EX-99.1 2 aml_991.txt EXHIBIT 99.1 ------------ AMLI 125 South Wacker Drive RESIDENTIAL Chicago, Illinois 60606 Phone: 312.443.1477 Fax: 312.443.0909 www.amli.com PRESS RELEASE FOR IMMEDIATE RELEASE --------------------- April 26, 2005 For More Information, Contact: Robert J. Chapman, Chief Financial Officer (312) 984-6845 AMLI RESIDENTIAL ANNOUNCES FIRST QUARTER OPERATING RESULTS AND DECLARES DIVIDEND ------------------------------------------------------------------------- (CHICAGO, IL) AMLI RESIDENTIAL PROPERTIES TRUST (NYSE: AML) announces today operating results for the first quarter ended March 31, 2005. EARNINGS -------- Net income for the quarter ended March 31, 2005 was $22,411,000 as compared to $6,719,000 for the quarter ended March 31, 2004, an increase of 233.5%. Diluted Earnings Per Share ("EPS") for the quarter ended March 31, 2005 was $0.76 compared to $0.21 for the same period a year earlier, an increase of 261.9%. The primary reason for the substantial increase in earnings between the years was that AMLI recognized $22,938,000, or $0.85 per share, of gain from the sales of three communities in the first quarter of 2005 compared to the first quarter of 2004 when AMLI recognized $2,648,000, or $0.10 per share, from the sale of an interest in a community owned by a joint venture partnership. Funds From Operations ("FFO") for the first quarter 2005 were $13,277,000, or $0.43 per common share, compared to $15,678,000, or $0.56 per common share, for the first quarter 2004, a per share decrease of 23.2%. Actual results for the first quarter were consistent with AMLI's most recent guidance and First Call's most recent estimate. "The first quarter's results were as we expected," commented Robert J. Chapman, AMLI Chief Financial Officer. "Additionally, we are reaffirming our prior guidance for the remaining three quarters of the year." FIRST QUARTER ACTIVITIES ------------------------ During the first quarter, AMLI purchased AMLI at Lantana Hills (264 apartments) in Austin, Texas and AMLI at McGinnis Ferry (696 apartments) in Gwinnett County, Georgia. The Company also sold AMLI at Chase Oaks (250 apartments) and AMLI at Bent Tree (500 apartments), both in Dallas, Texas and AMLI in Great Hills (344 apartments) in Austin, Texas. AMLI also completed the initial lease-up and stabilization of AMLI at Walnut Creek (460 apartments) in Austin, Texas. 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, 2005 versus the prior year's comparable quarter, total community revenue remained unchanged (reflecting an increase in weighted average occupancy to 92.9% from 92.6% and a decrease in weighted average collected revenue per occupied unit of 0.5%), operating expenses increased by 4.0%, and net operating income ("NOI") decreased by 2.6%. Comparing the first quarter of 2005 to the preceding quarter, total community revenue decreased by 0.9% (reflecting a decrease in weighted average occupancy of 0.7% from 93.6% and a decrease in weighted average collected revenue per occupied unit of 0.2%), operating expenses increased 1.4%, and NOI decreased 2.5%. OUTLOOK ------- AMLI's current expectation for FFO for the full year 2005 remains in the range of $1.96 to $2.08 per share (generally plus or minus $0.02 per share per quarter based on the current mid-range estimates of $$0.51, $0.53, and $0.55 per share per quarter and a mid-point of $2.02 per share). The following chart reconciles AMLI's current FFO per share guidance to EPS: Actual Full Q1 Q2 Q3 Q4 Year ------- ------- ------- ------- ------- EPS per Common Share $ 0.76 $ 0.21 $ 2.62 $ 0.17 $ 3.74 Gains on Sales ($ 0.85) ($ 0.19) ($ 2.58) ($ 0.00) ($ 3.62) Depreciation $ 0.45 $ 0.43 $ 0.40 $ 0.34 $ 1.63 Adjustment for Preferred Shares $ 0.07 $ 0.06 $ 0.09 $ 0.04 $ 0.27 FFO per Share $ 0.43 $ 0.51 $ 0.53 $ 0.55 $ 2.02 Note: "Gains on sales" and "depreciation" include AMLI's shares from co-investment partnerships. DIVIDEND -------- Yesterday, the Board of Trustees declared a quarterly dividend of $0.48 per common share. This dividend is payable on May 17, 2005 to all common shareholders of record as of May 6, 2005 and is based on an annual dividend rate of $1.92 per common share. SHAREHOLDER MEETING ------------------- Yesterday at the Company's annual meeting of shareholders, Bruce P. Bickner, Laura D. Gates, Marc S. Heilweil and Gregory T. Mutz were elected to serve as members of AMLI's Board of Trustees. In other business, the proposal to amend the Company's Declaration of Trust to eliminate the classification of Board of Trustees passed, and the appointment of KPMG LLP as AMLI's Independent Registered Public Accounting Firm for the fiscal year ending December 31, 2005 was ratified. CONFERENCE CALL --------------- AMLI will hold a conference call on Wednesday, April 27, 2005 at 3:30 p.m. Eastern Time. The toll-free number for the call is (800) 500-0177 - Passcode: AMLI, and should be accessed approximately 5 minutes prior to conference time. 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. Additionally, an on-line replay of the webcast will be available for 60 days following the call. 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 is generally provided by most publicly-traded residential REITs. AMLI uses this information internally to measure its performance and/or liquidity and to compare its performance to other REITs in its peer group, and believes that this information may be of interest and use to the investment community for the same reason. 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 18 and 19. 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 computed in this manner is equal to FFO as defined in NAREIT's white paper, which definition is "net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures." Additional definitions can be found in the Quarterly Supplemental Information. ABOUT AMLI ---------- The AMLI portfolio currently includes 74 apartment communities containing 27,920 apartment homes, with an additional 1,394 apartment homes under development or in lease-up in four 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 Law. Although the Company believes expectations reflected in such forward looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking statements can be identified by the Company's use of the words "project," "believe," "expect," "anticipate," "intend," "estimate," "assume," and other similar expressions that predict or indicate future events, achievements or trends or that do not relate to historical matters. The Company does not assure the future results or outcome of the matters described in forward-looking statements; rather, these statements merely reflect the Company's current expectations of the approximate outcomes of the matters discussed. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control. The reader is cautioned to make his/her own judgment with regard to the statements discussed in this press release and the assumption noted by the Company herein. The Company is making forward-looking statements because it believes investors, analysts and others, many of whom prepare models and projections of the Company's performance, are interested in the Company's current estimates of its future activities. The Company advises such parties to make their own determination of any relevant or material assumption used by them. Many factors may cause the Company's actual performance in any period or periods to differ materially from the anticipated future performance expressed or implied by these forward-looking statements. Certain of the factors that could cause the Company's actual performance to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, general economic conditions, local real estate conditions, the timely development and lease-up of communities, other risks detailed from time to time in the Company's SEC reports, including the annual report on form 10-K for the year ended December 31, 2004. # # # # EXHIBIT 99.2 ------------ AMLI RESIDENTIAL ------------------------------------------------------------ FIRST QUARTER 2005 SUPPLEMENTAL OPERATING AND FINANCIAL DATA ------------------------------------------------------------ [ graphics indicating property / caption reading "AMLI at McGinnis Ferry (Atlanta) & AMLI at Lantana Hills (Austin) Acquired First Quarter 2005 ] AMLI RESIDENTIAL PROPERTIES TRUST 125 South Wacker Drive 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, 2004. AMLI RESIDENTIAL TABLE OF CONTENTS Page ---- SUMMARY INFORMATION Description of AMLI and Investor Information . . . . . . . . . . 1 Earnings Release . . . . . . . . . . . . . . . . . . . . . . . . 2 Selected Financial and Operating Information . . . . . . . . . . 6 Funds From Operations. . . . . . . . . . . . . . . . . . . . . . 14 Statements of Operations . . . . . . . . . . . . . . . . . . . . 16 Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . 19 DEBT AND PREFERRED SHARES Debt and Preferred Shares Summary. . . . . . . . . . . . . . . . 22 Debt Maturities. . . . . . . . . . . . . . . . . . . . . . . . . 25 SAME STORE AND NOI DATA Quarterly Comparison of Same Store Communities . . . . . . . . . 27 Quarterly Comparison of Components of NOI. . . . . . . . . . . . 40 OTHER DATA Co-Investment Compensation . . . . . . . . . . . . . . . . . . . 43 Service Companies Financial Information. . . . . . . . . . . . . 44 PORTFOLIO Stabilized Communities . . . . . . . . . . . . . . . . . . . . . 48 Development Summary. . . . . . . . . . . . . . . . . . . . . . . 54 Land Held for Development or Sale. . . . . . . . . . . . . . . . 58 Acquisition and Disposition Summary. . . . . . . . . . . . . . . 59 NON-GAAP FINANCIAL MEASURES Definition of Non-GAAP Financial Measures. . . . . . . . . . . . 61 Reconciliation Between Net Income and FFO and AFFO . . . . . . . 63 Reconciliation Between Net Income and Consolidated NOI . . . . . 65 First Quarter 2005 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, the 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 2005 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 --------------------- April 26, 2005 For More Information, Contact: Robert J. Chapman, Chief Financial Officer (312) 984-6845 AMLI RESIDENTIAL ANNOUNCES FIRST QUARTER OPERATING RESULTS AND DECLARES DIVIDEND ------------------------------------------------------------------------- (CHICAGO, IL) AMLI RESIDENTIAL PROPERTIES TRUST (NYSE: AML) announces today operating results for the first quarter ended March 31, 2005. EARNINGS -------- Net income for the quarter ended March 31, 2005 was $22,411,000 as compared to $6,719,000 for the quarter ended March 31, 2004, an increase of 233.5%. Diluted Earnings Per Share ("EPS") for the quarter ended March 31, 2005 was $0.76 compared to $0.21 for the same period a year earlier, an increase of 261.9%. The primary reason for the substantial increase in earnings between the years was that AMLI recognized $22,938,000, or $0.85 per share, of gain from the sales of three communities in the first quarter of 2005 compared to the first quarter of 2004 when AMLI recognized $2,648,000, or $0.10 per share, from the sale of an interest in a community owned by a joint venture partnership. Funds From Operations ("FFO") for the first quarter 2005 were $13,277,000, or $0.43 per common share, compared to $15,678,000, or $0.56 per common share, for the first quarter 2004, a per share decrease of 23.2%. Actual results for the first quarter were consistent with AMLI's most recent guidance and First Call's most recent estimate. "The first quarter's results were as we expected," commented Robert J. Chapman, AMLI Chief Financial Officer. "Additionally, we are reaffirming our prior guidance for the remaining three quarters of the year." FIRST QUARTER ACTIVITIES ------------------------ During the first quarter, AMLI purchased AMLI at Lantana Hills (264 apartments) in Austin, Texas and AMLI at McGinnis Ferry (696 apartments) in Gwinnett County, Georgia. The Company also sold AMLI at Chase Oaks (250 apartments) and AMLI at Bent Tree (500 apartments), both in Dallas, Texas and AMLI in Great Hills (344 apartments) in Austin, Texas. AMLI also completed the initial lease-up and stabilization of AMLI at Walnut Creek (460 apartments) in Austin, Texas. First Quarter 2005 Page 2 Supplemental Information AMLI Residential Properties Trust 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, 2005 versus the prior year's comparable quarter, total community revenue remained unchanged (reflecting an increase in weighted average occupancy to 92.9% from 92.6% and a decrease in weighted average collected revenue per occupied unit of 0.5%), operating expenses increased by 4.0%, and net operating income ("NOI") decreased by 2.6%. Comparing the first quarter of 2005 to the preceding quarter, total community revenue decreased by 0.9% (reflecting a decrease in weighted average occupancy of 0.7% from 93.6% and a decrease in weighted average collected revenue per occupied unit of 0.2%), operating expenses increased 1.4%, and NOI decreased 2.5%. OUTLOOK ------- AMLI's current expectation for FFO for the full year 2005 remains in the range of $1.96 to $2.08 per share (generally plus or minus $0.02 per share per quarter based on the current mid-range estimates of $$0.51, $0.53, and $0.55 per share per quarter and a mid-point of $2.02 per share). The following chart reconciles AMLI's current FFO per share guidance to EPS: Actual Full Q1 Q2 Q3 Q4 Year ------- ------- ------- ------- ------- EPS per Common Share $ 0.76 $ 0.21 $ 2.62 $ 0.17 $ 3.74 Gains on Sales ($ 0.85) ($ 0.19) ($ 2.58) ($ 0.00) ($ 3.62) Depreciation $ 0.45 $ 0.43 $ 0.40 $ 0.34 $ 1.63 Adjustment for Preferred Shares $ 0.07 $ 0.06 $ 0.09 $ 0.04 $ 0.27 FFO per Share $ 0.43 $ 0.51 $ 0.53 $ 0.55 $ 2.02 Note: "Gains on sales" and "depreciation" include AMLI's shares from co-investment partnerships. DIVIDEND -------- Yesterday, the Board of Trustees declared a quarterly dividend of $0.48 per common share. This dividend is payable on May 17, 2005 to all common shareholders of record as of May 6, 2005 and is based on an annual dividend rate of $1.92 per common share. SHAREHOLDER MEETING ------------------- Yesterday at the Company's annual meeting of shareholders, Bruce P. Bickner, Laura D. Gates, Marc S. Heilweil and Gregory T. Mutz were elected to serve as members of AMLI's Board of Trustees. In other business, the proposal to amend the Company's Declaration of Trust to eliminate the classification of Board of Trustees passed, and the appointment of KPMG LLP as AMLI's Independent Registered Public Accounting Firm for the fiscal year ending December 31, 2005 was ratified. First Quarter 2005 Page 3 Supplemental Information AMLI Residential Properties Trust CONFERENCE CALL --------------- AMLI will hold a conference call on Wednesday, April 27, 2005 at 3:30 p.m. Eastern Time. The toll-free number for the call is (800) 500-0177 - Passcode: AMLI, and should be accessed approximately 5 minutes prior to conference time. 