Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:

Frank Constantinople, SVP Investor Relations

Tel: +1-203-504-1063

fconstantinople@aircastle.com

The IGB Group

Leon Berman

Tel: +1-212-477-8438

lberman@igbir.com

Aircastle Announces Third Quarter 2012 Results

Increased Dividend and Share Repurchase Program

Highlights

Stamford, CT. November 6, 2012 – Aircastle Limited (the “Company” or “Aircastle”) (NYSE: AYR) reported a third quarter 2012 net loss of ($45.8) million, or ($0.65) per diluted common share, and an adjusted net loss of ($37.5) million, or ($0.53) per diluted common share. The third quarter results included total revenues of $172.9 million, an increase of 22%, versus $141.5 million in the third quarter of 2011.

The third quarter 2012 results also include $78.7 million of non-cash impairment charges against 15 older technology aircraft, representing approximately 1.7% of the net book value of flight equipment. Excluding the non-cash impairment charge, third quarter net income was $32.8 million, or $0.47 per diluted share, and adjusted net income was $41.2 million, or $0.59 per diluted share.

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Commenting on the results, Ron Wainshal, Aircastle’s CEO, stated: “Aircastle’s third quarter operating results were strong despite a difficult economic environment. We grew our lease rental revenues nine percent, achieved portfolio utilization of 99%, and generated sizeable operating cash flows. With our strong investment origination capabilities and ability to access the unsecured bond market at today’s attractive levels, we are positioned to capitalize on opportunities that generate strong returns on equity.”

Wainshal added, “Our Board’s decision to increase the dividend by 10% to $0.165 per share demonstrates optimism about future cash flow generation and the long-term prospects for our business, and highlights our balanced approach to capital deployment. To that end, we repurchased 2.5 million shares of stock during the quarter and further expanded the share repurchase program to $50 million, which we believe will create long-term value for our shareholders.”

Third Quarter Results

Lease rental revenue for the third quarter was $159.5 million, up $13.7 million, or 9%, year over year, due primarily to the impact of aircraft acquisitions net of sales of $24.1 million, partially offset by lower revenues due to lease extensions and transitions at lower rentals of $4.6 million and the impact from early lease terminations of $4.9 million. Including revenue from our finance leases of $3.5 million, total lease revenues increased 12%.

Total revenues for the third quarter were $172.9 million, an increase of $31.4 million, or 22%, versus the previous year. This increase reflects $13.7 million of higher lease rental revenue, higher maintenance revenue of $10.9 million primarily associated with the early termination of leases on two of the aircraft we impaired during the quarter, and higher other revenues of $8.9 million. Other revenues for the third quarter of 2012 includes $3.9 million of fees paid by a lessee in connection with the early termination of a lease, $3.5 million of interest from finance leases and $1.3 million of interest income from an aircraft-backed debt investment we acquired in March.

Adjusted EBITDA for the third quarter was $166.3 million, up $25.7 million, or 18%, from the third quarter of 2011, as higher lease rental revenues of $13.7 million, and higher maintenance and total other revenues of $19.8 million were partially offset by lower gains from the sale of aircraft of $9.0 million.

Upon completion of our annual aircraft portfolio review, we recorded $78.7 million of non-cash impairment charges against a total of 15 older technology aircraft with an average age of approximately 21 years. The impairment charges reflect our current estimate of future lease rates and residual values associated with these aircraft in the current market environment. We concluded that these assets will not recover from their current market levels and, accordingly, have been written down. Partially offsetting the third quarter impairment charge is $10.2 million of maintenance revenue and $1.2 million of lease incentive benefit received from the early termination of the leases associated with the two impaired, older generation A320-200 aircraft, which we expect to part-out at their reduced carrying value.

The net loss for the third quarter was ($45.8) million versus net income of $22.7 million in the third quarter of 2011. The $31.4 million increase in total revenues was offset by a $77.4 million increase in aircraft impairment charges, an $8.3 million increase in depreciation expense, a $5.2 million increase in interest expense, and a $9.0 million reduction in gains on the sale of flight equipment. Excluding the non-cash impairment charge, net income was $32.8 million, or $0.47 per diluted share.

