ATLANTIC GULF COMMUNITIES REPORTS THIRD QUARTER 1994 RESULTS.

MIAMI--(BUSINESS WIRE)--Nov. 11, 1994--Atlantic Gulf Communities Corporation (NASDAQ:AGLF) announced today that it recorded a net loss of $7,642,000, or $.79 per share, for the third quarter ended September 30, 1994, as compared to a net loss of $5,590,000, or $.58 per share, in the like quarter last year.

Atlantic Gulf's revenues were $16,535,000 for the third quarter ended September 30, 1994, as compared to $17,456,000 in the like quarter last year.

The Company noted that this year's third quarter and nine months' losses reflect the costs associated with maintaining the Company's substantial real estate portfolio while it implements a new business plan -- one aimed at boosting and diversifying its revenues. The Company also said that it expects to close sufficient sales in the final quarter of 1994 to record a modest increase in real estate sales from the prior year.

Since Atlantic Gulf emerged from reorganization in March 1992, the Company has sought to enhance the value of its substantial real estate holdings by replanning and rezoning those assets to their best use, by marketing them more as aggressively as local market conditions permit and by selectively adding projects which promise a more rapid return on investment.

During the recently concluded quarter, Atlantic Gulf refinanced its term and working capital loans on improved terms. When combined with new facilities established to finance the Company's Lakeside Estates and Regency Island Dunes projects, the Company has attracted over $65 million in new capital, including refinancing, from three new institutional lenders in recent months.

In addition, in October the Company prevailed in its effort to reach a settlement with Charlotte County over the value of the Company's utility system which the County took in 1991 by eminent domain. The County agreed to pay $45 million in cash in addition to the $65 million "good faith" deposit paid in 1991. The Company anticipates receipt of the additional funds in December 1994.

Atlantic Gulf Communities Corporation is a publicly-traded real estate development and management company with total assets of approximately $350 million. Atlantic Gulf Communities is one of the largest Florida-based real estate developers, owning 67,000 acres in Florida and another 5,500 acres in the Cumberland mountains of Tennessee. Headquartered in Miami, the Company is known as a proven leader in professional development services, particularly for its leadership role in environmental quality. -0-

                 ATLANTIC GULF COMMUNITIES CORPORATION
                FOR THE PERIOD ENDED SEPTEMBER 30, 1994
                         RESULTS OF OPERATIONS
                            (Unaudited)


                                   For The Three Months Ended
                           September 30, 1994      September 30, 1993

Total Revenues                   $ 16,535,000           $ 17,456,000
Net Income (Loss)                 ($7,642,000)           ($5,590,000)
Net Income (Loss) per share            ($0.79)                ($0.58)
Weighted average common
  shares outstanding                9,655,000              9,673,000


                                    For The Nine Months Ended
                           September 30, 1994      September 30, 1993


Total Revenues                   $ 42,611,000           $ 47,453,000
Net Income (Loss)                ($25,570,000)          ($10,794,000)
Net Income (Loss) per share            ($2.66)                ($1.11)
Weighted average common
   shares outstanding               9,629,000              9,697,000

CONTACT: Atlantic Gulf Communities Corporation, Miami

              Thomas W. Jeffrey, [phone]
                            by
              Investor Access Corporation, New York
              Kevin Theiss, [phone]