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| AMLI Residential Reports Second Quarter 2001 Operating Results And Declares Dividend |
CHICAGO, July 31 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces today operating results for the second quarter 2001, which are consistent with First Call's current estimates and the Company's previous earnings guidance. Comparisons between the second quarter of 2001 and 2000 reflect significant differences due to gains on sales of communities and land parcels and the expensing of interest related to certain land parcels. Funds From Operations Funds From Operations ("FFO") for the second quarter totaled $16,162,000, or $0.65 per common share, compared to $17,787,000, or $0.72 per common share, for the second quarter 2000, a per share decrease of 9.7%. FFO for the six months ended June 30, 2001 was $31,393,000, or $1.26 per share, compared to $33,178,000, or $1.35 per share, for the six months ended June 30, 2000, a per share decrease of 6.7%. The following table summarizes the impact of certain items included in FFO per share for the periods ended June 30, 2001 and 2000: FFO per Share Three Months Six Months 2001 2000 2001 2000 As Reported $0.65 $0.72 $1.26 $1.35 Gain on Sale of Land Parcels (0.01) (0.08) (0.01) (0.09) Interest Expense on Land Parcels 0.01 - 0.02 - Exterior Painting 0.01 - 0.01 - Total $0.66 $0.64 $1.28 $1.26 % Change Over Comparable Period 3.1% 1.6% Earnings Per Share Diluted Earnings Per Share ("EPS") for the quarter ended June 30, 2001 was $0.67 compared to $0.76 for the comparable period of 2000, a decrease of 11.8%. For the six months ended June 30, 2001, EPS was $0.96 compared to $1.99 for the comparable period of 2000, a decrease of 51.8%. Decreases were primarily attributable to gains on sales of communities and sales of land parcels in 2000 in excess of such gains in 2001. Same Community Results On a combined same community basis, which includes wholly-owned and co-investment communities, for the quarter ended June 30, 2001 versus the prior year period, total property revenues increased 3.1%, operating expenses increased 7.7%, and net operating income ("NOI") increased 0.4%. Excluding expenditures related to the exterior painting of its communities, which the Company expenses, operating expenses and NOI increased 6.0% and 1.4%, respectively. Weighted average occupancy, quarter over quarter, increased slightly to 92.2% from 92.1%. Other Operating Results Total property revenues from both wholly-owned communities and co-investment communities, at 100%, were $70,976,000 and $139,784,000, respectively, for the quarter and six months ended June 30, 2001, as compared with $56,922,000 and $111,529,000, respectively, for comparable periods in 2000, a 24.7% and 25.3% increase, respectively. Revenues reflected on the Company's Statements of Operations for the three-month and six-month periods ended June 30, 2001 totaled $32,449,000 and $63,777,000, respectively, as compared with $34,097,000 and $64,922,000, respectively, for comparable periods in 2000, a 4.8% and 1.8% decrease, respectively. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the quarter and six months ended June 30, 2001 was $22,823,000 and $44,617,000, respectively, representing decreases of 5.5% and 1.5%, respectively. Excluding the Company's share of co-investment partnerships' interest expense, which has historically been included in the Company's disclosure, EBITDA for the quarter and six months ended June 30, 2001 was $26,453,000 and $51,799,000, respectively, representing increases of 0.9% and 4.9%, respectively. Net income for the quarter and six months ended June 30, 2001 was $14,225,000 and $20,630,000, respectively, as compared to $16,094,000 and $42,022,000, respectively, in the year earlier periods, representing decreases of 11.6% and 50.9%, respectively. Second Quarter Activities During the second quarter, AMLI completed the sale of AMLI at AutumnChase, a 690-unit apartment community located in Carrollton, Texas and realized net proceeds from the sale of approximately $38.4 million. AMLI currently expects to reinvest the full amount of the proceeds via tax-deferred exchanges, and in June 2001 used a portion of the proceeds to purchase AMLI at Stonebridge Ranch in McKinney, Texas, a new 250-unit luxury apartment community. Also during the quarter, AMLI closed on a $140 million mortgage financing secured by seven of its stabilized communities. The proceeds were used to reduce the outstanding balance on AMLI's primary line of credit. AMLI concurrently reduced the commitment amount under its existing primary line of credit by $50 million to $200 million. Outlook The Company expects FFO for the full year 2001 to be $2.72 or $2.73 per share. The Company's expectations for the third and fourth quarters of this year, based on $2.72 per share for the full year 2001, are $0.71 and $0.75, respectively. Differences from the Company's previous quarterly estimates are due to a variety of factors, including weaker NOI expectations in certain of the Company's markets, particularly Austin and Atlanta, a slowing down of development activities, fewer acquisition opportunities and the formation of fewer co-investment partnerships. AMLI anticipates that full year EPS for 2001 will range from $2.35 to $2.40, subject primarily to closing additional sales of apartment communities and recording the related gains on sales. Dividend Yesterday, the Board of Trustees of AMLI declared a quarterly dividend of $0.47 per common share for the quarter ended June 30, 2001. This dividend, which is based on an annual dividend rate of $1.88 per common share, is payable on August 21, 2001 to all shareholders of record as of August 10, 2001. Supplemental Information AMLI produces Quarterly Supplemental Information that provides detailed information regarding the Company's activities during the quarter. The Second Quarter Supplemental Information is available the AMLI's website at http://www.amli.com/company_info/share_report.html . About AMLI The AMLI(R) portfolio currently includes 69 apartment communities containing 26,506 apartment homes, with an additional 2,217 apartment homes under development or in lease-up in six locations. AMLI Residential 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 with respect to their multifamily investment activities. AMLI employs approximately 875 people who are dedicated to achieving AMLI's mission--Provide An Outstanding Living Environment For Our Residents. AMLI press releases and other company information are available at AMLI's web site located 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. 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, 2000.SOURCE AMLI Residential Properties Trust
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