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American Land Lease Announces Fourth Quarter 2004 and Full Year Financial Results
3.5% Increase in Funds From Operations per share over 2003
CLEARWATER, Fla., February 14, 2005 /PRNewswire/ American Land Lease, Inc. (NYSE: ANL - news) today released results for fourth quarter and full year 2004 and expectations for full year 2005.
Please refer to the Supplemental Information which the Company also released today for definitions of measures of performance not determined in accordance with generally accepted accounting principles (non-GAAP) and reconciliation of non-GAAP measures to measures determined in accordance with generally accepted accounting principles (GAAP).
Summary Financial Results
|||Diluted Earnings Per Share (Diluted EPS) were $0.35 for the three-month period ended December 31, 2004 as compared to $0.27 from the same period one year ago, an increase of 30% on a per share basis. Earnings per share were positively impacted by a $337,000 non-recurring casualty gain and negatively impacted by $210,000 of Hurricane related expenses.|
|||Funds from Operations (FFO; a non-GAAP financial measure defined in the Supplemental Information) were $3.2 million, or $0.38 per diluted common share, for the quarter compared to $2.9 million, or $0.36 per diluted common share from the same period one year ago, an increase of 6% on a per share basis.|
|||Unit volume in home sales was 121 new home closings, including 117 new homes sold on expansion home sites. This compares with 103 new home closings in fourth quarter 2003.|
|||Same Store results provided a revenue increase of 9.2%, an expense increase of 8.7% and an increase of 9.4% in Net Operating Income (NOI).|
|||Same Site results provided a revenue increase of 3.0%, an expense increase of 3.9% and an increase of 3.0% in NOI.|
|||Results include an increased charge of $326,000 for Sarbanes Oxley compliance efforts compared to the fourth quarter 2003.|
|||Diluted EPS were $1.19 for the year ended December 31, 2004 as compared to $1.24 for the year ended December 31, 2003, a decrease of 4% on a per share basis. Earnings per share were positively impacted by a $337,000 non-recurring casualty gain and negatively impacted by $221,000 of Hurricane related expenses.|
|||FFO was $12.4 million, or $1.50 per diluted common share, for the year compared to $11.6 million, or $1.45 per diluted common share from the same period one year ago, an increase of 3.5% on a per share basis.|
The following information was filed by American Land Lease Inc on Tuesday, February 15, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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