-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OKJpEbXDYVW6V/XMDYEuTeEklBxz8TCpmKnuyFYbpjZneaqwZgZrSnJw7MvELBo1 WoFKssYW5bDVVsgh1NWV/w== 0001065645-09-000045.txt : 20090903 0001065645-09-000045.hdr.sgml : 20090903 20090903155748 ACCESSION NUMBER: 0001065645-09-000045 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090902 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090903 DATE AS OF CHANGE: 20090903 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN COMMUNITY PROPERTIES TRUST CENTRAL INDEX KEY: 0001065645 STANDARD INDUSTRIAL CLASSIFICATION: LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552] IRS NUMBER: 522058165 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14369 FILM NUMBER: 091053732 BUSINESS ADDRESS: STREET 1: 222 SMALLWOOD VILLAGE CENTER CITY: ST. CHARLES STATE: MD ZIP: 20602 BUSINESS PHONE: 3018438600 MAIL ADDRESS: STREET 1: 222 SMALLWOOD VILLAGE CENTER CITY: ST. CHARLES STATE: MD ZIP: 20602 8-K 1 form_8k.htm FORM 8K form_8k.htm
 
 
 

 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K


CURRENT REPORT


Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



Date of Report (Date of earliest event reported)
August 28, 2009



AMERICAN COMMUNITY PROPERTIES TRUST
(Exact name of registrant as specified in its charter)



MARYLAND
(State or other jurisdiction
of incorporation)
1-14369
(Commission
File Number)
52-2058165
(I.R.S. Employer
Identification No.)
 


222 Smallwood Village Center
St. Charles, Maryland 20602
(Address of principal executive offices)(Zip Code)


(301) 843-8600
(Registrant's telephone number, including area code)


Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:




[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 


Item 2.01
Completion of Acquisition or Disposition of Assets

On August 28, 2009, American Community Properties Trust (the “Company”) completed the sale of its wholly owned subsidiary, Interstate General Properties, LP (“IGP”) to Partners Business Equities, LLC (“PBE”) and its associates for $14.3 million.  Prior to the sale, IGP was restructured to include only the Company’s general and limited partnership interests in nine partnerships which own twelve properties with 2,653 subsidized apartments in Puerto Rico, as well as the Section 8 affordable housing management contracts.  ACPT will maintain its presence in Puerto Rico through its residential and commercial land holdings.  PBE was formed by members of the IGP management team.

Item 9.01
Financial Statements and Exhibits.

99.1
Press Release dated September 2, 2009


 
 
 

SIGNATURE



Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




 
AMERICAN COMMUNITY PROPERTIES TRUST
 
(Registrant)
   
Dated: September 3, 2009
By:  /s/ Matthew M. Martin      
 
Matthew M. Martin
Chief Financial Officer
 
 
   
 
 
 
 
 

EX-99.01 2 press_release0902009.htm ACPT EXECUTES AGREEMENT TO SELL PUERTO RICO APARTMENTS press_release0902009.htm
News Release


FOR IMMEDIATE RELEASE
CONTACT
September 2, 2009
Craig J. Renner
 
 
301-843-8600

ACPT EXECUTES AGREEMENT TO SELL PUERTO RICO APARTMENTS

ST. CHARLES, MD.—American Community Properties Trust (ACPT) (the “Company”) (NYSE Amex: APO) announced today that it has completed the sale of its wholly owned subsidiary, Interstate General Properties, LP (IGP) to Partners Business Equities, LLC (PBE) and its associates for $14.3 million.  Prior to the sale, IGP was restructured to include only the Company’s general and limited partnership interests  in nine partnerships which own twelve properties with 2,653 subsidized apartments in Puerto Rico, as well as the Section 8 affordable housing management contracts.  ACPT will maintain its presence in Puerto Rico through its residential and commercial land holdings. PBE was formed by members of the IGP management team.
Steve Griessel, Chief Executive Officer, said the Company will use the net proceeds from the sale to strengthen the Company’s balance sheet.  “This sale will help the Company structure itself in a manner so that it can independently operate our two lines of business, operating real estate and land development,” said Mr. Griessel. “This sale was also a critical component of our strategic imperative to generate free cash flow for the Company and simplify and reduce operating costs.”
Mathew M. Martin, Chief Financial Officer, said the sale of IGP will reduce the Company’s reported consolidated debt by $81 million. In addition, PBE assumed the remaining term of IGP’s office lease in the Company’s Escorial Office Building consisting of 10,476 square feet and 102 employees, which represents 89.5 percent of ACPT’s Company’s Puerto Rico employees.  Going forward, the Company expects to save in excess of $2 million in general and administrative expenses annually as a result of the sale. The Company generated net cash of $9.74 million from the sale, which is net of fees and withholding taxes.
“We believe this sale, in combination with other measures taken by the Company, will provide the financial resources and flexibility to fund continuing operations, and leave us well-positioned for potential future growth opportunities,” said Mr. Martin.
“This sale represents a significant milestone in the Company’s history because the Puerto Rico apartments have been an integral aspect of our business for three decades and as such it was a tough but necessary decision said Mr. Griessel. “Moving forward, the Company will continue to aggressively pursue further strategic objectives that we believe will enable our Company to prosper and grow.”
ACPT is a diversified real estate organization with operations in Maryland and Puerto Rico, is currently listed on the NYSE Amex Exchange under the symbol “APO.”
For more information about ACPT, visit www.acptrust.com.  For more information about the planned community of St. Charles, visit www.stcharlesmd.com.

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