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| AMLI Residential Acquires Remaining Interest in Service Companies |
CHICAGO, Dec. 31 /PRNewswire-FirstCall/ -- AMLI Residential Properties Trust (NYSE: AML) announces that, as anticipated, it has acquired from UICI the 95% voting control and approximate 5% economic interest that AMLI did not own in its unconsolidated subsidiaries (the Service Companies). The Service Companies provide property management, construction and institutional advisory services to AMLI and AMLI's co-investment partnerships. UICI is a significant shareholder and the parent company of AMLI's original sponsor. The purchase of the AMLI(R) service mark was also included in this transaction. The total purchase price of $700,000 was paid in cash at closing. The financial position and results of operations of the Service Companies will be included prospectively in the Consolidated Financial Statements of AMLI and its Consolidated Subsidiaries. The AMLI(R) portfolio currently includes 72 apartment communities containing 27,533 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 .SOURCE AMLI Residential Properties Trust
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CONTACT:
Robert J. Chapman, CFO, +1-312-984-6845, or
Allan J. Sweet, President, +1-312-984-2602, both of AMLI
Residential Properties Trust
