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0001193125-07-207199.txt : 200709250001193125-07-207199.hdr.sgml : 2007092520070925164956ACCESSION NUMBER:0001193125-07-207199CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:45CONFORMED PERIOD OF REPORT:20070925ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20070925DATE AS OF CHANGE:20070925

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:AMERICAN LAND LEASE INCCENTRAL INDEX KEY:0000804138STANDARD INDUSTRIAL CLASSIFICATION:REAL ESTATE INVESTMENT TRUSTS [6798]IRS NUMBER:841038736STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-09360FILM NUMBER:071134456

BUSINESS ADDRESS:STREET 1:29399 U.S. HWY 19, NORTHSTREET 2:SUITE 320CITY:CLEARWATERSTATE:FLZIP:33761BUSINESS PHONE:727-726-8868

MAIL ADDRESS:STREET 1:29399 U.S. HWY 19, NORTHSTREET 2:SUITE 320CITY:CLEARWATERSTATE:FLZIP:33761

FORMER COMPANY:FORMER CONFORMED NAME:ASSET INVESTORS CORPDATE OF NAME CHANGE:19920703

FORMER COMPANY:FORMER CONFORMED NAME:MDC ASSET INVESTORS INCDATE OF NAME CHANGE:19890406

FORMER COMPANY:FORMER CONFORMED NAME:MDC MORTGAGE ASSET INVESTORS INCDATE OF NAME CHANGE:19861204

8-K1d8k.htmFORM 8-K

Form 8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) September25, 2007

AMERICAN LAND LEASE, INC.

(Exact name of registrant as specified in its charter)

Delaware1-0936084-1038736

(State or other jurisdiction of

Incorporation or organization)

(Commission File Number)

(IRS Employer

Identification No.)

29399 US HWY 19 NORTH, SUITE 320, CLEARWATER, FL 33761

(Address of principal executive offices) (Zip Code)

Registrants telephone number, including area code (727)726-8868

NOT APPLICABLE

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box belowif the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM7.01.REGULATION FD DISCLOSURE

American Land Lease, Inc. (ALL) announces that Robert Blatz, President and COO, attended the Robotti 4th AnnualManufactured Housing Conference in New York on Tuesday, September25, 2007. Mr.Blatz discussed information as provided in the presentation entitled American Land Lease, Inc. Robotti Investor Presentation, September 2007 whichis available on American Land Leases Website at the link: http://www.americanlandlease.com/Investor Relations/Financial/American Land Lease, Inc. Robotti Investor Presentation, September 2007.pdf and is furnished herewith. Theinformation contained on American Land Leases website is not incorporated by reference herein.

ITEM9.01.FINANCIAL STATEMENTS AND EXHIBITS

(c)Exhibits.

Exhibit
Number

Description

99.1American Land Lease, Inc. Robotti Investor Presentation, September 2007

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

AMERICAN LAND LEASE INC.

(Registrant)

By

/s/ Shannon E. Smith

Shannon E. Smith

Chief Financial Officer

Date: September25, 2007

EXHIBIT INDEX

EXHIBITNO.

DESCRIPTION

99.1American Land Lease, Inc. Robotti Investor Presentation, September 2007

EX-99.12dex991.htmAMERICAN LAND LEASE, INC. ROBOTTI INVESTOR PRESENTATION

American Land Lease, Inc. Robotti Investor Presentation

Robotti Investor Presentation September 2007 Exhibit 99.1

Some of the statements in this presentation constitute"forward-looking statements" within the meaning of thePrivate Securities Litigation Reform Act of 1995. Suchforward-looking statements may include projections of the Company's cash flow, dividends, anticipated returns on real estate investments, operating performance and other results of operations. Suchforward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievementsexpressed or implied by the forward-looking statements.Such factors include, but are not limited to: general economic andbusiness conditions, a longer or deeper decline in the housingresale market than anticipated, interest rate changes, financing and refinancing risks, risks inherent in owning real estate, future development rateof home sites, including any slowdown or cessation thereof due toregulatory or market conditions, changes in our capitalized interestas a result of lower than anticipated development activity, theavailability of real estate assets at prices which meet theCompanys investment criteria, the Companys ability to reduce expense levels, implement rent increases and use leverage, competition and other risks set forth in the Companys most recent Annual Report onForm 10-K, the Companys Form 8-K furnishing ourearnings press release for the most-recently completed fiscalquarter and in the Companys other Securities and Exchange filings. The Company undertakes no obligation to update or revise anyforward- looking statements, whether as a result of newinformation, future events or otherwise, or to update the reasonswhy actual results could differ from those projected in anyforward-looking statements. In addition, we will discuss certain non-GAAP financial measures during the course of this presentation, such as same store results, same site results, Funds from Operations and others. Management believes that such measures are important to understanding the performance of the Company. Forward Looking Statements Forward Looking Statements

In times like these, it helps to recall that there have always been times like these. - Paul Harvey The only person who likes change is a baby with a wet diaper. - Mark Twain

