American Land Lease, Inc. Declares Dividends on Preferred Stock and a Regular Fourth Quarter Dividend on Common Stock and Announ
02 February 2008 - 6:01AM
Business Wire
American Land Lease, Inc. (NYSE:ANL) today announced that its Board
of Directors declared dividends on shares of its Preferred Stock
and a regular fourth quarter dividend on its Common Stock.
Dividends on shares of Preferred Stock are payable on February 29,
2008 to shareholders of record on February 15, 2008 and will be
$0.4844 per share. Dividends on the Company�s Common Stock are
payable on February 29, 2008 to shareholders of record on February
15, 2008 and will be $0.25 per share. The Board of Directors
reviews the dividend policy quarterly. The Company's dividends are
set quarterly and are subject to change or elimination at any time.
The Company's primary financial objective is to maximize long-term,
risk-adjusted returns on investment for common stockholders. While
the dividend policy is considered within the context of this
objective, maintenance of past dividend levels is not a primary
investment objective of the Company and is subject to numerous
factors, including the Company's profitability, capital expenditure
plans and competing uses of capital, obligations related to
principal payments and capitalized interest, and the availability
of debt and equity capital at terms deemed attractive by the
Company to finance these expenditures. Further, the Board has and
will continue to consider the downturn in new home sales in the
context of its quarterly review and dividend decision. The
Company�s net operating loss may be used to offset all or a portion
of its real estate investment (�REIT�) taxable income, which may
allow the Company to reduce or eliminate its dividends and still
maintain its REIT status. Management will issue its financial
results for its fiscal year 2007 and fourth quarter on Wednesday,
February 13, 2008, before the stock exchange opens. In conjunction
with the announcement of its fourth quarter results, the Company
will hold a teleconference call on February 13, 2008 at 9:30 a.m.
Eastern Standard Time to discuss those results. You are invited to
participate in the conference call by dialing, toll-free,
800-374-5458 approximately five minutes before the conference call
is scheduled to begin and indicating that you wish to join the
American Land Lease fourth quarter 2007 results conference call.
Financial information to be discussed on the conference call will
be posted to the Company�s website at www.americanlandlease.com
prior to the call, and may be accessed by clicking on �Learn More
About American Land Lease� and then �Press Releases.� If you are
unable to participate at the scheduled time, the conference call
will be available for recorded playback from 12:30 p.m. EST,
February 13, 2008 until midnight on February 20, 2008. To access
the replay, dial toll free, 800-642-1687 and request information
from conference ID 33455999.
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