American Land Lease, Inc. Announces 2004 Dividend Allocation

American Land Lease, Inc. Announces 2004 Dividend Allocation



CLEARWATER, Fla., Jan. 26  /PRNewswire-FirstCall/ -- American Land Lease, Inc.
(NYSE:ANL) announces the 2004 dividend allocation for federal income tax
purposes for its Common Stock.

                                                                  Return
                Record       Payable     Dividend    Ordinary       Of
    CUSIP        Date         Date         Per       Dividend     Capital
                                          Share

  027118108    2/13/04       2/26/04      $0.25       44.0 %       56.0 %

  027118108    4/28/04       5/27/04      $0.25       44.0 %       56.0 %

  027118108     8/9/04       8/26/04      $0.25       44.0 %       56.0 %

  027118108   11/10/04      11/24/04      $0.25       44.0 %       56.0 %

                                          $1.00       44.0 %       56.0 %




As previously announced on March 1, 2002, the Company increased its tax basis
in its real estate assets in 2001.  At that time, the Company projected that a
greater percentage of future dividends paid, if any, would be characterized as
a return of capital to its shareholders when compared to the percentage that
would have been characterized as return of capital if the Company did not
utilize the ability to increase its tax basis.  Without the increase in its tax
basis in 2001, the return of capital for 2004 would have been approximately
41.9% as compared to the 56.0% actually reported and applicable for the year.

American Land Lease, Inc. is a Clearwater-based real estate investment trust
(REIT) that owns, develops and manages residential land lease communities. 

DATASOURCE: American Land Lease



CONTACT:  Robert G. Blatz, President, or Shannon E. Smith, Chief

Financial Officer, both of American Land Lease, [phone]



Web site:  http://www.americanlandlease.com/ 

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