/X/
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
FOR
THE QUARTERLY PERIOD ENDED MARCH 31, 2009
OR
|
/ /
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
FOR
THE TRANSITION PERIOD FROM _______________ TO
_________________
|
MARYLAND
(State
or other jurisdiction of incorporation or organization)
|
52-2058165
(I.R.S.
Employer Identification No.)
|
TITLE
OF EACH CLASS
Common
Shares, $.01 par value
|
NAME
OF EACH EXCHANGE ON WHICH REGISTERED
NYSE
Amex
|
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
27
|
||
39
|
||
40
|
||
40
|
||
40
|
||
40
|
||
40
|
||
40
|
||
40
|
||
41
|
FOR
THE THREE MONTHS ENDED MARCH 31,
|
||||||||
(In
thousands, except per share amounts)
|
||||||||
(Unaudited)
|
||||||||
2009
|
2008
|
|||||||
Revenues
|
||||||||
Rental
property revenues
|
$ | 8,494 | $ | 8,401 | ||||
Community
development-land sales
|
531 | 1,046 | ||||||
Homebuilding-home
sales
|
- | 2,244 | ||||||
Management
and other fees, substantially all from related entities
|
63 | 68 | ||||||
Reimbursement
of expenses related to managed entities
|
297 | 381 | ||||||
Total
revenues
|
9,385 | 12,140 | ||||||
Expenses
|
||||||||
Rental
property operating expenses
|
3,732 | 3,825 | ||||||
Cost
of land sales
|
446 | 903 | ||||||
Cost
of home sales
|
13 | 1,717 | ||||||
General,
administrative, selling and marketing
|
2,337 | 2,358 | ||||||
Depreciation
|
1,257 | 1,446 | ||||||
Expenses
reimbursed from managed entities
|
297 | 381 | ||||||
Total
expenses
|
8,082 | 10,630 | ||||||
Operating
Income
|
1,303 | 1,510 | ||||||
Other
income (expense)
|
||||||||
Interest
and other income
|
103 | 174 | ||||||
Equity
in earnings from unconsolidated entities
|
97 | 168 | ||||||
Interest
expense
|
(2,835 | ) | (2,472 | ) | ||||
Loss
before benefit for income taxes
|
(1,332 | ) | (620 | ) | ||||
Benefit
for income taxes
|
(1,169 | ) | (196 | ) | ||||
Loss
from continuing operations
|
(163 | ) | (424 | ) | ||||
Income from
discontinued operations
|
||||||||
(less
applicable income taxes of $369,000 and ($208,000),
respectively)
|
766 | 390 | ||||||
Consolidated
net income (loss)
|
603 | (34 | ) | |||||
Less:
Net income attributable to noncontrolling interest
|
773 | 1,159 | ||||||
Net loss
attributable to ACPT
|
$ | (170 | ) | $ | (1,193 | ) | ||
Loss per
common share – Basic and Diluted
|
||||||||
Loss
from continuing operations
|
$ | (0.03 | ) | $ | (0.08 | ) | ||
Discontinued
operations, attributed to ACPT shareholders
|
0.06 | 0.07 | ||||||
Loss
attributable to noncontrolling interest
|
(0.06 | ) | (0.22 | ) | ||||
Loss
applicable to common shareholders
|
$ | (0.03 | ) | $ | (0.23 | ) | ||
Weighted
average common shares outstanding:
|
||||||||
Basic
and Diluted
|
5,225 | 5,211 | ||||||
Cash
dividends per common share
|
$ | - | $ | - | ||||
The
accompanying notes are an integral part of these consolidated
statements.
|
AMERICAN
COMMUNITY PROPERTIES TRUST
|
||||||||
(In
thousands, except share and per share amounts)
|
||||||||
As of
March 31,
2009
|
As
of
December 31,
2008
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
ASSETS:
|
||||||||
Investments
in real estate, at cost:
|
||||||||
Operating
real estate, net of accumulated depreciation
|
||||||||
of
$79,717 and $79,379, respectively
|
$ | 82,835 | $ | 82,918 | ||||
Land
and development costs
|
96,549 | 96,266 | ||||||
Condominiums
under construction
|
1,755 | 1,745 | ||||||
Rental
projects under construction or development
|
10,037 | 4,564 | ||||||
Investments
in real estate, net
|
191,176 | 185,493 | ||||||
Property
and related assets held for sale
|
94,097 | 93,628 | ||||||
Cash
and cash equivalents
|
19,595 | 24,035 | ||||||
Restricted
cash and escrow deposits
|
10,869 | 9,500 | ||||||
Investments
in unconsolidated real estate entities
|
5,544 | 5,121 | ||||||
Receivable
from bond proceeds
|
3,777 | 2,052 | ||||||
Accounts
receivable, net
|
862 | 992 | ||||||
Deferred
tax assets
|
25,839 | 28,540 | ||||||
Property
and equipment, net of accumulated depreciation
|
868 | 898 | ||||||
Deferred
charges and other assets, net of amortization of
|
||||||||
$3,611
and $2,764, respectively
|
5,703 | 4,934 | ||||||
Total
Assets
|
$ | 358,330 | $ | 355,193 | ||||
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
||||||||
LIABILITIES:
|
||||||||
Non-recourse
debt
|
$ | 171,654 | $ | 168,221 | ||||
Recourse
debt
|
39,838 | 39,416 | ||||||
Accounts
payable and accrued liabilities
|
20,605 | 19,553 | ||||||
Deferred
income
|
145 | 200 | ||||||
Accrued
current income tax liability
|
13,809 | 14,754 | ||||||
Liabilities
related to assets held for sale
|
111,925 | 111,812 | ||||||
Total
Liabilities
|
357,976 | 353,956 | ||||||
COMMITMENTS
AND CONTINGENT LIABILITIES (NOTE 6)
|
||||||||
SHAREHOLDERS’
EQUITY
|
||||||||
ACPT’s
shareholders equity:
|
||||||||
Common
shares, $.01 par value, 10,000,000 shares authorized,
|
||||||||
5,229,954
shares issued and outstanding
|
||||||||
as
of March 31, 2009 and December 31, 2008
|
52 | 52 | ||||||
Treasury
stock, 67,709 shares at cost
|
(376 | ) | (376 | ) | ||||
