American Community Properties Trust / APO

About American Community Properties Trust

222 Smallwood Village Center, St. Charles, Md. 20602
www.acptrust.com | 301-843-8600 | Founded: 1997

Industry: Real Estate | Category: Top 100 Companies

American Community started building a 252-unit apartment complex in the mammoth St. Charles project last year. It is the first apartment project on which the company has broken ground in a decade, executives said.
St. Charles eventually will have 24,000 housing units, to be built over the next three decades. As part of the project, American Community is putting up some $30 million over the next few years to help build roads to alleviate traffic in the St. Charles area and around Waldorf. Officials required the developer to pay for some of the infrastructure costs before approval was granted to build more housing in Charles County.
"We're spending $1 million a month on roads," said Edwin L. Kelly, president.
American Community has also started to build its first 350 residential units for senior citizens in the St. Charles area. The $400,000 single-family homes are aimed at baby boomers, Kelly said. The project will include a 2.3 million-square-foot recreation center. The real estate investment trust also recently spruced up and converted to market-rate housing an older, subsidized apartment project in St. Charles. And it continues to develop a condominium project in Puerto Rico.
The company's stock took a hit in November, when it said it would have to restate its earnings from 2002 through the first two quarters because of "income tax matters." In March, the company announced an agreement with the Internal Revenue Service preserving its status as a "publicly traded partnership" that was exempt from federal income taxes. The agreement also required the company to pay the IRS about $975,000 for a delay in reporting income.
The company said its fourth-quarter profit increased sharply in good part because it was able to reverse a $3.8 million set-aside it had reserved in case it was found subject to taxes.

Chairman and CEO: J. Michael Wilson

2007 Financial Data

Total employees: 271 | Local employees: 120