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. Additionally, an on-line replay of the webcast will be available for 60 days following the call. 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 is generally provided by most publicly-traded residential REITs. AMLI uses this information internally to measure its performance and/or liquidity and to compare its performance to other REITs in its peer group, and believes that this information may be of interest and use to the investment community for the same reason. 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 18 and 19. 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 computed in this manner is equal to FFO as defined in NAREIT's white paper, which definition is "net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures." Additional definitions can be found in the Quarterly Supplemental Information. First Quarter 2005 Page 4 Supplemental Information AMLI Residential Properties Trust ABOUT AMLI ---------- The AMLI portfolio currently includes 74 apartment communities containing 27,920 apartment homes, with an additional 1,394 apartment homes under development or in lease-up in four 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 Law. Although the Company believes expectations reflected in such forward looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking statements can be identified by the Company's use of the words "project," "believe," "expect," "anticipate," "intend," "estimate," "assume," and other similar expressions that predict or indicate future events, achievements or trends or that do not relate to historical matters. The Company does not assure the future results or outcome of the matters described in forward-looking statements; rather, these statements merely reflect the Company's current expectations of the approximate outcomes of the matters discussed. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control. The reader is cautioned to make his/her own judgment with regard to the statements discussed in this press release and the assumption noted by the Company herein. The Company is making forward-looking statements because it believes investors, analysts and others, many of whom prepare models and projections of the Company's performance, are interested in the Company's current estimates of its future activities. The Company advises such parties to make their own determination of any relevant or material assumption used by them. Many factors may cause the Company's actual performance in any period or periods to differ materially from the anticipated future performance expressed or implied by these forward-looking statements. Certain of the factors that could cause the Company's actual performance to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, general economic conditions, local real estate conditions, the timely development and lease-up of communities, other risks detailed from time to time in the Company's SEC reports, including the annual report on form 10-K for the year ended December 31, 2004. # # # # First Quarter 2005 Page 5 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION QUARTER ENDED Unaudited (Dollars in thousands, except for share data)
2005 2004 -------------------------------------------- -------------------------------------------- Jun 30 Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 (i) Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- EARNINGS AND CASH FLOWS ----------------------- EBITDA (a) . . . . . .$ 26,304 $26,304 109,978 27,360 25,472 30,092 27,054 FFO. . . . . . . . . . 13,278 13,278 60,646 14,295 13,576 17,097 15,678 AFFO . . . . . . . . . 12,024 12,024 54,343 12,234 11,853 15,670 14,586 Net income . . . . . . 22,241 22,411 62,425 1,168 12,234 42,304 6,719 Dividends (b). . . . . 14,926 14,926 57,747 14,909 14,880 14,846 13,112 PER SHARE DATA - DILUTED ---------------- FFO. . . . . . . . . .$ 0.43 $ 0.43 $ 2.01 $ 0.46 $ 0.44 $ 0.55 $ 0.56 AFFO . . . . . . . . .$ 0.39 $ 0.39 $ 1.80 $ 0.39 $ 0.38 $ 0.51 $ 0.52 Net income allocable to common shares . .$ 0.76 $ 0.76 $ 2.08 $ (0.03) $ 0.41 $ 1.45 $ 0.21 Common dividends . . .$ 0.48 $ 0.48 $ 1.92 $ 0.48 $ 0.48 $ 0.48 $ 0.48 FFO payout ratio (based on per share amounts) . . . . . . 113% 113% 96% 105% 110% 87% 85% AFFO payout ratio (based on per share amounts) . . . . . . 125% 125% 107% 123% 126% 95% 92% First Quarter 2005 Page 6 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION - CONTINUED QUARTER ENDED Unaudited (Dollars in thousands, except for share data) 2005 2004 -------------------------------------------- -------------------------------------------- Jun 30 Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 (i) Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- NUMBER OF APARTMENT HOMES --------------- STABILIZED COMMUNITIES ---------------------- Wholly-owned . . . . . 16,316 16,316 15,990 15,990 15,276 15,068 15,240 Partnerships . . . . . 11,604 11,604 11,604 11,604 12,052 12,052 12,052 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 27,920 27,920 27,594 27,594 27,328 27,120 27,292 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- COMMUNITIES UNDER DEVELOPMENT AND/OR LEASE-UP ----------------- Wholly-owned . . . . . 360 360 820 820 820 820 782 Partnerships . . . . . 1,034 1,034 1,034 1,034 1,034 1,034 1,034 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1,394 1,394 1,854 1,854 1,854 1,854 1,816 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Total. . . . . . . . . 29,314 29,314 29,448 29,448 29,182 28,974 29,108 ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== See notes on following pages First Quarter 2005 Page 7 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION QUARTER ENDED Unaudited (Dollars in thousands, except for share data)
2005 --------------------------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 ----------- ----------- ----------- ----------- ----------- CAPITALIZATION -------------- TOTAL ASSETS BEFORE DEPRECIATION Consolidated (c) . . . . . . . . . . . . . . $ 1,511,237 1,511,237 DEBT Consolidated . . . . . . . . . . . . . . . . 688,235 688,235 SHARE INFORMATION Common shares outstanding. . . . . . . . . . 25,615,956 25,615,956 Preferred shares outstanding (d) . . . . . . 3,925,000 3,925,000 Operating partnership units outstanding (e) . . . . . . . . . . . . . . 1,638,295 1,638,295 ----------- ----------- ----------- ----------- ----------- Total shares and units outstanding . . . 31,179,251 31,179,251 ----------- ----------- ----------- ----------- ----------- Average Common Shares. . . . . . . . . . . . 25,425,391 25,425,391 Average Common and Preferred Shares and OP Units. . . . . . . . . . . . . . . . 30,989,789 30,989,789 ----------- ----------- ----------- ----------- ----------- Share price, end of period . . . . . . . . . $ 27.39 $ 27.39 Equity Market Capitalization . . . . . . . . 854,000 854,000 TOTAL MARKET CAPITALIZATION Consolidated . . . . . . . . . . . . . . . . 1,542,234 1,542,234 First Quarter 2005 Page 8 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION - CONTINUED QUARTER ENDED Unaudited (Dollars in thousands, except for share data) 2004 --------------------------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 ----------- ----------- ----------- ----------- ----------- CAPITALIZATION -------------- TOTAL ASSETS BEFORE DEPRECIATION Consolidated (c) . . . . . . . . . . . . . . $ 1,473,951 1,473,951 1,393,026 1,285,143 1,284,825 DEBT Consolidated . . . . . . . . . . . . . . . . 653,901 653,901 576,477 476,449 496,583 SHARE INFORMATION Common shares outstanding. . . . . . . . . . 25,525,564 25,525,564 25,405,377 25,341,652 25,289,725 Preferred shares outstanding (d) . . . . . . 3,925,000 3,925,000 3,925,000 3,925,000 3,925,000 Operating partnership units outstanding (e) . . . . . . . . . . . . . . 1,639,481 1,639,481 1,684,336 1,707,118 1,715,394 ----------- ----------- ----------- ----------- ----------- Total shares and units outstanding . . . 31,090,045 31,090,045 31,014,713 30,973,770 30,930,119 ----------- ----------- ----------- ----------- ----------- Average Common Shares. . . . . . . . . . . . 24,563,094 25,462,780 25,386,897 25,306,317 22,077,441 Average Common and Preferred Shares and OP Units. . . . . . . . . . . . . . . . 30,199,707 31,057,256 30,998,529 30,941,004 27,783,836 ----------- ----------- ----------- ----------- ----------- Share price, end of period . . . . . . . . . $ 32.00 $ 32.00 $ 31.55 $ 29.34 $ 28.25 Equity Market Capitalization . . . . . . . . 994,881 994,881 978,514 908,770 873,776 TOTAL MARKET CAPITALIZATION Consolidated . . . . . . . . . . . . . . . . 1,648,783 1,648,783 1,554,991 1,385,219 1,370,359 First Quarter 2005 Page 9 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION - CONTINUED QUARTER ENDED Unaudited (Dollars in thousands, except for share data) 2005 --------------------------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 ----------- ----------- ----------- ----------- ----------- DEBT SERVICE (f) ---------------- INTEREST EXPENSE AND AMORTIZATION OF DEFERRED FINANCING COSTS Consolidated . . . . . . . . . . . . . . . . $ 8,911 8,911 CAPITALIZED INTEREST Consolidated . . . . . . . . . . . . . . . . 402 402 SCHEDULED PRINCIPAL PAYMENTS (NORMAL AMORTIZATION) Consolidated . . . . . . . . . . . . . . . . 1,680 1,680 First Quarter 2005 Page 10 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION - CONTINUED QUARTER ENDED Unaudited (Dollars in thousands, except for share data) 2004 --------------------------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 ----------- ----------- ----------- ----------- ----------- DEBT SERVICE (f) ---------------- INTEREST EXPENSE AND AMORTIZATION OF DEFERRED FINANCING COSTS Consolidated . . . . . . . . . . . . . . . . 33,222 8,713 7,701 9,551 7,257 CAPITALIZED INTEREST Consolidated . . . . . . . . . . . . . . . . 1,260 239 260 296 465 SCHEDULED PRINCIPAL PAYMENTS (NORMAL AMORTIZATION) Consolidated . . . . . . . . . . . . . . . . 5,626 1,676 1,472 1,271 1,207 See notes on following pages First Quarter 2005 Page 11 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION QUARTER ENDED Unaudited (Dollars in thousands, except for share data)
2005 2004 ------------------------------------------ ------------------------------------------ Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 (h) Mar 31 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- OPERATIONAL RATIOS ------------------ EBITDA, AS PERCENT OF TOTAL MARKET CAPITALIZATION Consolidated . . . . . . 6.8% 6.6% 6.6% 8.7% 7.9% INTEREST COVERAGE Consolidated . . . . . . 3.1 3.3 3.4 4.1 3.9 FIXED CHARGE COVERAGE (g) Consolidated . . . . . . 2.2 2.3 2.3 2.9 2.7 FINANCIAL RATIOS ---------------- DEBT TO TOTAL MARKET CAPITALIZATION Consolidated . . . . . . 44.6% 39.7% 37.1% 34.4% 36.2% DEBT TO TOTAL ASSETS, AT COST (before depreciation) Consolidated . . . . . . 45.5% 44.4% 41.4% 37.1% 38.6% First Quarter 2005 Page 12 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION - CONTINUED QUARTER ENDED Unaudited (Dollars in thousands, except for share data) Notes: (a) See page 14. (b) Represents dividends paid on all common and preferred shares and OP units. (c) 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 which reflect the Company's interests in unconsolidated partnerships on the equity method. (d) All preferred shares are convertible to common shares at the option of the holder. All preferred shares are redeemable by AMLI starting in 2007. (e) Represents Minority Interest on the Company's Consolidated Balance Sheets. (f) Includes amortization of deferred and other financing costs, prepayment penalty and interest and amortization attributable to discontinued operations. (g) Includes interest expense, principal amortization and preferred dividends. First Quarter 2005 Page 13 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL FUNDS FROM OPERATIONS QUARTER ENDED Unaudited (Dollars in thousands, except for share data)
