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| AMLI Residential Announces Third Quarter 2002 Operating Results and Declares Dividend |
CHICAGO, Nov. 4 /PRNewswire-FirstCall/ --
FlashResults
AMLI Residential Properties Trust (NYSE: AML)
(Numbers in Thousands, Except Per Share Data)
Quarter Nine Mos. Quarter Nine Mos.
9/30/02 9/30/02 9/30/01 9/30/01
Funds From
Operations (FFO) $14,306 $46,239 $16,848 $48,241
Net Income $17,652 $31,603 $19,244 $39,874
FFO per Share $0.56 $1.79 $0.67 $1.93
Diluted Earnings
per Share (EPS) $0.87 $1.40 $0.89 $1.86
AMLI Residential Properties Trust (NYSE: AML) announces today operating
results for the third quarter ended September 30, 2002.
Earnings
Funds From Operations ("FFO") for the third quarter 2002 were $14,306,000,
or $0.56 per common share, compared to $16,848,000, or $0.67 per common share,
for the third quarter 2001, a per share decrease of 16.4%. FFO is consistent
with First Call's current estimate and the Company's recently revised
guidance, which was issued on October 21, 2002. FFO for the nine months ended
September 30, 2002 was $46,239,000, or $1.79 per share, compared to
$48,241,000, or $1.93 per share per share, for the nine months ended
September 30, 2001, a per share decrease of 7.3%.
"As noted in our press release two weeks ago, the weak conditions in the
apartment markets continue to negatively impact our earnings, both on an
absolute basis and compared to last year," commented Allan J. Sweet, AMLI
President. "Our FFO for the third quarter of 2001 also included significant
fee income from the sale of one of our co-investment communities, which did
not occur in this year's third quarter."
Net income for the three and nine months ended September 30, 2002 was
$17,652,000 and $31,603,000, respectively, as compared to $19,244,000 and
$39,874,000, respectively, in the year earlier periods. Diluted Earnings Per
Share ("EPS") for the quarter ended September 30, 2002 was $0.87, compared to
$0.89 for the comparable period of 2001, a decrease of 2.2%. Additionally,
Operating EPS was $0.18 per diluted share for the quarter ended September 30,
2002, as compared to $0.33 per diluted share for the quarter ended
September 30, 2001. For the nine months ended September 30, 2002, EPS was
$1.40 compared to $1.86 for the comparable period of 2001, a decrease of
24.7%, and Operating EPS was $0.70 compared to $0.87 for the comparable period
of 2001, a decrease of 19.5%. "Operating EPS" includes the operating results
for properties whose operating results are reported as "Discontinued
Operations" under GAAP.
Same Community Results
On a combined same community basis, which includes both wholly-owned and
co-investment communities (at 100%), for the quarter ended September 30, 2002
versus the prior year's quarter, total property revenues decreased 5.7%,
operating expenses decreased 0.7%, and net operating income ("NOI") decreased
9.1%. Weighted average occupancy, quarter over comparable quarter, decreased
to 91.3% from 92.8%, or 1.6%, while the weighted average collected revenues
per occupied unit decreased by 4.2%.
Other Operating Results
Total property revenues (excluding Discontinued Operations), including
both wholly-owned communities and co-investment communities (at 100%), were
$70,187,000 and $207,282,000 respectively, for the quarter and nine months
ended September 30, 2002, as compared with $70,003,000 and $207,198,000 for
the comparable period in 2001, a 0.3% and 0.04% increase, respectively.
Earnings before interest, taxes, depreciation and amortization ("EBITDA")
for the quarter and nine months ended September 30, 2002 were $24,437,000 and
$75,562,000, respectively, representing decreases of 10.7% and 4.7%,
respectively, from the same period last year.
Third Quarter Activities
During the third quarter, AMLI sold AMLI at Greenwood Forest, a 316-unit
joint venture community and received a disposition fee of $403,000 in addition
to its 15% proportionate share of net sale proceeds. AMLI also sold AMLI at
Gleneagles, a wholly-owned community containing 590 apartment homes, and
realized net proceeds from the sale of approximately $34.7 million.
Subsequent Events
In October, AMLI entered into a joint venture with Capri Select Income, a
private investment fund sponsored by Capri Capital Advisors LLC, a
privately-held institutional real estate advisory firm, to develop and own
AMLI Downtown in Austin, Texas. AMLI Downtown will be comprised of a
seven-story building containing 220 apartment homes, 45,000 square feet of
ground floor retail and restaurant space, and 336 underground parking spaces.
Also in October, AMLI purchased the 189-unit AMLI 7th Street Station (formerly
the Gates of 7th Street Station) in Fort Worth, Texas.
Common Share Repurchase Authorizations
During the third quarter and in the month of October, AMLI repurchased on
the open market 924,200 of its Common Shares at prices ranging from $19.52 to
$22.97 pursuant to its previously announced 1,500,000 Common Share Repurchase
Program. AMLI anticipates that it will continue buying its common shares in
the fourth quarter.
Outlook
As stated in the Company's revised guidance issued on October 21, 2002,
AMLI's current expectation for full year 2002 FFO per share is in the range of
$2.36 to $2.38 per share. Additionally, the Company anticipates that 2003 FFO
per share will be in the range of $2.25 to $2.40 per share.
Dividend
Today, the Board of Trustees declared a quarterly dividend of $0.48 per
common share. This dividend is payable on November 26, 2002 to all common
shareholders of record as of November 15, 2002 and is based on an annual
dividend rate of $1.92 per common share.
Conference Call
AMLI will hold a conference call on Tuesday, November 5, 2002 at 3:30 p.m.
ET to review these results. The call may be joined by calling 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 .
Supplemental Information
AMLI produces Quarterly Supplemental Information that provides detailed
information regarding the Company's activities during the quarter. The Third
Quarter Supplemental Information is available in the 'Company Info' section on
our website ( http://www.amli.com/comp/ ) under 'Shareholder Reports.'
About AMLI
The AMLI(R) portfolio currently includes 73 apartment communities
containing 27,851 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 his/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, 2001.
SOURCE AMLI Residential Properties Trust
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CONTACT:
Robert J. Chapman, Chief Financial Officer of
AMLI Residential Properties Trust, +1-312-984-6845
