EX-99 8 exh_99.txt EXHIBIT 99 ---------- AMLI RESIDENTIAL PROPERTIES TRUST SUPPLEMENTAL INFORMATION TO QUARTERLY FINANCIAL STATEMENTS September 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 September 30, 2001 and 2000 8. Same Community Comparison - Wholly-Owned and Co-Investments - three months ended September 30, 2001 and 2000 9. Property Information 10. Property EBITDA - three months ended September 30, 2001 11. Development Activities AMLI RESIDENTIAL PROPERTIES TRUST FUNDS FROM OPERATIONS Unaudited - Dollars in thousands except per share data
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------------ ------------------------ 2001 2000 2001 2000 -------- -------- -------- -------- REVENUES -------- Property revenues: Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,263 26,831 81,092 79,880 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,856 1,823 5,186 5,018 -------- -------- -------- -------- Total Property Revenues . . . . . . . . . . . . . . . . 29,119 28,654 86,278 84,898 -------- -------- -------- -------- Property operating expenses . . . . . . . . . . . . . . . . . . (11,284) (10,555) (32,193) (30,681) Property management fees. . . . . . . . . . . . . . . . . . . . (865) (714) (2,294) (2,120) -------- -------- -------- -------- Property expenses . . . . . . . . . . . . . . . . . . . (12,149) (11,269) (34,487) (32,801) Operating expense ratio . . . . . . . . . . . . . . . . . . . . 41.7% 39.3% 40.0% 38.6% -------- -------- -------- -------- Net operating income. . . . . . . . . . . . . . . . . . 16,970 17,385 51,791 52,097 -------- -------- -------- -------- OTHER INCOME ------------ Share of Service Cos. FFO (1) . . . . . . . . . . . . . . . . (329) (428) (711) 1,194 Interest from Service Companies (2) . . . . . . . . . . . . . 264 1,103 741 3,514 Other interest. . . . . . . . . . . . . . . . . . . . . . . 349 381 1,152 990 Share of partnerships FFO (3) . . . . . . . . . . . . . . . . 4,853 4,129 15,158 10,214 Fee income - acquisitions, dispositions and financing . . . . 297 645 546 1,120 Fee income - developments . . . . . . . . . . . . . . . . . . 708 398 1,297 1,353 Fee income - asset management . . . . . . . . . . . . . . . . 132 145 416 441 Promoted interest . . . . . . . . . . . . . . . . . . . . . . 1,796 1,181 1,796 1,181 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 161 147 161 -------- -------- -------- -------- Total other income. . . . . . . . . . . . . . . . . . . 8,077 7,715 20,542 20,168 General and administrative (4). . . . . . . . . . . . . . . . . (1,221) (842) (3,890) (2,700) -------- -------- -------- -------- EBITDA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,826 24,258 68,443 69,565 -------- -------- -------- -------- Interest expense (5). . . . . . . . . . . . . . . . . . . . . . (6,824) (6,353) (19,603) (18,243) Amortization of deferred costs. . . . . . . . . . . . . . . . . (154) (101) (599) (340) -------- -------- -------- -------- FUNDS FROM OPERATIONS (FFO) . . . . . . . . . . . . . . . . . . $ 16,848 17,804 48,241 50,982 ======== ======== ======== ======== AMLI RESIDENTIAL PROPERTIES TRUST FUNDS FROM OPERATIONS - CONTINUED Unaudited - Dollars in thousands except per share data THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------------ ------------------------ 2001 2000 2001 2000 -------- -------- -------- -------- Capital expenditures paid from FFO (6). . . . . . . . . . . . . $ (1,147) (1,717) (4,584) (3,700) Other - share of Co-investments Cap exp . . . . . . . . . . . . (249) (240) (710) (488) -------- -------- -------- -------- Funds available for distribution (FAD). . . . . . . . . . . . . $ 15,452 15,847 42,947 46,794 ======== ======== ======== ======== FFO per share . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.67 0.72 1.93 2.07 FAD per share . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.61 0.64 1.72 1.90 Dividend per share. . . . . . . . . . . . . . . . . . . . . . . $ 0.48 0.47 1.42 1.40 Dividend as a % of FFO. . . . . . . . . . . . . . . . . . . . . 71.7% 65.5% 73.7% 67.8% Dividend as a % of FAD. . . . . . . . . . . . . . . . . . . . . 78.2% 73.5% 82.8% 73.7% ======== ======== ======== ======== NOTES: (1) Reflects share of income before goodwill amortization of $311 in each of the nine months ended September 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 $8,434 and $5,698 for the nine months ended September 30, 2001 and 2000, respectively. (4) Includes write-offs and provision for loss on investments totaling $858 for the nine months ended September 30, 2001. (5) Includes $785 of Mark-To-Market of interest rate swap contracts for the three and nine months ended September 30, 2001. (6) Rehab costs of approximately $1,110 and $5,641 for the nine months ended September 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 NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------------ ------------------------ 2001 2000 2001 2000 -------- -------- -------- -------- REVENUES -------- Property revenues: Rental. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,263 26,831 81,092 79,880 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,856 1,823 5,186 5,018 Interest and share of income (loss) from Service Cos. . . . . . (169) 571 (281) 4,397 Other interest. . . . . . . . . . . . . . . . . . . . . . . . . 349 381 1,152 990 Share of income from co-investment partnerships . . . . . . . . 2,059 1,999 6,724 4,516 Fees from co-investment partnerships & other. . . . . . . . . . 2,940 2,530 4,202 4,256 -------- -------- -------- -------- Total revenues. . . . . . . . . . . . . . . . . . . . . 34,298 34,135 98,075 99,057 -------- -------- -------- -------- EXPENSES -------- Personnel . