/X/
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
FOR
THE FISCAL YEAR ENDED DECEMBER 31, 2008
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
|
Page
|
||
PART I
|
||
Item
1.
|
4
|
|
Item
1A.
|
18
|
|
Item
1B.
|
24
|
|
Item
2.
|
24
|
|
Item
3.
|
25
|
|
Item
4.
|
25
|
|
Item
4A.
|
25
|
|
PART
II
|
||
Item
5.
|
26
|
|
Item
6.
|
27
|
|
Item
7.
|
29
|
|
Item
8.
|
43
|
|
Item
9.
|
78
|
|
Item
9A(T).
|
78
|
|
Item
9B.
|
78
|
|
PART
III
|
||
Item
10.
|
79
|
|
Item
11.
|
79
|
|
Item
12.
|
79
|
|
Item
13.
|
79
|
|
Item
14.
|
80
|
|
PART
IV
|
||
Item
15.
|
80
|
|
Signatures
|
Signatures |
84
|
·
|
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.
|
·
|
the
factors referenced in this Annual Report on Form 10-K, including those set
forth under the sections captioned “Risk Factors,” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations;”
|
·
|
changes
in our business and investment
strategy;
|
·
|
default
by our tenants;
|
·
|
availability,
terms and deployment of capital;
|
·
|
general
volatility of the capital markets;
|
·
|
availability
of qualified personnel;
|
·
|
perception
of the real estate industry;
|
·
|
changes
in supply and demand dynamics within the real estate
industry;
|
·
|
environmental
effects;
|
·
|
changes
in interest rates;
|
·
|
the
degree and nature of our
competition;
|
·
|
changes
in applicable laws and regulations;
and
|
·
|
state
of the general economy and the local economy in which our properties are
located.
|
ITEM
1.
|
1.
|
a
100% ownership interest in St. Charles Community LLC ("SCC LLC"), which
holds approximately 3,790 acres of land in St. Charles,
Maryland;
|
2.
|
the
Class B interest in Interstate General Properties Limited Partnership
S.E., a Maryland limited partnership ("IGP"), that represents IGP's rights
to income, gains and losses associated with the balance of the residential
land in our Parque Escorial property in Puerto Rico held by Land
Development Associates, S.E. ("LDA"), a wholly owned subsidiary of
IGP;
|
3.
|
through
November 19, 2008, a 50% interest, through SCC LLC, in a land
development joint venture, St. Charles Active Adult Community, LLC
(“Active Adult Community”). ACPT sold its interest in Active
Adult Community to Lennar Corporation (“Lennar”) in the fourth quarter of
2008; and
|
4.
|
effective
on October 28, 2008, a 50% interest in Surrey Homes, LLC (“Surrey Homes”),
which is a homebuilding company that was created to meet the needs of
developing communities in central Florida with a lot option, low overhead
model.
|
1.
|
a
100% ownership interest in LDA, a Puerto Rico special partnership which
holds 120 acres of land in the planned community of Parque Escorial in
Carolina, Puerto Rico (“Parque Escorial”) and 490 acres of land in
Canovanas, Puerto Rico;
|
2.
|
general
partner interests in nine partnerships, which collectively own and
operate a total of 12 multifamily rental facilities in Puerto Rico (the
“Puerto Rico Apartment Properties”), and a limited partner interest in two
of these partnerships;
|
3.
|
a
100% ownership interest in Escorial Office Building I, Inc. (“EOBI”), and
through LDA and IGP, a 100% ownership interest in a Puerto Rico
corporation that operates a three-story, 56,000 square foot office
building in Carolina, Puerto Rico;
|
4.
|
a
100% ownership interest in ICP, an entity that holds the partnership
interest in El Monte Properties S.E. (“EMP”) which was sold and is
wrapping up operations in 2009;
|
5.
|
a
limited partner interest in ELI, S.E. ("ELI"), an entity that holds a
45.26% share in the future cash flow generated from a 30-year lease of an
office building to the State Insurance Fund of the Government of Puerto
Rico; and
|
6.
|
an
indirect 100% ownership interest, through LDA and IGP, in Torres del
Escorial, Inc. ("Torres"), a Puerto Rico corporation organized
to build 160 condominium units.
|
U.S.
