EX-99.2 4 aml_992.txt EXHIBIT 99.2 ------------ AMLI RESIDENTIAL ------------------------------------------------------------ FIRST QUARTER 2003 SUPPLEMENTAL OPERATING AND FINANCIAL DATA ------------------------------------------------------------ [ graphics indicating property / caption reading "AMLI at King's Harbor -- Houston, Texas Stabilized First Quarter 2003" ] AMLI RESIDENTIAL PROPERTIES TRUST 125 South Wacker Drive Suite 3100 Chicago, Illinois 60606 Phone: (312) 443-1477 Fax: (312) 443-0909 www.amli.com ------------ Certain matters discussed in this supplemental package and the conference call held in connection herewith are forward looking statements within the meaning of Federal Securities Law. Although the Company believes expectations reflected in such forward looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward looking statements can be identified by the Company's use of the words "project," "believe," "expect," "anticipate," "intend," "estimate," "assume," and other similar expressions that predict or indicate future events, achievements or trends or that do not relate to historical matters. The Company is making forward looking statements because it believes that investors, analysts, and others, many of whom prepare models and projections of the Company's performance, are interested in the Company's current estimates of future activities. The Company advises such parties to make their own determination of any relevant or material assumption used by them. Many factors may cause the Company's actual performance in any period or periods to differ materially from the anticipated future performance expressed or implied by these forward looking statements. Certain of the factors that could cause the Company's actual performance to differ materially from those expressed or implied by these forward looking statements include, but are not limited to, general economic conditions, local real estate conditions, the timely development and lease-up of communities, other risk detailed from time to time in the Company's SEC reports, including the annual report on Form 10-K for the year ended December 31, 2002. AMLI RESIDENTIAL TABLE OF CONTENTS Page ---- SUMMARY INFORMATION Company Description and Investor Information. . . . . . . . 1 Earnings Release. . . . . . . . . . . . . . . . . . . . . . 2 Selected Financial and Operating Information. . . . . . . . 6 Funds From Operations . . . . . . . . . . . . . . . . . . . 12 Statements of Operations. . . . . . . . . . . . . . . . . . 13 Balance Sheets. . . . . . . . . . . . . . . . . . . . . . . 16 DEBT AND PREFERRED SHARES Debt and Preferred Shares Summary . . . . . . . . . . . . . 18 Debt Maturities . . . . . . . . . . . . . . . . . . . . . . 22 SAME STORE AND NOI DATA Quarterly Comparison of Same Store Communities. . . . . . . 24 Quarterly Comparison of Components of NOI . . . . . . . . . 29 OTHER DATA Co-Investment Compensation. . . . . . . . . . . . . . . . . 32 Service Companies Financial Information . . . . . . . . . . 33 PORTFOLIO Stabilized Communities. . . . . . . . . . . . . . . . . . . 35 Development Summary . . . . . . . . . . . . . . . . . . . . 39 Land Held for Development or Sale . . . . . . . . . . . . . 43 First Quarter 2003 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL COMPANY DESCRIPTION INVESTOR INFORMATION AMLI Residential (or AMLI) is an integrated, self-managed real estate operating company that was formed in February 1994 to continue and expand the multifamily property business previously conducted by AMLI Realty Co., our predecessor company, which has been in business since 1980. AMLI is structured as an UPREIT, or umbrella partnership real estate investment trust, and we own interests in properties and conduct our business through AMLI Residential Properties, L.P., (the Operating Partnership or OP). The sole general partner of the OP is AMLI Residential Properties Trust, a public company whose shares of beneficial interest are traded on the NYSE under the symbol "AML." Our business is the development, acquisition and management of upscale apartment communities in the Southeast, Southwest, Midwest and Mountain regions of the United States. We also serve as an institutional advisor and asset manager for domestic and international, tax-exempt and taxable investors in connection with our joint venture co-investment business. A summary schedule of our investment communities is included in this Supplement. We operate all of our communities under the AMLI [registered trademark] brand name, representing our commitment to high quality, exceptional service and superior value. We have corporate offices in Atlanta, Dallas, Indianapolis and Kansas City, in addition to our main office in Chicago. We employ approximately 850 people who are dedicated to our mission ... To Provide an Outstanding Living Environment For Our Residents. For additional information on AMLI, please visit our website at www.amli.com. The following information is presented as a supplement to our other public reporting, including our Form 10-Q and Form 10-K, both of which can be found on our website or through the SEC's EDGAR database. We hope that the information contained herein is helpful to you. We encourage your feedback and any suggestions, which you believe will help us provide better disclosure to you. Please contact either of: Robert Chapman Executive Vice President & CFO 312.984.6845 rchapman@amli.com Sue Bersh Vice President - Corporate Communications 312.984.2607 sbersh@amli.com Thank you for your interest in AMLI Residential. AML LISTED NYSE First Quarter 2003 Page 1 Supplemental Information AMLI Residential Properties Trust 125 South Wacker Drive AMLI RESIDENTIAL Suite 3100 Chicago, Illinois 60606 Phone: 312.443.1477 Fax: 312.443.0909 www.amli.com PRESS RELEASE FOR IMMEDIATE RELEASE For More Information, Contact: April 29, 2003 Robert J. Chapman, Chief Financial Officer (312) 984-6845 AMLI RESIDENTIAL ANNOUNCES FIRST QUARTER 2003 OPERATING RESULTS AND DECLARES DIVIDEND AMLI RESIDENTIAL PROPERTIES TRUST (NYSE: AML) announces today its actual operating results for the first quarter ended March 31, 2003. EARNINGS -------- Funds From Operations ("FFO") for the first quarter 2003 were $12,717,000, or $0.52 per common share, compared to $15,828,000, or $0.61 per common share, for the first quarter 2002, a per share decrease of 14.7%. This FFO amount is in line with First Call's current estimate and the company's most recent guidance of February 4, 2003. Net income for the quarter ended March 31, 2003 was $3,708,000, as compared to $6,660,000 in the year earlier period. This decrease is primarily attributable to lower rents and occupancies at most of AMLI's stabilized communities. Diluted Earnings Per Share ("EPS") for the quarter ended March 31, 2003 was $0.10, compared to $0.26 for the comparable period of 2002. "First quarter results were consistent with our expectations," commented Allan J Sweet, AMLI President. "Although our markets remain extremely competitive, they are somewhat more stable and predictable than was the case last year. We hope this stability foreshadows better operating results in the foreseeable future. " SAME COMMUNITY RESULTS ---------------------- On a combined same community basis, which includes both wholly-owned and co-investment communities (at 100%), for the quarter ended March 31, 2003 versus the prior year's quarter, total community revenue decreased 5.1%, operating expenses increased 0.5% and net operating income ("NOI") decreased 8.6%. Weighted average occupancy, quarter over comparable quarter, decreased from 90.3% to 89.3%, while the weighted average collected revenue decreased by 4.3%. OTHER OPERATING RESULTS ----------------------- Total community revenue, including both wholly-owned communities and co- investment communities (at 100%), was $68,214,000 for the quarter ended March 31, 2003, as compared with $67,052,000 for the comparable period in 2002. First Quarter 2003 Page 2 Supplemental Information AMLI Residential Properties Trust Earnings before interest, taxes, depreciation and amortization ("EBITDA"), including AMLI's proportionate share of partnership activity, for the quarter ended March 31, 2003 was $23,602,000, as compared to $25,216,000 for the year earlier period. AMLI at King's Harbor, a 300 apartment home community in Houston, Texas, achieved stabilization in the first quarter of 2003. The community is currently 89% occupied. OUTLOOK ------- AMLI is revising its FFO guidance for the remainder of the year and now expects full year 2003 FFO per share to be in the range of $2.12 (First Call's current estimate) to $2.18, approximately $0.07 less than prior guidance. The revised guidance makes no material change to operating assumptions for the properties but reflects management's current belief that it will be a net seller of real estate in 2003 rather than a modest acquirer. Selling real estate to pay down debt is dilutive to 2003 FFO, although it improves the balance sheet and positions the company for future acquisitions at a more opportune time. Revised guidance now also includes the Company's expectation of a promoted interest from a second or third quarter sale of a co-investment community. The amount of the promote is not yet final but should be slightly more than a penny per share assuming the sale is completed. AMLI now expects that EPS, absent potential gains from property sales, will approximate $0.53 - $0.55 for the full year ended December 31, 2003. DIVIDEND -------- Yesterday, the Board of Trustees declared a quarterly dividend of $0.48 per common share. This dividend is payable on May 20, 2003 to all common shareholders of record as of May 9, 2003 and is based