CLEARWATER, Fla.--(BUSINESS WIRE)--American Land Lease, Inc. (NYSE: ANL - News) today released second quarter results for 2008.Summary Financial Results
Second Quarter
Diluted Earnings Per Share (“Diluted EPS”) were $0.04 for the three-month period ended June 30, 2008, compared to $0.13 for the same period one year ago, a decrease of 69.2% on a per share basis. Funds from Operations (“FFO”), a non-GAAP financial measure defined on page 12 of this press release, were $1,796,000 or $0.21 per diluted common share, for the quarter, compared to $2,503,000 or $0.28 per diluted common share, for the same period one year ago, a decrease of 28.2% on a per share basis. Home sales volume was $3,525,000, a decline of 55.5% from the same period one year ago, consisting of 29 new home closings. This result compares with 65 new home closings in second quarter 2007. “Same Store” (a non-GAAP financial measure defined on page 12 of this release) results provided a revenue increase of 4.8%, an expense increase of 1.0% and an increase of 6.6% 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 3.1%, an expense increase of 0.6% and an increase of 4.2% in NOI.
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