American Land Lease Announces Third Quarter 2007 Results

November 6, 2007

Property Operating Results Continue Predictable Course; Home Sales Results Reflect Market Challenges

CLEARWATER, Fla.--(BUSINESS WIRE)--American Land Lease, Inc. (NYSE:ANL) today released third quarter 2007 results.

Summary Financial Results

Third Quarter

  • Diluted Earnings Per Share Diluted EPS were $1.26 for the three-month period ended September 30, 2007 compared to $0.27 for the same period one-year ago. Net income was impacted by a $1.16 gain recognized on the sale of a community in the period ending September 30, 2007.
  • Funds From Operations FFO; a non-GAAP financial measure defined on page 11 of this press release and reconciled to net income on page 16 of this press release) were $2.2 million, or $0.25 per diluted common share, for the quarter compared to $3.6 million or $0.41 per diluted common share from the same period one year ago, a decrease of 39.0% on a per share basis.
  • Home sales volume was $7,162,000 down by 41.3% from the same period one year ago, with 51 new home closings, including 49 new homes sold on expansion home sites. This compares with 92 new home closings in third quarter 2006.
  • Same Store results (a non-GAAP financial measure defined on page 11 of this press release and reconciled on page 17 of this press release) provided a revenue increase of 6.6%, an expense increase of 2.0% and an increase of 8.8% in Net Operating Income ( NOI ).
  • Same Site results (a non-GAAP financial measure defined on page 11 of this press release and reconciled on page 17 of this press release) provided a revenue increase of 3.4%, an expense increase of 0.2% and an increase of 4.9% in NOI.

The full text of this press release is available upon request or through the Company's web site at www.americanlandlease.com.


Contact ALTA at 202-296-3671 or communications@alta.org.

North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents. SoftPro is the nation's leading provider of closing and title software, consistently pushing the technological envelope to pioneer the most powerful and comprehensive closing and title automation software on the market. SoftPro's Award-Winning Software combines cutting-edge technology with outstanding support to make your business more productive, efficient and boost your revenue.