American Land Lease, Inc. Declares Dividends on Preferred Stock and a Regular Second Quarter Dividend on Common Stock and Announces Second Quarter 2008 Earnings Conference Call.CLEARWATER, Fla. -- American Land Lease, Inc. (NYSE NYSE See: New York Stock Exchange :ANL ANL - Argonne National Laboratory ) today announced that its Board of Directors declared dividends on shares of its Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and a regular second quarter dividend on its Common Stock. Dividends on shares of Preferred Stock are payable on August 29, 2008 to shareholders of record on August 15, 2008 and will be $0.4844 per share. Dividends on the Company's Common Stock are payable on August 29, 2008 to shareholders of record on August 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 Capitalized interest Interest that is not immediately expensed, but rather is considered as an asset and is then amortized through the income statement over time. In the context of project financing, interest that is paid by additional borrowing. , 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 New Home Sales An economic indicator that measures sales of newly built homes. Released by the U.S. Department of Commerce's Census Bureau, it includes both quantity and price statistics. and the state of the commercial real estate credit market in the context of its quarterly review and dividend decision. In addition, the Board of Directors may consider the Company's dividend policy as a part of its previously announced review of strategic alternatives. The Company's net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. may be used to offset all or a portion of its real estate investment ("REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ") taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. , 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 second quarter on Wednesday, August 6, 2008, before the stock exchange opens. In conjunction with the announcement of its second quarter results, the Company will hold a teleconference call on August 6, 2008 at 1:30 p.m. Eastern Daylight 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 second quarter 2008 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 In rallying, the Scheduled Time of any crew is the time, calculated at the beginning of the event, that they should arrive at any given control. It is different from Due Time in that Due Time is dynamic, ie it can change throughout the event as competitors drop time; whereas , this information will be available for recorded playback from 5:30 p.m. Eastern Daylight Time, August 6, 2008 until midnight on August 13, 2008. To access the replay, dial toll free, (800) 642-1687 and request information from conference ID 58452508. |
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