APARTMENT PROPERTIES
|
Number
of
Apartment
Units
|
Percentage
of
Portfolio
|
12/31/2008
Project
Cost (A)
(in
thousands)
|
Occupancy
at
12/31/2008
|
Expiration
Of
Subsidy
Contract
|
Maximum
Subsidy
(in
thousands)
|
||||||||||||||||||
Consolidated
Partnerships
|
||||||||||||||||||||||||
Bannister
– Non-subsidized Apartments
|
167 | 5 | % | $ | 8,981 | 88 | % | N/A | $ | - | ||||||||||||||
Bannister
– Subsidized Apartments
|
41 | 1 | % |
2009
|
536 | |||||||||||||||||||
Coachman's
|
104 | 3 | % | 8,005 | 92 | % | N/A | - | ||||||||||||||||
Crossland
|
96 | 3 | % | 3,483 | 95 | % | N/A | - | ||||||||||||||||
Essex
|
496 | 15 | % | 21,220 | 97 | % |
2009
|
4,672 | ||||||||||||||||
Fox
Chase
|
176 | 5 | % | 8,990 | 95 | % | N/A | - | ||||||||||||||||
Headen
House
|
136 | 4 | % | 8,610 | 97 | % |
2009
|
1,689 | ||||||||||||||||
Huntington
|
204 | 6 | % | 10,134 | 97 | % |
2009
|
2,496 | ||||||||||||||||
Lancaster
|
104 | 3 | % | 6,042 | 87 | % | N/A |
(B)
|
||||||||||||||||
Milford
Station I (D)
|
200 | 6 | % | 13,271 | 90 | % | N/A | - | ||||||||||||||||
Milford
Station II (D)
|
50 | 1 | % | 1,879 | 94 | % | N/A | - | ||||||||||||||||
New
Forest
|
256 | 8 | % | 15,513 | 93 | % | N/A | - | ||||||||||||||||
Nottingham
South (D)
|
85 | 3 | % | 3,070 | 94 | % | N/A | - | ||||||||||||||||
Owings
Chase (D)
|
234 | 7 | % | 15,922 | 91 | % | N/A | - | ||||||||||||||||
Palmer
– Non-subsidized Apartments
|
96 | 3 | % | 9,185 | 94 | % | N/A | - | ||||||||||||||||
Palmer
– Subsidized Apartments
|
56 | 2 | % |
2009
|
732 | |||||||||||||||||||
Prescott
Square (D)
|
73 | 2 | % | 4,788 | 88 | % | N/A | - | ||||||||||||||||
Sheffield
Greens
|
252 | 7 | % | 25,999 | 93 | % | N/A | - | ||||||||||||||||
Village
Lake
|
122 | 3 | % | 7,994 | 96 | % | N/A | - | ||||||||||||||||
Wakefield
Terrace – Non-subsidized Apartments
|
164 | 5 | % | 11,301 | 90 | % | N/A | - | ||||||||||||||||
Wakefield
Terrace – Subsidized Apartments
|
40 | 1 | % |
2011
|
541 | |||||||||||||||||||
Wakefield
Third Age (Brookmont)
|
104 | 3 | % | 5,572 | 96 | % | N/A | - | ||||||||||||||||
Total
Consolidated
|
3,256 | 96 | % | 189,959 | 10,666 | |||||||||||||||||||
Unconsolidated
Partnerships
|
||||||||||||||||||||||||
Brookside
Gardens
|
56 | 2 | % | 2,696 | 96 | % | N/A |
(C)
|
||||||||||||||||
Lakeside
Apartments
|
54 | 2 | % | 4,131 | 100 | % | N/A |
(C)
|
||||||||||||||||
Total
Unconsolidated
|
110 | 4 | % | 6,827 | ||||||||||||||||||||
Total
|
3,366 | 100 | % | $ | 196,786 | $ | 10,666 |
(A)
|
Project
costs represent inception-to-date capitalized costs for each respective
property as per Schedule III “Real Estate and Accumulated Depreciation” in
Item 8 of this Annual Report on Form
10-K.
|
(B)
|
Not
subsidized, however, 54 units are subject to household income restrictions
set by the Maryland Community Development Administration
(“MCDA”).
|
(C)
|
Not
subsidized, but all units are set aside for low to moderate income tenants
over certain age limitations under provisions set by the LIHTC
program.
|
(D)
|
During the first quarter of 2009,
the Company executed purchase agreements for the sale of three of the five
U.S. Apartment Properties in Baltimore, Maryland for $29,200,000.
