EX-99 3 aml_99.txt EXHIBIT 99 ---------- AMLI RESIDENTIAL PROPERTIES TRUST SUPPLEMENTAL INFORMATION TO QUARTERLY FINANCIAL STATEMENTS June 30, 2001 1. Funds from Operations 2. Statements of Operations 3. Balance Sheets 4. Selected Financial Information 5. Debt 6. Debt Maturities 7. Same Community Comparison - Wholly-Owned - three months ended June 30, 2001 and 2000 8. Same Community Comparison - Wholly-Owned and Co-Investments - three months ended June 30, 2001 and 2000 9. Property Information 10. Property EBITDA - three months ended June 30, 2001 11. Development Activities AMLI RESIDENTIAL PROPERTIES TRUST FUNDS FROM OPERATIONS Unaudited - Dollars in thousands except per share data
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------------ ------------------------ 2001 2000 2001 2000 -------- -------- -------- -------- REVENUES -------- Property revenues: Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,064 26,775 53,829 53,049 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,760 1,658 3,330 3,195 -------- -------- -------- -------- Total Property Revenues . . . . . . . . . . . . . . . . . 28,824 28,433 57,159 56,244 -------- -------- -------- -------- Property operating expenses . . . . . . . . . . . . . . . . . . . (10,801) (10,283) (20,909) (20,126) Property management fees. . . . . . . . . . . . . . . . . . . . . (721) (711) (1,429) (1,406) -------- -------- -------- -------- Property expenses . . . . . . . . . . . . . . . . . . . . (11,522) (10,994) (22,338) (21,532) Operating expense ratio . . . . . . . . . . . . . . . . . . . . . 40.0% 38.7% 39.1% 38.3% -------- -------- -------- -------- Net operating income. . . . . . . . . . . . . . . . . . . 17,302 17,439 34,821 34,712 -------- -------- -------- -------- OTHER INCOME ------------ Share of Service Cos. FFO (1) . . . . . . . . . . . . . . . . . 97 1,897 (382) 1,622 Interest from Service Companies (2) . . . . . . . . . . . . . . 297 1,201 477 2,411 Other interest. . . . . . . . . . . . . . . . . . . . . . . . . 326 254 803 609 Share of partnerships FFO (3) . . . . . . . . . . . . . . . . . 5,347 3,212 10,305 6,085 Fee income - acquisitions, dispositions and financing . . . . . 10 365 249 475 Fee income - developments . . . . . . . . . . . . . . . . . . . 314 570 589 955 Fee income - asset management . . . . . . . . . . . . . . . . . 141 148 284 296 Promoted interest . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 0 140 0 -------- -------- -------- -------- Total other income. . . . . . . . . . . . . . . . . . . . 6,672 7,647 12,465 12,453 General and administrative (4). . . . . . . . . . . . . . . . . . (1,151) (930) (2,669) (1,858) -------- -------- -------- -------- EBITDA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,823 24,156 44,617 45,307 -------- -------- -------- -------- Interest expense. . . . . . . . . . . . . . . . . . . . . . . . . (6,352) (6,248) (12,779) (11,890) Amortization of deferred costs. . . . . . . . . . . . . . . . . . (309) (121) (445) (239) -------- -------- -------- -------- FUNDS FROM OPERATIONS (FFO) . . . . . . . . . . . . . . . . . . . $ 16,162 17,787 31,393 33,178 ======== ======== ======== ======== AMLI RESIDENTIAL PROPERTIES TRUST FUNDS FROM OPERATIONS - CONTINUED Unaudited - Dollars in thousands except per share data THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------------ ------------------------ 2001 2000 2001 2000 -------- -------- -------- -------- Capital expenditures paid from FFO (5). . . . . . . . . . . . . . $ (2,438) (1,190) (3,437) (1,983) Other - share of Co-investments Cap exp . . . . . . . . . . . . . (250) (155) (461) (248) -------- -------- -------- -------- Funds available for distribution (FAD). . . . . . . . . . . . . . $ 13,474 16,442 27,495 30,947 ======== ======== ======== ======== FFO per share . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.65 0.72 1.26 1.35 FAD per share . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.54 0.67 1.10 1.26 Dividend per share. . . . . . . . . . . . . . . . . . . . . . . . $ 0.47 0.47 0.94 0.93 Dividend as a % of FFO. . . . . . . . . . . . . . . . . . . . . . 72.8% 65.2% 74.8% 69.0% Dividend as a % of FAD. . . . . . . . . . . . . . . . . . . . . . 87.3% 70.6% 85.4% 74.0% ======== ======== ======== ======== NOTES: (1) Reflects share of income before goodwill amortization of $207 in each of the six months ended June 30, 2001 and 2000. (2) Reflects the December 2000 refinancing by the Service Companies of $27 million of intercompany advances with bank debt. (3) Reflects share of income before share of depreciation of $5,640 and $3,568 for the six months ended June 30, 2001 and 2000, respectively. (4) Includes write-offs and provision for loss on investments totaling $397 for the six months ended June 30, 2001. (5) Rehab costs of approximately $808 and $3,869 for the six months ended June 30, 2001 and 2000, respectively, are not reflected in cap ex paid from FFO.
AMLI RESIDENTIAL PROPERTIES TRUST STATEMENTS OF OPERATIONS Unaudited - Dollars in thousands except per share data
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------------ ------------------------ 2001 2000 2001 2000 -------- -------- -------- -------- REVENUES -------- Property revenues: Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,064 26,775 53,829 53,049 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,760 1,658 3,330 3,195 Interest and share of income (loss) from Service Cos. . . . . . . 291 2,995 (112) 3,826 Other interest. . . . . . . . . . . . . . . . . . . . . . . . . . 326 254 803 609 Share of income from co-investment partnerships . . . . . . . . . 2,403 1,332 4,665 2,517 Fees from co-investment partnerships & other. . . . . . . . . . . 605 1,083 1,262 1,726 -------- -------- -------- -------- Total revenues. . . . . . . . . . . . . . . . . . . . . . 32,449 34,097 63,777 64,922 -------- -------- -------- -------- EXPENSES -------- Personnel . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,858 2,806 5,695 5,549 Advertising and promotion . . . . . . . . . . . . . . . . . . . . 798 571 1,330 1,092 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 757 726 1,645 1,499 Building repairs and maintenance. . . . . . . . . . . . . . . . . 1,758 1,449 2,936 2,830 Landscaping and grounds maintenance . . . . . . . . . . . . . . . 652 662 1,152 1,216 Real estate taxes . . . . . . . . . . . . . . . . . . . . . . . . 3,415 3,485 6,955 6,827 Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289 228 596 458 Other operating expenses. . . . . . . . . . . . . . . . . . . . . 274 356 600 655 Property management fees. . . . . . . . . . . . . . . . . . . . . 721 711 1,429 1,406 Interest, net of capitalized. . . . . . . . . . . . . . . . . . . 6,352 6,248 12,779 11,890 Amortization of deferred costs. . . . . . . . . . . . . . . . . . 309 121 445 239 Depreciation of real property . . . . . . . . . . . . . . . . . . 3,539 3,541 7,136 7,052 Depreciation of personal property . . . . . . . . . . . . . . . . 2,015 1,485 3,504 2,940 General and administrative. . . . . . . . . . . . . . . . . . . . 1,151 930 2,669 1,858 -------- -------- -------- -------- Total expenses. . . . . . . . . . . . . . . . . . . . . . 