2005 2004 -------------------------------------------- -------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Company's share of communities' EBITDA (a). . . . . .$ 28,246 28,246 108,727 28,990 25,729 25,842 28,166 Share of Service Companies' EBITDA/ FFO (b). . . . . . . (442) (442) (202) 217 (96) (210) (113) Other income . . . . . 201 201 1,680 263 224 429 764 Co-investment fee income (c). . . . . . 260 260 1,824 331 636 424 433 General and administrative. . . . (1,961) (1,961) (7,301) (2,441) (871) (1,793) (2,196) Discontinued opera- tions - gain on sale of bond financing . . -- -- 5,400 -- -- 5,400 -- Non-cash impairment loss. . . . . . . . . -- -- (150) -- (150) -- -- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA). . . . . . . 26,304 26,304 109,978 27,360 25,472 30,092 27,054 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- INTEREST EXPENSE (d) Wholly-owned communities and portfolio debt. . . . (8,911) (8,911) (31,425) (8,713) (7,701) (7,754) (7,257) Prepayment penalty and write-off of unamortized deferred financing costs . . . -- -- (1,121) -- -- (1,121) -- Share of partnership communities . . . . . (3,928) (3,928) (15,338) (3,906) (3,859) (3,797) (3,776) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- (12,839) (12,839) (47,884) (12,619) (11,560) (12,672) (11,033) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- First Quarter 2005 Page 14 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL FUNDS FROM OPERATIONS - CONTINUED QUARTER ENDED Unaudited (Dollars in thousands, except for share data) 2005 2004 -------------------------------------------- -------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- SERVICE COMPANIES TAXES AND DEPRECIA- TION AND AMORTIZA- TION (b) Taxes. . . . . . . . 655 655 1,782 246 520 522 494 Depreciation and amortization. . . . (842) (842) (3,230) (692) (856) (845) (837) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- (187) (187) (1,448) (446) (336) (323) (343) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- FUNDS FROM OPERATIONS (FF0). . . 13,278 13,278 60,646 14,295 13,576 17,097 15,678 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- CAPITAL EXPENDITURES PAID FROM FFO (e) Wholly-owned communities . . . . . (979) (979) (5,346) (1,821) (1,453) (1,168) (904) Share of partnership communities . . . . . (275) (275) (957) (240) (270) (259) (188) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- (1,254) (1,254) (6,303) (2,061) (1,723) (1,427) (1,092) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- ADJUSTED FUNDS FROM OPERATIONS (AFFO) . .$ 12,024 12,024 54,343 12,234 11,853 15,670 14,586 ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== Notes: (a) See page 40. (b) See footnote on page 44. (c) See page 43. (d) Includes amortization of deferred and other financing costs. (e) For details, refer to the Company's Management Discussion and Analysis in the relevant Form 10-K or Form 10-Q filed with SEC. First Quarter 2005 Page 15 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL CONSOLIDATED (a) STATEMENTS OF OPERATIONS QUARTER ENDED Unaudited (Dollars in thousands, except for share data)
2005 2004 -------------------------------------------- -------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- RENTAL OPERATIONS Revenue: Rental. . . . . . . .$ 34,948 34,948 117,523 33,203 30,265 28,425 25,630 Other . . . . . . . . 2,519 2,519 9,377 2,442 2,544 2,381 2,010 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 37,467 37,467 126,900 35,645 32,809 30,806 27,640 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Expenses: Rental. . . . . . . . 16,366 16,366 56,060 15,304 15,557 13,887 11,312 Depreciation. . . . . 11,304 11,304 36,617 10,312 9,574 8,803 7,928 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 27,670 27,670 92,677 25,616 25,131 22,690 19,240 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 9,797 9,797 34,223 10,029 7,678 8,116 8,400 Income from partnerships (b) . . 378 378 3,435 886 616 430 1,503 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Income from rental operations. . . . . . 10,175 10,175 37,658 10,915 8,294 8,546 9,903 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- OTHER INCOME AND EXPENSES Fee income from unconsolidated partnerships . . . . 260 260 1,824 331 636 424 433 Other income. . . . . 201 201 1,378 263 207 429 479 Interest and amorti- zation of deferred financing costs. . . (8,910) (8,910) (30,353) (8,713) (7,701) (7,035) (6,904) Prepayment penalty and write-off of unamortized deferred financing costs. . . -- -- (1,121) -- -- (1,121) -- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- (8,449) (8,449) (28,272) (8,119) (6,858) (7,303) (5,992) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- First Quarter 2005 Page 16 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL CONSOLIDATED (a) STATEMENTS OF OPERATIONS - CONTINUED QUARTER ENDED Unaudited (Dollars in thousands, except for share data) 2005 2004 -------------------------------------------- -------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- SERVICE COMPANIES' OPERATIONS Total revenue . . . . 5,369 5,369 46,084 9,052 11,586 11,866 13,580 Total expenses. . . . (6,156) (6,156) (47,945) (9,405) (12,123) (12,393) (14,024) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- (787) (787) (1,861) (353) (537) (527) (444) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- General and administrative. . . . (1,961) (1,961) (7,301) (2,441) (871) (1,793) (2,196) Provision for loss on land held for development or sale . -- -- (150) -- (150) -- -- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- INCOME (LOSS) FROM CONTINUING OPERA- TIONS BEFORE SHARE OF GAINS ON SALES OF PROPERTIES . . . . (1,022) (1,022) 74 2 (122) (1,077) 1,271 Share of gains on sale of partner- ships' properties . . -- -- 2,648 -- -- -- 2,648 Impairment of an investment in a partnership . . . . . -- -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- INCOME (LOSS) FROM CONTINUING OPERA- TIONS BEFORE MINORITY INTEREST . . (1,022) (1,022) 2,722 2 (122) (1,077) 3,919 Minority interest. . . (179) (179) (294) (119) (129) (190) 144 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- INCOME (LOSS) FROM CONTINUING OPERATIONS. . . . . . (843) (843) 3,016 121 7 (887) 3,775 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- First Quarter 2005 Page 17 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL CONSOLIDATED (a) STATEMENTS OF OPERATIONS - CONTINUED QUARTER ENDED Unaudited (Dollars in thousands, except for share data) 2005 2004 -------------------------------------------- -------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- INCOME FROM DISCON- TINUED OPERATIONS, NET OF MINORITY INTEREST Income from discon- tinued operations, net of minority interest. . . . . . . 316 316 6,137 998 909 1,286 2,944 Gain on sale of rental communities, net of minority interest. . . . . . . 22,938 22,938 48,849 49 11,318 37,482 -- Gain on sale of bond financing for a community sold, net of minority interest. . . . . . . -- -- 4,423 -- -- 4,423 -- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 23,254 23,254 59,409 1,047 12,227 43,191 2,944 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- NET INCOME . . . . . . 22,411 22,411 62,425 1,168 12,234 42,304 6,719 Net income attribu- table to preferred shares. . . . . . . . 3,038 3,038 11,542 1,933 1,933 5,744 1,932 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- NET INCOME ATTRIBU- TABLE TO COMMON SHARES. . . . . . . .$ 19,373 19,373 50,883 (765) 10,301 36,560 4,787 ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== 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) 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. First Quarter 2005 Page 18 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL CONSOLIDATED (a) BALANCE SHEETS (Unaudited, dollars in thousands)
2005 2004 ------------------------------------------ ------------------------------------------ Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ASSETS Rental apartments Land. . . . . . . . . . $ 177,871 164,422 161,838 143,793 133,298 Depreciable property. . 1,111,791 1,031,546 1,017,150 910,267 840,363 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 1,289,662 1,195,968 1,178,988 1,054,060 973,661 Less: Accumulated depreciation. . . . . . (147,471) (136,168) (139,925) (130,897) (125,470) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 1,142,191 1,059,800 1,039,063 923,163 848,191 Rental apartments held for sale, net of accumulated depreciation (b). . . . 10,551 60,161 -- 14,138 61,893 Rental apartments under development . . . 17,699 10,331 16,242 13,030 8,396 Land and predevelopment costs . . . . . . . . . 35,382 33,228 26,480 27,539 27,813 Investments in partnerships (c). . . . 121,927 124,354 132,787 133,641 140,546 Cash and cash equivalents. . . . 4,124 5,118 4,038 3,717 6,961 Service Companies' other assets. . . . . . 8,826 9,375 9,384 9,808 10,216 Other assets and deferred costs, net (d) . . . . . . . . 23,066 21,056 25,107 25,169 31,348 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL ASSETS . . . . $1,363,766 1,323,423 1,253,101 1,150,205 1,135,364 ========== ========== ========== ========== ========== ========== ========== ========== First Quarter 2005 Page 19 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL CONSOLIDATED (a) BALANCE SHEETS - CONTINUED (Unaudited, dollars in thousands) 2005 2004 ------------------------------------------ ------------------------------------------ Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- LIABILITIES Debt . . . . . . . . . . $ 688,235 653,901 576,477 476,449 496,583 Distributions in excess of investments in and earnings from partnerships. . . . . . 6,482 6,368 6,243 6,126 6,022 Accrued expenses and other liabilities . . . 35,358 42,758 37,970 32,841 30,755 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL LIABILITIES . . 730,075 703,027 620,690 515,416 533,360 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Mandatorily redeemable convertible preferred shares. . . . . . . . . 96,933 96,933 96,933 96,933 93,247 Minority interest. . . . 32,667 31,939 33,650 34,286 32,308 Total shareholders' equity. . . . . . . . . 504,091 491,524 501,828 503,570 476,449 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY . . . . . . . $1,363,766 1,323,423 1,253,101 1,150,205 1,135,364 ========== ========== ========== ========== ========== ========== ========== ========== 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. First Quarter 2005 Page 20 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL CONSOLIDATED (a) BALANCE SHEETS - CONTINUED (Unaudited, dollars in thousands)
2005 2004 ------------------------------------------ ------------------------------------------ Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- (b) Includes interest and other costs capitalized in consolidation and net of accumulated depreciation of: . . -- -- -- -- 14,360 -- 4,041 23,991 ========== ========== ========== ========== ========== ========== ========== ========== (c) See details in the Company's Form 10-K or Form 10-Q filed with the SEC. (d) Includes the following: Deferred financing costs, net . . . . $ 3,223 3,385 3,161 2,989 5,463 Deferred development costs. . . . . . . 1,139 750 801 718 3,556 Operating receiva- bles and prepaid expenses . . . . . 3,761 3,839 5,785 8,093 9,591 Deposits and restricted cash. . 2,184 2,545 3,311 2,546 2,938 Notes receivable. . 3,238 3,238 3,515 2,766 2,766 Advances to affiliates . . . . 31 186 827 291 301 Other . . . . . . . 9,490 7,113 7,707 7,766 6,733 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -- -- -- $ 23,066 21,056 25,107 25,169 31,348 ========== ========== ========== ========== ========== ========== ========== ========== First Quarter 2005 Page 21 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY MARCH 31, 2005 (Unaudited, dollars in thousands)
CONSOLIDATED DEBT (a) --------------------- Weighted Average Years to Type of Percent Interest Maturity Variable of Indebtedness Balance of Total Rate (b) (c) Secured Unsecured Fixed(d) (d) --------------- -------- -------- -------- -------- -------- --------- -------- -------- Conventional mortgages. . . . . . $421,135 61.2% 6.2% 4.6 421,135 -- 421,135 -- Construction financing. . . . . . -- -- -- -- -- -- -- -- Tax-exempt debt. . . . 9,500 1.4% 3.4% 0.7 -- 9,500 -- 9,500 Credit facilities (e). 252,000 36.6% 4.1% 2.3 -- 252,000 160,000 92,000 Other (f). . . . . . . 5,600 0.8% 2.9% 0.0 -- 5,600 -- 5,600 -------- ------- ------- ------- ------- ------- ------- ------- Total. . . . . . . $688,235 100.0% 5.3% 3.6 421,135 267,100 581,135 107,100 ======== ======= ======= ======= ======= ======= ======= ======= Percent of total . . 61.2% 38.8% 84.4% 15.6% ======= ======= ======= ======= DEBT OF CO-INVESTMENT PARTNERSHIPS AT 100% ------------------------------------------ Weighted Average Years to Type of Percent Interest Maturity of Indebtedness Balance of Total Rate (b) (c) Secured Unsecured Fixed Variable --------------- -------- -------- -------- -------- -------- --------- -------- -------- Conventional mortgages. . . . . . $560,578 90.4% 7.0% 5.2 560,578 -- 560,578 -- Construction financing. . . . . . 59,424 9.6% 5.8% 4.5 59,424 -- 30,803 28,621 -------- ------- ------- ------- ------- ------- ------- ------- Total. . . . . . . $620,002 100.0% 7.0% 5.1 620,002 -- 591,381 28,621 ======== ======= ======= ======= ======= ======= ======= ======= Percent of total . . 100.0% 0.0% 95.4% 4.6% ======= ======= ======= ======= See notes on the following page First Quarter 2005 Page 22 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY MARCH 31, 2005 (Unaudited, dollars in thousands)
