ACPT Temporarily Amends Sales Agreement With Lennar

Fri Jan 4, 2008 2:00pm EST

* Reuters is not responsible for the content in this press release.

ST. CHARLES, Md., Jan. 4 /PRNewswire-FirstCall/ -- American Community
Properties Trust (Amex: APO) announced today that it has reached agreement on
a temporary revision of its lot sales agreement with Lennar Corp. related to
the St. Charles planned development in Charles County, Maryland.
 
Under the terms of the amendment to the sales agreement, Lennar purchased 51
lots in St. Charles' Sheffield neighborhood for an aggregate base purchase
price of $3,778,000 on December 31, 2007.  ACPT further agreed to accept this
settlement as satisfaction of Lennar's lot take down requirements for 2007
resulting in 78 lot sales to Lennar for an initial price of approximately $6.0
million.

Lennar also agreed to purchase lots with an aggregate base purchase price of
an additional $3,722,000, making a total of $7,500,000, on or before June 1,
2008.  In exchange, ACPT agreed to reduce the final purchase price payable to
ACPT in respect of these $7.5 million of base purchase price lots to 22.5% of
the selling price of the home constructed on each such lot, rather than 30%,
with the final sales price of each lot subject to floor prices of $78,000 per
single family lot and $68,000 per town home lot. Lots purchased by Lennar
after the additional $3,722,000 of aggregate base purchase price lots are
taken by Lennar in 2008 will be governed by the terms of the previous
agreement. 

"Our concession in entering into the amendment reflects the strength of our
partnership with Lennar, tempered by our recognition of the realities of the
market Lennar is facing for sales of new homes, regionally and nationally,"
said Edwin L. Kelly, President and Chief Operating Officer of ACPT. 

ACPT will include the full text of the agreements and related amendments in a
Form 8-K filed with Securities and Exchange Commission. 

ACPT is a diversified real estate organization with operations in Maryland and
Puerto Rico that specializes in community development, multifamily rental
properties, and asset management services. ACPT common shares are currently
listed on the American Stock Exchange under the symbol AmCmntyProp (APO).

For more information about ACPT, visit www.acptrust.com. For more information
about the planned community of St. Charles, visit www.stcharlesmd.com.


SOURCE  American Community Properties Trust

Craig Renner of American Community Properties Trust, +1-301-843-8600
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.