24,888 23,319 48,871 45,511 -------- -------- -------- -------- AMLI RESIDENTIAL PROPERTIES TRUST STATEMENTS OF OPERATIONS - CONTINUED Unaudited - Dollars in thousands except per share data THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------------ ------------------------ 2001 2000 2001 2000 -------- -------- -------- -------- Non-recurring item - gains on sale of properties. . . . . . . . . 9,249 8,151 9,249 30,467 -------- -------- -------- -------- Income before taxes, minority interest and extraordinary item . . 16,810 18,929 24,155 49,878 -------- -------- -------- -------- Income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 -------- -------- -------- -------- Income bef. minority interest & extraordinary items . . . . . . . 16,810 18,929 24,155 49,878 Minority interest . . . . . . . . . . . . . . . . . . . . . . . . 2,585 2,835 3,525 7,856 -------- -------- -------- -------- Income before extraordinary items . . . . . . . . . . . . . . . . 14,225 16,094 20,630 42,022 Extraordinary items, net of minority interest . . . . . . . . . . 0 0 0 0 -------- -------- -------- -------- Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,225 16,094 20,630 42,022 Net income allocable to preferred shares. . . . . . . . . . . . . 1,633 1,829 3,266 3,658 -------- -------- -------- -------- Net income allocable to common shares . . . . . . . . . . . . . . $ 12,592 14,265 17,364 38,364 ======== ======== ======== ======== INCOME PER COMMON SHARE: ----------------------- Before extraordinary items. . . . . . . . . . . . . . . . . . . . $ 0.71 0.83 0.98 2.25 Extraordinary item. . . . . . . . . . . . . . . . . . . . . . . . $ 0.00 0.00 0.00 0.00 Income per common share . . . . . . . . . . . . . . . . . . . . . $ 0.71 0.83 0.98 2.25 Income per common share - diluted . . . . . . . . . . . . . . . . $ 0.67 0.76 0.96 1.99 ======== ======== ======== ======== FUNDS FROM OPERATIONS --------------------- Income before taxes, minority interest and extraordinary item . . $ 16,810 18,929 24,155 49,878 -------- -------- -------- -------- Depreciation of real property . . . . . . . . . . . . . . . . . . 3,539 3,541 7,136 7,052 Depreciation of personal property . . . . . . . . . . . . . . . . 2,015 1,485 3,504 2,940 Non-recurring item - gains on sale of properties. . . . . . . . . (9,249) (8,151) (9,249) (30,467) Share of Co-investments depreciation. . . . . . . . . . . . . . . 2,944 1,880 5,640 3,568 Share of Service Company amortization of goodwill . . . . . . . . 103 103 207 207 -------- -------- -------- -------- Funds from operations (FFO) . . . . . . . . . . . . . . . . . . . $ 16,162 17,787 31,393 33,178 FFO per share . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.65 0.72 1.26 1.35 ======== ======== ======== ======== AMLI RESIDENTIAL PROPERTIES TRUST STATEMENTS OF OPERATIONS - CONTINUED Unaudited - Dollars in thousands except per share data THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, ------------------------ ------------------------ 2001 2000 2001 2000 -------- -------- -------- -------- Capital expenditures paid from FFO. . . . . . . . . . . . . . . . $ (2,438) (1,190) (3,437) (1,983) Other - Share Co-investments Cap exp. . . . . . . . . . . . . . . (250) (155) (461) (248) -------- -------- -------- -------- Funds available for distribution (FAD). . . . . . . . . . . . . . $ 13,474 16,442 27,495 30,947 FAD per share . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.54 0.67 1.10 1.26 -------- -------- -------- -------- Dividends per share . . . . . . . . . . . . . . . . . . . . . . . $ 0.47 0.47 0.94 0.93 ======== ======== ======== ======== Dividends as a % of FFO . . . . . . . . . . . . . . . . . . . . . 72.8% 65.2% 74.8% 69.0% Dividends as a % of FAD . . . . . . . . . . . . . . . . . . . . . 87.3% 70.6% 85.4% 74.0% ======== ======== ======== ========
AMLI RESIDENTIAL PROPERTIES TRUST CONDENSED BALANCE SHEETS Unaudited - Dollars in thousands except per share data JUN. 31, DEC. 31, 2001 2000 -------- -------- ASSETS ------ Rental apartments Land. . . . . . . . . . . . . . . . . . . $ 92,998 91,242 Depreciable property. . . . . . . . . . . 603,348 604,081 -------- -------- 696,346 695,323 Less accumulated depreciation . . . . . . (96,700) (94,590) -------- -------- 599,646 600,733 Rental apartments held for sale, net of accumulated depreciation . . . . . 16,197 -- Land. . . . . . . . . . . . . . . . . . . . 58,657 53,022 Investments in partnerships . . . . . . . . 183,027 166,569 Cash and cash equivalents . . . . . . . . . 5,830 5,106 Deferred costs, net . . . . . . . . . . . . 4,230 3,425 Notes receivable and advances to Service Companies . . . . . . . . . . . . 17,524 4,857 Other assets. . . . . . . . . . . . . . . . 29,937 32,279 -------- -------- Total assets. . . . . . . . . . . . $915,048 865,991 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY ------------------------------------ Debt. . . . . . . . . . . . . . . . . . . . $429,489 385,981 Accrued interest payable. . . . . . . . . . 1,232 1,783 Accrued real estate taxes . . . . . . . . . 7,943 10,806 Construction costs payable. . . . . . . . . 1,802 1,501 Security deposits and prepaid rents . . . . 2,873 2,507 Other liabilities . . . . . . . . . . . . . 6,217 3,937 -------- -------- Total liabilities . . . . . . . . . 449,556 406,515 -------- -------- Minority interest . . . . . . . . . . . . . 66,272 59,537 -------- -------- Shareholders' equity Preferred shares, $.01 par value. . . . . 35 35 Shares of beneficial interest, $.01 par value. . . . . . . . . . . . . 178 178 Additional paid-in capital. . . . . . . . 428,812 427,939 Employees and trustees notes. . . . . . . (12,157) (12,231) Other comprehensive loss. . . . . . . . . (2,286) -- Dividends paid in excess of earnings. . . (15,362) (15,982) -------- -------- Total shareholders' equity. . . . . 399,220 399,939 -------- -------- Total liabilities and shareholders' equity. . . . . . . $915,048 865,991 ======== ======== AMLI RESIDENTIAL PROPERTIES TRUST SELECTED QUARTERLY FINANCIAL INFORMATION June 30, 2001 (dollars in thousands except for share data)
