EX-99.1 2 aml_991.txt EXHIBIT 99.1 ------------ AMLI 125 South Wacker Drive RESIDENTIAL Chicago, Illinois 60606 Phone: 312.443.1477 Fax: 312.443.0909 www.amli.com PRESS RELEASE FOR IMMEDIATE RELEASE --------------------- April 26, 2005 For More Information, Contact: Robert J. Chapman, Chief Financial Officer (312) 984-6845 AMLI RESIDENTIAL ANNOUNCES FIRST QUARTER OPERATING RESULTS AND DECLARES DIVIDEND ------------------------------------------------------------------------- (CHICAGO, IL) AMLI RESIDENTIAL PROPERTIES TRUST (NYSE: AML) announces today operating results for the first quarter ended March 31, 2005. EARNINGS -------- Net income for the quarter ended March 31, 2005 was $22,411,000 as compared to $6,719,000 for the quarter ended March 31, 2004, an increase of 233.5%. Diluted Earnings Per Share ("EPS") for the quarter ended March 31, 2005 was $0.76 compared to $0.21 for the same period a year earlier, an increase of 261.9%. The primary reason for the substantial increase in earnings between the years was that AMLI recognized $22,938,000, or $0.85 per share, of gain from the sales of three communities in the first quarter of 2005 compared to the first quarter of 2004 when AMLI recognized $2,648,000, or $0.10 per share, from the sale of an interest in a community owned by a joint venture partnership. Funds From Operations ("FFO") for the first quarter 2005 were $13,277,000, or $0.43 per common share, compared to $15,678,000, or $0.56 per common share, for the first quarter 2004, a per share decrease of 23.2%. Actual results for the first quarter were consistent with AMLI's most recent guidance and First Call's most recent estimate. "The first quarter's results were as we expected," commented Robert J. Chapman, AMLI Chief Financial Officer. "Additionally, we are reaffirming our prior guidance for the remaining three quarters of the year." FIRST QUARTER ACTIVITIES ------------------------ During the first quarter, AMLI purchased AMLI at Lantana Hills (264 apartments) in Austin, Texas and AMLI at McGinnis Ferry (696 apartments) in Gwinnett County, Georgia. The Company also sold AMLI at Chase Oaks (250 apartments) and AMLI at Bent Tree (500 apartments), both in Dallas, Texas and AMLI in Great Hills (344 apartments) in Austin, Texas. AMLI also completed the initial lease-up and stabilization of AMLI at Walnut Creek (460 apartments) in Austin, Texas. SAME COMMUNITY RESULTS ---------------------- On a combined same community basis, which includes both wholly-owned and co-investment communities (at 100%), for the quarter ended March 31, 2005 versus the prior year's comparable quarter, total community revenue remained unchanged (reflecting an increase in weighted average occupancy to 92.9% from 92.6% and a decrease in weighted average collected revenue per occupied unit of 0.5%), operating expenses increased by 4.0%, and net operating income ("NOI") decreased by 2.6%. Comparing the first quarter of 2005 to the preceding quarter, total community revenue decreased by 0.9% (reflecting a decrease in weighted average occupancy of 0.7% from 93.6% and a decrease in weighted average collected revenue per occupied unit of 0.2%), operating expenses increased 1.4%, and NOI decreased 2.5%. OUTLOOK ------- AMLI's current expectation for FFO for the full year 2005 remains in the range of $1.96 to $2.08 per share (generally plus or minus $0.02 per share per quarter based on the current mid-range estimates of $$0.51, $0.53, and $0.55 per share per quarter and a mid-point of $2.02 per share). The following chart reconciles AMLI's current FFO per share guidance to EPS: Actual Full Q1 Q2 Q3 Q4 Year ------- ------- ------- ------- ------- EPS per Common Share $ 0.76 $ 0.21 $ 2.62 $ 0.17 $ 3.74 Gains on Sales ($ 0.85) ($ 0.19) ($ 2.58) ($ 0.00) ($ 3.62) Depreciation $ 0.45 $ 0.43 $ 0.40 $ 0.34 $ 1.63 Adjustment for Preferred Shares $ 0.07 $ 0.06 $ 0.09 $ 0.04 $ 0.27 FFO per Share $ 0.43 $ 0.51 $ 0.53 $ 0.55 $ 2.02 Note: "Gains on sales" and "depreciation" include AMLI's shares from co-investment partnerships. DIVIDEND -------- Yesterday, the Board of Trustees declared a quarterly dividend of $0.48 per common share. This dividend is payable on May 17, 2005 to all common shareholders of record as of May 6, 2005 and is based on an annual dividend rate of $1.92 per common share. SHAREHOLDER MEETING ------------------- Yesterday at the Company's annual meeting of shareholders, Bruce P. Bickner, Laura D. Gates, Marc S. Heilweil and Gregory T. Mutz were elected to serve as members of AMLI's