BOCA RATON,  Fla., Aug 18, 2000 /PRNewswire via COMTEX/ --  Atlantic Gulf
Communities Corporation (OTC Bulletin Board: AGLF) today reported results for
the second quarter ending June 30, 2000.
 
Atlantic Gulf Communities, which is in the final phase of a restructuring
program, reported a second quarter net loss of $9.3 million or $0.75 per share
on revenues of $12.0 million. The results compare to a net loss of $13.7 million
or $1.08 per share in second quarter, 1999.
 
Richard Ackerman, Atlantic Gulf Communities Corporation CEO, said, "Continued
progress in controlling costs and liquidating assets has enabled us to reduce
losses. We are optimistic about the future as we work toward restored
profitability by focusing on the company's remaining properties."
 
Ackerman noted that Atlantic Gulf's WestBay, a 696-unit community near Naples,
Florida, is performing very well. The residential real estate developer's
holdings also include Chenoa, a 577-unit community near Glenwood Springs,
Colorado. Atlantic Gulf Communities is headquartered at 433 Plaza Real, Suite
335, Boca Raton, FL 33432.
 
Certain matters discussed herein contain forward-looking statements based on
management's expectations regarding, and evaluations of current information
about, the company's business results that involve risks and uncertainties, and
are subject to factors that could cause actual future results to differ, both
adversely and materially, from the currently anticipated results, including,
without limitation, 1) the effect of economic and market conditions; 2) the
cyclical nature of the real estate market ; 3) competitive pressures; 4) the
company's own debt and equity structure and related financing and refinancing
contingencies and restrictions, including interest rates; 5) the company's
ability to close financings of new real estate at particular times relative to
the company's current cash flow needs at such times; 6) the performance of the
company's current development projects; 7) the results of the company's
strategic alternatives initiative; and 8) the results of the company's
restructuring program.
 
SOURCE Atlantic Gulf Communities Corporation
 
 
 CONTACT:          Andrea Knibbs of Smith & Knibbs, 954-428-4477, for Atlantic
                   Gulf Communities Corporation
                   (AGLF)