NAREIT JUNE 2008

Exhibit 99.1

Some

of

the

statements

in

this

presentation

constitute

"forward-looking

statements"

within

the

meaning

of

the

Private

Securities

Litigation

Reform

Act

of

1995.

Such

forward-looking

statements

may

include

projections

of

the

Company's

cash

flow,

dividends,

anticipated

returns

on

real

estate

investments,

operating

performance

and

other

results

of

operations.

Such

forward-looking

statements

involve

known

and

unknown

risks,

uncertainties

and

other

factors

that

may

cause

the

actual

results,

performance

or

achievements

of

the

Company

to

be

materially

different

from

any

future

results,

performance

or

achievements

expressed

or

implied

by

the

forward-looking

statements.

Such

factors

include,

but

are

not

limited

to:

general

economic

and

business

conditions,

a

longer

or

deeper

decline

in

the

housing

resale

market

than

anticipated,

interest

rate

changes,

financing

and

refinancing

risks,

risks

inherent

in

owning

real

estate,

future

development

rate

of

home

sites,

including

any

slowdown

or

cessation

thereof

due

to

regulatory

or

market

conditions,

changes

in

our

capitalized

interest

as

a

result

of

lower

than

anticipated

development

activity,

the

availability

of

real

estate

assets

at

prices

which

meet

the

Company’s

investment

criteria,

the

Company’s

ability

to

reduce

expense

levels,

implement

rent

increases

and

use

leverage,

competition

and

other

risks

set

forth

in

the

Company’s

most

recent

Annual

Report

on

Form

10-K,

the

Company’s

Form

8-K

furnishing

our

earnings

press

release

for

the

most-recently

completed

fiscal

quarter

and

in

the

Company’s

other

Securities

and

Exchange

filings.

The

Company

undertakes

no

obligation

to

update

or

revise

any

forward-

looking

statements,

whether

as

a

result

of

new

information,

future

events

or

otherwise,

or

to

update

the

reasons

why

actual

results

could

differ

from

those

projected

in

any

forward-looking

statements.

In

addition,

we

will

discuss

certain

non-GAAP

financial

measures

during

the

course

of

this

presentation,

such

as

“same

store”

results,

“same

site”

results,

“Funds

from

Operations”

and

others. 

Management

believes

that

such

measures

are

important

to

understanding

the

performance

of

the

Company. 

Forward Looking Statements

Forward Looking Statements

Why ANL Today?

Why ANL Today?

•

Both a value and a growth company

–

Visibility of organic growth over 3-5 year horizon

•

Demographic focus on 55+

•

Growth through internal build-out, plus

future acquisition strategy

•

Focus on active adult market

–

Rent securitized by high value homes and growth

of customer base

–

Stable organic growth prospects with low tenant

turnover

3

The Growing 55+ Market

The Growing 55+ Market

United States Population 55+

2000 - 2030

0

20,000

40,000

60,000

80,000

100,000

120,000

2000

2005

2010

2015

2020

2025

2030

Americans Over the Age of 55

4

Manufactured Housing

Manufactured Housing

Today in ANL Portfolio

Today in ANL Portfolio

•

Community designs that

value “residential

appearance”

–

Curvilinear road patterns

–

Larger lots/lower density

–

Sidewalks and street lights

–

Lots “with a view”

