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American Land Lease Announces First Quarter 2008 Results
Strong Property Operating Results Impacted by Lower New Home Sales Results
CLEARWATER, Fla.--(BUSINESS WIRE)--American Land Lease, Inc. (NYSE:ANL) today released first quarter results for 2008.
Summary Financial Results
- Diluted Earnings Per Share (“Diluted EPS”) were ($0.19) for the three-month period ended March 31, 2008, compared to $0.16 for the same period one year ago, a decrease of 218.8% on a per share basis. The decrease includes previously announced prepayment costs on debt of $0.23 per share.
- Funds from Operations (“FFO”), a non-GAAP financial measure defined on page 12 of this press release, were ($230,000) or ($0.03) per diluted common share, for the quarter, compared to $2.7 million, or $0.30 per diluted common share, for the same period one year ago, a decrease of 110.0% on a per share basis. The decrease includes previously announced prepayment costs on debt of $0.23 per share.
- Home sales volume was $3,855,000, a decline of 49.7% from the same period one year ago, consisting of 28 new home closings, including 27 new homes sold on expansion home sites. This result compares with 55 new home closings in first quarter 2007.
- “Same Store” (a non-GAAP financial measure defined on page 12 of this release) results provided a revenue increase of 5.6%, an expense decrease of 0.5% and an increase of 8.4% in Net Operating Income (“NOI”; a non-GAAP financial measure defined on page 12 of this release).
- “Same Site” (a non-GAAP financial measure defined on page 12 of this release) results provided a revenue increase of 3.2%, an expense decrease of 0.4% and an increase of 4.9% in NOI.
FFO, NOI, Same Store and Same Site are supplemental non-GAAP financial measures that are defined in the glossary beginning on page 12. We use FFO in measuring our operating performance because we believe that the items that result in a difference between FFO and net income have a different impact to the ongoing operating performance of a real estate company than to other businesses. We use NOI to evaluate the operating performance of our properties and we believe that it is relevant and useful information as a measure of property performance on an unleveraged basis. We use NOI on a Same Store and Same Site basis as useful information to measure property performance without the impact of newly acquired or newly disposed properties. Neither FFO nor NOI should not be considered an alternative to net income or net cash flows from operating activities, as calculated in accordance with GAAP, as an indication of our performance or as a measure of liquidity. A reconciliation of FFO to the comparable GAAP financial measure is included on page 17. A reconciliation of NOI, Same Store and Same Site to the comparable GAAP financial measure is included on page 18.
The following information was filed by American Land Lease Inc on Friday, May 9, 2008 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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