PREFERRED SHARES ---------------- Current Number of Out- Liquidation Date Original Shares at standing Dividend Preference Security of Issue Issue Issuance Shares Rate (g) ---------------------- --------- -------- --------- -------- -------- ----------- Convertible Preferred Series B (h) $ 75,000 3,125,000 3,125,000 (i) 76,500 Convertible Preferred Series D (j) 10/31/01 20,000 800,000 800,000 (k) 20,433 -------- --------- --------- ------- Total Preferred Shares $ 95,000 3,925,000 3,925,000 96,933 ======== ========= ========= ======= 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) 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. (c) 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 2005 Page 23 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY - CONTINUED MARCH 31, 2005 (Unaudited, dollars in thousands) (d) 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 -------- ------------ -------- ----------- --------------- Cap Commerzbank $ 15,000 4.000% 4/1/04-4/1/09 Swap Commerzbank 15,000 4.378% 4/1/04-4/1/09 Swap PNC Bank, N.A. 30,000 4.510% 4/1/04-4/1/09 Swap Commerzbank 40,000 3.984% 7/1/05-12/20/09 Swap PNC Bank, N.A. 40,000 3.984% 7/1/05-12/20/09 Swap Comerica Bank 20,000 3.994% 7/1/05-12/20/09 -------- $160,000 ======== (e) See note (b) on page 25. (f) Demand notes payable by the Company to its managed partnerships. (g) Includes quarterly dividends payable in the following month. (h) Funded in three installments of $25 million each on 3/9/98, 6/30/98 and 9/30/98. (i) The dividend per share is the greater of an annualized (i) $1.84 per share or (ii) the amount payable on the common shares. (j) 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. (k) 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 2005 Page 24 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEBT MATURITIES MARCH 31, 2005 (Unaudited, dollars in thousands)
CONSOLIDATED DEBT (a) --------------------- Wtd. Average Interest Rate on Scheduled Due at Percent to Maturing Year Amortization Maturity Total Total Debt ---------- ------------ ----------- --------- ---------- ------------ 2005 $ 5,512 36,624 42,136 6.1% 7.4% 2006 6,619 194,767 201,386 29.3% 5.2% 2007 4,922 75,073 79,995 11.6% 5.5% 2008 4,624 121,301(b) 125,925 18.3% 3.9% 2009 4,895 -- 4,895 0.7% 0.0% 2010 4,749 19,851 24,600 3.6% 5.0% 2011 3,002 119,104 122,106 17.7% 6.6% 2012 1,713 -- 1,713 0.2% 0.0% 2013 1,818 -- 1,818 0.3% 0.0% 2014 1,124 64,097 65,221 9.5% 5.1% Thereafter 8,884 9,556(c) 18,440 2.7% 4.6% -------- ------- ------- ------ ----- Total $ 47,862 640,373 688,235 100.0% 5.3% ======== ======= ======= ====== ===== Percent to Total 7.0% 93.0% 100.0% ======== ======= ======= First Quarter 2005 Page 25 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL DEBT MATURITIES - CONTINUED MARCH 31, 2005 (Unaudited, dollars in thousands) DEBT OF CO-INVESTMENT PARTNERSHIPS AT 100% ------------------------------------------ Wtd. Average Interest Rate on Scheduled Due at Percent to Maturing Year Amortization Maturity Total Total Debt ---------- ------------ ---------- --------- ----------- ------------ 2005 $ 4,446 1,200 5,646 0.9% 6.0% 2006 6,787 87,798 94,585 15.3% 6.5% 2007 6,677 66,953 73,630 11.9% 7.9% 2008 5,243 82,133 87,376 14.1% 7.0% 2009 4,250 134,706 138,956 22.4% 6.7% 2010 3,237 29,849 33,086 5.3% 8.2% 2011 1,634 77,279 78,913 12.7% 7.2% 2012 1,235 17,853 19,088 3.1% 6.4% 2013 1,123 59,227 60,350 9.7% 6.2% 2014 277 18,968 19,245 3.1% 5.1% Thereafter 8,881 246 9,127 1.5% 6.8% -------- ------- ------- ------ ----- Total $ 43,790 576,212 620,002 100.0% 6.9% ======== ======= ======= ====== ===== Percent to Total 7.1% 92.9% 100.0% ======== ======= ======= 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) The Company's primary unsecured line of credit is in the amount of $240,000 and matures in May 2006. (c) Includes Bonds which mature in 2024. The credit enhancement on $9,500 expires on November 15, 2005. First Quarter 2005 Page 26 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) QUARTER ENDED (Unaudited, dollars in thousands) AVERAGE PHYSICAL OCCUPANCY (b) ------------------------------
Percent Change - Current Quarter Compared to Apart- ---------------- 2005 2004 ment Last Last --------------------------------- --------------------------------- Market Homes Year Quarter Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 ------ ------ ------ ------- ------ ------ ------ ------ ------ ------ ------ ------ Dallas 5,837 0.2% -0.5% 92.5% 93.0% 92.9% 91.2% 92.3% Atlanta 4,282 1.3% 0.0% 95.1% 95.1% 95.0% 94.1% 93.8% Austin 1,877 1.8% -1.1% 93.1% 94.1% 93.9% 91.9% 91.2% Houston 1,433 -0.8% -1.6% 93.3% 94.9% 93.7% 92.4% 94.1% Indianapolis 2,428 1.1% 0.1% 93.0% 92.8% 93.5% 92.6% 91.8% Kansas City 2,600 -2.0% -1.5% 90.4% 91.9% 94.4% 93.0% 92.4% Chicago 3,243 0.7% -0.2% 93.7% 93.9% 95.5% 94.6% 93.0% Denver 1,260 -0.4% -2.6% 90.2% 92.8% 92.0% 92.6% 90.5% ------ ------ ------- ------ ------ ------ ------ ------ ------ ------ ------ Total 22,960 0.3% -0.7% 92.9% 93.6% 94.0% 92.8% 92.6% ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== First Quarter 2005 Page 27 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) - CONTINUED QUARTER ENDED (Unaudited, dollars in thousands) WEIGHTED AVERAGE COLLECTED REVENUE PER OCCUPIED UNIT (c) --------------------------------------------------------
Percent Change - Current Quarter Compared to Apart- ---------------- 2005 2004 ment Last Last --------------------------------- --------------------------------- Market Homes Year Quarter Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 ------ ------ ------ ------- ------ ------ ------ ------ ------ ------ ------ ------ Dallas 5,837 -0.4% -0.2% $ 839 840 857 849 842 Atlanta 4,282 0.7% 0.1% 877 877 887 880 871 Austin 1,877 -1.3% -0.4% 788 791 805 798 798 Houston 1,433 -1.3% -1.1% 976 987 1,004 995 989 Indianapolis 2,428 -0.6% -0.5% 789 793 799 795 794 Kansas City 2,600 0.2% 0.2% 816 814 822 819 814 Chicago 3,243 -1.0% -0.4% 1,048 1,052 1,058 1,063 1,058 Denver 1,260 -1.6% 0.0% 936 936 958 938 951 ------ ------ ------- ------ ------ ------ ------ ------ ------ ------ ------ Total 22,960 -0.5% -0.2% $ 877 879 891 886 881 ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== WEIGHTED AVERAGE COLLECTED RENT PER OCCUPIED UNIT (c) ----------------------------------------------------- Percent Change - Current Quarter Compared to Apart- ---------------- 2005 2004 ment Last Last --------------------------------- --------------------------------- Market Homes Year Quarter Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 ------ ------ ------ ------- ------ ------ ------ ------ ------ ------ ------ ------ Dallas 5,837 0.1% 0.0% $ 782 782 789 786 782 Atlanta 4,282 1.0% 0.3% 813 810 810 807 804 Austin 1,877 -0.7% -0.1% 734 735 736 732 739 Houston 1,433 -0.6% -0.3% 919 922 926 924 925 Indianapolis 2,428 0.1% 0.1% 737 736 738 737 736 Kansas City 2,600 0.1% -0.2% 748 749 749 748 747 Chicago 3,243 -0.0% 0.5% 981 976 976 978 981 Denver 1,260 -2.3% -0.4% 846 849 867 858 866 ------ ------ ------- ------ ------ ------ ------ ------ ------ ------ ------ Total 22,960 0.0% 0.0% $ 815 815 818 816 816 ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== First Quarter 2005 Page 28 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) - CONTINUED QUARTER ENDED (Unaudited, dollars in thousands) Notes: (a) Information shown is Combined, including partnership communities at 100%. (b) Represents average daily physical occupancy which includes model units as vacant units. (c) Represents amounts collected for rent and other income. First Quarter 2005 Page 29 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) QUARTER ENDED (unaudited, dollars in thousands) TOTAL REVENUES (b) ------------------
Percent Change- Current Quarter Compared to Apart- --------------- 2005 2004 ment Last Last --------------------------------------- --------------------------------------- Market Homes Year Quarter Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31 ------ ------ ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------- ------- Dallas 5,837 -0.1% -0.6% $ 13,602 13,602 54,825 13,687 13,938 13,579 13,622 Atlanta 4,282 2.1% 0.1% 10,714 10,714 42,661 10,705 10,824 10,638 10,494 Austin 1,877 0.7% -1.6% 4,128 4,128 16,681 4,195 4,260 4,128 4,098 Houston 1,433 -2.1% -2.7% 3,920 3,920 16,035 4,031 4,048 3,952 4,005 Indiana- polis 2,428 1.1% -0.5% 5,339 5,339 21,439 5,366 5,440 5,350 5,283 Kansas City 2,600 -1.9% -1.5% 5,751 5,751 23,690 5,839 6,049 5,938 5,865 Chicago 3,243 -0.2% -0.6% 9,548 9,548 38,786 9,605 9,824 9,785 9,571 Denver 1,260 -1.9% -2.9% 3,190 3,190 13,152 3,285 3,332 3,282 3,253 ------ ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------ ------ Total 22,960 0.0% -0.9% $ 56,193 56,193 227,270 56,713 57,715 56,651 56,190 ====== ====== ====== ======== ====== ====== ====== ====== ======= ====== ====== ====== ====== First Quarter 2005 Page 30 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) - CONTINUED QUARTER ENDED (unaudited, dollars in thousands) EXPENSES (b) ------------ Percent Change- Current Quarter Compared to Apart- --------------- 2005 2004 ment Last Last --------------------------------------- --------------------------------------- Market Homes Year Quarter Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31 ------ ------ ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------- ------- Dallas 5,837 10.5% -0.2% $ 6,231 6,231 24,965 6,245 6,619 6,461 5,640 Atlanta 4,282 1.9% 1.7% 4,085 4,085 16,711 4,017 4,196 4,490 4,008 Austin 1,877 15.4% 16.1% 2,168 2,168 7,730 1,867 1,868 2,116 1,879 Houston 1,433 -0.2% 4.8% 1,726 1,726 7,133 1,647 1,956 1,801 1,729 Indiana- polis 2,428 -1.8% 8.1% 2,167 2,167 8,565 2,005 2,585 1,768 2,207 Kansas City 2,600 -1.0% -10.3% 2,008 2,008 8,532 2,238 1,988 2,277 2,029 Chicago 3,243 -0.5% 1.7% 3,861 3,861 15,974 3,797 4,157 4,139 3,882 Denver 1,260 1.7% -9.9% 1,027 1,027 4,688 1,140 1,285 1,253 1,010 ------ ------ ------- -------- ------ ------ ------ ------ ------ ------ ------ ------ ------ Total 22,960 4.0% 1.4% $ 23,274 23,274 94,299 22,956 24,653 24,306 22,384 ====== ====== ====== ======== ====== ====== ====== ====== ====== ====== ====== ====== ====== First Quarter 2005 Page 31 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) - CONTINUED QUARTER ENDED (unaudited, dollars in thousands) NET OPERATING INCOME (b) ------------------------ Percent Change- Current Quarter Compared to Apart- --------------- 2005 2004 ment Last Last --------------------------------------- --------------------------------------- Market Homes Year Quarter Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31 ------ ------ ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------- ------- Dallas 5,837 -7.6% -0.9% $ 7,372 7,372 29,860 7,442 7,319 7,118 7,982 Atlanta 4,282 2.2% -0.9% 6,630 6,629 25,951 6,689 6,628 6,148 6,486 Austin 1,877 -11.7% -15.8% 1,960 1,960 8,952 2,328 2,393 2,012 2,219 Houston 1,433 -3.6% -7.9% 2,194 2,194 8,902 2,383 2,092 2,151 2,275 Indiana- polis 2,428 3.1% -5.7% 3,171 3,171 12,874 3,362 2,855 3,581 3,076 Kansas City 2,600 -2.4% 3.9% 3,742 3,742 15,158 3,600 4,061 3,660 3,836 Chicago 3,243 0.0% -2.1% 5,687 5,687 22,812 5,808 5,668 5,646 5,689 Denver 1,260 -3.6% 0.8% 2,163 2,163 8,463 2,144 2,047 2,029 2,242 ------ ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------ ------ Total 22,960 -2.6% -2.5% $ 32,919 32,919 132,971 33,757 33,062 32,346 33,806 ====== ====== ====== ======== ====== ====== ====== ====== ======= ====== ====== ====== ====== Notes: (a) Information shown is Combined, including share of partnership communities at 100%. (b) See page 40 for components of same store community revenue, expenses, net operating income and EBITDA. First Quarter 2005 Page 32 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) QUARTER ENDED (Unaudited, dollars in thousands except per apartment home) OPERATING EXPENSES ------------------
Percent Change- Current Quarter Compared to --------------- 2005 2004 Last Last --------------------------------------- --------------------------------------- Expense Year Quarter Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31 ------- ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------- ------- Personnel 3.9% -1.8% $ 5,747 5,747 23,382 5,852 6,178 5,818 5,534 Advertising and promotion 5.6% -13.7% 1,006 1,006 4,529 1,165 1,274 1,136 953 Utilities 0.4% -13.0% 1,535 1,535 6,656 1,766 1,818 1,543 1,529 Building repairs and maintenance 34.1% 11.4% 2,973 2,973 12,221 2,670 3,694 3,639 2,218 Landscaping and grounds maintenance 5.1% 2.2% 838 838 4,133 821 1,149 1,365 798 Real estate taxes -2.4% 9.9% 7,516 7,516 28,737 6,841 7,089 7,109 7,697 Insurance -20.8% -19.6% 872 872 3,985 1,086 700 1,099 1,101 Property management fees -1.3% -1.0% 2,010 2,010 8,116 2,031 2,067 1,983 2,035 Other 49.7% 7.1% 776 776 2,540 724 685 613 518 ------ ------- -------- ------ ------ ------ ------ ------ ------ ------ ------ ------ 4.0% 1.4% $ 23,274 23,274 94,299 22,956 24,653 24,306 22,384 ====== ======= ======== ====== ====== ====== ====== ====== ====== ====== ====== ====== First Quarter 2005 Page 33 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) - CONTINUED QUARTER ENDED (Unaudited, dollars in thousands except per apartment home) CAPITAL EXPENDITURES (b) ------------------------
