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| AMLI Residential Reports Fourth Quarter and Full Year 2000 Results Of Operations, Declares Dividend and Authorizes Share Repurchase Program |
CHICAGO, Jan. 30 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) reports today operating results for the fourth quarter and full year ended December 31, 2000. Funds From Operations ("FFO") for this period were $16,877,000, or $0.68 per common share, compared to $16,412,000, or $0.67 per common share, for the fourth quarter 1999, a per share increase of 1.5%. FFO for the year ended December 31, 2000 was $67,859,000, or $2.75 per share, compared to $63,579,000 or $2.59 per share, for the year ended December 31, 1999, a per share increase of 6.2%. "As we discussed on our January 10, 2001 conference call, we did not generate the growth in same store community net operating income that we had expected; however, we accomplished many positive things during the quarter and the year," commented Allan Sweet, AMLI President. "As we look ahead, we take comfort in our strong balance sheet and disciplined approach to development. We expect to add value by co-investing with partners on a number of quality acquisitions in many of our markets, in addition to some development opportunities, which will be pursued on a more selective basis. We are working on expanding our co-investment relationships and are hopeful that our markets will show more strength next year." For the quarter ended December 31, 2000, net income was $19,269,000 on total revenues of $32,689,000. Net income for the year earlier period was $26,379,000 on total revenues of $31,843,000. Basic earnings per common share for the fourth quarter 2000 decreased to $0.99 from $1.44 in the year earlier period. Fourth quarter diluted earnings per common share decreased to $0.90 from $1.26 for the fourth quarter of 2000. Excluding the gains from the sales of two communities, as discussed below, fourth quarter 2000 basic and diluted earnings per common share were $0.38 and $0.37, respectively ($0.42 and $0.41, respectively, for the year earlier period). For the year ended December 31, 2000, net income was $76,533,000 on total revenues of $131,746,000. Net income for the year earlier period was $51,738,000 on $129,108,000 of total revenues. Basic earnings per common share for the year ended December 31, 2000 increased to $4.00 from $2.63 in the year earlier period. Diluted earnings per common share for the year ended December 31, 2000 increased to $3.59 from $2.46 for the year earlier period. Excluding gains from sales of interests in completed apartment communities, basic and diluted earnings per common share for the year ended December 31, 2000 were $1.58 and $1.57, respectively ($1.59 and $1.59, respectively, for the year earlier period). On a combined same community basis, which includes wholly-owned and co-investment communities (at 100%), for the quarter ended December 31, 2000 versus the prior year period, total property revenues rose 2.0%, operating expenses increased 3.4% and net operating income ("NOI") increased 1.1%. Weighted average occupancy, quarter over quarter, increased to 92.2% from 89.5%. During the fourth quarter, AMLI acquired two co-investment communities. AMLI entered the Denver, Colorado market with the purchase of AMLI at Lowry Estates (formerly Jefferson Estates at Lowry), a 414-unit luxury apartment community that was acquired in a joint venture with an existing institutional partner of AMLI's. AMLI also purchased AMLI Towne Square (formerly West Dallas Place) in Houston, Texas. This 380-unit community was acquired in a joint venture with BPMT (Stichting Bedrijfspensioenfonds voor de Metaal en Technische Bedrijfstakken), one of Europe's leading pension funds. AMLI essentially contributed 50% of the equity in both transactions. During 2000, AMLI acquired six co-investment communities for an aggregate purchase price of approximately $227 million. Also during the quarter, AMLI completed a tax deferred exchange with the acquisition of AMLI at Western Ridge (formerly Western Ridge), a 318-unit luxury apartment community also located in Houston, Texas. During 2000, AMLI acquired three wholly-owned communities by way of tax deferred exchanges for an aggregate purchase price of approximately $63 million. Additionally, AMLI completed the sales of two wholly-owned communities during the fourth quarter, AMLI at the Arboretum and AMLI at Martha's Vineyard, both located in Austin, Texas. AMLI realized proceeds from these sales of approximately $35 million, a portion of which was used to acquire AMLI at Western Ridge. AMLI has invested the balance of the proceeds in a second wholly-owned acquisition, AMLI