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,916 2,773 8,611 8,322 Advertising and promotion . . . . . . . . . . . . . . . . . . . 820 667 2,150 1,759 Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,046 975 2,691 2,474 Building repairs and maintenance. . . . . . . . . . . . . . . . 1,818 1,548 4,754 4,378 Landscaping and grounds maintenance . . . . . . . . . . . . . . 664 617 1,816 1,833 Real estate taxes . . . . . . . . . . . . . . . . . . . . . . . 3,474 3,391 10,429 10,218 Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . 284 211 880 669 Other operating expenses. . . . . . . . . . . . . . . . . . . . 262 373 862 1,028 Property management fees. . . . . . . . . . . . . . . . . . . . 865 714 2,294 2,120 Interest, net of capitalized. . . . . . . . . . . . . . . . . . 6,824 6,353 19,603 18,243 Amortization of deferred costs. . . . . . . . . . . . . . . . . 154 101 599 340 Depreciation of real property . . . . . . . . . . . . . . . . . 3,552 3,284 10,688 10,336 Depreciation of personal property . . . . . . . . . . . . . . . 1,606 1,354 5,110 4,294 General and administrative. . . . . . . . . . . . . . . . . . . 1,221 842 3,890 2,700 -------- -------- -------- -------- Total expenses. . . . . . . . . . . . . . . . . . . . . 25,506 23,203 74,377 68,714 -------- -------- -------- -------- AMLI RESIDENTIAL PROPERTIES TRUST STATEMENTS OF OPERATIONS - CONTINUED Unaudited - Dollars in thousands except per share data THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------------ ------------------------ 2001 2000 2001 2000 -------- -------- -------- -------- Non-recurring item - gains on sales of properties . . . . . . . 14,047 6,807 23,296 37,274 -------- -------- -------- -------- Income before taxes, minority interest and extraordinary item . 22,839 17,739 46,994 67,617 -------- -------- -------- -------- Income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 0 0 -------- -------- -------- -------- Income bef. minority interest & extraordinary items . . . . . . 22,839 17,739 46,994 67,617 Minority interest . . . . . . . . . . . . . . . . . . . . . . . 3,595 2,497 7,120 10,353 -------- -------- -------- -------- Income before extraordinary items . . . . . . . . . . . . . . . 19,244 15,242 39,874 57,264 Extraordinary items, net of minority interest . . . . . . . . . 0 0 0 0 -------- -------- -------- -------- Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . 19,244 15,242 39,874 57,264 Net income allocable to preferred shares. . . . . . . . . . . . 1,633 1,766 4,899 5,424 -------- -------- -------- -------- Net income allocable to common shares . . . . . . . . . . . . . $ 17,611 13,476 34,975 51,840 ======== ======== ======== ======== INCOME PER COMMON SHARE: ----------------------- Before extraordinary items. . . . . . . . . . . . . . . . . . . $ 0.99 0.77 1.97 3.02 Extraordinary item. . . . . . . . . . . . . . . . . . . . . . . $ 0.00 0.00 0.00 0.00 Income per common share . . . . . . . . . . . . . . . . . . . . $ 0.99 0.77 1.97 3.02 Income per common share - diluted . . . . . . . . . . . . . . . $ 0.89 0.71 1.86 2.70 ======== ======== ======== ======== FUNDS FROM OPERATIONS --------------------- Income before taxes, minority interest and extraordinary item . $ 22,839 17,739 46,994 67,617 -------- -------- -------- -------- Depreciation of real property . . . . . . . . . . . . . . . . . 3,552 3,284 10,688 10,336 Depreciation of personal property . . . . . . . . . . . . . . . 1,606 1,354 5,110 4,294 Non-recurring item - gains on sale of properties. . . . . . . . (14,047) (6,807) (23,296) (37,274) Share of Co-investments depreciation. . . . . . . . . . . . . . 2,794 2,130 8,434 5,698 Share of Service Company amortization of goodwill . . . . . . . 104 104 311 311 -------- -------- -------- -------- Funds from operations (FFO) . . . . . . . . . . . . . . . . . . $ 16,848 17,804 48,241 50,982 FFO per share . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.67 0.72 1.93 2.07 ======== ======== ======== ======== AMLI RESIDENTIAL PROPERTIES TRUST STATEMENTS OF OPERATIONS - CONTINUED Unaudited - Dollars in thousands except per share data THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------------ ------------------------ 2001 2000 2001 2000 -------- -------- -------- -------- Capital expenditures paid from FFO. . . . . . . . . . . . . . . $ (1,147) (1,717) (4,584) (3,700) Other - Share Co-investments Cap exp. . . . . . . . . . . . . . (249) (240) (710) (488) -------- -------- -------- -------- Funds available for distribution (FAD). . . . . . . . . . . . . $ 15,452 15,847 42,947 46,794 FAD per share . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.61 0.64 1.72 1.90 -------- -------- -------- -------- Dividends per share . . . . . . . . . . . . . . . . . . . . . . $ 0.48 0.47 1.42 1.40 ======== ======== ======== ======== Dividends as a % of FFO . . . . . . . . . . . . . . . . . . . . 71.7% 65.5% 73.7% 67.8% Dividends as a % of FAD . . . . . . . . . . . . . . . . . . . . 78.2% 73.5% 82.8% 73.7% ======== ======== ======== ========