Quarter ending -------------------------------------------------------------------------------- Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 2001 2001 2000 2000 2000 2000 ---------- ---------- ---------- ---------- ---------- ---------- Debt $ 429,489 412,242 385,981 398,956 393,168 398,867 Including share of debt of uncon- solidated affiliates $ 639,076 635,166 583,635 542,778 520,597 510,230 Total Shares and Units Outstanding (1) 24,891,232 24,873,832 24,558,242 24,552,642 24,544,475 24,544,475 Value per Common Share - end of quarter 24.60 22.30 24.6875 24.00 23.5625 20.50 Total Equity (Market Value) - end of quarter $ 612,324 554,686 606,282 589,263 578,329 503,162 Market capitalization $1,041,813 966,928 992,263 988,219 971,497 902,029 Including share of debt of uncon- solidated affiliates $1,251,400 1,189,852 1,189,917 1,132,041 1,098,926 1,013,392 Including Co-investment at completed cost $2,127,784 2,066,236 2,065,511 1,905,589 1,826,661 1,678,237 ========== ========== ========== ========== ========== ========== AMLI RESIDENTIAL PROPERTIES TRUST SELECTED QUARTERLY FINANCIAL INFORMATION - CONTINUED June 30, 2001 (dollars in thousands except for share data) Quarter ending -------------------------------------------------------------------------------- Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 2001 2001 2000 2000 2000 2000 ---------- ---------- ---------- ---------- ---------- ---------- Total Revenues (2) $ 32,449 31,328 32,689 34,135 34,097 30,825 EBITDA (3) $ 22,823 21,794 23,423 24,258 24,156 21,151 FFO $ 16,162 15,231 16,877 17,804 17,787 15,391 FAD $ 13,474 14,021 15,626 15,847 16,442 14,505 Dividends Paid $ 11,699 11,740 11,541 11,537 11,290 11,290 Debt service (net of capitalized interest) $ 7,105 7,166 7,177 7,065 6,947 6,316 Interest Expense $ 6,352 6,427 6,452 6,353 6,248 5,642 G & A Expense $ 1,151 1,518 1,056 842 930 928 Total Shares and Units Outstanding - Wtd. Avg. 24,876,109 24,813,456 24,555,937 24,546,254 24,544,475 24,541,971 ========== ========== ========== ========== ========== ========== Interest Coverage Ratio 3.59 3.39 3.63 3.82 3.87 3.75 Debt as % of Total Market Capitalization 41.23% 42.63% 38.90% 40.37% 40.47% 44.22% Including share of debt of unconsolidated affiliates 51.07% 53.38% 49.05% 47.95% 47.37% 50.35% EBITDA as % of Total Market Capitalization 8.76% 9.02% 9.44% 9.82% 9.95% 9.38% FFO as % of Total Market Equity 10.56% 10.98% 11.13% 12.09% 12.30% 12.24% G&A as % of Total Market Capitalization 0.44% 0.63% 0.43% 0.34% 0.38% 0.41% G&A as % of Total Revenues 3.55% 4.85% 3.23% 2.47% 2.73% 3.01% Dividends as % of FFO (4) 72.8% 76.9% 68.8% 65.5% 65.2% 73.5% Dividends as % of FAD (4) 87.3% 83.5% 74.3% 73.5% 70.6% 78.0% ========== ========== ========== ========== ========== ========== AMLI RESIDENTIAL PROPERTIES TRUST SELECTED QUARTERLY FINANCIAL INFORMATION - CONTINUED June 30, 2001 (dollars in thousands except for share data) Quarter ending -------------------------------------------------------------------------------- Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 2001 2001 2000 2000 2000 2000 ---------- ---------- ---------- ---------- ---------- ---------- Apartment Units - In Operation Wholly Owned 12,079 12,519 12,191 12,264 12,264 12,576 Co-investments 15,067 15,067 13,956 11,604 10,963 9,205 ---------- ---------- ---------- ---------- ---------- ---------- 27,146 27,586 26,147 23,868 23,227 21,781 ---------- ---------- ---------- ---------- ---------- ---------- Apartment Units - Under Development or in lease up Wholly Owned 0 0 0 500 500 200 Co-investments 2,217 2,217 2,845 3,642 3,234 4,098 ---------- ---------- ---------- ---------- ---------- ---------- 2,217 2,217 2,845 4,142 3,734 4,298 ---------- ---------- ---------- ---------- ---------- ---------- Total Units 29,363 29,803 28,992 28,010 26,961 26,079 ========== ========== ========== ========== ========== ========== (1) At June 30, 2001, the total includes 3,475,000 preferred shares convertible to common shares. (2) Excluding gains on sales of completed rental properties. (3) Includes other income, net of G & A expenses and net of share of co-investment interest expense. (4) Based on per share amounts.
AMLI RESIDENTIAL PROPERTIES TRUST PORTFOLIO INDEBTEDNESS SUMMARY June 30, 2001 (Dollars in thousands)
Weighted Avg. Percent of Interest Years to Type of Indebtedness Balance Total Interest Rate Maturity -------------------- -------- ----------- ---------- --------- ---------- Conventional Fixed Rate $304,239 70.8% Fixed 7.14% 7.7 Tax-exempt Variable Rate (1) 50,250 11.7% Variable 4.55% 1.3 Credit Facilities (2) 75,000 17.5% Variable 7.27% 2.4 -------- ------ ------ --- Total $429,489 100.0% 6.86% 6.0 ======== ====== ====== === Weighted Balance including Avg. share of Co- Percent of Interest Years to Type of Indebtedness investment debt(3) Total Interest Rate Maturity -------------------- ----------------- ----------- ---------- --------- ---------- Conventional Fixed Rate $499,826 80.0% Fixed 7.28% 7.5 Tax-exempt Variable Rate (1) 50,250 8.0% Variable(4) 4.55% 1.3 Credit Facilities (2) 75,000 12.0% Variable(4) 7.27% 2.4 -------- ------ ------ --- Total $625,076 100.0% 7.06% 6.4 ======== ====== ====== === (1) Maturity Date shown is expiration date of Credit Enhancement. Bonds mature in 2024. (2) $75,000 has been swapped to a fixed rate ($20,000 maturing in November 2002, $30,000 maturing in February 2003, and $25,000 maturing in September 2004.) Effective interest rate includes swap costs. Outstanding balance excludes $14,000 borrowed by unconsolidated service company subsidiaries which reduces availability under the line of credit. The Company reduced its unsecured Line of Credit commitment by $50,000 to $200,000 in June 2001 when it closed on its $140,000 mortgage financing for seven of its stabilized properties. (3) Co-Investment debt represents Amli Residential's pro rata share of debt. Interest rate and maturity reflect average numbers based on Amli's pro rata share. (4) Weighted average interest rate reflects rate in effect of the last day of the quarter.
AMLI RESIDENTIAL PROPERTIES TRUST DEBT MATURITIES JUNE 30, 2001 Unaudited - Dollars in thousands
There- % to 2001 2002 2003 2004 2005 after Total Total -------- -------- -------- -------- -------- -------- -------- ------- Fixed Rate Mortgages $ 2,102 4,727 61,671 10,568 34,651 190,520 304,239 70.8% Tax Exempt Bonds* 50,250 50,250 11.7% Wachovia/First Chicago Line of Credit** 75,000 75,000 17.5% -------- -------- -------- -------- -------- -------- -------- ------- Total Loans $ 2,102 54,977 136,671 10,568 34,651 190,520 429,489 100.0% ======== ======== ======== ======== ======== ======== ======== ======= Percent to Total 0.5% 12.8% 31.8% 2.5% 8.1% 44.3% 100.0% 68.7% ======== ======== ======== ======== ======== ======== ======== ======= SHARE OF CO-INVESTMENT DEBT --------------------------- Total Share of Co-Investments Loans $ 1,134 9,085 26,003 9,845 2,045 147,475 195,587 100.0% ======== ======== ======== ======== ======== ======== ======== ======= Percent to Total 0.6% 4.6% 13.3% 5.0% 1.1% 75.4% 100.0% 31.3% ======== ======== ======== ======== ======== ======== ======== ======= Total including Share of Co-investments Debt $ 3,236 64,062 162,674 20,413 36,696 337,995 625,076 100.0% ======== ======== ======== ======== ======== ======== ======== ======== Percent to Total 0.5% 10.2% 26.0% 3.3% 5.9% 54.1% 100.0% 100.0% ======== ======== ======== ======== ======== ======== ======== ======= * The Spring Creek Bonds mature in October 2024, but the credit enhancement expires on October 15, 2002. * The Poplar Creek Bonds mature in February 2024, but credit enhancement expires December 18, 2002. ** The Unsecured Line of Credit has a current maturity of Nov. 2003, with an additional year extension option. The Company reduced its Line of Credit commitment by $50,000 to $200,000 when it closed on its $140,000 mortgage financing for seven of its stabilized properties. At June 30, 2001, the Company's unconsolidated service company subsidiaries had borrowed $14,000 from the Company's bank group. These borrowings have been guaranteed by the Company and thus serve to reduce the Company's total availability under its $200,000 unsecured debt.
