CHICAGO, Jan. 13 /PRNewswire-FirstCall/ -- AMLI Residential Properties
Trust (NYSE: AML) announces that Quintin Primo has resigned from AMLI's Board
of Trustees and Adam Metz has joined the Board in his place.
    Mr. Primo is Co-Chairman of Capri Capital and has been a Trustee since
AMLI was formed in 1994.  He resigned from the Board as a result of the intent
and desire of AMLI and Capri to continue to do more business.  Capri has been
a lender to AMLI in the past and recently became a joint venture partner in a
development community in downtown Austin, Texas.
    "Even though Quintin has appropriately recused himself from all AMLI
decisions involving Capri, and all of AMLI's dealings with Capri were
carefully reviewed and approved by the disinterested trustees, the appearance
of his independence could increasingly become an issue as the volume of
activity between the two companies continued to increase," explained Allan
Sweet, AMLI President.  "Quintin served our Board in an exemplary fashion and
will remain an important relationship for AMLI as a continuing co-investment
partner and lender."
    Today, AMLI's Board of Trustees elected Adam Metz to take Mr. Primo's
place on the Board as an independent Trustee.  Mr. Metz is a founding partner
of Polaris Capital, LLC, a consulting and real estate investment firm based in
Chicago. Before founding Polaris, Mr. Metz was the Executive Vice President
and Chief Investment Officer of Rodamco, North America, which owned
approximately $6.5 billion in real estate assets, primarily regional shopping
malls.   Prior to Rodamco, Mr. Metz was Executive Vice President and CFO and
then the President of Urban Shopping Centers, a NYSE listed real estate
investment trust that was purchased by Rodamco in November 2000.  AMLI's Board
of Trustees has determined that Mr. Metz is a "financial expert" under rules
currently proposed by the SEC and has been elected as the Chairman of AMLI's
Audit Committee as well as a member of the Board.
    "Adam has an impressive financial background and significant experience
and expertise in the public and private real estate industries," said Mr.
Sweet.  "He will be a great addition to our Board and a great resource for our
management team."
    Additionally, AMLI's Board has approved and implemented a formal Code of
Business Conduct and Ethics in response to the requirements of Sarbanes-Oxley
and the proposed New York Stock Exchange rules.  The Code will be posted on
AMLI's website by the end of the week.
    The AMLI(R) portfolio currently includes 72 apartment communities
containing 27,533 apartment homes, with an additional 2,541 apartment homes
under development or in lease-up in seven locations.  AMLI is focused on the
development, acquisition and management of institutional quality multifamily
communities in the Southeast, Southwest, Midwest and Mountain regions of the
U.S.  AMLI Residential also serves as institutional advisor and asset manager
for large pension funds, tax-exempt foundations and other financial
institutions through AMLI's co-investment business.  AMLI employs
approximately 875 people who are dedicated to achieving AMLI's mission --
Provide An Outstanding Living Environment For Our Residents.  More information
on AMLI is available at http://www.amli.com.

Link to this page:

  

http://www.prnewswire.com/gh/cnoc/comp/116726.html
CONTACT:
Robert J. Chapman, CFO, +1-312-984-6845, or
Allan J. Sweet, President, +1-312-984-2602, both of AMLI
Residential Properties Trust

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