on an annual dividend rate of $1.92 per common share. CONFERENCE CALL --------------- AMLI will hold a conference call on Wednesday, April 30, 2003 at 2:30 p.m. ET to review these results. The call may be joined by calling 888-922-1802 - Passcode: AMLI. A live webcast of the conference call will also be available in the 'Company Info' section on AMLI's website (www.amli.com/comp/) and at www.streetevents.com. SUPPLEMENTAL INFORMATION ------------------------ AMLI produces Quarterly Supplemental Information that provides detailed information regarding the Company's activities during the quarter. The First Quarter Supplemental Information is available in the 'Company Info' section on our website (www.amli.com/comp/) under 'Shareholder Reports.' DEFINITIONS ----------- This press release and the Quarterly Supplemental Information described above contain certain non-GAAP ("Generally Accepted Accounting Principles") information that we believe may be of interest and use to the investment community. First Quarter 2003 Page 3 Supplemental Information AMLI Residential Properties Trust Except where indicated, community revenue, community expenses, net operating income ("NOI") and earnings before interest, taxes, depreciation and amortization ("EBITDA") are computed based on various line items included in our consolidated statements of income prepared in accordance with GAAP. Where indicated, this information is presented on a basis that includes AMLI's proportionate share of the non-GAAP financial measures of its co-investment partnerships. Reconciliations of all non-GAAP financial measures to GAAP financial measures are included in the Company's Quarterly Supplemental Financial information, primarily pages 12, 13, and 29. COMMUNITY REVENUE comprises that portion of total revenue collected or due from leases at AMLI's rental communities and includes any such amounts as may be reported as discontinued operations. COMMUNITY EXPENSES comprise that portion of total expenses that exclude losses from sales or valuation of land, expenses of the Service Companies, general and administrative expense, and interest, taxes, depreciation and amortization. Community operating expenses include amounts reported as personnel, advertising and promotion, utilities, building repairs and maintenance and services, landscaping and grounds maintenance, real estates taxes, insurance, property management, and other operating expenses, and such amounts as may be included in discontinued operations. NOI from one community is the community revenue less the community expenses for that property. NOI for all communities is the community revenue from all communities less the community expenses for all communities. EBITDA is NOI (including AMLI's proportionate share of the NOI of its co- investment partnerships) plus all fees and interest income and income from the Service Companies and gains or losses from sales or valuation of land and other income, less general and administration expense. FUNDS FROM OPERATIONS ("FFO") is EBITDA less interest expense (including AMLI's proportionate share of the interest expense of its co-investment partnerships and amortization of deferred financing expense) and any income taxes. FFO PER SHARE is FFO divided by the fully-diluted number of Operating Partnership Units outstanding. FFO is always presented on a fully-diluted basis only. ADJUSTED FUNDS FROM OPERATIONS ("AFFO") is FFO less expenditures capitalized (excluding expenditures capitalized relating to the development of new property, the acquisition of additional property, or the rehab of existing property, but including AMLI's proportionate share of such expenditures capitalized by its co-investment partnerships). AFFO PER SHARE is AFFO divided by the fully-diluted number of Operating Partnership Units outstanding. AFFO per share is always presented on a fully-diluted basis only. SAME COMMUNITY INFORMATION includes only such portions of community revenue, expenses, NOI or EBITDA as are generated from AMLI's same community universe, which changes each January 1 as communities with one full year of stabilized operations as of that date are added, and which may change quarterly thereafter as any components of the same community universe are sold or contributed to co-investment partnerships. First Quarter 2003 Page 4 Supplemental Information AMLI Residential Properties Trust ABOUT AMLI ---------- The AMLI portfolio currently includes 73 apartment communities containing 27,833 apartment homes, with an additional 2,241 apartment homes under development or in lease-up in six locations. AMLI is focused on the development, acquisition and management of institutional quality multifamily communities in the Southeast, Southwest, Midwest and Mountain regions of the U.S. AMLI Residential also serves as institutional advisor and asset manager for large pension funds, tax-exempt foundations and other financial institutions through AMLI's co-investment business. AMLI employs approximately 850 people who are dedicated to achieving AMLI's mission--Provide An Outstanding Living Environment For Our Residents. More information on AMLI is available at www.amli.com. FORWARD LOOKING STATEMENTS -------------------------- Certain matters discussed in this press release are forward looking statements within the meaning of Federal Securities Laws. Although the AMLI believes expectations reflected in such forward looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking statements can be identified by AMLI's use of the words "project," "believe," "expect," "anticipate," "intend," "estimate," "assume," and other similar expressions that predict or indicate future events, achievements or trends or that do not relate to historical matters. AMLI does not assure the future results or outcome of the matters described in forward-looking statements; rather, these statements merely reflect AMLI's current expectations of the approximate outcomes of the matters discussed. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond AMLI's control. The reader is cautioned to make her/her own judgement with regard to the statements discussed in this press release and the assumption noted by AMLI herein. AMLI is making forward-looking statements because it believes investors, analysts and others, many of whom prepare models and projections of AMLI's performance, are interested in AMLI's current estimates of its future activities. AMLI advises such parties to make their own determination of any relevant or material assumption used by them. Many factors may cause AMLI's actual performance in any period or periods to differ materially from the anticipated future performance expressed or implied by these forward-looking statements. Certain of the factors that could cause AMLI's actual performance to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, general economic conditions, local real estate conditions, the timely development and lease-up of communities, other risks detailed from time to time in AMLI's SEC reports, including the annual report on form 10-K for the year ended December 31, 2002. AMLI press releases and other company information are available at AMLI's web site located at www.amli.com. First Quarter 2003 Page 5 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION Unaudited (Dollars in thousands, except for share data)
Quarter Ended ------------------------------------------------------------- March 31, Dec. 31, Sept. 30, June 30, March 31, 2003 2002 2002 2002 2002 ---------- ---------- ---------- ---------- ---------- REVENUE ------- TOTAL REVENUE Consolidated (a). . . . . . . . . . . . . $ 29,150 29,407 29,483 30,254 29,272 Combined, including share of partnerships (b). . . . . . . . . . . . 41,378 42,081 43,205 41,997 40,668 TOTAL PROPERTY REVENUE Consolidated. . . . . . . . . . . . . . . 27,083 26,051 26,498 26,680 26,522 Combined, including share of partnerships. . . . . . . . . . . . . . 40,072 40,233 42,663 39,757 39,252 Combined, including partnerships at 100% . . . . . . . . . . . . . . . . 68,214 67,910 69,305 68,333 67,052 EARNINGS -------- EBITDA (c). . . . . . . . . . . . . . . . 23,602 24,647 24,437 25,910 25,216 FFO . . . . . . . . . . . . . . . . . . . 12,717 13,859 14,306 16,105 15,828 AFFO. . . . . . . . . . . . . . . . . . . 11,408 13,072 12,926 14,646 14,601 Net income. . . . . . . . . . . . . . . . 3,708 8,752 17,652 7,291 6,660 Dividends (d) . . . . . . . . . . . . . . 11,693 11,926 12,316 12,432 12,286 Cash flows from operating activities. . . 11,184 11,606 17,457 19,529 11,048 Cash flows from investing activities. . . (11,300) 14,878 49,739 (49,671) (9,447) Cash flows from financing activities. . . 554 (27,701) (67,686) 31,854 (5,076) First Quarter 2003 Page 6 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION - CONTINUED Unaudited (Dollars in thousands, except for share data) Quarter Ended ------------------------------------------------------------- March 31, Dec. 31, Sept. 30, June 30, March 31, 2003 2002 2002 2002 2002 ---------- ---------- ---------- ---------- ---------- PER SHARE DATA - DILUTED ------------------------ FFO . . . . . . . . . . . . . . . . . . . $ 0.52 0.56 0.56 0.62 0.61 AFFO. . . . . . . . . . . . . . . . . . . 0.47 0.53 0.51 0.56 0.56 Net income allocable to common shares . . 0.10 0.40 0.87 0.29 0.26 Common dividends. . . . . . . . . . . . . 0.48 0.48 0.48 0.48 0.48 FFO payout ratio (based on per share amounts). . . . . . . . . . . . . 91.8% 85.3% 85.9% 77.7% 78.8% AFFO payout ratio (based on per share amounts). . . . . . . . . . . . . 102.4% 90.6% 95.1% 85.4% 85.4% NUMBER OF APARTMENT HOMES ------------------------- STABILIZED COMMUNITIES Wholly-owned. . . . . . . . . . . . . . . 12,260 11,722 11,851 12,441 12,247 Partnerships. . . . . . . . . . . . . . . 15,573 15,811 15,595 15,911 15,011 ---------- ---------- ---------- ---------- ---------- 27,833 27,533 27,446 28,352 27,258 ---------- ---------- ---------- ---------- ---------- COMMUNITIES UNDER DEVELOPMENT AND/OR LEASE-UP Wholly-owned. . . . . . . . . . . . . . . 322 322 542 542 322 Partnerships. . . . . . . . . . . . . . . 1,919 2,219 2,215 2,215 2,615 ---------- ---------- ---------- ---------- ---------- 2,241 2,541 2,757 2,757 2,937 ---------- ---------- ---------- ---------- ---------- Total . . . . . . . . . . . . . . . . . . 30,074 30,074 30,203 31,109 30,195 ========== ========== ========== ========== ========== See notes on following pages. First Quarter 2003 Page 7 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION Unaudited (Dollars in thousands, except for share data)
