American Land Lease, Inc. Announces Review of Strategic Alternatives

  
    
  
  
    
      American Land Lease, Inc. (NYSE:ANL) today announced that its Board of 
      Directors is considering a broad range of strategic alternatives to 
      enhance shareholder value. In support of its consideration, the Board of 
      Directors has authorized management to undertake a formal process to 
      determine investor interest in the purchase of some or all of the Company’s 
      real estate assets. The Company has retained Wachovia Capital Markets, 
      LLC to assist in this process and to solicit preliminary indications of 
      interest.
    
    
      The American Land Lease Board of Directors is focused on long term 
      shareholder value and expressly noted that short term factors, including 
      continued volatility and uncertainty in the broader capital markets, may 
      make certain strategic alternatives unattractive or unfeasible at this 
      time. The Board of Directors pointed to the recent experience of a 
      number of REITs who conducted strategic reviews only to conclude that 
      their shareholders were best served by continuing the REITs' present 
      courses of action. Similarly, the American Land Lease Board of Directors 
      may ultimately decline to engage in any transaction and may instead 
      decide to continue the Company’s current 
      business plan and operations. For these reasons and others, there can be 
      no assurance that the process announced today will result in any 
      strategic or financial transaction.
    
    
      The Company does not expect to announce or comment on developments with 
      respect to this exploration of strategic alternatives unless and until 
      the Board of Directors has approved a specific alternative or has other 
      reason to comment.
    
    
      American Land Lease, Inc. is a Clearwater-based real estate investment 
      trust (REIT) that owns, develops and manages residential land lease 
      communities primarily serving active adults.
    
    
      Some of the statements in this press release may constitute “forward 
      looking statements” within the meaning of the 
      Private Securities Litigation Reform Act of 1995, including statements 
      regarding the anticipated review of strategic alternatives, the process 
      anticipated to be conducted by the Company, any future announcements and 
      related matters. Such forward-looking statements involve risks, 
      uncertainties and other factors that may cause actual results, courses 
      of action or events to be materially different from any future results, 
      courses of action or events expressed, implied or anticipated by the 
      forward-looking statements. Such factors include, but are not 
      limited to, general economic, business and market conditions, volatility 
      and uncertainty in U.S. and international equity and credit markets, the 
      extent to which, if at all, the Company receives indications of interest 
      in connection with its process, the proposed terms of any such 
      indications and other risks set forth in the Company’s 
      Securities and Exchange Commission filings. We assume no 
      obligation to update or revise any forward-looking statements or to 
      update the reasons why actual results could differ from those projected 
      in any forward-looking statements.