American Land Lease suspends preferred dividends for first quarter

By Susanna Moon

Chicago, May 26 - American Land Lease, Inc. said its board of directors decided not to pay a quarterly cash dividend on its 7¾% series A preferred shares for May.

The board's decision was based on the company's current capital resources and liquidity needs and the overall negative state of the economy and capital markets, according to a press release.

The board intends to review the suspension of the dividends periodically based on an ongoing review of the company's financial results, capital resources and liquidity needs, and the condition of the economy and capital markets, the release said.

The dividends will accumulate until paid.

American Land Lease is a Clearwater, Fla., real estate investment trust.

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