Quarter Ended ------------------------------------------------------------ March 31, Dec. 31, Sept. 30, June 30, March 31, 2003 2002 2002 2002 2002 ---------- ---------- ---------- ---------- ---------- CAPITALIZATION -------------- REAL ESTATE AT COST, BEFORE DEPRECIATION Consolidated. . . . . . . . . . . . . . . $ 794,908 768,281 793,559 813,089 802,320 Combined, including share of partnerships. . . . . . . . . . . . . . 1,242,259 1,221,308 1,237,356 1,263,186 1,208,134 Combined, including partnerships at 100% . . . . . . . . . . . . . . . . 2,185,711 2,170,782 2,159,926 2,171,530 2,065,698 TOTAL ASSETS Consolidated. . . . . . . . . . . . . . . $ 950,693 920,854 919,849 964,800 915,344 Combined, including share of partnerships. . . . . . . . . . . . . . 1,169,970 1,148,778 1,146,244 1,170,959 1,112,731 DEBT Consolidated. . . . . . . . . . . . . . . $ 457,950 421,554 403,193 450,268 405,126 Combined, including share of partnerships. . . . . . . . . . . . . . 669,648 637,726 620,184 648,965 592,300 SHARE INFORMATION Common shares outstanding . . . . . . . . 16,787,100 16,695,250 17,557,178 18,120,296 18,110,659 Preferred shares outstanding (e). . . . . 4,025,000 4,025,000 4,025,000 4,025,000 4,025,000 Operating Partnership units outstanding (f) . . . . . . . . . . . . 3,547,685 3,618,803 3,652,165 3,655,364 3,664,396 ---------- ---------- ----------- ----------- ----------- Total shares and units outstanding. . . . 24,359,785 24,339,053 25,234,343 25,800,660 25,800,055 ========== ========== =========== =========== =========== Weighted average shares and units outstanding . . . . . . . . . . . . . . 24,348,851 24,653,128 25,542,933 25,800,241 25,787,270 Share price, end of period. . . . . . . . $ 21.05 21.28 22.08 26.00 25.22 First Quarter 2003 Page 8 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION - CONTINUED Unaudited (Dollars in thousands, except for share data) Quarter Ended ------------------------------------------------------------ March 31, Dec. 31, Sept. 30, June 30, March 31, 2003 2002 2002 2002 2002 ---------- ---------- ---------- ---------- ---------- EQUITY MARKET CAPITALIZATION. . . . . . . 512,773 517,935 557,174 670,817 650,677 MARKET CAPITALIZATION Consolidated. . . . . . . . . . . . . . . $ 970,723 939,489 960,367 1,121,085 1,055,803 Combined, including share of partnerships. . . . . . . . . . . . . . 1,182,421 1,158,413 1,177,358 1,319,782 1,242,977 Combined,including partnerships at 100% . 2,166,147 2,188,835 2,113,925 2,334,010 2,179,544 DEBT SERVICE (g) ---------------- INTEREST EXPENSE Consolidated. . . . . . . . . . . . . . . $ 6,296 6,560 6,027 6,046 5,762 Combined, including share of partnerships 10,030 10,497 9,870 9,564 9,159 CAPITALIZED INTEREST Consolidated. . . . . . . . . . . . . . . 392 353 1,013 962 1,054 Combined, including share of partnerships . . . . . . . . . . . . 444 423 1,051 985 1,072 SCHEDULED PRINCIPAL PAYMENTS (normal amortization) Consolidated. . . . . . . . . . . . . . . 952 1,094 1,075 1,105 1,183 Combined, including share of partnerships 1,528 1,657 1,619 1,634 1,735 See notes on following pages. First Quarter 2003 Page 9 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION Unaudited (Dollars in thousands, except for share data)
Quarter Ended ------------------------------------------------------------ March 31, Dec. 31, Sept. 30, June 30, March 31, 2003 2002 2002 2002 2002 ---------- ---------- ---------- ---------- ---------- OPERATIONAL RATIOS ------------------ EBITDA, AS PERCENT OF TOTAL MARKET CAPITALIZATION Consolidated. . . . . . . . . . . . . . . 9.7% 10.5% 10.2% 9.2% 9.6% Combined, including share of unconsolidated affiliates . . . . . . . 8.0% 8.5% 8.3% 7.9% 8.1% INTEREST COVERAGE Consolidated. . . . . . . . . . . . . . . 3.7 3.8 4.1 4.3 4.4 Combined, including share of partnerships 2.4 2.4 2.5 2.7 2.7 FIXED CHARGE COVERAGE (h) Consolidated. . . . . . . . . . . . . . . 2.9 2.9 3.1 3.2 3.2 Combined, including share of partnerships 2.0 2.0 2.1 2.2 2.2 FINANCIAL RATIOS ---------------- DEBT TO TOTAL MARKET CAPITALIZATION Consolidated. . . . . . . . . . . . . . . 47.2% 44.9% 42.0% 40.2% 38.4% Combined, including share of unconsolidated affiliates . . . . . . . 56.6% 55.3% 52.7% 49.2% 47.7% DEBT TO TOTAL ASSETS, AT COST (before depreciation) Consolidated. . . . . . . . . . . . . . . 42.3% 40.5% 38.9% 41.9% 39.6% Combined, including share of partnerships 50.1% 48.8% 47.8% 49.4% 47.2% First Quarter 2003 Page 10 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION - CONTINUED Unaudited (Dollars in thousands, except for share data) Notes: (a) All references to "Consolidated" refer to disclosures that are derived from numbers directly on the Company's consolidated financial statements, which are prepared in accordance with GAAP and reflect the Company's interest in unconsolidated partnerships on the equity method. Reconciliation of Consolidated Total Revenue for quarters ended: March 31, March 31, 2003 2002 ---------- ---------- Community revenue. . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,083 26,522 Income from partnerships . . . . . . . . . . . . . . . . . . . . . . 1,457 2,029 Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 652 721 Loss from the Service Companies. . . . . . . . . . . . . . . . . . . (42) -- -------- -------- Consolidated total revenue (see detail on page 13) . . . . . . . . . $ 29,150 29,272 ======== ======== (b) All references to "Combined", "Combined, including share of partnerships" or the like refer to calculations derived by combining the Company's consolidated financial information with the Company's pro rata share of its partnerships' financial information. Excludes revenues of the Service Companies. (c) As of and for the three months ended March 31, 2003, includes a positive adjustment to add back $605 of the Service Companies' taxes and depreciation. In prior periods the Service Companies were not consolidated and this adjustment was not made. (d) Represents dividends paid on all common and preferred shares. (e) All preferred shares are convertible to common shares. (f) Represents Minority Interest on the Company's Consolidated Balance Sheets. (g) Excludes amortization of deferred and other financing costs. (h) Includes interest expense and preferred dividends and excludes principal amortization. First Quarter 2003 Page 11 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL FUNDS FROM OPERATIONS Unaudited (Dollars in thousands, except for share data) Three Months Ended March 31, ----------------------- 2003 2002 ---------- ---------- Company's share of communities' EBITDA (a). $ 24,127 26,035 Share of Service Companies' EBITDA/FFO (b). 563 (230) Other income. . . . . . . . . . . . . . . . 196 254 Co-investment fee income (c). . . . . . . . 456 697 General and administrative. . . . . . . . . (1,740) (1,540) ---------- ---------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA) . . 23,602 25,216 ---------- ---------- INTEREST EXPENSE (d) Wholly-owned communities and portfolio debt. . . . . . . . . . . . . . . . . . . (6,492) (5,946) Share of partnership communities. . . . . . (3,788) (3,442) ---------- ---------- (10,280) (9,388) ---------- ---------- SERVICE COMPANIES TAXES AND DEPRECIATION AND AMORTIZATION Taxes . . . . . . . . . . . . . . . . . . 155 -- Depreciation and amortization . . . . . . (760) -- ---------- ---------- (605) -- ---------- ---------- FUNDS FROM OPERATIONS (FF0) . . . . . . . . 12,717 15,828 ---------- ---------- CAPITAL EXPENDITURES PAID FROM FFO (e) Wholly-owned communities. . . . . . . . . . (1,084) (1,005) Share of partnership communities. . . . . . (225) (222) ---------- ---------- (1,309) (1,227) ---------- ---------- ADJUSTED FUNDS FROM OPERATIONS (AFFO) . . . $ 11,408 14,601 ========== ========== Notes: (a) Includes discontinued operations. See page 29 for reconciliation of community revenue and expenses to the Company's share of communities' EBITDA. (b) In 2003, includes share of EBITDA, net of intercompany interest elimination. In 2002, includes interest income and share of income from the Service Companies. (c) See page 32. (d) Includes amortization of deferred and other financing costs. (e) For details, refer to the Company's Management Discussion and Analysis in the Form 10-Q filed with the SEC for this reporting period. First Quarter 2003 Page 12 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STATEMENTS OF OPERATIONS Three Months Ended March 31 (Unaudited, dollars in thousands)
