American Land Lease has been a Delaware Corporation since May 25, 1999. Prior to this, we were a Maryland corporation that was formed in 1986. We have elected to be treated for United States federal income tax purposes as a real estate investment trust or "REIT." We are a self administered and self-managed company in the business of owning, acquiring, developing, and managing manufactured home communities. Our shares of common stock are listed on the New York Stock Exchange ("NYSE") under the symbol "ANL."

American Land Lease is a successor corporation to Asset Investors Corporation and Commercial Assets, Inc. In August 1999 Asset Investors agreed to merge with Commercial Assets. Commercial Assets, Inc. was a publicly traded REIT listed on the American Stock Exchange under the symbol CAX. Commercial Assets was also engaged in the ownership, acquisition and development of manufactured home communities. In August of 2000, the merger was approved by shareholders of both companies and the new company subsequently was renamed American Land Lease.

Headquartered in Clearwater, Florida, American Land Lease's Chairman and CEO is Mr. Terry Considine. He also serves as Chairman and CEO of Apartment Investment Management Company, headquartered in Denver, Colorado. Mr. Considine is a thirty-year veteran of property management.

American Land Lease currently owns and operates communities in Florida, Arizona, and Alabama. The majority of these communities are retirement communities. This focus on the retirement community market enables the company to apply both its operations and sales experience in meeting the needs of the retirement industry. The mission of American Land Lease is to be the leading developer and operator of manufactured housing communities as recognized by our customers, employees, and shareholders. American Land Lease long-term plans are to continue to utilize its financial resources for the development of master planned housing communities throughout the United States. We operate our business through a subsidiary, Asset Investors Operating Partnership, and where appropriate its other subsidiary companies (which we collectively refer to as the Operating Partnership).