AMLI RESIDENTIAL PROPERTIES TRUST CONDENSED BALANCE SHEETS Unaudited - Dollars in thousands except per share data SEPT. 30, DEC. 31, 2001 2000 -------- -------- ASSETS ------ Rental apartments Land. . . . . . . . . . . . . . . . . . $ 99,776 91,242 Depreciable property. . . . . . . . . . 643,335 604,081 -------- -------- 743,111 695,323 Less accumulated depreciation . . . . . (101,858) (94,590) -------- -------- 641,253 600,733 Rental apartments under development . . . 6,791 -- Land held for development or sale . . . . 48,288 53,022 Investments in partnerships . . . . . . . 183,606 166,569 Cash and cash equivalents . . . . . . . . 3,774 5,106 Deferred costs, net . . . . . . . . . . . 4,054 3,425 Notes receivable and advances to Service Companies . . . . . . . . . . . 17,161 4,857 Other assets. . . . . . . . . . . . . . . 8,060 32,279 -------- -------- Total assets. . . . . . . . . . . $912,987 865,991 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY ------------------------------------ Debt. . . . . . . . . . . . . . . . . . . $408,475 385,981 Accrued interest payable. . . . . . . . . 1,905 1,783 Accrued real estate taxes . . . . . . . . 11,228 10,806 Construction costs payable. . . . . . . . 3,135 1,501 Security deposits and prepaid rents . . . 2,177 2,507 Other liabilities . . . . . . . . . . . . 7,288 3,937 -------- -------- Total liabilities . . . . . . . . 434,208 406,515 -------- -------- Minority interest . . . . . . . . . . . . 69,658 59,537 -------- -------- Shareholders' equity Preferred shares, $.01 par value. . . . 35 35 Shares of beneficial interest, $.01 par value. . . . . . . . . . . . 178 178 Additional paid-in capital. . . . . . . 430,069 427,939 Employees and trustees notes. . . . . . (11,808) (12,231) Other comprehensive loss. . . . . . . . (3,216) -- Dividends paid in excess of earnings. . (6,137) (15,982) -------- -------- Total shareholders' equity. . . . 409,121 399,939 -------- -------- Total liabilities and shareholders' equity. . . . . . $912,987 865,991 ======== ======== AMLI RESIDENTIAL PROPERTIES TRUST SELECTED QUARTERLY FINANCIAL INFORMATION September 30, 2001 (dollars in thousands except for share data)
Quarter ending ----------------------------------------------------------------------------------- Sept. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 2001 2001 2001 2000 2000 2000 2000 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Debt $ 408,475 429,489 412,242 385,981 398,956 393,168 398,867 Including share of debt of uncon- solidated affiliates $ 609,188 639,076 635,166 583,635 542,778 520,597 510,230 Total Shares and Units Outstanding (1) 25,007,264 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 $ 23.60 24.60 22.30 24.6875 24.00 23.5625 20.50 Total Equity (Market Value) - end of quarter $ 590,171 612,324 554,686 606,282 589,263 578,329 503,162 Market capitalization $ 998,646 1,041,813 966,928 992,263 988,219 971,497 902,029 Including share of debt of uncon- solidated affiliates $1,199,359 1,251,400 1,189,852 1,189,917 1,132,041 1,098,926 1,013,392 Including Co-investment at completed cost $2,133,787 2,185,828 2,066,236 2,065,511 1,905,589 1,826,661 1,678,237 ========== ========== ========== ========== ========== ========== ========== AMLI RESIDENTIAL PROPERTIES TRUST SELECTED QUARTERLY FINANCIAL INFORMATION - CONTINUED September 30, 2001 (dollars in thousands except for share data) Quarter ending ----------------------------------------------------------------------------------- Sept. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 2001 2001 2001 2000 2000 2000 2000 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total Revenues (2) $ 34,298 32,449 31,328 32,689 34,135 34,097 30,825 EBITDA (3) $ 23,826 22,823 21,794 23,423 24,258 24,156 21,151 FFO $ 16,848 16,162 15,231 16,877 17,804 17,787 15,391 FAD $ 15,452 13,474 14,021 15,626 15,847 16,442 14,505 Dividends Paid (4) $ 11,751 11,686 11,740 11,541 11,537 11,290 11,290 Debt service (net of capitalized interest) $ 7,838 7,105 7,166 7,177 7,065 6,947 6,316 Interest Expense $ 6,824 6,352 6,427 6,452 6,353 6,248 5,642 G & A Expense $ 1,221 1,151 1,518 1,056 842 930 928 Total Shares and Units Outstanding - Wtd. Avg. 24,960,829 24,876,109 24,813,456 24,555,937 24,546,254 24,544,475 24,541,971 ========== ========== ========== ========== ========== ========== ========== Interest Coverage Ratio 3.49 3.59 3.39 3.63 3.82 3.87 3.75 Debt as % of Total Market Capitalization 40.90% 41.23% 42.63% 38.90% 40.37% 40.47% 44.22% Including share of debt of unconsolidated affiliates 50.79% 51.07% 53.38% 49.05% 47.95% 47.37% 50.35% EBITDA as % of Total Market Capitalization 9.54% 8.76% 9.02% 9.44% 9.82% 9.95% 9.38% FFO as % of Total Market Equity 11.42% 10.56% 10.98% 11.13% 12.09% 12.30% 12.24% G&A as % of Total Market Capitalization 0.49% 0.44% 0.63% 0.43% 0.34% 0.38% 0.41% G&A as % of Total Revenues 3.56% 3.55% 4.85% 3.23% 2.47% 2.73% 3.01% Dividends as % of FFO (5) 71.7% 72.8% 76.9% 68.8% 65.5% 65.2% 73.5% Dividends as % of FAD (5) 78.2% 87.3% 83.5% 74.3% 73.5% 70.6% 78.0% ========== ========== ========== ========== ========== ========== ========== AMLI RESIDENTIAL PROPERTIES TRUST SELECTED QUARTERLY FINANCIAL INFORMATION - CONTINUED September 30, 2001 (dollars in thousands except for share data) Quarter ending ----------------------------------------------------------------------------------- Sept. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 2001 2001 2001 2000 2000 2000 2000 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Apartment Units - In Operation Wholly Owned 12,247 12,079 12,519 12,191 12,264 12,264 12,576 Co-investments 14,579 15,067 15,067 13,956 11,604 10,963 9,205 ---------- ---------- ---------- ---------- ---------- ---------- ---------- 26,826 27,146 27,586 26,147 23,868 23,227 21,781 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Apartment Units - Under Development or in lease up Wholly Owned 322 0 0 0 500 500 200 Co-investments 2,737 2,217 2,217 2,845 3,642 3,234 4,098 ---------- ---------- ---------- ---------- ---------- ---------- ---------- 3,059 2,217 2,217 2,845 4,142 3,734 4,298 ---------- ---------- ---------- ---------- ---------- ---------- ---------- Total Units 29,885 29,363 29,803 28,992 28,010 26,961 26,079 ========== ========== ========== ========== ========== ========== ========== (1) At September 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) Paid in the following quarter from each quarter's FAD. Amount shown includes distribution to OP unitholders (Minority Interest). (5) Based on per share amounts.