Board of Trustees. In other business, the proposal to amend the Company's Declaration of Trust to eliminate the classification of Board of Trustees passed, and the appointment of KPMG LLP as AMLI's Independent Registered Public Accounting Firm for the fiscal year ending December 31, 2005 was ratified. CONFERENCE CALL --------------- AMLI will hold a conference call on Wednesday, April 27, 2005 at 3:30 p.m. Eastern Time. The toll-free number for the call is (800) 500-0177 - Passcode: AMLI, and should be accessed approximately 5 minutes prior to conference time. A live webcast of the conference call will also be available in the 'Company Info' section on AMLI's website (www.amli.com/comp/) and at www.streetevents.com. Additionally, an on-line replay of the webcast will be available for 60 days following the call. SUPPLEMENTAL INFORMATION ------------------------ AMLI produces Quarterly Supplemental Information that provides detailed information regarding the Company's activities during the quarter. The First Quarter Supplemental Information is available in the 'Company Info' section on our website (www.amli.com/comp/) under 'Shareholder Reports.' DEFINITIONS ----------- This press release and the Quarterly Supplemental Information described above contain certain non-GAAP ("Generally Accepted Accounting Principles") information that is generally provided by most publicly-traded residential REITs. AMLI uses this information internally to measure its performance and/or liquidity and to compare its performance to other REITs in its peer group, and believes that this information may be of interest and use to the investment community for the same reason. Except where indicated, community revenue, community expenses, net operating income ("NOI") and earnings before interest, taxes, depreciation and amortization ("EBITDA") are computed based on various line items included in our consolidated statements of income prepared in accordance with GAAP. Where indicated, this information is presented on a basis that includes AMLI's proportionate share of the non-GAAP financial measures of its co-investment partnerships. Reconciliations of all non-GAAP financial measures to GAAP financial measures are included in the Company's Quarterly Supplemental Financial information, primarily pages 18 and 19. EBITDA is NOI (including AMLI's proportionate share of the NOI of its co- investment partnerships) plus all fees and interest income and income from the Service Companies and gains or losses from sales or valuation of land and other income, less general and administration expense. FUNDS FROM OPERATIONS ("FFO") is EBITDA less interest expense (including AMLI's proportionate share of the interest expense of its co-investment partnerships and amortization of deferred financing expense) and any income taxes. FFO computed in this manner is equal to FFO as defined in NAREIT's white paper, which definition is "net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures." Additional definitions can be found in the Quarterly Supplemental Information. ABOUT AMLI ---------- The AMLI portfolio currently includes 74 apartment communities containing 27,920 apartment homes, with an additional 1,394 apartment homes under development or in lease-up in four locations. AMLI is focused on the development, acquisition and management of institutional quality multifamily communities in the Southeast, Southwest, Midwest and Mountain regions of the U.S. AMLI Residential also serves as institutional advisor and asset manager for large pension funds, tax-exempt foundations and other financial institutions through AMLI's co-investment business. AMLI employs approximately 850 people who are dedicated to achieving AMLI's mission--Provide An Outstanding Living Environment For Our Residents. More information on AMLI is available at www.amli.com. FORWARD-LOOKING STATEMENTS -------------------------- Certain matters discussed in this press release are forward-looking statements within the meaning of Federal Securities Law. Although the Company believes expectations reflected in such forward looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking statements can be identified by the Company's use of the words "project," "believe," "expect," "anticipate," "intend," "estimate," "assume," and other similar expressions that predict or indicate future events, achievements or trends or that do not relate to historical matters. The Company does not assure the future results or outcome of the matters described in forward-looking statements; rather, these statements merely reflect the Company's current expectations of the approximate outcomes of the matters discussed. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control. The reader is cautioned to make his/her own judgment with regard to the statements discussed in this press release and the assumption noted by the Company herein. The Company is making forward-looking statements because it believes investors, analysts and others, many of whom prepare models and projections of the Company's performance, are interested in the Company's current estimates of its future activities. The Company advises such parties to make their own determination of any relevant or material assumption used by them. Many factors may cause the Company's actual performance in any period or periods to differ materially from the anticipated future performance expressed or implied by these forward-looking statements. Certain of the factors that could cause the Company's actual performance to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, general economic conditions, local real estate conditions, the timely development and lease-up of communities, other risks detailed from time to time in the Company's SEC reports, including the annual report on form 10-K for the year ended December 31, 2004. # # # # EXHIBIT 99.2 ------------ AMLI RESIDENTIAL ------------------------------------------------------------ FIRST QUARTER 2005 SUPPLEMENTAL OPERATING AND FINANCIAL DATA ------------------------------------------------------------ [ graphics indicating property / caption reading "AMLI at McGinnis Ferry (Atlanta) & AMLI at Lantana Hills (Austin) Acquired First Quarter 2005 ] AMLI RESIDENTIAL PROPERTIES TRUST 125 South Wacker Drive Chicago, Illinois 60606 Phone: (312) 443-1477 Fax: (312) 443-0909 www.amli.com ------------ Certain matters discussed in this supplemental package and the conference call held in connection herewith are forward looking statements within the meaning of Federal Securities Law. Although the Company believes expectations reflected in such forward looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward looking statements can be identified by the Company's use of the words "project," "believe," "expect," "anticipate," "intend," "estimate," "assume," and other similar expressions that predict or indicate future events, achievements or trends or that do not relate to historical matters. The Company is making forward looking statements because it believes that investors, analysts, and others, many of whom prepare models and projections of the Company's performance, are interested in the Company's current estimates of future activities. The Company advises such parties to make their own determination of any relevant or material assumption used by them. Many factors may cause the Company's actual performance in any period or periods to differ materially from the anticipated future performance expressed or implied by these forward looking statements. Certain of the factors that could cause the Company's actual performance to differ materially from those expressed or implied by these forward looking statements include, but are not limited to, general economic conditions, local real estate conditions, the timely development and lease-up of communities, other risk detailed from time to time in the Company's SEC reports, including the annual report on Form 10-K for the year ended December 31, 2004. AMLI RESIDENTIAL TABLE OF CONTENTS Page ---- SUMMARY INFORMATION Description of AMLI and Investor Information . . . . . . . . . . 1 Earnings Release . . . . . . . . . . . . . . . . . . . . . . . . 2 Selected Financial and Operating Information . . . . . . . . . . 6 Funds From Operations. . . . . . . . . . . . . . . . . . . . . . 14 Statements of Operations . . . . . . . . . . . . . . . . . . . . 16 Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . 19 DEBT AND PREFERRED SHARES Debt and Preferred Shares Summary. . . . . . . . . . . . . . . . 22 Debt Maturities. . . . . . . . . . . . . . . . . . . . . . . . . 25 SAME STORE AND NOI DATA Quarterly Comparison of Same Store Communities . . . . . . . . . 27 Quarterly Comparison of Components of NOI. . . . . . . . . . . . 40 OTHER DATA Co-Investment Compensation . . . . . . . . . . . . . . . . . . . 43 Service Companies Financial Information. . . . . . . . . . . . . 44 PORTFOLIO Stabilized Communities . . . . . . . . . . . . . . . . . . . . . 48 Development Summary. . . . . . . . . . . . . . . . . . . . . . . 