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| AMLI Residential Announces Fourth Quarter and Full Year Operating Results And Declares Dividend |
CHICAGO, Feb. 4 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces today operating results for the fourth quarter and year ended December 31, 2002. Earnings Funds From Operations ("FFO") for the fourth quarter 2002 were $13,859,000, or $0.56 per common share, compared to $14,901,000, or $0.58 per common share, for the fourth quarter 2001, a per share decrease of 3.4%. Actual results, which include a $0.02 per share provision for loss on the future sale of vacant land, are $0.02 per share less than the midpoint of AMLI's most recent guidance issued on October 21, 2002 and $0.01 per share less than First Call's most recent estimate. FFO for the year ended December 31, 2002 was $60,098,000, or $2.35 per share, compared to $63,142,000, or $2.51 per share, for the year ended December 31, 2001, a per share decrease of 6.4%. "Our results for the fourth quarter were as expected, without considering the one-time write down of land," commented Allan J. Sweet, AMLI President. "It was a very difficult year for the multifamily industry and the broader market as a whole. We held our own in this environment, yet we are disappointed with our absolute results." Net income for the quarter and year ended December 31, 2002 was $8,752,000 and $40,355,000, respectively, as compared to $5,872,000 and $45,746,000, respectively, in the year earlier periods. Diluted Earnings Per Share ("EPS") for the quarter ended December 31, 2002 was $0.40, compared to $0.21 for the comparable period of 2001, an increase of 90.5%. This increase is primarily due to the sale of AMLI at Western Ridge in the fourth quarter of 2002. For the year ended December 31, 2002, EPS was $1.80 compared to $2.12 for the year ended December 31, 2001, a decrease of 15.1%. The change in EPS was primarily the result of a $0.15 decrease from community operations and a $0.11 decrease from gains on sale. Same Community Results On a combined same community basis, which includes both wholly-owned and co-investment communities (at 100%), for the quarter ended December 31, 2002 versus the prior year's quarter, total property revenues decreased 5.5%, operating expenses increased 0.8%, and net operating income ("NOI") decreased 9.1%. Weighted average occupancy, quarter over comparable quarter, increased to 90.2% from 90.1%, or 0.1%, while the weighted average collected revenues per occupied unit decreased by 6.1%. For the year 2002 compared to 2001, total property revenues decreased 4.3%, operating expenses remained the same, and NOI decreased 6.9%. Weighted average occupancy, year over year, decreased by 0.6% to 90.8%, while the weighted average collected revenues per occupied unit decreased by 3.7%. EBITDA Earnings before interest, taxes, depreciation and amortization ("EBITDA"), including AMLI's proportionate share of partnership activity, for the quarter and year ended December 31, 2002 were $24,647,000 and $100,209,000 respectively, representing an increase of 1.3% and a decrease of 3.3%, respectively, from the same period last year. Fourth Quarter Activities During the fourth quarter, AMLI entered into a joint venture with a private investment fund sponsored by Capri Capital Advisors LLC, a privately-held institutional real estate advisory firm, to develop and own AMLI Downtown in Austin, Texas. AMLI Downtown will be comprised of a seven-story building containing 220 apartment homes, 45,000 square feet of ground floor retail and restaurant space, and 336 underground parking spaces. In addition, AMLI purchased the 189-unit AMLI 7th Street Station (formerly the Gates of 7th Street Station) in Fort Worth, Texas and sold AMLI at Western Ridge, a 318-unit community in Houston, Texas. Additionally, AMLI completed the initial lease-up and stabilization of AMLI at Kedron Village, a 216-unit community in Peachtree City, Georgia. Also during the fourth quarter, the Company acquired 897,400 of its common shares in the open market at an average share price of $21.03, and for the entire year AMLI repurchased 1,466,500 shares at an average price of $21.45. Including repurchases in 2001, the Company has repurchased 1,686,900 of its outstanding shares at an average price of $21.54. In late December, AMLI consummated the purchase of the unaffiliated controlling shareholder's interest in the Company's affiliated Service Company subsidiaries for a purchase price of $700,000. As a result of this transaction, the financial position of the subsidiaries were consolidated in the Company's Balance Sheet at December 31, 2002. The subsidiaries' results of operations were reflected on the Company's Statement of Operations for the quarter and year ended December 31, 2002 using the equity method of accounting and will be consolidated in future periods. Subsequent Events In January, AMLI announced that Quintin Primo had resigned from AMLI's Board of Trustees and Adam Metz has joined the Board in his place. Outlook AMLI's current expectation for full year 2003 FFO per share will be in the range of $2.18 to $2.26 per share (generally plus or minus $0.01 per share per quarter based on current mid-range estimates of $0.52, $0.55, $0.55 and $0.60 per share per quarter). Dividend Yesterday, the Board of Trustees declared a quarterly dividend of $0.48 per common share. This dividend is payable on February 25, 2003 to all common shareholders of record as of February 14, 2003 and is based on an annual dividend rate of $1.92 per common share. Supplemental Disclosure of Character of 2002 Dividends Of the approximate $0.94 per share reported as 20% rate long-term capital gain, approximately $0.82 per share (42.6% of the total distribution) is "Qualified Five-year Gain," which may be eligible for a reduced capital gain rate pursuant to Internal Revenue Code Section 1(h)(2)(A) for some shareholders. Conference Call AMLI will hold a conference call on Wednesday, February 5, 2003 at 3:30 p.m. ET to review these results. The call may be joined by calling 888-922-1802 - Passcode: AMLI. A live webcast of the conference call will also be available in the 'Company Info' section on AMLI's website ( http://www.amli.com/comp/ ) and at http://www.streetevents.com . Supplemental Information AMLI produces Quarterly Supplemental Information that provides detailed information regarding the Company's activities during the quarter. The Fourth Quarter Supplemental Information is available in the 'Company Info' section on our website ( http://www.amli.com/comp/ ) under 'Shareholder Reports.' About AMLI The AMLI(R) portfolio currently includes 72 stabilized 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 currently 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 joint venture co-investment business. AMLI employs approximately 850 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 . 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 his/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, 2001.SOURCE AMLI Residential Properties Trust
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