For the six months ended June 30, 2009, the Company reported net income attributable to ACPT shareholders of $688,000, or $0.13 per basic and diluted share, on revenue of $21,355,000. This compares to a net loss attributable to ACPT shareholders of $1,371,000, or $0.26 per basic and diluted share, on revenue of $26,760,000 for the same period in 2008.

For the quarter ended June 30, 2009, the Company reported net income attributable to ACPT shareholders of $858,000, or $0.16 per basic and diluted share, on revenues of $11,969,000. This compares to a net loss attributable to ACPT shareholders of $178,000, or $0.03 per basic and diluted share, on revenues of $14,620,000 for the same period in 2008.

Net income attributable to ACPT shareholders for the six and three month periods ended June 30, 2009 included income from discontinued operations for our multifamily apartment holdings in Puerto Rico and Baltimore, Maryland. The Company reported a loss from continuing operations of $308,000 compared to a loss of $567,000 for the six months ended June 30, 2009 and 2008, respectively. For the quarter ended June 30, 2009, the Company reported a loss from continuing operations of $145,000 compared to a loss of $121,000 during the second quarter of 2008.

Steve Griessel, Chief Executive Officer, noted that the greater efficiency in apartments was a key factor in the Company's improved results. "Our focus on cost control and customer service resulted in improvements to net operating income, which increased 6% compared to the same period last year," said Mr. Griessel. "We believe this trend will continue to have a positive impact on our results in future quarters. In addition, Lennar Corp. has reported to us strong demand particularly for new townhomes in St. Charles' Fairway Village in the first six months of this year resulting in a substantial decrease in their St. Charles lot inventory. We expect that this improved sales pace, combined with the agreements signed with additional builders in the first quarter of this year, will lead to improved demand for lots over the final six months of 2009."

Matthew M. Martin, Chief Financial Officer, said that for the six months ended June 30, 2009, consolidated rental revenue increased $293,000, or 2%, to $17,172,000, compared to the same period of 2008. "The increase was primarily attributable to increased leasing in the Company's Parque Escorial office building, as well as, overall rent increases at properties in the United States and Puerto Rico, offset by an increase in vacancies in the United States," said Mr. Martin.

Mr. Martin also noted that the Company uses net operating income(1) ("NOI") and funds from operations(2) ("FFO") to assess the results of the Company's operations and to help investors understand the Company's performance. In the United States, NOI increased 3% and 5%, to $9,579,000 and $4,871,000 during the six months and three month periods ended June 30, 2009, respectively. Mr. Martin explained that the increase was due to annual rent increases of 3% and the impact of cost savings initiatives.

In the United States, FFO decreased $916,000 and $561,000, or 20% and 21%, to $3,681,000 and $2,060,000 for the six and three month periods ended June 30, 2009, respectively. Mr. Martin attributed the decrease to write-downs of the value of rental properties in Baltimore, Maryland. Community development land sales decreased $2,468,000, or 41%, in the first six months of 2009, compared to the same period last year. The Company reported sales of 41 lots in its St. Charles, Maryland planned community, compared to 69 lots in the first six months of 2008. "Our lot sales for the second quarter are not reflective of home sales activities as Lennar worked through selling their lot inventory on hand as of December 31, 2008," said Mr. Griessel, who further noted that the pace of sales of new homes within St. Charles, as reported to us by Lennar, has improved. The number of contracts written for new homes during the first half of 2009 has surpassed the entirety of home sales in St. Charles for the year 2008.

There were no unit sales reported in Parque Escorial, compared to 12 units sold, totaling $2,982,000, during the first six months of 2008. "The sales environment for new condominiums in Puerto Rico remains very difficult," said Mr. Griessel. The Company has six units in inventory in Torres del Escorial section of Parque Escorial, and one of those units is currently under contract. Due to the slow pace of sales, Mr. Griessel said the Company does not project selling its remaining inventory in 2009.

Mr. Griessel said the Company has started to benefit from actions taken by management in the last six to nine months, and expects to continue to do so throughout the rest of 2009 and into 2010. Mr. Griessel noted that:

   --  the Company reported a decrease in general and administrative costs       for the six months ended June 30, 2009, of $653,000, or 13%, compared       to the first six months of 2008.  Mr. Griessel said the reduction was       the result of the reorganization and cost-savings initiatives       implemented in the fourth quarter of 2008.   --  the Company has executed lot sales agreements with three national       homebuilders -- Lennar, NVR, and Richmond American -- and that the       latter two homebuilders are expected to begin purchasing lots in St.       Charles' Fairway Village in the third quarter of 2009.  Mr. Griessel       said that the Company believes that the combination of the existing       lot sales agreements will help improve the pace and timing of lot       sales in St. Charles.   --  the Company expects to take occupancy of the first units at       Gleneagles, a 184-unit apartment property currently under construction       in St. Charles, in the fourth quarter of 2009.   --  the Company expects to complete the sale of the Puerto Rico       multifamily apartment holdings in the third quarter of 2009.    --  the Company continues to attempt to execute the plan to strategically       dispose of the Baltimore multifamily holdings.  Three of the       properties have firm commitments and are awaiting approval for loan       assumption.  The other two were recently re-listed.