AMLI Announces Dallas Disposition

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AMLI Announces Dallas Disposition

    DALLAS, May 20 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust
(NYSE: AML) announces that it has sold AMLI at Verandah in Arlington, Texas.
    AMLI at Verandah contains 538 apartment homes and was built in two phases
in 1986 and 1991.  AMLI initially acquired a 35% interest in the community
with a joint venture partner in 1997, and later purchased its partner's 65%
ownership interest in early 2003.  AMLI achieved an un-levered internal rate
of return(1) on its investment in AMLI at Verandah of approximately 10.8% over
a holding period of approximately seven years.  AMLI will use the proceeds to
fund ongoing acquisition and development activities.
    "Like last month's sale of AMLI at Spring Creek, this transaction is
consistent with our strategy of selling older assets to improve the overall
quality of our portfolio and re-deploying the proceeds into new investment
opportunities," said Allan Sweet, AMLI President.
    The AMLI(R) portfolio currently includes 73 apartment communities
containing 27,120 apartment homes, with an additional 1,854 apartment homes
under development or in lease-up in five 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 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 .

    (1) The principal components of the methodology used to calculate the
internal rate of return noted above are as follows: (i) all reported numbers
are based on "free and clear," un-levered results; (ii) no acquisition,
disposition or asset management fees, or any cash flow preference or promoted
interests earned by AMLI from a joint venture are included in the calculation;
(iii) property operations are adjusted, if required, to reflect a property
management fee of 3.0% of total property revenues; and (iv) the cost of a co-
investment development community includes any  development fees incurred by
the  joint venture.

SOURCE AMLI Residential Properties Trust

http://www.amli.com
CONTACT:
Allan J. Sweet, President, +1-312-984-2602,
or Mark Alfieri, Senior Vice President, +1-972-265-6770, both of
AMLI Residential Properties Trust