54 Land Held for Development or Sale. . . . . . . . . . . . . . . . 58 Acquisition and Disposition Summary. . . . . . . . . . . . . . . 59 NON-GAAP FINANCIAL MEASURES Definition of Non-GAAP Financial Measures. . . . . . . . . . . . 61 Reconciliation Between Net Income and FFO and AFFO . . . . . . . 63 Reconciliation Between Net Income and Consolidated NOI . . . . . 65 First Quarter 2005 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL COMPANY DESCRIPTION INVESTOR INFORMATION AMLI Residential (or AMLI) is an integrated, self-managed real estate operating company that was formed in February 1994 to continue and expand the multifamily property business previously conducted by AMLI Realty Co., our predecessor company, which has been in business since 1980. AMLI is structured as an UPREIT, or umbrella partnership real estate investment trust, and we own interests in properties and conduct our business through AMLI Residential Properties, L.P., (the Operating Partnership or OP). The sole general partner of the OP is AMLI Residential Properties Trust, the public company whose shares of beneficial interest are traded on the NYSE under the symbol "AML." Our business is the development, acquisition and management of upscale apartment communities in the Southeast, Southwest, Midwest and Mountain regions of the United States. We also serve as an institutional advisor and asset manager for domestic and international, tax-exempt and taxable investors in connection with our joint venture co-investment business. A summary schedule of our investment communities is included in this Supplement. We operate all of our communities under the AMLI [registered trademark] brand name, representing our commitment to high quality, exceptional service and superior value. We have corporate offices in Atlanta, Dallas, Indianapolis and Kansas City, in addition to our main office in Chicago. We employ approximately 850 people who are dedicated to our mission ... To Provide an Outstanding Living Environment For Our Residents. For additional information on AMLI, please visit our website at www.amli.com. The following information is presented as a supplement to our other public reporting, including our Form 10-Q and Form 10-K, both of which can be found on our website or through the SEC's EDGAR database. We hope that the information contained herein is helpful to you. We encourage your feedback and any suggestions, which you believe will help us provide better disclosure to you. Please contact either of: Robert Chapman Executive Vice President & CFO 312.984.6845 rchapman@amli.com Sue Bersh Vice President - Corporate Communications 312.984.2607 sbersh@amli.com Thank you for your interest in AMLI Residential. AML LISTED NYSE First Quarter 2005 Page 1 Supplemental Information AMLI Residential Properties Trust 125 South Wacker Drive AMLI RESIDENTIAL Suite 3100 Chicago, Illinois 60606 Phone: 312.443.1477 Fax: 312.443.0909 www.amli.com PRESS RELEASE FOR IMMEDIATE RELEASE --------------------- April 26, 2005 For More Information, Contact: Robert J. Chapman, Chief Financial Officer (312) 984-6845 AMLI RESIDENTIAL ANNOUNCES FIRST QUARTER OPERATING RESULTS AND DECLARES DIVIDEND ------------------------------------------------------------------------- (CHICAGO, IL) AMLI RESIDENTIAL PROPERTIES TRUST (NYSE: AML) announces today operating results for the first quarter ended March 31, 2005. EARNINGS -------- Net income for the quarter ended March 31, 2005 was $22,411,000 as compared to $6,719,000 for the quarter ended March 31, 2004, an increase of 233.5%. Diluted Earnings Per Share ("EPS") for the quarter ended March 31, 2005 was $0.76 compared to $0.21 for the same period a year earlier, an increase of 261.9%. The primary reason for the substantial increase in earnings between the years was that AMLI recognized $22,938,000, or $0.85 per share, of gain from the sales of three communities in the first quarter of 2005 compared to the first quarter of 2004 when AMLI recognized $2,648,000, or $0.10 per share, from the sale of an interest in a community owned by a joint venture partnership. Funds From Operations ("FFO") for the first quarter 2005 were $13,277,000, or $0.43 per common share, compared to $15,678,000, or $0.56 per common share, for the first quarter 2004, a per share decrease of 23.2%. Actual results for the first quarter were consistent with AMLI's most recent guidance and First Call's most recent estimate. "The first quarter's results were as we expected," commented Robert J. Chapman, AMLI