Additional
paid-in capital
|
18,254 | 18,144 | ||||||
Retained
earnings
|
(16,649 | ) | (16,479 | ) | ||||
Total
ACPT shareholders’ equity
|
1,281 | 1,341 | ||||||
Noncontrolling
interests
|
(927 | ) | (104 | ) | ||||
Total Shareholders’
Equity
|
354 | 1,237 | ||||||
Total
Liabilities and Shareholders’ Equity
|
$ | 358,330 | $ | 355,193 |
AMERICAN
COMMUNITY PROPERTIES TRUST
|
||||||||||||||||||||||||||||
(In
thousands, except share amounts)
|
||||||||||||||||||||||||||||
ACPT
Shareholders’ Equity
|
||||||||||||||||||||||||||||
Common
Shares
|
Additional
|
Non-
|
Total
|
|||||||||||||||||||||||||
Par
|
Treasury
|
Paid-in
|
Retained
|
Controlling
|
Shareholders’
|
|||||||||||||||||||||||
Number
|
Value
|
Stock
|
Capital
|
Earnings
|
Interest
|
Equity
|
||||||||||||||||||||||
Balance
December 31, 2008
|
5,229,954 | $ | 52 | $ | (376 | ) | $ | 18,144 | $ | (16,479 | ) | $ | (104 | ) | $ | 1,237 | ||||||||||||
Net
income attributable to ACPT
|
- | - | - | - | (170 | ) | - | (170 | ) | |||||||||||||||||||
Net
income attributable to noncontrolling interests
|
- | - | - | - | - | 773 | 773 | |||||||||||||||||||||
Dividends
paid to noncontrolling interests
|
- | - | - | - | - | (1,596 | ) | (1,596 | ) | |||||||||||||||||||
Equity
Compensation
|
- | - | - | 110 | - | - | 110 | |||||||||||||||||||||
Balance
March 31, 2009 (unaudited)
|
5,229,954 | $ | 52 | $ | (376 | ) | $ | 18,254 | $ | (16,649 | ) | $ | (927 | ) | $ | 354 | ||||||||||||
The
accompanying notes are an integral part of these consolidated
statements.
|
AMERICAN
COMMUNITY PROPERTIES TRUST
|
||||||||||
FOR
THE THREE MONTHS ENDED MARCH 31,
|
||||||||||
(In
thousands)
|
||||||||||
(Unaudited)
|
||||||||||
2009
|
2008
|
|||||||||
Cash Flows from Operating Activities | ||||||||||
Consolidated
net income (loss)
|
$ | 603 | $ | (34 | ) | |||||
Adjustments to reconcile net income (loss) to net cash provided | ||||||||||
by (used in) operating activities: | ||||||||||
Depreciation
|
1,284 | 2,597 | ||||||||
(Benefit)
provision for deferred income taxes
|
201 | (508 | ) | |||||||
Equity
in earnings from unconsolidated entities
|
(97 | ) | (168 | ) | ||||||
Distribution
of earnings from unconsolidated entities
|
151 | 168 | ||||||||
Cost
of land sales
|
446 | 903 | ||||||||
Cost
of home sales
|
13 | 1,717 | ||||||||
Write-down of assets | 750 | - | ||||||||
Stock
based compensation expense
|
118 | 36 | ||||||||
Amortization
of deferred loan costs
|
205 | 219 | ||||||||
Changes
in accounts receivable
|
151 | 790 | ||||||||
Additions
to community development assets
|
(4,360 | ) | (6,491 | ) | ||||||
Homebuilding-construction
expenditures
|
(23 | ) | (65 | ) | ||||||
Change
in deferred income
|
(55 | ) | (60 | ) | ||||||
Change in other assets | 1,020 | 901 | ||||||||
Changes
in accounts payable, accrued liabilities
|
656 | (2,924 | ) | |||||||
Net
cash provided by (used in) operating activities
|
1,063 | (2,919 | ) | |||||||
Cash Flows from Investing Activities | ||||||||||
Investment
in rental property construction
|
(1,842 | ) | (341 | ) | ||||||
Change
in investments - unconsolidated entities
|
(477 | ) | 7 | |||||||
Net
deposits to restricted cash
|
(903 | ) | 25 | |||||||
Additions
to rental operating properties, net
|
(820 | ) | (759 | ) | ||||||
Net
purchase of other assets
|
(1,552 | ) | (54 | ) | ||||||
Net
cash used in investing activities
|
(5,594 | ) | (1,122 | ) | ||||||
Cash Flows from Financing Activities | ||||||||||
Cash
proceeds from debt financing
|
5,047 | 118 | ||||||||
Payment
of debt
|
(3,239 | ) | (956 | ) | ||||||
County
Bonds proceeds, net of undisbursed funds
|
(121 | ) | 3,297 | |||||||
Payments
of distributions to noncontrolling interests
|
(1,596 | ) | (1,121 | ) | ||||||
Net
cash provided by financing activities
|
91 | 1,338 | ||||||||
Net
Decrease in Cash and Cash Equivalents
|
(4,440 | ) | (2,703 | ) | ||||||
Cash
and Cash Equivalents, Beginning of Period
|
24,035 | 24,912 | ||||||||
Cash
and Cash Equivalents, End of Period
|
$ | 19,595 | $ | 22,209 | ||||||
The accompanying notes are an integral part of these consolidated statements. |
(1)
|
ORGANIZATION
|
(2)
|
LIQUIDITY
RESOURCES AND DEBT MATURITIES
|
(3)
|
BASIS
OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
|
Alturas
del Senorial Associates Limited Partnership
|
Land
Development Associates S.E.
|
|
American
Housing Management Company
|
LDA
Group, LLC
|
|
American
Housing Properties L.P.
|
Milford
Station I, LLC
|
|
Bannister
Associates Limited Partnership
|
Milford
Station II, LLC
|
|
Bayamon
Garden Associates Limited Partnership
|
Monserrate
Associates Limited Partnership
|
|
Carolina
Associates Limited Partnership S.E.
|
New
Forest Apartments, LLC
|
|
Coachman's
Apartments, LLC
|
Nottingham
South, LLC
|
|
Colinas
de San Juan Associates Limited Partnership
|
Owings
Chase, LLC
|
|
Crossland
Associates Limited Partnership
|
Palmer
Apartments Associates Limited Partnership
|
|
Escorial
Office Building I, Inc.
|
Prescott
Square, LLC
|
|
Essex
Apartments Associates Limited Partnership
|
St.
