Air Lease (ALC) reported net income of $7.0 million in the second quarter 2011, up 121% compared to the first quarter.

ALC said it purchased 16 aircraft during the quarter growing its fleet by 33% to 65 aircraft.

ALC also noted that gross proceeds from its IPO completed on April 25, 2011 was $922.9 million

“Building on the success of our IPO in April, ALC continued generating growth by significantly increasing our portfolio of aircraft in the second quarter,” said Steven F. Udvar-Házy, chairman and CEO of Air Lease Corporation. “Despite current volatility in the marketplace, the aviation industry has entered a period of expansion and ALC is capitalizing on opportunities as market conditions evolve.”