American Land Lease, Inc.



Subsidiaries as of February 3, 2003



|                                             |  |                                         
|-------------------------------------------- |  | ----------------------------------------
|Acacia Meadows Arizona, L.L.C.               |  | CAX DTR Securitization Corp.            
|                                             | 
|AIC Home Sales Corp.                         |  | CAX La Casa Blanca East, L.L.C.         
|                                             | 
|AIC Management Corporation                   |  | CAX La Casa Blanca Mini-Storage, L.L.C. 
|                                             | 
|AIC Management Holdings, L.L.C.              |  | CAX La Casa Blanca, L.L.C.              
|                                             | 
|AIC Property Management Company, L.L.C.      |  | CAX Lakeshore, L.L.C.                   
|                                             | 
|AIOP Brentwood West, L.L.C.                  |  | CAX New Era Homes, L.L.C.               
|                                             | 
|AIOP Florida Properties I, L.L.C.            |  | CAX Rancho Mirage, L.L.C.               
|                                             | 
|AIOP Florida Properties II, L.L.C.           |  | CAX Riverside II, L.L.C.                
|                                             | 
|AIOP Gulfstream Harbor, L.L.C.               |  | CAX Riverside III, L.L.C.               
|                                             | 
|AIOP Gulfstream Outlot I, L.L.C.             |  | CAX Riverside Maintenance, L.L.C.       
|                                             | 
|AIOP Gulfstream Outlot II, L.L.C.            |  | CAX Riverside, L.L.C.                   
|                                             | 
|AIOP Gulfstream Outlot III, L.L.C.           |  | CAX Savanna, L.L.C.                     
|                                             | 
|AIOP Lost Dutchman Notes, L.L.C.             |  | CAX White Sands, L.L.C.                 
|                                             | 
|AIOP Mullica, L.L.C.                         |  | Commercial Assets Finance, Inc.         
|                                             | 
|AIOP Serendipity, L.L.C.                     |  | CR Golf Course Management, L.L.C        
|                                             | 
|ALL Homes Corp.                              |  | Fiesta MHP Investors, L.L.C.            
|                                             | 
|ALL Services, L.L.C.                         |  | Fiesta/Encanta MHP, L.L.C.              
|                                             | 
|Asset Investors Acceptance, Inc.             |  | Lakeshore Utilities, Inc.               
|                                             | 
|CAX Saddlebrook, LLC                         |  | Lakeshore Utilities, L.L.C.             
|                                             | 
|Asset Investors Finance Corporation          |  | Park Royale MHP, L.L.C.                 
|                                             | 
|Asset Investors Funding Corporation          |  | Riverside Golf Course and Marina, L.L.C.
|                                             | 
|Asset Investors Mortgage Funding Corporation |  | Riverside Golf Course Community, L.L.C. 
|                                             | 
|Asset Investors Operating Partnership, L.P.  |  | Riverside Utilities, L.L.C.             
|                                             | 
|Asset Investors Secured Finance Corporation  |  | Royal Palm Village, L.L.C.              
|                                             | 
|Prime Forest Partners                        |  | Southern Palms MHP, L.L.C.              
|                                             | 
|Casa Encanta Commercial, L.L.C.              |  | Sun Valley Arizona, L.L.C.              
|                                             | 
|CAX Cannery, L.L.C.                          |  | ALL TRS Holding Company, Inc.           
|                                             | 
|CAX Cypress Greens II, L.L.C.                |  | Marina Dunes at Monterey, L.L.C.        
|                                             | 
|CAX Cypress Greens, L.L.C.                   |  | Woodlands Church Lake, L.L.C