Atlantic Gulf reports higher sales, lower losses in the third quarter.

MIAMI--(BUSINESS WIRE)--Nov. 14, 1995--Atlantic Gulf Communities Corporation (NASDAQ:AGLF) announced today that it recorded a net loss of $4,669,000 or $0.48 per share, for the third quarter ended September 30, 1995, including non-recurring charges totalling approximately $1,000,000 relating to the previously announced plan to consolidate and reduce the Company's overhead expenses. This compares with a net loss of $7,642,000, or $0.79 per share, in the third quarter last year.

Atlantic Gulf's revenues for the third quarter rose 63 percent to $28,534,000, up from $17,457,000 in the third quarter last year.

"The increased revenues, reduced overhead expenses, and improved operating results are a reflection of the Company's business plan to transition from owning significant land holdings in secondary markets to the profitable development and sale of homesites to builders in primary markets," stated President and Chief Executive Officer, J. Larry Rutherford.

Recent evidence of this transitional plan includes the early fourth quarter sale of nearly 10,000 acres in Charlotte and Sarasota counties for approximately $15,000,000, and the third quarter acquisition, by a partnership between the Company and third-party investors, of a 1,750-acre tract of property in southwest Broward County, Florida from Viacom Holdings. This property, along with the Company's other new holdings, makes Atlantic Gulf Communities one of the largest developers in southwest Broward, which continues to be one of the strongest residential markets in the nation. Also during the third quarter, Atlantic Gulf broke ground at Windsor Palms, a 408 unit residential development in southwest Broward. In addition, Atlantic Gulf continues to develop and sell oceanfront residential condominiums on Hutchinson Island and in Jupiter, Florida.

Atlantic Gulf Communities Corporation, with assets of more than $347 million on September 30, 1995, is one of Florida's largest real estate developers. The company develops finished residential lots for builders in many of Florida's most active markets including South Florida, Tampa, Orlando and Jacksonville, in addition to owning, as of September 30, 1995, 54,000 acres 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
               FOR THE THREE MONTHS AND NINE MONTHS ENDED
                     SEPTEMBER 30, 1995 AND 1994
                       RESULTS OF OPERATIONS
                            (Unaudited)

                                      For Three Months Ended
                    September 30, 1995             September 30, 1994

Total Revenues         $28,534,000                    $17,457,000

Net Income (Loss)      $(4,669,000)                   $(7,642,000)
Net Income (Loss)
 per share                  $(0.48)                        $(0.79)
Weighed average common
 shares outstanding      9,713,000                      9,655,000

                                      For Nine Months Ended
                    September 30, 1995            September 30, 1994
 Total Revenues        $62,948,000                    $43,533,000

Net Income (Loss)     $(14,413,000)                  $(25,570,000)
Net Income (Loss)
 per share                  $(1.49)                        $(2.66)
Weighed average common
 shares outstanding      9,688,000                      9,629,000

CONTACT: Harry Rose, Atlantic Gulf Communities Corporation

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or

Kevin Theiss, Investor Access Corporation

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