Charles Community, LLC
|
|
Fox
Chase Apartments, LLC
|
San
Anton Associates S.E.
|
|
Gleneagles
Apartments, LLC
|
Sheffield
Greens Apartments, LLC
|
|
Headen
House Associates Limited Partnership
|
Torres
del Escorial, Inc.
|
|
Huntington
Associates Limited Partnership
|
Turabo
Limited Dividend Partnership
|
|
Interstate
Commercial Properties, Inc.
|
Valle
del Sol Associates Limited Partnership
|
|
Interstate
General Properties Limited Partnership, S.E.
|
Village
Lake Apartments, LLC
|
|
Jardines
de Caparra Associates Limited Partnership
|
Wakefield
Terrace Associates Limited Partnership
|
|
Lancaster
Apartments Limited Partnership
|
Wakefield
Third Age Associates Limited
Partnership
|
·
|
Buildings
and improvements are depreciated over five to forty years using the
straight-line or double declining balance
methods;
|
·
|
Furniture,
fixtures and equipment are depreciated over five to seven years using the
straight-line method;
|
·
|
Leasehold
improvements are capitalized and depreciated over the lesser of the life
of the lease or their estimated useful life; and
|
●
|
Maintenance and other repair costs are charged to operations as incurred. |
March
31, 2009
(Unaudited)
|
December 31,
2008
|
|||||||
Building
|
$ | 142,381 | $ | 141,917 | ||||
Building
improvements
|
1,180 | 1,463 | ||||||
Equipment
|
6,980 | 6,912 | ||||||
150,541 | 150,292 | |||||||
Less: Accumulated
depreciation
|
79,717 | 79,379 | ||||||
70,824 | 70,913 | |||||||
Land
|
12,011 | 12,005 | ||||||
Operating
properties, net
|
$ | 82,835 | $ | 82,918 |
(4)
|
ADOPTION
OF SFAS 160
|
Loss
from continuing operations
|
$
|
(851
|
)
|
|
Loss from
discontinued operations
|
(914
|
)
|
||
Net
loss attributable to ACPT’s shareholders
|
$
|
(1,765
|
)
|
|
Basic
and diluted earnings (loss) per common unit:
|
||||
Loss
from continuing operations
|
$
|
(0.16
|
)
|
|
Loss from
discontinued operations
|
(0.17
|
)
|
||
Net
loss attributable to the ACPT’s shareholders
|
$
|
(0.33
|
)
|
|
(5)
|
INVESTMENT
IN UNCONSOLIDATED REAL ESTATE
ENTITIES
|
Apartment
|
Commercial
|
|||||||||||||||
Properties
|
Property
|
Homebuilding
|
Total
|
|||||||||||||
(in
thousands)
|
||||||||||||||||
Summary of Financial
Position
|
||||||||||||||||
Total
Assets
|
||||||||||||||||
March
31, 2009
|
$ | 4,751 | $ | 27,374 | $ | 2,914 | $ | 35,039 | ||||||||
December
31, 2008
|
4,781 | 27,005 | 2,478 | 34,264 | ||||||||||||
Total
Non-Recourse Debt
|
||||||||||||||||
March
31, 2009
|
3,104 | 22,375 | - | 25,479 | ||||||||||||
December
31, 2008
|
3,123 | 22,380 | - | 25,503 | ||||||||||||
Total
Other Liabilities
|
||||||||||||||||
March
31, 2009
|
980 | 450 | 30 | 1,460 | ||||||||||||
December
31, 2008
|
960 | 153 | - | 1,113 | ||||||||||||
Total
Equity
|
||||||||||||||||
March
31, 2009 (2)
|
667 | 4,549 | 2,884 | 8,100 | ||||||||||||
December
31, 2008 (2)
|
698 | 4,472 | 2,478 | 7,648 | ||||||||||||
Company's
Investment, net (1)
|
||||||||||||||||
March
31, 2009
|
- | 4,609 | 935 | 5,544 | ||||||||||||
December
31, 2008
|
- | 4,632 | 489 | 5,121 | ||||||||||||
Summary of Operations
|
||||||||||||||||
Total
Revenue
|
||||||||||||||||
Three
Months Ended March 31, 2009
|
210 | 859 | 11 | 1,080 | ||||||||||||
Three
Months Ended March 31, 2008
|
208 | 896 | - | 1,104 | ||||||||||||
Net
Income (Loss)
|
||||||||||||||||
Three
Months Ended March 31, 2009
|
(31 | ) | 422 | (117 | ) | 274 | ||||||||||
Three
Months Ended March 31, 2008
|
(35 | ) | 456 | - | 421 | |||||||||||
Company's
recognition of equity in Earnings (Loss)
|
||||||||||||||||
Three
Months Ended March 31, 2009
|
- | 151 | (54 | ) | 97 | |||||||||||
Three
Months Ended March 31, 2008
|
- | 168 | - | 168 | ||||||||||||
Summary of Cash Flows
|
||||||||||||||||
Cash
flows from operating activities
|
||||||||||||||||
Three
Months Ended March 31, 2009
|
61 | 799 | (87 | ) | 773 | |||||||||||
Three
Months Ended March 31, 2008
|
5 | 919 | (6 | ) | 918 | |||||||||||
Company's
share of cash flows from
|
||||||||||||||||
operating
activities
|
||||||||||||||||
Three
Months Ended March 31, 2009
|
1 | 362 | (43 | ) | 320 | |||||||||||
Three
Months Ended March 31, 2008
|
- | 416 | (3 | ) | 413 | |||||||||||
Operating
cash distributions
|
||||||||||||||||
Three
Months Ended March 31, 2009
|
- | 344 | 344 | |||||||||||||
Three
Months Ended March 31, 2008
|
- | 387 | - | 387 | ||||||||||||
Company's
share of operating
|
||||||||||||||||
cash
distributions
|
||||||||||||||||
Three
Months Ended March 31, 2009
|
- | 174 | 174 | |||||||||||||
Three
Months Ended March 31, 2008
|
- | 176 | - | 176 |
(1)
|
Represents
the Company's net investment, including assets and accrued liabilities in
the consolidated balance sheet for unconsolidated real estate
entities.
