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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____
Commission file number 001-37386

ftai-20200930_g1.jpg
FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
(Exact name of registrant as specified in its charter)

Delaware32-0434238
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1345 Avenue of the Americas, 45th FloorNew YorkNY10105
(Address of principal executive offices)(Zip Code)

(Registrant’s telephone number, including area code) (212) 798-6100
(Former name, former address and former fiscal year, if changed since last report) N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading Symbol:Name of exchange on which registered:
Class A common shares, $0.01 par value per shareFTAINew York Stock Exchange
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred SharesFTAI PR ANew York Stock Exchange
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred SharesFTAI PR BNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filer¨
Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No þ
There were 85,617,146 common shares representing limited liability company interests outstanding at October 27, 2020.



FORWARD-LOOKING STATEMENTS
This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but instead are based on our present beliefs and assumptions and on information currently available to us. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “target,” “projects,” “contemplates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this report are based upon our historical performance and on our current plans, estimates and expectations in light of information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us, that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to:
changes in economic conditions generally and specifically in our industry sectors, and other risks relating to the global economy, including, but not limited to, ongoing COVID-19 pandemic and other public health crises, and any related responses or actions by businesses and governments;
reductions in cash flows received from our assets, as well as contractual limitations on the use of our aviation assets to secure debt for borrowed money;
our ability to take advantage of acquisition opportunities at favorable prices;
a lack of liquidity surrounding our assets, which could impede our ability to vary our portfolio in an appropriate manner;
the relative spreads between the yield on the assets we acquire and the cost of financing;
adverse changes in the financing markets we access affecting our ability to finance our acquisitions;
customer defaults on their obligations;
our ability to renew existing contracts and enter into new contracts with existing or potential customers;
the availability and cost of capital for future acquisitions;
concentration of a particular type of asset or in a particular sector;
competition within the aviation, energy and intermodal transport sectors;
the competitive market for acquisition opportunities;
risks related to operating through joint ventures, partnerships, consortium arrangements or other collaborations with third parties;
obsolescence of our assets or our ability to sell, re-lease or re-charter our assets;
exposure to uninsurable losses and force majeure events;
infrastructure operations and maintenance may require substantial capital expenditures;
the legislative/regulatory environment and exposure to increased economic regulation;
exposure to the oil and gas industry’s volatile oil and gas prices;
difficulties in obtaining effective legal redress in jurisdictions in which we operate with less developed legal systems;
our ability to maintain our exemption from registration under the Investment Company Act of 1940 and the fact that maintaining such exemption imposes limits on our operations;
our ability to successfully utilize leverage in connection with our investments;
foreign currency risk and risk management activities;
effectiveness of our internal control over financial reporting;
exposure to environmental risks, including natural disasters, increasing environmental legislation and the broader impacts of climate change;
changes in interest rates and/or credit spreads, as well as the success of any hedging strategy we may undertake in relation to such changes;
actions taken by national, state, or provincial governments, including nationalization, or the imposition of new taxes, could materially impact the financial performance or value of our assets;
our dependence on our Manager and its professionals and actual, potential or perceived conflicts of interest in our relationship with our Manager;
effects of the merger of Fortress Investment Group LLC with affiliates of SoftBank Group Corp.;
volatility in the market price of our shares;
the inability to pay dividends to our shareholders in the future; and
other risks described in the “Risk Factors” section of this report.
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These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report. The forward-looking statements made in this report relate only to events as of the date on which the statements are made. We do not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.
If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.
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FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
INDEX TO FORM 10-Q

PART I - FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


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PART I—FINANCIAL INFORMATION
Item 1. Financial Statements

FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share and per share data)

(Unaudited)
NotesSeptember 30, 2020December 31, 2019
Assets
Cash and cash equivalents2$119,799 $226,512 
Restricted cash243,607 16,005 
Accounts receivable, net78,054 49,470 
Leasing equipment, net41,703,498 1,707,059 
Operating lease right-of-use assets, net1362,588 37,466 
Finance leases, net513,189 8,315 
Property, plant, and equipment, net6917,872 732,109 
Investments7158,215 180,550 
Intangible assets, net821,142 27,692 
Goodwill122,735 122,639 
Other assets2134,631 129,105 
Total assets$3,375,330 $3,236,922 
Liabilities
Accounts payable and accrued liabilities$88,050 $144,855 
Debt, net91,801,573 1,420,928 
Maintenance deposits154,661 208,944 
Security deposits35,836 45,252 
Operating lease liabilities1362,209 36,968 
Other liabilities32,154 41,118 
Total liabilities$2,174,483 $1,898,065 
Commitments and contingencies19
Equity
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 85,617,146 and 84,917,448 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively)
$856 $849 
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 9,120,000 and 8,050,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively)
91 81 
Additional paid in capital1,130,121 1,110,122 
Retained earnings60,760 190,453 
Accumulated other comprehensive (loss) income(16,450)372 
Shareholders' equity1,175,378 1,301,877 
Non-controlling interest in equity of consolidated subsidiaries25,469 36,980 
Total equity1,200,847 1,338,857 
Total liabilities and equity$3,375,330 $3,236,922 