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The adjusted net loss for the quarter was ($37.5) million, versus adjusted net income of $26.0 million the prior year. The $31.4 million increase in total revenues was primarily offset by a $77.4 million increase in impairment charges, an $8.3 million increase in depreciation, a $9.0 million reduction in gains on sale of flight equipment and an increase in adjusted interest expense of $1.0 million. Excluding the non-cash impairment charge, adjusted net income was $41.2 million, or $0.59 per diluted share.

Mike Inglese, Aircastle’s CFO, commented: “During the third quarter, we completed our annual fleet review, assessing the expected future cash flows of the 157 aircraft in our portfolio. Based on this review, we reduced the carrying values of 15 older generation aircraft to reflect our revised estimates for their earning power in today’s more challenging lease placement market. We continue to manage our company based on our expectations of future cash flows with a view towards deploying our capital most efficiently.”

Aviation Assets

Thus far in 2012, we have invested approximately $610 million in aircraft and aircraft-secured debt investments consisting of 18 aircraft and one secured loan. Approximately $120 million of these investments were closed during the third quarter. We also entered into commitments for approximately $170 million of additional aircraft which we have closed or expect to close during the fourth quarter of 2012.

With respect to aircraft sales, during the third quarter we disposed of one Boeing 737-300 aircraft following its scheduled lease expiration during the third quarter, and also finalized the part-out of a Boeing 747-400 that was originally planned to be converted to a freighter aircraft. We also expect to part-out the two A320 classic aircraft that were included in the third quarter non-cash impairment charge.

As of September 30, 2012, Aircastle owned 157 aircraft having a net book value of $4.7 billion. Of these, 70 aircraft with a net book value of $2.0 billion are unencumbered.

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Common Dividend

On November 5, 2012, Aircastle’s Board of Directors declared a fourth quarter 2012 cash dividend on its common shares of $0.165 per share, payable on December 14, 2012 to shareholders of record on November 30, 2012. This is a 10% increase over the previous quarter’s cash dividend.

Share Repurchase Program

On May 24, 2012 the Company’s Board of Directors authorized the repurchase of up to $50 million of the Company’s common shares. Under the program, the Company may purchase its common shares from time to time in the open market or in privately negotiated transactions. The amount and timing of the purchases will depend on a number of factors including the price and availability of the Company’s common shares, trading volume and general market conditions. The Company may also from time to time establish a trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934 to facilitate purchases of its common shares under this authorization. Under the repurchase program, through September 30, 2012 we repurchased 2,500,002 shares at a total cost of $28.5 million and we paid no commissions on this transaction. On November 5, 2012 the Board increased the share repurchase authorization by an additional $28.5 million, bringing the current authorization back to $50 million.

Conference Call

In connection with this earnings release, management will host an earnings conference call on Tuesday, November 6, 2012 at 10:00 A.M. Eastern time. All interested parties are welcome to participate on the live call. The conference call can be accessed by dialing (888) 438-5524 (from within the U.S. and Canada) or (719) 325-2393 (from outside of the U.S. and Canada) ten minutes prior to the scheduled start and referencing the “Aircastle Third Quarter Earnings Call.”

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.aircastle.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available for three months following the call. In addition to this earnings release an accompanying power point presentation has been posted to the Investor Relations section of Aircastle’s website.

For those who are not available to listen to the live call, a replay will be available until 11:59 P.M. Eastern time on Tuesday, December 4, 2012 by dialing (888) 203-1112 (from within the U.S. and Canada) or (719) 457-0820 (from outside of the U.S. and Canada); please reference passcode “8983455.”

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About Aircastle Limited

Aircastle Limited is a global company that acquires, leases and sells high-utility commercial jet aircraft to airlines throughout the world. As of September 30, 2012, Aircastle’s aircraft portfolio consisted of 157 aircraft on lease with 68 customers located in 36 countries.

