Green Courte Partners Increases the Tender Offer Consideration for Any and All Shares of 7.75% Series A Preferred Stock of American Land Lease, Inc. and Extends Tender Offer

Green Courte Partners, LLC, a Chicago-based private equity real estate investment firm, today announced that one of its affiliates (such affiliate is referred to as “Green Courte Partners”) has increased the per share price that it will offer to pay in its tender offer (the “Tender Offer”) for any and all of the outstanding shares of 7.75% Series A Cumulative Redeemable Preferred Stock (the “Shares”) of American Land Lease, Inc. (symbol: ANLDP) not owned by it from $8.4688 per Share to $10.00 per Share, in cash without interest and less any amounts required to be deducted and withheld under any applicable law (the “Tender Offer Consideration”). Holders of Shares who have previously validly tendered and not withdrawn their Shares will also receive the increased Tender Offer Consideration.

In addition, Green Courte Partners has extended the expiration date of the Tender Offer. The expiration date of the Tender Offer, which was initially scheduled for 5:00 p.m., New York City time, on Thursday, October 8, 2009, has been extended to 5:00 p.m., New York City time, on Friday, October 23, 2009.

The Tender Offer Consideration represents the entire amount that Green Courte Partners is offering to pay for each Share validly tendered on or prior to 5:00 p.m., New York City time, on October 23, 2009, unless the Tender Offer is further extended. A holder whose Shares are validly tendered prior to the expiration of the Tender Offer will not have a right to receive previously accrued but unpaid dividends, which equaled $0.96875 per Share at August 31, 2009. The Tender Offer is not conditioned on Green Courte Partners obtaining financing or Green Courte Partners’ receipt of a minimum amount of tendered Shares.

The depositary for the Tender Offer has advised Green Courte Partners that, as of 5:00 p.m., New York City time, on Thursday, October 8, 2009, the original expiration date of the Tender Offer, a total of 15,038 Shares had been validly tendered and not withdrawn.

The terms and conditions of the Tender Offer, and the procedures for tendering Shares, are described in the Offer to Purchase dated September 10, 2009 (the “Offer to Purchase”), and a related letter of transmittal (the “Letter of Transmittal” and, together with the Offer to Purchase, the “Offer Documents”).

Green Courte Partners has retained Wells Fargo Bank, N.A. to serve as the depositary and Innisfree M&A Incorporated to serve as the information agent. Questions regarding the Tender Offer and copies of the Tender Offer documents may be obtained by calling Innisfree M&A Incorporated toll-free at 888-750-5834 (banks and brokers may call collect at 212-750-5833).

This press release does not constitute an offer to purchase or a solicitation of any offer to sell the Shares or any other securities.The Tender Offer is being made solely by the Offer to Purchase dated September 10, 2009 and the related Letter of Transmittal.

The Tender Offer is not being made to holders of Shares in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

About Green Courte Partners

Green Courte Partners, LLC is a Chicago-based private equity real estate investment firm targeting niche real estate sectors, including manufactured housing communities, "Main Street" retail/mixed-use properties and parking assets in high barrier locations. The firm combines focused investment strategies with a disciplined approach to transaction execution and asset management. Green Courte's goal is to invest in high quality assets that will generate attractive risk-adjusted returns over a long-term holding period. For more information, visit www.GreenCourtePartners.com.

About American Land Lease

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 10,100 home sites in 25 communities located in Florida, Arizona and Alabama, American Land Lease is committed to providing affordable, free-spirited retirement living for active adults. For more information, visit www.AmericanLandLease.com.