|
|
| AMLI Residential Reports Second Quarter Results of Operations and Increases Dividend |
CHICAGO, Aug. 1 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces today operating results for the second quarter and six months ended June 30, 2000. Funds From Operations ("FFO") for the second quarter were $17,787,000 or $0.72 per common share, compared to $16,322,000, or $0.66 per common share, for the second quarter 1999, a per share increase of 9.1%. FFO for the six months ended June 30, 2000 was $33,178,000, or $1.35 per share, compared to $30,797,000, or $1.25 per share, for the six months ended June 30, 1999, a per share increase of 8.0%. For the quarter ended June 30, 2000, total revenues were $34,097,000 and net income was $16,094,000. Total revenues for the year earlier period were $32,961,000 and net income was $9,089,000. Basic earnings per common share for the second quarter 2000 increased to $0.83 from $0.43 in the year earlier period. Second quarter diluted earnings per common share increased to $0.76 from $0.43 for the second quarter of 1999. For the six months ended June 30, 2000, net income was $42,022,000 on total revenues of $64,922,000. Excluding the gain from the sale of an interest in Phase I of AMLI at Peachtree City, as discussed below, second quarter basic and diluted earnings were $0.44 and $0.43 per share, respectively. Net income for the year earlier period was $16,369,000 on $63,414,000 of total revenues. Basic earnings per common share for the six months ended June 30, 2000 increased to $2.25 from $0.75 in the year earlier period. Diluted earnings per common share for the six months ended June 30, 2000 increased to $1.99 from $0.75 for the year earlier period. Excluding gains from sales of interests in completed apartment communities, basic and diluted earnings for the six months ended June 30, 2000 were $0.77 and $0.76 per share, respectively. On a same community basis, including wholly-owned and co-investment communities, for the quarter ended June 30, 2000 versus the prior year period, total property revenues rose 1.7%, operating expenses decreased 1.0%, and net operating income ("NOI") increased 3.3%. Weighted average occupancy, quarter over quarter, decreased to 92.5% from 93.6%. During the second quarter, AMLI and BPMT (Stichting Bedrijfspensioenfonds voor de Metaal en Technische Bedrijfstakken), one of Europe's leading pension funds, announced the formation of a second program to jointly acquire approximately $260 million of institutional quality multifamily apartment communities. In June, AMLI and BPMT purchased AMLI on Frankford (formerly Jefferson at Frankford), a 582-unit luxury apartment community located in Dallas, which was the fourth property acquired for the first AMLI/BPMT joint venture program. Also during the quarter, AMLI entered into a joint venture with Prudential Real Estate Investors to own Phase I of AMLI at Peachtree City in Fayette County, Georgia and to develop and own Phase II of the community. The joint venture is structured such that cash flow and sales proceeds will generally be shared 80% to Prudential and 20% to AMLI until certain economic benchmarks are achieved, at which point AMLI will receive an increased portion of the cash flow and residual interest. Ground was broken for AMLI at Peachtree City II in late July. In connection with the formation of the joint venture on Phase I, AMLI received a cash distribution of approximately $23 million, as well as certain compensation for arranging the transaction. Additionally, AMLI Residential Construction, an affiliate, sold four land parcels, all of which closed during June. Net cash flow from these sales approximated $5 million and the gains from these sales are included in FFO for the second quarter. Also in the second quarter, AMLI completed the initial lease-up and stabilization of AMLI at Oakhurst North, 464 apartment homes in Chicago, and AMLI on Spring Mill, 400 apartment homes in Indianapolis. The company also broke ground for AMLI at King's Harbor, 300 apartment homes in Houston. Yesterday, the Board of Trustees of AMLI declared a $0.01 increase in the quarterly dividend to $0.47 per common share for the quarter ended June 30, 2000. This dividend, which is based on an annual dividend rate of $1.88 per common share, is payable on August 22, 2000 to all shareholders of record as of August 11, 2000. AMLI will hold a shareholder/analyst conference call on Wednesday, August 2, 2000 at 2:30 p.m. EDT. The call may be joined by calling 800-967-7134. 