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES) THREE MONTHS ENDED JUNE 30, 2001 VERSUS THREE MONTHS ENDED JUNE 30, 2000 (Includes new properties at 4/1/00 - Towne Creek in Atlanta & Stonehollow in Austin)
4/1/01-6/30/01 4/1/00-6/30/00 No. of --------------------------------- % -------------------------------- Apts. Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft -------- -------- -------- ---------- ------ ---------- -------- --------- WEIGHTED AVG. OCCUPANCY ------------- Dallas 3,870 93.6% 0.3% 93.3% Atlanta 2,771 93.3% 7.3% 86.9% Austin 1,304 90.3% -6.1% 96.2% Indianapolis 1,536 88.0% 2.6% 85.7% Kansas 1,306 90.6% 1.2% 89.5% Chicago 196 94.7% -3.3% 98.0% ------ ----- ----- ----- Weighted Average 92.0% 1.5% 90.6% ===== ===== ===== Total 10,983 ====== WEIGHTED AVG. RENTAL RATE ------------- Dallas $ 743 2.9% $ 723 Atlanta $ 835 9.5% $ 762 Austin $ 856 4.3% $ 821 Indianapolis $ 702 4.1% $ 674 Kansas $ 813 -1.3% $ 823 Chicago $1,081 5.5% $1,025 ------ ---- ------ Weighted Average $ 788 4.4% $ 755 ====== ==== ====== TOTAL PROPERTY REVENUES Per Month Per Month --------------- ---------- ---------- Dallas $ 8,552,925 $ 737 $ 0.85 3.5% $ 8,261,810 $ 712 $ 0.82 Atlanta $ 6,886,299 $ 828 $ 0.88 6.6% $ 6,459,854 $ 777 $ 0.82 Austin $ 3,223,461 $ 824 $ 0.98 -1.1% $ 3,259,467 $ 833 $ 0.99 Indianapolis $ 3,111,251 $ 675 $ 0.75 7.1% $ 2,905,147 $ 630 $ 0.70 Kansas $ 3,119,684 $ 796 $ 0.80 -0.1% $ 3,123,164 $ 797 $ 0.80 Chicago $ 634,821 $1,080 $ 1.19 4.0% $ 610,645 $1,039 $ 1.15 ----------- ------ ------ ----- ----------- ------ ------ Total $25,528,440 $ 775 $ 0.86 3.7% $24,620,087 $ 747 $ 0.83 =========== ====== ===== ===== =========== ====== ====== AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES) - CONTINUED 4/1/01-6/30/01 4/1/00-6/30/00 --------------------------------- % -------------------------------- Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft -------- -------- ---------- ------ ---------- -------- --------- PROPERTY OPERATING EXPENSES (ANNUALIZED) (ANNUALIZED) --------------------------- ------------ ------------ Dallas $ 3,480,418 $3,597 $4.13 1.1% $ 3,441,353 $3,557 $4.08 Atlanta $ 2,695,975 $3,892 $4.12 17.6% $ 2,292,702 $3,310 $3.50 Austin $ 1,505,367 $4,618 $5.50 21.6% $ 1,238,418 $3,799 $4.53 Indianapolis $ 1,211,766 $3,156 $3.51 4.1% $ 1,163,553 $3,030 $3.37 Kansas $ 1,057,207 $3,238 $3.26 0.1% $ 1,056,666 $3,236 $3.25 Chicago $ 289,459 $5,907 $6.52 4.8% $ 276,104 $5,635 $6.22 ------------ ------ ----- ----- ----------- ------ ----- Total $ 10,240,193 $3,729 $4.12 8.1% $ 9,468,796 $3,449 $3.81 ============ ====== ===== ===== =========== ====== ===== Operating Efficiency 40.1% 38.5% ============ ===========
PER MONTH PER MONTH --------- ---------- NOI 2001% 2000% --- ----- ----- Dallas 59.3% 58.3% $ 5,072,506 $437 $0.50 5.2% $ 4,820,457 $415 $0.48 Atlanta 60.9% 64.5% $ 4,190,324 $504 $0.53 0.6% $ 4,167,152 $501 $0.53 Austin 53.3% 62.0% $ 1,718,094 $439 $0.52 -15.0% $ 2,021,048 $517 $0.62 Indianapolis 61.1% 59.9% $ 1,899,485 $412 $0.46 9.1% $ 1,741,594 $378 $0.42 Kansas 66.1% 66.2% $ 2,062,477 $526 $0.53 -0.2% $ 2,066,499 $527 $0.53 Chicago 54.4% 54.8% $ 345,362 $587 $0.65 3.2% $ 334,541 $569 $0.63 ----- ----- ------------ ---- ----- ----- ----------- ---- ----- Total 59.9% 61.5% $ 15,288,248 $464 $0.51 0.9% $15,151,291 $460 $0.51 ===== ===== ============ ==== ===== ===== =========== ==== ===== Operating Margin 59.9% 61.5% ============ =========== CAPITAL EXPENDITURES (ANNUALIZED) (ANNUALIZED) -------------------- ------------ ------------- Dallas $ 679,163 $ 702 $0.81 12.5% $ 603,893 $ 624 $0.72 Atlanta $ 1,228,800 $1,774 $1.88 426.5% $ 233,371 $ 337 $0.36 Austin $ 111,167 $ 341 $0.41 6.2% $ 104,670 $ 321 $0.38 Indianapolis $ 218,218 $ 568 $0.63 209.7% $ 70,464 $ 184 $0.20 Kansas $ 81,102 $ 248 $0.25 69.8% $ 47,761 $ 146 $0.15 Chicago $ 26,548 $ 542 $0.60 -26.5% $ 36,115 $ 737 $0.81 ------------ ------ ----- ------ ---------- ------ ----- Total $ 2,344,997 $ 854 $0.94 113.9% $1,096,275 $ 399 $0.44 ============ ====== ===== ====== ========== ====== =====
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES) - CONTINUED
4/1/01-6/30/01 4/1/00-6/30/00 --------------------------------- % -------------------------------- Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft -------- -------- ---------- ------ ---------- -------- --------- REPAIRS AND MAINTENANCE (ANNUALIZED) (ANNUALIZED) ----------------------- ------------ ------------ Dallas $ 459,775 $ 475 $0.55 1.2% $ 454,186 $ 469 $0.54 Atlanta $ 644,994 $ 931 $0.99 64.1% $ 393,012 $ 567 $0.60 Austin $ 201,955 $ 619 $0.74 100.2% $ 100,895 $ 309 $0.37 Indianapolis $ 175,528 $ 457 $0.51 -12.3% $ 200,212 $ 521 $0.58 Kansas $ 121,240 $ 371 $0.37 2.6% $ 118,148 $ 362 $0.36 Chicago $ 33,975 $ 693 $0.77 3.4% $ 32,847 $ 670 $0.74 ------------ ------ ----- ------ ---------- ------ ----- Total $ 1,637,468 $ 596 $0.66 26.0% $1,299,300 $ 473 $0.52 ============ ====== ===== ====== ========== ====== ===== REAL ESTATE TAXES (ANNUALIZED) (ANNUALIZED) ----------------- ------------ ------------ Dallas $ 1,229,638 $1,271 $1.46 -4.3% $1,284,283 $1,327 $1.52 Atlanta $ 500,161 $ 722 $0.76 3.2% $ 484,814 $ 700 $0.74 Austin $ 539,821 $1,656 $1.97 5.1% $ 513,763 $1,576 $1.88 Indianapolis $ 304,734 $ 794 $0.88 15.2% $ 264,614 $ 689 $0.77 Kansas $ 256,160 $ 785 $0.79 -14.0% $ 297,719 $ 912 $0.92 Chicago $ 144,375 $2,946 $3.25 8.7% $ 132,875 $2,712 $2.99 ------------ ------ ----- ----- ---------- ------ ----- Total $ 2,974,889 $1,083 $1.20 -0.1% $2,978,068 $1,085 $1.20 ============ ====== ===== ===== ========== ====== =====
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED AND CO-INVESTMENT PROPERTIES) THREE MONTHS ENDED JUNE 30, 2001 VERSUS THREE MONTHS ENDED JUNE 30, 2000 (Includes new properties at 4/1/00 - Stonehollow, Towne Creek, Midtown)