Consolidated (a) Combined (b) ----------------------- ----------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- RENTAL OPERATIONS Community revenue: Rental. . . . . . . . . . . . . . . . . . . . . . . $ 25,397 24,974 37,493 36,896 Other . . . . . . . . . . . . . . . . . . . . . . . 1,686 1,548 2,579 2,356 ---------- ---------- ---------- ---------- 27,083 26,522 40,072 39,252 Income from partnerships. . . . . . . . . . . . . . . 1,457 2,029 -- -- ---------- ---------- ---------- ---------- 28,540 28,551 40,072 39,252 ---------- ---------- ---------- ---------- Community operating expenses: Rental. . . . . . . . . . . . . . . . . . . . . . . 11,321 10,085 16,650 15,180 Interest and amortization of deferred financing costs 6,492 5,946 10,280 9,388 Depreciation. . . . . . . . . . . . . . . . . . . . 5,518 5,040 8,629 7,899 ---------- ---------- ---------- ---------- 23,331 21,071 35,559 32,467 ---------- ---------- ---------- ---------- Income from rental operations . . . . . . . . . . 5,209 7,480 4,513 6,785 ---------- ---------- ---------- ---------- OTHER INCOME Interest and share of loss from the Service Companies -- (230) -- (230) Fee income from unconsolidated partnerships . . . . 456 697 456 697 Other income (c). . . . . . . . . . . . . . . . . . 196 254 892 949 ---------- ---------- ---------- ---------- 652 721 1,348 1,416 ---------- ---------- ---------- ---------- First Quarter 2003 Page 13 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STATEMENTS OF OPERATIONS - CONTINUED Three Months Ended March 31 (Unaudited, dollars in thousands) Consolidated (a) Combined (b) ----------------------- ----------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- SERVICE COMPANIES' OPERATIONS Total revenue . . . . . . . . . . . . . . . . . . . 22,153 -- 22,153 -- Total expenses. . . . . . . . . . . . . . . . . . . 22,195 -- 22,195 -- ---------- ---------- ---------- ---------- Loss from Service Companies' operations . . . . . (42) -- (42) -- ---------- ---------- ---------- ---------- GENERAL AND ADMINISTRATIVE. . . . . . . . . . . . . . 1,740 1,540 1,740 1,540 ---------- ---------- ---------- ---------- INCOME FROM CONTINUING OPERATIONS BEFORE SHARE OF GAINS ON SALES OF PROPERTIES . . . . . . . 4,079 6,661 4,079 6,661 Gain on sale of residential property including share of gains on sales of a partnership's properties . . -- -- -- -- ---------- ---------- ---------- ---------- INCOME FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST . . . . . . . . . . . . . . 4,079 6,661 4,079 6,661 Minority interest . . . . . . . . . . . . . . . . . 371 779 371 779 ---------- ---------- ---------- ---------- INCOME FROM CONTINUING OPERATIONS . . . . . . . . . . 3,708 5,882 3,708 5,882 ---------- ---------- ---------- ---------- Income from discontinued operations, net of minority interest (d). . . . . . . . . . . . -- 778 -- 778 Gain on sale of discontinued operations, net of minority interest . . . . . . . . . . . . . . . . . -- -- -- -- ---------- ---------- ---------- ---------- INCOME FROM DISCONTINUED OPERATIONS, NET OF MINORITY INTEREST . . . . . . . . . . . . . . . . . -- 778 -- 778 ---------- ---------- ---------- ---------- NET INCOME. . . . . . . . . . . . . . . . . . . . . . 3,708 6,660 3,708 6,660 Net income attributable to preferred shares . . . . . 1,981 2,082 1,981 2,082 ---------- ---------- ---------- ---------- NET INCOME ATTRIBUTABLE TO COMMON SHARES. . . . . . . $ 1,727 4,578 1,727 4,578 ========== ========== ========== ========== First Quarter 2003 Page 14 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STATEMENTS OF OPERATIONS - CONTINUED Three Months Ended March 31 (Unaudited, dollars in thousands) Consolidated (a) Combined (b) ----------------------- ----------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- INCOME FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST . . . . . . . . . . . . . . 4,079 6,661 4,079 6,661 Income from discontinued operations before minority interest. . . . . . . . . . . . . . . . . . . . . . -- 937 -- 937 Add: Depreciation Wholly-owned communities. . . . . . . . . . . . . . 5,518 5,362 5,518 5,362 Share of partnership communities. . . . . . . . . . 3,120 2,868 3,120 2,868 Less: Gains on sales of rental properties Wholly-owned communities. . . . . . . . . . . . . . -- -- -- -- Share of partnership communities. . . . . . . . . . -- -- -- -- ---------- ---------- ---------- ---------- FUNDS FROM OPERATIONS . . . . . . . . . . . . . . . . $ 12,717 15,828 12,717 15,828 ========== ========== ========== ========== Notes: (a) All references to "Consolidated" refer to disclosures that are derived from numbers directly on the Company's consolidated financial statements, which are prepared in accordance with GAAP and reflect the Company's interest in unconsolidated partnerships on the equity method. (b) All references to "Combined", "Combined, including share of partnerships" or the like refer to calculations derived by combining the Company's consolidated financial information with the Company's pro rata share of its partnerships' financial information. (c) Combined includes other items of partnership operations such as interest income on invested funds, legal, audit and other costs of partnership administration including asset management fees paid to the Company, compensation received in the form of cash flow preference and share of income in excess of the Company's ownership percentage. (d) No interest expense is associated with discontinued operations. First Quarter 2003 Page 15 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL BALANCE SHEETS (Unaudited, dollars in thousands)
Consolidated (a) Combined (b) ------------------------- ------------------------- March 31, December 31, March 31, December 31, 2003 2002 2003 2002 ---------- ------------ ---------- ------------ ASSETS Rental apartments Land. . . . . . . . . . . . . . . . . . . . $ 100,966 97,700 156,655 153,873 Depreciable property. . . . . . . . . . . . 653,002 631,480 1,002,147 984,053 ---------- ---------- ---------- ---------- 753,968 729,180 1,158,802 1,137,926 Less: Accumulated depreciation . . . . . . . (125,786) (120,268) (165,407) (158,973) ---------- ---------- ---------- ---------- 628,182 608,912 993,395 978,953 Land held for development or sale . . . . . . 14,248 14,158 14,248 14,158 Rental apartments under development . . . . . 26,692 24,943 69,209 69,225 Investments in partnerships (c) . . . . . . . 193,356 197,517 -- -- Cash and cash equivalents . . . . . . . . . . 2,860 2,422 7,056 9,426 Service Companies' assets (d) . . . . . . . . 58,080 52,774 58,080 52,774 Other assets and deferred expenses, net (e) . 27,275 20,128 27,982 24,242 ---------- ---------- ---------- ---------- TOTAL ASSETS. . . . . . . . . . . . . . . $ 950,693 920,854 1,169,970 1,148,778 ========== ========== ========== ========== First Quarter 2003 Page 16 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL BALANCE SHEETS - CONTINUED (Unaudited, dollars in thousands) Consolidated (a) Combined (b) ------------------------- ------------------------- March 31, December 31, March 31, December 31, 2003 2002 2003 2002 ---------- ------------ ---------- ------------ LIABILITIES Debt. . . . . . . . . . . . . . . . . . . . . $ 457,950 421,554 669,648 637,726 Distributions in excess of investments in and earnings from partnerships. . . . . . . 5,822 4,806 -- -- Accrued expenses and other liabilities. . . . 32,168 33,391 45,569 49,949 ---------- ---------- ---------- ---------- TOTAL LIABILITIES . . . . . . . . . . . . 495,940 459,751 715,217 687,675 ---------- ---------- ---------- ---------- Mandatorily redeemable convertible preferred shares. . . . . . . . . . . . . . 93,247 93,247 93,247 93,247 Minority interest . . . . . . . . . . . . . . 63,198 65,728 63,198 65,728 Total shareholders' equity. . . . . . . . . . 298,308 302,128 298,308 302,128 ---------- ---------- ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY. . . . . . . . . . $ 950,693 920,854 1,169,970 1,148,778 ========== ========== ========== ========== Notes: (a) All references to "Consolidated" refer to disclosures that are derived from numbers directly on the Company's consolidated financial statements, which are prepared in accordance with GAAP and reflect the Company's interest in unconsolidated partnerships on the equity method. (b) All references to "Combined", "Combined, including share of partnerships" or the like refer to calculations derived by combining the Company's consolidated financial information with the Company's pro rata share of its partnerships' financial information. (c) See details in the Company's SEC Form 10-Q. (d) See page 34. (e) Includes deferred development costs, accounts receivable, deposits, notes receivable, development fees receivable, prepaid expenses and miscellaneous. First Quarter 2003 Page 17 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY March 31, 2003 (Unaudited, dollars in thousands)
CONSOLIDATED DEBT (a) --------------------- Weighted Average Years to Type of Percent Interest Maturity Variable of Indebtedness Balance of Total Rate (c) (d) Secured Unsecured Fixed (e) --------------- -------- -------- -------- -------- -------- --------- -------- -------- Conventional mortgages . . . . . $287,700 62.8% 7.1% 6.7 287,700 -- 287,700 -- Construction financing . . . . . -- 0% 0% 0.0 -- -- -- -- Tax-exempt debt . . . 50,250 11.0% 2.3% 0.6 9,500 40,750 -- 50,250 Credit facilities (f) 114,000 24.9% 3.5% 0.6 -- 114,000 -- 114,000 Other (g) . . . . . . 6,000 1.3% 2.1% 0.0 -- 6,000 -- 6,000 -------- ------- ------- ------- ------- ------- ------- ------- Total . . . . . . $457,950 100.0% 5.6% 4.4 297,200 160,750 287,700 170,250 ======== ======= ======= ======= ======= ======= ======= ======= Percent of total. . 64.9% 35.1% 62.8% 37.2% ======= ======= ======= ======= COMBINED DEBT, INCLUDING SHARE OF PARTNERSHIPS (b) -------------------------------------------------- Weighted Average Years to Type of Percent Interest Maturity Variable of Indebtedness Balance of Total Rate (c) (d) Secured Unsecured Fixed (e) --------------- -------- -------- -------- -------- -------- --------- -------- -------- Conventional mortgages . . . . . $492,031 73.5% 7.1% 6.6 492,031 -- 492,031 -- Construction financing . . . . . 9,423 1.4% 3.2% 1.8 9,423 -- -- 9,423 Tax-exempt debt . . . 50,250 7.5% 2.3% 0.6 9,500 40,750 -- 50,250 Credit facilities (f) 114,000 17.0% 3.5% 0.6 -- 114,000 -- 114,000 Other (g) . . . . . . 3,944 0.6% 2.1% 0.0 -- 3,944 -- 3,944 -------- ------- ------- ------- ------- ------- ------- ------- Total . . . . . . $669,648 100.0% 6.1% 5.0 510,954 158,694 492,031 177,617 ======== ======= ======= ======= ======= ======= ======= ======= Percent of total. . 76.3% 23.7% 73.5% 26.5% ======= ======= ======= ======= See notes on the following page. First Quarter 2003 Page 18 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY MARCH 31, 2003 (Unaudited, dollars in thousands)
