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
- 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.