Exhibit 99.1

 

American Land Lease Announces Fourth Quarter 2005 and Full Year Financial Results

– 13.3% Increase in Funds From Operations per share over full year 2004 –

 

CLEARWATER, Fla., February 7, 2006 /PRNewswire/ — American Land Lease, Inc. (NYSE:

ANL - news) today released results for fourth quarter and full year 2005 and expectations for full year 2006.

 

Summary Financial Results

 

Fourth Quarter

 

    Diluted Earnings Per Share (“Diluted EPS”) were $0.40 for the three-month period ended December 31, 2005 as compared to $0.34 from the same period one year ago, an increase of 17.6% on a per share basis. Earnings per share were positively impacted by a $600,000 tax benefit attributable to the reversal of potential tax liabilities recorded in conjunction with the Company’s constructive sale of properties in 2001.

 

    Funds from Operations (“FFO”; a non-GAAP financial measure defined on page 11 of this press release) were $3.9 million, or $0.45 per diluted common share, for the quarter compared to $3.2 million, or $0.38 per diluted common share from the same period one year ago, an increase of 18.4% on a per share basis. FFO excludes the tax benefit recorded in the period that was related to gains on a constructive sale of properties in 2001.

 

    Unit volume in home sales was 133 new home closings, including 104 new homes sold on expansion home sites. This compares with 121 new home closings in fourth quarter 2004.

 

    “Same Store” results provided a revenue increase of 9.5%, an expense increase of 10.5% and an increase of 9.0% in Net Operating Income (“NOI”).

 

    “Same Site” results provided a revenue increase of 4.2%, an expense increase of 4.9% and an increase of 3.8% in NOI.

 

2005 Year

 

    Diluted EPS were $1.35 for the year ended December 31, 2005 as compared to $1.19 for the year ended December 31, 2004, an increase of 13.4% on a per share basis. Earnings per share were positively impacted by a $600,000 tax benefit attributable to the reversal of potential tax liabilities recorded in conjunction with the Company’s constructive sale of properties in 2001.

 

    FFO were $14.6 million, or $1.70 per diluted common share, for the year compared to $12.4 million, or $1.50 per diluted common share from the same period one year ago, an increase of 13.3% on a per share basis. FFO excludes the tax benefit recorded in the period that was related to gains on a constructive sale of properties in 2001.

 

    Unit volume in home sales was 435 new home closings, including 352 new homes sold on expansion home sites, for 2005 as compared to 392 new home closings in 2004.

 

1


The following information was filed by American Land Lease Inc on Wednesday, February 8, 2006 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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