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| AMLI Residential Revises Guidance on Second Quarter and Full Year 2002 Earnings Expectations |
CHICAGO, July 22 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces today that it now anticipates Funds From Operations ("FFO") to be $0.62 for the second quarter 2002, $0.02 less than previously expected. In addition, the Company now expects 2002 FFO to be in the range of $2.42 to $2.48 per share, $0.18 less than the previous range of guidance for 2002. First Call consensus estimates are currently $0.64 per share for the second quarter and $2.58 per share for the full year 2002, respectively. "Operating results through May were consistent with our earlier expectations, but property operations took a negative turn in June," commented Allan Sweet, AMLI's President & Co-CEO. "Looking forward, we now believe that market conditions will continue to be weaker than expected through the end of this year. We currently anticipate that 2002 same community net operating income will decline 4%-6%, compared to our previous assumption of a 0%-2% increase." Mr. Sweet continued, "Additionally, we had hoped to aggressively acquire more apartment communities in joint ventures this year and have had difficulty in doing so. Although we still plan to add communities to our portfolio, these acquisitions will not be such that they can make up for the shortfalls in other areas of our business." As previously announced, AMLI will release second quarter 2002 earnings on July 30, 2002 after the market closes. The company will hold its second quarter conference call on July 31, 2002 at 3:30 p.m. Eastern Time. We will provide further details on the quarter and full year expectations at that time. The toll-free number for the call is 877-601-5719 - 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. The AMLI(R) portfolio currently includes 73 apartment communities containing 28,352 apartment homes, with an additional 2,537 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 in the Southeast, Southwest, Midwest and Mountain Regions 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 through AMLI's co-investment business. AMLI employs approximately 875 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 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, 2001.SOURCE AMLI Residential
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CONTACT:
Robert J. Chapman, Chief Financial Officer,
of AMLI Residential, +1-312-984-6845
