-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D70feYKn0pmbuncxS6CNj0i81aUoyJ2Nzp8HAM1lY6fRgNh/hNc0kC6peSm2bcaW qSDgNgmb7m4STkCN5NZF5g== 0000892626-05-000158.txt : 20050727 0000892626-05-000158.hdr.sgml : 20050727 20050727140157 ACCESSION NUMBER: 0000892626-05-000158 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050727 DATE AS OF CHANGE: 20050727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMLI RESIDENTIAL PROPERTIES TRUST CENTRAL INDEX KEY: 0000914724 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 363925916 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12784 FILM NUMBER: 05976610 BUSINESS ADDRESS: STREET 1: 125 S WACKER DR STREET 2: STE 3100 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3124431477 MAIL ADDRESS: STREET 1: 125 S WACKER DR STREET 2: STE 3100 CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: AMLI RESIDENTIAL PROPERTIES INC DATE OF NAME CHANGE: 19931112 8-K 1 aml_6215.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): July 26, 2005 AMLI RESIDENTIAL PROPERTIES TRUST ------------------------------------------------------ (Exact name of registrant as specified in its charter) Maryland ---------------------------------------------- (State or other jurisdiction of incorporation) 1-12784 36-3925916 ------------------------ ------------------------------------ (Commission file number) (I.R.S. Employer Identification No.) 125 South Wacker Drive, Suite 3100, Chicago, Illinois 60606 - ---------------------------------------- ---------- (Address of principal executive offices) (Zip code) (312) 443-1477 ---------------------------------------------------- (Registrant's telephone number, including area code) N/A ------------------------------------------------------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 1 ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION The information, including the exhibits attached hereto, in this current report on Form 8-K is being "furnished" and will not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this current report will not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Securities Exchange Act of 1934, as amended, except as we may otherwise expressly state in any such filing. On July 26, 2005 AMLI Residential Properties Trust issued a press release reporting on its financial results for the three and six months ended June 30, 2005. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. 99.1 Press Release, dated July 26, 2005 incorporated herein by reference. 99.2 Second Quarter 2005 Supplemental Operating and Financial Data. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMLI RESIDENTIAL PROPERTIES TRUST Dated: July 26, 2005 By: /s/ ROBERT J. CHAPMAN ----------------------------- Robert J. Chapman Chief Financial Officer 3 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION - ------ ----------- 99.1 Press Release, dated July 26, 2005 incorporated herein by reference. 99.2 Second Quarter 2005 Supplemental Operating and Financial Data. 4 EX-99.1 2 exh_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 - --------------------- July 26, 2005 For More Information, Contact: Robert J. Chapman, Chief Financial Officer (312) 984-6845 AMLI RESIDENTIAL ANNOUNCES SECOND QUARTER OPERATING RESULTS AND DECLARES DIVIDEND - ------------------------------------------------------------------------ (CHICAGO, IL) AMLI RESIDENTIAL PROPERTIES TRUST (NYSE: AML) announces today operating results for the second quarter ended June 30, 2005. EARNINGS - -------- Net income for the quarter and six months ended June 30, 2005 was $9,210,000 and $31,621,000, respectively, as compared to $42,304,000 and $49,023,000, respectively, in the year earlier periods. Diluted Earnings Per Share ("EPS") for the quarter ended June 30, 2005 was $0.28 compared to $1.45 for the same period a year earlier, a decrease of 80.7%. For the six months ended June 30, 2005, EPS was $1.05 compared to $1.74 for the comparable period of 2004. The difference in net income between periods is primarily attributable to the aggregate gains recognized from sales of rental communities, net of minority interest, and AMLI's share of gains on sales of partnership properties. Such amounts were $9,097,000 and $32,035,000 for the three and six months ended June 30, 2005, respectively, and $41,905,000 and $44,360,000 for the three and six months ended June 30, 2004, respectively. Funds From Operations ("FFO") for the second quarter 2005 were $16,186,000, or $0.52 per common share, compared to $13,278,000, or $0.43 per common share, for the first quarter 2005 (a per share increase of 20.9%), and compared to $17,097,000, or $0.55 per common share, for the second quarter 2004 (a per share decrease of 5.5%). Actual results for the second quarter were $0.01 per share greater than both the mid-point of AMLI's most current guidance and First Call's most recent estimate. "AMLI had a solid quarter reflecting the improving market conditions in AMLI's nine markets as well as AMLI's increasing transactional activity," stated Robert J. Chapman, AMLI Chief Financial Officer. "The results were about as we expected. The $0.01 per share difference from AMLI's mid-point estimate is primarily attributable to timing differences between quarters." 1 "Community operations continue to show improvement," Mr. Chapman further commented. "On a year-over-year basis, seven of AMLI's eight same-community markets had increases in total community revenues, and all eight increased compared to last quarter. There is strong investor demand for quality apartment properties. We are very pleased with the prices obtained for the two communities sold during the quarter. AMLI's challenge continues to be finding suitable acquisition opportunities in which to recycle the capital." SECOND QUARTER ACTIVITIES - ------------------------- During the second quarter, AMLI purchased AMLI at Cityplace (244 apartments) in Dallas, Texas. The Company also sold AMLI at Fox Valley (272 apartments) in Aurora, Illinois and AMLI at Walnut Creek (460 apartments) in Austin, Texas. Additionally, AMLI broke ground on AMLI at Perimeter Gardens (245 apartments) in Atlanta, Georgia and AMLI Clear Creek (288 apartments) in Overland Park, Kansas. AMLI also completed the initial lease-up and stabilization of AMLI at Seven Bridges (520 apartments) in Woodridge, Illinois. SAME COMMUNITY RESULTS - ---------------------- On a combined same community basis, which includes both wholly-owned and co-investment communities (at 100%), for the quarter ended June 30, 2005 versus the prior year's comparable quarter, total community revenue increased 1.6% (reflecting an increase in weighted average occupancy to 93.6% from 92.8% and an increase in weighted average collected revenue per occupied unit of 0.7%), operating expenses increased by 0.9%, and net operating income ("NOI") increased by 2.2%. Comparing the second quarter of 2005 to the preceding quarter, total community revenue increased by 2.4% (reflecting an increase in weighted average occupancy of 0.7% and an increase in weighted average collected revenue per occupied unit of 1.6%), operating expenses increased 5.2% (reflecting some seasonality), and NOI increased 0.5%. SUBSEQUENT EVENTS - ----------------- In July, AMLI purchased AMLI Memorial Heights (formerly The Quarters at Memorial), a 380-unit luxury apartment community in Houston, Texas and sold AMLI at Poplar Creek (196 apartments) in Schaumburg, Illinois. As reported earlier today, AMLI modified the terms of the Company's three unsecured bank credit facilities, including its two revolving lines of credit and its $110 million term loan. The commitment amounts under the primary and secondary lines of credit were increased to $250 million and $20 million, respectively, and the maturity dates were reset to three years from closing. The pricing and certain covenants under all three facilities were also amended. OUTLOOK - ------- AMLI's current expectation for FFO for the full year 2005 remains in the range of $1.98 to $2.06 per share (generally plus or minus $0.02 per share per quarter based on the current mid-range estimates of $0.51, and $0.56 per share per quarter and a mid-point of $2.02 per share). 2 The following chart reconciles AMLI's current FFO per share guidance to EPS: Actual Actual Full Q1 Q2 Q3 Q4 Year ------- ------- ------- ------- ------- EPS per Common Share $0.76 $0.28 $2.62 $0.20 $3.86 Gains on Sales ($0.85) ($0.35) ($2.59) ($0.08) ($3.87) Depreciation $0.45 $0.45 $0.39 $0.37 $1.65 Adjustment for Preferred Shares $0.07 $0.14 $0.09 $0.07 $0.38 FFO per Share $0.43 $0.52 $0.51 $0.56 $2.02 DIVIDEND - -------- Yesterday, the Board of Trustees declared a quarterly dividend of $0.48 per common share. This dividend is payable on August 16, 2005 to all common shareholders of record as of August 5, 2005 and is based on an annual dividend rate of $1.92 per common share. CONFERENCE CALL - --------------- AMLI will hold a conference call on Wednesday, July 27, 2005 at 3:30 p.m. Eastern Time. The toll-free number for the call is (800) 946-0706 - 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, a password-protected event management site. 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 Second 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. 3 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 28,136 apartment homes, with an additional 1,047 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. 4 EX-99.2 3 exh_992.txt EXHIBIT 99.2 - ------------ AMLI RESIDENTIAL ------------------------------------------------------------ SECOND QUARTER 2005 SUPPLEMENTAL OPERATING AND FINANCIAL DATA ------------------------------------------------------------ [ graphics indicating property / caption reading "AMLI at Cityplace - Dallas, Texas Acquired Second 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. . . . . . . . . . . . 39 OTHER DATA Co-Investment Compensation . . . . . . . . . . . . . . . . . . . 45 Service Companies Financial Information. . . . . . . . . . . . . 46 PORTFOLIO Stabilized Communities . . . . . . . . . . . . . . . . . . . . . 50 Development Summary. . . . . . . . . . . . . . . . . . . . . . . 56 Land Held for Development or Sale. . . . . . . . . . . . . . . . 60 Acquisition and Disposition Summary. . . . . . . . . . . . . . . 61 NON-GAAP FINANCIAL MEASURES Definition of Non-GAAP Financial Measures. . . . . . . . . . . . 63 Reconciliation Between Net Income and FFO and AFFO . . . . . . . 65 Reconciliation Between Net Income and Consolidated NOI . . . . . 