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| AMLI Residential Reports First Quarter Results of Operations and Declares Dividend |
CHICAGO, May 2 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces today operating results for the first quarter ended March 31, 2000. Funds From Operations ("FFO") for the first quarter were $15,391,000, or $0.63 per common share, compared to $14,475,000, or $0.59 per common share, for the first quarter 1999, a per share increase of 6.8%. For the quarter ended March 31, 2000, total revenues were $30,825,000 and net income was $25,928,000, including a gain of $22,316,000 from the sale of AMLI at Sope Creek as described below. Total revenues for the year earlier period were $30,453,000 and net income was $7,280,000. First quarter diluted earnings per common share included a gain from the sale of AMLI at Sope Creek ($0.90 per diluted share in 2000) and increased to $1.23 from $0.32 for the first quarter of 1999. Basic earnings per common share for the first quarter 2000 increased to $1.42 ($0.33 excluding the gain) from $0.32 in the year earlier period. On a same community basis, including wholly-owned and co-investment communities, for the quarter ended March 31, 2000 versus the prior year period, total property revenues rose 2.8%, operating expenses increased 2.8%, and net operating income ("NOI") increased 2.9%. Weighted average occupancy, quarter over quarter, decreased to 92.2% from 92.3%. During the first quarter, AMLI purchased AMLI Midtown (formerly Jefferson 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. AMLI also acquired AMLI at StoneHollow (formerly Jefferson at StoneHollow), a 606-unit luxury apartment community located in Austin, Texas and the 99% ownership interest in AMLI at Towne Creek it did not already own. AMLI at Towne Creek is a 150-unit apartment community located in Gainesville, Georgia that AMLI developed in 1989. The Company funded the AMLI at Stone Hollow and AMLI at Towne Creek transactions with the $42.5 million in proceeds from the sale of AMLI at Sope Creek in Atlanta, Georgia, thus completing a deferred third party exchange for Federal income tax purposes. AMLI at Sope Creek contains 695 apartment homes and was developed by AMLI in phases in 1982, 1983 and 1995. Yesterday, the Board of Trustees of AMLI declared a quarterly dividend of $0.46 for the quarter ended March 31, 2000. This dividend, which is based on an annual dividend rate of $1.84 per common share, is payable on May 23, 2000 to all shareholders of record as of May 12, 2000. AMLI will hold an shareholder/analyst conference call on Wednesday, May 3, 2000 at 2:30 p.m. EDT. The call may be joined by calling 719-457-2625. An on-line live webcast and replay can be accessed at http://www.amli.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.amli.com/company_info/share_report.html . The AMLI(R) portfolio currently includes 56 apartment communities containing 21,781 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, 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 March 31, 2000 (dollars in thousands except for share data) Quarter ending Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 2000 1999 1999 1999 1999 Debt $398,867 $369,541 $410,177 $382,320 $380,475 Debt including share of Co- investment debt $510,230 $468,609 $502,770 $458,682 $454,348 Total Shares and Units Outstanding(A) 24,544,475 24,538,654 24,529,449 24,524,849 24,464,805 Value per Common Share - end of quarter $20.50 $20.1875 $21.00 $22.375 $20.625 Total Equity (Market Value) - end of quarter $503,162 $495,374 $515,118 $548,743 $504,587 Market Capitalization $902,029 $864,915 $925,295 $931,063 $885,062 Market Capitalization including share of Co-investment debt $1,013,392 $963,983 $1,017,888 $1,007,425 $958,935 Market Capitalization including Co-investment at completed cost $1,678,237 $1,610,307 $1,679,212 $1,554,018 $1,431,730 Total Revenues (B) $30,825 $31,843 $33,851 $32,961 $30,453 EBITDA (C) $21,151 $21,961 $22,283 $22,044 $19,902 FFO $15,391 $16,412 $16,370 $16,322 $14,475 FAD $14,505 $15,275 $15,232 $14,857 $13,418 Dividends Paid $11,290 $11,287 $11,038 $11,011 $11,004 Debt Service (net of capitalized interest) $6,316 6,075 6,497 6,280 $5,995 Interest Expense 5,642 5,439 5,821 5,625 5,316 G & A Expense 928 823 1,225 948 1,046 Total Shares and Units Outstanding - Wtd. Ave. 24,541,971 24,534,912 24,527,610 24,467,931 24,455,709 Interest Coverage Ratio 3.75 4.04 3.83 3.92 3.74 Debt as % of Total Market Capitalization 44.22% 42.73% 44.33% 41.06% 42.99% Debt (incl. Share of Co-investment debt) as % of Total Market Cap 50.35% 48.61% 49.39% 45.53% 47.38% EBITDA as % of Total Market Capitalization 9.38% 10.16% 9.63% 9.47% 8.99% FFO as % of Total Market Equity 12.24% 13.25% 12.71% 11.90% 11.47% G&A as % of Total Market Capitalization 0.41% 0.38% 0.53% 0.41% 0.47% G&A as % of Total Revenues 3.01% 2.58% 3.62% 2.88% 3.43% Dividends as % of FFO (D) 73.5% 68.9% 69.1% 67.7% 76.2% Dividends as % of FAD (D) 78.0% 74.0% 74.3% 74.3% 82.2% Apartment Units - In Operation Wholly Owned 12,576 12,515 13,288 13,032 13,032 Co-investments 9,205 8,936 8,058 7,583 7,007 21,781 21,451 21,346 20,615 20,039 Apartment Units - Under Development or In Lease Up Wholly Owned 200 200 200 416 1,246 Co-investments 4,098 4,098 5,138 4,306 3,136 4,298 4,298 5,338 4,722 4,382 Total Units 26,079 25,749 26,684 25,337 24,421 (A) Includes 3,975,000 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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