at Gateway Park in Denver, a tax deferred exchange which closed today. During 2000, AMLI sold interests in four wholly-owned communities and one co-investment community, having an aggregate sale price of approximately $141 million, of which AMLI realized net proceeds of approximately $111 million, after repayment of mortgage debt and distributions to AMLI's joint venture partner. AMLI also entered into two development co-investments in the fourth quarter. The first was with Northwestern Mutual to jointly develop and own AMLI at Milton Park in Alpharetta, Georgia, a 461-unit luxury apartment community in a northern suburb of Atlanta. The other was with New York State Common Retirement Fund to jointly develop and own AMLI at King's Harbor in Houston, Texas, a luxury apartment community containing 300 apartment homes. AMLI is contributing 25% of the equity to both joint ventures. New York State Common Retirement Fund was advised by Heitman Capital Management, LLC. During 2000, AMLI formed four co-investment development joint ventures having an aggregate estimated total cost of development of over $107 million. Also during the quarter, AMLI completed the initial lease-up and stabilization of seven communities/new phases containing 1,758 apartment homes, which in the aggregate had development costs of approximately $142 million. The First Call consensus of analyst estimates for AMLI's FFO per share is $0.61 for the first quarter 2001 and $2.72 for the full year 2001. AMLI's current expectations for the first quarter and full year 2001, as discussed on its recent conference call on January 10, 2001, are $0.61 and $2.75-$2.79 per share, respectively. Yesterday, the Board of Trustees declared a quarterly dividend of $0.47 per common share for the quarter ended December 31, 2000. This dividend, which is based on an annual dividend rate of $1.88 per common share, is payable on February 20, 2001 to all shareholders of record as of February 9, 2001. In addition, the Board of Trustees authorized the purchase of up to 500,000 of the company's common shares of beneficial interest, which represents approximately 3% of the common shares outstanding. AMLI plans to repurchase shares from time to time throughout the year in the open market and through privately negotiated transactions, depending on market prices and other conditions. AMLI will hold a conference call on Wednesday, January 31, 2001 at 2:30 p.m. EST to review these results. The call may be joined by calling 800-967-7134. A live webcast and replay of the call can be accessed at http://www.amli.com/company_info or at http://www.streetevents.com . AMLI's Fourth Quarter Supplemental Information, which provides detailed information regarding activities and operations, is available on AMLI's web site at http://www.amli.com/company_info/share_report.html . The AMLI(R) portfolio currently includes 67 stabilized apartment communities containing 26,147 apartment homes, with an additional 2,845 apartment homes under development or in lease-up in eight locations. AMLI Residential 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 with respect to their multifamily investment activities. AMLI employs approximately 850 people who are dedicated to achieving AMLI's mission -- Provide An Outstanding Living Environment For Our Residents. FORWARD LOOKING STATEMENTS Certain matters discussed in this press release are forward looking statements within the meaning of Federal Securities Law. Although the Company believes expectations reflected in such forward looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking statements can be identified by the Company's use of the words "project", "believe," "expect," "anticipate," "intend," "estimate," "assume," and other similar expressions that predict or indicate future events, achievements or trends or that do not relate to historical matters. The Company does not assure the future results or outcome of the matters described in forward-looking statements; rather, these statements merely reflect the Company's current expectations of the approximate outcomes of the matters discussed. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control. The reader is cautioned to make her/her own judgment with regard to the statements discussed in this press release and the assumption noted by the Company herein. The Company is making forward-looking statements because it believes investors, analysts and others, many of whom prepare models and projections of the Company's performance, are interested in the Company's current estimates of its future activities. The Company advises such parties to make their own determination of any relevant or material assumption used by them. Many factors may cause the Company's actual performance in any period or periods to differ materially from the anticipated future performance expressed or implied by these forward-looking statements. Certain of the factors that could cause the Company's actual performance to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, general economic conditions, local real estate conditions, the timely development and lease-up of communities, other risks detailed from time to time in the Company's SEC reports, including the annual report on form 10-K for the year ended December 31, 1999. AMLI press releases and other company information are available at AMLI's web site located at http://www.amli.com . AMLI Residential Properties Trust Selected Quarterly Financial Information December 31, 2000 (dollars in thousands except for share data) Quarter ending Dec 31 Sep 30 Jun 30 Mar 31 2000 2000 2000 2000 Debt $385,981 $398,956 $393,168 $398,867 Including share of debt of unconsolidated affiliates $583,635 $542,778 $520,597 $510,230 Total Shares and Units Outstanding (A) 24,558,242 24,552,642 24,544,475 24,544,475 Value per Common Share - end of quarter $24.6875 $24.00 $23.5625 $20.50 Total Equity (Market Value) - end of quarter $606,282 $589,263 $578,329 $503,162 Market Capitalization $992,263 $988,219 $971,497 $902,029 Including share of debt of unconsolidated affiliates $1,189,917 $1,132,041 $1,098,926 $1,013,392 Including Co- investment at completed cost $2,065,511 $1,905,589 $1,826,661 $1,678,237 Total Revenues (B) $32,689 $34,135 $34,097 $30,825 EBITDA (C) $23,423 $24,258 $24,156 $21,151 FFO $16,877 $17,804 $17,787 $15,391 FAD $15,626 $15,847 $16,442 $14,505 Dividends Paid $11,541 $11,537 $11,290 $11,290 Debt Service (net of capitalized interest) $7,177 $7,065 $6,947 $6,316 Interest Expense $6,452 $6,353 $6,248 $5,642 G & A Expense $1,056 $842 $930 $928 Total Shares and Units Outstanding - Wtd. Ave. 24,555,937 24,546,254 24,544,475 24,541,971 Interest Coverage Ratio 3.63 3.82 3.87 3.75 Debt as % of Total Market Capitalization 38.90% 40.37% 40.47% 44.22% Including share of debt of unconsolidated affiliates 49.05% 47.95% 47.37% 50.35% EBITDA as % of Total Market Capitalization 9.44% 9.82% 9.95% 9.38% FFO as % of Total Market Equity 11.14% 12.09% 12.30% 12.24% G&A as % of Total Market Capitalization 0.43% 0.34% 0.38% 0.41% G&A as % of Total Revenues 3.23% 2.47% 2.73% 3.01% Dividends as % of FFO (D) 68.8% 65.5% 65.2% 73.5% Dividends as % of FAD (D) 74.3% 73.5% 70.6% 78.0% Apartment Units - In Operation Wholly Owned 12,191 12,264 12,264 12,576 Co-investments 13,956 11,604 10,963 9,205 26,147 23,868 23,227 21,781 Apartment Units - Under Development or In Lease Up Wholly Owned 0 500 500 200 Co-investments 2,845 3,642 3,234 4,098 2,845 4,142 3,734 4,298 Total Units 28,992 28,010 26,961 26,079 (A) At December 31, 2000, the total includes 3,475,000 preferred shares convertible to common shares. (B) Excluding gains on sales of completed rental properties. (C) Includes other income, net of G & A expenses. (D) Based on per share amounts. AMLI Residential Properties Trust Selected Quarterly Financial Information December 31, 2000 (dollars in thousands except for share data) Dec 31 1999 Debt $369,541 Including share of debt of unconsolidated affiliates $468,609 Total Shares and Units Outstanding (A) 24,538,654 Value per Common Share - end of quarter $20.1875 Total Equity (Market Value) - end of quarter $495,374 Market Capitalization $864,915 Including share of debt of unconsolidated affiliates $963,983 Including Co-investment at completed cost $1,610,307 Total Revenues (B) $31,843 EBITDA (C) $21,961 FFO $16,412 FAD $15,275 Dividends Paid $11,287 Debt Service (net of capitalized interest) $6,075 Interest Expense $5,439 G & A Expense $823 Total Shares and Units Outstanding - Wtd. Ave. 24,534,912 Interest Coverage Ratio 4.04 Debt as % of Total Market Capitalization 42.73% Including share of debt of unconsolidated affiliates 48.61% EBITDA as % of Total Market Capitalization 10.16% FFO as % of Total Market Equity 13.25% G&A as % of Total Market Capitalization 0.38% G&A as % of Total Revenues 2.58% Dividends as % of FFO (D) 68.9% Dividends as % of FAD (D) 74.0% Apartment Units - In Operation Wholly Owned 12,515 Co-investments 8,936 21,451 Apartment Units - Under Development or In Lease Up Wholly Owned 200 Co-investments 4,098 4,298 Total Units 25,749 (A) At December 31, 2000, the total includes 3,475,000 preferred shares convertible to common shares. (B) Excluding gains on sales of completed rental properties. (C) Includes other income, net of G & A expenses. (D) Based on per share amounts.SOURCE AMLI Residential Properties Trust
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