67 Second 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 Second Quarter 2005 Page 1 Supplemental Information AMLI Residential Properties Trust 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 - --------------------- July 26, 2005 For More Information, Contact: Robert J. Chapman, Chief Financial Officer (312) 984-6845 AMLI RESIDENTIAL ANNOUNCES SECOND QUARTER OPERATING RESULTS AND DECLARES DIVIDEND - ------------------------------------------------------------------------ (CHICAGO, IL) AMLI RESIDENTIAL PROPERTIES TRUST (NYSE: AML) announces today operating results for the second quarter ended June 30, 2005. EARNINGS - -------- Net income for the quarter and six months ended June 30, 2005 was $9,210,000 and $31,621,000, respectively, as compared to $42,304,000 and $49,023,000, respectively, in the year earlier periods. Diluted Earnings Per Share ("EPS") for the quarter ended June 30, 2005 was $0.28 compared to $1.45 for the same period a year earlier, a decrease of 80.7%. For the six months ended June 30, 2005, EPS was $1.05 compared to $1.74 for the comparable period of 2004. The difference in net income between periods is primarily attributable to the aggregate gains recognized from sales of rental communities, net of minority interest, and AMLI's share of gains on sales of partnership properties. Such amounts were $9,097,000 and $32,035,000 for the three and six months ended June 30, 2005, respectively, and $41,905,000 and $44,360,000 for the three and six months ended June 30, 2004, respectively. Funds From Operations ("FFO") for the second quarter 2005 were $16,186,000, or $0.52 per common share, compared to $13,278,000, or $0.43 per common share, for the first quarter 2005 (a per share increase of 20.9%), and compared to $17,097,000, or $0.55 per common share, for the second quarter 2004 (a per share decrease of 5.5%). Actual results for the second quarter were $0.01 per share greater than both the mid-point of AMLI's most current guidance and First Call's most recent estimate. "AMLI had a solid quarter reflecting the improving market conditions in AMLI's nine markets as well as AMLI's increasing transactional activity," stated Robert J. Chapman, AMLI Chief Financial Officer. "The results were about as we expected. The $0.01 per share difference from AMLI's mid-point estimate is primarily attributable to timing differences between quarters." "Community operations continue to show improvement," Mr. Chapman further commented. "On a year-over-year basis, seven of AMLI's eight same-community markets had increases in total community revenues, and all eight increased compared to last quarter. There is strong investor demand for quality apartment properties. We are very pleased with the prices obtained for the two communities sold during the quarter. AMLI's challenge continues to be finding suitable acquisition opportunities in which to recycle the capital." Second Quarter 2005 Page 2 Supplemental Information AMLI Residential Properties Trust SECOND QUARTER ACTIVITIES - ------------------------- During the second quarter, AMLI purchased AMLI at Cityplace (244 apartments) in Dallas, Texas. The Company also sold AMLI at Fox Valley (272 apartments) in Aurora, Illinois and AMLI at Walnut Creek (460 apartments) in Austin, Texas. Additionally, AMLI broke ground on AMLI at Perimeter Gardens (245 apartments) in Atlanta, Georgia and AMLI Clear Creek (288 apartments) in Overland Park, Kansas. AMLI also completed the initial lease-up and stabilization of AMLI at Seven Bridges (520 apartments) in Woodridge, Illinois. SAME COMMUNITY RESULTS - ---------------------- On a combined same community basis, which includes both wholly-owned and co-investment communities (at 100%), for the quarter ended June 30, 2005 versus the prior year's comparable quarter, total community revenue increased 1.6% (reflecting an increase in weighted average occupancy to 93.6% from 92.8% and an increase in weighted average collected revenue per occupied unit of 0.7%), operating expenses increased by 0.9%, and net operating income ("NOI") increased by 2.2%. Comparing the second quarter of 2005 to the preceding quarter, total community revenue increased by 2.4% (reflecting an increase in weighted average occupancy of 0.7% and an increase in weighted average collected revenue per occupied unit of 1.6%), operating expenses increased 5.2% (reflecting some seasonality), and NOI increased 0.5%. SUBSEQUENT EVENTS - ----------------- In July, AMLI purchased AMLI Memorial Heights (formerly The Quarters at Memorial), a 380-unit luxury apartment community in Houston, Texas and sold AMLI at Poplar Creek (196 apartments) in Schaumburg, Illinois. As reported earlier today, AMLI modified the terms of the Company's three unsecured bank credit facilities, including its two revolving lines of credit and its $110 million term loan. The commitment amounts under the primary and secondary lines of credit were increased to $250 million and $20 million, respectively, and the maturity dates were reset to three years from closing. The pricing and certain covenants under all three facilities were also amended. OUTLOOK - ------- AMLI's current expectation for FFO for the full year 2005 remains in the range of $1.98 to $2.06 per share (generally plus or minus $0.02 per share per quarter based on the current mid-range estimates of $0.51, and $0.56 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 Actual Full Q1 Q2 Q3 Q4 Year ------- ------- ------- ------- ------- EPS per Common Share $0.76 $0.28 $2.62 $0.20 $3.86 Gains on Sales ($0.85) ($0.35) ($2.59) ($0.08) ($3.87) Depreciation $0.45 $0.45 $0.39 $0.37 $1.65 Adjustment for Preferred Shares $0.07 $0.14 $0.09 $0.07 $0.38 FFO per Share $0.43 $0.52 $0.51 $0.56 $2.02 Second Quarter 2005 Page 3 Supplemental Information AMLI Residential Properties Trust DIVIDEND - -------- Yesterday, the Board of Trustees declared a quarterly dividend of $0.48 per common share. This dividend is payable on August 16, 2005 to all common shareholders of record as of August 5, 2005 and is based on an annual dividend rate of $1.92 per common share. CONFERENCE CALL - --------------- AMLI will hold a conference call on Wednesday, July 27, 2005 at 3:30 p.m. Eastern Time. The toll-free number for the call is (800) 946-0706 - 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, a password-protected event management site. 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 Second 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. Second Quarter 2005 Page 4 Supplemental Information AMLI Residential Properties Trust ABOUT AMLI - ---------- The AMLI portfolio currently includes 74 apartment communities containing 28,136 apartment homes, with an additional 1,047 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. Second 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 -------------------------------------------- -------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- EARNINGS AND CASH FLOWS - ----------------------- EBITDA (a) . . . . . .$ 57,566 $31,262 26,304 109,978 27,360 25,472 30,092 27,054 FFO. . . . . . . . . . 29,464 16,186 13,278 60,646 14,295 13,576 17,097 15,678 AFFO . . . . . . . . . 26,471 14,447 12,024 54,343 12,234 11,853 15,670 14,586 Net income . . . . . . 31,621 9,210 22,411 62,425 1,168 12,234 42,304 6,719 Dividends (b). . . . . 29,853 14,927 14,926 57,747 14,909 14,880 14,846 13,112 PER SHARE DATA - DILUTED - ---------------- FFO. . . . . . . . . .$ 0.95 $ 0.52 $ 0.43 $ 2.01 $ 0.46 $ 0.44 $ 0.55 $ 0.56 AFFO . . . . . . . . .$ 0.85 $ 0.46 $ 0.39 $ 1.80 $ 0.39 $ 0.38 $ 0.51 $ 0.52 Net income allocable to common shares . .$ 1.05 $ 0.28 $ 0.76 $ 2.08 $ (0.03) $ 0.41 $ 1.45 $ 0.21 Common dividends . . .$ 0.96 $ 0.48 $ 0.48 $ 1.92 $ 0.48 $ 0.48 $ 0.48 $ 0.48 FFO payout ratio (based on per share amounts) . . . . . . 101% 93% 113% 96% 105% 110% 87% 85% AFFO payout ratio (based on per share amounts) . . . . . . 113% 104% 125% 107% 123% 126% 95% 92% Second 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 -------------------------------------------- -------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 Year Dec 31 Sep 30 Jun 30 Mar 31 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- NUMBER OF APARTMENT HOMES - --------------- STABILIZED COMMUNITIES - ---------------------- Wholly-owned . . . . . 16,100 16,100 16,316 15,990 15,990 15,276 15,068 15,240 Partnerships . . . . . 11,852 11,852 11,604 11,604 11,604 12,052 12,052 12,052 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 27,952 27,952 27,920 27,594 27,594 27,328 27,120 27,292 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- COMMUNITIES UNDER DEVELOPMENT AND/OR IN LEASE-UP - ------------------- Wholly-owned . . . . . 533 533 360 820 820 820 820 782 Partnerships . . . . . 514 514 1,034 1,034 1,034 1,034 1,034 1,034 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1,047 1,047 1,394 1,854 1,854 1,854 1,854 1,816 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Total. . . . . . . . . 28,999 28,999 29,314 29,448 29,448 29,182 28,974 29,108 ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== See notes on following pages. Second 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) . . . . . . . . . . . . . . $ 1,510,319 1,510,319 1,511,238 DEBT Consolidated . . . . . . . . . . . . . . . . 682,618 682,618 688,235 SHARE INFORMATION Common shares outstanding. . . . . . . . . . 25,661,523 25,661,523 25,615,956 Preferred shares outstanding (d) . . . . . . 3,925,000 3,925,000 3,925,000 Operating partnership units outstanding (e) . . . . . . . . . . . . . . 1,637,465 1,637,465 1,638,295 ----------- ----------- ----------- ----------- ----------- Total shares and units outstanding . . . 31,223,988 31,223,988 31,179,251 ----------- ----------- ----------- ----------- ----------- Average Common Shares. . . . . . . . . . . . 25,440,759 25,440,759 25,425,391 Average Common and Preferred Shares and OP Units. . . . . . . . . . . . . . . . 31,002,676 31,002,676 30,989,789 ----------- ----------- ----------- ----------- ----------- Share price, end of period . . . . . . . . . $ 31.26 $ 31.26 $ 27.39 Equity Market Capitalization . . . . . . . . 976,062 976,062 854,000 TOTAL MARKET CAPITALIZATION Consolidated . . . . . . . . . . . . . . . . 1,658,680 1,658,680 1,542,234 Second 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 1,285,142 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 Second 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 . . . . . . . . . . . . . . . . $ 18,532 9,621 8,911 CAPITALIZED INTEREST Consolidated . . . . . . . . . . . . . . . . 