American Land Lease, Inc. Declares Dividends on Preferred Stock and a Regular First Quarter Dividend on Common Stock and Announces First Quarter 2007 Earnings Conference Call

Business Wire, May 3, 2007

CLEARWATER, Fla. -- 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, 2007 to shareholders of record on May 18, 2007 and will be $0.4844 per share. Dividends on the Company's Common Stock are payable on May 31, 2007 to shareholders of record on May 18, 2007 and will be $0.25 per share.

The Board of Directors reviews the dividend policy quarterly. The Company's dividends are set quarterly and are 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 common 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.

Management will hold a teleconference call, Tuesday, May 8, 2007 at 9:00 a.m. Eastern Daylight Time to discuss first quarter 2007 results. You can participate in the conference call by dialing, toll-free, 800-374-5458 approximately five minutes before the conference call is scheduled to begin and indicating that you wish to join the American Land Lease first quarter 2007 results conference call. If you are unable to participate at the scheduled time, this information will be available for recorded playback from 12:30 p.m. EDT, May 8, 2007 until midnight on May 15, 2007. To access the replay, dial toll free, 800-642-1687 and request information from conference ID 8314737.