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| AMLI Residential Revises Earnings Expectations and Announces Dates for Third Quarter Earnings and Conference Call |
CHICAGO, Oct. 5 /PRNewswire/ -- AMLI Residential Properties Trust (NYSE: AML) announces today that it currently expects Funds From Operations (FFO) to be $0.67 for the third quarter 2001 and $0.68 per share for the fourth quarter of 2001. Both quarters are below the Company's previous earnings expectations. These expectations are also below First Call estimates, which are currently $0.70 per share and $0.73 per share for the third and fourth quarters 2001, respectively. "The slowing economy, coupled with the tragic events of September 11, are clearly having an adverse effect on the results of our community operations and transaction activities for this year," said Allan Sweet, AMLI's President & Co-CEO. "What is not as clear is how our communities will perform going into 2002 given the current political and economic situation facing our country. There is currently uncertainty across the industry with regard to future occupancy levels and rental rates and the cost of certain operating costs such as property insurance. We will provide additional perspective on this announcement and our thoughts with respect to 2002 earnings during our upcoming quarterly conference call." Mr. Sweet continued, "Our current estimates for the balance of 2001 reflect several one-time charges to FFO, including the additional and complete write-off of two technology-related investments and the mark-to-market of a portion of our shorter term interest rate hedges, which together will negatively impact third quarter FFO by $0.05-$0.06 per share." "Although no one could have predicted the sudden shock to the economy that has recently occurred, we anticipated an economic slowdown and are ready to withstand it," commented Robert Chapman, AMLI's Executive Vice President & CFO. "We have acted with care all year, increasing our corporate liquidity and preparing for slower times." Mr. Chapman continued, "Our current operating results reflect less investing activity than we had hoped to accomplish this year, but we believe we have been rewarded for being more cautious to date as we, and our acquisition co-investment partners, expect to see better priced investment opportunities in the near future." AMLI will release third quarter 2001 operating results on Tuesday, October 30, 2001 after the market closes and will hold its third quarter conference call on Wednesday, October 31, 2001 at 2:30 p.m. Eastern Time. The toll-free number for the conference call is 800-967-7134. A replay of the call will be available on November 1, 2001 at 12:00 p.m. Eastern Time and on November 5, 2001 at 4:00 p.m. Eastern Time. The toll free number for the replay is 800- 937-3082. A live, on-demand webcast of the conference call will also be available on AMLI's website at http://www.amli.com/company_info and at http://www.streetevents.com . Additionally, an on-line replay of the webcast will be available for 60 days following the call. Please note, on October 31, 2001, the Third Quarter Supplemental Information will be available via AMLI's website at ( http://www.amli.com/company_info/share_report.html ) or through e-mail distribution. If you would like to request e-mail distribution, please contact Susan Bersh at sbersh@amli.com or at 312-984-2607. The AMLI(R) portfolio currently includes 70 apartment communities containing 26,826 apartment homes, with an additional 3,059 apartment homes under development or in lease-up in eight locations. AMLI Residential 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 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, 2000.SOURCE AMLI Residential Properties Trust
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AMLI Residential Properties Trust, +1-312-984-6845
