Atlantic Gulf Communities reports second quarter 1995 results.

MIAMI--(BUSINESS WIRE)--Aug. 14, 1995--Atlantic Gulf Communities Corporation (NASDAQ:AGLF) announced today that it recorded a net loss of $4,953,000, or $.51 per share, for the second quarter ended June 30, 1995, down from $10,037,000, or $1.04 per share, in the second quarter last year.

Atlantic Gulf's revenues were $18,330,000 for the second quarter ended June 30, 1995, up from $14,006,000 in the second quarter last year. Approximately $2.8 million of the 1995 second quarter revenues were attributable to procedures associated with completing the final accounting for the predecessor company's reorganization.

The Company noted that due to variations in the timing and size of individual tract sales, revenues may vary significantly from quarter to quarter. Historically, the majority of tract sales occur in the third quarter and fourth quarters.

Atlantic Gulf's business plan is to be the primary provider of developed residential lots to Florida's homebuilders. To this end, the Company is aggressively pursuing opportunities in Florida's primary markets -- Southwest Broward County, Orlando, Tampa, Jacksonville and Naples. Although no new land acquisitions were recorded in the second quarter of 1995, the Company has acquired four new projects in these markets in the past 18 months, and currently has five more under contract. Atlantic Gulf's business plan also includes the development and sale of ocean-front residential condominiums on Hutchinson Island and in Jupiter, Florida. At the same time, Atlantic Gulf is repositioning its tract inventory in Florida's secondary market for orderly disposition.

Atlantic Gulf Communities Corporation, with assets of more than $350 million, is one of Florida's largest real estate developers, owning 53,000 acres in Florida, and an additional 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
                    FOR THE PERIOD ENDED JUNE 30, 1995
                          RESULTS OF OPERATIONS
                              (Unaudited)

                                  For The Three Months Ended

                           June 30, 1995            June 30, 1994

Total Revenues              $18,330,000              $14,006,000

Net Income (Loss)           $(4,953,000)            $(10,037,000)

Net Income (Loss) per share       $(.51)                  $(1.04)

Weighted average common
 shares outstanding           9,675,000                9,632,000

CONTACT: Atlantic Gulf Communities Corp.

Harry Rose, 305/859-4376

or

Investor Access Corporation

Kevin Theiss, 212/692-9060