824 422 402 SCHEDULED PRINCIPAL PAYMENTS (NORMAL AMORTIZATION) Consolidated . . . . . . . . . . . . . . . . 3,457 1,812 1,645 Second 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 . . . . . . . . . . . . . . . . 32,546 8,713 7,701 8,875 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. Second 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 . . . . . . 7.5% 6.8% 6.6% 6.6% 8.7% 7.9% INTEREST COVERAGE Consolidated . . . . . . 3.4 3.1 3.3 3.4 4.1 3.9 FIXED CHARGE COVERAGE (g) Consolidated . . . . . . 2.4 2.2 2.3 2.3 2.9 2.7 FINANCIAL RATIOS - ---------------- DEBT TO TOTAL MARKET CAPITALIZATION Consolidated . . . . . . 41.2% 44.6% 39.7% 37.1% 34.4% 36.2% DEBT TO TOTAL ASSETS, AT COST (before depreciation) Consolidated . . . . . . 45.2% 45.5% 44.4% 41.4% 37.1% 38.6% Second 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 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. (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. Second 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). . . . . .$ 57,626 29,380 28,246 108,727 28,990 25,729 25,842 28,166 Share of Service Companies' EBITDA/ FFO (b). . . . . . . 2,812 3,254 (442) (202) 217 (96) (210) (113) Other income . . . . . 632 431 201 1,680 263 224 429 764 Co-investment fee income (c). . . . . . 602 342 260 1,824 331 636 424 433 General and administrative. . . . (3,956) (1,995) (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) -- (150) -- (150) -- -- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA). . . . . . . 57,566 31,262 26,304 109,978 27,360 25,472 30,092 27,054 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- INTEREST EXPENSE (d) Wholly-owned communities and portfolio debt. . . . (18,532) (9,621) (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 . . . . . (7,826) (3,898) (3,928) (15,338) (3,906) (3,859) (3,797) (3,776) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- (26,358) (13,519) (12,839) (47,884) (12,619) (11,560) (12,672) (11,033) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Second 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. . . . . . . . (10) (665) 655 1,782 246 520 522 494 Depreciation and amortization. . . . (1,734) (892) (842) (3,230) (692) (856) (845) (837) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- (1,744) (1,557) (187) (1,448) (446) (336) (323) (343) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- FUNDS FROM OPERATIONS (FF0). . . 29,464 16,186 13,278 60,646 14,295 13,576 17,097 15,678 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- CAPITAL EXPENDITURES PAID FROM FFO (e) Wholly-owned communities . . . . . (2,441) (1,462) (979) (5,346) (1,821) (1,453) (1,168) (904) Share of partnership communities . . . . . (552) (277) (275) (957) (240) (270) (259) (188) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- (2,993) (1,739) (1,254) (6,303) (2,061) (1,723) (1,427) (1,092) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- ADJUSTED FUNDS FROM OPERATIONS (AFFO) . .$ 26,471 14,447 12,024 54,343 12,234 11,853 15,670 14,586 ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== Notes: (a) See pages 40 and 43. (b) See footnote (e) on page 47. (c) See page 45. (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. Second 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. . . . . . . .$ 69,284 35,722 33,562 113,462 31,912 29,067 27,417 25,066 Other . . . . . . . . 5,536 3,114 2,422 9,064 2,349 2,442 2,296 1,977 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 74,820 38,836 35,984 122,526 34,261 31,509 29,713 27,043 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Expenses: Rental. . . . . . . . 32,849 17,344 15,505 53,456 14,600 14,727 13,115 11,014 Depreciation. . . . . 21,987 11,006 10,981 35,325 9,998 9,257 8,502 7,568 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 54,836 28,350 26,486 88,781 24,598 23,984 21,617 18,582 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 19,984 10,486 9,498 33,745 9,663 7,525 8,096 8,461 Income from partnerships (b) . . 1,162 784 378 3,435 886 616 430 1,503 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Income from rental operations. . . . . . 21,146 11,270 9,876 37,180 10,549 8,141 8,526 9,964 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- OTHER INCOME AND EXPENSES Fee income from unconsolidated partnerships . . . . 602 342 260 1,824 331 636 424 433 Other income. . . . . 632 431 201 1,378 263 207 429 479 Interest and amorti- zation of deferred financing costs. . . (18,322) (9,507) (8,815) (30,042) (8,580) (7,638) (6,976) (6,848) Prepayment penalty and write-off of unamortized deferred financing costs. . . -- -- -- (1,121) -- -- (1,121) -- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- (17,088) (8,734) (8,354) (27,961) (7,986) (6,795) (7,244) (5,936) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Second 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 (c) Total revenue . . . . 7,873 2,504 5,369 45,738 9,052 11,585 11,867 13,234 Total expenses. . . . (9,391) (3,235) (6,156) (47,636) (9,404) (12,123) (12,393) (13,716) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- (1,518) (731) (787) (1,898) (352) (538) (526) (482) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- General and administrative. . . . (3,956) (1,995) (1,961) (7,301) (2,441) (871) (1,793) (2,196) Provision for loss on land held for development or sale . (150) (150) -- (150) -- (150) -- -- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- INCOME (LOSS) FROM CONTINUING OPERA- TIONS BEFORE SHARE OF GAINS ON SALES OF PROPERTIES . . . . (1,566) (340) (1,226) (130) (230) (213) (1,037) 1,350 Share of gains on sales of partner- ships' properties . . 3,091 3,091 -- 2,648 -- -- -- 2,648 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- INCOME (LOSS) FROM CONTINUING OPERA- TIONS BEFORE MINORITY INTEREST . . 1,525 2,751 (1,226) 2,518 (230) (213) (1,037) 3,998 Minority interest. . . (142) 49 (191) (305) (133) (134) (188) 150 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- INCOME (LOSS) FROM CONTINUING OPERATIONS. . . . . . 1,667 2,702 (1,035) 2,823 (97) (79) (849) 3,848 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Second 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. . . . . . . 824 316 508 6,330 1,216 995 1,248 2,871 Gain on sale of rental communities, net of minority interest. . . . . . . 29,130 6,192 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 -- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 29,954 6,508 23,446 59,602 1,265 12,313 43,153 2,871 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- NET INCOME . . . . . . 31,621 9,210 22,411 62,425 1,168 12,234 42,304 6,719 Net income attribu- table to preferred shares. . . . . . . . 4,971 1,933 3,038 11,542 1,933 1,933 5,744 1,932 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- NET INCOME ATTRIBU- TABLE TO COMMON SHARES. . . . . . . .$ 26,650 7,277 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. (c) See footnote (d) on page 47. Second 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. . . . . . . . . . $ 176,193 177,871 164,422 161,838 143,793 133,298 Depreciable property. . 1,101,536 1,111,791 1,031,546 1,017,150 910,267 840,363 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 1,277,729 1,289,662 1,195,968 1,178,988 1,054,060 973,661 Less: Accumulated depreciation. . . . . . (154,666) (147,471) (136,168) (139,925) (130,897) (125,470) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 1,123,063 1,142,191 1,059,800 1,039,063 923,163 848,191 Rental apartments held for sale, net of accumulated depreciation (b). . . . 44,039 10,551 60,161 -- 14,138 61,893 Rental apartments under development . . . 9,357 17,699 10,331 16,242 13,030 8,396 Land and predevelopment costs . . . . . . . . . 23,537 35,382 33,228 26,480 27,539 27,813 Investments in partnerships (c). . . . 115,175 121,927 124,354 132,787 133,641 140,546 Cash and cash equivalents. . . . 4,971 4,124 5,118 4,038 3,717 6,961 Service Companies' other assets. . . . . . 8,613 8,826 9,374 9,384 9,808 10,216 Other assets and deferred costs, net (d) . . . . . . . . 24,078 23,066 21,057 25,107 25,169 31,348 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL ASSETS . . . . $1,352,833 1,363,766 1,323,423 1,253,101 1,150,205 1,135,364 ========== ========== ========== ========== ========== ========== ========== ========== Second 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 . . . . . . . . . . $ 682,618 688,235 653,901 576,477 476,449 496,583 Distributions in excess of investments in and earnings from partnerships. . . . . . 6,574 6,482 6,368 6,243 6,126 6,022 Accrued expenses and other liabilities . . . 37,450 35,358 42,758 37,970 32,841 30,755 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL LIABILITIES . . 726,642 730,075 703,027 620,690 515,416 533,360 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Mandatorily redeemable convertible preferred shares. . . . . . . . . 96,933 96,933 96,933 96,933 96,933 93,247 Minority interest. . . . 32,156 32,667 31,939 33,650 34,286 32,308 Total shareholders' equity. . . . . . . . . 497,102 504,091 491,524 501,828 503,570 476,449 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY . . . . . . . $1,352,833 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. Second 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: . . -- -- $ 2,820 -- 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 . . . . $ 3,134 3,223 3,385 3,161 2,989 5,463 Deferred development costs. . . . . . . 2,059 1,139 750 801 718 3,556 Operating receiva- bles and prepaid expenses . . . . . 4,260 3,761 3,839 5,785 8,093 9,591 Deposits and restricted cash. . 4,631 2,184 2,545 3,311 2,546 2,938 Notes receivable. . 2,535 3,238 3,238 3,515 2,766 2,766 Advances to affiliates . . . . 7 31 186 827 291 301 Other . . . . . . . 7,452 9,490 7,114 7,707 7,766 6,733 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -- -- $ 24,078 23,066 21,057 25,107 25,169 31,348 ========== ========== ========== ========== ========== ========== ========== ========== Second Quarter 2005 Page 21 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY JUNE 30, 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. . . . . . $408,418 59.8% 6.0% 4.9 408,418 -- 408,418 -- Construction financing. . . . . . -- -- -- -- -- -- -- -- Tax-exempt debt. . . . 9,500 1.4% 3.8% 0.5 -- 9,500 -- 9,500 Credit facilities (e). 259,000 37.9% 4.3% 2.0 -- 259,000 160,000 99,000 Other (f). . . . . . . 