Safe Harbor

Certain items in this press release and other information we provide from time to time, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not necessarily limited to, statements relating to our ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends, and increase revenues, earnings, EBITDA and Adjusted Net Income and the global aviation industry and aircraft leasing sector. Words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “may,” “will,” “would,” “could,” “should,” “seeks,” “estimates” and variations on these words and similar expressions are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements; Aircastle Limited can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. Factors that could have a material adverse effect on our operations and future prospects or that could cause actual results to differ materially from Aircastle Limited’s expectations include, but are not limited to, significant capital markets disruption and volatility, and the significant contraction in the availability of bank financing which may adversely affect our continued ability to obtain additional capital to finance new investments or our working capital needs; volatility in the value of our aircraft; general economic conditions and business conditions affecting demand for aircraft and lease rates; our continued ability to obtain favorable tax treatment in Bermuda, Ireland and other jurisdictions; our ability to pay dividends; high or volatile fuel prices, lack of access to capital, reduced load factors and/or reduced yields, operational disruptions caused by political unrest in North Africa, the Middle East or elsewhere, uncertainties in the Eurozone arising from the sovereign debt crisis and other factors affecting the creditworthiness of our airline customers and their ability to continue to perform their obligations under our leases; termination payments on our interest rate hedges; and other risks detailed from time to time in Aircastle Limited’s filings with the Securities and Exchange Commission (“SEC”), including as previously disclosed in Aircastle’s 2011 Annual Report on Form 10-K, and in our other filings with the SEC, press releases and other communications. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Aircastle to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. Aircastle Limited expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

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Aircastle Limited and Subsidiaries

Consolidated Balance Sheets

(Dollars in thousands, except share data)

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Aircastle Limited and Subsidiaries

Consolidated Statements of Operations

(Dollars in thousands, except per share amounts)

(Unaudited)

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Aircastle Limited and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

(Dollars in thousands)

(Unaudited)

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Aircastle Limited and Subsidiaries

Consolidated Statements of Cash Flows

(Dollars in thousands)

(Unaudited)

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Aircastle Limited and Subsidiaries

Supplemental Financial Information

(Amount in thousands, except per share amounts)

(Unaudited)

Refer to the selected information accompanying this press release for a reconciliation of GAAP to Non-GAAP information.

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Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Effect of Non-Cash Impairment Charges on Third Quarter 2012 Financial Results

(Unaudited)

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Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

EBITDA and Adjusted EBITDA Reconciliation

(Dollars in thousands)

(Unaudited)

We define EBITDA as income from continuing operations before income taxes, interest expense, and depreciation and amortization. We use EBITDA to assess our consolidated financial and operating performance, and we believe this non-GAAP measure is helpful in identifying trends in our performance. Using EBITDA assists us in comparing our operating performance on a consistent basis by removing the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results. We define Adjusted EBITDA as EBITDA (as defined above) further adjusted to give effect to adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes. Adjusted EBITDA is a material component of these covenants.

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Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Adjusted Net Income Reconciliation

(Dollars in thousands)

(Unaudited)

Beginning with the quarter ended March 31, 2012, management, to be more consistent with reporting practices of peer aircraft leasing companies, has revised the calculation of Adjusted Net Income (“ANI”) to no longer exclude gains (losses) on sales of assets, and to exclude non-cash share based payment expense in the calculation of ANI. Beginning with our Quarterly Report for the quarter ended June 30, 2012, we also excluded Term Financing No. 1 hedge loss amortization charges which will be reported in Interest, net on our consolidated statement of income from the calculation of ANI. The calculation of ANI for the three months ended September 30, 2011 has been revised to be comparable with the current period presentation.

Management believes that ANI, when viewed in conjunction with the Company’s results under GAAP and the above reconciliation, provide useful information about operating and period-over-period performance, and provide additional information that is useful for evaluating the underlying operating performance of our business without regard to periodic reporting elements related to interest rate derivative accounting and non-cash share based compensation. However, ANI is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as alternatives to net income (loss) or cash flow from operating activities as indicators of operating performance or liquidity.

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Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Reconciliation of Net Income Allocable to Common Shares

(In thousands)

(Unaudited)

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Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Reconciliation of Net Income Allocable to Common Shares

(In thousands)

(Unaudited)

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