PREFERRED SHARES ---------------- Number of Out- Current Date Original Shares at standing Dividend Liquidation Security of Issue Issue Issuance Shares Rate Preference ---------------------- --------- -------- --------- -------- -------- ----------- Convertible Preferred Series A 1/30/96 $ 20,000 1,200,000 100,000 (h) 2,019 Convertible Preferred Series B (i) 75,000 3,125,000 3,125,000 (j) 76,500 Convertible Preferred Series D (k) 10/31/01 20,000 800,000 800,000 (l) 20,433 Notes: (a) All references to "Consolidated" refer to disclosures that are derived from numbers directly on the Company's consolidated financial statements, which are prepared in accordance with GAAP and reflect the Company's interest in unconsolidated partnerships on the equity method. (b) All references to "Combined", "Combined, including share of partnerships" or the like refer to calculations derived by combining the Company's consolidated financial information with the Company's pro rata share of its partnerships' financial information. (c) The Weighted Average Interest Rate for variable rate debt reflects (i) the variable rate in effect on the last day of the period (ii) the effective fixed interest rates on swaps and (iii) each financing's respective lender credit spread. (d) Years to Maturity reflects the expiration date of the credit enhancements supporting Tax-exempt debt, not the actual maturity dates of the bonds, which are in 2024. First Quarter 2003 Page 19 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY - CONTINUED March 31, 2003 (Unaudited, dollars in thousands) (e) The following summarizes interest rate limitation and swap contracts associated with the Credit Facilities:
Fixed Rate, Excluding Lender Type of Notional Credit Term of Contract Counterparty Amount Spread Contract -------- ------------ -------- ----------- --------------- Swap Harris Trust & Savings Bank 15,000 6.405% 9/21/99 - 9/20/04 Swap Harris Trust & Savings Bank 10,000 6.438% 10/4/99 - 10/4/04 ------- 25,000 ------- The following summarizes interest rate swap contracts associated with the construction financing of AMLI at Seven Bridges, in which the Company owns a 20% interest: First Quarter 2003 Page 20 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY - CONTINUED March 31, 2003 (Unaudited, dollars in thousands)
Fixed Rate, Excluding Lender Type of Notional Credit Term of Contract Counterparty Amount Spread Contract -------- ------------ -------- ----------- ---------------- Swap PNC Bank, N.A. $30,000 4.670% 1/10/03 - 7/10/03 Swap PNC Bank, N.A. 50,000 4.670% 7/10/03 -12/10/03 (f) See note (c) on page 22. (g) Demand notes payable by the Company to its managed partnerships. Combined amount is net of elimination of Company's share. (h) The dividend per share is equal to the common share dividend. (i) Funded in three installments of $25 million each on 3/9/98, 6/30/98 and 9/30/98. (j) The dividend per share is the greater of an annualized (i) $1.84 per share or (ii) the amount payable on the common shares. (k) 800,000 preferred shares were issued at $25 per share. These shares may be converted to 720,721 common shares, reflecting a conversion price of $27.75 per common share. (l) The dividend per share is the greater of an annualized (i) $2.1625 per share or (ii) the amount payable on the common shares. First Quarter 2003 Page 21 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEBT MATURITIES March 31, 2003 (Unaudited, dollars in thousands)
CONSOLIDATED DEBT (a) --------------------- Wtd. Average Interest Rate on Scheduled Due at Percent to Maturing Year Amortization Maturity Total Total Debt ---------- ------------ ----------- ----------- ----------- ------------ 2003 $ 2,948 120,000(c) 122,948 26.8% 3.4% 2004 3,857 22,547 26,404 5.8% 7.6% 2005 3,997 31,024 35,021 7.6% 8.2% 2006 3,130 35,372 38,502 8.4% 7.8% 2007 2,661 32,981 35,642 7.8% 6.7% Thereafter 18,733 180,700(d) 199,433 43.6% 5.6% -------- ------- ------- ------ ----- Total $ 35,326 422,624 457,950 100.0% 5.6% ======== ======= ======= ====== ===== Percent to Total 7.7% 92.3% 100.0% ======== ======= ======= COMBINED DEBT, INCLUDING SHARE OF PARTNERSHIPS (b) -------------------------------------------------- Wtd. Average Interest Rate on Scheduled Due at Percent to Maturing Year Amortization Maturity Total Total Debt ---------- ------------ ----------- ----------- ----------- ------------ 2003 $ 4,624 121,573(c) 126,197 18.8% 3.5% 2004 6,162 24,987 31,149 4.7% 7.6% 2005 6,456 40,447 46,903 7.0% 7.1% 2006 5,667 66,794 72,461 10.8% 7.6% 2007 4,748 65,552 70,300 10.5% 7.3% Thereafter 29,039 293,599(d) 322,638 48.2% 6.2% -------- ------- ------- ------ ----- Total $ 56,696 612,952 669,648 100.0% 6.1% ======== ======= ======= ====== ===== Percent to Total 8.5% 91.5% 100.0% ======== ======= ======= First Quarter 2003 Page 22 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL DEBT MATURITIES - CONTINUED March 31, 2003 (Unaudited, dollars in thousands) Notes: (a) All references to "Consolidated" refer to disclosures that are derived from numbers directly on the Company's consolidated financial statements, which are prepared in accordance with GAAP and reflect the Company's interest in unconsolidated partnerships on the equity method. (b) All references to "Combined", "Combined, including share of partnerships" or the like refer to calculations derived by combining the Company's consolidated financial information with the Company's pro rata share of its partnerships' financial information. (c) The Company's primary unsecured line of credit, which has a current maturity of November 2003; the Company anticipates replacing this line of credit in May 2003 with a $200 million line of credit maturing in May 2006. (d) Includes Bonds which mature in 2024. The credit enhancements on $40,750 and $9,500 expire on October 15, 2003 and on December 18, 2003, respectively. First Quarter 2003 Page 23 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES THREE MONTHS ENDED MARCH 31
PHYSICAL OCCUPANCY AND COLLECTED REVENUE PER OCCUPIED UNIT (a) -------------------------------- Weighted Average Weighted Average Occupancy (b) Collected Revenue (c) --------------------------------- --------------------------------- Apartment Percent Percent Market Homes 2003 2002 Change 2003 2002 Change ------ --------- -------- -------- -------- -------- -------- -------- Dallas 6,560 88.3% 91.0% -2.9% 831 862 -3.7% Atlanta 5,637 90.3% 90.1% 0.2% 862 916 -5.9% Austin 2,797 90.7% 91.7% -1.1% 819 890 -8.0% Houston 1,133 89.0% 90.6% -1.7% 1,068 1,090 -2.0% Indianapolis 2,028 89.4% 90.4% -1.1% 811 798 1.7% Kansas City 2,518 89.5% 89.5% 0.1% 835 871 -4.2% Chicago 3,243 88.6% 88.8% -0.2% 1,112 1,154 -3.7% Denver 742 86.8% 87.9% -1.3% 1,035 1,094 -5.4% ------- ------ ------ ------ ------ ------ ------ Total 24,658 89.3% 90.3% -1.1% 889 929 -4.3% ======= ====== ====== ====== ====== ====== ====== First Quarter 2003 Page 24 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES - CONTINUED THREE MONTHS ENDED MARCH 31
REVENUE, EXPENSES AND NET OPERATING INCOME (a) (dollars in thousands) ---------------------------------------------- Revenue Expenses Net Operating Income (d) ---------------------------- ---------------------------- ----------------------------- Percent Percent Percent Market 2003 2002 Change 2003 2002 Change 2003 2002 Change ------ -------- -------- -------- -------- -------- -------- -------- -------- -------- Dallas $ 14,432 15,404 -6.3% 6,363 6,495 -2.0% 8,069 8,909 -9.4% Atlanta 13,171 13,974 -5.7% 4,912 4,858 1.1% 8,259 9,116 -9.4% Austin 6,234 6,840 -8.9% 2,873 2,831 1.5% 3,361 4,009 -16.2% Houston 3,233 3,353 -3.6% 1,406 1,430 -1.7% 1,827 1,923 -5.0% Indianapolis 4,309 4,379 -1.6% 1,778 1,622 9.6% 2,531 2,757 -8.2% Kansas City 5,649 5,890 -4.1% 1,959 2,036 -3.8% 3,690 3,854 -4.3% Chicago 9,585 9,798 -2.2% 3,692 3,548 4.1% 5,893 6,250 -5.7% Denver 1,995 2,142 -6.9% 573 625 -8.2% 1,422 1,517 -6.3% -------- -------- -------- -------- -------- -------- -------- -------- -------- Total $ 58,608 61,780 -5.1% 23,556 23,445 0.5% 35,052 38,335 -8.6% ======== ======== ======== ======== ======== ======== ======== ======== ======== Wholly-owned $ 24,695 26,522 10,128 10,077 14,567 16,445 Partnership 33,913 35,258 13,428 13,368 20,485 21,890 -------- -------- -------- -------- -------- -------- $ 58,608 61,780 23,556 23,445 35,052 38,335 ======== ======== ======== ======== ======== ======== Notes: (a) Information shown is Combined, including partnership communities at 100%. (b) Represents average daily physical occupancy. (c) Represents amounts collected for rent and other income per month. (d) See page 29 for reconciliation of same store community revenue, expenses, net operating income and EBITDA. First Quarter 2003 Page 25 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME COMMUNITY RENTAL REVENUE GROWTH The following graphs present monthly rental revenue for the year 2003 in gray, compared