Exhibit 12.1



American Land Lease, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividend

(in
thousands)



|                                                                                              |  |                         |        |      |   |        |  |      |        |      |   |        |  |   |      
|--------------------------------------------------------------------------------------------- |  | ----------------------- | ------ | ---- | - | ------ |  | ---- | ------ | ---- | - | ------ |  | - | -----
|                                                                                              |  | Year Ended December 31,
|                                                                                              |  | 2005                    |        | 2004 |   | 2003   |  | 2002 |        | 2001
|Earnings:                                                                                     |  |                         |        |      |   |        |  |      |        |      |   |        |  |   |      
|Income from continuing operations before taxes and minority interest in Operating Partnership |  | $                       | 12,966 |      | $ | 9,788  |  | $    | 10,190 |      | $ | 6,566  |  | $ | 3,566
|Interest Expense                                                                              |  |                         | 5,844  |      |   | 5,699  |  |      | 5,381  |      |   | 4,751  |  |   | 4,286
|Interest component of rental expense                                                          |  |                         | 54     |      |   | 54     |  |      | 54     |      |   | 54     |  |   | 54   
|                                                                                              |  |                         |        |      |   |        |  |      |        |      |   |        |  |   |      
|Total earnings (A)                                                                            |  | $                       | 18,864 |      | $ | 15,540 |  | $    | 15,625 |      | $ | 11,371 |  | $ | 7,906
|                                                                                              |  |                         |        |      |  
|Fixed charges:                                                                                |  |                         |        |      |   |        |  |      |        |      |   |        |  |   |      
|Interest Expense                                                                              |  | $                       | 5,844  |      | $ | 5,698  |  | $    | 5,381  |      | $ | 4,751  |  | $ | 4,286
|Capitalized interest                                                                          |  |                         | 5,554  |      |   | 3,768  |  |      | 3,312  |      |   | 3,426  |  |   | 2,916
|Interest component of rental expense                                                          |  |                         | 54     |      |   | 54     |  |      | 54     |      |   | 54     |  |   | 54   
|Preferred stock dividends                                                                     |  |                         | 1,647  |      |   |       |  |      |       |      |   |       |  |   |     
|                                                                                              |  |                         |        |      |   |        |  |      |        |      |   |        |  |   |      
|Total fixed charges (B)                                                                       |  | $                       | 13,099 |      | $ | 9,520  |  | $    | 8,747  |      | $ | 8,231  |  | $ | 7,256
|                                                                                              |  |                         |        |      |  
|Ratio of earnings to fixed charges (A divided by B)                                           |  |                         | 1.4    |      |   | 1.6    |  |      | 1.8    |      |   | 1.4    |  |   | 1.1