The Company has received non-binding offers of $6,598,000 and is
negotiating agreements for the remaining two
properties.
|
U.S.
APARTMENT PROPERTIES
|
Number
of Apartment Units
|
Operating
Revenues
|
Operating
Expenses (a)
|
Net
Operating Income
|
Non-Recourse
Mortgage Outstanding
|
Economic
Interest Upon Liquidation (b)
|
|||||||||||||||||||
Consolidated
Partnerships
|
|||||||||||||||||||||||||
Charles
County, Maryland
|
|||||||||||||||||||||||||
Bannister
|
208 | $ | 2,587 | $ | 1,201 | $ | 1,386 | $ | 12,301 | 100.0 | % | ||||||||||||||
Coachman's
|
104 | 1,718 | 665 | 1,053 | 10,740 | 95.0 | % | ||||||||||||||||||
Crossland
|
96 | 1,205 | 598 | 607 | 4,034 | 60.0 | % | ||||||||||||||||||
Fox
Chase
|
176 | 2,286 | 876 | 1,410 | 12,685 | 99.9 | % | ||||||||||||||||||
Headen
House
|
136 | 1,641 | 659 | 982 | 6,828 | 75.5 | % | ||||||||||||||||||
Huntington
|
204 | 2,397 | 1,368 | 1,029 | 9,104 | 50.0 | % | ||||||||||||||||||
Lancaster
|
104 | 1,541 | 671 | 870 | 8,355 | 100.0 | % | ||||||||||||||||||
New
Forest
|
256 | 4,082 | 1,506 | 2,576 | 22,445 | 99.9 | % | ||||||||||||||||||
Palmer
|
152 | 1,912 | 802 | 1,110 | 6,649 | 75.5 | % | ||||||||||||||||||
Sheffield
Greens
|
252 | 4,346 | 1,882 | 2,464 | 26,749 | 100.0 | % | ||||||||||||||||||
Village
Lake
|
122 | 1,589 | 671 | 918 | 9,088 | 95.0 | % | ||||||||||||||||||
Wakefield
Terrace
|
204 | 2,292 | 1,110 | 1,182 | 9,897 | 75.5 | % | ||||||||||||||||||
Wakefield
Third Age (Brookmont)
|
104 | 1,332 | 528 | 804 | 7,180 | 75.5 | % | ||||||||||||||||||
Baltimore
County, Maryland
|
|||||||||||||||||||||||||
Milford
Station I (f)
|
200 | 1,911 | 1,005 | 906 | 10,491 | 100.0 | % | ||||||||||||||||||
Milford
Station II (f)
|
50 | 410 | 271 | 139 | 1,345 | 100.0 | % | ||||||||||||||||||
Nottingham
South (f)
|
85 | 638 | 468 | 170 | 2,543 | 100.0 | % | ||||||||||||||||||
Owings
Chase (f)
|
234 | 2,408 | 1,238 | 1,170 | 12,208 | 100.0 | % | ||||||||||||||||||
Prescott
Square (f)
|
73 | 738 | 431 | 307 | 3,541 | 100.0 | % | ||||||||||||||||||
Henrico
County, Virginia
|
|||||||||||||||||||||||||
Essex
|
496 | 4,482 | 2,239 | 2,243 | 13,766 | 50.0 | % |
(c)
|
|||||||||||||||||
Total
Consolidated
|
3,256 | 39,515 | 18,189 | 21,326 | 189,949 | ||||||||||||||||||||
Unconsolidated
Partnerships
|
|||||||||||||||||||||||||
Charles
County, Maryland
|
|||||||||||||||||||||||||
Brookside
Gardens
|
56 | 325 | 282 | 43 | 1,202 |
(d)
|
|||||||||||||||||||
Lakeside
|
54 | 502 | 284 | 218 | 1,921 |
(e)
|
|||||||||||||||||||
Total
Unconsolidated
|
110 | 827 | 566 | 261 | 3,123 | ||||||||||||||||||||
Grand
Total
|
3,366 | $ | 40,342 | $ | 18,755 | $ | 21,587 | $ | 193,072 |
(a)
|
Amounts
exclude management fees eliminated in
consolidation.