to monthly rental revenue for the twelve months of 2002 in black. Note that information shown is combined, including partnership communities at 100%. ALL PROPERTIES -------------- For the first quarter 2003, community total revenue (including rental and other) declined 5.1% and expenses grew 0.5%, producing a decline in NOI of 8.6% comparing to the first quarter of 2002. Sequential same community revenue trended downward for the third straight quarter as a result of the continued weakness in the economy. Total revenue decreased in all markets when compared to the same quarter a year ago; however, both Dallas and Chicago posted total revenue growth of 0.6% and 0.4%, respectively, compared to last quarter, due to an increase in other income. DALLAS ------ Dallas same community total revenue declined by 6.3%, operating expenses decreased 2.0% and NOI was down 9.4% for the first quarter of 2003 compared to the first quarter of 2002. The Dallas economy continued to suffer with job losses totaling 30,000 in 2002. Job layoffs from a large concentration of high-tech and telecommunications companies continue to impact communities in the Northern Dallas submarkets. New apartment units continue to be added to the inventory despite the soft economy, with approximately 10,100 units still under construction. Physical occupancy of 88.3% was down 2.9% compared to the same quarter a year ago, and down 0.1% compared to the last quarter of 2002. Same community collected rent per occupied unit was down 4.4% from a year ago and down 0.1% compared to the prior quarter. ATLANTA ------- Atlanta same community total revenue declined 5.7%, expenses increased 1.1% and NOI decreased 9.4% for the first quarter of 2003 compared to the same quarter a year ago. Total revenue declined 0.6% from the fourth quarter, the lowest decline in the past five quarters. Physical occupancy increased slightly over the same quarter a year ago to 90.3%, but was down 0.2% compared to the fourth quarter. Same community collected rent per occupied unit was down 6.2% from a year ago and 0.8% from last quarter. The challenge in Atlanta remains absorption of a significant new supply pipeline, with 15,113 units under construction as of January 2003. Job losses slowed dramatically in 2002 with Atlanta posting a net loss of 7,000 jobs compared to a loss of 37,100 in 2001. Without a significant improvement in demand fundamentals, the Atlanta market may experience further deterioration. First Quarter 2003 Page 26 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SAME COMMUNITY RENTAL REVENUE GROWTH - CONTINUED CHICAGO ------- Chicago same community total revenue declined 2.2% and expenses increased 4.1%, resulting in a 5.7% decrease in NOI for the first quarter of 2003 compared to the same period a year ago. Compared to the fourth quarter of 2002, total revenue was up slightly, 0.4%, the first increase in three quarters. Physical occupancies remained virtually unchanged from the prior quarter and a year ago, having increased 0.2% from the fourth quarter to 88.6%, and decreased 0.2% compared to the first quarter of 2002. Additionally, same community collected rent per occupied unit decreased 2.4% compared to the first quarter 2002 and 0.7%, versus last quarter. While recent revisions to year ended 2002 job data showed that Chicago lost fewer jobs than was previously reported, the metro area remained down almost 27,000 jobs from 2001. AUSTIN ------ Austin posted the largest decline in performance from a year ago, with same store total revenue down 8.9%, expenses up 1.5% and NOI down 16.2% for the first quarter 2003 compared to the same period in 2002. Physical occupancy decreased to 90.7% from 92.1% in the fourth quarter, a drop of 1.4% while same community collected rent per occupied unit fell 0.7% from last quarter. The primary challenge for Austin is the absorption of a significant new supply pipeline, as approximately 7,000 units will be delivered in 2003. KANSAS ------ Same community total revenue in Kansas for the first quarter of 2003 declined 4.1% compared to first quarter 2002 with NOI down 4.3% over comparable periods. Expenses in the current quarter compared to last year declined 3.8%, in part due to favorable variances in real estate taxes. Total revenue and NOI was down 1.7% and 8.1%, respectively, from the fourth quarter 2002. Same community collected rent per occupied unit decreased 3.5% from the same period of a year ago. Revisions from the Bureau of Labor Statistics (BLS) showed that Kansas City lost more jobs in 2002 than previously reported, with the new figures showing 18,300 jobs lost during the year compared to the 6,300 previously reported. Physical occupancy decreased to 89.5% from 91.1% in the fourth quarter but is in line with a year ago. INDIANA ------- Same community total revenue for Indianapolis for the first quarter 2003 declined 1.6% and 2.2% compared to the same period last year and to the fourth quarter of 2002, respectively. NOI for the current quarter declined by 8.2%, with a 9.6% increase in expenses, primarily due to painting costs, compared to 2002. Physical occupancy of 89.4% was down 1.9% compared to the last quarter and down 1.0% relative to the same quarter a year ago. Same community collected rent per occupied unit fell 1.5% from year ago levels. Job growth in Indianapolis was weaker than originally projected as benchmarking revisions from the BLS reported a loss of 16,900 jobs in 2002 (revised from - 7,000) or -1.9%. First Quarter 2003 Page 27 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SAME COMMUNITY RENTAL REVENUE GROWTH - CONTINUED HOUSTON ------- Houston performed better than most AMLI markets compared to a year ago, but posted the largest total revenue decrease compared to the fourth quarter of 2002 due to the occupancy pressure caused by significant new supply additions. Total revenue was down 3.6% compared to a year ago and 3.1% compared to the previous quarter. Same community collected rent per unit decreased 1.5% from the same period a year ago. Occupancy for the quarter averaged 89.0%, down 2.1% from the fourth quarter occupancy of 91.1% and down 1.7% compared to the first quarter of last year. M/PF reports that nearly 8,800 new units were added in the last year, with over 1,500 delivered in the first quarter. The entire Houston market experienced negative absorption (net 4,200 move-outs) for the quarter, pushing the MSA to 90.8%, the lowest occupancy level in three years. DENVER ------ The same community universe in Denver now encompasses two communities totaling 742 units. Same community total revenue for the first quarter of 2003 was down 6.9% compared to the first quarter 2002 and 1.8% compared to the last quarter. The current quarter's expenses declined 8.2% versus last year's first quarter. NOI declined 6.3%, respectively compared to last year, but was up 5.4% versus last quarter, the highest quarter over quarter NOI increase in our portfolio. Physical occupancy averaged 86.8%, down 2.6% from the fourth quarter and 1.3% from a year ago. Same community collected rent per occupied unit was down 5.6% versus the first quarter of last year and 0.4% versus last quarter. In 2002 the metro lost 16,100 jobs, on top of the 43,500 lost the year before. In addition, M/PF reports 11,555 units in the construction pipeline as of January 2003, making for an extremely challenging environment for the next 12-18 months. First Quarter 2003 Page 28 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL COMPONENTS OF NOI THREE MONTHS ENDED MARCH 31 (Dollars in thousands)
Partnership Communities Wholly-Owned Communities (a) Combined (g)(h) at 100% ---------------------------- -------------------------- -------------------------- Percent Percent Percent 2003 2002 Change 2003 2002 Change 2003 2002 Change -------- -------- -------- -------- -------- -------- -------- -------- -------- REVENUE Same store communities (b). . . . 24,695 26,522 -6.9% 35,922 38,209 -6.0% 33,913 35,258 -3.8% New communities (c) . . 0 0 0.0% 524 352 48.6% 2,217 1,432 54.8% Communities under development and lease-up . . . . . . . 223 0 0.0% 725 60 1105.6% 1,887 201 836.4% Acquisition communities (d). . . . 2,165 0 0.0% 2,901 0 0.0% 2,210 0 0.0% Communities sold/ contributed to ventures (e) . . . . . 0 2,123 -100.0% 0 2,754 -100.0% 904 3,640 -75.2% -------- -------- -------- -------- -------- -------- -------- -------- -------- 27,083 28,645 -5.5% 40,072 41,375 -3.1% 41,131 40,531 1.5% ======== ======== ======== ======== ======== ======== ======== ======== ======== EXPENSES Same store communities (b). . . . 10,128 10,077 0.5% 14,606 14,533 0.5% 13,428 13,368 0.5% New communities (c) . . 0 0 0.0% 213 187 14.1% 893 770 15.8% Communities under development and lease-up . . . . . . . 210 9 2247.6% 488 61 689.8% 1,113 183 508.6% Acquisition communities (d). . . . 983 0 0.0% 1,232 0 0.0% 737 0 0.0% Communities sold/ contributed to ventures (e) . . . . . 0 864 -100.0% 0 1,144 -100.0% 418 1,596 -73.8% -------- -------- -------- -------- -------- -------- -------- -------- -------- 11,321 10,950 3.4% 16,539 15,925 3.9% 16,589 15,917 4.2% ======== ======== ======== ======== ======== ======== ======== ======== ======== First Quarter 2003 Page 29 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL COMPONENTS OF NOI - CONTINUED THREE MONTHS ENDED MARCH 31 (Dollars in thousands) Partnership Communities Wholly-Owned Communities (a) Combined (g) (h) at 100% ---------------------------- -------------------------- -------------------------- Percent Percent Percent 2003 2002 Change 2003 2002 Change 2003 2002 Change -------- -------- -------- -------- -------- -------- -------- -------- -------- NET OPERATING INCOME Same store communities (b). . . . 