•

Quality Homes

–

Average sales price YTD of

$143,000

–

3 bedroom models

–

Garages replace carports

5

Homes for Retirees

Homes for Retirees

Value and Appearance

Value and Appearance

6

Quality Homes Made Affordable

Quality Homes Made Affordable

through Manufacturing

through Manufacturing

7

Communities and Subdivisions

Communities and Subdivisions

Not Trailer Parks

Not Trailer Parks

Riverside Club

Savanna Club

8

Amenitized Communities

Amenitized Communities

•

Clubhouse Focus

•

Golf Courses

•

Marinas

•

Curvilinear Streets

•

Landscaping

•

Quality homes provide

visibility on quality of future

residents

9

Quality Amenities and

Quality Amenities and

Active Adult Lifestyle

Active Adult Lifestyle

•

Focus on communities that have

high quality amenities

–

Golf Courses

–

Business Centers

–

Marinas

–

Restaurants

–

Tennis Courts

–

Fitness Centers

–

Recreation Centers

•

Lifestyle Locations

–

Cultural Activities

–

Continuous Learning

Opportunities

–

Travel Opportunities

10

We are in the

We are in the

Lifestyle Business

Lifestyle Business

The strength of our communities and marketing comes from

–

Understanding the active adult market

–

Building high value, multiple amenity properties

–

Supporting an active adult lifestyle consistent with the changes

in today’s demographics

–

Promoting and sustaining these features in our communities

11

Active Adult Business Forecast

•

First Baby Boomers Have Reached 60

•

Retirement Remains a Lifetime Goal

•

Current Financial Issues (Home Pricing/401 K

Valuations) May Cause Delay But Retirement Is a

Reality

•

Continued Migration From Northern/Rust-Belt to

Sun-Belt

•

Activities

And

Interests

May

Have

Changed

–

But

Not

The Desire For High Quality, Secure Retirement

Communities

•

The Market For The Next 20 Years Will Be The

Strongest Ever.

12

Locations in

Locations in

Florida and Alabama

Florida and Alabama

13

Locations in Arizona

Locations in Arizona

14

Manufactured Housing

Manufactured Housing

Sector Model

Sector Model

•

Leasing land for residential use to tenants who have

an investment in improvements to the land

•

Provides a form of common interest development

while maintaining single family home format

•

Land lease community owners benefit from

–

Diversity of tenant base

–

Lower recurring capital requirements as compared to

other residential asset classes

–

Lower tenant turnover as compared to other residential

asset classes

15

Manufactured Housing Sector

Manufactured Housing Sector

•

Consists of 4 public REITs

•

Total

sector

market

cap

-

$2,206.9M;

Total

sector

enterprise

value

-

$5,664.2M

•

Sector

median

dividend

yield

–

7.4%;

ANL

dividend

yield –

4.7%

76.5%

14.1x

101.64%

39.88%

-13.52%

Multifamily

Sector

Median

76.93%

37.07%

5 Years

26.8x

15.2x

Price to FFO –

2008

126.6%

91.3%

FFO payout 2008

5.62%

-9.13%

3 Years

-11.41%

-19.25%

1 Year

ANL

Sector

Median

Total

Return

16

Basics

Basics

[Financial Data as of March 31, 2008]

[Financial Data as of March 31, 2008]

•

UPREIT Market Cap=$188M

•

Enterprise Value = $483M

•

Average Daily Volume =

28,000

•

Price/FFO

–

26.8 x 2008E

•

Current yield = 4.7%

•

Occupancy = 96.9% of

Operational Home Sites at

3/31/2008.

•

Same Store NOI Growth

–

2005 = 10.1%

–

2006 = 11.3%

–

2007 = 8.2%

–

YTD 2008 = 8.4%

•

Same Site NOI Growth

–

2005 = 5.7%

–

2006 = 5.0%

–

2007 = 4.1%

–

YTD 2008 = 4.9%

17

Earnings

Earnings

•

FFO

–

2005A = $1.70

–

2006A = $1.66

–

2007A = $1.01

–

2008E = $0.41 -

$0.71

•

AFFO

–

2005A = $1.54

–

2006A = $1.47

–

2007A = $0.87

–

2008E = $0.27 -

$0.60

•

FFO Payout Ratio

–

2005 = 62.9%

–

2006 = 60.2%

–

2007 = 99.0%

–

2008E = 126.6%

•

AFFO Payout Ratio

–

2005 = 68.5%

–

2006 = 68.0%

–

2007 = 114.9%

–

2008E = 153.9%

18

Basics

Basics

[Financial Data as of March 31, 2008]

[Financial Data as of March 31, 2008]

Total Return Results

•

Last 12 Months = -11.4%

•

Last 3 Years = 5.6%

•

Last 5 Years = 76.9%

Growth and Valuation

•

Projected 2008/2009 FFO

Growth = 39.2%

•

Price to 2008E FFO = 26.8x

•

Payout of 2008E FFO =

126.6%

Ownership

•

Institutional Ownership = 29.3%

•

Insider Ownership = 30.6%

19

Strength Behind the Balance Sheet

Strength Behind the Balance Sheet

•

Strong “same store”

results from core operating properties

•

Beneficiary of “recession resistant”

property class

•

Financing using primarily amortizing mortgages:

–

NAV increase through principal reduction

–

Minimize interest rate risk

•

Demographic support of asset class

•

Quality asset locations

20

Value and Growth Company

Value and Growth Company

Value Company

•

Sustaining community

operations

•

Increasing NOI growth

through rental increases

and expense control

•

Tax efficient dividend

yield

•

Quality core portfolio

Growth Company

•

Ability to grow the

company 50% through

internal assets

•

Demonstrated competency

in land development and

home sale operations

•

Maximize operating

leverage gained through

community expansion

21

Four Elements of the ANL Business

Four Elements of the ANL Business

1.