AMLI RESIDENTIAL PROPERTIES TRUST PORTFOLIO INDEBTEDNESS SUMMARY September 30, 2001 (Dollars in thousands)
Original/Max Outstanding Interest Borrower Lender Amount Balance Rate Rate -------- -------- ------------ ----------- --------- ---------- Weighted Avg. Percent of Interest Years to Type of Indebtedness Balance Total Interest Rate Maturity -------------------- -------- ----------- ---------- --------- ---------- Conventional Fixed Rate $303,225 74.2% Fixed 7.14% 7.4 Tax-exempt Variable Rate (1) 50,250 12.3% Variable 4.22% 1.1 Credit Facilities (2) 55,000 13.5% Variable 7.31% 2.1 -------- ------ ------ --- Total $408,475 100.0% 6.80% 5.9 ======== ====== ====== === 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 $489,938 82.3% Fixed 7.27% 7.3 Tax-exempt Variable Rate (1) 50,250 8.5% Variable(4) 4.22% 1.1 Credit Facilities (2) 55,000 9.2% Variable(4) 7.31% 2.1 -------- ------ ------ --- Total $595,188 100.0% 7.01% 6.3 ======== ====== ====== === (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). $20,000 has been marked-to-market at September 30, 2001. 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 SEPTEMBER 30, 2001 Unaudited - Dollars in thousands
There- % to 2001 2002 2003 2004 2005 after Total Total -------- -------- -------- -------- -------- -------- -------- ------- Fixed Rate Mortgages $ 1,163 4,862 61,814 10,745 34,812 189,829 303,225 74.2% Tax Exempt Bonds* 50,250 50,250 12.3% Wachovia/First Chicago Line of Credit** 55,000 55,000 13.5% -------- -------- -------- -------- -------- -------- -------- ------- Total Debt $ 1,163 55,112 116,814 10,745 34,812 189,829 408,475 100.0% ======== ======== ======== ======== ======== ======== ======== ======= Percent to Total 0.3% 13.5% 28.6% 2.6% 8.5% 46.5% 100.0% 68.6% ======== ======== ======== ======== ======== ======== ======== ======= SHARE OF CO-INVESTMENT DEBT --------------------------- Total Share of Co-Investments Debt $ 539 9,696 17,094 9,846 2,045 147,493 186,713 100.0% ======== ======== ======== ======== ======== ======== ======== ======= Percent to Total 0.3% 5.2% 9.1% 5.3% 1.1% 79.0% 100.0% 31.4% ======== ======== ======== ======== ======== ======== ======== ======= Total including Share of Co-investments Debt $ 1,702 64,808 133,908 20,591 36,857 337,322 595,188 100.0% ======== ======== ======== ======== ======== ======== ======== ======== Percent to Total 0.3% 10.9% 22.5% 3.4% 6.2% 56.7% 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 September 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 SEPTEMBER 30, 2001 VERSUS THREE MONTHS ENDED SEPTEMBER 30, 2000 (Includes new properties at 7/1/00 - Towne Creek in Atlanta & StoneHollow in Austin)
7/1/01-9/30/01 7/1/00-9/30/00 No. of --------------------------------- % -------------------------------- Apts. Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft -------- -------- -------- ---------- ------ ---------- -------- --------- WEIGHTED AVG. OCCUPANCY ------------- Dallas 3,634 93.4% -0.8% 94.1% Atlanta 2,771 92.4% 4.8% 88.2% Austin 1,304 93.0% -3.2% 96.0% Indianapolis 1,536 92.1% 2.2% 90.1% Kansas 1,154 92.9% 3.1% 90.1% Chicago 196 94.4% 0.0% 94.4% ------ ----- ----- ----- Weighted Average 92.8% 1.2% 91.8% ===== ===== ===== Total 10,595 ====== WEIGHTED AVG. RENTAL RATE ------------- Dallas $ 755 4.1% $ 725 Atlanta $ 839 8.6% $ 773 Austin $ 844 -0.3% $ 847 Indianapolis $ 706 2.5% $ 688 Kansas $ 831 -0.2% $ 833 Chicago $1,104 6.5% $1,036 ------ ---- ------ Weighted Average $ 796 4.1% $ 765 ====== ==== ====== TOTAL PROPERTY REVENUES Per Month Per Month --------------- ---------- ---------- Dallas $ 8,161,576 $ 749 $ 0.86 2.9% $ 7,928,896 $ 727 $ 0.83 Atlanta $ 6,911,931 $ 831 $ 0.88 3.1% $ 6,702,857 $ 806 $ 0.85 Austin $ 3,294,720 $ 842 $ 1.00 -4.2% $ 3,437,800 $ 879 $ 1.05 Indianapolis $ 3,234,203 $ 702 $ 0.78 4.2% $ 3,104,619 $ 674 $ 0.75 Kansas $ 2,893,285 $ 836 $ 0.82 4.2% $ 2,776,010 $ 802 $ 0.79 Chicago $ 658,678 $1,120 $ 1.24 7.4% $ 613,381 $1,043 $ 1.15 ----------- ------ ------ ----- ----------- ------ ------ Total $25,154,394 $ 791 $ 0.87 2.4% $24,563,563 $ 773 $ 0.85 =========== ====== ===== ===== =========== ====== ====== AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES) - CONTINUED 7/1/01-9/30/01 7/1/00-9/30/00 --------------------------------- % -------------------------------- Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft -------- -------- ---------- ------ ---------- -------- --------- PROPERTY OPERATING EXPENSES (ANNUALIZED) (ANNUALIZED) --------------------------- ------------ ------------ Dallas $ 3,504,899 $3,858 $4.43 6.5% $ 3,290,146 $3,622 $4.16 Atlanta $ 2,596,424 $3,748 $3.97 8.1% $ 2,402,008 $3,467 $3.67 Austin $ 1,724,978 $5,291 $6.30 33.6% $ 1,290,770 $3,959 $4.72 Indianapolis $ 1,280,132 $3,334 $3.71 4.0% $ 1,230,389 $3,204 $3.56 Kansas $ 1,028,157 $3,564 $3.51 2.9% $ 999,355 $3,464 $3.41 Chicago $ 306,309 $6,251 $6.90 0.7% $ 304,140 $6,207 $6.85 ------------ ------ ----- ----- ----------- ------ ----- Total $ 10,440,898 $3,942 $4.35 9.7% $ 9,516,808 $3,593 $3.96 ============ ====== ===== ===== =========== ====== ===== Operating Efficiency 41.5% 38.7% ============ ===========
