American Land Lease, Inc. Declares Dividends on Preferred Stock and a Regular First Quarter Dividend on Common Stock and Announces First Quarter 2008 Earnings Conference Call

Dividends on shares of Preferred Stock are payable on May 30, 2008 to shareholders of record on May 16, 2008 and will be $0.4844 per share. Dividends on the Company's Common Stock are payable on May 30, 2008 to shareholders of record on May 16, 2008 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 is subject to numerous factors, including the Company's profitability, capital expenditure plans and competing uses of capital, 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. Further, the Board has and will continue to consider the downturn in new home sales in the context of its quarterly review and dividend decision. The Company's net operating loss may be used to offset all or a portion of its real estate investment ("REIT") taxable income, which may allow the Company to reduce or eliminate its dividends and still maintain its REIT status.

Management will issue its financial results for its first quarter on Friday, May 9, 2008, before the stock exchange opens. In conjunction with the announcement of its first quarter results, the Company will hold a teleconference call on May 9, 2008 at 9:30 a.m. Eastern Daylight Time to discuss those results.

You are invited to 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 2008 results conference call.

Financial information to be discussed on the conference call will be posted to the Company's website at www.americanlandlease.com prior to the call, and may be accessed by clicking on "Learn More About American Land Lease" and then "Press Releases."

If you are unable to participate at the scheduled time, the conference call will be available for recorded playback from 12:30 p.m. EDT, May 9, 2008 until midnight on May 16, 2008. To access the replay, dial toll-free, (800) 642-1687 and request information from conference ID 46621215.