NewHome Sales by Price Point YoY % Change from 2000 - 2007 -40% -20% 0% 20% 40% 60% 80% 100% '00 '01 '02 '03 '04 '05 '06 '07 Below $200K $200K-$500K Above $500K Source: Census Bureau

MHShipments 1993 to 2007 MH SHIPMENTS 0 50 100 150 200 250 300 350 400 450 Jan-93 Jan-95 Jan-97 Jan-99 Jan-01 Jan-03 Jan-05 Jan-07

The Growing 55+ Market The Growing 55+ Market United States Population 55+ 2000 - 2030 0 20,000 40,000 60,000 80,000 100,000 120,000 2000 2005 2010 2015 2020 2025 2030 Americans Over the Age of 55

Why ANL Today? Why ANL Today? Both a value and a growth company Visibility of organic growth over 3-5 year horizon Demographic focus on 55+ Growth through internal build-out, plus future acquisition strategy Focus on active adult market Rent securitized by high value homes and growth of customer base

Manufactured Housing Manufactured Housing Today in ANL Portfolio Today in ANL Portfolio Community designs that value residential appearance Curvilinear road patterns Larger lots/lower density Sidewalks and street lights Lots with a view Quality Homes Average sales price of $135,000 3 bedroom models Garages replace carports

Homes for Retirees Homes for Retirees Value and Appearance Value and Appearance

Quality Homes Made Affordable Quality Homes Made Affordable through Manufacturing through Manufacturing

Communities and Subdivisions Communities and Subdivisions Not Trailer Parks Not Trailer Parks Riverside Club Savanna Club

Amenitized Communities Amenitized Communities Clubhouse Focus Golf Courses Marinas Curvilinear Streets Landscaping Quality homes provide visibility on quality of future residents

Quality Amenities and Quality Amenities and Active Adult Lifestyle Active Adult Lifestyle Focus on communities that have high quality amenities Golf Courses Business Centers Marinas Restaurants Tennis Courts Fitness Centers Recreation Centers Lifestyle Locations Cultural Activities Continuous Learning Opportunities Travel Opportunities

We are in the We are in the Lifestyle Business Lifestyle Business The strength of our communities and marketing comes from Understanding the active adult market Building high value, multiple amenity properties Supporting an active adult lifestyle consistent with the changes in todays demographics Promoting and sustaining these features in our communities

Locations in Locations in Florida and Alabama Florida and Alabama

Locations in Arizona Locations in Arizona

Manufactured Housing Manufactured Housing Sector Model Sector Model Leasing land for residential use to tenants who have an investment in improvements to the land Provides a form of common interest development while maintaining single family home format Land lease community owners benefit from Diversity of tenant base Lower recurring capital requirements as compared to other residential asset classes Lower tenant turnover as compared to other residential asset classes

Manufactured Housing Sector Manufactured Housing Sector Consists of 5 public companies, four of which are REITs Total sector market cap - $3,380.2M; Total sector enterprise value - $8,001.1M Sector median dividend yield 4.0%; ANL dividend yield 4.0% 74.9% 17.9x 118.1% 85.1% 12.6% Multifamily Sector Median 137.2% 98.8% 5 Years 15.4x 15.5x Price to FFO 2007 61.7% 61.7% FFO payout 2007 39.6% 17.1% 3 Years -5.98% 7.0% 1 Year ANL Sector Median Total Return

Manufactured Housing Sector Manufactured Housing Sector 5.9% 11.9% 40.7% 2.2x Multifamily Sector Median 8.7% 7.6% Implied cap rate 8.8% 8.8% Return on average equity 50.6% 50.6% Debt to enterprise value 2.5x 1.9x Coverage of interest & preferred dividends ANL Sector Median Financial Benchmark

Basics Basics [Financial Data as of March 31, 2007] [Financial Data as of March 31, 2007] UPREIT Market Cap=$224.1M Enterprise Value = $504.4M Average Daily Volume = 16,000 Price/FFO 15.4 x 2007E Current yield = 4.0% Occupancy = 97.4% of Operational Home Sites at 3/31/2007. Same Store NOI Growth 2004 = 11.3% 2005 = 10.1% 2006 = 11.3% YTD 2007 = 9.7% Same Site NOI Growth 2004 = 4.1% 2005 = 5.7% 2006 = 5.0% YTD 2007 = 5.5%

Earnings Earnings FFO 2004A = $1.50 2005A = $1.70 2006A = $1.66 2007E = $1.40 - $1.65 AFFO 2004A = $1.37 2005A = $1.54 2006A = $1.47 2007E = $1.24 - $1.45 FFO Payout Ratio 2004 = 66.7% 2005 = 62.9% 2006 = 60.2% 2007E = 61.7% AFFO Payout Ratio 2004 = 73.0% 2005 = 68.5% 2006 = 68.0% 2007E = 69.0%

