RE Firm to Restate Financials

American Community Properties Trust, St. Charles, Md., has reported that it will restate its audited financial statements for calendar years 2002 and 2003 and its unaudited financial statements for each of the previously reported quarters of 2004.The diversified real estate company said the adjustments, to correct certain accounting errors, will reduce net income per share by an estimated $0.14 to $0.16 for 2002, $0.40 to $0.44 for 2003, and $0.16 to $0.18 for 2004. The company said the restatements will correct the accounting for cash distributions received from limited partnerships in which it is a general partner; record minority interest expense for cash distributions paid to minority limited partners in consolidated partnerships; and change the accounting method from equity to consolidated for its general partner interest in Crossland Associates LP. The trust can be found online at http://www.acptrust.com.