Percent Change- Current Quarter Compared to --------------- 2005 2004 Last Last --------------------------------------- --------------------------------------- Year Quarter Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31 ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------ ------ Total 29.7% -32.0% $ 1,513 1,513 6,969 2,226 1,929 1,648 1,166 ====== ======= ======== ====== ======= ====== ====== ====== ====== ====== ====== ====== Per apartment home 66 66 304 97 84 72 51 ======== ====== ======= ====== ====== ====== ====== ====== ====== ====== TOTAL OPERATING COST (c) ------------------------ Percent Change- Current Quarter Compared to --------------- 2005 2004 Last Last --------------------------------------- --------------------------------------- Year Quarter Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31 ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------ ------ Total 5.3% -1.6% $ 24,787 24,787 101,269 25,182 26,582 25,954 23,550 ====== ======= ======== ====== ======= ====== ====== ====== ====== ====== ====== ====== Per apartment home 1,080 1,080 4,411 1,097 1,158 1,130 1,026 ======== ====== ======= ====== ====== ====== ====== ====== ====== ====== Notes: (a) Information shown is Combined, including share of partnership communities at 100%. (b) See details in the Company's Form 10-K or Form 10-Q filed with the SEC. (c) Total operating cost equals the sum of the operating expenses and capital expenditures. First Quarter 2005 Page 34 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES TOTAL RENTAL REVENUE The following graphs present same store community monthly total revenue for the first three months of 2005 in black, compared to monthly total revenue for the twelve months of 2004 in gray. Commentary and financial data relate to "Combined" operations, including partnership communities at 100%. Note that occupancy changes are disclosed in absolute terms, and economic data is as of February 2005. ALL COMMUNITIES --------------- For the first quarter of 2005 compared to the first quarter of 2004, same community total revenue was flat, while expenses grew 4.0%, producing a net operating income (NOI) decrease of 2.6%. The flat total revenues resulted from a 0.4% increase in rental income and a 5.4% decrease in other income. The increase in rental income was due to a 0.3% increase in occupancy to 92.9% as collected rents were unchanged. Overall, collected rent per occupied unit was down in three of AMLI's eight markets, whereas occupancies were up in five of eight markets. The decrease in other income was primarily attributable to decreases in cable and telephone revenues and leasing-related fees. Much of the increase in operating expenses reflects the fact that expense in last year's first quarter was less than normal, due to the timing of some major repair and maintenance projects. Sequentially, comparing the current quarter to the fourth quarter of 2004, total revenue was down 0.9%, and expenses increased 1.4%, resulting in an NOI decrease of 2.5%. The change in total revenue was caused by a 0.6% decrease in rental income and a 4.9% decrease in other income, reflecting a typical seasonal occurrence. Overall employment in all of AMLI's markets increased during the twelve months ended February 2005. DALLAS/FT. WORTH ---------------- DALLAS/FT. WORTH same community total revenue, operating expenses and NOI for the first quarter decreased 0.1%, increased 10.5%, and decreased 7.6%, respectively, compared to the same period in 2004. The decrease in total revenue was due to other income decreasing by 6.5% on a year over year basis due to lower telephone revenues, and lower collections in several fee categories. The increase in operating expenses is attributable to the timing of repairs and maintenance noted above. On a sequential basis compared to the prior quarter, total revenue decreased 0.6% due to decreases in occupancy and other income of 0.5% and 2.9%, respectively. However, operating expenses decreased 0.2% resulting in a sequential decrease in NOI of 0.9%. Job growth has improved significantly in the region as the D/FW metroplex added 50,000 jobs in the trailing 12 months ended February 2005. On the other hand, permit activity has increased over the past year as 9,734 permits were issued representing 1.8% of existing stock, up from 7,925 from the previous period, for the year ending February, 2005. First Quarter 2005 Page 35 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SAME STORE COMMUNITIES TOTAL REVENUE - CONTINUED ATLANTA ------- ATLANTA same community total revenue and NOI increased 2.1% and 2.2%, respectively, compared to the same quarter a year ago. Expenses increased by 1.9% for the same period. The positive performance in total revenue was the result of a 2.4% increase in rental income, and a 1.5% decrease in other income. The rise in rental income is the result of increases in collected rent per occupied unit and occupancy of 1.0% and 1.3%, respectively. Sequentially, comparing the current quarter to the fourth quarter of 2004, total revenue and expenses increased 0.1% and 1.7%, respectively, leading to a decrease in NOI of 0.9%. The increase in total revenue was the result of a 2.5% decrease in other income, as rental income grew by 0.3%. The increase in rental income was due to a 0.3% increase in collected rent per occupied unit; occupancy was unchanged at 95.1%. The challenge in Atlanta remains absorption of new supply, with 15,956 units permitted for the year ended February 2005, which represents a 37% increase from the same period of a year ago, and a 4.1% increase to the existing apartment stock. An improving employment outlook provides optimism that demand will be able to keep up with the new supply. For the year ended February 2005 employment posted a gain of 21,400 jobs, or a modest 1.0% growth rate compared to net job loss over the past three years. CHICAGO ------- CHICAGO same community quarterly NOI for the first quarter of 2005 compared to a year ago was flat on a decrease in total revenue of 0.2%, and a 0.5% decrease in operating expenses. The revenue decrease was the result of a 0.7% increase in rental income and a 12.1% decrease in other income, primarily due to lower cable revenues. The increase in rental income was driven by a 0.7% increase in occupancy to 93.7%, while collected rent per occupied unit remained unchanged. Sequentially, comparing the current quarter to the last quarter of 2004, total revenues were down 0.6%, operating expenses increased 1.7% and NOI decreased 2.1%. Rental income was up 0.3%, while other income was down 12.3%. The change in rental income was due to a 0.2% decrease in occupancy and a 0.5% increase in collected rent per occupied unit. The employment picture continues to improve in Chicago as the metro added 24,600 jobs for the year ended February 2005, which represents a 0.7% growth rate. On the supply side, the Chicago metro issued permits for 9,131 new multi-family units, representing 1.4% of existing apartment stock, for the year ended February 2005, a 16% decrease from the same period of a year ago. It should again be noted that in Chicago a significant portion of permits issued are for 'for-sale' housing and will not directly compete with 'for-rent' product. Our market research shows approximately 1,700 institutional grade apartment units currently under construction in the Chicago metropolitan area, a very small number of new units for a market the size of Chicago. First Quarter 2005 Page 36 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SAME STORE COMMUNITIES TOTAL REVENUE - CONTINUED AUSTIN ------ AUSTIN same community total revenue, operating expenses and NOI for the first quarter of 2005 increased 0.7%, increased 15.4%, and decreased 11.7%, respectively, compared to the same period in 2004. The increase in total revenue was the result of a 1.8% increase in occupancy. Collected rents per occupied unit decreased by 0.7% over the same period last year. The increase in operating expenses is primarily due to timing variances in repairs and maintenance in 2004. On a sequential basis comparing the current quarter to the fourth quarter of 2004, total revenue decreased by 1.6%, due to decreases in rental income, other income, and occupancy of 1.4%, 4.8%, and 1.1%, respectively. Operating expenses increased by 16.1%, again primarily due to the timing of repairs and maintenance projects, resulting in a decrease in net operating income of the timing of 15.8% from last quarter. Supply and demand fundamentals continue to improve in the region as job growth continues to gain momentum. Approximately 18,700 jobs were added in the previous 12 months ended February 2005, up from a 6,800 job gain during the same period a year ago. Permit activity remains relatively stable as 2,462 permits (1.6% of existing stock) were issued for the same period. KANSAS CITY ----------- KANSAS CITY same community total revenue and NOI decreased 1.9% and 2.4%, respectively, for the first quarter of 2005 compared to the first quarter 2004. Expenses in the current quarter compared to last year decreased 1.0%. Rental income for the first quarter decreased 2.0% versus the same period of a year ago due to a decline in occupancy of 2.0% to 90.4%. Collected rent per occupied unit grew slightly by 0.1%. Other income decreased by 0.9% for the period. On a sequential basis, comparing the current quarter to the last quarter of 2004, total revenue decreased 1.5%, but operating expenses also decreased by 10.3%, leading to a NOI increase of 3.9%. Rental income decreased 1.8%, resulting from a 1.5% drop in occupancy during the quarter, while collected rent per occupied unit decreased by 0.2%. Other income increased by 2.4% from last quarter. Supply/demand fundamentals in Kansas are continuing to strengthen, as there have been positive trends in both job growth and multi-family permits. For the year ended February 2005 the Kansas City metro area gained 20,000 jobs, a positive 2.1% growth rate, and a marked improvement on the 3,200 jobs lost for the same period of a year ago. In addition, multi-family permits have trended down over the past year. For the year ended February 2005 authorized permits totaled 1,175 units, a 29% decrease over the same period of a year ago, and represents a 0.9% increase to the existing apartment stock. First Quarter 2005 Page 37 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SAME STORE COMMUNITIES TOTAL REVENUE - CONTINUED INDIANAPOLIS ------------ INDIANAPOLIS same community total revenue increased 1.1%, expenses decreased 1.8%, and NOI increased 3.1% for the first quarter 2005 versus the same period of a year ago. Rental income on a year over year basis was up 1.7%, as occupancy and collected rent per occupied unit gained 1.1% and 0.1%, respectively, compared to the same period in 2004. Other income experienced a decrease of 7.6% due to lower cable revenues. During the first quarter, traffic and rental activity decreased 8.0% and 23.2%, respectively, versus the same period of last year. Sequentially, total revenue decreased 0.5%, expenses increased 8.1%, and NOI decreased 5.7% from the fourth quarter 2004. The revenue decline was due to a 0.1% increase in rental income, as a result of a 0.1% increase in both occupancy and collected rent per occupied unit, and a decrease in other income of 8.9%. Demand fundamentals in Indianapolis appear to be gaining strength as strong job growth has returned to the metro. The BLS reported job gains of 24,400 for the year ended February 2005, a 2.9% growth rate. On the supply side 2,437 multi-family permits have been authorized over the past year, which is an 18% increase from the same period of a year ago, and represents a 2.0% increase to the existing apartment stock. HOUSTON ------- HOUSTON same community total revenue, operating expenses and NOI decreased 2.1%, 0.2%, and 3.6%, respectively, compared to the same period in 2004. Rental income for the first quarter decreased 1.5% due to a decrease in occupancy and collected rent per occupied unit of 0.8% and 0.6%, respectively. On a sequential basis, total revenue decreased 2.7% from the current quarter compared to the previous quarter, due primarily to decreases in occupancy and other income of 1.6% and 13.3%, respectively. Operating expenses increased 4.8%, primarily due to an increase of real estate taxes over last quarter. Houston continues to be faced with challenging supply fundamentals as permit activity remains high with 11,355 permits (2.4% of existing stock) issued for the year ended February 2005. On the demand side, Houston is beginning to show signs of a solid rebound as the economy improves. The market registered an increase of approximately 22,400 jobs for the twelve months ended February 2005. First Quarter 2005 Page 38 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SAME STORE COMMUNITIES TOTAL REVENUE - CONTINUED DENVER ------ DENVER same community total revenue decreased by 1.9%, expenses increased by 1.7%, and NOI fell by 3.6% for the quarter, compared to first quarter, 2004. Rental income on a year over year basis fell 2.6%. Collected rent per occupied unit was down 2.3%, and occupancy fell to 90.2%, down 0.4% on a year over year basis. Other income limited the decline in total revenue by growing 5.2% for the quarter on higher fee collection. On a sequential basis, total revenue and expenses decreased, and NOI increased 2.9%, 9.9%, and 0.8%, respectively, from the fourth quarter 2004. The expense decrease versus the prior quarter was primarily due to lower real estate tax expense. Rental income decreased 3.2% from the fourth quarter, as collected rent per occupied unit and occupancy fell by 0.4% and 2.6%, respectively. Other income increased by 0.2% over last quarter. The Denver metro is beginning to see strengthening supply/demand fundamentals as job growth has turned positive and the authorization of multi-family permits has slowed dramatically. For the year ended February 2005, the metro area experienced a gain of 29,700 jobs, a positive 2.6% growth rate, which is in sharp contrast to the 10,000 jobs lost during the same period of one year ago. Additional positive news in Denver has been the decline in multi-family permitting over the past thirty-six months. First Quarter 2005 Page 39 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL COMPONENTS OF NOI QUARTER ENDED MARCH 31 (Dollars in thousands)