|
(2)
|
In
December 2007, the Company made a $300,000 equity contribution to Lakeside
which was used by Lakeside to pay an equal portion of the Development Fee
owed to the Company. The Company both contributed and received
the cash, and accordingly, the Company did not recognize fee income nor
change its investment balance in
Lakeside.
|
(6)
|
DEBT
|
Maturity
|
Interest
|
Outstanding
as of
|
||||||||||||||
Dates
|
Rates
|
March
31,
|
December
31,
|
|||||||||||||
From/To
|
From/To
|
2009
|
2008
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
Recourse
Debt
|
||||||||||||||||
Community
Development (a)(b)(c)(d)
|
04-15-09/03-01-23
|
3.25%/8%
|
$ | 39,662 | $ | 39,232 | ||||||||||
General
obligations (e)
|
06-01-09/03-13-12
|
Non-interest
|
||||||||||||||
bearing/8.55%
|
176 | 184 | ||||||||||||||
Total
Recourse Debt
|
39,838 | 39,416 | ||||||||||||||
Non-Recourse Debt (f)(g)
|
||||||||||||||||
Investment
Properties
|
12-01-13/07-01-50
|
4.95%/6.9%
|
171,654 | 168,221 | ||||||||||||
Held for
Sale – Non-Recourse Debt
|
05-31-09/09-13-19
|
5.95%/10%
|
107,454 | 107,899 | ||||||||||||
Total
Non-Recourse Debt
|
279,108 | 276,120 | ||||||||||||||
Total
Debt
|
$ | 318,946 | $ | 315,536 |
a.
|
As
of March 31, 2009, $26,835,000 of the community development recourse debt
is owed to Charles County Commissioners and relates to the general
obligation bonds issued by the Charles County government, with 15 year
amortization of maturities with the earliest in June, 2019, as described
in detail under the heading "Financial Commitments" in Note 6. As of
March 31, 2009, the Company has a receivable balance related to the bonds
of $3,776,000.
|
b.
|
On
April 14, 2006, the Company closed a three year, $14,000,000 revolving
acquisition and development loan (“the Revolver”) secured by a first lien
deed of trust on property located in St. Charles,
Maryland. During the first quarter of 2009, the Company
renegotiated the terms of the agreement. The loan bears
interest at Prime plus 1.25% (4.5% at March 31, 2009) and was set to
mature on April 14, 2009 but has been extended to March 31,
2010. As of March 31, 2009, $4,371,000 was outstanding on the
Revolver.
|
c.
|
Land
Development Associates, S.E (“LDA”) has a $10,000,000 revolving line of
credit facility that bears interest at a fluctuating rate equivalent to
the LIBOR Rate plus 225 basis points (3.51% as of March 31, 2009) and
matures on August 31, 2009. The facility is to be used to fund
the development of infrastructure of Parque Escorial and Parque El
Comandante. The outstanding balance of this facility on March
31, 2009, was $5,207,000.
|
d.
|
On
April 2, 2008, the Company secured a two-year, $3,600,000 construction
loan for the construction of a commercial restaurant/office building
within the O’Donnell Lake Restaurant Park. The facility is
secured by the land along with any improvements constructed and bears
interest at Wall Street Journal published Prime Rate (3.25% at March 31,
2009). At the end of the two-year construction period, the
Company may convert the loan to a 5-year permanent loan, amortized over a
30 year period at a fixed interest rate to be determined. As of
March 31, 2009, $3,249,000 was outstanding under this facility leaving
$351,000 available to fund completion of the
building.
|
e.
|
The
general recourse debt outstanding as of March 31, 2009, is made up of
various capital leases outstanding within our U.S. and Puerto Rico
operations, as well as installment loans for vehicles and other
miscellaneous equipment.
|
f.
|
The
non-recourse debt related to the investment properties is collateralized
by the multifamily rental properties and the office building in Parque
Escorial. As of March 31, 2009, approximately $73,366,000 of
this debt is secured by the Federal Housing Administration ("FHA") or the
Maryland Housing Fund.
|
g.
|
On
May 12, 2008, IGP agreed to provide a fixed charge and debt service
guarantee related to the Escorial Office Building I, Inc (“EOB”)
mortgage. The fixed charge and debt service guarantee requires
IGP to contribute capital in cash in such amounts required to cause EOB to
comply with the related financial covenants. The guarantee will
remain in full force until EOB has complied with the financial covenants
for four consecutive quarters.
|
(7)
|
COMMITMENTS
AND CONTINGENT LIABILITIES
|
(8)
|
RELATED
PARTY TRANSACTIONS
|
CONSOLIDATED
STATEMENT OF INCOME:
|
Three
Months Ended
|
||||||||
March
31,
|
|||||||||
2009
|
2008
|
||||||||
Management and Other Fees
|
|||||||||
Unconsolidated
subsidiaries with third party partners
|
(A)
|
$ | 10 | $ | 10 | ||||
Rental Property Revenues
|
(B)
|
$ | -- | $ | 15 | ||||
Interest and Other Income
|
|||||||||
Unconsolidated
real estate entities with third party partners
|
$ | 2 | $ | 2 |
General and Administrative
Expense
|
||||||||||||
Reserve
additions (reductions) and other write-offs-
|
||||||||||||
Unconsolidated
real estate entities with third party partners
|
(A)
|
$ | (4 | ) | $ | (22 | ) | |||||
Reimbursement
to IBC for ACPT's share of J. Michael Wilson's salary
|
104 | 104 | ||||||||||
Reimbursement
of administrative costs-
|
||||||||||||
Affiliates
of J. Michael Wilson, Chairman
|
(4 | ) | (5 | ) | ||||||||
Consulting
Fees
|
||||||||||||
James
J. Wilson, IGC Chairman and Director
|
(B1 | ) | -- | 50 | ||||||||
Thomas
J. Shafer, Trustee
|
(B2 | ) | 5 | 15 | ||||||||
$ | 101 | $ | 142 | |||||||||
BALANCE
SHEET:
|
Balance
|
Balance
|
||||||||||
March
31,
|
December
31,
|
|||||||||||
2009
|
2008
|
|||||||||||
Other Assets
|
||||||||||||
Receivables
- All unsecured and due on demand
|
||||||||||||
Unconsolidated
Subsidiaries
|
$ | 4 | $ | 10 | ||||||||
Affiliate
of J. Michael Wilson, Chairman
|
6 | 2 | ||||||||||
Total
|
$ | 10 | $ | 12 | ||||||||
Additional
Paid-in Capital
|
(B3 | ) | $ | 13 | $ | 562 |
(A)
|
Management and Other
Services
|
(B)
|
Other
|
1)
|
Represents
fees paid to James J. Wilson pursuant to a consulting and retirement
agreement. At Mr. Wilson's request, payments are made to
Interstate Waste Technologies, Inc.