4/1/2001-6/30/2001 4/1/2000-6/30/2000 No. of --------------------------------- % -------------------------------- Apts. Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft -------- -------- -------- ---------- ------ ---------- -------- --------- WEIGHTED AVG. OCCUPANCY ------------- Dallas 6,230 93.2% -0.1% 93.3% Atlanta 4,809 93.6% 3.8% 90.2% Austin 1,880 88.0% -7.9% 95.5% Houston 1,173 91.7% -2.4% 94.0% Indianapolis 1,536 88.0% 2.6% 85.7% Kansas 1,674 90.5% 1.7% 89.0% Chicago 2,384 94.3% -1.2% 95.5% ------ ----- ----- ----- Weighted Average 92.2% 0.1% 92.1% ===== ===== ===== Total 19,686 ====== WEIGHTED AVG. RENTAL RATE ------------- Dallas $ 756 2.6% $ 737 Atlanta $ 875 7.1% $ 817 Austin $ 868 4.2% $ 834 Houston $ 837 1.2% $ 827 Indianapolis $ 702 4.1% $ 674 Kansas $ 804 -1.1% $ 813 Chicago $1,067 5.7% $1,009 ------ ---- ------ Weighted Average $ 838 4.0% $ 806 ====== ==== ====== TOTAL PROPERTY REVENUES Per Month Per Month --------------- ---------- ---------- Dallas $14,003,495 $ 749 $ 0.86 3.3% $13,556,431 $ 725 $ 0.83 Atlanta $12,582,236 $ 872 $ 0.88 5.0% $11,987,101 $ 831 $ 0.84 Austin $ 4,525,413 $ 802 $ 0.91 -4.5% $ 4,737,119 $ 840 $ 0.96 Houston $ 2,884,624 $ 820 $ 0.90 3.0% $ 2,800,853 $ 796 $ 0.88 Indianapolis $ 3,111,251 $ 675 $ 0.75 7.1% $ 2,905,147 $ 630 $ 0.70 Kansas $ 3,949,874 $ 787 $ 0.80 0.5% $ 3,931,946 $ 783 $ 0.80 Chicago $ 7,799,876 $1,091 $ 1.25 4.7% $ 7,451,985 $1,042 $ 1.19 ----------- ------ ------ ----- ----------- ------ ------ Total $48,856,769 $ 827 $ 0.90 3.1% $47,370,583 $ 802 $ 0.88 =========== ====== ====== ===== =========== ====== ====== AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED AND CO-INVESTMENT PROPERTIES) - CONTINUED 4/1/2001-6/30/2001 4/1/2000-6/30/2000 --------------------------------- % -------------------------------- Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft -------- -------- ---------- ------ ---------- -------- --------- PROPERTY OPERATING EXPENSES (ANNUALIZED) (ANNUALIZED) --------------------------- ------------ ------------ Dallas $ 5,943,934 $3,816 $4.37 3.4% $ 5,751,107 $3,693 $4.23 Atlanta $ 4,551,250 $3,786 $3.81 12.7% $ 4,039,389 $3,360 $3.38 Austin $ 2,155,162 $4,585 $5.23 18.2% $ 1,823,656 $3,880 $4.42 Houston $ 1,287,930 $4,392 $4.83 7.3% $ 1,200,352 $4,093 $4.50 Indianapolis $ 1,211,766 $3,156 $3.51 4.1% $ 1,163,553 $3,030 $3.37 Kansas $ 1,352,608 $3,232 $3.29 -0.8% $ 1,363,112 $3,257 $3.31 Chicago $ 2,702,578 $4,535 $5.20 8.3% $ 2,494,874 $4,186 $4.80 ------------ ------ ----- ----- ----------- ------ ----- Total $ 19,205,228 $3,902 $4.26 7.7% $17,836,043 $3,624 $3.95 ============ ====== ===== ===== =========== ====== ===== Operating Efficiency 39.3% 37.7% ============ ==========
PER MONTH PER MONTH --------- ---------- NOI 2001% 2000% --- ----- ----- Dallas 57.6% 57.6% $ 8,059,561 $431 $0.49 3.3% $ 7,805,324 $418 $0.48 Atlanta 63.8% 66.3% $ 8,030,986 $557 $0.56 1.0% $ 7,947,713 $551 $0.55 Austin 52.4% 61.5% $ 2,370,252 $420 $0.48 -18.6% $ 2,913,464 $517 $0.59 Houston 55.4% 57.1% $ 1,596,694 $454 $0.50 -0.2% $ 1,600,501 $455 $0.50 Indianapolis 61.1% 59.9% $ 1,899,485 $412 $0.46 9.1% $ 1,741,594 $378 $0.42 Kansas 65.8% 65.3% $ 2,597,267 $517 $0.53 1.1% $ 2,568,834 $512 $0.52 Chicago 65.4% 66.5% $ 5,097,297 $713 $0.82 2.8% $ 4,957,110 $693 $0.79 ----- ----- ------------ ---- ----- ----- ----------- ---- ----- Total 60.7% 62.3% $ 29,651,541 $502 $0.55 0.4% $29,534,540 $500 $0.55 ===== ===== ============ ==== ===== ===== =========== ==== ===== Operating Margin 60.7% 62.3% ============ ===========
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED AND CO-INVESTMENT PROPERTIES) - CONTINUED
4/1/2001-6/30/2001 4/1/2000-6/30/2000 --------------------------------- % -------------------------------- Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft -------- -------- ---------- ------ ---------- -------- --------- CAPITAL EXPENDITURES (ANNUALIZED) (ANNUALIZED) -------------------- ------------ ------------ Dallas $ 858,778 $ 551 $0.63 12.0% $ 766,520 $ 492 $0.56 Atlanta $ 1,340,472 $1,115 $1.12 345.9% $ 300,607 $ 250 $0.25 Austin $ 120,988 $ 257 $0.29 15.6% $ 104,670 $ 223 $0.25 Houston $ 179,598 $ 612 $0.67 235.8% $ 53,480 $ 182 $0.20 Indianapolis $ 218,218 $ 568 $0.63 209.7% $ 70,464 $ 184 $0.20 Kansas $ 93,539 $ 224 $0.23 44.7% $ 64,633 $ 154 $0.16 Chicago $ 192,915 $ 324 $0.37 -5.4% $ 203,961 $ 342 $0.39 ------------ ------ ----- ------ ---------- ------ ----- Total $ 3,004,508 $ 610 $0.67 92.1% $1,564,336 $ 318 $0.35 ============ ====== ===== ====== ========== ====== ===== REPAIRS AND MAINTENANCE (ANNUALIZED) (ANNUALIZED) ----------------------- ------------ ------------ Dallas $ 730,096 $ 469 $0.54 6.8% $ 683,636 $ 439 $0.50 Atlanta $ 863,313 $ 718 $0.72 40.6% $ 613,922 $ 511 $0.51 Austin $ 245,578 $ 523 $0.60 75.3% $ 140,129 $ 298 $0.34 Houston $ 105,446 $ 360 $0.40 16.2% $ 90,711 $ 309 $0.34 Indianapolis $ 175,528 $ 457 $0.51 -12.3% $ 200,212 $ 521 $0.58 Kansas $ 142,706 $ 341 $0.35 -3.5% $ 147,883 $ 353 $0.36 Chicago $ 375,216 $ 630 $0.72 -0.5% $ 377,145 $ 633 $0.73 ------------ ------ ----- ------ ---------- ------ ----- Total $ 2,637,883 $ 536 $0.58 17.1% $2,253,638 $ 458 $0.50 ============ ====== ===== ====== ========== ====== ===== REAL ESTATE TAXES (ANNUALIZED) (ANNUALIZED) ----------------- ------------ ------------ Dallas $ 2,073,882 $1,332 $1.52 -2.7% $2,132,224 $1,369 $1.57 Atlanta $ 1,029,987 $ 857 $0.86 4.2% $ 988,645 $ 822 $0.83 Austin $ 827,321 $1,760 $2.01 6.6% $ 776,263 $1,652 $1.88 Houston $ 501,197 $1,709 $1.88 0.5% $ 498,903 $1,701 $1.87 Indianapolis $ 304,734 $ 794 $0.88 15.2% $ 264,614 $ 689 $0.77 Kansas $ 345,051 $ 824 $0.84 -9.6% $ 381,839 $ 912 $0.93 Chicago $ 1,021,983 $1,715 $1.96 25.6% $ 813,395 $1,365 $1.56 ------------ ------ ----- ------ ---------- ------ ----- Total $ 6,104,154 $1,240 $1.35 4.2% $5,855,883 $1,190 $1.30 ============ ====== ===== ====== ========== ====== =====
AMLI RESIDENTIAL PROPERTIES TRUST PROPERTY INFORMATION As of June 30, 2001