5,700 0.9% 3.1% 0.0 -- 5,700 -- 5,700 -------- ------- ------- ------- ------- ------- ------- ------- Total. . . . . . . $682,618 100.0% 5.3% 3.7 408,418 274,200 568,418 114,200 ======== ======= ======= ======= ======= ======= ======= ======= Percent of total . . 59.8% 40.2% 83.3% 16.7% ======= ======= ======= ======= 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. . . . . . $559,156 89.8% 7.0% 4.9 559,156 -- 559,156 -- Construction financing. . . . . . 63,753 10.2% 6.3% 4.5 63,753 -- 34,705 29,048 -------- ------- ------- ------- ------- ------- ------- ------- Total. . . . . . . $622,909 100.0% 7.0% 4.9 622,909 -- 593,861 29,048 ======== ======= ======= ======= ======= ======= ======= ======= Percent of total . . 100.0% 0.0% 95.3% 4.7% ======= ======= ======= ======= See notes on the following page. Second Quarter 2005 Page 22 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY JUNE, 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. Second Quarter 2005 Page 23 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY - CONTINUED JUNE, 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 26. (f) Demand notes payable by the Company to its managed partnerships. (g) Includes quarterly dividends payable in the following month. The Series B and D issues are callable in February 2007 and October 2006, respectively. (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. Second Quarter 2005 Page 24 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEBT MATURITIES JUNE 30, 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 $ 3,739 5,700 9,439 1.4% 3.1% 2006 6,957 201,767 208,724 30.6% 5.3% 2007 5,309 75,035 80,344 11.8% 5.5% 2008 4,992 121,301(b) 126,293 18.5% 4.1% 2009 5,284 -- 5,284 0.8% 0.0% 2010 5,158 19,851 25,009 3.7% 5.0% 2011 3,432 119,104 122,536 18.0% 6.6% 2012 2,162 -- 2,162 0.3% 0.0% 2013 2,094 17,074 19,168 2.8% 0.0% 2014 1,124 64,097 65,221 9.6% 5.1% Thereafter 8,882 9,556(c) 18,438 2.7% 4.8% -------- ------- ------- ------ ----- Total $ 49,133 633,485 682,618 100.0% 5.3% ======== ======= ======= ====== ===== Percent to Total 7.2% 92.8% 100.0% ======== ======= ======= Second Quarter 2005 Page 25 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL DEBT MATURITIES - CONTINUED JUNE 30, 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 $ 3,024 1,200 4,224 0.7% 6.0% 2006 6,787 88,224 95,012 15.3% 6.7% 2007 6,677 66,953 73,630 11.8% 7.9% 2008 5,243 82,133 87,376 14.0% 7.0% 2009 4,251 134,706 138,957 22.3% 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 63,129 64,252 10.3 6.2% 2014 277 18,968 19,245 3.1% 5.1% Thereafter 8,881 247 9,127 1.5% 6.8% -------- ------- ------- ------ ----- Total $ 42,369 580,541 622,909 100.0% 6.9% ======== ======= ======= ====== ===== Percent to Total 6.8% 93.2% 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. The commitment amount was increased to $250,000 and the maturity was extended to July 15, 2008. (c) Includes Bonds of $9,500 which ere repaid on July 1, 2005 upon sale of the underlying community. Second 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 2.1% 0.8% 93.3% 92.5% 93.0% 92.9% 91.2% 92.3% Atlanta 4,282 0.2% -0.7% 94.4% 95.1% 95.1% 95.0% 94.1% 93.8% Austin 1,877 1.8% 0.6% 93.7% 93.1% 94.1% 93.9% 91.9% 91.2% Houston 1,433 0.8% -0.2% 93.2% 93.3% 94.9% 93.7% 92.4% 94.1% Indianapolis 2,428 0.7% 0.3% 93.3% 93.0% 92.8% 93.5% 92.6% 91.8% Kansas City 2,600 0.7% 3.2% 93.6% 90.4% 91.9% 94.4% 93.0% 92.4% Chicago 2,971 -0.1% 1.1% 94.6% 93.5% 93.9% 95.3% 94.7% 93.1% Denver 1,260 -0.8% 1.6% 91.8% 90.2% 92.8% 92.0% 92.6% 90.5% ------ ------ ------- ------ ------ ------ ------ ------ ------ ------ ------ Total 22,688 0.8% 0.7% 93.6% 92.9% 93.6% 93.9% 92.8% 92.6% ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== Second 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 -0.2% 1.1% $ 848 839 840 857 849 842 Atlanta 4,282 1.4% 1.7% 892 877 877 887 880 871 Austin 1,877 2.0% 3.3% 814 788 791 805 798 798 Houston 1,433 0.8% 2.7% 1,003 976 987 1,004 995 989 Indianapolis 2,428 2.0% 2.8% 811 789 793 799 795 794 Kansas City 2,600 0.6% 1.1% 824 816 814 822 819 814 Chicago 2,971 0.7% 1.9% 1,072 1,052 1,053 1,062 1,065 1,060 Denver 1,260 -1.3% -1.0% 926 936 936 958 938 951 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Total 22,688 0.7% 1.6% $ 890 876 876 888 884 879 ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== 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 0.0% 0.4% $ 785 782 782 789 786 782 Atlanta 4,282 0.7% 0.0% 813 813 810 810 807 804 Austin 1,877 1.3% 1.1% 742 734 735 736 732 739 Houston 1,433 0.1% 0.5% 924 919 922 926 924 925 Indianapolis 2,428 0.7% 0.6% 742 737 736 738 737 736 Kansas City 2,600 0.3% 0.4% 750 748 749 749 748 747 Chicago 2,971 0.7% 0.4% 989 985 978 979 982 985 Denver 1,260 -2.8% -1.3% 834 846 849 867 858 866 ------ ------ ------- ------ ------ ------ ------ ------ ------ ------ ------ Total 22,688 0.3% 0.3% $ 816 814 812 815 814 814 ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== Second 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. Second 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 2.1% 1.9% $ 27,463 13,861 13,602 54,825 13,687 13,938 13,579 13,622 Atlanta 4,282 1.6% 0.9% 21,526 10,812 10,714 42,661 10,705 10,824 10,638 10,494 Austin 1,877 3.9% 3.9% 8,418 4,291 4,128 16,681 4,195 4,260 4,128 4,098 Houston 1,433 1.7% 2.5% 7,938 4,018 3,920 15,312 3,308 4,048 3,952 4,005 Indiana- polis 2,428 3.0% 3.2% 10,849 5,510 5,339 21,439 5,366 5,440 5,350 5,283 Kansas City 2,600 1.3% 4.6% 11,769 6,018 5,751 23,690 5,839 6,049 5,938 5,865 Chicago 2,971 0.6% 3.0% 17,816 9,040 8,776 34,447 8,237 8,430 8,986 8,794 Denver 1,260 -2.1% 0.7% 6,403 3,214 3,190 13,152 3,285 3,332 3,282 3,253 ------ ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------ ------ Total 22,688 1.6% 2.4% $112,183 56,763 55,420 222,209 54,621 56,321 55,852 55,414 ====== ====== ====== ======== ====== ====== ====== ====== ======= ====== ====== ====== ====== Second 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 0.0% 3.7% $ 12,690 6,459 6,231 24,965 6,245 6,619 6,461 5,640 Atlanta 4,282 -3.6% 6.0% 8,414 4,329 4,085 16,711 4,017 4,196 4,490 4,008 Austin 1,877 -5.2% -7.4% 4,175 2,007 2,168 7,730 1,867 1,868 2,116 1,879 Houston 1,433 -6.5% -2.5% 3,409 1,683 1,726 6,778 1,292 1,956 1,801 1,729 Indiana- polis 2,428 45.8% 18.9% 4,745 2,577 2,167 8,565 2,005 2,585 1,768 2,207 Kansas City 2,600 -1.3% 11.9% 4,255 2,247 2,008 8,532 2,238 1,988 2,277 2,029 Chicago 2,971 -3.7% 2.2% 7,126 3,602 3,523 13,990 3,248 3,465 3,741 3,536 Denver 1,260 -2.9% 18.5% 2,244 1,217 1,027 4,688 1,140 1,285 1,253 1,010 ------ ------ ------- -------- ------ ------ ------ ------ ------ ------ ------ ------ ------ Total 22,688 0.9% 5.2% $ 47,058 24,122 22,936 91,959 22,051 23,961 23,908 22,038 ====== ====== ====== ======== ====== ====== ====== ====== ====== ====== ====== ====== ====== Second 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 4.0% 0.4% $ 14,773 7,402 7,372 29,860 7,442 7,319 7,118 7,982 Atlanta 4,282 5.5% -2.2% 13,112 6,483 6,629 25,951 6,689 6,628 6,148 6,486 Austin 1,877 13.5% 16.5% 4,244 2,284 1,960 8,952 2,328 2,393 2,012 2,219 Houston 1,433 8.5% 6.4% 4,529 2,335 2,194 8,534 2,016 2,092 2,151 2,275 Indiana- polis 2,428 -18.1% -7.5% 6,104 2,933 3,171 12,874 3,362 2,855 3,581 3,076 Kansas City 2,600 3.0% 0.8% 7,513 3,771 3,742 15,158 3,600 4,061 3,660 3,836 Chicago 2,971 3.7% 3.5% 10,690 5,437 5,253 20,457 4,989 4,965 5,245 5,258 Denver 1,260 -1.6% -7.7% 4,159 1,997 2,163 8,463 2,144 2,047 2,029 2,242 ------ ------ ------- -------- ------ ------ ------ ------ ------- ------ ------ ------ ------ Total 22,688 2.2% 0.5% $ 65,125 32,641 32,484 130,249 32,570 32,360 31,944 33,376 ====== ====== ====== ======== ====== ====== ====== ====== ======= ====== ====== ====== ====== Notes: (a) Information shown is Combined, including share of partnership communities at 100%. (b) See pages 39, 40, 42 and 43 for components of same store community revenue, expenses, net operating income and EBITDA. Second 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 3.7% 4.8% $ 11,622 5,948 5,674 22,857 5,631 6,027 5,736 5,463 Advertising and promotion 4.0% 17.5% 2,160 1,167 993 4,446 1,129 1,248 1,123 946 Utilities -2.0% -1.4% 3,011 1,495 1,516 6,546 1,721 1,794 1,525 1,506 Building repairs and maintenance -15.6% 2.6% 5,925 3,001 2,924 11,870 2,556 3,596 3,554 2,163 Landscaping and grounds maintenance 5.2% 69.6% 2,251 1,416 835 4,056 790 1,123 1,346 798 Real estate taxes 6.0% 0.2% 14,789 7,402 7,387 27,886 6,539 6,804 6,984 7,560 Insurance -14.4% 7.9% 1,788 928 860 3,899 1,046 683 1,084 1,086 Property management fees 1.5% 0.1% 3,961 1,981 1,980 7,929 1,953 2,018 1,952 2,005 Other 29.6% 2.1% 1,551 784 767 2,470 686 667 605 512 ------ ------- -------- ------ ------ ------ ------ ------ ------ ------ ------ ------ 0.9% 5.2% $ 47,058 24,122 22,937 91,959 22,051 23,961 23,908 22,038 ====== ======= ======== ====== ====== ====== ====== ====== ====== ====== ====== ====== Second 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 30.1% -31.2% $ 3,454 1,954 1,500 6,857 2,182 1,888 1,635 1,153 ====== ======= ======== ====== ======= ====== ====== ====== ====== ====== ====== ====== Per apartment home 153 86 66 302 96 83 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 5.4% 0.8% $ 50,513 26,076 24,437 98,815 24,233 25,849 25,543 23,191 ====== ======= ======== ====== ======= ====== ====== ====== ====== ====== ====== ====== Per apartment home 2,227 1,149 1,077 4,355 1,068 1,139 1,126 1,022 ======== ====== ======= ====== ====== ====== ====== ====== ====== ====== 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. Second Quarter 2005 Page 34 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL SAME STORE COMMUNITIES TOTAL REVENUE The following graphs present same store community monthly total revenue for the first six months of 2005 in black, compared to monthly total revenue for the twelve months of 2004 in gray. Commentary and financial data are based on 100% of AMLI's community operations, regardless of AMLI's ownership interest in each community. Note that occupancy changes are disclosed in absolute terms, and economic data is as of May 2005. ALL COMMUNITIES - --------------- Second quarter same community total revenue was up 1.6%, with operating expenses growing 0.9%, producing a net operating income (NOI) increase of 2.2% compared to the second quarter 2004. The increase in total revenue resulted from a 1.2% increase in rental income, driven by a 0.3% increase of in-place rental rates (as measured by collected rent per occupied unit) and a 0.8% increase in physical occupancy to 93.6%, as well as a 6.7% increase in other