American Land Lease, Inc. Declares Dividends on Preferred Stock and a Regular Third Quarter Dividend on Common Stock
October 26 2005 - 6:47PM
PR Newswire (US)
CLEARWATER, Fla., Oct. 26 /PRNewswire-FirstCall/ -- American Land
Lease, Inc. (NYSE:ANL) today announced that its Board of Directors
declared dividends on shares of its Preferred Stock and a regular
third quarter dividend on its Common Stock. Dividends on shares of
Preferred Stock are payable on November 30, 2005 to shareholders of
record on November 10, 2005 and will be $0.4844 per share.
Dividends on the Company's Common Stock are payable on November 28,
2005 to shareholders of record on November 10, 2005 and will be
$0.25 per share. The Company will not offer reinvestment of the
third quarter dividend through the dividend reinvestment plan. The
Board of Directors reviews the dividend policy quarterly. The
Company's dividend is set quarterly and is 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
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 the dividend
policy is subject to numerous factors including, the Company's
profitability, capital expenditure plans, 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. The Company's net operating
loss may be used to offset all or a portion of its real estate
investment trust ("REIT") taxable income, which may allow the
Company to reduce or eliminate its dividends and still maintain its
REIT status. DATASOURCE: American Land Lease, Inc. CONTACT: Robert
G. Blatz, President, +1-727-726-8868, or Shannon E. Smith, Chief
Financial Officer, +1-727-726-8868, both of American Land Lease,
Inc. Web site: http://www.americanlandlease.com/
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