Chief Financial Officer. "Additionally, we are reaffirming our prior guidance for the remaining three quarters of the year." FIRST QUARTER ACTIVITIES ------------------------ During the first quarter, AMLI purchased AMLI at Lantana Hills (264 apartments) in Austin, Texas and AMLI at McGinnis Ferry (696 apartments) in Gwinnett County, Georgia. The Company also sold AMLI at Chase Oaks (250 apartments) and AMLI at Bent Tree (500 apartments), both in Dallas, Texas and AMLI in Great Hills (344 apartments) in Austin, Texas. AMLI also completed the initial lease-up and stabilization of AMLI at Walnut Creek (460 apartments) in Austin, Texas. First Quarter 2005 Page 2 Supplemental Information AMLI Residential Properties Trust SAME COMMUNITY RESULTS ---------------------- On a combined same community basis, which includes both wholly-owned and co-investment communities (at 100%), for the quarter ended March 31, 2005 versus the prior year's comparable quarter, total community revenue remained unchanged (reflecting an increase in weighted average occupancy to 92.9% from 92.6% and a decrease in weighted average collected revenue per occupied unit of 0.5%), operating expenses increased by 4.0%, and net operating income ("NOI") decreased by 2.6%. Comparing the first quarter of 2005 to the preceding quarter, total community revenue decreased by 0.9% (reflecting a decrease in weighted average occupancy of 0.7% from 93.6% and a decrease in weighted average collected revenue per occupied unit of 0.2%), operating expenses increased 1.4%, and NOI decreased 2.5%. OUTLOOK ------- AMLI's current expectation for FFO for the full year 2005 remains in the range of $1.96 to $2.08 per share (generally plus or minus $0.02 per share per quarter based on the current mid-range estimates of $$0.51, $0.53, and $0.55 per share per quarter and a mid-point of $2.02 per share). The following chart reconciles AMLI's current FFO per share guidance to EPS: Actual Full Q1 Q2 Q3 Q4 Year ------- ------- ------- ------- ------- EPS per Common Share $ 0.76 $ 0.21 $ 2.62 $ 0.17 $ 3.74 Gains on Sales ($ 0.85) ($ 0.19) ($ 2.58) ($ 0.00) ($ 3.62) Depreciation $ 0.45 $ 0.43 $ 0.40 $ 0.34 $ 1.63 Adjustment for Preferred Shares $ 0.07 $ 0.06 $ 0.09 $ 0.04 $ 0.27 FFO per Share $ 0.43 $ 0.51 $ 0.53 $ 0.55 $ 2.02 Note: "Gains on sales" and "depreciation" include AMLI's shares from co-investment partnerships. DIVIDEND -------- Yesterday, the Board of Trustees declared a quarterly dividend of $0.48 per common share. This dividend is payable on May 17, 2005 to all common shareholders of record as of May 6, 2005 and is based on an annual dividend rate of $1.92 per common share. SHAREHOLDER MEETING ------------------- Yesterday at the Company's annual meeting of shareholders, Bruce P. Bickner, Laura D. Gates, Marc S. Heilweil and Gregory T. Mutz were elected to serve as members of AMLI's Board of Trustees. In other business, the proposal to amend the Company's Declaration of Trust to eliminate the classification of Board of Trustees passed, and the appointment of KPMG LLP as AMLI's Independent Registered Public Accounting Firm for the fiscal year ending December 31, 2005 was ratified. First Quarter 2005 Page 3 Supplemental Information AMLI Residential Properties Trust CONFERENCE CALL --------------- AMLI will hold a conference call on Wednesday, April 27, 2005 at 3:30 p.m. Eastern Time. The toll-free number for the call is (800) 500-0177 - Passcode: AMLI, and should be accessed approximately 5 minutes prior to conference time. A live webcast of the conference call will also be available in the 'Company Info' section on AMLI's website (www.amli.com/comp/) and at www.streetevents.com. Additionally, an on-line replay of the webcast will be available for 60 days following the call. SUPPLEMENTAL INFORMATION ------------------------ AMLI produces Quarterly Supplemental Information that provides detailed information regarding the Company's activities during the quarter. The First Quarter Supplemental Information is available in the 'Company Info' section on our website (www.amli.com/comp/) under 'Shareholder Reports.' DEFINITIONS ----------- This press release and the Quarterly Supplemental Information described above contain certain non-GAAP ("Generally Accepted Accounting Principles") information that is generally provided by most publicly-traded residential REITs. AMLI uses this information internally to measure its performance and/or liquidity and to compare its performance to other REITs in its peer group, and believes