community income. Collected rent per occupied unit was up in six of AMLI's eight same store markets, virtually unchanged in one market, and down in one market. Occupancies were also up in six of eight markets. The 0.9% increase in operating expenses is primarily due to a change in real estate taxes. Without the tax increase, operating expenses would have actually decreased by over 2.0%. Sequentially, total revenue was up 2.4%, and operating expenses increased 5.2%, resulting in an NOI increase of 0.5% from the first quarter. The increase in operating expenses largely reflected seasonal differences, which are not representative of a full year's operations. The increase in sequential total revenue was caused by a 1.1% increase in rental income and a 20.1% increase in other income. Rental income increased as a result of an increase in occupancy in six of eight markets and collected rent per occupied unit in seven of eight markets. The increase in other income was due primarily to an increase in fee income as a result of more leasing activity. Overall employment in all of AMLI's markets increased during the twelve months ended May 2005. DALLAS/FT. WORTH - ---------------- DALLAS/FT. WORTH same community total revenue, operating expenses and NOI for the second quarter increased 2.1%, were flat, and increased 4.0%, respectively, compared to the same period in 2004. The increase in total revenue was primarily due to an increase in rental income driven by a 2.1% increase in occupancy over a year ago. On a sequential basis compared to the prior quarter, total revenue increased 1.9%. The increase in revenue was primarily due to increases in occupancy and rental rates of 0.8% and 0.4%, respectively. Operating expenses increased 3.7% resulting in an increase in NOI of 0.4%. Job growth has improved significantly over the past year in the region as the DF/W metroplex added 37,500 jobs in the trailing 12 months ended May 2005. On the other hand, permit activity has also increased over the past year as 9,250 permits, up from 8,558 from the previous period, has been issued (1.7% of existing stock) for the year ending May 2005. Second 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 1.6% and 5.5%, respectively, compared to the same quarter a year ago. Operating expenses decreased by 3.6% for the same period. The positive performance in total revenue was the result of a 1.0% increase in rental income, driven by increases in collected rent per occupied unit and occupancy of 0.7% and 0.2%, respectively, and an 8.8% increase in other income. Sequentially, total revenue and expenses increased 0.9% and 6.0% (primarily due to timing of major repairs and maintenance projects) from the first quarter, respectively, leading to an NOI decrease of 2.2% compared to the first quarter. The increase in total revenue was the result of a 21.3% increase in other income, as rental income fell by 0.7%. The decrease in rental income was the result of flat collected rent per occupied unit, and a 0.7% decrease in occupancy. The increase in other income resulted from an increase in fee income due to higher turnover and increased leasing activity. The challenge in Atlanta remains absorption of new supply, with 15,654 units permitted for the year ended May 2005, a 22% increase from the same period of a year ago, and a 4.1% increase to the existing apartment stock. A slowly improving employment outlook provides optimism that demand will be able to keep up with the new supply. For the year ended May 2005, employment posted a gain of 12,500 jobs, or a modest 0.6% growth rate, compared to net job loss over the past three years. CHICAGO - ------- CHICAGO same community quarterly NOI compared to a year ago increased 3.7% on an increase in total revenue of 0.6% and a 3.7% decrease in operating expenses. The revenue increase was the result of a 0.6% increase in rental income and a 0.3% increase in other income. The increase in rental income was driven by a 0.7% increase in collected rent per occupied unit, while occupancy was essentially flat, decreasing 0.1% to 94.6%. Sequentially, total revenues were up 3.0% compared to the first quarter. Rental income was up 1.6%, while other income was up 24.1% due to an increase in various fee income accounts and cable revenue. The change in rental income reflected a 1.1% increase in occupancy and a 0.4% increase in collected rent per occupied unit. Operating expenses increased 2.2%, resulting in an increase in sequential NOI of 3.5%. The employment picture continues to improve in Chicago as the metro added 23,600 jobs for the year ended May 2005, which represents a 0.6% growth rate. On the supply side, the Chicago metro issued permits for 10,320 new multifamily units, representing 1.6% of existing apartment stock, for the year ended May 2005, a 13% decrease from the same period of a year ago. As noted each quarter, in Chicago a significant portion of permits issued are for 'for-sale' housing and will not directly compete with 'for-rent' product. AMLI's market research shows approximately 1,700 institutional grade apartment units are currently under construction in the metropolitan area, a very small number of new units for a market the size of Chicago. Second 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 increased 3.9%, decreased 5.2%, and increased 13.5%, respectively, compared to the same period in 2004. The increase in total revenue was the result of a 1.8% and 1.3% increase in occupancy and collected rent per occupied unit, respectively. The decrease in operating expenses is primarily due to timing variances in repairs and maintenance and landscaping. On a sequential basis, total revenue increased by 3.9%. This was due to a 1.7% increase in rental income, as well as, a 34.6% increase in other income. The increase in rental income was due to a 1.1% increase in collected rent per occupied unit and a 0.6% increase in occupancy. Operating expenses decreased by 7.4%, primarily due to timing of major repairs and maintenance, resulting in an increase in net operating income of 16.5% from last quarter. Supply and demand fundamentals continue to improve in the region as job growth continues to gain momentum. Approximately 17,400 jobs were added in the previous 12 months ended May 2005, up from a 12,300 job gain during the same period a year ago. Permit activity remains relatively stable, although an increase in permitting activity has been seen recently, as 3,706 permits (2.4% of existing stock) were issued for the same period. KANSAS CITY - ----------- KANSAS CITY same community total revenue and NOI increased 1.3% and 3.0%, respectively, compared to the second quarter 2004. Operating expenses in the current quarter compared to last year decreased 1.3%. Rental income for the quarter increased 1.1% versus the same period of a year ago due to an increase in occupancy of 0.7% to 93.6%. Collected rent per occupied unit grew by 0.3%. Other income increased by 4.4% for the period. On a sequential basis compared to the first quarter, total revenue increased 4.6%, but operating expenses also increased by 11.9%, leading to a NOI increase of 0.8%. Rental income increased 3.9%, resulting from a 3.2% occupancy gain during the quarter, while collected rent per occupied unit increased by 0.4%. Other income increased 12.7% 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 May 2005 the Kansas City metro area gained 11,800 jobs, a positive 1.2% growth rate. In addition, multi-family permits have trended down over the past year. For the year ended May 2005 authorized permits totaled 1,657 units, a 19% decrease over the same period of a year ago, and represents a 1.3% increase to the existing apartment stock. INDIANAPOLIS - ------------ INDIANAPOLIS same community total revenue increased 3.0% and operating expenses increased 45.8% (primarily due to increases in real estate taxes) causing NOI to decrease 18.1% compared to the same period of a year ago. Rental income was up 1.7%, as both occupancy and collected rent per occupied unit gained 0.7% over the same period in 2004. Other income experienced an increase of 19.5% due primarily to higher leasing fees. Sequentially, total revenue increased 3.2%, operating expenses increased 18.9%, and NOI decreased 7.5% from the first quarter. The revenue increase was due to a 1.1% increase in rental income, as a result of a 0.3% increase Second Quarter 2005 Page 37 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SAME STORE COMMUNITIES TOTAL REVENUE - CONTINUED in occupancy and a 0.6% increase in collected rent per occupied unit, and an increase in other income of 33.4%. The increase in expenses is again due to the adjustment in real estate tax accruals, as noted above. Demand fundamentals in Indianapolis, after showing strength at the beginning of the year, appear to have slowed, but positive job growth has returned to the metro. The BLS reported job growth of 5,800 for the year ended May 2005, a 0.7% growth rate. On the supply side 1,571 multifamily permits have been authorized over the past year, which is a 36% increase from the same period of a year ago, and represents a 1.3% increase to the existing apartment stock. HOUSTON - ------- HOUSTON same community total revenue, operating expenses and NOI increased 1.7%, decreased 6.5%, and increased 8.5%, respectively, compared to the same period in 2004. Rental income for the second quarter increased 0.9% due to an increase in occupancy and collected rent per occupied unit of 0.8% and 0.1%, respectively. Other income increased by 11.5% over the same period last year. On a sequential basis, total revenue increased 2.5% from the previous quarter, due primarily to an increase in other income of 37.1%, which was the result of an increase in fee income related to a 62% increase in net rentals. Operating expenses decreased 2.5%, due primarily to lower than expected utility billing. Houston continues to face challenging supply fundamentals as permit activity remains high with 10,086 permits (2.2% of existing stock) issued for the year ended May 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 31,500 jobs for the twelve months ended May 2005. DENVER - ------ DENVER same community total revenue, operating expenses, and NOI decreased by 2.1%, 2.9%, and 1.6% for the quarter, respectively, compared to second quarter, 2004. Rental income on a year over year basis fell 3.6%. Collected rent per occupied unit was down 2.8%, and occupancy fell to 91.8%, down 0.8% on a year over year basis. Other income grew 14.0% for the quarter on higher fee income. On a sequential basis, total revenue and operating expenses increased, and NOI decreased 0.7%, 18.5%, and 7.7%, respectively, from the first quarter. The expense increase versus the prior quarter was primarily due to seasonal landscaping increases. Rental income increased 0.4% from the first quarter, as collected rent per occupied unit was down 1.3% in order to increase occupancy by 1.6%. Other income increased by 3.7% over last quarter. The Denver metro is beginning to see strengthening supply/demand fundamentals as job growth has turned positive and the authorization of multifamily permits has slowed dramatically. For the year ended May 2005, the metro area experienced a gain of 22,500 jobs, a positive 1.9% growth rate, which is in sharp contrast to the net losses over the past three years. Additional positive news in Denver has been the decline in multifamily permitting over the past thirty-six months. For the year ended May 2005, authorized permits totaled 3,359 units (representing a 1.4% increase to the existing apartment stock); a 42% and 69% decrease over the same period of two and three years ago, respectively. Second Quarter 2005 Page 38 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL COMPONENTS OF NOI QUARTER ENDED JUNE 30 (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) . . . . 