American Land Lease, Inc. Declares Dividends on Preferred Stock and a Regular First Quarter Dividend on Common Stock

CLEARWATER, Fla., May 4  /PRNewswire-FirstCall/ -- 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, 2006 to shareholders of record on May 15, 2006 and will be $0.4844 per share. Dividends on the Company's Common Stock are payable on May 31, 2006 to shareholders of record on May 15, 2006 and will be $0.25 per share.  The Company will not offer reinvestment of the first quarter dividend through the dividend reinvestment plan.

The Board of Directors reviews the dividend policy quarterly. The Company's dividend is set quarterly and is 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 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. 

DATASOURCE: American Land Lease, Inc.



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

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



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

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