News Release


FOR IMMEDIATE RELEASE
CONTACT
November 16, 2009
Craig J. Renner
 
301-843-8600



ACPT REPORTS RESULTS FOR QUARTER ENDED
SEPTEMBER 30, 2009

ST. CHARLES, MD. — American Community Properties Trust (ACPT) (NYSE Amex: APO) today reported a loss from continuing operations of $723,000, or $0.13 per share, on revenues of $33,406,000 for the nine months ended September 30, 2009.  Net income was $25,262,000, or $4.76 per share, due to the sale of the Puerto Rico multifamily apartment operations.  This compares to a loss from continuing operations of $534,000, or $0.11 per share, on revenues of $36,653,000 for the nine months ended September 30, 2008, with a net loss of $2,001,000, or $0.38 per share.
 
For the quarter ended September 30, 2009, the Company reported a loss from continuing operations of $414,000, or $0.07 per share, on revenues of $12,051,000.  Net income was $24,575,000, or $4.63 per share, due to the sale of the Puerto Rico multifamily apartment operations.  This compares to income from continuing operations of $33,000 on revenue of $9,892,000 for the third quarter 2008, with a net loss of $630,000, or $0.12 per share.
 
“Completing the sale of our Puerto Rico apartments was clearly our most significant accomplishment in the third quarter,” said Steve Griessel, Chief Executive Officer.  “The transaction has had a positive impact on our earnings and balance sheet.  More importantly though, the completion of this transaction also gives us needed capital to stabilize our business as well as provide us with the flexibility to capitalize our U.S. land development business and thus accomplishes a strategic imperative set by the Company a year ago.
 
Matthew M. Martin, Chief Financial Officer, noted that as a result of the sale of the Puerto Rico apartments, the Company removed $57.5 million of asset, $85.1 million of liabilities and recorded a total gain on sale of $25.3 million, which is significantly greater than the $14.3 million gross consideration received.  This difference represents certain distributions and losses in excess of limited partners' basis that was previously required to be absorbed by the Company.  As these multifamily apartment partnerships are no longer included in the Company’s consolidated financial results, we were able to recognize these previously absorbed distributions and losses in excess of basis.  In addition, the Company is required to pay a 29% Puerto Rico withholding tax on the gross proceeds from the sale.
 
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The following information was filed by American Community Properties Trust on Monday, November 16, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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