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| AMLI Residential Reports Fourth Quarter and Full Year 1999 Results Of Operations and Declares Dividend |
1999 Funds From Operations Increase 10.7% Per Share
CHICAGO, Feb. 1 /PRNewswire/ -- AMLI Residential Properties Trust
(NYSE: AML) announces today operating results for the fourth quarter and full
year ended December 31, 1999. Funds From Operations ("FFO") for the fourth
quarter were $16,412,000, or $0.67 per common share, compared to $14,796,000,
or $0.61 per common share, for the fourth quarter 1998, a per share increase
of 9.8%. FFO for the year ended December 31, 1999 was $63,579,000, or $2.59
per share, compared to $53,232,000, or $2.34 per share, for the year ended
December 31, 1998, a per share increase of 10.7%.
"We are very pleased with AMLI's performance both in the fourth quarter
and for the year," stated Allan Sweet, AMLI President. "Each area of our
business performed well this year."
For the quarter ended December 31, 1999, net income was $26,379,000 on
total revenues of $31,843,000. Net income for the year earlier period was
$10,620,000 on total revenues of $31,227,000. Fourth quarter basic earnings
per common share included gains from the sales of apartment communities
($0.86 and $0.15 per share in 1999 and 1998, respectively) and increased to
$1.44 from $0.52 for the fourth quarter of 1998. Diluted earnings per share
for the fourth quarter 1999 increased to $1.28 from $0.52 in the year earlier
period. For the year ended December 31, 1999, net income was $51,738,000 on
total revenues of $129,108,000. Net income for the year earlier period was
$29,700,000 on $117,353,000 of total revenues. Basic earnings per common
share for the year ended December 31, 1999 increased to $2.63 from $1.49 for
the year earlier period. Diluted earnings per share for the year ended
December 31, 1999 increased to $2.49 from $1.49 for the year earlier period.
On a same community basis, including wholly-owned and co-investment
communities, for the quarter ended December 31, 1999 versus the prior year
period, total property revenues rose 2.4%, operating expenses decreased
2.5% and net operating income ("NOI") increased 5.6%. Weighted average
occupancy, quarter over quarter, decreased to 92.9% from 93.6%. For the full
year 1999 versus 1998, total property revenues rose 2.7% and operating
expenses increased 0.2%, which produced a 4.4% increase in same community NOI.
For the quarter ended December 31, 1999, EBITDA from new wholly-owned
communities totaled $3,554,000, or 20.5%, of total EBITDA, versus $2,669,000,
or 15.4%, in the prior year period. For the full year these communities have
contributed 18.3% of EBITDA, versus 9.2% in 1998.
During the fourth quarter, AMLI increased the available commitment under
its primary unsecured line of credit by $50 million to $250 million, and the
term of the facility was extended to October 2002. In addition, AMLI entered
into a joint venture to purchase AMLI at Oak Bend, a 426-unit luxury apartment
community located in Lewisville, Texas. AMLI also completed the construction,
initial lease-up and stabilization of AMLI at Northwinds in Alpharetta,
Georgia and AMLI at Deerfield in Plano, Texas. Also during the quarter, AMLI
sold three wholly-owned communities, AMLI at Crown Colony and AMLI at
Sherwood, both in Topeka, Kansas and AMLI at Park Sheridan in Chicago.
Subsequent to the end of the quarter, AMLI purchased AMLI Midtown, a
419-unit luxury apartment community located in Houston, Texas. This is the
third property purchased under the joint venture structure previously
announced with BPMT (Stichting Bedrijfspensioenfonds voor de Metaal en
Technische Bedrijfstakken), one of Europe's leading pension funds.
Yesterday, the Board of Trustees of AMLI declared a quarterly dividend of
$0.46 for the quarter ended December 31, 1999. This dividend, which is based
on an annual dividend rate of $1.84 per common share, is payable on February
22, 2000 to all shareholders of record as of February 11, 2000.
AMLI will hold an shareholder/analyst conference call on Wednesday,
February 2, 2000 at 2:30 p.m. EST. The call may be joined by calling
719-457-2625. An on-line live webcast and replay can be accessed at
http://www.amliresidential.com (in the Company Info. section),
http://www.streetevents.com or http://www.streetfusion.com . AMLI's Fourth
Quarter Detailed Financials are available on AMLI's web site at
http://www.amliresidential.com/company_info/share_report.html .
The AMLI(R) portfolio currently includes 56 apartment communities
containing 21,870 apartment homes, with an additional 4,298 apartment homes
under development or in lease-up in 14 locations. AMLI Residential is focused
on the development, acquisition and management of institutional quality
multifamily communities in the Southeast, Southwest and Midwest areas 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 800 people who are dedicated to achieving AMLI's mission
-- Provide An Outstanding Living Environment For Our Residents.
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. The factors that could cause the actual results to differ
from the Company's current expectations include 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, 1998.
AMLI press releases and other company information are available at AMLI's
web site located at http://www.amliresidential.com .