Qtr ended June 30, 2001 Approx- Average Qtr ended imate Rental Rates June 30, Number Rentable Average ------------- 2001 Year of Area Unit Size Per Per Average PROPERTIES Location Completed Units (Sq Ft) (Sq Ft) Unit Sq Ft Occupancy ---------- -------- --------- ------ --------- --------- ---- ----- ----------- WHOLLY OWNED PROPERTIES ------------ DALLAS/FT. WORTH, TX ---------- Amli: at Bent Tree Dallas, TX 1996/2000 500 481,682 963 $ 854 $0.89 94.2% at Bishop's Gate West Plano, TX 1997 266 292,094 1,098 1,018 0.93 92.9% at Chase Oaks Plano, TX 1986 250 193,736 775 721 0.93 94.8% at Gleneagles Dallas, TX 87/97 590 520,357 882 735 0.83 94.2% on the Green Ft. Worth, TX 90/93 424 358,560 846 716 0.85 91.1% at Nantucket Dallas, TX 1986 312 222,208 712 600 0.84 91.8% of North Dallas Dallas, TX 85/86 1,032 906,808 879 715 0.81 93.7% on Rosemeade Dallas, TX 1987 236 205,334 870 680 0.78 93.8% at Stonebridge Ranch McKinney, TX 2001 250 214,348 857 680 0.79 93.8% at Valley Ranch Irving, TX 1985 460 389,940 848 753 0.89 93.6% ----- --------- --- ------ ----- ------ Subtotal-Dallas Ft. Worth, TX 4,320 3,785,067 876 $ 745 $0.85 93.4% ----- --------- --- ------ ----- ------ ATLANTA, GA ----------- Amli: at Clairmont Atlanta, GA 1988 288 229,335 796 854 1.07 94.8% at Killian Creek Snellville, GA 1999 256 262,785 1,027 851 0.83 96.5% at Park Creek Gainesville, GA 1998 200 195,146 976 806 0.83 94.3% at Spring Creek Dunwoody, GA 85/86/87/89 1,180 1,080,568 916 808 0.88 92.9% at Vinings Atlanta, GA 1985 360 374,240 1,040 882 0.85 94.9% at West Paces Atlanta, GA 1992 337 353,700 1,050 946 0.90 92.3% at Towne Creek Gainesville, GA 1989 150 121,722 811 655 0.81 88.5% ------ --------- ----- ------ ----- ------ Subtotal- Atlanta, GA 2,771 2,617,496 945 835 0.88 93.5% ------ --------- ----- ------ ----- ------ Qtr ended June 30, 2001 Approx- Average Qtr ended imate Rental Rates June 30, Number Rentable Average ------------- 2001 Year of Area Unit Size Per Per Average PROPERTIES Location Completed Units (Sq Ft) (Sq Ft) Unit Sq Ft Occupancy ---------- -------- --------- ------ --------- --------- ---- ----- ----------- AUSTIN, TEXAS ------------- Amli: in Great Hills Austin, TX 1985 344 257,984 750 780 1.04 90.3% at Lantana Ridge Austin, TX 1997 354 311,857 881 919 1.04 91.0% at Stonehollow Austin, TX 1997 606 524,660 866 863 1.00 90.1% ----- --------- --- ---- ----- ----- Subtotal- Austin, TX 1,304 1,094,501 839 856 1.02 90.4% ----- --------- --- ---- ----- ----- KANSAS CITY ----------- Amli: at Alvamar Lawrence, KS 1989 152 125,800 828 714 0.86 91.0% at Centennial Overland Park, KS 1998 170 204,858 1,205 956 0.79 87.6% at Lexington Farms Overland Park, KS 1998 404 392,693 972 798 0.82 94.1% at Regents Center Overland Park, KS 91/95/97 424 398,674 940 764 0.81 93.3% at Town Center Overland Park, KS 1997 156 176,914 1,134 926 0.82 86.3% ----- --------- ----- ----- ----- ----- Subtotal - Kansas 1,306 1,298,939 995 813 0.82 91.7% ----- --------- ----- ----- ----- ----- INDIANAPOLIS, IN ---------------- Amli: at Conner Farms Indianapolis, IN 1993 300 327,396 1,091 850 0.78 91.7% at Eagle Creek Indianapolis, IN 1998 240 233,432 973 809 0.83 94.5% at Riverbend Indianapolis, IN 83/85 996 820,712 824 632 0.77 87.0% ----- --------- ----- ---- ----- ----- Subtotal -Indianapolis, IN 1,536 1,381,540 899 702 0.78 89.1% ----- --------- ----- ---- ----- ----- Qtr ended June 30, 2001 Approx- Average Qtr ended imate Rental Rates June 30, Number Rentable Average ------------- 2001 Year of Area Unit Size Per Per Average PROPERTIES Location Completed Units (Sq Ft) (Sq Ft) Unit Sq Ft Occupancy ---------- -------- --------- ------ --------- --------- ---- ----- ----------- CHICAGO, IL ------------ Amli: at Poplar Creek Schaumburg, IL 1985 196 177,630 906 1,081 1.19 95.4% ------ ---------- ----- ----- ----- ----- Subtotal -Chicago, IL 196 177,630 906 1,081 1.19 95.4% ------ ---------- ----- ----- ----- ----- HOUSTON, TX ----------- AMLI: at Western Ridge Houston, TX 2000 318 289,612 911 849 0.93 89.3% ------ ---------- ----- ----- ----- ----- Subtotal -Houston, TX 318 289,612 911 849 0.93 89.3% ------ ---------- ----- ----- ----- ----- DENVER, CO ---------- AMLI: at Gateway Denver, CO 2000 328 294,926 899 928 1.03 87.4% ------ ---------- ----- ----- ----- ----- Subtotal -Denver, CO 328 294,926 899 928 1.03 87.4% ------ ---------- ----- ----- ----- ----- TOTAL WHOLLY OWNED PROPERTIES 12,079 10,939,711 906 $ 793 $0.88 92.1% ====== ========== ===== ===== ===== ===== Qtr ended June 30, 2001 Approx- Average Qtr ended imate Rental Rates June 30, Number Rentable Average ------------- 2001 Year of Area Unit Size Per Per Average PROPERTIES Location Completed Units (Sq Ft) (Sq Ft) Unit Sq Ft Occupancy ---------- -------- --------- ------ --------- --------- ---- ----- ----------- CO-INVESTMENT PROPERTIES -------------- ATLANTA, GA Amli: at Barrett Lakes Cobb County, GA 1997 446 462,368 1,037 891 0.86 93.5% at River Park Norcross, GA 1997 222 226,632 1,021 984 0.96 95.4% at Willeo Creek Rosewell, GA 1989 242 297,302 1,229 912 0.74 95.8% at Northwinds Alpharetta, GA 1999 800 818,432 1,023 948 0.93 94.4% at Park Bridge Alpharetta, GA 2000 352 356,123 1,012 917 0.91 95.0% at Windward Park Alpharetta, GA 1999 328 354,900 1,082 913 0.84 91.0% Lost Mountain Dunwoody, GA 2000 164 157,142 958 801 0.84 94.6% at Peachtree City Dunwoody, GA 1998 312 305,756 980 975 1.00 93.9% ----- --------- ----- ---- ----- ------ Subtotal- Atlanta, GA 2,866 2,978,655 1,039 926 0.89 94.1% ----- --------- ----- ---- ----- ------ CHICAGO, IL ----------- Amli: at Chevy Chase Buffalo Grove, IL 1988 592 480,820 812 1,093 1.35 95.0% at Danada Wheaton, IL 89/91 600 521,499 869 1,054 1.21 97.1% at Fox Valley Aurora, IL 1998 272 269,237 990 1,013 1.02 93.7% at Willowbrook Willowbrook, IL 1987 488 418,404 857 1,039 1.21 93.6% at Windbrooke Buffalo Grove, IL 1987 236 213,160 903 1,141 1.26 97.7% at St. Charles St. Charles, IL 2000 400 395,896 