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

  
    
  
  
    
      American Land Lease, Inc. (NYSE:ANL) today announced that its Board of 
      Directors declared dividends on shares of its Preferred Stock and a 
      regular third quarter dividend on its Common Stock.
    
    
      Dividends on shares of Preferred Stock are payable on November 30, 2006 
      to shareholders of record on November 16, 2006 and will be $0.4844 per 
      share. Dividends on the Company’s Common Stock 
      are payable on November 30, 2006 to shareholders of record on November 
      16, 2006 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, Monday, November 6, 2006 at 
      4:00 p.m. Eastern Standard Time to discuss third quarter 2006 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 third quarter 2006 results conference call. If you are unable 
      to participate at the scheduled time, this information will be available 
      for recorded playback from 5:30 p.m. EST, November 6, 2006 until 
      midnight on November 13, 2006. To access the replay, dial toll free, 
      [phone] and request information from conference ID 1428246.
    
  
American Land Lease, Inc. (NYSE:ANL) today announced that its
Board of Directors declared dividends on shares of its Preferred Stock
and a regular third quarter dividend on its Common Stock.

   Dividends on shares of Preferred Stock are payable on November 30,
2006 to shareholders of record on November 16, 2006 and will be
$0.4844 per share. Dividends on the Company's Common Stock are payable
on November 30, 2006 to shareholders of record on November 16, 2006
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, Monday, November 6,
2006 at 4:00 p.m. Eastern Standard Time to discuss third quarter 2006
results. You can participate in the conference call by dialing,
toll-free, [phone] approximately five minutes before the
conference call is scheduled to begin and indicating that you wish to
join the American Land Lease third quarter 2006 results conference
call. If you are unable to participate at the scheduled time, this
information will be available for recorded playback from 5:30 p.m.
EST, November 6, 2006 until midnight on November 13, 2006. To access
the replay, dial toll free, [phone] and request information
from conference ID 1428246.