PER MONTH PER MONTH --------- ---------- NOI 2001% 2000% --- ----- ----- Dallas 57.1% 58.5% $ 4,656,677 $427 $0.49 0.4% $ 4,638,750 $425 $0.49 Atlanta 62.4% 64.2% $ 4,315,508 $519 $0.55 0.3% $ 4,300,849 $517 $0.55 Austin 47.6% 62.5% $ 1,569,742 $401 $0.48 -26.9% $ 2,147,030 $549 $0.65 Indianapolis60.4% 60.4% $ 1,954,071 $424 $0.47 4.3% $ 1,874,229 $407 $0.45 Kansas 64.5% 64.0% $ 1,865,128 $539 $0.53 5.0% $ 1,776,655 $513 $0.50 Chicago 53.5% 50.4% $ 352,369 $599 $0.66 13.9% $ 309,241 $526 $0.58 ----- ----- ------------ ---- ----- ----- ----------- ---- ----- Total 58.5% 61.3% $ 14,713,496 $463 $0.51 -2.2% $15,046,754 $473 $0.52 ===== ===== ============ ==== ===== ===== =========== ==== ===== Operating Margin 58.5% 61.3% ============ =========== CAPITAL EXPENDITURES (ANNUALIZED) (ANNUALIZED) -------------------- ------------ ------------- Dallas $ 327,762 $ 361 $0.41 -22.4% $ 422,388 $ 465 $0.53 Atlanta $ 390,668 $ 564 $0.60 31.8% $ 296,313 $ 428 $0.45 Austin $ 166,485 $ 511 $0.61 45.4% $ 114,499 $ 351 $0.42 Indianapolis $ 83,284 $ 217 $0.24 -17.2% $ 100,530 $ 262 $0.29 Kansas $ 53,330 $ 185 $0.18 -21.7% $ 68,102 $ 236 $0.23 Chicago $ 37,857 $ 773 $0.85 -64.2% $ 105,747 $2,158 $2.38 ------------ ------ ----- ------ ---------- ------ ----- Total $ 1,059,386 $ 400 $0.44 -4.4% $1,107,578 $ 418 $0.46 ============ ====== ===== ====== ========== ====== =====
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES) - CONTINUED
7/1/01-9/30/01 7/1/00-9/30/00 --------------------------------- % -------------------------------- Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft -------- -------- ---------- ------ ---------- -------- --------- REPAIRS AND MAINTENANCE (ANNUALIZED) (ANNUALIZED) ----------------------- ------------ ------------ Dallas $ 398,094 $ 438 $0.50 -10.0% $ 442,116 $ 487 $0.56 Atlanta $ 540,121 $ 780 $0.83 25.8% $ 429,462 $ 620 $0.66 Austin $ 305,629 $ 938 $1.12 153.0% $ 120,814 $ 371 $0.44 Indianapolis $ 233,204 $ 607 $0.68 7.8% $ 216,427 $ 564 $0.63 Kansas $ 125,171 $ 434 $0.43 35.2% $ 92,589 $ 321 $0.32 Chicago $ 36,364 $ 742 $0.82 -11.3% $ 41,005 $ 837 $0.92 ------------ ------ ----- ------ ---------- ------ ----- Total $ 1,638,582 $ 619 $0.68 22.1% $1,342,412 $ 507 $0.56 ============ ====== ===== ====== ========== ====== ===== REAL ESTATE TAXES (ANNUALIZED) (ANNUALIZED) ----------------- ------------ ------------ Dallas $ 1,179,881 $1,299 $1.49 2.9% $1,146,532 $1,262 $1.45 Atlanta $ 500,161 $ 722 $0.76 8.9% $ 459,220 $ 663 $0.70 Austin $ 543,566 $1,667 $1.99 5.8% $ 513,763 $1,576 $1.88 Indianapolis $ 292,929 $ 763 $0.85 -4.4% $ 306,540 $ 798 $0.89 Kansas $ 264,692 $ 917 $0.90 0.0% $ 264,629 $ 917 $0.90 Chicago $ 148,375 $3,028 $3.34 9.0% $ 136,076 $2,777 $3.06 ------------ ------ ----- ----- ---------- ------ ----- Total $ 2,929,604 $1,106 $1.22 3.6% $2,826,760 $1,067 $1.18 ============ ====== ===== ===== ========== ====== =====
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED AND CO-INVESTMENT PROPERTIES) THREE MONTHS ENDED SEPTEMBER 30, 2001 VERSUS THREE MONTHS ENDED SEPTEMBER 30, 2000 (Includes new properties at 7/1/00 - StoneHollow, Towne Creek, Midtown, Peachtree City, Oakhurst, Frankford & Springmill)
7/1/2001-9/30/2001 7/1/2000-9/30/2000 No. of --------------------------------- % -------------------------------- Apts. Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft -------- -------- -------- ---------- ------ ---------- -------- --------- WEIGHTED AVG. OCCUPANCY ------------- Dallas 6,576 93.7% -0.4% 94.1% Atlanta 5,121 93.0% 1.9% 91.3% Austin 1,880 91.8% -4.3% 95.9% Houston 1,173 95.1% 1.5% 93.7% Indianapolis 1,536 92.1% 2.2% 90.1% Kansas 1,522 92.3% 3.4% 89.2% Chicago 2,360 93.5% -1.5% 94.9% ------ ----- ----- ----- Weighted Average 93.2% 0.2% 92.9% ===== ===== ===== Total 20,168 ====== WEIGHTED AVG. RENTAL RATE ------------- Dallas $ 780 4.0% $ 750 Atlanta $ 885 5.8% $ 836 Austin $ 852 -0.9% $ 859 Houston $ 851 4.9% $ 811 Indianapolis $ 706 2.5% $ 688 Kansas $ 814 -0.4% $ 818 Chicago $1,078 5.9% $1,019 ------ ---- ------ Weighted Average $ 849 3.9% $ 818 ====== ==== ====== TOTAL PROPERTY REVENUES Per Month Per Month --------------- ---------- ---------- Dallas $15,364,013 $ 779 $ 0.89 3.6% $14,835,503 $ 752 $ 0.86 Atlanta $13,529,371 $ 881 $ 0.89 1.6% $13,312,275 $ 867 $ 0.87 Austin $ 4,703,527 $ 834 $ 0.95 -6.0% $ 5,005,650 $ 888 $ 1.01 Houston $ 3,038,689 $ 864 $ 0.95 7.6% $ 2,822,947 $ 802 $ 0.88 Indianapolis $ 3,234,203 $ 702 $ 0.78 4.2% $ 3,104,619 $ 674 $ 0.75 Kansas $ 3,711,683 $ 813 $ 0.81 4.1% $ 3,564,638 $ 781 $ 0.78 Chicago $ 7,708,794 $1,089 $ 1.21 3.2% $ 7,468,917 $1,055 $ 1.17 ----------- ------ ------ ----- ----------- ------ ------ Total $51,290,279 $ 848 $ 0.92 2.3% $50,114,549 $ 828 $ 0.90 =========== ====== ====== ===== =========== ====== ====== AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED AND CO-INVESTMENT PROPERTIES) - CONTINUED 7/1/2001-9/30/2001 7/1/2000-9/30/2000 --------------------------------- % -------------------------------- Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft -------- -------- ---------- ------ ---------- -------- --------- PROPERTY OPERATING EXPENSES (ANNUALIZED) (ANNUALIZED) --------------------------- ------------ ------------ Dallas $ 6,656,938 $4,049 $4.63 5.5% $ 6,309,195 $3,838 $4.38 Atlanta $ 4,780,580 $3,734 $3.76 10.8% $ 4,313,335 $3,369 $3.39 Austin $ 2,510,164 $5,341 $6.09 31.5% $ 1,908,765 $4,061 $4.63 Houston $ 1,403,204 $4,785 $5.26 12.4% $ 1,248,268 $4,257 $4.68 Indianapolis $ 1,280,132 $3,334 $3.71 4.0% $ 1,230,389 $3,204 $3.56 Kansas $ 1,342,998 $3,530 $3.53 1.2% $ 1,326,562 $3,486 $3.49 Chicago $ 2,833,393 $4,802 $5.31 2.1% $ 2,776,428 $4,706 $5.21 ------------ ------ ----- ----- ----------- ------ ----- Total $ 20,807,410 $4,127 $4.48 8.9% $19,112,942 $3,791 $4.11 ============ ====== ===== ===== =========== ====== ===== Operating Efficiency 40.6% 38.1% ============ ==========