990 1,109 1.12 90.0% at Oakhurst North Aurora, IL 2000 464 470,094 1,013 998 0.99 91.7% at Osprey Lakes Waukegan, IL 1997/1999 483 453,150 938 1,007 1.07 91.2% ----- ---------- ----- ----- ----- ----- Subtotal- Chicago, IL 3,535 3,222,260 912 1,053 1.16 93.7% ----- ---------- ----- ----- ----- ----- Qtr ended June 30, 2001 Approx- Average Qtr ended imate Rental Rates June 30, Number Rentable Average ------------- 2001 Year of Area Unit Size Per Per Average PROPERTIES Location Completed Units (Sq Ft) (Sq Ft) Unit Sq Ft Occupancy ---------- -------- --------- ------ --------- --------- ---- ----- ----------- KANSAS CITY ----------- AMLI: at Regents Crest Overland Park, KS 97/00 476 451,328 948 770 0.81 91.1% Creekside Overland Park, KS 2000 224 182,192 813 803 0.99 89.3% at Wynnewood Overland Park, KS 2000 232 236,058 1,017 921 0.90 91.3% ----- --------- ----- ---- ----- ----- Subtotal - Eastern Kansas 932 869,578 933 816 0.87 90.7% ----- --------- ----- ---- ----- ----- DALLAS/FT. WORTH ---------------- AMLI: at Deerfield Ft. Worth, TX 1999 240 238,972 996 851 0.86 90.0% at Fossil Creek Ft. Worth, TX 1998 384 384,358 1,001 846 0.85 92.8% at Oakbend Lewisville, TX 1997 426 382,690 898 757 0.84 94.4% on the Parkway Dallas, TX 1999 240 225,248 939 858 0.91 89.2% at Prestonwood Hills Dallas, TX 1997 272 245,696 903 858 0.95 96.7% on Timberglen Dallas, TX 1985 260 201,198 774 639 0.83 93.6% at Verandah Arlington, TX 86/91 538 394,304 733 703 0.96 92.7% on Frankford Dallas, TX 1998 582 517,344 889 883 0.99 94.9% at Breckinridge Point Richardson, TX 1999 440 467,934 1,063 938 0.88 94.3% ----- ---------- ----- ---- ----- ----- Subtotal - Dallas/ Ft. Worth, TX 3,382 3,057,744 904 817 0.90 93.5% ----- ---------- ----- ---- ----- ----- AUSTIN, TX ---------- AMLI: at Scofield Ridge Austin, TX 2000 487 433,077 889 914 1.03 91.2% at Monterey Oaks Austin, TX 2000 430 412,759 960 972 1.01 92.2% at Wells Branch Austin, TX 1999 576 554,582 963 896 0.93 79.9% ----- ---------- --- ---- ----- ----- Subtotal - Austin, TX 1,493 1,400,418 938 924 0.98 87.1% ----- ---------- --- ---- ----- ----- Qtr ended June 30, 2001 Approx- Average Qtr ended imate Rental Rates June 30, Number Rentable Average ------------- 2001 Year of Area Unit Size Per Per Average PROPERTIES Location Completed Units (Sq Ft) (Sq Ft) Unit Sq Ft Occupancy --------- -------- --------- ------ --------- --------- ---- ----- ----------- HOUSTON, TX ----------- Amli: at Champions Centre Houston, TX 1994 192 164,480 857 704 0.82 91.1% at Champions Park Houston, TX 1991 246 221,986 902 699 0.77 91.4% at Greenwood Forest Houston, TX 1995 316 310,844 984 749 0.76 88.2% at Towne Square Houston, TX 1999 380 314,292 827 965 1.17 95.6% Midtown Houston, TX 1998 419 368,818 880 1,044 1.19 96.9% ------ ---------- --- ----- ----- ----- Subtotal- Houston, TX 1,553 1,380,420 889 868 0.98 93.2% ------ ---------- ---- ----- ----- ----- INDIANAPOLIS, IN ---------------- AMLI: at Lake Clearwater Indianapolis, IN 2000 216 218,006 1,009 885 0.88 95.1% at Castle Creek Indianapolis, IN 2000 276 269,904 978 857 0.88 93.6% on Spring Mill Carmel, IN 1999 400 406,640 1,017 848 0.83 78.5% ----- --------- ----- ----- ----- ------ Subtotal- Indianapolis, IN 892 894,550 1,003 860 0.86 87.2% ----- --------- ----- ----- ----- ------ DENVER, CO ---------- AMLI: at Lowry Estates Denver, CO 2000 414 392,208 947 1,113 1.17 87.1% ----- --------- ----- ----- ----- ----- Subtotal- Denver, CO 414 392,208 947 1,113 1.17 87.1% ----- --------- ----- ----- ----- ------ TOTAL CO-INVESTMENT PROPERTIES 15,067 14,195,833 942 $ 919 $0.98 92.3% ====== ========== ===== ===== ===== ===== TOTAL WHOLLY OWNED AND CO-INVESTMENT PROPERTIES 27,146 25,135,544 926 $ 863 $0.93 92.2% ====== ========== ===== ===== ===== =====
AMLI RESIDENTIAL PROPERTIES TRUST COMPONENTS OF PROPERTY EBITDA
WHOLLY-OWNED CO-INVESTMENTS AT 100% COMBINED AT 100% ---------------------------- -------------------------- -------------------------- THREE MONTHS ENDED THREE MONTHS ENDED THREE MONTHS ENDED JUNE 30, JUNE 30, JUNE 30, ---------------------------- -------------------------- -------------------------- % % % 2001 2000 Change 2001 2000 Change 2001 2000 Change ------- ------- ------ ------- ------- ------ ------- ------- ------- PROPERTY REVENUES ----------------- RENTAL INCOME ------------- Same Store Communities (1) . . . $23,995 23,202 3.4% 21,878 21,412 2.2% 45,873 44,614 2.8% New Communities (2). . 482 208 132.2% 5,840 2,869 103.5% 6,322 3,077 105.5% Development and/ or Lease-up Communities (3) . . . 0 0 2,588 214 2,588 214 Acquisition Communities (4) . . . 1,604 0 8,232 990 9,836 990 Communities Sold/ Contributed to Ventures (5). . . . . 983 3,365 857 1,182 1,840 4,547 ------- ------- ------- ------- ------- ------- ------- ------- ------- Total . . . . . . . $27,063 26,775 1.1% 39,395 26,668 47.7% 66,458 53,443 24.4% ======= ======= ======= ======= ======= ======= ======= ======= ======= OTHER REVENUES -------------- Same Store Communities . . . . . $ 1,534 1,418 8.2% 1,450 1,338 8.4% 2,984 2,756 8.3% New Communities. . . . 21 11 82.3% 466 276 69.2% 487 287 69.7% Development and/ or Lease-up Communities . . . . . 0 0 219 45 219 45 Acquisition Communities . . . . . 127 0 556 89 684 89 Communities Sold/ Contributed to Ventures. . . . . . . 78 229 66 73 144 302 ------- ------- ------- ------- ------- ------- ------- ------- ------- Total . . . . . . . $ 1,760 1,658 6.1% 2,758 1,821 51.4% 4,518 3,480 29.8% ======= ======= ======= ======= ======= ======= ======= ======= ======= AMLI RESIDENTIAL PROPERTIES TRUST COMPONENTS OF PROPERTY EBITDA - CONTINUED WHOLLY-OWNED CO-INVESTMENTS AT 100% COMBINED AT 100% ---------------------------- -------------------------- -------------------------- THREE MONTHS ENDED THREE MONTHS ENDED THREE MONTHS ENDED JUNE 30, JUNE 30, JUNE 30, ---------------------------- -------------------------- -------------------------- % % % 2001 2000 Change 2001 2000 Change 2001 2000 Change ------- ------- ------ ------- ------- ------ ------- ------- ------- TOTAL PROPERTY REVENUES --------------- Same Store Communities . . . . . $25,528 24,620 3.7% 23,328 22,750 2.5% 48,857 47,371 3.1% New Communities. . . . 