American Land Lease, Inc. Declares Dividends on Preferred Stock and a Regular First Quarter Dividend on Common Stock
May 04 2006 - 10:11AM
PR Newswire (US)
CLEARWATER, Fla., May 4 /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
first quarter dividend on its Common Stock. Dividends on shares of
Preferred Stock are payable on May 31, 2006 to shareholders of
record on May 15, 2006 and will be $0.4844 per share. Dividends on
the Company's Common Stock are payable on May 31, 2006 to
shareholders of record on May 15, 2006 and will be $0.25 per share.
The Company will not offer reinvestment of the first 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, or Shannon E. Smith, Chief Financial Officer,
both of American Land Lease, Inc., +1-727-726-8868 Web site:
http://www.americanlandlease.com/
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