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| AMLI Residential Revises Earnings Expectations for 2002 and 2003 |
CHICAGO, Oct. 21 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces today that it now anticipates Funds From Operations ("FFO") to be $0.56 per share for the third quarter 2002. This is $0.05 less than previously expected and $0.03 less than First Call estimates. Additionally, AMLI now anticipates full year 2002 FFO in the range of $2.36 to $2.38 per share. AMLI's prior guidance provided on July 22, 2002 for 2002 FFO was in the range of $2.42 to $2.48 per share. The First Call estimate for 2002 is $2.43 per share. "We are again revising our expectations to reflect continuing weak market conditions," commented Allan Sweet, AMLI's President & Co-CEO. "Our effective rents have continued to decrease throughout the third quarter at a faster rate than we previously estimated. Oversupply, combined with negative job growth, are expected to continue to adversely affect operating results, particularly in Atlanta, Austin, Dallas, and Denver. These markets have also been negatively impacted by residents electing to purchase homes. It now appears that it will be well into 2003 before we can anticipate resumption of growth in effective rents in these markets as well as our other markets. Most of our shortfall relates to operations, although it is true that our development and acquisition activities are somewhat below expectations. Additionally, we experienced some dilution from our disposition activity." Mr. Sweet continued, "Notwithstanding these continuing weak fundamentals, AMLI's preliminary estimate for 2003 FFO is anticipated to be in the range of $2.25 to $2.40 per share. We expect to refine this range over the next month or so. 2003 FFO should benefit from various financing transactions and from AMLI's share re-purchase program. During the third quarter of 2002 and first few days of October, AMLI re-acquired 834,200 of its Common Shares at prices ranging from $19.52 to $22.96. Pursuant to existing authority from its Board of Trustees, AMLI anticipates that it will continue buying its stock in the fourth quarter." As previously announced, AMLI will release third quarter 2002 earnings on November 4, 2002 after the market closes. The company will hold its third quarter conference call on November 5, 2002 at 3:30 p.m. Eastern Time. AMLI 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 72 apartment communities containing 27,662 apartment homes, with an additional 2,541 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 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 their 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 Properties Trust
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AMLI Residential Properties Trust, +1-312-984-6845