14,567 16,445 -11.4% 21,316 23,676 -10.0% 20,485 21,890 -6.4% New communities (c) . . 0 0 0.0% 311 165 88.0% 1,324 662 100.3% Communities under development and lease-up . . . . . . . 13 -9 -248.9% 237 -1 774 18 4070.1% Acquisition communities (d). . . . 1,182 0 0.0% 1,669 0 0.0% 1,473 0 0.0% Communities sold/ contributed to ventures (e) . . . . . 0 1,259 -100.0% 0 1,609 -100.0% 486 2,044 -76.2% -------- -------- -------- -------- -------- -------- -------- -------- -------- 15,762 17,695 -10.9% 23,533 25,450 -7.5% 24,542 24,614 -0.3% ======== ======== ======== ======== ======== ======== ======== Cash flow preference and operating promote (f). . . . . . 654 622 -------- -------- COMPANY'S SHARE OF NOI (g) . . . . . . . 24,187 26,072 COMPANY'S SHARE OF OTHER, NET. . . . . . -60 -37 -------- -------- COMPANY'S SHARE OF COMMUNITIES' EBITDA . 24,127 26,035 ======== ======== COMPANY'S PERCENTAGE OF PARTNERSHIPS' NOI: Before cash flow preferences (f). . . . 31.7% 31.5% Including cash flow preferences and other (f). . . . . . . 34.3% 34.0% ======== ======== First Quarter 2003 Page 30 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL COMPONENTS OF NOI - CONTINUED THREE MONTHS ENDED MARCH 31 (Dollars in thousands) Notes: (a) Includes communities that were sold and reported as Discontinued Operations in the Company's Statements of Operations. (b) Same store communities are communities that have had stabilized operations and were owned by the Company as of January 1, 2002. (c) New communities are communities that were developed by the Company and began stabilized operations after January 1, 2002. (d) Acquisition communities are communities having stabilized operations that were acquired by the Company after January 1, 2002. (e) Reflects operations through the date of sale. Prior to the date of contribution of the community to a joint venture, the operating results of such communities were disclosed under wholly-owned communities. (f) The terms of certain partnership agreements provide that the Company is entitled to an additional share of such partnership's NOI in addition to the Company's proportionate ownership percentage. See page 32. (g) Based on the Company's ownership share of each partnership's NOI. Reflects only property operations. Excludes other items of partnership operations such as interest income on invested funds, legal, accounting, audit and other costs of partnership administration, including asset management fees paid to the Company. See page 32. (h) Company's 100% interest in wholly-owned communities plus the Company's share of partnership communities. First Quarter 2003 Page 31 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL CO-INVESTMENT COMPENSATION (Dollars in thousands) Three Months Ended March 31, ----------------------- 2003 2002 ---------- ---------- FEE INCOME (a) Acquisition fees (a). . . . . . . . . . . . . $ -- -- Asset management fees (b) . . . . . . . . . . 118 129 Disposition fees (c). . . . . . . . . . . . . -- -- Debt/equity placement fees (a). . . . . . . . -- -- Development fees (a). . . . . . . . . . . . . 338 458 Promoted interest from sales and Other. . . . -- 110 ---------- ---------- 456 697 ---------- ---------- SHARE OF CASH FLOW (d) Promoted interest from operating cash flow. . 125 106 Cash flow preferences (e) . . . . . . . . . . 529 516 ---------- ---------- 654 622 ---------- ---------- TOTAL . . . . . . . . . . . . . . . . . . $ 1,110 1,319 ========== ========== Notes: (a) Acquisition, debt/equity placement and development fees are shown net of elimination of Company's share. Property management, construction and certain asset management fees are earned by the Company's subsidiaries. See page 33. (b) Asset management fees are shown at 100%. The Company's share of partnerships' EBITDA is reduced by its share of this fee. (c) Disposition fees are shown at 100% as reported gains on sale have been reduced for this cost. (d) See page 29. (e) The Company receives compensation from certain partnerships in the form of a preferential distribution of cash flow. First Quarter 2003 Page 32 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SERVICE COMPANIES FINANCIAL INFORMATION (Dollars in thousands) COMBINED CONDENSED STATEMENTS OF OPERATIONS ------------------------------------------- Three Months Ended March 31, ----------------------- 2003 2002 ---------- ---------- REVENUES Property management fees (a). . . . . . . . . $ 2,551 2,691 General contractor revenues, net (b). . . . . 625 633 Gross profit - corporate homes (c). . . . . . 227 346 Other income. . . . . . . . . . . . . . . . . 205 122 ---------- ---------- 3,608 3,792 ---------- ---------- OPERATING EXPENSES Property management . . . . . . . . . . . . . 2,351 2,508 Corporate homes . . . . . . . . . . . . . . . 230 242 General contractor. . . . . . . . . . . . . . 443 550 Other expenses. . . . . . . . . . . . . . . . -- -- ---------- ---------- 3,024 3,300 ---------- ---------- EBITDA. . . . . . . . . . . . . . . . . . . . 584 492 Gain (loss) on land sales, net. . . . . . . . -- (73) Interest expense. . . . . . . . . . . . . . . -- (144) Depreciation and amortization . . . . . . . . (760) (716) Taxes . . . . . . . . . . . . . . . . . . . . 155 268 ---------- ---------- NET INCOME (LOSS) . . . . . . . . . . . . . . (21) (173) Eliminations, interest and other (d). . . . . (21) (57) ---------- ---------- SHARE OF INCOME (LOSS) FROM THE SERVICE COMPANIES (e) . . . . . . . . . . . $ (42) (230) ========== ========== Notes: (a) Includes a 3% fee from wholly-owned communities. (b) General contractor revenues are shown net of construction costs. (c) Gross revenues from customers less payments to communities and cost of sales. (d) Share of Service Company's EBITDA of $563 in 2003 on page 12 equals EBITDA above of $584 less $21 of intercompany elimination. (e) See Company's Consolidated Statements of Operations. First Quarter 2003 Page 33 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SERVICE COMPANIES FINANCIAL INFORMATION (Dollars in thousands) COMBINED CONDENSED FINANCIAL POSITION ------------------------------------- March 31, December 31, 2003 2002 ---------- ------------ ASSETS: Receivables (a) . . . . . . . . . . . . . $ 12,601 11,532 Land held for sale (b). . . . . . . . . . 12,780 12,732 Rental communities under development and held for sale (c) . . . . . . . . . . . 11,736 8,864 Building and equipment and information technology costs, net (d) . . . . . . . 10,636 10,815 Other (e) . . . . . . . . . . . . . . . . 10,327 8,831 ---------- ---------- TOTAL ASSETS. . . . . . . . . . . . . $ 58,080 52,774 ========== ========== Notes: (a) Primarily fee income from affiliates. (b) Represents 120 acres in Indiana with carrying cost of $7,642 and $7,650, and 34 acres in Texas with carrying cost of $5,138 and $5,082 in 2003 and 2002, respectively. (c) See pages 39, 41 and 43. (d) Primarily includes capitalized computer hardware and software costs of $8,231 and $8,329, net of amortization, and a corporate office building of $2,405 and $2,486 in Atlanta, net of depreciation, in 2003 and 2002, respectively. (e) Represented by: Cash . . . . . . . . . . . . . . . . . . $ 3,214 3,616 Investments in partnerships. . . . . . . 1,631 1,729 Investment in real estate. . . . . . . . 737 737 Deferred income tax. . . . . . . . . . . 1,760 1,605 Unamortized goodwill . . . . . . . . . . 668 668 Other. . . . . . . . . . . . . . . . . . 2,317 476 ------- ------ $10,327 8,831 ======= ====== First Quarter 2003 Page 34 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STABILIZED COMMUNITIES March 31, 2003
Percent AMLI's Number of of Ownership Year Year Apartment Portfolio Components Market/Community Percentage Location Acquired Completed Homes (a) of NOI ---------------- ---------- -------- ---------- --------- --------- --------- ---------- DALLAS/ FT. WORTH, TX ------------- AMLI: at Bent Tree 100% Dallas, TX 1997 1996/2000 500 Same Store at Bishop's Gate 100% Plano, TX 1997 1997 266 Same Store at Breckinridge Point 45% Richardson, TX 2000 1999 440 Same Store at Bryan Place 48% Dallas, TX 2002 1999 420 Acquisition Community at Chase Oaks 100% Plano, TX 1994 1986 250 Same Store at Deerfield 25% Plano, TX Developed 2000 240 Same Store at Fossil Creek 25% Ft. Worth, TX Developed 1998 384 Same Store on Frankford 45% Dallas, TX 2000 1998 582 Same Store on the Green 100% Ft. Worth, TX 1994 1990/93 424 Same Store at Nantucket 100% Dallas, TX 1988 1986 312 Same Store of North Dallas 100% Dallas, TX 1989/90 1985/86 1,032 Same Store at Oak Bend 40% Dallas, TX 1999 1997 426 Same Store on the Parkway 25% Dallas, TX Developed 1999 240 Same Store at Prestonwood Hills 45% Dallas, TX 1999 1997 272 Same Store 7th Street Station 100% Ft. Worth, TX 2002 2000 189 Acquisition Community at Shadow Ridge 100% Flower Mound, TX 2001 2000 222 Same Store at Stonebridge Ranch 100% McKinney, TX 2001 2001 250 Same Store on Timberglen 40% Dallas, TX 1990 1985 260 Same Store Upper West Side 100% Ft. Worth, TX 2002 2001 194 Acquisition Community at Valley Ranch 100% Irving, TX 1990 1985 460 Same Store at Verandah 100% Arlington, TX 1997 1986/91 538 Acquisition Community ------ ------ 7,901 28.4% ------ ------ First Quarter 2003 Page 35 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED March 31, 2003 Percent AMLI's Number of of Ownership Year Year Apartment Portfolio Components Market/Community Percentage Location Acquired Completed Homes (a) of NOI ---------------- ---------- -------- ---------- --------- --------- --------- ---------- ATLANTA, GA ------------ AMLI: at Barrett Lakes 35% Kennesaw, GA Developed 1997 446 Same Store at Clairmont 100% Atlanta, GA 1988 1988 288 Same Store at Kedron Village 