|
(b)
|
Unless
stated otherwise, surplus cash from operations and proceeds from sale or
liquidation are allocated based on the economic
interest.
|
(c)
|
Upon
liquidation, the limited partners have a priority distribution equal to
their unrecovered capital. As of December 31, 2008, the
unrecovered limited partner capital for Essex was
$1,890,000. The Company’s receivable of $2,958,000 is the
second priority of proceeds from the sale or liquidation on the
property. Until the limited partners have recovered their
capital contributions, any surplus cash is distributed first to the
limited partners up to $100,000, then a matching $100,000 to the general
partner, with any remaining split between the general partner and the
limited partners.
|
(d)
|
The
Company’s share of the economic ownership is
immaterial.
|
(e)
|
The
Company is currently eligible to receive $363,000 in distributions related
to the payment of a development fee. This amount receives
priority over return of equity to the partners but is subordinate to a
$3,000 per year preferred return to the minority partners. Upon
settlement of all priority items, balance is split 70% to the Company and
30% to the minority partners.
|
(f)
|
During the first quarter of 2009,
the Company executed purchase agreements for the sale of three of the five
U.S. Apartment Properties in Baltimore, Maryland for $29,200,000.
The Company has received non-binding offers of $6,598,000 and is
negotiating agreements for the remaining two
properties.
|
12/31/2008
|
||||||
Number
of
|
Percentage
|
Project
Cost
|
Occupancy
|
Expiration
|
Maximum
|
|
Apartment
|
of
|
(B)
(in
|
at
|
of
Subsidy
|
Subsidy
|
|
Units
|
Portfolio
|
thousands)
|
12/31/2008
|
Contract
|
(in
thousands)
|
|
Consolidated
Partnerships
|
||||||
San
Anton
|
184
|
7%
|
$ 5,643
|
100%
|
2010
|
$ 1,342
|
Monserrate
Associates
|
304
|
11%
|
12,944
|
99%
|
2009
|
2,700
|
Alturas
del Senorial
|
124
|
5%
|
5,191
|
99%
|
2009
|
1,096
|
Jardines
de Caparra
|
198
|
7%
|
8,157
|
99%
|
2010
|
1,662
|
Colinas
de San Juan
|
300
|
11%
|
12,702
|
100%
|
2011
|
2,144
|
Bayamon
Garden
|
280
|
11%
|
14,311
|
100%
|
2011
|
2,085
|
Vistas
del Turabo
|
96
|
4%
|
3,589
|
100%
|
2021
|
726
|
Monserrate
Tower II (A)
|
304
|
11%
|
13,666
|
100%
|
2020
|
2,554
|
Santa
Juana (A)
|
198
|
7%
|
8,230
|
99%
|
2020
|
1,685
|
Torre
De Las Cumbres (A)
|
155
|
6%
|
7,155
|
100%
|
2020
|
1,350
|
De
Diego (A)
|
198
|
8%
|
8,222
|
100%
|
2020
|
1,670
|
Valle
del Sol
|
312
|
12%
|
15,885
|
100%
|
2013
|
2,491
|
Total
|
2,653
|
100%
|
$ 115,695
|
$ 21,505
|
P.R.