(“IWT”).
|
2)
|
Represents
fees paid to Thomas J. Shafer, a Trustee, pursuant to a consulting
agreement.
|
3)
|
A
primary shareholder of the Company agreed in principle to provide the
Company’s Chief Executive Officer with the economic benefit of 185,550
shares of their common stock as of October 1, 2008. According to SFAS
123(R), any share-based payments awarded to an employee of the reporting
entity by a related party for services provided to the entity are
share-based payment transactions under SFAS123(R) unless the transfer is
clearly for a purpose other than compensation for services to the
reporting entity. Therefore, in essence, the economic interest
holder makes a capital contribution to the reporting entity, and the
reporting entity makes a share-based payment to its employee in exchange
for services rendered. The Company recognized $13,000 in
compensation expense in the three months ended March 31, 2009 related to
this grant.
|
(9)
|
INCOME
TAXES
|
Unrecognized
tax benefit at December 31, 2008
|
$ | 15,543 | ||
Change
attributable to tax positions taken during a prior period
|
(1,184 | ) | ||
Change
attributable to tax positions taken during the current
period
|
- | |||
Decrease
attributable to settlements with taxing authorities
|
- | |||
Decrease
attributable to lapse of statute of limitations
|
- | |||
Unrecognized
tax benefit at March 31, 2009
|
$ | 14,359 |
(10)
|
HELD
FOR SALE ASSETS
|
2009
|
2008
|
|||||||
Revenues
|
||||||||
Rental
property revenues
|
$ | 7,166 | $ | 6,997 | ||||
Management
and other fees
|
121 | 120 | ||||||
Total
revenues
|
7,287 | 7,117 | ||||||
Expenses
|
||||||||
Rental
property operating expenses
|
3,451 | 3,513 | ||||||
General,
administrative, selling, and marketing
|
260 | 512 | ||||||
Write-down of assets | 750 | - | ||||||
Depreciation
expense
|
27 | 1,151 | ||||||
Total
expenses
|
4,488 | 5,176 | ||||||
Operating
Income
|
2,799 | 1,941 | ||||||
Other
expense
|
||||||||
Interest
expense
|
(1,664 | ) | (1,759 | ) | ||||
Income before
provision (benefit) for income taxes
|
1,135 | 182 | ||||||
Provision
(benefit) for income taxes
|
369 | (208 | ) | |||||
Income from
discontinued operations
|
766 | 390 | ||||||
Noncontrolling interest in consolidated entities | (467 | ) | (1,155 | ) | ||||
Income (loss) from discontinued operations attributable to ACPT | $ | 299 | $ | (765 | ) |
(11)
|
SEGMENT
INFORMATION
|
For
the three months ended
|
||||||||
U.S. Operating Real Estate:
|
March
31, 2009
|
March
31, 2008
|
||||||
Operating
revenues
|
$ | 8,294 | $ | 8,296 | ||||
Operating
expenses
|
3,587 | 3,675 | ||||||
Net
operating income
|
4,707 | 4,621 | ||||||
Management
and other fees, substantially all from related entities
|
32 | 38 | ||||||
General,
administrative, selling and marketing
|
(381 | ) | (338 | ) | ||||
Depreciation
|
(1,159 | ) | (1,351 | ) | ||||
Operating
income
|
3,199 | 2,970 | ||||||
Other
expense
|
(2,089 | ) | (1,935 | ) | ||||
Income
before provision for income taxes
|
1,110 | 1,035 | ||||||
Provision
for income taxes
|
53 | 500 | ||||||
Income from
continuing operations
|
1,057 | 535 | ||||||
Discontinued
operations
|
(596 | ) | (184 | ) | ||||
Net
income
|
$ | 461 | $ | 351 |
As
of
|
As
of
|
|||||||
U.S. Operating Real Estate Balance
Sheet:
|
March
31,
2009
|
December
31, 2008
|
||||||
ASSETS
|
||||||||
Investments
in real estate, net
|
$ | 76,502 | $ | 75,120 | ||||
Cash
and cash equivalents
|
7,550 | 7,008 | ||||||
Restricted
cash and escrow deposits
|
8,666 | 6,996 | ||||||
Deferred
tax assets
|
7,800 | 7,576 | ||||||
Deferred
charges and other assets, net of amortization
|
54,746 | 53,048 | ||||||
Property
and related assets, held for sale
|
36,806 | 37,498 | ||||||
Total
Assets
|
$ | 192,070 | $ | 187,246 | ||||
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
||||||||
LIABILITIES
|
||||||||
Non-recourse
debt
|
$ | 163,278 | $ | 159,822 | ||||
Recourse
debt
|
254 | 257 | ||||||
Other
liabilities
|
8,693 | 6,589 | ||||||
Accrued
income tax liability-current
|
(723 | ) | (1,047 | ) | ||||
Liabilities
related to assets held for sale
|
31,358 | 31,310 | ||||||
Total
Liabilities
|
202,860 | 196,931 | ||||||
Total
Shareholders' Equity
|
(10,790 | ) | (9,685 | ) | ||||
Total
Liabilities and Shareholders' Equity
|
$ | 192,070 | $ | 187,246 |
|
For
the three months ended
|
|||||||
Puerto
Rican Operating Real Estate:
|
March
31,
2009
|
March
31,
2008
|
||||||
Operating
revenues
|
$ | 200 | $ | 105 | ||||
Operating
expenses
|
151 | 156 | ||||||
Net
operating income
|
49 | (51 | ) | |||||
Management
and other fees, substantially all from related entities
|
38 | 37 | ||||||
General,
administrative, selling and marketing
|
(254 | ) | (267 | ) | ||||
Depreciation
|
(57 | ) | (57 | ) | ||||
Operating
income
|
(224 | ) | (338 | ) | ||||
Other
expense
|
(190 | ) | (201 | ) | ||||
Loss
before (benefit) provision for income taxes
|
