American Land Lease, Inc. (OTCBB: ANLDP) (the “Company”) announced today that the Company’s Board of Directors determined not to declare a quarterly cash dividend on its 7.75% Series A Preferred Shares, which quarterly cash dividend would otherwise have been payable on August 31, 2009. The Board’s decision was based on the Company’s current capital resources and liquidity needs and the overall negative state of the economy and capital markets. The Board intends to review the suspension of the Series A Preferred dividends periodically based on the Board’s ongoing review of the Company’s financial results, capital resources and liquidity needs, and the condition of the economy and capital markets. The Company noted that unpaid dividends on the Series A Preferred Shares accumulate until paid.

About American Land Lease, Inc.

American Land Lease, Inc. is a Clearwater, Florida-based real estate investment trust that owns, develops and manages residential land-lease communities primarily serving active adults. With approximately 9,000 home sites in 25 communities located in Florida, Arizona and Alabama, American Land Lease, Inc. is committed to providing affordable, free-spirited retirement living for active adults. For more information, visit www.AmericanLandLease.com

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect management’s current views with respect to future events and financial performance. The words “believes”, “expects”, “anticipates”, “estimates” and similar words or expressions are generally intended to identify forward-looking statements. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to, changes in general economic conditions, adverse changes in real estate markets as well as other risks and uncertainties.