APARTMENT PROPERTIES
|
Number
of Apartment Units
|
Operating
Revenues
|
Operating
Expenses (a)
|
Net
Operating Income
|
Non-Recourse
Mortgage Outstanding
|
Economic
Interest Upon Liquidation (b)
|
||||||||||||||||||||||
Consolidated
Partnerships
|
||||||||||||||||||||||||||||
Carolina,
Puerto Rico
|
||||||||||||||||||||||||||||
Monserrate
Associates
|
304 | $ | 2,785 | $ | 1,472 | $ | 1,313 | $ | 6,816 | 52.50 | % | |||||||||||||||||
Monserrate
Tower II (c)
|
304 | 2,637 | 1,420 | 1,217 | 9,861 | 50.00 | % |
(e)
|
||||||||||||||||||||
San
Anton
|
184 | 1,492 | 961 | 531 | 4,091 | 49.50 | % | |||||||||||||||||||||
San
Juan, Puerto Rico
|
||||||||||||||||||||||||||||
Alturas
Del Senorial
|
124 | 1,120 | 643 | 477 | 3,449 | 50.00 | % | |||||||||||||||||||||
Colinas
San Juan
|
300 | 2,164 | 1,072 | 1,092 | 9,380 | 50.00 | % | |||||||||||||||||||||
De
Diego (c)
|
198 | 1,748 | 995 | 753 | 5,457 | 50.00 | % |
(e)
|
||||||||||||||||||||
Torre
de Las Cumbres (c)
|
155 | 1,425 | 777 | 648 | 5,067 | 50.00 | % |
(e)
|
||||||||||||||||||||
Caguas,
Puerto Rico
|
||||||||||||||||||||||||||||
Santa
Juana (c)
|
198 | 1,832 | 1,042 | 790 | 7,036 | 50.00 | % |
(e)
|
||||||||||||||||||||
Vistas
Del Turabo (f) (g)
|
96 | 715 | 398 | 317 | 798 | 52.45 | % |
(d,e)
|
||||||||||||||||||||
Bayamon,
Puerto Rico
|
||||||||||||||||||||||||||||
Bayamon
Garden (f) (g)
|
280 | 2,113 | 1,064 | 1,049 | 9,151 | 50.00 | % | (d,e) | ||||||||||||||||||||
Jardines
De Caparra
|
198 | 1,756 | 964 | 792 | 6,233 | 50.00 | % |
(e)
|
||||||||||||||||||||
Valle
Del Sol (f) (g)
|
312 | 2,522 | 1,052 | 1,470 | 10,430 | 50.00 | % |
(d)
|
||||||||||||||||||||
Total
|
2,653 | $ | 22,309 | $ | 11,860 | $ | 10,449 | $ | 77,769 |
(a)
|
Amounts
exclude management fees eliminated in
consolidation.
|
(b)
|
Surplus
cash from operations and proceeds from sale or liquidation are allocated
based on the economic interest except those identified by additional
description.
|
(c)
|
Owned
by Carolina Associates
|
(d)
|
Upon
liquidation, the limited partners have a priority distribution equal to
their unrecovered capital. As of December 31, 2008, the
unrecovered limited partner capital in Bayamon Garden, Valle Del Sol and
Vistas Del Turabo were $918,000, $445,000, and $618,000,
respectively.
|
(e)
|
In
addition to normal operating receivables between the Company and the
Puerto Rico Apartment Properties, the Company has a receivable for
incentive management fees of $59,000 for Bayamon Gardens, $12,000 for
Jardines de Caparra, $47,000 for Torre de Las Cumbres, $60,000 for De
Diego Apartments, $60,000 for Santa Juana Apartments and $90,000 for
Monserrate Towers II.
|
(f)
|
In
addition to the receivable noted in (e) above, the Company has a notes
receivable from Valle del Sol and Vistas del Turabo amounting to $928,000
and $46,000, respectively. These receivables are the result of
unsecured development cost loans made to the Partnership to cover
acquisition and construction costs of the rental property in excess of the
permanent financing. Pursuant to the terms of the Partnership
agreement, the notes are non-interest bearing and are payable only by
proceeds from mortgage refinancing, partial condemnations, sales of
easements or similar interests or proceeds from sale of the properties,
but only after the payment of the debt and liabilities due to outsiders
and expenses of liquidation.
|
(g)
|
Distributions
from these partnerships are limited to an annual amount of $10,000,
$118,000 and $146,000 for Vistas Del Turabo, and Bayamon Gardens and Valle
del Sol, respectively.