PER MONTH PER MONTH --------- ---------- NOI 2001% 2000% --- ----- ----- Dallas 56.7% 57.5% $ 8,707,074 $441 $0.50 2.1% $ 8,526,308 $432 $0.49 Atlanta 64.7% 67.6% $ 8,748,791 $569 $0.57 -2.8% $ 8,998,941 $586 $0.59 Austin 46.6% 61.9% $ 2,193,362 $389 $0.44 -29.2% $ 3,096,885 $549 $0.63 Houston 53.8% 55.8% $ 1,635,484 $465 $0.51 3.9% $ 1,574,679 $447 $0.49 Indianapolis60.4% 60.4% $ 1,954,071 $424 $0.47 4.3% $ 1,874,229 $407 $0.45 Kansas 63.8% 62.8% $ 2,368,684 $519 $0.52 5.8% $ 2,238,075 $490 $0.49 Chicago 63.2% 62.8% $ 4,875,401 $689 $0.76 3.9% $ 4,692,489 $663 $0.73 ----- ----- ------------ ---- ----- ----- ----------- ---- ----- Total 59.4% 61.9% $ 30,482,869 $504 $0.55 -1.7% $31,001,607 $512 $0.56 ===== ===== ============ ==== ===== ===== =========== ==== ===== Operating Margin 59.4% 61.9% ============ ===========
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED AND CO-INVESTMENT PROPERTIES) - CONTINUED
7/1/2001-9/30/2001 7/1/2000-9/30/2000 --------------------------------- % -------------------------------- Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft -------- -------- ---------- ------ ---------- -------- --------- CAPITAL EXPENDITURES (ANNUALIZED) (ANNUALIZED) -------------------- ------------ ------------ Dallas $ 543,601 $ 331 $0.38 -14.3% $ 634,570 $ 386 $0.44 Atlanta $ 522,814 $ 408 $0.41 27.1% $ 411,448 $ 321 $0.32 Austin $ 167,746 $ 357 $0.41 46.5% $ 114,499 $ 244 $0.28 Houston $ 50,607 $ 173 $0.19 -6.1% $ 53,871 $ 184 $0.20 Indianapolis $ 83,284 $ 217 $0.24 -17.2% $ 100,530 $ 262 $0.29 Kansas $ 78,270 $ 206 $0.21 -62.4% $ 208,027 $ 547 $0.55 Chicago $ 225,088 $ 382 $0.42 -17.6% $ 273,213 $ 463 $0.51 ------------ ------ ----- ------ ---------- ------ ----- Total $ 1,671,410 $ 331 $0.36 -6.9% $1,796,157 $ 356 $0.39 ============ ====== ===== ====== ========== ====== ===== REPAIRS AND MAINTENANCE (ANNUALIZED) (ANNUALIZED) ----------------------- ------------ ------------ Dallas $ 714,474 $ 435 $0.50 -2.3% $ 730,924 $ 445 $0.51 Atlanta $ 844,694 $ 660 $0.66 26.8% $ 666,152 $ 520 $0.52 Austin $ 429,535 $ 914 $1.04 162.8% $ 163,458 $ 348 $0.40 Houston $ 188,607 $ 643 $0.71 75.7% $ 107,331 $ 366 $0.40 Indianapolis $ 233,204 $ 607 $0.68 7.8% $ 216,427 $ 564 $0.63 Kansas $ 159,274 $ 419 $0.42 28.2% $ 124,273 $ 327 $0.33 Chicago $ 423,320 $ 717 $0.79 8.8% $ 389,036 $ 659 $0.73 ------------ ------ ----- ------ ---------- ------ ----- Total $ 2,993,109 $ 594 $0.64 24.8% $2,397,602 $ 476 $0.52 ============ ====== ===== ====== ========== ====== ===== REAL ESTATE TAXES (ANNUALIZED) (ANNUALIZED) ----------------- ------------ ------------ Dallas $ 2,275,073 $1,384 $1.58 0.3% $2,267,261 $1,379 $1.58 Atlanta $ 1,065,732 $ 832 $0.84 28.7% $ 828,355 $ 647 $0.65 Austin $ 832,720 $1,772 $2.02 7.3% $ 776,263 $1,652 $1.88 Houston $ 504,565 $1,721 $1.89 1.1% $ 498,904 $1,701 $1.87 Indianapolis $ 292,929 $ 763 $0.85 -4.4% $ 306,540 $ 798 $0.89 Kansas $ 357,903 $ 941 $0.94 2.6% $ 348,749 $ 917 $0.92 Chicago $ 1,040,178 $1,763 $1.95 2.2% $1,017,363 $1,724 $1.91 ------------ ------ ----- ------ ---------- ------ ----- Total $ 6,369,100 $1,263 $1.37 5.4% $6,043,434 $1,199 $1.30 ============ ====== ===== ====== ========== ====== =====
AMLI RESIDENTIAL PROPERTIES TRUST PROPERTY INFORMATION As of September 30, 2001
Qtr ended Sept. 30, 2001 Approx- Average Qtr ended imate Rental Rates Sept. 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 $ 857 $0.89 92.3% at Bishop's Gate West Plano, TX 1997 266 292,094 1,098 1,034 0.94 92.5% at Chase Oaks Plano, TX 1986 250 193,736 775 730 0.94 94.5% at Gleneagles Dallas, TX 87/97 590 520,357 882 748 0.85 91.8% on the Green Ft. Worth, TX 90/93 424 358,560 846 730 0.86 92.6% at Nantucket Dallas, TX 1986 312 222,208 712 603 0.85 93.4% of North Dallas Dallas, TX 85/86 1,032 906,808 879 714 0.81 93.2% at Stonebridge Ranch McKinney, TX 2001 250 214,348 857 760 0.89 92.6% at Shadow Ridge Dallas, TX 2001 222 218,309 983 1,147 1.17 80.4% at Valley Ranch Irving, TX 1985 460 389,940 848 767 0.90 92.8% ----- --------- --- ------ ----- ------ Subtotal-Dallas Ft. Worth, TX 4,306 3,798,042 882 $ 780 $0.88 92.2% ----- --------- --- ------ ----- ------ ATLANTA, GA ----------- Amli: at Clairmont Atlanta, GA 1988 288 229,335 796 837 1.05 92.4% at Killian Creek Snellville, GA 1999 256 262,785 1,027 863 0.84 93.7% at Park Creek Gainesville, GA 1998 200 195,146 976 795 0.82 88.9% at Spring Creek Dunwoody, GA 85/86/87/89 1,180 1,080,568 916 819 0.89 92.0% at Vinings Atlanta, GA 1985 360 374,240 1,040 886 0.85 94.6% at West Paces Atlanta, GA 1992 337 353,700 1,050 957 0.91 95.7% at Towne Creek Gainesville, GA 1989 150 121,722 811 647 0.80 93.8% ------ --------- ----- ------ ----- ------ Subtotal- Atlanta, GA 2,771 2,617,496 945 839 0.89 92.9% ------ --------- ----- ------ ----- ------ Qtr ended Sept. 30, 2001 Approx- Average Qtr ended imate Rental Rates Sept. 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 344 257,984 750 784 1.04 93.7% at Lantana Ridge Austin, TX 1997 354 311,857 881 907 1.03 93.6% at StoneHollow Atlanta, GA 1997 606 524,660 866 842 0.97 93.5% ----- --------- --- ---- ----- ----- Subtotal- Austin, TX 1,304 1,094,501 839 844 1.01 93.6% ----- --------- --- ---- ----- ----- KANSAS CITY ----------- Amli: at Centennial Overland Park, KS 1998 170 204,858 1,205 981 0.81 94.2% at Lexington Farms Overland Park, KS 1998 404 392,693 972 794 0.82 94.3% at Regents Center Overland Park, KS91/95/97 424 398,674 940 767 0.82 94.7% at Town Center Overland Park, KS 1997 156 176,914 1,134 941 0.83 93.6% ----- --------- ----- ----- ----- ----- Subtotal - Kansas 1,154 1,173,139 1,017 831 0.82 94.4% ----- --------- ----- ----- ----- ----- INDIANAPOLIS, IN ---------------- Amli: at Conner Farms Indianapolis, IN 1993 300 327,396 1,091 838 0.77 92.9% at Eagle Creek Indianapolis, IN 1998 240 233,432 973 813 0.84 93.7% at Riverbend Indianapolis, IN 83/85 996 820,712 824 641 0.78 92.0% ----- --------- ----- ---- ----- ----- Subtotal -Indianapolis, IN 1,536 1,381,540 899 706 0.78 92.4% ----- --------- ----- ---- ----- ----- Qtr ended Sept. 30, 2001 Approx- Average Qtr ended imate Rental Rates Sept. 