27,981 26,313 6.3% 56,763 55,852 1.6% 28,782 29,539 -2.6% New communities (c). . . 858 817 5.0% 3,694 3,331 10.9% 2,836 2,514 12.8% Communities under development and lease-up. . . . . . . . 0 0 0.0% 1,294 75 1631.0% 1,294 75 1631.0% Acquisition communities (d) . . . . 9,900 2,402 312.1% 9,900 2,402 312.1% 0 0 0.0% Communities under rehab (e) . . . . . . . 693 788 -12.0% 693 787 -12.0% 0 0 0.0% Communities sold (f) . . 978 4,847 -79.8% 1,501 5,624 -73.3% 523 777 -32.7% -------- -------- -------- -------- -------- -------- -------- -------- -------- 40,410 35,167 14.9% 73,846 68,072 8.5% 33,435 32,905 1.6% ======== ======== ======== ======== ======== ======== ======== ======== ======== EXPENSES Same store communities (b) . . . . 12,437 11,676 6.5% 24,122 23,908 0.9% 11,685 12,232 -4.5% New communities (c). . . 320 351 -8.9% 1,515 1,561 -3.0% 1,195 1,210 -1.3% Communities under development and lease-up. . . . . . . . 0 0 0.0% 810 210 286.1% 810 210 286.1% Acquisition communities (d) . . . . 4,504 1,071 320.5% 4,504 1,071 320.5% 0 0 0.0% Communities under rehab (e) . . . . . . . 404 382 5.7% 404 382 5.7% 0 0 0.0% Communities sold (f) . . 655 2,681 -75.6% 862 3,075 -72.0% 206 394 -47.7% -------- -------- -------- -------- -------- -------- -------- -------- -------- 18,319 16,161 13.4% 32,216 30,208 6.6% 13,896 14,047 -1.1% ======== ======== ======== ======== ======== ======== ======== ======== ======== Second Quarter 2005 Page 39 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL COMPONENTS OF NOI - CONTINUED QUARTER ENDED JUNE 30 (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) . . . . 15,544 14,637 6.2% 32,641 31,944 2.2% 17,096 17,306 -1.2% New communities (c). . . 538 466 15.5% 2,180 1,770 23.2% 1,642 1,304 25.9% Communities under development and lease-up. . . . . . . . 0 0 0.0% 485 -135 -458.9% 484 -135 -458.6% Acquisition communities (d) . . . . 5,396 1,331 305.4% 5,396 1,331 305.4% 0 0 0.0% Communities under rehab (e) . . . . . . . 289 406 -28.7% 289 406 -28.7% 0 0 0.0% Communities sold (f) . . 323 2,166 -85.1% 640 2,549 -74.9% 317 383 -17.3% -------- -------- --------------- ------------------------------- -------- -------- 22,091 19,006 16.2% 41,630 37,864 9.9% 19,539 18,858 3.6% ======== ======== ======== ======== ======== ======== ======== Less Co-investment partners' share . . . . -12,754 -12,295 ------- ------- COMPANY'S SHARE OF NOI (g) . . . . . . . . 28,876 25,569 Cash flow preference and operating promote (h) . . . . . . . . . . 554 461 ------- ------- 29,430 26,030 Company's share of other, net (i) . . . . -50 -188 ------- ------- COMPANY'S SHARE OF COMMUNITIES' EBITDA. . 29,380 25,842 ======= ======= COMPANY'S PERCENTAGE OF COMBINED NOI: Before cash flow preferences . . . . . . 69.4% 67.5% Including cash flow preferences and other . 70.7% 68.7% ======= ======= Second Quarter 2005 Page 40 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL COMPONENTS OF NOI - CONTINUED QUARTER ENDED JUNE 30 (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 45. (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 45. Second Quarter 2005 Page 41 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL COMPONENTS OF NOI SIX MONTHS ENDED JUNE 30 (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) . . . . 55,218 52,386 5.4% 112,183 111,266 0.8% 56,965 58,879 -3.3% New communities (c). . . 1,665 1,552 7.3% 7,111 6,344 12.1% 5,446 4,792 13.7% Communities under development and lease-up. . . . . . . . 0 0 0.0% 2,221 75 2869.8% 2,221 75 2869.8% Acquisition communities (d) . . . . 17,721 2,402 637.7% 17,721 2,402 0.0% 0 0 0.0% Communities under rehab (e) . . . . . . . 1,407 1,620 -13.1% 1,407 1,619 -13.1% 0 0 0.0% Communities sold (f) . . 2,568 11,753 -78.2% 3,863 13,678 -71.8% 1,295 1,925 -32.7% -------- -------- -------- -------- -------- -------- -------- -------- -------- 78,579 69,713 12.7% 144,506 135,384 6.7% 65,927 65,671 0.4% ======== ======== ======== ======== ======== ======== ======== ======== ======== EXPENSES Same store communities (b) . . . . 24,132 22,318 8.1% 47,058 45,946 2.4% 22,927 23,628 -3.0% New communities (c). . . 670 656 2.1% 3,162 3,075 2.9% 2,492 2,419 3.1% Communities under development and lease-up. . . . . . . . 0 0 0.0% 1,569 270 481.9% 1,569 270 481.9% Acquisition communities (d) . . . . 7,882 1,071 635.8% 7,882 1,071 0.0% 0 0 0.0% Communities under rehab (e) . . . . . . . 781 747 4.6% 781 747 4.6% 0 0 0.0% Communities sold (f) . . 1,744 5,618 -69.0% 2,288 6,577 -65.2% 544 959 -43.3% -------- -------- -------- -------- -------- -------- -------- -------- -------- 35,209 30,410 15.8% 62,741 57,686 8.8% 27,532 27,275 0.9% ======== ======== ======== ======== ======== ======== ======== ======== ======== Second Quarter 2005 Page 42 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL COMPONENTS OF NOI - CONTINUED SIX MONTHS ENDED JUNE 30 (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) . . . . 31,087 30,068 3.4% 65,125 65,320 -0.3% 34,038 35,251 -3.4% New communities (c). . . 995 896 11.1% 3,949 3,269 20.8% 2,954 2,373 24.5% Communities under development and lease-up. . . . . . . . 0 0 0.0% 652 -195 -434.6% 652 -195 -434.6% Acquisition communities (d) . . . . 9,839 1,331 639.2% 9,839 1,331 0.0% 0 0 0.0% Communities under rehab (e) . . . . . . . 626 873 -28.3% 626 872 -28.3% 0 0 0.0% Communities sold (f) . . 824 6,135 -86.6% 1,575 7,101 -77.8% 751 966 -22.3% -------- -------- --------------- ------------------------------- -------- -------- 43,370 39,303 10.3% 81,765 77,698 5.2% 38,395 38,396 0.0% ======== ======== ======== ======== ======== ======== ======== Less Co-investment partners' share . . . . -25,040 -24,971 ------- ------- COMPANY'S SHARE OF NOI (g) . . . . . . . . 56,725 52,727 Cash flow preference and operating promote (h) . . . . . . . . . . 1,229 1,527 ------- ------- 57,954 54,254 Company's share of other, net (i) . . . . -328 -246 ------- ------- COMPANY'S SHARE OF COMMUNITIES' EBITDA. . 57,626 54,008 ======= ======= COMPANY'S PERCENTAGE OF COMBINED NOI: Before cash flow preferences . . . . . . 69.4% 67.9% Including cash flow preferences and other . 70.9% 69.8% ======= ======= Second Quarter 2005 Page 43 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL COMPONENTS OF NOI - CONTINUED SIX MONTHS ENDED JUNE 30 (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 45. (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 45. Second Quarter 2005 Page 44 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). . . . . . . 328 164 164 654 164 162 162 166 Disposition fees (c) . 136 136 -- -- -- -- -- -- Development fees (a) . 138 42 96 1,170 167 474 262 267 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 602 342 260 1,824 331 636 424 433 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- SHARE OF CASH FLOW (d) Promoted interest from sale proceeds. . -- -- -- -- -- -- -- -- Promoted interest from operating cash flow . . . . . . 467 214 252 829 261 107 207 254 Cash flow pre- ferences (e). . . . . 763 340 423 1,809 303 440 254 812 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 1,229 554 675 2,638 564 547 461 1,066 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- TOTAL. . . . . . .$ 1,831 896 935 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 pages 40 and 43 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 pages 40 and 43. (e) The Company receives compensation from certain partnerships in the form of a preferential distribution of cash flow. Second Quarter 2005 Page 45 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). . . . . . .$ 5,332 2,657 2,675 10,150 2,602 2,646 2,420 2,482 General contractor revenues, net (b) . . 318 97 221 693 189 224 136 144 Gross profit - corporate homes (c) . 315 122 193 864 139 212 264 249 Other income . . . . . 1,465 876 589 2,405 883 542 341 639 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 7,430 3,752 3,678 14,112 3,813 3,624 3,161 3,514 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- OPERATING EXPENSES Property management. . 6,863 3,579 3,284 10,479 2,797 2,397 2,638 2,647 General contractor . . 1,119 467 652 2,889 477 1,111 521 780 Corporate homes. . . . 565 268 297 1,099 294 306 255 244 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- 8,547 4,314 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. . . . . . . 3,572 3,572 -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- EBITDA . . . . . . . . 2,455 3,010 (555) (355) 245 (190) (253) (157) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Second Quarter 2005 Page 46 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 . . . (696) (368) (328) (1,311) (309) (322) (272) (408) Depreciation and amortization. . . . . (1,734) (892) (842) (3,230) (692) (856) (845) (837) Taxes. . . . . . . . . (10) (665) 655 1,782 246 520 522 494 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- NET INCOME (LOSS). . . 15 1,085 (1,070) (3,114) (510) (848) (848) (908) Eliminations, interest and other . . . . . . . . 1,016 575 441 1,464 281 416 315 452 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- SHARE OF INCOME (LOSS) FROM THE SERVICE COMPANIES (d)(e). . .