See accompanying notes to consolidated financial statements.
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FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(Dollars in thousands, except share and per share data)

Three Months Ended September 30,Nine Months Ended September 30,
Notes2020201920202019
Revenues
Equipment leasing revenues$69,799 $87,259 $236,082 $238,911 
Infrastructure revenues13,910 65,441 54,776 178,531 
Total revenues1283,709 152,700 290,858 417,442 
Expenses
Operating expenses23,128 82,719 81,144 222,812 
General and administrative4,241 5,535 13,292 13,270 
Acquisition and transaction expenses2,442 5,343 9,297 9,125 
Management fees and incentive allocation to affiliate164,591 7,378 14,113 16,926 
Depreciation and amortization4, 6, 842,626 43,265 126,543 124,180 
Asset impairment3,915  14,391  
Interest expense26,904 25,190 71,559 71,318 
Total expenses107,847 169,430 330,339 457,631 
Other (expense) income
Equity in losses of unconsolidated entities7(2,501)(974)(5,445)(1,527)
(Loss) gain on sale of assets, net(1,114)37,060 (2,165)61,400 
Loss on extinguishment of debt9  (4,724) 
Interest income 58 121 121 452 
Other income 1,131 32 3,465 
Total other (expense) income(3,557)37,338 (12,181)63,790 
(Loss) income from continuing operations before income taxes(27,695)20,608 (51,662)23,601 
(Benefit from) provision for income taxes15(2,486)872 (6,334)(1,189)
Net (loss) income from continuing operations(25,209)19,736 (45,328)24,790 
Net income from discontinued operations, net of income taxes 940 1,331 1,883 
Net (loss) income(25,209)20,676 (43,997)26,673 
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations(3,876)(5,111)(12,724)(13,051)
Discontinued operations 116  101 
Dividends on preferred shares4,625  13,243  
Net (loss) income attributable to shareholders$(25,958)$25,671 $(44,516)$39,623 
(Loss) earnings per share:18
Basic
Continuing operations$(0.30)$0.29 $(0.53)$0.44 
Discontinued operations$ $0.01 $0.02 $0.02 
Diluted
Continuing operations$(0.30)$0.29 $(0.53)$0.44 
Discontinued operations$ $0.01 $0.02 $0.02 
Weighted average shares outstanding:
Basic86,022,302 85,996,067 86,013,485 85,990,131 
Diluted86,022,302 86,005,604 86,013,485 86,013,539 



See accompanying notes to consolidated financial statements.
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FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (unaudited)
(Dollars in thousands)

Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Net (loss) income$(25,209)$20,676 $(43,997)$26,673 
Other comprehensive (loss) income:
Other comprehensive (loss) income related to equity method investees, net (1)
(13,468)(8,584)(16,822)25,474 
Comprehensive (loss) income(38,677)12,092 (60,819)52,147 
Comprehensive (loss) income attributable to non-controlling interest:
Continuing operations(3,876)(5,111)(12,724)(13,051)
Discontinued operations 116  101 
Comprehensive (loss) income attributable to shareholders$(34,801)$17,087 $(48,095)$65,097 
________________________________________________________
(1) Net of deferred tax (benefit) expense of $(3,580) and $(2,282) for the three months ended September 30, 2020 and 2019, respectively, and $(4,474) and $3,904 for the nine months ended September 30, 2020 and 2019, respectively.














































See accompanying notes to consolidated financial statements.
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FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)
(Dollars in thousands)


