ATLANTIC GULF COMMUNITIES CORPORATION REPORTS 1995 RESULTS.

MIAMI--(BUSINESS WIRE)--March 29, 1996--Atlantic Gulf Communities Corporation (NASDAQ: AGLF) today announced results for the year and quarter ended December 31, 1995.

For the year ended December 31, 1995, Atlantic Gulf Communities reported a net loss of $20.6 million ($2.12 per share) on total revenues of $113.4 million, including real estate sales revenues of $82.9 million. This compares with a net gain of $1.1 million ($0.11 per share) for the year ended December 31, 1994, on total revenues of $106 million, including real estate revenues of $52.3 million. The Company noted that while real estate sales revenues increased 63 percent from 1994 to 1995, earnings comparisons are affected by the Company's recording in the fourth quarter of 1994 a one-time $34.2 million gain in "other income" attributable to the Charlotte County utility condemnation settlement.

In the fourth quarter of 1995, Atlantic Gulf Communities had a net loss of $6.2 million ($0.63 per share) on total revenues of $50.4 million, including $40.4 million of real estate sales revenues, compared to a fourth quarter 1994 gain of $26.7 million ($2.75 per share) on total revenues of $63.4 million, including real estate sales revenues of $23.2 million. Again, the fourth quarter comparison is affected by the "other income" in 1994 attributable to the utility condemnation settlement.

J. Larry Rutherford, President and Chief Executive Officer of Atlantic Gulf Communities, said, "Despite the loss for 1995, the Company is making significant progress toward its business plan goals. We are liquidating assets inherited from its predecessor company, paying off debt and reducing overhead. We are becoming the leading supplier of finished homesites to builders in Florida's primary residential markets -- without the exposure associated with carrying a large land inventory."

Mr. Rutherford noted that, "In two of Florida's primary markets -- Jacksonville and Orlando -- Atlantic Gulf Communities' projects were the market leaders in 1995 in single family home permits issued. The Company also has new subdivision projects underway in Southwest Broward County, Tampa, and the Naples area. Results from the Company's decision in mid-1995 to accelerate predecessor asset sales and reduce overhead should become evident in 1996," he predicted.

Atlantic Gulf Communities, with assets in excess of $330 million, is one of Florida's largest residential real estate developers. The Company develops finished residential homesites for builders in many of Florida's most active markets, in addition to owning 40,000 acres and 22,000 homesites in other parts of Florida, and 5,500 acres in the Cumberland Plateau area of Tennessee. Headquartered in Miami, the Company is a proven leader in professional development services, and is known for its leadership role in environmental quality. -0-

                   ATLANTIC GULF COMMUNITIES CORPORATION
                          RESULTS OF OPERATIONS
                  FOR THE PERIOD ENDED DECEMBER 31, 1995
                   (In Millions, Except Per Share Data)

                               For Three Months Ended December 31,
                                       1995            1994
                                    (unaudited)     (unaudited)

Revenue                             $  50.4         $  63.4

Net income (loss)                   $  (6.2)        $  26.7

Net income (loss) per share         $ (0.63)        $  2.75

Weighted average
   Common Shares outstanding           9.71            9.64

                             For Twelve Months Ended December 31,
                                      1995             1994
                                    (audited)        (audited)

Revenue                             $ 113.4         $ 106.0

Net income (loss)                   $ (20.6)        $   1.1

Net income (loss) per share         $ (2.12)        $  0.11

Weighted average
   Common Shares outstanding           9.71            9.64

CONTACT: Harry Rose, Atlantic Gulf Communities Corporation

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or

Kevin Theiss, Investor Access Corporation

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