Partnership Communities Wholly-Owned Communities (a) Combined at 100% at 100% ---------------------------- ---------------------------- ---------------------------- Percent Percent Percent 2005 2004 Change 2005 2004 Change 2005 2004 Change -------- -------- -------- -------- -------- -------- -------- -------- -------- REVENUES Same store communities (b) . . . . 27,237 26,073 4.5% 56,193 56,190 0.0% 28,955 30,117 -3.9% New communities (c). . . 1,695 735 130.6% 4,304 3,013 42.9% 2,610 2,278 14.6% Communities under development and lease-up. . . . . . . . 0 0 0.0% 926 0 0.0% 926 0 0.0% Acquisition communities (d) . . . . 7,821 0 0.0% 7,821 0 0.0% 0 0 0.0% Communities under rehab (e) . . . . . . . 714 832 -14.2% 714 832 -14.2% 0 0 0.0% Communities sold (f) . . 702 6,906 -89.8% 702 7,277 -90.4% 0 371 -100.0% -------- -------- -------- -------- -------- -------- -------- -------- -------- 38,169 34,546 10.5% 70,660 67,312 5.0% 32,491 32,766 -0.8% ======== ======== ======== ======== ======== ======== ======== ======== ======== EXPENSES Same store communities (b) . . . . 11,695 10,642 9.9% 23,274 22,384 4.0% 11,579 11,742 -1.4% New communities (c). . . 889 305 191.6% 2,187 1,513 44.5% 1,298 1,208 7.4% Communities under development and lease-up. . . . . . . . 26 0 0.0% 785 60 1212.1% 759 60 1168.1% Acquisition communities (d) . . . . 3,378 0 0.0% 3,378 0 0.0% 0 0 0.0% Communities under rehab (e) . . . . . . . 378 365 3.4% 378 365 3.4% 0 0 0.0% Communities sold (f) . . 523 2,938 -82.2% 523 3,156 -83.4% 0 218 -100.0% -------- -------- -------- -------- -------- -------- -------- -------- -------- 16,889 14,250 18.5% 30,525 27,478 11.1% 13,635 13,228 3.1% ======== ======== ======== ======== ======== ======== ======== ======== ======== First Quarter 2005 Page 40 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL COMPONENTS OF NOI - CONTINUED QUARTER ENDED MARCH 31 (Dollars in thousands) Wholly-Owned Communities (a) Combined at 100% Combined at AMLI's Share ---------------------------- ---------------------------- ---------------------------- Percent Percent Percent 2005 2004 Change 2005 2004 Change 2005 2004 Change -------- -------- -------- ------- ------- -------- -------- -------- -------- NET OPERATING INCOME Same store communities (b) . . . . 15,542 15,431 0.7% 32,919 33,806 -2.6% 17,377 18,375 -5.4% New communities (c). . . 806 430 87.5% 2,117 1,500 41.2% 1,312 1,070 22.6% Communities under development and lease-up. . . . . . . . -26 0 0.0% 141 -60 335.9% 167 -60 -379.8% Acquisition communities (d) . . . . 4,443 0 0.0% 4,443 0 0.0% 0 0 0.0% Communities under rehab (e) . . . . . . . 336 467 -27.9% 336 467 -27.9% 0 0 0.0% Communities sold (f) . . 179 3,968 -95.5% 179 4,121 -95.7% 0 153 -100.0% -------- -------- --------------- ------------------------------- -------- -------- 21,280 20,296 4.8% 40,135 39,834 0.8% 18,856 19,538 -3.5% ======== ======== ======== ======== ======== ======== ======== Less Co-investment partners' share . . . . -12,286 -12,676 ------- ------- COMPANY'S SHARE OF NOI (g) . . . . . . . . 27,849 27,158 Cash flow preference and operating promote (h) . . . . . . . . . . 675 1,066 ------- ------- 28,524 28,224 Company's share of other, net (i) . . . . -278 -58 ------- ------- COMPANY'S SHARE OF COMMUNITIES' EBITDA. . 28,246 28,166 ======= ======= COMPANY'S PERCENTAGE OF COMBINED NOI: Before cash flow preferences . . . . . . 69.4% 68.2% Including cash flow preferences and other . 71.1% 70.9% ======= ======= First Quarter 2005 Page 41 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL COMPONENTS OF NOI - CONTINUED QUARTER 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, 2004. (c) New communities are communities that were developed by the Company and began stabilized operations after January 1, 2004. (d) Acquisition communities are communities having stabilized operations that were acquired by the Company after January 1, 2004. (e) Communities being rehabbed as of January 1, 2004. (f) Reflects operations through the date of sale. (g) Company's 100% interest in wholly-owned communities plus the Company's share of partnership communities at AMLI's ownership share. (h) 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 43. (i) Includes 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 43. First Quarter 2005 Page 42 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL CO-INVESTMENT COMPENSATION QUARTER ENDED (Dollars in thousands)
2005 2004 -------------------------------------------- -------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 June 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- FEE INCOME (a) Acquisition fees (a) .$ -- -- -- -- -- -- -- Asset management fees (b). . . . . . . 164 164 654 164 162 162 166 Disposition fees (c) . -- -- -- -- -- -- -- Development fees (a) . 96 96 1,170 167 474 262 267 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 260 260 1,824 331 636 424 433 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- SHARE OF CASH FLOW (d) Promoted interest from sale proceeds. . -- -- -- -- -- -- -- Promoted interest from operating cash flow . . . . . . 252 252 829 261 107 207 254 Cash flow pre- ferences (e). . . . . 423 423 1,809 303 440 254 812 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 675 675 2,638 564 547 461 1,066 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- TOTAL. . . . . . .$ 935 935 4,462 895 1,183 885 1,499 ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== Notes: (a) Acquisition and development fees are shown net of elimination of Company's share. (b) Asset management fees are shown at 100%. The Company's share of partnerships' EBITDA on page 40 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 40. (e) The Company receives compensation from certain partnerships in the form of a preferential distribution of cash flow. First Quarter 2005 Page 43 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SERVICE COMPANIES FINANCIAL INFORMATION QUARTER ENDED Unaudited (Dollars in thousands) COMBINED CONDENSED STATEMENTS OF OPERATIONS -------------------------------------------
2005 2004 -------------------------------------------- -------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 June 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- REVENUE Property management fees (a). . . . . . .$ 2,675 2,675 10,150 2,602 2,646 2,420 2,482 General contractor revenue, net (b). . . 221 221 693 189 224 136 144 Gross profit - corporate homes (c) . 193 193 864 139 212 264 249 Other income . . . . . 589 589 2,405 883 542 341 639 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 3,678 3,678 14,112 3,813 3,624 3,161 3,514 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- OPERATING EXPENSES Property management. . 3,284 3,284 10,479 2,797 2,397 2,638 2,647 General contractor . . 297 297 2,889 477 1,111 521 780 Corporate homes. . . . 652 652 1,099 294 306 255 244 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 4,233 4,233 14,467 3,568 3,814 3,414 3,671 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Provision for loss on land parcels held for sale. . . . -- -- -- -- -- -- -- Share of gain on sale of a residential community built for sale. . . . . . . -- -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- EBITDA . . . . . . . . (555) (555) (355) 245 (190) (253) (157) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- First Quarter 2005 Page 44 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SERVICE COMPANIES FINANCIAL INFORMATION - CONTINUED QUARTER ENDED Unaudited (Dollars in thousands) COMBINED CONDENSED STATEMENTS OF OPERATIONS ------------------------------------------- 2005 2004 -------------------------------------------- -------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 June 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Interest expense . . . (328) (328) (1,311) (309) (322) (272) (408) Depreciation and amortization. . . . . (842) (842) (3,230) (692) (856) (845) (837) Taxes. . . . . . . . . 655 655 1,782 246 520 522 494 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- NET INCOME (LOSS). . . (1,070) (1,070) (3,114) (510) (848) (848) (908) Eliminations, interest and other . . . . . . . . 441 441 1,464 281 416 315 452 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- SHARE OF INCOME (LOSS) FROM THE SERVICE COMPANIES (d) . . . .$ (629) (629) (1,650) (229) (432) (533) (456) ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== 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) Includes discontinued operations. The Service Companies' operations on page 16 exclude discontinued operations. First Quarter 2005 Page 45 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SERVICE COMPANIES FINANCIAL INFORMATION (Dollars in thousands) COMBINED CONDENSED FINANCIAL POSITION -------------------------------------
2005 2004 ----------------------------------------- ----------------------------------------- Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- ASSETS Receivables (a). . . . . $ 1,941 2,058 3,040 5,506 6,557 Land held for sale and Other (b). . . 15,779 13,697 12,247 12,433 12,404 Rental community developed and held for sale (c) . . . 10,376 10,360 10,361 9,676 8,396 Building and leasehold improve- ments, net (d). . . . . 2,038 2,080 2,124 2,208 2,257 Information technology costs, net. . . . . . . 6,788 7,295 7,260 7,600 7,959 Other (e). . . . . . . . 6,514 5,826 6,620 6,066 5,646 -------- -------- -------- -------- -------- -------- -------- -------- Total Assets . . . . $ 43,436 41,316 41,652 43,489 43,219 ======== ======== ======== ======== ======== ======== ======== ======== Notes: (a) Primarily costs and fees due from affiliates. (b) Represents land parcels as follows: Prairie Lakes (120 acres in Indiana) . . . . . $ 7,027 7,006 7,027 7,219 7,192 Fossil Creek (34 acres in Texas) . . . . . . 5,276 5,220 5,220 5,214 5,212 Downtown Austin Retail . . . . . . 3,476 1,471 -- -- -- -------- -------- -------- -------- -------- -------- -------- -------- $ 15,779 13,697 12,247 12,433 12,404 ======== ======== ======== ======== ======== ======== ======== ======== First Quarter 2005 Page 46 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SERVICE COMPANIES FINANCIAL INFORMATION - CONTINUED (Dollars in thousands) 2005 2004 ----------------------------------------- ----------------------------------------- Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- (c) Included in rental apartments held for sale in the con- solidated balance sheets (page 19). (d) Corporate office building, net of depreciation, which is included in the Service Companies' assets in the consolidated balance sheets (page 19). (e) Represented by: Investments in partnerships . . . $ (86) (45) (48) 43 215 Investments in real estate. . . . 737 737 1,718 1,448 1,448 Deferred income tax. . . . . . . . 4,654 3,999 3,762 3,240 2,721 Unamortized goodwill . . . . . 668 668 668 668 668 Other . . . . . . . 541 467 520 667 594 -------- -------- -------- -------- -------- -------- -------- -------- $ 6,514 5,826 6,620 6,066 5,646 ======== ======== ======== ======== ======== ======== ======== ======== First Quarter 2005 Page 47 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL STABILIZED COMMUNITIES MARCH 31, 2005