(414 | ) | (539 | ) | ||||
(Benefit)
provision for income taxes
|
(366 | ) | 271 | |||||
Loss
from continuing operations
|
(48 | ) | (810 | ) | ||||
Discontinued
operations
|
1,362 | 574 | ||||||
Net
income (loss)
|
$ | 1,314 | $ | (236 | ) |
As
of
|
As
of
|
|||||||
Puerto Rican Operating Real Estate Balance
Sheet:
|
March
31,
2009
|
December
31, 2008
|
||||||
ASSETS
|
||||||||
Investments
in real estate
|
$ | 9,467 | $ | 9,524 | ||||
Cash
and cash equivalents
|
7,083 | 6,825 | ||||||
Restricted
cash and escrow deposits
|
122 | 103 | ||||||
Investments
in unconsolidated real estate entities
|
6,127 | 6,818 | ||||||
Deferred
charges and other assets, net of amortization
|
10,469 | 12,353 | ||||||
Property
and related assets, held for sale
|
57,291 | 56,129 | ||||||
Total
Assets
|
$ | 90,559 | $ | 91,752 | ||||
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
||||||||
LIABILITIES
|
||||||||
Non-recourse
debt
|
$ | 8,376 | $ | 8,400 | ||||
Other
liabilities
|
7,713 | 6,800 | ||||||
Accrued
income tax liability-current
|
(222 | ) | (1 | ) | ||||
Liabilities
related to assets held for sale
|
80,566 | 80,502 | ||||||
Total
Liabilities
|
96,433 | 95,701 | ||||||
Total
Shareholders' Equity
|
(5,874 | ) | (3,949 | ) | ||||
Total
Liabilities and Shareholders' Equity
|
$ | 90,559 | $ | 91,752 |
For
the three months ended
|
||||||||
U.S. Land Development
Operations:
|
March
31,
2009
|
March
31,
2008
|
||||||
Operating
revenues
|
||||||||
Community
development - land sales
|
$ | 531 | $ | 1,046 | ||||
Operating
expenses
|
||||||||
Cost
of land sales
|
446 | 903 | ||||||
General,
administrative, selling and marketing
|
1,017 | 771 | ||||||
Depreciation
|
1 | 1 | ||||||
Total
expenses
|
1,464 | 1,675 | ||||||
Operating
loss
|
(933 | ) | (629 | ) | ||||
Other
expense
|
(652 | ) | (678 | ) | ||||
Loss
before benefit for income taxes
|
(1,585 | ) | (1,307 | ) | ||||
Benefit
for income taxes
|
(690 | ) | (882 | ) | ||||
Net
loss
|
$ | (895 | ) | $ | (425 | ) |
As
of
|
As
of
|
|||||||
U.S. Land Development Balance
Sheet:
|
March
31,
2009
|
December
31, 2008
|
||||||
ASSETS
|
||||||||
Investments
in real estate
|
$ | 84,952 | $ | 81,821 | ||||
Cash
and cash equivalents
|
4,900 | 10,140 | ||||||
Restricted
cash and escrow deposits
|
2,082 | 2,399 | ||||||
Deferred
tax assets
|
18,644 | 19,151 | ||||||
Deferred
charges and other assets, net of amortization
|
4,674 | 1,129 | ||||||
Total
Assets
|
$ | 115,252 | $ | 114,640 | ||||
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
||||||||
LIABILITIES
|
||||||||
Recourse
debt
|
$ | 35,807 | $ | 37,542 | ||||
Other
liabilities
|
12,048 | 13,383 | ||||||
Payable
to U.S. operating real estate segment
|
42,990 | 38,305 | ||||||
Accrued
income tax liability-current
|
14,605 | 15,803 | ||||||
Total
Liabilities
|
105,450 | 105,033 | ||||||
Total
Shareholders' Equity
|
9,802 | 9,607 | ||||||
Total
Liabilities and Shareholders' Equity
|
$ | 115,252 | $ | 114,640 |
For
the three months ended
|
||||||||
Puerto Rican Land Development
Operations:
|
March 31, 2009
|
March 31, 2008
|
||||||
Operating
revenues
|
||||||||
Homebuilding
– home sales
|
$ | - | $ | 2,244 | ||||
Operating
expenses
|
||||||||
Cost
of home sales
|
13 | 1,717 | ||||||
General,
administrative, selling and marketing
|
98 | 95 | ||||||
Total
expenses
|
111 | 1,812 | ||||||
Operating
(loss) income
|
(111 | ) | 432 | |||||
Other
income
|
147 | 269 | ||||||
Income
before provision for income taxes
|
36 | 701 | ||||||
Provision
for income taxes
|
- | - | ||||||
Net
income
|
$ | 36 | $ | 701 |
As
of
|
As
of
|
|||||||
Puerto Rican Land Development Balance
Sheet:
|
March 31,
2009
|
December 31,
2008
|
||||||
ASSETS
|
||||||||
Investments
in real estate
|
$ | 21,819 | $ | 20,310 | ||||
Cash
and cash equivalents
|
62 | 61 | ||||||
Restricted
cash and escrow deposits
|
- | 3 | ||||||
Investments
in unconsolidated real estate entities
|
14,451 | 14,234 | ||||||
Deferred
charges and other assets, net of amortization
|
56 | 63 | ||||||
Total
Assets
|
$ | 36,388 | $ | 34,671 | ||||
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
||||||||
LIABILITIES
|
||||||||
Recourse
debt
|
$ | 5,207 | $ | 4,327 | ||||
Accounts
payable and accrued liabilities
|
11,753 | 10,967 | ||||||
Total
Liabilities
|
16,960 | 15,294 | ||||||
Total
Shareholders' Equity
|
19,428 | 19,377 | ||||||
Total Liabilities and
Shareholders' Equity
|
$ | 36,388 | $ | 34,671 |
Revenues
|
Expenses
|
Operating
Income
|
Other
Income/
(Expense)
|
Income
Before Provision (Benefit) for Income Taxes
|
Provision
(Benefit) for Income Taxes
|
Income
(Loss)
from Continuing Operations
|
Discontinued
Operations
|
Consolidated
Net Income (Loss)
|
||||||||||||||||||||||||||||
Operating
Real Estate
|
||||||||||||||||||||||||||||||||||||
U.S.
|
$ | 8,415 | $ | 5,216 | $ | 3,199 | $ | (2,089 | ) | $ | 1,110 | $ | 53 | $ | 1,057 | $ | (596 | ) | $ | 461 | ||||||||||||||||
P.R.
