- Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Expires: February 28, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * CONSIDINE TERRY	2. Issuer Name and Ticker or Trading Symbol AMERICAN LAND LEASE INC [ ANL ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __ X __ Director                      __ X __ 10% Owner __ X __ Officer (give title below)      _____ Other (specify below) Chairman & CEO
(Last)          (First)          (Middle) 4582 SOUTH ULSTER STREET PARKWAY, SUITE 405	3. Date of Earliest Transaction (MM/DD/YYYY) 12/31/2008
(Street) DENVER, CO 80237 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $.01	12/31/2008		D (4)		5000	D (4)	(4)	71578	D
Common Stock, par value $.01								201090	I	see footnote   (1)
Common Stock, par value $.01								342197	I	see footnote   (2)
Common Stock, par value $.01								83079	I	see footnote   (3)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:
( 1)	Held by Titaho Limited Partnership, RLLLP ("Titaho"). The reporting person's brother serves as the trustee of the trust that is the sole general partner of Titaho. The reporting person disclaims beneficial ownership of all securities held by Titaho and this report should not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
( 2)	Held by Titahotwo Limited Partnership, RLLLP, for which the reporting person serves as the general partner and holds a 0.5% ownership interest. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and this report should not be deemed an admission that the reporting person is the beneficial owner of any securities in excess of such pecuniary interest for purposes of Section 16 or for any other purpose.
( 3)	Includes 2,000 shares held by trusts for which the reporting person is trustee, and 81,079 shares held by a non-profit foundation in which the reporting person has shared voting and investment power. The reporting person disclaims beneficial ownership of all of the foregoing securities, and this report should not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
( 4)	Shares forfeited and returned to the Company for failure to obtain 100% of measurement goals as set by the Compensation Committee of the Board of Directors for the total return measurement date of December 31, 2008 as originally reported on Form 4 filed February 6, 2006.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
CONSIDINE TERRY 4582 SOUTH ULSTER STREET PARKWAY SUITE 405 DENVER, CO 80237	X	X	Chairman & CEO

Signatures
Terry Considine		1/5/2009
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.