$ 1,031 1,660 (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 17 exclude discontinued operations. (e) Includes depreciation of rental property. The Service Companies' FFO on page 15 exclude rental property depreciation. Second Quarter 2005 Page 47 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). . . . . $ 2,168 1,940 2,058 3,040 5,506 6,557 Land held for sale (b). . . . . . . . 12,293 12,303 13,697 12,247 12,433 12,404 Rental communities under development and held for sale (c) . . . 33,346 10,376 10,360 10,361 9,676 8,396 Retail rental property . 4,020 3,476 -- -- -- -- Building and leasehold improve- ments, net (d). . . . . 2,053 2,075 2,080 2,124 2,208 2,257 Information technology costs, net. . . . . . . 6,560 6,751 7,294 7,260 7,600 7,959 Other (e). . . . . . . . 5,957 6,515 5,827 6,620 6,066 5,646 -------- -------- -------- -------- -------- -------- -------- -------- Total Assets . . . . $ 66,397 43,436 41,316 41,652 43,489 43,219 ======== ======== ======== ======== ======== ======== ======== ======== Notes: (a) Primarily costs and fees due from affiliates, which are included in other assets in the consolidated balance sheets (page 19). (b) Represents land included in land and predevelopment costs in the consolidated balance sheets (page 19) as follows: Prairie Lakes (120 acres in Indiana) . . . . . $ 7,046 7,027 7,006 7,027 7,219 7,192 Fossil Creek (34 acres in Texas) . . . . . . 5,247 5,276 5,220 5,220 5,214 5,212 Downtown Austin Retail . . . . . . -- -- 1,471 -- -- -- -------- -------- -------- -------- -------- -------- -------- -------- $ 12,293 12,303 13,697 12,247 12,433 12,404 ======== ======== ======== ======== ======== ======== ======== ======== Second Quarter 2005 Page 48 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 . . . $ 8 (86) (45) (48) 43 215 Investments in real estate. . . . 626 737 737 1,718 1,448 1,448 Deferred income tax. . . . . . . . 3,977 4,654 3,999 3,762 3,240 2,721 Unamortized goodwill . . . . . 668 668 668 668 668 668 Other . . . . . . . 678 542 468 520 667 594 -------- -------- -------- -------- -------- -------- -------- -------- $ 5,957 6,515 5,827 6,620 6,066 5,646 ======== ======== ======== ======== ======== ======== ======== ======== Second Quarter 2005 Page 49 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL STABILIZED COMMUNITIES JUNE 30, 2005
AMLI's Number Percent Ave. Owner- of of Physical Collected ship Apart- Port- Occupancy Revenue Percen- Year Year ment folio June 30, 2nd 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 95.5% 1,045 Same Store at Breckinridge Point 45% Richardson, TX 2000 1999 440 92.3% 920 Same Store at Bryan Place 48% Dallas, TX 2002 1999 420 93.1% 943 Same Store at Cityplace 100% Dallas, TX 2005 1999 244 89.3% 1,154 Acquisition at Deerfield 25% Plano, TX Developed 2000 240 92.5% 914 Same Store on the Fairway 100% Coppell, TX 2004 2002 322 95.0% 884 Acquisition on Frankford 45% Dallas, TX 2000 1998 582 97.1% 890 Same Store on the Green 100% Ft. Worth, TX 1994 1990/93 424 94.1% 736 Same Store Knox-Henderson 100% Dallas, TX 2003 1994 180 95.6% 1,073 Same Store of North Dallas 100% Dallas, TX 1989/90 1985/86 1,032 91.9% 679 Same Store at Oak Bend 100% Dallas, TX 1999 1997 426 90.4% 777 Same Store on the Parkway 25% Dallas, TX Developed 1999 240 95.0% 847 Same Store at Prestonwood Hills 45% Dallas, TX 1999 1997 272 95.6% 873 Same Store 7th Street Station 100% Ft. Worth, TX 2002 2000 189 96.3% 1,038 Same Store at Shadow Ridge 100% Flower Mound, TX 2001 2000 222 94.6% 982 Same Store at Stonebridge Ranch 100% McKinney, TX 2001 2001 250 94.8% 771 Same Store Upper West Side 100% Ft. Worth, TX 2002 2001 194 91.8% 1,000 Same Store at Valley Ranch 100% Irving, TX 1990 1985 460 93.7% 773 Same Store ------ ------ ------ ------ 6,403 22.9% 93.6% 861 ------ ------ ------ ------ Second Quarter 2005 Page 50 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED JUNE 30, 2005 AMLI's Number Percent Ave. Owner- of of Physical Collected ship Apart- Port- Occupancy Revenue Percen- Year Year ment folio June 30, 2nd 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% 906 Same Store at Barrett Walk 25% Kennesaw, GA Developed 2002 290 96.9% 870 Same Store at Clairmont 100% Atlanta, GA 1988 1988 288 93.1% 824 Same Store at Kedron Village 20% Fayette County, GA Developed 2002 216 95.8% 1,070 Same Store at Killian Creek 100% Snellville, GA Developed 1999 256 91.4% 853 Same Store at Lost Mountain 75% Paulding County, GA Developed 2000 164 94.5% 791 Same Store at McGinnis Ferry 100% Gwinnett 1999/ County, GA 2005 2002 696 90.7% 931 Acquisition at Mill Creek 25% Gwinnett County, GA Developed 2001 400 93.0% 851 Same Store at Milton Park 25% Alpharetta, GA Developed 2003 461 96.5% 977 New at Northwinds 35% Alpharetta, GA Developed 1999 800 94.1% 937 Same Store at Park Creek 100% Gainesville, GA Developed 1998 200 95.5% 811 Same Store at Peachtree City 20% Fayette County, GA Developed 1998 312 91.3% 912 Same Store at River Park 40% Norcross, GA Developed 1997 222 93.7% 933 Same Store at Vinings 100% Smyrna, GA 1992/97 1985 360 96.1% 828 Same Store at West Paces 100% Atlanta, GA 1993 1992 337 78.6% 937 Rehab at Windward Park 45% Alpharetta, GA 1999 1999 328 96.0% 932 Same Store ------ ------ ------ ------ 5,776 20.7% 93.1% 906 ------ ------ ------ ------ Second Quarter 2005 Page 51 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED JUNE 30, 2005 AMLI's Number Percent Ave. Owner- of of Physical Collected ship Apart- Port- Occupancy Revenue Percen- Year Year ment folio June 30, 2nd 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 91.2% 1,353 Acquisition at Chevy Chase 33% Buffalo Grove, IL 1996 1988 592 95.1% 1,076 Same Store at Danada Farms 100% Wheaton, IL 1997 1989/91 600 96.0% 1,041 Same Store at Kirkland Crossing 100% Aurora, IL 2004 2004 266 92.5% 1,195 Acquisition at Oakhurst North 100% Aurora, IL Developed 2000 464 92.9% 1,050 Same Store at Osprey Lake 69% Gurnee, IL 2001 1997/99 483 94.8% 1,052 Same Store at Poplar Creek 100% Schaumburg, IL 1997 1985 196 93.9% 1,059 Same Store at River Run 100% Naperville, IL 2004 2003 206 92.7% 1,388 Acquisition at St. Charles 25% St. Charles, IL Developed 2000 400 94.3% 1,141 Same Store at Seven Bridges 20% Woodridge, IL Developed 2004 520 91.2% 1,128 New at Windbrooke 15% Buffalo Grove, IL 1995 1987 236 92.8% 1,116 Same Store ------ ------ ------ ------ 4,315 15.5% 93.6% 1,124 ------ ------ ------ ------ AUSTIN, TX - ---------- AMLI: at Lantana Hills 100% Austin, TX 2005 2002 264 96.6% 998 Acquisition at Lantana Ridge 100% Austin, TX 1997 1997 354 93.5% 863 Same Store at Monterery Oaks 25% Austin, TX Developed 2000 430 97.4% 881 Same Store at Scofield Ridge 45% Austin, TX 2000 2000 487 93.2% 791 Same Store at Stone Hollow 100% Austin, TX 2000 1997 606 95.2% 757 Same Store ------ ------ ------ ------ 2,141 7.7% 95.1% 837 ------ ------ ------ ------ Second Quarter 2005 Page 52 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED JUNE 30, 2005 AMLI's Number Percent Ave. Owner- of of Physical Collected ship Apart- Port- Occupancy Revenue Percen- Year Year ment folio June 30, 2nd 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 93.9% 899 Same Store Creekside 100% Overland Park, KS Developed 2000 224 92.0% 783 Same Store at Lexington Farms 100% Overland Park, KS 1998 1998 404 93.6% 793 Same Store at Regents Center 100% Overland Park, KS 1994 1991/95 /97 424 95.3% 772 Same Store at Regents Crest 100% Overland Park, KS 1997 1997/2000 476 94.5% 784 Same Store at Summit Ridge 25% Lees Summit, KS Developed 2001 432 95.6% 857 Same Store at Wynnewood Farms 100% Overland Park, KS Developed 2000 232 94.4% 906 Same Store (b) ------ ------ ------ ------ 2,600 9.3% 94.4% 824 ------ ------ ------ ------ Second Quarter 2005 Page 53 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED JUNE 30, 2005 AMLI's Number Percent Ave. Owner- of of Physical Collected ship Apart- Port- Occupancy Revenue Percen- Year Year ment folio June 30, 2nd 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 96.0% 926 New at Castle Creek 100% Indianapolis, IN Developed 2000 276 88.8% 915 Same Store at Conner Farms 100% Fishers, IN 1997 1993 300 92.7% 909 Same Store at Eagle Creek 100% Indianapolis, IN 1998 1998 240 96.3% 848 Same Store at Lake Clear- 100% Indianapolis, water IN Developed 1999 216 94.4% 946 Same Store (b) at Riverbend 100% Indianapolis, IN 1992/93 1983/85 996 92.8% 691 Same Store on Spring Mill 100% Carmel, IN 1999 1999 400 93.0% 867 Same Store ------ ------ ------ ------ 2,750 9.8% 93.2% 824 ------ ------ ------ ------ HOUSTON, TX - ----------- AMLI: on Eldridge Parkway 100% Houston, TX 2004 1998/99 668 91.5% 791 Acquisition at Kings Harbor 25% Houston, TX Developed 2001 300 92.3% 863 Same Store at the Medical Center 100% Houston, TX 2001 2000 334 95.2% 989 Same Store Midtown 45% Houston, TX 2000 1998 419 94.7% 1,079 Same Store Towne Square 45% Houston, TX 2000 1999 380 95.8% 1,040 Same Store ------ ------ ------ ------ 2,101 7.5% 93.6% 935 ------ ------ ------ ------ Second Quarter 2005 Page 54 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL STABILIZED COMMUNITIES - CONTINUED JUNE 30, 2005 AMLI's Number Percent Ave. Owner- of of Physical Collected ship Apart- Port- Occupancy Revenue Percen- Year Year ment folio June 30, 2nd 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 92.4% 837 Same Store at Lowry Estates 50% Denver, CO 2000 2000 414 91.3% 940 Same Store at Park Meadows 25% Littleton, CO 2002 2001 518 95.0% 972 Same Store at Westcliff 100% Westminster, CO 2004 2003 372 91.7% 921 Acquisition ------ ------ ------ ------ 1,632 5.8% 92.8% 925 ------ ------ ------ ------ SOUTHEAST FLORIDA - --------- AMLI at Ibis 100% West Palm Beach, FL 2004 2001 234 0.8% 92.3% 1,121 Acquisition ------ ------ ------ ------ TOTAL 27,952 100% 93.6% $ 914 ====== ====== ====== ====== 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 through 34 and 39 through 44. Second Quarter 2005 Page 55 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEVELOPMENT SUMMARY JUNE 30, 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 CHICAGO, IL - ----------- AMLI at Museum Gardens Vernon Hills, IL 25% 294 2Q/03 4Q/04 2Q/05 2Q/06 294 98% 53% ATLANTA, GA - ----------- AMLI at Perimeter Gardens Dunwoody, GA 100% 245 2Q/05 2Q/06 4Q/06 2Q/07 0 21% 0% KANSAS CITY, KS - --------------- AMLI Clear Creek I Overland Park, KS 100% 288 2Q/05 2Q/06 4Q/06 3Q/07 0 15% 0% ---- ---- Total 827 294 ==== ==== Second Quarter 2005 Page 56 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL DEVELOPMENT SUMMARY - CONTINUED JUNE 30, 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 SUBSTANTIALLY COMPLETED AND IN LEASE-UP