AMLI's Number Percent Ave. Owner- of of Physical Collected ship Apart- Port- Occupancy Revenue Percen- Year Year ment folio March 31, 1st Qtr Components Market/Community tage Location Acquired Completed Homes (a) 2005 2005 of NOI ---------------- ------- -------- --------- --------- ------ ------- --------- --------- ---------- DALLAS/ FT. WORTH, TX ------------- AMLI: at Bishop's Gate 100% Plano, TX 1997 1997 266 93.6% 1,032 Same Store at Breckinridge Point 45% Richardson, TX 2000 1999 440 91.4% 901 Same Store at Bryan Place 48% Dallas, TX 2002 1999 420 94.0% 920 Same Store at Deerfield 25% Plano, TX Developed 2000 240 89.6% 902 Same Store on the Fairway 100% Coppell, TX 2004 2002 322 94.1% 879 Acquisition on Frankford 45% Dallas, TX 2000 1998 582 92.3% 883 Same Store on the Green 100% Ft. Worth, TX 1994 1990/93 424 89.9% 725 Same Store Knox-Henderson 100% Dallas, TX 2003 1994 180 96.1% 1,061 Same Store of North Dallas 100% Dallas, TX 1989/90 1985/86 1,032 91.3% 679 Same Store at Oak Bend 100% Dallas, TX 1999 1997 426 95.8% 769 Same Store on the Parkway 25% Dallas, TX Developed 1999 240 90.4% 840 Same Store at Prestonwood Hills 45% Dallas, TX 1999 1997 272 89.7% 865 Same Store 7th Street Station 100% Ft. Worth, TX 2002 2000 189 91.5% 1,025 Same Store at Shadow Ridge 100% Flower Mound, TX 2001 2000 222 93.2% 980 Same Store at Stonebridge Ranch 100% McKinney, TX 2001 2001 250 93.2% 759 Same Store Upper West Side 100% Ft. Worth, TX 2002 2001 194 94.3% 969 Same Store at Valley Ranch 100% Irving, TX 1990 1985 460 95.0% 773 Same Store ------ ------ ------ ------ 6,159 22.1% 92.5% 841 ------ ------ ------ ------ First Quarter 2005 Page 48 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED MARCH 31, 2005 AMLI's Number Percent Ave. Owner- of of Physical Collected ship Apart- Port- Occupancy Revenue Percen- Year Year ment folio March 31, 1st Qtr Components Market/Community tage Location Acquired Completed Homes (a) 2005 2005 of NOI ---------------- ------- -------- --------- --------- ------ ------- --------- --------- ---------- ATLANTA, GA ------------ AMLI: at Barrett Lakes 35% Kennesaw, GA Developed 1997 446 95.1% 880 Same Store at Barrett Walk 25% Kennesaw, GA Developed 2002 290 97.2% 867 Same Store at Clairmont 100% Atlanta, GA 1988 1988 288 95.8% 812 Same Store at Kedron Village 20% Fayette County, GA Developed 2002 216 95.8% 1,049 Same Store at Killian Creek 100% Snellville, GA Developed 1999 256 94.5% 836 Same Store at Lost Mountain 75% Paulding County, GA Developed 2000 164 89.0% 779 Same Store at McGinnis Ferry 100% Gwinnett 1999/ County, GA 2005 2002 696 91.1% 870 Acquisition at Mill Creek 25% Gwinnett County, GA Developed 2001 400 91.5% 838 Same Store at Milton Park 25% Alpharetta, GA Developed 2003 461 92.8% 946 New at Northwinds 35% Alpharetta, GA Developed 1999 800 94.8% 927 Same Store at Park Creek 100% Gainesville, GA Developed 1998 200 94.0% 785 Same Store at Peachtree City 20% Fayette County, GA Developed 1998 312 95.8% 906 Same Store at River Park 40% Norcross, GA Developed 1997 222 91.0% 917 Same Store at Vinings 100% Smyrna, GA 1992/97 1985 360 94.7% 810 Same Store at West Paces 100% Atlanta, GA 1993 1992 337 73.0% 911 Rehab at Windward Park 45% Alpharetta, GA 1999 1999 328 93.3% 913 Same Store ------ ------ ------ ------ 5,776 20.7% 92.5% 884 ------ ------ ------ ------ First Quarter 2005 Page 49 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED MARCH 31, 2005 AMLI's Number Percent Ave. Owner- of of Physical Collected ship Apart- Port- Occupancy Revenue Percen- Year Year ment folio March 31, 1st Qtr Components Market/Community tage Location Acquired Completed Homes (a) 2005 2005 of NOI ---------------- ------- -------- --------- --------- ------ ------- --------- --------- ---------- CHICAGO, IL ----------- AMLI: at Canterfield 100% West Dundee, IL 2004 2001 352 89.8% 1,311 Acquisition at Chevy Chase 33% Buffalo Grove, IL 1996 1988 592 93.8% 1,045 Same Store at Danada Farms 100% Wheaton, IL 1997 1989/91 600 93.3% 1,027 Same Store at Fox Valley 25% Aurora, IL Developed 1998 272 94.9% 995 Same Store at Kirkland Crossing 100% Aurora, IL 2004 2004 266 88.7% 1,163 Acquisition at Oakhurst North 100% Aurora, IL Developed 2000 464 95.5% 1,029 Same Store at Osprey Lake 69% Gurnee, IL 2001 1997/99 483 91.7% 1,038 Same Store at Poplar Creek 100% Schaumburg, IL 1997 1985 196 96.9% 1,051 Same Store at River Run 100% Naperville, IL 2004 2003 206 86.9% 1,373 Acquisition at St. Charles 25% St. Charles, IL Developed 2000 400 95.5% 1,126 Same Store at Windbrooke 15% Buffalo Grove, IL 1995 1987 236 95.3% 1,086 Same Store ------ ------ ------ ------ 4,067 14.6% 93.1% 1,094 ------ ------ ------ ------ AUSTIN, TX ---------- AMLI: at Lantana Hills 100% Austin, TX 2005 2002 264 89.0% 751 Acquisition at Lantana Ridge 100% Austin, TX 1997 1997 354 92.1% 833 Same Store at Monterery Oaks 25% Austin, TX Developed 2000 430 90.9% 858 Same Store at Scofield Ridge 45% Austin, TX 2000 2000 487 90.1% 754 Same Store at Stone Hollow 100% Austin, TX 2000 1997 606 97.5% 740 Same Store at Walnut Creek 100% Austin, TX Developed 2004 460 82.0% 832 New ------ ------ ------ ------ 2,601 9.3% 90.7% 792 ------ ------ ------ ------ First Quarter 2005 Page 50 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED MARCH 31, 2005 AMLI's Number Percent Ave. Owner- of of Physical Collected ship Apart- Port- Occupancy Revenue Percen- Year Year ment folio March 31, 1st Qtr Components Market/Community tage Location Acquired Completed Homes (a) 2005 2005 of NOI ---------------- ------- -------- --------- --------- ------ ------- --------- --------- ---------- KANSAS CITY, KS --------------- AMLI: at Cambridge Square 30% Overland Park, KS Developed 2002 408 89.2% 873 Same Store Creekside 100% Overland Park, KS Developed 2000 224 92.9% 785 Same Store at Lexington Farms 100% Overland Park, KS 1998 1998 404 92.1% 787 Same Store at Regents Center 100% Overland Park, KS 1994 1991/95 /97 424 92.5% 775 Same Store at Regents Crest 100% Overland Park, KS 1997 1997/2000 476 91.6% 778 Same Store at Summit Ridge 25% Lees Summit, KS Developed 2001 432 95.4% 844 Same Store at Wynnewood Farms 100% Overland Park, KS Developed 2000 232 90.1% 894 Same Store (b) ------ ------ ------ ------ 2,600 9.3% 92.1% 816 ------ ------ ------ ------ First Quarter 2005 Page 51 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED MARCH 31, 2005 AMLI's Number Percent Ave. Owner- of of Physical Collected ship Apart- Port- Occupancy Revenue Percen- Year Year ment folio March 31, 1st Qtr Components Market/Community tage Location Acquired Completed Homes (a) 2005 2005 of NOI ---------------- ------- -------- --------- --------- ------ ------- --------- --------- ---------- INDIANAPOLIS, IN ---------------- AMLI: Carmel Center 100% Carmel, IN Developed 2004 322 95.3% 918 New at Castle Creek 100% Indianapolis, IN Developed 2000 276 92.8% 898 Same Store at Conner Farms 100% Fishers, IN 1997 1993 300 91.3% 863 Same Store at Eagle Creek 100% Indianapolis, IN 1998 1998 240 92.1% 835 Same Store at Lake Clear- 100% Indianapolis, water IN Developed 1999 216 93.5% 928 Same Store (b) at Riverbend 100% Indianapolis, IN 1992/93 1983/85 996 92.7% 676 Same Store on Spring Mill 100% Carmel, IN 1999 1999 400 92.5% 836 Same Store ------ ------ ------ ------ 2,750 9.9% 92.8% 804 ------ ------ ------ ------ HOUSTON, TX ----------- AMLI: on Eldridge Parkway 100% Houston, TX 2004 1998/99 668 93.1% 779 Acquisition at Kings Harbor 25% Houston, TX Developed 2001 300 92.0% 862 Same Store at the Medical Center 100% Houston, TX 2001 2000 334 89.5% 950 Same Store Midtown 45% Houston, TX 2000 1998 419 93.8% 1,040 Same Store Towne Square 45% Houston, TX 2000 1999 380 92.4% 1,019 Same Store ------ ------ ------ ------ 2,101 7.5% 92.4% 913 ------ ------ ------ ------ First Quarter 2005 Page 52 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED MARCH 31, 2005 AMLI's Number Percent Ave. Owner- of of Physical Collected ship Apart- Port- Occupancy Revenue Percen- Year Year ment folio March 31, 1st Qtr Components Market/Community tage Location Acquired Completed Homes (a) 2005 2005 of NOI ---------------- ------- -------- --------- --------- ------ ------- --------- --------- ---------- DENVER, CO ---------- AMLI: at Gateway Park 100% Denver, CO 2000 2000 328 89.9% 843 Same Store at Lowry Estates 50% Denver, CO 2000 2000 414 89.1% 960 Same Store at Park Meadows 25% Littleton, CO 2002 2001 518 88.0% 975 Same Store at Westcliff 100% Westminster, CO 2004 2003 372 88.4% 905 Acquisition ------ ------ ------ ------ 1,632 5.8% 88.8% 929 ------ ------ ------ ------ SOUTHEAST FLORIDA --------- AMLI at Ibis 100% West Palm Beach, FL 2004 2001 234 0.8% 95.7% 1,091 Acquisition ------ ------ ------ ------ TOTAL 27,920 100% 92.2% $ 889 ====== ====== ====== ====== Note: (a) Based on number of apartment homes. (b) These communities were acquired from partnerships and are "Same Store" with respect to information provided on pages 27, 30, 33 and 40. First Quarter 2005 Page 53 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEVELOPMENT SUMMARY MARCH 31, 2005 (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 Started Occupancy tion ization Delivered (a) (b) ---------------- --------- ------- ------ ------- --------- ------- ------- --------- -------- ------- COMMUNITIES UNDER DEVELOPMENT DALLAS, TX ---------- AMLI at La Villita Irving, TX 100% 360 3Q/04 2Q/05 4Q/05 1Q/07 27 69% 18% AUSTIN, TX ---------- AMLI Downtown (c) Austin, TX 30% 220 2Q/02 1Q/04 3Q/04 3Q/05 220 99% 85% CHICAGO, IL ----------- AMLI: at Museum Gardens Vernon Hills, IL 25% 294 2Q/03 3Q/04 2Q/05 1Q/06 213 95% 26% ----- ----- Total 874 460 ===== ===== First Quarter 2005 Page 54 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL DEVELOPMENT SUMMARY - CONTINUED MARCH 31, 2005 (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 Started Occupancy tion ization Delivered (a) (b) ---------------- --------- ------- ------ ------- --------- ------- ------- --------- -------- ------- COMMUNITIES COMPLETED AND IN LEASE-UP CHICAGO, IL ----------- AMLI at Seven Bridges Woodridge, IL 20% 520 3Q/01 3Q/02 4Q/03 3Q/05 520 100% 98% === ==== 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. (c) The development of this community is substantially complete except for the tenant improvements in the retail component. First Quarter 2005 Page 55 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEVELOPMENT SUMMARY MARCH 31, 2005 (Dollars in thousands)
At 100% Company's Share ---------------------------- ------------------------------------------------ Equity Percen- Total Total Total Total Required tage of Develop- Capit- Develop- Capit- to Owner- ment alized Cost To ment alized Cost To Total Complete Market/Community ship Costs(a) To Date Complete Costs(a) To Date Complete Equity (b) ---------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- COMMUNITIES UNDER DEVELOPMENT DALLAS, TX ---------- AMLI at La Villita 100% $ 25,575 17,699 8,038 25,575 17,699 8,038 25,575 8,038 AUSTIN, TX ---------- AMLI Downtown (c) 30% 50,920 45,499 1,118 15,276 13,650 335 6,000 -- CHICAGO, IL ----------- AMLI at Museum Gardens (c)(d) 25% 61,571 58,398 3,014 15,393 14,600 754 5,819 -- -------- -------- -------- -------- -------- -------- -------- -------- 138,066 121,596 12,170 56,244 45,949 9,127 37,394 8,038 -------- -------- -------- -------- -------- -------- -------- -------- COMMUNITIES COMPLETED AND IN LEASE-UP CHICAGO, IL ----------- AMLI at Seven Bridges (c) 20% 83,000 79,923 -- 16,600 15,985 -- 6,440 -- -------- -------- -------- -------- -------- -------- -------- -------- $221,066 201,519 12,170 72,844 61,934 9,127 43,834 8,038 ======== ======== ======== ======== ======== ======== ======== ======== First Quarter 2005 Page 56 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL DEVELOPMENT SUMMARY - CONTINUED MARCH 31, 2005 Notes: (a) Includes costs of initial lease-up, some of which are being expensed. (b) Net of (future) mortgage proceeds and joint venture partner contributions. (c) These communities are subject to debt. All other communities are unencumbered. (d) Of the total development costs, $1,300 is anticipated to be funded from net operating income from the community during the lease-up period. First Quarter 2005 Page 57 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL LAND HELD FOR DEVELOPMENT OR SALE MARCH 31, 2005 Number of Apartment Market/Community Submarket Homes ---------------- --------- --------- ATLANTA, GA ----------- AMLI at: Perimeter Gardens (a) Dunwoody 247 Barrett Lakes III Kennesaw 180 AUSTIN, TX ---------- AMLI at: Anderson Mill Phase I (a) Northwest Austin 288 Anderson Mill Phase II Northwest Austin 225 FORT WORTH, TX -------------- AMLI at Fossil Lake (owned by the Service Companies) North Forth Worth 300 HOUSTON, TX ----------- AMLI at Champions II Northwest Houston 288 KANSAS CITY, KS --------------- AMLI at: Clear Creek I (a) Overland Park 288 Clear Creek II Overland Park 104 INDIANAPOLIS, IN ---------------- AMLI at Prairie Lakes (120 acres held for sale by the Service Companies) Noblesville N/A ------ Total 1,920 ====== Note: (a) In active development planning in anticipation of start of construction in 2005. First Quarter 2005 Page 58 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL ACQUISITION AND DISPOSITION SUMMARY QUARTER ENDED MARCH 31, 2005 AND YEAR ENDED DECEMBER 31, 2004 (Dollars in thousands)
