ANL Amer Land Lease

American Land Lease, Inc. Announces 2004 Dividend Allocation CLEARWATER, Fla., Jan. 26 /PRNewswire-FirstCall/ -- American Land Lease, Inc. (NYSE:ANL) announces the 2004 dividend allocation for federal income tax purposes for its Common Stock. Return Record Payable Dividend Ordinary Of CUSIP Date Date Per Dividend Capital Share 027118108 2/13/04 2/26/04 $0.25 44.0 % 56.0 % 027118108 4/28/04 5/27/04 $0.25 44.0 % 56.0 % 027118108 8/9/04 8/26/04 $0.25 44.0 % 56.0 % 027118108 11/10/04 11/24/04 $0.25 44.0 % 56.0 % $1.00 44.0 % 56.0 % As previously announced on March 1, 2002, the Company increased its tax basis in its real estate assets in 2001. At that time, the Company projected that a greater percentage of future dividends paid, if any, would be characterized as a return of capital to its shareholders when compared to the percentage that would have been characterized as return of capital if the Company did not utilize the ability to increase its tax basis. Without the increase in its tax basis in 2001, the return of capital for 2004 would have been approximately 41.9% as compared to the 56.0% actually reported and applicable for the year. American Land Lease, Inc. is a Clearwater-based real estate investment trust (REIT) that owns, develops and manages residential land lease communities. DATASOURCE: American Land Lease CONTACT: Robert G. Blatz, President, or Shannon E. Smith, Chief Financial Officer, both of American Land Lease, +1-727-726-8868 Web site: http://www.americanlandlease.com/

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