Three and Nine Months Ended September 30, 2020
Common SharesPreferred SharesAdditional Paid In CapitalRetained Earnings Accumulated Other Comprehensive Income (Loss) Non-Controlling Interest in Equity of Consolidated SubsidiariesTotal Equity
Equity - December 31, 2019$849 $81 $1,110,122 $190,453 $372 $36,980 $1,338,857 
Net loss(9,940)(8,848)(18,788)
Other comprehensive loss (3,354) (3,354)
Total comprehensive loss(9,940)(3,354)(8,848)(22,142)
Settlement of equity-based compensation(42)(42)
Issuance of common shares7 304 311 
Conversion of participating securities(7)(7)
Dividends declared - common shares(56,782)(56,782)
Issuance costs of preferred shares(788)(788)
Dividends declared - preferred shares(8,618)(8,618)
Equity-based compensation702 702 
Equity - June 30, 2020$856 $81 $1,109,631 $115,113 $(2,982)$28,792 $1,251,491 
Net loss(21,333)(3,876)(25,209)
Other comprehensive loss (13,468) (13,468)
Total comprehensive loss(21,333)(13,468)(3,876)(38,677)
Settlement of equity-based compensation(68)(68)
Dividends declared - common shares(28,395)(28,395)
Issuance of preferred shares10 20,490 20,500 
Dividends declared - preferred shares(4,625)(4,625)
Equity-based compensation621 621 
Equity - September 30, 2020$856 $91 $1,130,121 $60,760 $(16,450)$25,469 $1,200,847 

Three and Nine Months Ended September 30, 2019
Common SharesPreferred SharesAdditional Paid In Capital(Accumulated Deficit) Retained Earnings Accumulated Other Comprehensive Income (Loss) Non-Controlling Interest in Equity of Consolidated SubsidiariesTotal Equity
Equity - December 31, 2018$840 $ $1,029,376 $(32,817)$— $56,383 $1,053,782 
Net income (loss)13,952 (7,955)5,997 
Other comprehensive income— 34,058  34,058 
Total comprehensive income (loss)13,952 34,058 (7,955)40,055 
Issuance of common shares8 234 — 242 
Conversion of participating securities(7)(7)
Dividends declared - common shares(56,767)— (56,767)
Equity-based compensation— 928 928 
Equity - June 30, 2019$848 $ $972,836 $(18,865)$34,058 $49,356 $1,038,233 
Net income (loss)25,671 (4,995)20,676 
Other comprehensive loss— (8,584)— (8,584)
Total comprehensive income (loss)25,671 (8,584)(4,995)12,092 
Issuance of common shares1 150 — 151 
Conversion of participating securities(1)(1)
Dividends declared - common shares(28,387)— (28,387)
Issuance of preferred shares35 82,853 82,888 
Equity-based compensation— 676 676 
Equity - September 30, 2019$849 $35 $1,027,451 $6,806 $25,474 $45,037 $1,105,652 


See accompanying notes to consolidated financial statements.
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FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(Dollars in thousands)
Nine Months Ended September 30,
20202019
Cash flows from operating activities:
Net (loss) income$(43,997)$26,673 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in losses of unconsolidated entities5,445 1,527 
Gain on sale of subsidiaries(1,331) 
Loss (gain) on sale of assets, net2,165 (61,416)
Security deposits and maintenance claims included in earnings(12,275)(3,863)
Loss on extinguishment of debt4,724  
Equity-based compensation1,323 1,604 
Depreciation and amortization126,543 125,877 
Asset impairment14,391  
Change in current and deferred income taxes(7,374)(1,906)
Change in fair value of non-hedge derivative181 4,130 
Amortization of lease intangibles and incentives23,394 24,008 
Amortization of deferred financing costs6,156 5,995 
Bad debt expense1,997 3,139 
Other1,152 748 
Change in:
 Accounts receivable(43,014)(16,002)
 Other assets1,253 (15,128)
 Accounts payable and accrued liabilities(32,415)2,101 
 Management fees payable to affiliate(20,965)8,961 
 Other liabilities1,040 (13,735)
Net cash provided by operating activities28,393 92,713 
Cash flows from investing activities:
Investment in unconsolidated entities(4,407)(13,500)
Principal collections on finance leases7,001 13,094 
Acquisition of leasing equipment(252,859)(287,508)
Acquisition of property, plant and equipment(209,662)(243,707)
Acquisition of lease intangibles1,997 (101)
Purchase deposits for acquisitions(5,320)(45,852)
Proceeds from sale of leasing equipment53,707 166,290 
Proceeds from sale of property, plant and equipment 7 
Return of capital distributions from unconsolidated entities 1,424 
Return of deposit on sale of engine2,350  
Net cash used in investing activities$(407,193)$(409,853)















See accompanying notes to consolidated financial statements.
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FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(Dollars in thousands)

Nine Months Ended September 30,
20202019
Cash flows from financing activities:
Proceeds from debt$883,981 $568,704