20% Fayette County, GA Developed 2002 216 New Community at Killian Creek 100% Snellville, GA Developed 1999 256 Same Store at Lost Mountain 75% Paulding County, GA Developed 2000 164 Same Store at Mill Creek 25% Gwinnett County, GA Developed 2001 400 New Community at Northwinds 35% Alpharetta, GA Developed 1999 800 Same Store at Park Bridge 25% Alpharetta, GA Developed 2000 352 Same Store at Park Creek 100% Gainesville, GA Developed 1998 200 Same Store at Peachtree City 20% Fayette County, GA Developed 1998 312 Same Store at River Park 40% Norcross, GA Developed 1997 222 Same Store at Spring Creek 100% Atlanta, GA Developed 1985/86 /87/89 1,180 Same Store at Towne Creek 100% Gainesville, GA Developed 1989 150 Same Store at Vinings 100% Smyrma, GA 1992/97 1985 360 Same Store at West Paces 100% Atlanta, GA 1993 1992 337 Same Store at Willeo Creek 30% Roswell, GA 1995 1989 242 Same Store at Windward Park 45% Alpharetta, GA 1999 1999 328 Same Store ------ ------ 6,253 22.5% ------ ------ CHICAGO, IL ----------- AMLI: at Chevy Chase 33% Buffalo Grove, IL 1996 1988 592 Same Store at Danada Farms 10% Wheaton, IL 1997 1989/91 600 Same Store at Fox Valley 25% Aurora, IL Developed 1998 272 Same Store at Oakhurst North 25% Aurora, IL Developed 2000 464 Same Store at Osprey Lake 69% Gurnee, IL 2001 1997/99 483 Same Store at Poplar Creek 100% Schaumburg, IL 1997 1985 196 Same Store at St. Charles 25% St. Charles, IL Developed 2000 400 Same Store at Windbrooke 15% Buffalo Grove, IL 1995 1987 236 Same Store ------ ------ 3,243 11.7% ------ ------ First Quarter 2003 Page 36 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED March 31, 2003 Percent AMLI's Number of of Ownership Year Year Apartment Portfolio Components Market/Community Percentage Location Acquired Completed Homes (a) of NOI ---------------- ---------- -------- ---------- --------- --------- --------- ---------- AUSTIN, TX ---------- AMLI: in Great Hills 100% Austin, TX 1991 1985 344 Same Store at Lantana Ridge 100% Austin, TX 1997 1997 354 Same Store at Monterey Oaks 25% Austin, TX Developed 2000 430 Same Store at Scofield Ridge 45% Austin, TX 2000 2000 487 Same Store at StoneHollow 100% Austin, TX 2000 1997 606 Same Store at Wells Branch 25% Austin, TX Developed 1999 576 Same Store ------ ------ 2,797 10.1% ------ ------ KANSAS CITY, KS --------------- AMLI: at Centennial Park 100% Overland Park, KS 1998 1997 170 Same Store Creekside 25% Overland Park, KS Developed 2000 224 Same Store at Lexington Farms 100% Overland Park, KS 1998 1998 404 Same Store at Regents Center 100% Overland Park, KS 1994 1991/95 /97 424 Same Store at Regents Crest 25% Overland Park, KS 1997 1997/2000 476 Same Store at Summit Ridge 30% Lees Summit, MO Developed 2001 432 Same Store at Town Center 100% Overland Park, KS 1997 1997 156 Same Store at Wynnewood Farms 25% Overland Park, KS Developed 2000 232 Same Store ------ ------ 2,518 9.0% ------ ------ INDIANAPOLIS, IN ---------------- AMLI: at Castle Creek 40% Indianapolis, IN Developed 2000 276 Same Store at Conner Farms 100% Fishers, IN 1997 1993 300 Same Store at Eagle Creek 100% Indianapolis, IN 1998 1998 240 Same Store at Lake Clearwater 25% Indianapolis, IN Developed 1999 216 Same Store at Riverbend 100% Indianapolis, IN 1992/93 1983/85 996 Same Store on Spring Mill (residual) 20% Carmel, IN 1999 1999 400 Other ------ ------ 2,428 8.7% ------ ------ First Quarter 2003 Page 37 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED March 31, 2003 Percent AMLI's Number of of Ownership Year Year Apartment Portfolio Components Market/Community Percentage Location Acquired Completed Homes (a) of NOI ---------------- ---------- -------- ---------- --------- --------- --------- ---------- HOUSTON, TX ----------- AMLI: at Kings Harbor 25% Houston, TX Developed 2001 300 New Community at the Medical Center 100% Houston, TX 2001 2000 334 Same Store Midtown 45% Houston, TX 2000 1998 419 Same Store Towne Square 45% Houston, TX 2000 1999 380 Same Store ------ ------ 1,433 5.1% ------ ------ DENVER, CO ---------- AMLI: at Lowry Estates 50% Denver, CO 2000 2000 414 Same Store at Gateway Park 100% Denver, CO 2000 2000 328 Same Store at Park Meadows 25% Littleton, CO 2002 2001 518 Acquisition ------ ------ Community 1,260 4.5% ------ ------ TOTAL 27,833 100.0% ====== ====== Note: (a) Based on number of apartment homes. First Quarter 2003 Page 38 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEVELOPMENT SUMMARY March 31, 2003 (Dollars in thousands)
Number Percen- of Con- Antici- Antici- Number of tage of Apart- struc- pated pated Apartment Percent Percent Owner- ment tion First Comple- Stabil- Homes Complete Leased Market/Community Submarket ship Homes StartedOccupancy tion ization Delivered (a) (b) ---------------- --------- ------- ------ ---------------- ------- ------- --------- -------- ------- ATLANTA, GA ----------- AMLI: at Milton Park Alpharetta, GA 25% 461 4Q/00 1Q/02 2Q/03 4Q/03 377 94% 71% at Barrett Walk Kennesaw, GA 25% 310 4Q/01 3Q/02 2Q/03 1Q/04 265 93% 64% AUSTIN, TX ---------- AMLI: Downtown Austin, TX 30% 220 2Q/02 1Q/04 3Q/04 4Q/04 -- 27% N/A KANSAS CITY, KS --------------- AMLI at Overland Park, Cambridge Square KS 30% 408 3Q/00 3Q/01 2Q/02 2Q/03 408 100% 91% INDIANAPOLIS, IN ---------------- AMLI Carmel CenterCarmel, IN 100% 322 2Q/01 2Q/02 2Q/03 1Q/04 298 95% 39% CHICAGO, IL ----------- AMLI at Seven Bridges Woodridge, IL 20% 520 3Q/01 3Q/02 4Q/03 4Q/04 260 85% 29% ----- Total 2,241 ===== First Quarter 2003 Page 39 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL DEVELOPMENT SUMMARY March 31, 2003 - CONTINUED (Dollars in thousands) Number Percen- of Con- Antici- Antici- Number of tage of Apart- struc- pated pated Apartment Percent Percent Owner- ment tion First Comple- Stabil- Homes Complete Leased Market/Community Submarket ship Homes StartedOccupancy tion ization Delivered (a) (b) ---------------- --------- ------- ------ ---------------- ------- ------- --------- -------- ------- COMMUNITIES BEING DEVELOPED FOR SALE OR INVESTMENT BY A CONSOLIDATED SERVICE COMPANY INDIANAPOLIS, IN ---------------- AMLI at Walnut Creek Austin, TX 100% 460 4Q/02 3Q/03 2Q/04 4Q/05 -- 19% N/A AUSTIN, TX ---------- AMLI at Old Town Carmel Carmel, TX 100% 91 1Q/03 4Q/03 2Q/04 3Q/04 -- 8% N/A --- Total 551 === Notes: (a) Represents costs to date divided by Total Development Costs. (b) Represents number of leased apartments (not necessarily occupied) divided by the total Number of Apartment Homes. First Quarter 2003 Page 40 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEVELOPMENT SUMMARY March 31, 2003 (Dollars in thousands)
Joint Company's Share of Required Equity Capital Venture ---------------------------------------------- Total Fully Partner Development Funded Equity Funded Balance 2004/ Market/Community Costs (a) Debt (b) Capital Total to Date of 2003 2005 ---------------- ----------- ---------- --------- -------- -------- ------- -------- ATLANTA, GA ----------- AMLI: at Milton Park $ 35,000 -- 26,250 8,750 7,873 877 -- at Barrett Walk 21,700 -- 16,275 5,425 4,752 673 -- AUSTIN, TX ---------- AMLI: Downtown 50,920 30,920(c) 14,000 6,000 6,000 -- -- KANSAS CITY, KS --------------- AMLI at Cambridge Square 32,200 -- 22,540 9,660 9,660 -- -- INDIANAPOLIS, IN ---------------- AMLI Carmel Center 28,400 -- -- 28,400 26,692 1,708 -- CHICAGO, IL ----------- AMLI at Seven Bridges 82,200 60,000(d) 17,760 4,440 3,220 1,220 -- -------- ------- ------- ------- ------- ------ ------- TOTAL $250,420 90,920 96,825 62,675 58,197 4,478 -- ======== ======= ======= ======= ======= ====== ======= First Quarter 2003 Page 41 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL DEVELOPMENT SUMMARY - CONTINUED March 31, 2003 (Dollars in thousands) Joint Company's Share of Required Equity Capital Venture ---------------------------------------------- Total Fully Partner Development Funded Equity Funded Balance 2004/ Market/Community Costs (a) Debt (b) Capital Total to Date of 2003 2005 ---------------- ----------- ---------- --------- -------- -------- ------- -------- COMMUNITIES BEING DEVELOPED FOR SALE OR INVESTMENT BY A CONSOLIDATED SERVICE COMPANY AUSTIN, TX ---------- AMLI at Walnut Creek 31,000 -- -- 31,000 9,960 14,240 6,800 INDIANAPOLIS, IN ---------------- AMLI at Old Town Carmel 11,200 -- -- 11,200 1,776 7,224 2,200 -------- ------- ------- ------- ------- ------ ------- TOTAL $ 42,200 -- -- 42,200 11,736 21,464 9,000 ======== ======= ======= ======= ======= ====== ======= Notes: (a) Includes anticipated costs of development and initial lease-up, of which certain amounts may not be capitalized. (b) Represents existing fully funded loan commitment. (c) A $30,920 construction loan has been put in place for the purpose of funding the remaining development costs as they are incurred. (d) Currently, the project is subject to a $50,000 construction loan. The partnership has obtained a commitment to fund a $60,000, 7.25%, 7-year permanent loan upon completion of development. First Quarter 2003 Page 42 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL LAND HELD FOR DEVELOPMENT OR SALE March 31, 2003 Number of Apartment Market/Community Submarket Homes ---------------- --------- --------- AUSTIN, TX ---------- AMLI at: Anderson Mill Northwest Austin 520 FORT WORTH, TX -------------- AMLI at: Mesa Ridge North Fort Worth 460 HOUSTON, TX ----------- AMLI at: Champions II Northwest Houston 288 KANSAS CITY, KS --------------- AMLI at: Lexington Farms - Phase II Overland Park 104 Westwood Ridge Overland Park 428 ------ Total 1,800 ====== Note: (a) Represents a land parcel held for development by a consolidated Service Company. First Quarter 2003 Page 43 Supplemental Information AMLI Residential Properties Trust