Press release
Fortress Transportation and Infrastructure Investors LLC Reports Third Quarter 2021 Results, Declares Dividend of $0.33 per Common Share
NEW YORK, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI) (the “Company” or “FTAI”) today reported
About this update from Ftai Aviation Ltd.
[{"type":"text","content":"NEW YORK, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI) (the “Company” or “FTAI”) today reported financial results for the third quarter 2021. 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 ResultsQ3’21Net Cash Provided by Operating Activities$43,216 Net Loss Attributable to Shareholders$(38,871)Basic and Diluted Loss per Common Share$(0.44) Funds Available for Distribution (“FAD”) (1)$39,351 Adjusted EBITDA(1)$96,389 _______________________________(1)For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release. For the third quarter of 2021, total FAD was $39.4 million. This amount includes $90.5 million from our aviation leasing portfolio, offset by $(0.2) million from our infrastructure business and $(50.9) million from corporate and other. Third Quarter 2021 Dividends On October 28, 2021, 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 September 30, 2021, payable on November 29, 2021 to the holders of record on November 15, 2021. Additionally, on October 28, 2021, 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 September 30, 2021, payable on December 15, 2021 to the holders of record on December 1, 2021. Business Highlights Long Ridge Energy Generation has commenced commercial operations at its 485 megawatt plant and is selling power to PJM Interconnection LLC.FTAI Aviation has executed a sale leaseback transaction with Alitalia with a novation to ITA for 16 A320 family aircraft, and the transaction is expected to close in Q4 2021.FTAI Aviation has entered into a purchase agreement with Avianca for the purchase and leaseback of 19 A320 family aircraft, which is subject to cou...