Partner- ship of Ownership Date Number of Purchase Acquired Acquired Apartment or Sale Community Market or Sold or Sold Homes Price -------------------- -------------------- ---------- ---------- --------- --------- COMMUNITIES ACQUIRED (a) ------------------------ AMLI: at Lantana Hills Austin, TX 100% 1/21/2005 264 $ 24,150 at McGinnis Ferry Gwinnett County, GA 100% 2/24/2005 696 64,736 -------- -------- Total 2005 (a) 960 88,886 -------- -------- AMLI: at Lake Clearwater Indianapolis, IN 75% 11/15/2004 216 14,700 at Wynnewood Farms Overland Park, KS 75% 11/15/2004 232 16,699 at Kirkland Crossing Aurora, IL 100% 10/20/2004 266 39,100 at River Run Naperville, IL 100% 9/14/2004 206 31,500 at Canterfield West Dundee, IL 100% 9/14/2004 352 55,350 at Westcliff Westminster, CO 100% 8/18/2004 372 43,500 on the Fairway Dallas, TX 100% 4/30/2004 322 23,405 on Eldridge Parkway Houston, TX 100% 4/15/2004 668 48,000 at Ibis West Palm Beach FL 100% 4/15/2004 234 24,675 on Timberglen Dallas, TX 60% 1/5/2004 260 6,263 -------- -------- Total 2004 3,128 303,192 -------- -------- 4,088 $392,078 ======== ======== First Quarter 2005 Page 59 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL ACQUISITION AND DISPOSITION SUMMARY - CONTINUED QUARTER ENDED MARCH 31, 2005 AND YEAR ENDED DECEMBER 31, 2004 (Dollars in thousands) Partner- ship of Ownership Date Number of Purchase Acquired Acquired Apartment or Sale Community Market or Sold or Sold Homes Price -------------------- -------------------- ---------- ---------- --------- --------- COMMUNITIES SOLD (b) -------------------- AMLI: at Chase Oaks Plano, TX 100% 1/12/2005 250 $ 15,300 at Bent Tree Dallas, TX 100% 2/3/2005 500 39,215 at Great Hills Austin, TX 100% 2/3/2005 344 20,500 -------- -------- Total 2005 (b) 1,094 75,015 -------- -------- AMLI: at Towne Creek Gainesville, GA 100% 9/13/2004 150 7,900 at Nantucket Dallas, TX 100% 8/17/2004 312 13,365 at Timberglen Dallas, TX 100% 8/17/2004 260 12,285 at Verandah Dallas, TX 100% 5/17/2004 538 28,300 at Spring Creek Atlanta, GA 100% 4/14/2004 1,180 80,820 at Wells Branch Austin, TX 25% 1/21/2004 576 38,400 -------- -------- Total 2004 3,016 181,070 -------- -------- 4,110 $256,085 ======== ======== Notes: (a) The aggregate amount of NOI included in the current year from these communities at AMLI's share is $646. (b) The aggregate amount of NOI included in the current year from these communities at AMLI's share is $179. First Quarter 2005 Page 60 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES MARCH 31, 2005 This Quarterly Supplemental Information contains certain non-GAAP ("Generally Accepted Accounting Principles") information that is generally provided by most publicly-traded residential REITs and that we believe may be of interest and use to the investment community. Reconciliations of all non-GAAP financial measures to GAAP financial measures are included at the end of this Supplemental Operating and Financial Data. DEFINITIONS OF NON-GAAP FINANCIAL MEASURES NOI AND EBITDA -------------- 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. 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 administrative expenses. COMMUNITY REVENUE ----------------- 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 ------------------ 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 estate taxes, insurance, property management, and other operating expenses, and such of these amounts as may be included in discontinued operations. First Quarter 2005 Page 61 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES - CONTINUED MARCH 31, 2005 DEFINITIONS OF NON-GAAP FINANCIAL MEASURES - CONTINUED FUNDS FROM OPERATIONS ("FFO") ----------------------------- FUNDS FROM OPERATIONS is EBITDA less interest expense (including AMLI's proportionate share of interest expense of its co-investment partnerships and amortization of deferred financing expense) and any income taxes. FFO is defined as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciable operating communities, plus depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. FFO does not represent cash flows from operations, as defined by GAAP; is not indicative that cash flows are adequate to fund all cash needs; is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or the Company's cash flows or liquidity as defined by GAAP. FFO is widely accepted in measuring the performance of equity REITs. 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") --------------------------------------- ADJUSTED FUNDS FROM OPERATIONS 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); AFFO includes 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 STORE COMMUNITIES ---------------------- SAME STORE 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 2005 Page 62 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES QUARTER ENDED (Dollars in thousands) RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION BETWEEN NET INCOME AND FFO AND AFFO --------------------------------------------------
2005 ---------------------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 ---------- ---------- ---------- ---------- ---------- NET INCOME . . . . . . . . . . . . . . . . . . . $ 22,411 22,411 Income from discontinued operations, net of minority interest. . . . . . . . . . . . (316) (316) Gains on sales of rental communities, net of minority interest. . . . . . . . . . . . (22,938) (22,938) Gain on sale of bond financing for a community sold, net of minority interest. . . . -- -- Minority interest. . . . . . . . . . . . . . . . (179) (179) ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations before minority interest. . . . . . . . . . . . (1,022) (1,022) Income from discontinued operations before minority interest. . . . . . . . . . . . 336 336 Discontinued operations - gain on sale of bond financing . . . . . . . . . . . . . . . -- -- Depreciation (a) . . . . . . . . . . . . . . . . 11,304 11,304 Share of co-investment partnerships' depreciation. . . . . . . . . . . . . . . . . . 2,660 2,660 Share of gains on sales of operating communities . . . . . . . . . . . . . . . . . . -- -- ---------- ---------- ---------- ---------- ---------- FFO. . . . . . . . . . . . . . . . . . . . . . . 13,278 13,278 Capital expenditures paid from FFO . . . . . . . (979) (979) Share of co-investment partnerships' capital expenditures. . . . . . . . . . . . . . (275) (275) ---------- ---------- ---------- ---------- ---------- AFFO . . . . . . . . . . . . . . . . . . . . . . $ 12,024 12,024 ========== ========== ========== ========== ========== Weighted average shares and units including dilutive shares . . . . . . . . . . . 31,201,655 31,201,655 ========== ========== ========== ========== ========== (a) Includes amounts included in discontinued operations. . . . . . . . . . . $ -- -- ========== ========== ========== ========== ========== First Quarter 2005 Page 63 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES - CONTINUED QUARTER ENDED (Dollars in thousands) RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION BETWEEN NET INCOME AND FFO AND AFFO -------------------------------------------------- 2004 ---------------------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 ---------- ---------- ---------- ---------- ---------- NET INCOME . . . . . . . . . . . . . . . . . . . $ 62,425 1,168 12,234 42,304 6,719 Income from discontinued operations, net of minority interest. . . . . . . . . . . . (6,137) (998) (909) (1,286) (2,944) Gains on sales of rental communities, net of minority interest. . . . . . . . . . . . (48,849) (49) (11,318) (37,482) -- Gain on sale of bond financing for a community sold, net of minority interest. . . . (4,423) -- -- (4,423) -- Minority interest. . . . . . . . . . . . . . . . (294) (119) (129) (190) 144 ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations before minority interest. . . . . . . . . . . . 2,722 2 (122) (1,077) 3,919 Income from discontinued operations before minority interest. . . . . . . . . . . . 6,583 1,063 970 1,374 3,176 Discontinued operations - gain on sale of bond financing . . . . . . . . . . . . . . . 4,723 -- -- 4,723 -- Depreciation (a) . . . . . . . . . . . . . . . . 38,768 10,602 10,057 9,468 8,641 Share of co-investment partnerships' depreciation. . . . . . . . . . . . . . . . . . 10,498 2,628 2,671 2,609 2,590 Share of gains on sales of operating communities . . . . . . . . . . . . . . . . . . (2,648) -- -- -- (2,648) ---------- ---------- ---------- ---------- ---------- FFO. . . . . . . . . . . . . . . . . . . . . . . 60,646 14,295 13,576 17,097 15,678 Capital expenditures paid from FFO . . . . . . . (5,346) (1,821) (1,453) (1,168) (904) Share of co-investment partnerships' capital expenditures. . . . . . . . . . . . . . (957) (240) (270) (259) (188) ---------- ---------- ---------- ---------- ---------- AFFO . . . . . . . . . . . . . . . . . . . . . . $ 54,343 12,234 11,853 15,670 14,586 ========== ========== ========== ========== ========== Weighted average shares and units including dilutive shares . . . . . . . . . . . 30,355,430 31,255,140 31,168,376 31,026,552 27,918,813 ========== ========== ========== ========== ========== (a) Includes amounts included in discontinued operations. . . . . . . . . . . 2,151 290 483 665 713 ========== ========== ========== ========== ========== First Quarter 2005 Page 64 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES QUARTER ENDED (Dollars in thousands) RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION BETWEEN NET INCOME AND CONSOLIDATED NOI ------------------------------------------------------
2005 2004 -------------------------------------------- -------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 June 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- NET INCOME . . . . . .$ 22,411 22,411 62,425 1,168 12,234 42,304 6,719 Minority interest. . . (179) (179) (294) (119) (129) (190) 144 Income from discon- tinued operations, net of minority interest. . . . . . . (316) (316) (6,137) (998) (909) (1,286) (2,944) Gains on sales of rental communities, net of minority interest. . . . . . . (22,938) (22,938) (48,849) (49) (11,318) (37,482) -- Gain on sale of bond financing for a community sold, net of minority interest. . . . . . . -- -- (4,423) -- -- (4,423) -- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- INCOME (LOSS) FROM CONTINUING OPERA- TIONS BEFORE MINORITY INTEREST . . (1,022) (1,022) 2,722 2 (122) (1,077) 3,919 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- First Quarter 2005 Page 65 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES - CONTINUED QUARTER AND YEAR ENDED (Dollars in thousands) RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION BETWEEN NET INCOME AND CONSOLIDATED NOI ------------------------------------------------------ 2005 2004 -------------------------------------------- -------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 June 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Income from partnerships. . . . . (378) (378) (3,435) (886) (616) (430) (1,503) Interest and amortization of deferred financing costs . . . 8,910 8,910 30,353 8,713 7,701 7,035 6,904 Prepayment penalty and write-off of unamortized deferred financing costs . . . . . . . . -- -- 1,121 -- -- 1,121 -- Depreciation . . . . . 11,304 11,304 36,617 10,312 9,574 8,803 7,928 Fee income from unconsolidated partnerships. . . . . (260) (260) (1,824) (331) (636) (424) (433) Other income . . . . . (201) (201) (1,378) (263) (207) (429) (479) Service Companies' operations. . . . . . 787 787 1,861 353 537 527 444 General and administrative. . . . 1,961 1,961 7,301 2,441 871 1,793 2,196 Provision for loss on land held for development or sale . -- -- 150 -- 150 -- -- Share of gains on sales of partnerships' properties. . . . . . -- -- (2,648) -- -- -- (2,648) Impairment of an investment in a partnership . . . . . -- -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- NOI FROM CONTINUING OPERATIONS. . . . . . 21,101 21,101 70,840 20,341 17,252 16,919 16,328 NOI FROM DISCONTINUED OPERATIONS. . . . . . 179 179 8,616 1,229 1,331 2,087 3,969 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- CONSOLIDATED NOI . . .$ 21,280 21,280 79,456 21,570 18,583 19,006 20,297 ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== First Quarter 2005 Page 66 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES - CONTINUED QUARTER AND YEAR ENDED (Dollars in thousands) RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION BETWEEN NET INCOME AND CONSOLIDATED NOI ------------------------------------------------------ 2005 2004 -------------------------------------------- -------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 June 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- COMPONENTS OF NOI Same store communities . . . . .$ 14,828 14,828 46,733 11,789 11,417 11,281 12,246 Acquired from/ contributed to partnerships. . . . . 714 714 17,521 4,622 4,385 4,291 4,223 New communities. . . . 806 806 1,696 598 202 466 430 Development and/ or lease-up communities . . . . . (26) (26) 574 298 197 79 -- Acquisition communities . . . . . 4,443 4,443 7,602 3,897 1,867 1,592 246 Communities under rehab . . . . . . . . 336 336 1,590 344 372 407 467 Communities sold . . . 179 179 3,740 22 143 890 2,685 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Total. . . . . . . . .$ 21,280 21,280 79,456 21,570 18,583 19,006 20,297 ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== First Quarter 2005 Page 67 Supplemental Information AMLI Residential Properties Trust