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