AMLI Residential Properties Trust
Selected Quarterly Financial Information
December 31, 1999
(dollars in thousands except for share data)
Quarter ending
Dec 31 Sep 30 Jun 30 Mar 31
1999 1999 1999 1999
Debt $369,541 $410,177 $382,320 $380,475
Debt including share
of Co-investment
debt $468,609 $502,770 $458,682 $454,348
Total Shares and
Units
Outstanding (A) 24,538,654 24,529,449 24,524,849 24,464,805
Value per Common
Share - end of
quarter $20.1875 $21.00 $22.375 $20.625
Total Equity
(Market Value)
- end of quarter $495,374 $515,118 $548,743 $504,587
Market Capitalization $864,915 $925,295 $931,063 $885,062
Market Capitalization
including share of
Co-investment debt $963,983 $1,017,888 $1,007,425 $958,935
Market Capitalization
including Co-
investment at
completed cost $1,610,307 $1,679,212 $1,554,018 $1,431,730
Total Revenues (B) $31,843 $33,851 $32,961 $30,453
EBITDA(C) $21,961 $22,283 $22,044 $19,902
EBITDA (D) (E) $23,230 $23,281 $23,235 $21,288
FFO $16,412 $16,370 $16,322 $14,475
FAD $15,275 $15,232 $14,857 $13,418
Dividends Paid $11,287 $11,038 $11,011 $11,004
Debt Service
(net of capitalized
interest) 6,075 6,497 6,280 $5,995
Interest Expense 5,439 5,821 5,625 5,316
G & A Expense 823 1,225 948 1,046
Total Shares and Units
Outstanding
- Wtd. Ave. 24,534,912 24,527,610 24,467,931 24,455,709
Interest Coverage Ratio 4.04 3.83 3.92 3.74
Interest Coverage Ratio
incl. share of
co-investment debt 3.48 3.43 3.43 3.18
Debt as % of Total
Market Capitalization 42.73% 44.33% 41.06% 42.99%
Debt (incl. Share of
Co-investment debt)
as % of Total
Market Cap 48.61% 49.39% 45.53% 47.38%
EBITDA as % of Total
Market Capitalization 10.16% 9.63% 9.47% 8.99%
FFO as % of Total
Market Equity 13.25% 12.71% 11.90% 11.47%
G&A as % of Total Market
Capitalization 0.38% 0.53% 0.41% 0.47%
G&A as % of Total
Revenues 2.58% 3.62% 2.88% 3.43%
Dividends as % of
FFO(D) 68.9% 69.1% 67.7% 76.2%
Dividends as % of
FAD(D) 74.0% 74.3% 74.3% 82.2%
Apartment Units
- In Operation
Wholly Owned 12,515 13,288 13,032 13,032
Co-investments 8,936 8,058 7,583 7,007
21,451 21,346 20,615 20,039
Apartment Units -
Under Development
or In Lease Up
Wholly Owned 200 200 416 1,246
Co-investments 4,098 5,138 4,306 3,136
4,298 5,338 4,722 4,382
Total Units 25,749 26,684 25,337 24,421
Quarter ending
Dec 31, 1998
Debt $367,370
Debt including share of Co-investment debt $439,172
Debt including Co-investment debt at 100% $630,890
Total Shares and Units Outstanding (A) 24,445,827
Value per Common Share - end of quarter $22.25
Total Equity (Market Value) - end of quarter $543,920
Market Capitalization $911,290
Market Capitalization including share of
Co-investment debt $983,092
Market Capitalization including
Co-investment at completed cost $1,455,887
Total Revenues (B) $31,227
EBITDA (C) $20,167
EBITDA (D) (E) $21,465
FFO $14,796
FAD $13,772
Dividends Paid $10,323
Debt Service (net of capitalized interest) 5,924
Interest Expense 5,270
G & A Expense 1,190
Total Shares and Units Outstanding - Wtd. Ave. 24,355,803
Interest Coverage Ratio 3.83
Interest Coverage Ratio incl. share of
co-investment debt 3.28
Debt as % of Total Market Capitalization 40.31%
Debt (incl. Share of Co-investment debt)
as % of Total Market Cap 44.67%
Debt (incl. Co-investment debt at 100%) as %
of Market Cap 43.33%
EBITDA as % of Total Market Capitalization 8.85%
FFO as % of Total Market Equity 10.88%
G&A as % of Total Market Capitalization 0.52%
G&A as % of Total Revenues 3.81%
Dividends as % of FFO (D) 74.2%
Dividends as % of FAD (D) 79.7%
Apartment Units - In Operation
Wholly Owned 12,792
Co-investments 6,767
19,559
Apartment Units - Under Development or In Lease Up
Wholly Owned 1,486
Co-investments 3,376
4,862
Total Units 24,421
(A) At Dec. 31, 1999, includes 3,975,000 preferred shares convertible to
common shares.
(B) Excluding non-recurring gain of $21,158 and $3,621 in 1999 and 1998,
respectively.
(C) Includes other income, net of G & A expenses.
(D) Based on per share amounts.
SOURCE AMLI Residential
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Company News On-Call:
800-758-5804, ext. 116726
CONTACT:
Robert J. Chapman, Chief Financial Officer of
AMLI Residential, 312-984-6845