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 1,104 1.22 95.5% ------ ---------- ----- ----- ----- ----- Subtotal -Chicago, IL 196 177,630 906 1,104 1.22 95.5% ------ ---------- ----- ----- ----- ----- HOUSTON, TX ----------- AMLI: at the Medical Center Houston, TX 2001 334 321,388 962 875 0.91 96.3% at Western Ridge Houston, TX 2000 318 289,612 911 844 0.93 96.0% ------ ---------- ----- ----- ----- ----- Subtotal -Houston, TX 652 611,000 937 860 0.92 96.2% ------ ---------- ----- ----- ----- ----- DENVER, CO ---------- AMLI: at Gateway Denver, CO 2000 328 294,926 899 923 1.03 93.3% ------ ---------- ----- ----- ----- ----- Subtotal -Denver, CO 328 294,926 899 923 1.03 93.3% ------ ---------- ----- ----- ----- ----- TOTAL WHOLLY OWNED PROPERTIES 12,247 11,148,274 910 $ 809 $0.89 93.0% ====== ========== ===== ===== ===== ===== Qtr ended Sept. 30, 2001 Approx- Average Qtr ended imate Rental Rates Sept. 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 1,037 901 0.87 94.8% at River Park Norcross, GA 1997 222 226,632 1,021 993 0.97 90.6% at Willeo Creek Rosewell, GA 1989 242 297,302 1,229 928 0.76 90.1% at Northwinds Alpharetta, GA 1999 800 818,432 1,023 947 0.93 94.7% at Park Bridge Alpharetta, GA 2000 352 356,123 1,012 930 0.92 93.4% at Windward Park Alpharetta, GA 1999 328 354,900 1,082 914 0.84 92.0% Lost Mountain Dunwoody, GA 2000 164 157,142 958 798 0.83 94.2% at Peachtree City Dunwoody, GA 1998 312 305,756 980 962 0.98 94.4% ----- --------- ----- ---- ----- ------ Subtotal- Atlanta, GA 2,866 2,978,655 1,039 929 0.89 93.5% ----- --------- ----- ---- ----- ------ CHICAGO, IL ----------- Amli: at Chevy Chase Buffalo Grove, IL 1988 592 480,820 812 1,121 1.38 94.4% at Danada Wheaton, IL 89/91 600 521,499 869 1,065 1.23 94.1% at Fox Valley Aurora, IL 1998 272 269,237 990 1,017 1.03 95.1% at Windbrooke Buffalo Grove, IL 1987 236 213,160 903 1,161 1.29 98.1% at St. Charles St. Charles, IL 2000 400 395,896 990 1,118 1.13 89.6% at Oakhurst North Aurora, IL 2000 464 470,094 1,013 1,025 1.01 90.0% at Osprey Lakes Waukegan, IL 1997/1999 483 453,150 938 999 1.06 93.1% ----- ---------- ----- ----- ----- ----- Subtotal- Chicago, IL 3,047 2,803,856 920 1,069 1.16 93.2% ----- ---------- ----- ----- ----- ----- Qtr ended Sept. 30, 2001 Approx- Average Qtr ended imate Rental Rates Sept. 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 97/00 476 451,328 948 761 0.80 90.8% Creekside Overland Park, KS 2000 224 182,192 813 795 0.98 93.0% at Wynnewood Overland Park, KS 2000 232 236,058 1,017 903 0.89 90.8% ----- --------- ----- ---- ----- ----- Subtotal - Eastern Kansas 932 869,578 933 805 0.86 91.3% ----- --------- ----- ---- ----- ----- DALLAS/FT. WORTH ---------------- AMLI: at Deerfield Ft. Worth, TX 1999 240 238,972 996 888 0.89 93.1% at Fossil Creek Ft. Worth, TX 1998 384 384,358 1,001 864 0.86 96.2% at Oakbend Lewisville, TX 1997 426 382,690 898 785 0.87 95.6% on the Parkway Dallas, TX 1999 240 225,248 939 865 0.92 91.2% at Prestonwood Hills Dallas, TX 1997 272 245,696 903 870 0.96 95.6% on Timberglen Dallas, TX 1985 260 201,198 774 651 0.84 96.0% at Verandah Arlington, TX 86/91 538 394,304 733 704 0.96 92.6% on Frankford Dallas, TX 1998 582 517,344 889 888 1.00 94.1% at Breckinridge Point Richardson, TX 1999 440 467,934 1,063 941 0.88 91.1% ----- ---------- ----- ---- ----- ----- Subtotal - Dallas/ Ft. Worth, TX 3,382 3,057,744 904 829 0.92 93.9% ----- ---------- ----- ---- ----- ----- AUSTIN, TX ---------- AMLI: at Scofield Ridge Austin, TX 2000 487 433,077 889 892 1.00 88.1% at Monterey Oaks Austin, TX 2000 430 412,759 960 954 0.99 93.3% at Wells Branch Austin, TX 1999 576 554,582 963 867 0.90 89.3% ----- ---------- --- ---- ----- ----- Subtotal - Austin, TX 1,493 1,400,418 938 901 0.96 90.0% ----- ---------- --- ---- ----- ----- Qtr ended Sept. 30, 2001 Approx- Average Qtr ended imate Rental Rates Sept. 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 192 164,480 857 719 0.84 95.0% at Champions Park Houston, TX 1991 246 221,986 902 699 0.77 94.0% at Greenwood ForestHouston, TX 1995 316 310,844 984 755 0.77 94.8% at Towne Square Houston, TX 1999 380 314,292 827 992 1.20 96.6% Midtown Houston, TX 1998 419 368,818 880 1,073 1.22 98.1% ------ ---------- --- ----- ----- ----- Subtotal- Houston, TX 1,553 1,380,420 889 886 1.00 96.1% ------ ---------- ---- ----- ----- ----- INDIANAPOLIS, IN ---------------- AMLI: at Lake Clearwater Indianapolis, IN 2000 216 218,006 1,009 903 0.89 92.8% at Castle Creek Indianapolis, IN 2000 276 269,904 978 870 0.89 92.0% on Spring Mill Carmel, IN 1999 400 406,640 1,017 835 0.82 81.7% ------ --------- ----- ----- ----- ------ Subtotal- Indianapolis, IN 892 894,550 1,003 862 0.86 87.6% ------ --------- ----- ----- ----- ------ DENVER, CO ---------- AMLI: at Lowry Estates Denver, CO 2000 414 392,208 947 1,109 1.17 89.9% ------ --------- ----- ----- ----- ----- Subtotal- Denver, CO 414 392,208 947 1,109 1.17 89.9% ------ --------- ----- ----- ----- ------ TOTAL CO-INVESTMENT PROPERTIES 14,579 13,777,429 945 $ 921 $0.97 92.8% ====== ========== ===== ===== ===== ===== TOTAL WHOLLY OWNED AND CO-INVESTMENT PROPERTIES 26,826 24,925,703 929 $ 870 $0.94 92.9% ====== ========== ===== ===== ===== =====