|
Lot
Type
|
Estimated
Number of Lots
|
Approximate
Acreage
|
Entitlements
|
Estimated
Expected Date of Sale
|
Estimated
Aggregate Sales Price
|
|||
SMALLWOOD
VILLAGE
|
||||||||
Commercial,
Retail, Office:
|
||||||||
Henry
Ford Circle
|
Commercial
|
6
|
6.86
|
A
|
2010
- 2011
|
$1.2
- $1.4 million
|
||
Industrial:
|
||||||||
Industrial
Park North Tract 21, Parcel F
|
Light
Industrial
|
1
|
7.67
|
A
|
TBD
|
408K
|
||
Industrial
Park North Tract 23, Parcel A
|
Light
Industrial
|
1
|
2.27
|
A
|
TBD
|
229K
|
||
WESTLAKE
VILLAGE
|
||||||||
Commercial,
Retail, Office:
|
||||||||
Town
Center Parcel A3
|
Restaurant,
Office, Retail
|
3
|
4.37
|
A
|
2009
- 2012
|
$3.6
million
|
||
Parcel
M
|
Office,
Retail
|
1
|
2.61
|
A
|
2009
|
$450,000
|
||
Hampshire
Commercial Parcel Q
|
Commercial
|
1
|
9.94
|
C
|
TBD
|
$1.6
million
|
||
FAIRWAY
VILLAGE
|
||||||||
Residential
Lots:
|
||||||||
Sheffield
Parcel G/M1
|
SF
Detached
|
57
|
15.41
|
A
|
2009
– 2010
|
*
|
||
Sheffield
Parcel J
|
SF
Attached
|
98
|
22.71
|
B
|
2009
|
*
|
||
Gleneagles
Parcel A
|
Multi-Family
|
120
|
12.40
|
B
|
Internal
Use
|
N/A
|
||
Gleneagles
Parcel B
|
Multi-Family
|
184
|
13.00
|
B
|
Internal
Use
|
N/A
|
||
Gleneagles
Parcel D
|
SF
Detached
|
68
|
28.40
|
B
|
2009
- 2011
|
*
|
||
Gleneagles
Parcel E
|
SF
Detached
|
117
|
53.70
|
B
|
2009
- 2011
|
*
|
||
Gleneagles
Parcel C
|
SF
Attached
|
128
|
21.20
|
B
|
2010
- 2011
|
*
|
||
Gleneagles
Parcel F
|
SF
Detached
|
84
|
31.00
|
B
|
2009
- 2010
|
*
|
||
Gleneagles
South Neighborhood
|
SF
Attached
|
194
|
25.00
|
C
|
2011
- 2013
|
*
|
||
Gleneagles
South Neighborhood
|
SF
Detached
|
642
|
224.40
|
C
|
2010
- 2013
|
*
|
||
Gleneagles
South Neighborhood
|
Multi-Family
|
165
|
14.00
|
C
|
Internal
Use
|
N/A
|
||
Commercial,
Retail, Office:
|
||||||||
Middle
Business Park Parcel D
|
Office,
Commercial
|
14
|
22.5
|
B
|
TBD
|
TBD
|
||
Fairway
Village Center
|
Retail,
Commercial
|
1
|
93.90
|
B
|
TBD
|
TBD
|
||
Middle
Business Park Parcel B
|
Office,
Commercial
|
4
|
31.84
|
B
|
TBD
|
TBD
|
||
Middle
Business Park Parcel C
|
Office,
Commercial
|
3
|
15.48
|
B
|
TBD
|
TBD
|
||
VILLAGE
OF WOODED GLEN
|
||||||||
Residential
Parcels
|
TBD
|
7,155
|
1810.40
|
D
|
TBD
|
TBD
|
||
Wooded
Glen Village Center
|
Retail,
Commercial
|
1
|
30.00
|
C
|
TBD
|
TBD
|
||
VILLAGE
OF PINEY REACH
|
||||||||
Residential
Parcels
|
TBD
|
2,921
|
666.60
|
D
|
TBD
|
TBD
|
||
Piney
Reach Village Center
|
Retail,
Commercial
|
1
|
37.30
|
C
|
TBD
|
TBD
|
||
Piney
Reach Industrial Park
|
Industrial
|
1
|
76.18
|
C
|
2010
|
$13.0
million
|
||
Piney
Reach Industrial Park
|
Industrial
|
66
|
506.59
|
C
|
TBD
|
TBD
|
||
TOTAL
|
12,037
|
3,785.73
|
||||||
(A)
Sites are fully developed and ready for sale
|
||||||||
(B)
Completed master plan approval including all entitlements and received
preliminary site plan approval for development
|
||||||||
(C)
Completed master plan approval including all entitlements
|
||||||||
(D)
Completed master plan approval including all entitlements excluding school
allocations
|
||||||||
TBD
means To Be Determined.
|
||||||||
*Price
determined as a percentage of the "Base Selling Price" of the new home
constructed and sold on the lot per the terms of the sales agreement with
Lennar
Corporation.
