Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CONSIDINE TERRY
   2. Issuer Name and Ticker or Trading Symbol
AMERICAN LAND LEASE INC [ANL] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Executive Officer
(Last)
(First)
(Middle)
4582 SOUTH ULSTER STREET PARKWAY, SUITE 405		 3. Date of Earliest Transaction (Month/Day/Year)
02/02/2006
(Street)

DENVER, CO 80237		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $.01 02/02/2006   A   2,218 (1) A $ 24.8 65,736 (2) D  
Common Stock, par value $.01 02/02/2006   A   5,000 (4) A $ 24.8 70,736 (2) D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) $ 24.8 02/02/2006   A(3)   174,296   02/02/2006 02/02/2016 Common Stock, .01 par 174,296 $ 2.84 (1) 199,127 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CONSIDINE TERRY
4582 SOUTH ULSTER STREET PARKWAY
SUITE 405
DENVER, CO 80237		   X     Chief Executive Officer  

Signatures

 Terry Considine   02/02/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Restricted shares granted by the Compensation Committee of the Board of Directors on February 2, 2006. The shares have a four year vesting schedule beginning on the first anniversary of date of grant.
(2) In addition to these shares held directly by the reporting person, (a) 342,197 shares are held by Titahotwo Limited Partnership RLLLP, a registered limited liability partnership for which the reporting person serves as the General Partner , (b) 150,000 shares held by Titaho Limited Partnership, a Registered Limited Liability Limited Partnership in which Mr. Considine's brother is the trustee for the sole general partner and which Mr. Considine disclaims any current beneficial interest in Titaho Limited Partnership (c) 81,079 shares held Considine Family Foundation, a tax exempt organization under 501(c)(3) of the Internal Revenue Code for which the reporting person disclaims beneficial ownership.
(3) Options awarded by the Compensation Committee of the Board of Directors on February 2, 2006. The options vest equally over five years beginning on the first anniversary of the date of grant.
(4) Shares granted by the Compensation Committee of the Board of Directors on February 2, 2006 constitute performance based restricted stock where by the Company issued restricted common stock (the "HPS" shares) under the terms of the Company's 1998 Stock Incentive Plan. The HPS shares vest based upon the extent, if any, that the total return realized by shareholders exceeds the ten-year average total return of the Equity REIT Index, as reported by the National Association of Real Estate Investment Trusts. The total return for the Company is measured over a three-year period that ends on December 31, 2008. To the extent that shares are not vested as of the final caluation date, such shares are forfeited and are returned to the Company.

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