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 SEPT. 30, SEPT. 30, SEPT. 30, ---------------------------- -------------------------- -------------------------- % % % 2001 2000 Change 2001 2000 Change 2001 2000 Change ------- ------- ------ ------- ------- ------ ------- ------- ------- PROPERTY REVENUES ----------------- RENTAL INCOME ------------- Same Store Communities (1) . . .$23,557 22,998 2.4% 24,484 23,903 2.4% 48,041 46,901 2.4% New Communities (2). . 475 393 20.8% 6,134 4,011 52.9% 6,609 4,404 50.1% Development and/ or Lease-up Communities (3) . . . 0 0 1,528 185 1,528 185 Acquisition Communities (4) . . . 2,883 0 5,957 867 8,840 867 Communities Sold/ Contributed to Ventures (5). . . . . 349 3,440 1,266 3,494 1,615 6,934 ------- ------- ------- ------- ------- ------- ------- ------- ------- Total . . . . . . .$27,263 26,831 1.6% 39,369 32,460 21.3% 66,632 59,291 12.4% ======= ======= ======= ======= ======= ======= ======= ======= ======= OTHER REVENUES -------------- Same Store Communities . . . . .$ 1,598 1,565 2.1% 1,652 1,648 0.2% 3,249 3,214 1.1% New Communities. . . . 23 33 -30.4% 465 381 22.2% 488 414 18.0% Development and/ or Lease-up Communities . . . . . 0 0 166 31 166 31 Acquisition Communities . . . . . 198 0 403 31 601 31 1852.7% Communities Sold/ Contributed to Ventures. . . . . . . 38 225 128 250 165 476 ------- ------- ------- ------- ------- ------- ------- ------- ------- Total . . . . . . .$ 1,857 1,823 1.8% 2,814 2,341 20.2% 4,670 4,165 12.1% ======= ======= ======= ======= ======= ======= ======= ======= ======= 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 SEPT. 30, SEPT. 30, SEPT. 30, ---------------------------- -------------------------- -------------------------- % % % 2001 2000 Change 2001 2000 Change 2001 2000 Change ------- ------- ------ ------- ------- ------ ------- ------- ------- TOTAL PROPERTY REVENUES --------------- Same Store Communities . . . . .$25,154 24,564 2.4% 26,136 25,551 2.3% 51,290 50,115 2.3% New Communities. . . . 497 426 16.8% 6,599 4,392 50.3% 7,097 4,818 47.3% Development and/ or Lease-up Communities . . . . . 0 0 1,694 216 1,694 216 Acquisition Communities . . . . . 3,082 0 6,359 898 9,441 898 Communities Sold/Contri- buted to Ventures . . 386 3,665 1,393 3,745 1,780 7,410 ------- ------- ------- ------- ------- ------- ------- ------- ------- Total . . . . . . .$29,120 28,655 1.6% 42,183 34,801 21.2% 71,302 63,456 12.4% ======= ======= ======= ======= ======= ======= ======= ======= ======= Company's share of Co-investment total revenues . . . . . . . 13,386 10,221 31.0% ======= ======= ======= TOTAL OPERATING EXPENSES --------------- Same Store Communities . . . . .$ 10,441 9,517 9.7% 10,800 9,596 12.5% 21,241 19,113 11.1% New Communities. . . . 212 207 2.2% 1,834 2,053 -10.7% 2,046 2,261 -9.5% Development and/ or Lease-up Communities . . . . . 0 0 1,515 192 1,515 192 Acquisition Communities . . . . . 1,273 0 2,580 260 3,853 260 Communities Sold/Contri- buted to Ventures . . 221 1,545 187 1,286 408 2,832 ------- ------- ------- ------- ------- ------- ------- ------- ------- Total . . . . . . .$12,147 11,269 7.8% 16,918 13,387 26.4% 29,064 24,656 17.9% ======= ======= ======= ======= ======= ======= ======= ======= ======= Company's share of Co-investment total operating expenses . . 5,022 3,865 29.9% ======= ======= ======= 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 SEPT. 30, SEPT. 30, SEPT. 30, ---------------------------- -------------------------- -------------------------- % % % 2001 2000 Change 2001 2000 Change 2001 2000 Change ------- ------- ------ ------- ------- ------ ------- ------- ------- PROPERTY EBITDA --------------- Same Store Communities . . . . .$14,713 15,047 -2.2% 16,239 15,955 1.8% 30,952 31,002 -0.2% New Communities. . . . 286 218 30.8% 3,070 2,339 31.3% 3,355 2,557 31.2% Development and/ or Lease-up Communities . . . . . 0 0 1,875 24 1,875 24 Acquisition Communities . . . . . 1,809 0 3,779 638 5,588 638 Communities Sold/ Contributed to Ventures. . . . . . . 162 2,120 303 2,458 465 4,579 ------- ------- ------- ------- ------- ------- ------- ------- ------- Total . . . . . . .$16,970 17,385 -2.4% 25,265 21,414 18.0% 42,235 38,800 8.9% ======= ======= ======= ======= ======= ======= ======= ======= ======= Company's share of Co-investment EBITDA (incl. share of cash flow in excess of ownership %) . . . . . 8,833 6,925 27.6% 8,833 6,925 27.6% ======= ======= ======= ======= ======= ======= Percent of Co-investment EBITDA . . . . . . . . 35% 32% 21% 18% ======= ======= ======= ======= (1) Stabilized Communities at 7/1/00. (2) Development Communities stabilized after 7/1/00 but before 7/1/01. (3) Development Communities not yet stabilized. (4) Stabilized Communities acquired after 7/1/00. (5) Communities sold or contributed to co-investment ventures.
AMLI RESIDENTIAL PROPERTIES TRUST DEVELOPMENT ACTIVITIES Third 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 10/29/01 ---------- -------- ---------- --------- --------- -------- ------- -------- --------- -------- 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 98% 83% at Milton Park 461 $ 35.0 25% 4Q/00 1Q/02 1Q/03 3Q/03 17% N/A at Kedron Village (Peachtree City Phase II) 216 $ 20.2 20% 3Q/00 3Q/01 1Q/02 3Q/02 59% 7% HOUSTON, TEXAS -------------- AMLI at King's Harbour 300 $ 19.8 25% 2Q/00 1Q/01 4Q/01 2Q/02 99% 48% OVERLAND PARK, KANSAS -------------- AMLI at Cambridge Square 408 $ 32.2 30% 3Q/00 3Q/01 2Q/02 1Q/03 61% 12% LEE'S SUMMIT, MISSOURI ------------- AMLI at Summit Ridge 432 $ 29.3 25% 2Q/99 2Q/00 4Q/00 4Q/01 100% 92% AMLI RESIDENTIAL PROPERTIES TRUST DEVELOPMENT ACTIVITIES (continued) 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 10/29/01 ---------- -------- ---------- --------- --------- -------- ------- -------- --------- -------- INDIANAPOLIS, INDIANA ------------- AMLI at Carmel City Center 322 $ 28.4 100% 2Q/01 2Q/02 2Q/03 3Q/03 9% N/A WOODRIDGE, ILLINOIS ---------- AMLI at Seven Bridges 520 $ 82.2 20% 3Q/01 4Q/02 4Q/03 4Q/04 2% N/A ----- ------ TOTAL 3,059 $274.2 ===== ======
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 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.