Basics Basics [Financial Data as of March 31, 2007] [Financial Data as of March 31, 2007] Total Return Results Last 12 Months = -5.98% Last 3 Years = 39.6% Last 5 Years = 137.2% Return Metrics Return on Average Equity = 8.8% Return on Invested Capital = 5.9% Implied Cap Rate = 8.7% Ownership Institutional Ownership = 30.1% Insider Ownership = 29.8% Growth and Valuation Projected 2007/2008 FFO Growth = 7.4% Price to 2007E FFO = 15.4% Payout of 2007E FFO = 61.7%

Strength Behind the Balance Sheet Strength Behind the Balance Sheet Strong same store results from core operating properties Beneficiary of recession resistant property class Financing using primarily amortizing mortgages: NAV increase through principal reduction Minimize interest rate risk Demographic support of asset class Quality asset locations

Value and Growth Company Value and Growth Company Value Company Sustaining community operations Increasing NOI growth through rental increases and expense control Tax efficient dividend yield Quality core portfolio Growth Company Ability to grow the company 50% through internal assets Demonstrated competency in land development and home sale operations Maximize operating leverage gained through community expansion

Four Elements of the ANL Business Four Elements of the ANL Business 1. Land Lease Operations 2. Home Sales Operations 3. Land Development Operations 4. Investment Operations

Property Management Strategy Property Management Strategy Improve operating results from property management business Centralized financial control and uniform operating procedures Localized property management decision making and market knowledge Operations are supervised by 3 Regional Managers 2 in Florida and 1 in Arizona Large development projects have high quality, full time, on-site Project Managers

Home Sales Operations Home Sales Operations Basis of companys current growth Absorption is a primary focus One company concept means ANL is responsible for results from development through home purchase to ongoing property operations Increasing results Professional sales staff Improved home product Improved communities Financing continues to be key element of home purchase 44 138 184 237 307 414 392 435 362 120 0 50 100 150 200 250 300 350 400 450 1998 1999 2000 2001 2002 2003 2004 2005 2006 YTD 2007 Home Sales

Land Development Land Development Turning land into income Expanding communities where the value and quality is known Development as a core competency Creation of value and increased NAV through execution of development plans Adding 1 high quality home community annually Sebastian Beach and Tennis Village

Home Site Inventory Home Site Inventory Portfolio Summary 6,579 6,931 7,283 8,044 8,100 979 1,101 976 1,192 1,140 1,437 960 1,270 1,566 1,566 129 129 129 129 129 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 Period Ended Operational Home Sites Developed Home Sites Undeveloped Home Sites RV Sites 12/2003 12/2004 12/2005 12/2006 03/2007

Community Information Sebastian Beach & Tennis Village Location: Sebastian, FL Community build out 2014 252 acre master-planned community 534 estimated homes Modular style homes 22,500 Village Centre

Community Site Map

Village Centre - 22,500 sq ft

Village Centre - 22,500 sq ft

Investment Operations Current focus is on investment into development of currently held property assets Evaluate property financing and seek to use effectively to expand available funds High quality properties available for sale are few and far between even fewer at good prices Continue to look towards discipline to buy right Selling at the right price Sun Valley, FL Closed August 2007 4.8% Cap rate on trailing 12 month NOI Lower 10% of the portfolio (based on quality and home resale value)

Recent Acquisitions Recent Acquisitions The Reserve at Fox Creek, a 312 age restricted home site community in Bullhead City, Arizona. The community is situated on a 56-acre site overlooking the Colorado River basin near the Arizona/Nevada state border and provides residents with a lifestyle near boating, mountains, and Nevada gaming activities. The Grove, a 425 age restricted home site community in Foley, Alabama. The community is situated on 112-acre site between Mobile and Pensacola, near the Florida/Alabama state border and provides residents with a lifestyle near boating, fishing, and Gulf Shore activity areas and easy access to the Gulf of Mexicobeaches, less than 10 miles away. The Reserve at Fox Creek The Grove

Park Place, a 465 age restricted home site community in Sebastian, Florida. The community is situated on a 145-acre site with a 29 acre lake. and provides residents with a lifestyle near boating, fishing, and Atlantic Ocean Coastal activity areas and easy access to theAtlantic Ocean beaches, less than 5 miles away. With 368 occupied home sites and 98 additional fully developed home sites and homes selling for prices above $150,000 this represents a great area of growth for the company. Recent Acquisitions (continued) RecentAcquisitions (continued)

Building NAV Building NAV Consistent NOI growth within stabilized communities Increasing absorption through focused home sales efforts Development of land assets Scheduled maturities of long term debt Accretive acquisition strategy Disposition of underperforming assets and deployment of capital to development and acquisition activities

Points of Contact Points of Contact Bob Blatz President and Chief Operating Officer Shannon Smith Chief Financial Officer 29399 US Highway 19 North, Suite #320 Clearwater, Florida 33761 Phone: (727) 726-8868 ~ Fax: (727) 726-6788 Bob x116 / Shannon x124 E-Mail: robert.blatz@americanlandlease.com E-Mail: shannon.smith@americanlandlease.com

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