|
446 | 670 | (224 | ) | (190 | ) | (414 | ) | (366 | ) | (48 | ) | 1,362 | 1,314 | ||||||||||||||||||||||
Total
Operating Real Estate
|
8,861 | 5,886 | 2,975 | (2,279 | ) | 696 | (313 | ) | 1,009 | 766 | 1,775 | |||||||||||||||||||||||||
Land
Development
|
||||||||||||||||||||||||||||||||||||
U.S.
|
531 | 1,464 | (933 | ) | (652 | ) | (1,585 | ) | (690 | ) | (895 | ) | - | (895 | ) | |||||||||||||||||||||
P.R.
|
- | 111 | (111 | ) | 147 | 36 | - | 36 | - | 36 | ||||||||||||||||||||||||||
Total
Land Development
|
531 | 1,575 | (1,044 | ) | (505 | ) | (1,549 | ) | (690 | ) | (859 | ) | (859 | ) | ||||||||||||||||||||||
Corporate
|
- | 897 | (897 | ) | 375 | (522 | ) | 49 | (571 | ) | - | (571 | ) | |||||||||||||||||||||||
Intersegment
|
(7 | ) | (276 | ) | 269 | (226 | ) | 43 | (215 | ) | 258 | - | 258 | |||||||||||||||||||||||
$ | 9,385 | $ | 8,082 | $ | 1,303 | $ | (2,635 | ) | $ | (1,332 | ) | $ | (1,169 | ) | $ | (163 | ) | $ | 766 | $ | 603 |
Revenues
|
Expenses
|
Operating
Income
|
Other
Income/
(Expense)
|
Income
Before Provision (Benefit) for Income Taxes
|
Provision
(Benefit) for Income Taxes
|
Income
(Loss)
from Continuing Operations
|
Discontinued
Operations
|
Consolidated
Net Income (Loss)
|
||||||||||||||||||||||||||||
Operating
Real Estate
|
||||||||||||||||||||||||||||||||||||
U.S.
|
$ | 8,458 | $ | 5,488 | $ | 2,970 | $ | (1,935 | ) | $ | 1,035 | $ | 500 | $ | 535 | $ | (184 | ) | $ | 351 | ||||||||||||||||
P.R.
|
399 | 737 | (338 | ) | (201 | ) | (539 | ) | 271 | (810 | ) | 574 | (236 | ) | ||||||||||||||||||||||
Total
Operating Real Estate
|
8,857 | 6,225 | 2,632 | (2,136 | ) | 496 | 771 | (275 | ) | 390 | 115 | |||||||||||||||||||||||||
Land
Development
|
||||||||||||||||||||||||||||||||||||
U.S.
|
1,046 | 1,675 | (629 | ) | (678 | ) | (1,307 | ) | (882 | ) | (425 | ) | - | (425 | ) | |||||||||||||||||||||
P.R.
|
2,244 | 1,812 | 432 | 269 | 701 | - | 701 | - | 701 | |||||||||||||||||||||||||||
Total
Land Development
|
3,290 | 3,487 | (197 | ) | (409 | ) | (606 | ) | (882 | ) | 276 | - | 276 | |||||||||||||||||||||||
Corporate
|
- | 1,223 | (1,223 | ) | 210 | (1,013 | ) | (201 | ) | (812 | ) | - | (812 | ) | ||||||||||||||||||||||
Intersegment
|
(7 | ) | (305 | ) | 298 | 205 | 503 | 116 | 387 | - | 387 | |||||||||||||||||||||||||
$ | 12,140 | $ | 10,630 | $ | 1,510 | $ | (2,130 | ) | $ | (620 | ) | $ | (196 | ) | $ | (424 | ) | $ | 390 | $ | (34 | ) |
Investment
in Real Estate
|
Total
Assets
|
Recourse
Debt
|
Non-recourse
Debt
|
Total
Liabilities
|
||||||||||||||||
Operating
Real Estate
|
||||||||||||||||||||
U.S.
|
$ | 76,502 | $ | 155,264 | $ | 254 | $ | 163,278 | $ | 171,502 | ||||||||||
P.R.
|
9,467 | 33,268 | 8,376 | 15,867 | ||||||||||||||||
Total
Operating Real Estate
|
85,969 | 188,532 | 254 | 171,654 | 187,369 | |||||||||||||||
Land
Development
|
||||||||||||||||||||
U.S.
|
84,952 | 115,252 | 35,807 | - | 105,450 | |||||||||||||||
P.R.
|
21,819 | 36,388 | 5,207 | - | 16,960 | |||||||||||||||
Total
Land Development
|
106,771 | 151,640 | 41,014 | - | 122,410 | |||||||||||||||
Corporate
|
- | (2,099 | ) | - | - | 149 | ||||||||||||||
Intersegment
|
(1,564 | ) | (73,840 | ) | (1,430 | ) | - | (63,877 | ) | |||||||||||
Held
for sale
|
- | 94,097 | - | - | 111,925 | |||||||||||||||
$ | 191,176 | $ | 358,330 | $ | 39,838 | $ | 171,654 | $ | 357,976 |
Investment
in Real Estate
|
Total
Assets
|
Recourse
Debt
|
Non-recourse
Debt
|
Total
Liabilities
|
||||||||||||||||
Operating
Real Estate
|
||||||||||||||||||||
U.S.
|
$ | 75,120 | $ | 149,748 | $ | 257 | $ | 159,822 | $ | 165,621 | ||||||||||
P.R.
|
9,524 | 35,623 | 8,399 | 15,199 | ||||||||||||||||
Total
Operating Real Estate
|
84,644 | 185,371 | 257 | 168,221 | 180,820 | |||||||||||||||
Land
Development
|
||||||||||||||||||||
U.S.
|
81,821 | 114,640 | 37,542 | - | 105,033 | |||||||||||||||
P.R.
|
20,310 | 34,671 | 4,327 | - | 15,294 | |||||||||||||||
Total
Land Development
|
102,131 | 149,311 | 41,869 | - | 120,327 | |||||||||||||||
Corporate
|
- | 12,663 | - | - | - | |||||||||||||||
Intersegment
|
(1,282 | ) | (85,780 | ) | (2,710 | ) | - | (59,003 | ) | |||||||||||
Held
for Sale
|
- | 93,628 | - | - | 111,812 | |||||||||||||||
$ | 185,493 | $ | 355,193 | $ | 39,416 | $ | 168,221 | $ | 353,956 |
(12)
|
SUPPLEMENTAL
CASH FLOW INFORMATION
|
2009
|
2008
|
|||||||
Interest
paid, net of amounts capitalized of $471,000 and $701,000.
