American Land Lease, Inc. Declares Dividends on Preferred Stock and a Regular Third Quarter Dividend on Common Stock and Announces Third Quarter Earnings Conference Call.

CLEARWATER, Fla. -- 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.