Atlantic Gulf reports third quarter results.

MIAMI--(BUSINESS WIRE)--Nov. 14, 1996--Atlantic Gulf Communities Corp. (NASDAQ:AGLF) announced Thursday that it recorded a net loss of $1,953,000 or $.20 per share for the third quarter ended Sept. 30, 1996, compared to a loss of $4,669,000 or $.48 per share in the third quarter of 1995.

The company stated that for the nine months ended Sept. 30, 1996, it reported net income of $1,908,000 or $.20 per share as opposed to a loss of $14,413,000 or $1.49 per share for the first nine months of 1995.

Atlantic Gulf's total revenues were $18,659,000 for the third quarter ended Sept. 30, 1996, down from $28,562,000 in the third quarter last year. The difference in recorded revenue was primarily attributable to timing differences in condominium sales closings, a decrease in interest income and an absence of revenue from two utility systems sold earlier in 1996.

Atlantic Gulf's business plan of providing developed residential homesites to builders in primary markets in Florida continued to expand in the third quarter. New contracts with builders were executed in the company's Tampa and Orlando projects, and development continued in Broward County.

Atlantic Gulf Communities Corp., with assets of approximately $276 million, is one of Florida's largest residential real estate developers. The company develops finished residential lots for builders in many of Florida's most active markets including South Florida, Tampa, Orlando, Fort Myers and Jacksonville, in addition to owning 44,000 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.

The achievement of sales and closing projections are subject to a number of factors over which the company has no control, including the continuation of current market conditions and interest rates, the timely receipt of required regulatory approvals and the absence of other adverse conditions. -0-

                  ATLANTIC GULF COMMUNITIES CORP.
               FOR THE PERIOD ENDED SEPT. 30, 1996
                      RESULTS OF OPERATIONS
                           (Unaudited)

                                For The Three Months Ended
                           Sept. 30, 1996       Sept. 30, 1995
                           --------------       --------------

Total Revenues             $   18,659,000       $   28,562,000

Net Income (Loss)          $   (1,953,000)      $   (4,669,000)

Net Income (Loss) per
 Share                     $         (.20)      $         (.48)

Weighted average common
 shares outstanding             9,692,000            9,713,000


                                 For The Nine Months Ended
                           Sept. 30, 1996       Sept. 30, 1995
                           --------------       --------------

Total Revenues             $  102,162,000       $   63,215,000

Net Income (Loss)          $    1,908,000       $  (14,413,000)

Net Income (Loss) per
 Share                     $          .20       $        (1.49)

Weighted average common
 shares outstanding             9,708,000            9,688,000

-0-

NOTE TO EDITORS: In the World Wide Web address noted in this news release, there is a double slash between http: and www.atlanticgulf.com These symbols may not appear properly in some systems.

CONTACT: Atlantic Gulf Communities, Miami

Harry Rose, 305/859-4376

Internet address: http://www.atlanticgulf.com