AUSTIN, TX - ---------- AMLI Downtown (c) Austin, TX 30% 220 2Q/02 1Q/04 2Q/04 3Q/05 220 100% 95% === ==== COMMUNITIES BUILT FOR SALE BY AMRESCON DALLAS, TX - ---------- AMLI at La Villita Irving, TX 100% 360 2Q/04 2Q/05 4Q/05 1Q/06 168 92% 57% ==== 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. Second Quarter 2005 Page 57 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL DEVELOPMENT SUMMARY JUNE 30, 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 CHICAGO, IL - ----------- AMLI at Museum Gardens (c) 25% $ 61,700 59,216 2,484 15,610 14,804 806 6,360 460 ATLANTA, GA - ----------- AMLI at Perimeter Gardens 100% 26,500 5,598 20,902 26,500 5,598 20,902 26,500 20,902 KANSAS CITY, KS - --------------- AMLI Clear Creek I 100% 24,700 3,759 20,941 24,700 3,759 20,941 24,641 20,882 -------- -------- -------- -------- -------- -------- -------- -------- 112,900 68,573 44,327 66,810 24,161 42,649 57,501 42,244 -------- -------- -------- -------- -------- -------- -------- -------- COMMUNITIES SUBSTANTIALLY COMPLETED AND IN LEASE-UP AUSTIN, TX - ---------- AMLI Downtown (c) 30% 52,000 45,338 1,080 15,600 13,601 324 6,000 0 -------- -------- -------- -------- -------- -------- -------- -------- Second Quarter 2005 Page 58 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL DEVELOPMENT SUMMARY - CONTINUED JUNE 30, 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 BUILT FOR SALE BY AMRESCON DALLAS, TX - ---------- AMLI at La Villita 100% 24,800 22,876 1,924 24,800 22,876 1,924 24,800 1,924 -------- -------- -------- -------- -------- -------- -------- -------- $189,700 136,787 47,331 107,210 60,638 44,897 88,301 44,168 ======== ======== ======== ======== ======== ======== ======== ======== 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. Second Quarter 2005 Page 59 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL LAND HELD FOR DEVELOPMENT OR SALE JUNE 30, 2005 Number of Apartment Market/Community Submarket Homes - ---------------- --------- --------- ATLANTA, GA - ----------- AMLI at: Barrett Lakes III Northwest Atlanta 180 AUSTIN, TX - ---------- AMLI at: Anderson Mill Northwest Austin 396 FORT WORTH, TX - -------------- AMLI at: Fossil Creek (owned by the Service Companies) North Forth Worth 288 Fossil Creek II (16 acres held for sale by the Service Companies) North Forth Worth n/a HOUSTON, TX - ----------- AMLI at Champions II (14 acres held for sale) Northwest Houston n/a KANSAS CITY, KS - --------------- AMLI at: 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 968 ====== Second Quarter 2005 Page 60 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL ACQUISITION AND DISPOSITION SUMMARY QUARTER ENDED JUNE 30, 2005 AND YEAR ENDED DECEMBER 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 at City Place Dallas, TX 100% 5/10/2005 244 25,000 -------- -------- Total 2005 (a) 1,204 113,886 -------- -------- 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 -------- -------- 4,332 $417,078 ======== ======== Second Quarter 2005 Page 61 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL ACQUISITION AND DISPOSITION SUMMARY - CONTINUED QUARTER ENDED JUNE 30, 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 - ---------------- 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 at Fox Valley Aurora, IL 25% 5/25/2005 272 8,485 at Walnut Creek Austin, TX 100% 6/28/2005 460 36,600 -------- -------- Total 2005 (b) 1,826 120,100 -------- -------- 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 -------- -------- 4,842 $301,170 ======== ======== Notes: (a) The aggregate amount of NOI included from these communities for the six months ended June 30, 2005 at AMLI's share is $2,145. (b) The aggregate amount of NOI included from these communities for the six months ended June 30, 2005 at AMLI's share is $1,077. Second Quarter 2005 Page 62 Supplemental Information AMLI Residential Properties Trust
AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES JUNE 30, 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. Second Quarter 2005 Page 63 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES - CONTINUED JUNE 30, 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. Second 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 FFO AND AFFO - --------------------------------------------------
2005 ---------------------------------------------------------- Year Dec 31 Sep 30 Jun 30 Mar 31 ---------- ---------- ---------- ---------- ---------- NET INCOME . . . . . . . . . . . . . . . . . . . $ 31,621 9,210 22,411 Income from discontinued operations, net of minority interest. . . . . . . . . . . . (824) (316) (508) Gains on sales of rental communities, net of minority interest. . . . . . . . . . . . (29,130) (6,192) (22,938) Gain on sale of bond financing for a community sold, net of minority interest. . . . -- -- -- Minority interest. . . . . . . . . . . . . . . . (142) 49 (191) ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations before minority interest. . . . . . . . . . . . 1,525 -- -- 2,751 (1,226) Income from discontinued operations before minority interest. . . . . . . . . . . . 877 337 540 Discontinued operations - gain on sale of bond financing . . . . . . . . . . . . . . . -- -- -- Discontinued operations - Service Companies' gain on sale. . . . . . . . . . . . . . . . . . 2,215 2,215 -- Depreciation (a) . . . . . . . . . . . . . . . . 22,634 11,330 11,304 Depreciation - Service Companies . . . . . . . . 37 37 -- Share of co-investment partnerships' depreciation. . . . . . . . . . . . . . . . . . 5,267 2,607 2,660 Share of gains on sales of operating communities . . . . . . . . . . . . . . . . . . (3,091) (3,091) -- ---------- ---------- ---------- ---------- ---------- FFO. . . . . . . . . . . . . . . . . . . . . . . 29,464 -- -- 16,186 13,278 Capital expenditures paid from FFO . . . . . . . (2,441) (1,462) (979) Share of co-investment partnerships' capital expenditures. . . . . . . . . . . . . . (552) (277) (275) ---------- ---------- ---------- ---------- ---------- AFFO . . . . . . . . . . . . . . . . . . . . . . $ 26,471 -- -- 14,447 12,024 ========== ========== ========== ========== ========== Weighted average shares and units including dilutive shares . . . . . . . . . . . 31,198,222 31,199,018 31,201,655 ========== ========== ========== ========== ========== (a) Includes amounts included in discontinued operations. . . . . . . . . . . $ 647 324 323 ========== ========== ========== ========== ========== Second Quarter 2005 Page 65 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. . . . . . . . . . . . (6,330) (1,216) (995) (1,248) (2,871) 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. . . . . . . . . . . . . . . . (305) (133) (134) (188) (150) ---------- ---------- ---------- ---------- ---------- Income (loss) from continuing operations before minority interest. . . . . . . . . . . . 2,518 (230) (213) (1,037) 3,998 Income from discontinued operations before minority interest. . . . . . . . . . . . 6,787 1,295 1,061 1,334 3,097 Discontinued operations - gain on sale of bond financing . . . . . . . . . . . . . . . 4,723 -- -- 4,723 -- Discontinued operations - Service Companies' gain on sale. . . . . . . . . . . . . . . . . . -- -- -- -- -- Depreciation (a) . . . . . . . . . . . . . . . . 38,768 10,602 10,057 9,468 8,641 Depreciation - Service Companies . . . . . . . . -- -- -- -- -- 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. . . . . . . . . . . 3,443 604 801 966 1,073 ========== ========== ========== ========== ========== Second Quarter 2005 Page 66 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 . . . . . .$ 31,621 9,210 22,411 62,425 1,168 12,234 42,304 6,719 Minority interest. . . (142) 49 (191) (305) (133) (134) (188) 150 Income from discon- tinued operations, net of minority interest. . . . . . . (824) (316) (508) (6,330) (1,216) (995) (1,248) (2,871) Gains on sales of rental communities, net of minority interest. . . . . . . (29,130) (6,192) (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 . . 1,525 -- -- 2,751 (1,226) 2,518 (230) (213) (1,037) 3,998 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Second Quarter 2005 Page 67 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. . . . . (1,162) (784) (378) (3,435) (886) (616) (430) (1,503) Interest and amortization of deferred financing costs . . . 18,322 9,507 8,815 30,042 8,580 7,638 6,976 6,848 Prepayment penalty and write-off of unamortized deferred financing costs . . . . . . . . -- -- -- 1,121 -- -- 1,121 -- Depreciation . . . . . 21,987 11,006 10,981 35,325 9,998 9,257 8,502 7,568 Fee income from unconsolidated partnerships. . . . . (602) (342) (260) (1,824) (331) (636) (424) (433) Other income . . . . . (632) (431) (201) (1,378) (263) (207) (429) (479) Service Companies' operations. . . . . . 1,518 731 787 1,898 352 538 526 482 General and administrative. . . . 3,956 1,995 1,961 7,301 2,441 871 1,793 2,196 Provision for loss on land held for development or sale . 150 150 -- 150 -- 150 -- -- Share of gains on sales of partnerships' properties. . . . . . (3,091) (3,091) -- (2,648) -- -- -- (2,648) Impairment of an investment in a partnership . . . . . -- -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- NOI FROM CONTINUING OPERATIONS. . . . . . 41,971 21,492 20,479 69,071 19,661 16,783 16,598 16,029 NOI FROM DISCONTINUED OPERATIONS. . . . . . 1,399 599 800 10,385 1,909 1,800 2,408 4,268 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- CONSOLIDATED NOI . . .$ 43,370 -- -- 22,091 21,279 79,456 21,570 18,583 19,006 20,297 ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== Second Quarter 2005 Page 68 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 . . . . . 29,722 14,894 14,828 54,347 12,234 12,045 14,637 15,431 Acquired from/ contributed to partnerships. . . . . 1,364 650 714 5,357 2,849 2,508 -- -- New communities. . . . 995 538 457 1,697 597 203 466 431 Development and/ or lease-up communities . . . . . -- -- -- -- -- -- -- -- Acquisition communities . . . . . 9,839 5,396 4,443 6,621 3,637 1,653 1,331 -- Communities under rehab . . . . . . . . 625 289 336 1,590 344 373 406 467 Communities sold . . . 825 324 501 9,844 1,909 1,801 2,166 3,968 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Total. . . . . . . . .$ 43,370 -- -- 22,091 21,279 79,456 21,570 18,583 19,006 20,297 ======== ======== ======== ======== ======== ======== ======== ======== ======== ======== Second Quarter 2005 Page 69 Supplemental Information AMLI Residential Properties Trust
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