company” or “FTAI”) today reported
About this update from Ftai Aviation Ltd.
[{"type":"text","content":"NEW YORK, July 27, 2022 (GLOBE NEWSWIRE) -- Fortress Transportation and Infrastructure Investors LLC (NASDAQ:FTAI) (the “Company” or “FTAI”) today reported financial results for the second quarter 2022. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Financial Overview (in thousands, except per share data)Selected Financial ResultsQ2’22Net Cash Used in Operating Activities$(50,492)Net Income Attributable to Shareholders$11,449 Basic Income per Common Share$0.12 Diluted Income per Common Share$0.11 Funds Available for Distribution (“FAD”)(1)$109,360 Adjusted EBITDA(1)$165,327 _______________________________(1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release. For the second quarter of 2022, total FAD was $109.4 million. This amount includes $161.6 million from our aviation leasing portfolio and $9.9 million from our infrastructure business, offset by $(62.1) million from corporate and other. Second Quarter 2022 Dividends On July 26, 2022, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common shares of $0.33 per share for the quarter ended June 30, 2022, payable on August 29, 2022 to the holders of record on August 15, 2022. Additionally, on July 26, 2022, the Board declared cash dividends on its Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares (“Series A Preferred Shares”), Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares (“Series B Preferred Shares”) and Fixed Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares (“Series C Preferred Shares”) of $0.51563, $0.50000 and $0.51563 per share, respectively, for the quarter ended June 30, 2022, payable on September 15, 2022 to the holders of record on September 1, 2022. Business Highlights FTAI’s spin-off of its infrastructure business FTAI Infrastructure Inc. (“FTAI Infrastructure”) is expected to be completed on August 1, 2022. On August 2, 2022, FTAI Infrastructure will begin regular-way trading on the Nasdaq under the ticker symbol “FIP,” and FTAI will resume trading ex-distribution under the ticker symbol “FTAI”.Adjusted EBITDA for Q2 for FTAI was $165.3 million, up 220% compared to $51.6 million in Q1 2022, and up 143% comp...