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| AMLI Residential Sells Two Texas Communities |
CHICAGO, Sept. 30 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces that it has sold AMLI at Greenwood Forest in Houston, Texas and AMLI at Gleneagles in Dallas, Texas. Both communities were sold in August. AMLI at Greenwood Forest, a 316-unit community, was built in 1995 and purchased by AMLI in a joint venture the same year. AMLI received a disposition fee of $403,000 in addition to its 15% proportionate share of net sale proceeds. AMLI at Gleneagles, a wholly-owned community containing 590 apartment homes, was built in two phases. The first phase was built in 1987 and purchased by AMLI's predecessor company in 1988, prior to the company becoming a publicly-owned REIT in 1994. AMLI developed the second phase in 1996. AMLI at Gleneagles was unencumbered by any mortgage financing, and AMLI realized net proceeds from the sale of approximately $34.7 million. The sale of this community has generated significant long-term tax gain. As a result, AMLI anticipates that at least one-third of the dividends paid in 2002 will be characterized as gain subject to tax at long-term capital gain tax rates. "These dispositions are consistent with our strategy of selling older assets to improve the overall quality of our portfolio and re-deploying the proceeds into new acquisition and development opportunities," said Allan J. Sweet, AMLI President and Co-CEO. "However, we currently believe that it is generally a better time to sell assets rather than buy them. As such, most of the proceeds from these sales, as well as other sales that may occur, will be used to buy back stock and/or pay down our line of credit. Over time, this cash will provide additional availability to fund future investments, primarily acquisitions of new apartment communities." The AMLI(R) portfolio currently includes 71 apartment communities containing 27,446 apartment homes, with an additional 2,755 apartment homes under development or in lease-up in eight 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 .SOURCE AMLI Residential Properties Trust
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CONTACT:
Mark Alfieri, Senior Vice President,
+1-972-265-6770, or Allan J. Sweet, President, +1-312-984-2602,
both of AMLI Residential Properties Trust