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 Second 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 59 apartment communities containing 23,227 apartment homes, with an additional 3,950 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 850 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 June 30, 2000 (dollars in thousands except for share data) Jun 30 Mar 31 2000 2000 Debt $393,168 $398,867 Debt including share of Co-investment debt $520,597 $510,230 Total Shares and Units Outstanding(A) 24,544,475 24,544,475 Value per Common Share - end of quarter $23.5625 $20.50 Total Equity (Market Value) - end of quarter $578,329 $503,162 Market Capitalization $971,497 $902,029 Market Capitalization including share of Co-investment debt $1,098,926 $1,013,392 Market Capitalization including Co-investment at completed cost $1,826,661 $1,678,237 Total Revenues(B) $34,097 $30,825 EBITDA(C) $24,156 $21,151 FFO $17,787 $15,391 FAD $16,442 $14,505 Dividends Paid $11,290 $11,290 Debt Service (net of capitalized interest) $6,947 $6,316 Interest Expense $6,248 $5,642 G & A Expense $930 $928 Total Shares and Units Outstanding - Wtd. Ave. 24,544,475 24,541,971 Interest Coverage Ratio 3.87 3.75 Debt as % of Total Market Capitalization 40.47% 44.22% Debt (incl. Share of Co-investment debt) as % of Total Market Cap 47.37% 50.35% EBITDA as % of Total Market Capitalization 9.95% 9.38% FFO as % of Total Market Equity 12.30% 12.24% G&A as % of Total Market Capitalization 0.38% 0.41% G&A as % of Total Revenues 2.73% 3.01% Dividends as % of FFO(D) 65.2% 73.5% Dividends as % of FAD(D) 70.6% 78.0% Apartment Units - In Operation Wholly Owned 12,264 12,576 Co-investments 10,963 9,205 23,227 21,781 Apartment Units - Under Development or In Lease Up Wholly Owned 500 200 Co-investments 3,234 4,098 3,734 4,298 Total Units 26,961 26,079 Quarter ending Dec 31 Sep 30 Jun 30 Mar 31 1999 1999 1999 1999 Debt $369,541 $410,177 $382,320 $380,475 Debt including share of Co-investment debt $468,609 $502,770 $458,682 $454,348 Total Shares and Units Outstanding(A) 24,538,654 24,529,449 24,524,849 24,464,805 Value per Common Share - end of quarter $20.1875 $21.00 $22.375 $20.625 Total Equity (Market Value) - end of quarter $495,374 $515,118 $548,743 $504,587 Market Capitalization $864,915 $925,295 $931,063 $885,062 Market Capitalization including share of Co-investment debt $963,983 $1,017,888 $1,007,425 $958,935 Market Capitalization including Co-investment at completed cost $1,610,307 $1,679,212 $1,554,018 $1,431,730 Total Revenues(B) $31,843 $33,851 $32,961 $30,453 EBITDA(C) $21,961 $22,283 $22,044 $19,902 FFO $16,412 $16,370 $16,322 $14,475 FAD $15,275 $15,232 $14,857 $13,418 Dividends Paid $11,287 $11,038 $11,011 $11,004 Debt Service (net of capitalized interest) $6,075 $6,497 $6,280 $5,995 Interest Expense $5,439 $5,821 $5,625 $5,316 G&A Expense $823 $1,225 $948 $1,046 Total Shares and Units Outstanding - Wtd. Ave. 24,534,912 24,527,610 24,467,931 24,455,709 Interest Coverage Ratio 4.04 3.83 3.92 3.74 Debt as % of Total Market Capitalization 42.73% 44.33% 41.06% 42.99% Debt (incl. Share of Co-investment debt) as % of Total Market Cap 48.61% 49.39% 45.53% 47.38% EBITDA as % of Total Market Capitalization 10.16% 9.63% 9.47% 8.99% FFO as % of Total Market Equity 13.25% 12.71% 11.90% 11.47% G&A as % of Total Market Capitalization 0.38% 0.53% 0.41% 0.47% G&A as % of Total Revenues 2.58% 3.62% 2.88% 3.43% Dividends as % of FFO(D) 68.9% 69.1% 67.7% 76.2% Dividends as % of FAD(D) 74.0% 74.3% 74.3% 82.2% Apartment Units - In Operation Wholly Owned 12,515 13,288 13,032 13,032 Co-investments 8,936 8,058 7,583 7,007 21,451 21,346 20,615 20,039 Apartment Units - Under Development or In Lease Up Wholly Owned 200 200 416 1,246 Co-investments 4,098 5,138 4,306 3,136 4,298 5,338 4,722 4,382 Total Units 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
back to topRelated links:
Company News On-Call:
800-758-5804, ext. 116726
CONTACT:
Robert J. Chapman, Chief Financial Officer of
AMLI Residential Properties, 312-984-6845