503 219 129.6% 6,306 3,145 100.5% 6,809 3,364 102.4% Development and/ or Lease-up Communities . . . . . 0 0 2,807 259 2,807 259 Acquisition Communities . . . . . 1,731 0 8,788 1,079 10,520 1,079 Communities Sold/Contri- buted to Ventures . . 1,060 3,594 923 1,255 1,984 4,849 ------- ------- ------- ------- ------- ------- ------- ------- ------- Total . . . . . . . $28,823 28,433 1.4% 42,153 28,489 48.0% 70,976 56,922 24.7% ======= ======= ======= ======= ======= ======= ======= ======= ======= Company's share of Co-investment total revenues . . . . . . . 13,522 8,464 ======= ======= TOTAL OPERATING EXPENSES --------------- Same Store Communities . . . . . $ 10,240 9,469 8.1% 8,965 8,367 7.1% 19,205 17,836 7.7% New Communities. . . . 188 201 -6.3% 2,194 1,802 21.7% 2,382 2,003 18.9% Development and/ or Lease-up Communities . . . . . 0 0 1,130 247 1,130 247 Acquisition Communities . . . . . 617 0 3,500 421 4,117 421 Communities Sold/Contri- buted to Ventures . . 475 1,325 275 410 749 1,735 ------- ------- ------- ------- ------- ------- ------- ------- ------- Total . . . . . . . $11,520 10,994 4.8% 16,064 11,248 42.8% 27,584 22,242 24.0% ======= ======= ======= ======= ======= ======= ======= ======= ======= Company's share of Co-investment total operating expenses . . 4,852 3,273 48.3% ======= ======= ======= AMLI RESIDENTIAL PROPERTIES TRUST COMPONENTS OF PROPERTY EBITDA - CONTINUED WHOLLY-OWNED CO-INVESTMENTS AT 100% COMBINED AT 100% ---------------------------- -------------------------- -------------------------- THREE MONTHS ENDED THREE MONTHS ENDED THREE MONTHS ENDED JUNE 30, JUNE 30, JUNE 30, ---------------------------- -------------------------- -------------------------- % % % 2001 2000 Change 2001 2000 Change 2001 2000 Change ------- ------- ------ ------- ------- ------ ------- ------- ------- PROPERTY EBITDA --------------- Same Store Communities . . . . . $15,288 15,151 0.9% 14,363 14,383 -0.1% 29,652 29,535 0.4% New Communities. . . . 315 19 1586.8% 4,112 1,343 206.3% 4,428 1,361 225.2% Development and/ or Lease-up Communities . . . . . 0 0 1,677 12 1,677 12 Acquisition Communities . . . . . 1,113 0 5,288 658 6,401 658 872.3% Communities Sold/ Contributed to Ventures. . . . . . . 586 2,269 649 845 1,234 3,114 ------- ------- ------- ------- ------- ------- ------- ------- ------- Total . . . . . . . $17,302 17,439 -0.8% 26,089 17,241 51.3% 43,392 34,681 25.1% ======= ======= ======= ======= ======= ======= ======= ======= ======= Company's share of Co-investment EBITDA (incl. share of cash flow in excess of ownership %) . . . . . 9,152 5,395 69.6% 9,152 5,395 69.6% ======= ======= ======= ======= ======= ======= Percent of Co-investment EBITDA . . . . . . . . 35% 31% 21% 16% ======= ======= ======= ======= (1) Stabilized Communities at 4/1/00. (2) Development Communities stabilized after 4/1/00 but before 4/1/01. (3) Development Communities not yet stabilized. (4) Stabilized Communities acquired after 4/1/00. (5) Communities sold or contributed to co-investment ventures.
AMLI RESIDENTIAL PROPERTIES TRUST DEVELOPMENT ACTIVITIES Second Quarter 2001
Construc- Percent Percent tion First Comple- Stabili- Construc- Leased Community Number Costs Percent Start Units tion zation tion as of Name of Units (millions) Ownership Date Occupied Date Date Complete 7/29/01 ---------- -------- ---------- --------- --------- -------- ------- -------- --------- -------- Under Construc- tion and/or In Initial Lease Up ---------------- ATLANTA, GEORGIA ---------------- AMLI at Mill Creek 400 $ 27.1 25% 3Q/99 3Q/00 4Q/01 2Q/02 90% 57% at Milton Park 461 $ 35.0 25% 4Q/00 4Q/01 4Q/02 3Q/03 11% N/A at Peachtree City Phase II 216 $ 20.2 20% 3Q/00 3Q/01 1Q/02 3Q/02 30% N/A HOUSTON, TEXAS -------------- AMLI at King's Harbour 300 $ 19.8 25% 2Q/00 1Q/01 4Q/01 2Q/02 89% 28% OVERLAND PARK, KANSAS -------------- AMLI at Cambridge Square 408 $ 32.2 30% 3Q/00 3Q/01 2Q/02 1Q/03 31% N/A LEE'S SUMMIT, MISSOURI ------------- AMLI at Summit Ridge 432 $ 29.3 25% 2Q/99 2Q/00 4Q/00 3Q/01 100% 89% INDIANAPOLIS, INDIANA ------------- AMLI at Carmel City Center 322 $ 28.4 100% 2Q/01 2Q/02 2Q/03 3Q/03 2% N/A ----- ------ TOTAL 2,539 $192.0 ===== ======
AMLI RESIDENTIAL PROPERTIES TRUST DEVELOPMENT ACTIVITIES (continued) PLANNING STAGES Number Community Name of Units -------------- ---------- INDIANAPOLIS, IN ---------------- AMLI at Prairie Lakes 228 at Prairie Lakes (phases II-IV) 1,100 WOODRIDGE, IL ------------- AMLI at Seven Bridges 520 AUSTIN, TX ---------- AMLI at Anderson Mill 520 Downtown Austin - Block 20 220 Parmer Park 480 DALLAS/FT WORTH, TX ------------------- AMLI at Mesa Ridge (Fossil Creek II) 520 Fossil Lake 324 Fossil Creek IV-A 240 at Vista Ridge 340 HOUSTON, TX ----------- AMLI at Champions II 288 OVERLAND PARK, KS ----------------- AMLI at Westwood Ridge 428 at Lexington Farms Phase II 104 The following is a "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. The projections contained in the table above that are not historical facts are forward-looking statements. Risks associated with the Company's development, construction and lease-up activities, which could impact the forward-looking statements may include: development opportunities may be abandoned; construction costs of a community may exceed original estimates, possibly making the community uneconomical; construction and lease-up may not be completed on schedule, resulting in increased debt service and construction costs; estimates of the costs of improvements to bring an acquired property up to the standards established for the market position intended for that property may prove inaccurate.