|
$
|
4,734
|
$
|
3,747
|
||||
Income
taxes paid
|
$
|
16
|
$
|
5
|
·
|
our
business and investment strategy;
|
·
|
our
projected results of operations;
|
·
|
our
ability to manage our anticipated
growth;
|
·
|
our
ability to obtain future financing
arrangements;
|
·
|
our
estimates relating to, and our ability to pay, future
distributions;
|
·
|
our
understanding of our competition and our ability to compete
effectively;
|
·
|
real
estate market and industry trends in the United States, and particularly
in the St. Charles, Maryland marketplace and its surrounding areas, and
Puerto Rico;
|
·
|
projected
capital and operating expenditures;
|
·
|
availability
and creditworthiness of current and prospective
tenants;
|
·
|
interest
rates; and
|
·
|
lease
rates and terms.
|
For
the three months ended
|
||||||||
March
31,
2009
|
March
31,
2008
|
|||||||
Operating
revenues
|
$
|
8,294
|
$
|
8,296
|
||||
Operating
expenses
|
3,587
|
3,675
|
||||||
Net
operating income
|
4,707
|
4,621
|
||||||
Management
and other fees, substantially all from related entities
|
32
|
38
|
||||||
General,
administrative, selling and marketing
|
(381
|
)
|
(338
|
)
|
||||
Depreciation
|
(1,159
|
)
|
(1,351
|
)
|
||||
Operating
income
|
3,199
|
2,970
|
||||||
Other
expenses
|
(2,089
|
)
|
(1,935
|
)
|
||||
Income
before provision for income taxes
|
1,110
|
1,035
|
||||||
Provision for
income taxes
|
53
|
500
|
||||||
Income
from continuing operations
|
1,057
|
535
|
||||||
Discontinued
operations
|
(596
|
) |
(184
|
)
|
||||
Consolidated
net income
|
$
|
461
|
$
|
351
|
||||
Depreciation
|
1,159
|
1,623
|
||||||
FFO
|
$
|
1,620
|
$
|
1,974
|
For
the three months ended
|
||||||||
March
31,
2009
|
March
31,
2008
|
|||||||
Operating
revenues
|
$ | 200 | $ | 105 | ||||
Operating
expenses
|
151 | 156 | ||||||
Net
operating income (loss)
|
49 | (51 | ) | |||||
Management
and other fees, substantially all from related entities
|
38 | 37 | ||||||
General,
administrative, selling and marketing
|
(254 | ) | (267 | ) | ||||
Depreciation
|
(57 | ) | (57 | ) | ||||
Operating
loss
|
(224 | ) | (338 | ) | ||||
Other
expense
|
(190 | ) | (201 | ) | ||||
Loss
before provision for income taxes
|
(414 | ) | (539 | ) | ||||
(Benefit)
provision for income taxes
|
(366 | ) | 271 | |||||
Loss
from continuing operations
|
(48 | ) | (810 | ) | ||||
Discontinued
operations
|
1,362 | 574 | ||||||
Consolidated
net income (loss)
|
$ | 1,314 | $ | (236 | ) | |||
Depreciation
|
83 | 934 | ||||||
FFO
|
$ | 1,397 | $ | 698 |
For
the three months ended
|
||||||||
March
31,
2009
|
March
31,
2009
|
|||||||
Operating
revenues
|
||||||||
Community
development - land sales
|
$ | 531 | $ | 1,046 | ||||
Operating
expenses
|
||||||||
Cost
of land sales
|
446 | 903 | ||||||
General,
administrative, selling and marketing
|
1,017 | 771 | ||||||
Depreciation
|
1 | 1 | ||||||
Total
expenses
|
1,464 | 1,675 | ||||||
Operating
losses
|
(933 | ) | (629 | ) | ||||
Other
expenses
|
(652 | ) | (678 | ) | ||||
Loss
before benefit for income taxes
|
(1,585 | ) | (1,307 | ) | ||||
Benefit
for income taxes
|
(690 | ) | (882 | ) | ||||
Net
loss
|
$ | (895 | ) | $ | (425 | ) |
|
Gross
Margin on Land Sales
|
For
the three months ended
|
||||||||
March
31,
2009
|
March
31,
2008
|
|||||||
Operating
revenues
|
||||||||
Homebuilding
– home sales
|
$ | - | $ | 2,244 | ||||
Operating
expenses
|
||||||||
Cost
of home sales
|
13 | 1,717 | ||||||
General,
administrative, selling and marketing
|
98 | 95 | ||||||
Total
expenses
|
111 | 1,812 | ||||||
Operating
(loss) income
|
(111 | ) | 432 | |||||
Other
income
|
147 | 269 | ||||||
Income
before provision for income taxes
|
36 | 701 | ||||||
Provision
for income taxes
|
- | - | ||||||
Net
income
|
$ | 36 | $ | 701 |
Three
Months Ended March 31,
|
|||||||||
2009
|
2008
|
||||||||
Operating
Activities
|
$ | 1,063 | $ | (2,919 | ) | ||||
Investing
Activities
|
(5,594 | ) | (1,122 | ) | |||||
Financing
Activities
|
91 | 1,338 | |||||||
Net
Decrease in Cash
|
$ | (4,440 | ) | $ | (2,703 | ) |
ITEM
4(T).
|
PART
II
|
ITEM
1.
|
ITEM
1A.
|
ITEM
3.
|
ITEM
5.
|
ITEM
6.
|
(A)
|
Exhibits
|
10.1 |
|
31.1
|
|
31.2
|
|
32.1
|
|
32.2
|
|
AMERICAN COMMUNITY PROPERTIES
TRUST
|
||
(Registrant)
|
||
Dated: May
21, 2009
|
By:
|
/s/
Stephen Griessel
|
Stephen
Griessel
Chief
Executive Officer
|
||
Dated: May
21, 2009
|
By:
|
/s/
Matthew M. Martin
|
Matthew
M. Martin
Chief
Financial
Officer
|