|
·
|
In
December 2007, the Company executed the second amendment to the Lennar
Agreements (the “December Amendment”) whereby the Company agreed to accept
51 lot settlements in December 2007 in satisfaction of Lennar’s lot
purchase requirement for 2007, resulting in 78 total lots purchased by
Lennar during 2007. In addition, the Company agreed to
temporarily reduce the final lot price for 100 lots (51 purchased in
December 2007 and 49 purchased during the first six months of 2008)
from 30% to 22.5% of the base price of the home sold on the lot, with
guaranteed minimum prices of $78,000 per single family lot and $68,000 per
town home lot.
|
·
|
In
November 2008, the Company entered into the third amendment to the Lennar
Agreements modifying the minimum number of lots that Lennar is required to
purchase annually to 100 units, and increasing the minimum purchase price
for such lots from 22.5% to 25% from January 2009 until December 31,
2011. The amendment ended the exclusive relationship between
Lennar and the Company. With the termination of the exclusive
relationship between Lennar and the Company in November, 2008, we have
executed sales agreements with NVR, Inc., Richmond American Homes of
Maryland, Inc., and Riverview Builders, LLC for the sale of additional
lots in the first quarter of 2009. During 2008, 119 lots were
purchased by Lennar, which comprised 61 single-family lots and 58 town
home lots. All of the 2008 lot purchases were under the
terms of the December Amendment.
|
Current
Zoning
|
Lot
Type
|
Estimated
Number of Units/Parcels
|
Approximate
Acreage
|
Entitlements
|
Expected
Date
of Sale
|
Estimated
Asking
Sales Price
|
||
PARQUE
ESCORIAL
|
||||||||
Office
Park:
|
||||||||
Lot
IV-3b
|
Office
|
Office
|
1
|
2.7
|
A
|
TBD
|
$3.5
million
|
|
Residential:
|
||||||||
Hilltop
Phase I - 220 units
|
Residential
|
Residential
|
220
|
21.19
|
B
|
TBD
|
N/A
|
|
Hilltop
Phase II - 228 units
|
Residential
|
Residential
|
228
|
95.81
|
B
|
TBD
|
N/A
|
|
PARQUE
EL COMANDANTE
|
||||||||
Mixed-use
Lots:
|
||||||||
Phase
I - Quarry Site
|
Residential
|
Mixed-use
commercial
|
TBD
|
50.79
|
C
|
TBD
|
TBD
|
|
Phase
II - Route 66 North
|
Agricultural
|
Mixed-use
|
TBD
|
165.83
|
C
|
TBD
|
TBD
|
|
Residential
Lots:
|
||||||||
Phase
I - Quarry Site
|
Commercial
|
Residential
|
TBD
|
26.11
|
C
|
TBD
|
TBD
|
|
Phase
III - Route 66 South
|
Agricultural
|
Residential
|
TBD
|
209.14
|
C
|
TBD
|
TBD
|
|
Phase
IV - Out-Parcel
|
Agricultural
|
Residential
|
TBD
|
38.85
|
C
|
TBD
|
TBD
|
|
Total
|
610.42
|
|||||||
|
ITEM
1A.
|
ITEM
1B.
|
ITEM
2.
|
ITEM
3.
|
ITEM
4A.
|
Name
|
Age
|
Position
|
J.
Michael Wilson
|
43
|
Chairman
|
Stephen
K. Griessel
|
49
|
Chief
Executive Officer
|
Matthew
M. Martin
|
33
|
Chief
Financial Officer and Secretary
|
Eduardo
Cruz Ocasio
|
62
|
Senior
Vice President and Assistant Secretary
|
Jorge
Garcia Massuet
|
70
|
Vice
President
|
Harry
Chalstrom
|
48
|
Vice
President
|
Mark
L. MacFarland
|
39
|
Vice
President
|
Rafael
Velez
|
52
|
Vice
President
|
Price
Range of ACPT Shares
|
Dividends
|
|||||||
High
|
Low
|
Declared
|
||||||
2008
|
Quarter
|
|||||||
Fourth
|
$ 10.20
|
$ 3.10
|
$ 0.10
|
|||||
Third
|
14.25
|
10.20
|
-
|
|||||
Second
|
|