Terry Considine, chairman for the REITs, says it's just commonsense that Asset Investors Inc. and Commercial Investors Inc.should function as one operation. The merger brings with a namechange to American Land Lease Inc., now trading under the symbolANL on the New York Stock Exchange.
CFO David Becker told GlobeSt.com the merger was overwhelminglyapproved by 80% of the shareholders who voted. Becker says ANL mostlikely is the smallest REIT in the nation, with a portfolio of 33manufactured home communities and 6,300 developed sites. Most ofits portfolio are retirement communities are located in Phoenix andFlorida.
Becker told GlobeSt.com that the "growth plans at this point areto lease a number of sites inside our communities that are notfilled with homes. We want to convince people to buy homes and thenwe'll absorb them."
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