ANL Amer Land Lease

American Land Lease, Inc. Declares Second Quarter Dividend and Announces Second Quarter Earnings Conference Call CLEARWATER, Fla., July 29 /PRNewswire-FirstCall/ -- American Land Lease, Inc. (NYSE:ANL) today announced that its Board of Directors declared a regular second quarter dividend of $0.25 per share payable on August 26, 2004 to stockholders of record on August 9, 2004. The Company will not offer reinvestment of the second quarter dividend through the dividend reinvestment plan. The Board of Directors reviews the dividend policy quarterly. The Company's dividend is set quarterly and is 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 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. The company will release its second quarter earnings announcement on Thursday, August 5, 2004. Management will hold a teleconference call Thursday, August 5, 2004 at 4:00 p.m. Eastern Daylight Time to discuss the second quarter 2004 results. You can 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 second quarter 2004 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. EDT, August 5, 2004 until midnight on August 12, 2004. To access the replay, dial toll-free, (800) 642-1687 and request information from conference ID 9106803. DATASOURCE: American Land Lease, Inc. CONTACT: Robert G. Blatz, President, or Shannon E. Smith, Chief Financial Officer, +1-727-726-8868, both of American Land Lease, Inc. Web site: http://www.americanlandlease.com/

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