Land Lease Operations

2.

Home Sales Operations

3.

Land Development Operations

4.

Investment Operations

22

Property Management Strategy

Property Management Strategy

•

Improve operating results from property management

business

–

Centralized financial control and uniform operating

procedures

–

Localized property management decision making and

market knowledge

•

Operations are supervised by 3 Regional Managers

–

2 in Florida and 1 in Arizona

•

Large development projects have high quality, full time,

on-site Project Managers

23

Home Sales Operations

Home Sales Operations

•

Basis of company’s current growth

•

Absorption is a primary focus

•

One company concept means ANL is responsible for results from

development through home purchase to ongoing property operations

•

Increasing results

–

Professional sales staff

–

Improved home product

–

Improved communities

•

Financing continues to be key element of home purchase

138

184

237

307

414

392

435

362

209

28

0

50

100

150

200

250

300

350

400

450

1999

2000

2001

2002

2003

2004

2005

2006

2007

YTD

2008

Home Sales

24

Using the Web to Sell Homes and

Using the Web to Sell Homes and

Communities

Communities

25

ANL Listed as #1 for

search term “Florida

Retirement Communities”

26

Land Development

Land Development

•

Turning land into income

•

Expanding communities where the value and

quality is known

•

Development as a core competency

•

Creation of value and increased NAV through

execution of development plans

•

Adding 1 high quality home community annually

27

Home Site Inventory

Home Site Inventory

Portfolio Summary

6,931

7,283

8,044

7,984

8,011

1,101

976

1,192

1,370

1,345

960

1,270

1,566

1,191

1,191

129

129

129

129

129

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

Period Ended

Operational Home Sites

Developed Home Sites

Undeveloped Home Sites

RV Sites

12/2004

12/2005

12/2006

12/2007

03/2008

28

Investment Operations

•

Current focus is on investment into

development of currently held property

assets

•

Evaluate property financing and seek to use

effectively to expand available funds

•

High quality properties available for sale are

few and far between –

even fewer at good

prices

•

Continue to look towards discipline to

“buy right”

29

Recent Acquisitions

Recent Acquisitions

•

The

Reserve

at

Fox

Creek,

a

312

age

restricted

home

site

community in Bullhead City, Arizona.  The community is

situated on a 56-acre site overlooking the Colorado River

basin near the Arizona/Nevada state border and provides

residents with a lifestyle near boating, mountains, and

Nevada gaming activities.

•

The

Grove,

a

425

age

restricted

home

site

community

in

Foley, Alabama.  The community is situated on 112-acre site

between Mobile and Pensacola, near the Florida/Alabama

state border and provides residents with a lifestyle near

boating, fishing, and Gulf Shore activity areas and easy

access to the Gulf of Mexico beaches, less than 10 miles away.

The Reserve at Fox Creek

The Grove

30

Park

Place,

a

465

age

restricted

home

site

community

in

Sebastian, Florida.  The community is situated on a 145-acre site

with a 29 acre lake. and provides residents with a lifestyle near

boating, fishing, and Atlantic Ocean Coastal activity areas and

easy access to the Atlantic Ocean beaches, less than 5 miles away. 

With 379 occupied home sites and 89 additional fully developed

home sites and homes selling for prices above $150,000 this

represents a great area of growth for the company.

Recent Acquisitions (continued)

Recent Acquisitions (continued)

31

Building NAV

Building NAV

•

Consistent NOI growth within stabilized

communities

•

Increasing absorption through focused home

sales efforts

•

Development of land assets

•

Scheduled maturities of long term debt

•

Accretive acquisition strategy

•

Disposition of underperforming assets and

deployment of capital to development and

acquisition activities

32

NAV Growth

•

Valuation of “SafeCo”

Assets remains strong

as ever

•

Current home sales slow down has caused re-

evaluation of land bank

•

Decreased absorption rates results in lower

NPV of future revenue streams

•

Land is in high demand locations

•

Projecting slower growth; not negative growth

33

Points of Contact

Points of Contact

Bob Blatz

President and Chief Operating Officer

Shannon Smith

Chief Financial Officer

29399 US Highway 19 North, Suite #320

Clearwater, Florida  33761

Phone: (727) 726-8868 ~ Fax: (727) 726-6788

Bob x116

/ Shannon x124

E-Mail: robert.blatz@americanlandlease.com

E-Mail:

shannon.smith@americanlandlease.com

34