that this information may be of interest and use to the investment community for the same reason. Except where indicated, community revenue, community expenses, net operating income ("NOI") and earnings before interest, taxes, depreciation and amortization ("EBITDA") are computed based on various line items included in our consolidated statements of income prepared in accordance with GAAP. Where indicated, this information is presented on a basis that includes AMLI's proportionate share of the non-GAAP financial measures of its co-investment partnerships. Reconciliations of all non-GAAP financial measures to GAAP financial measures are included in the Company's Quarterly Supplemental Financial information, primarily pages 18 and 19. EBITDA is NOI (including AMLI's proportionate share of the NOI of its co- investment partnerships) plus all fees and interest income and income from the Service Companies and gains or losses from sales or valuation of land and other income, less general and administration expense. FUNDS FROM OPERATIONS ("FFO") is EBITDA less interest expense (including AMLI's proportionate share of the interest expense of its co-investment partnerships and amortization of deferred financing expense) and any income taxes. FFO computed in this manner is equal to FFO as defined in NAREIT's white paper, which definition is "net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures." Additional definitions can be found in the Quarterly Supplemental Information. First Quarter 2005 Page 4 Supplemental Information AMLI Residential Properties Trust ABOUT AMLI ---------- The AMLI portfolio currently includes 74 apartment communities containing 27,920 apartment homes, with an additional 1,394 apartment homes under development or in lease-up in four locations. AMLI is focused on the development, acquisition and management of institutional quality multifamily communities in the Southeast, Southwest, Midwest and Mountain regions of the U.S. AMLI Residential also serves as institutional advisor and asset manager for large pension funds, tax-exempt foundations and other financial institutions through AMLI's co-investment business. AMLI employs approximately 850 people who are dedicated to achieving AMLI's mission--Provide An Outstanding Living Environment For Our Residents. More information on AMLI is available at www.amli.com. FORWARD-LOOKING STATEMENTS -------------------------- Certain matters discussed in this press release are forward-looking statements within the meaning of Federal Securities Law. Although the Company believes expectations reflected in such forward looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking statements can be identified by the Company's use of the words "project," "believe," "expect," "anticipate," "intend," "estimate," "assume," and other similar expressions that predict or indicate future events, achievements or trends or that do not relate to historical matters. The Company does not assure the future results or outcome of the matters described in forward-looking statements; rather, these statements merely reflect the Company's current expectations of the approximate outcomes of the matters discussed. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control. The reader is cautioned to make his/her own judgment with regard to the statements discussed in this press release and the assumption noted by the Company herein. The Company is making forward-looking statements because it believes investors, analysts and others, many of whom prepare models and projections of the Company's performance, are interested in the Company's current estimates of its future activities. The Company advises such parties to make their own determination of any relevant or material assumption used by them. Many factors may cause the Company's actual performance in any period or periods to differ materially from the anticipated future performance expressed or implied by these forward-looking statements. Certain of the factors that could cause the Company's actual performance to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, general economic conditions, local real estate conditions, the timely development and lease-up of communities, other risks detailed from time to time in the Company's SEC reports, including the annual report on form 10-K for the year ended December 31, 2004. # # # # First Quarter 2005 Page 5 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION QUARTER ENDED Unaudited (Dollars in thousands, except for share data)

AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION QUARTER ENDED Unaudited (Dollars in thousands, except for share data)

AMLI RESIDENTIAL SELECTED FINANCIAL AND OPERATING INFORMATION QUARTER ENDED Unaudited (Dollars in thousands, except for share data)

AMLI RESIDENTIAL FUNDS FROM OPERATIONS QUARTER ENDED Unaudited (Dollars in thousands, except for share data)

AMLI RESIDENTIAL CONSOLIDATED (a) STATEMENTS OF OPERATIONS QUARTER ENDED Unaudited (Dollars in thousands, except for share data)

AMLI RESIDENTIAL CONSOLIDATED (a) BALANCE SHEETS (Unaudited, dollars in thousands)

AMLI RESIDENTIAL CONSOLIDATED (a) BALANCE SHEETS - CONTINUED (Unaudited, dollars in thousands)

AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY MARCH 31, 2005 (Unaudited, dollars in thousands)

AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY MARCH 31, 2005 (Unaudited, dollars in thousands)

AMLI RESIDENTIAL DEBT AND PREFERRED SHARES SUMMARY - CONTINUED MARCH 31, 2005 (Unaudited, dollars in thousands) (d) The following summarizes interest rate limitation and swap contracts associated with the Credit Facilities:

AMLI RESIDENTIAL DEBT MATURITIES MARCH 31, 2005 (Unaudited, dollars in thousands)

AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) QUARTER ENDED (Unaudited, dollars in thousands) AVERAGE PHYSICAL OCCUPANCY (b) ------------------------------

AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) - CONTINUED QUARTER ENDED (Unaudited, dollars in thousands) WEIGHTED AVERAGE COLLECTED REVENUE PER OCCUPIED UNIT (c) --------------------------------------------------------

AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) QUARTER ENDED (unaudited, dollars in thousands) TOTAL REVENUES (b) ------------------

AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) QUARTER ENDED (Unaudited, dollars in thousands except per apartment home) OPERATING EXPENSES ------------------

AMLI RESIDENTIAL SAME STORE COMMUNITIES (a) - CONTINUED QUARTER ENDED (Unaudited, dollars in thousands except per apartment home) CAPITAL EXPENDITURES (b) ------------------------

AMLI RESIDENTIAL SAME STORE COMMUNITIES TOTAL RENTAL REVENUE The following graphs present same store community monthly total revenue for the first three months of 2005 in black, compared to monthly total revenue for the twelve months of 2004 in gray. Commentary and financial data relate to "Combined" operations, including partnership communities at 100%. Note that occupancy changes are disclosed in absolute terms, and economic data is as of February 2005. ALL COMMUNITIES --------------- For the first quarter of 2005 compared to the first quarter of 2004, same community total revenue was flat, while expenses grew 4.0%, producing a net operating income (NOI) decrease of 2.6%. The flat total revenues resulted from a 0.4% increase in rental income and a 5.4% decrease in other income. The increase in rental income was due to a 0.3% increase in occupancy to 92.9% as collected rents were unchanged. Overall, collected rent per occupied unit was down in three of AMLI's eight markets, whereas occupancies were up in five of eight markets. The decrease in other income was primarily attributable to decreases in cable and telephone revenues and leasing-related fees. Much of the increase in operating expenses reflects the fact that expense in last year's first quarter was less than normal, due to the timing of some major repair and maintenance projects. Sequentially, comparing the current quarter to the fourth quarter of 2004, total revenue was down 0.9%, and expenses increased 1.4%, resulting in an NOI decrease of 2.5%. The change in total revenue was caused by a 0.6% decrease in rental income and a 4.9% decrease in other income, reflecting a typical seasonal occurrence. Overall employment in all of AMLI's markets increased during the twelve months ended February 2005. DALLAS/FT. WORTH ---------------- DALLAS/FT. WORTH same community total revenue, operating expenses and NOI for the first quarter decreased 0.1%, increased 10.5%, and decreased 7.6%, respectively, compared to the same period in 2004. The decrease in total revenue was due to other income decreasing by 6.5% on a year over year basis due to lower telephone revenues, and lower collections in several fee categories. The increase in operating expenses is attributable to the timing of repairs and maintenance noted above. On a sequential basis compared to the prior quarter, total revenue decreased 0.6% due to decreases in occupancy and other income of 0.5% and 2.9%, respectively. However, operating expenses decreased 0.2% resulting in a sequential decrease in NOI of 0.9%. Job growth has improved significantly in the region as the D/FW metroplex added 50,000 jobs in the trailing 12 months ended February 2005. On the other hand, permit activity has increased over the past year as 9,734 permits were issued representing 1.8% of existing stock, up from 7,925 from the previous period, for the year ending February, 2005. First Quarter 2005 Page 35 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SAME STORE COMMUNITIES TOTAL REVENUE - CONTINUED ATLANTA ------- ATLANTA same community total revenue and NOI increased 2.1% and 2.2%, respectively, compared to the same quarter a year ago. Expenses increased by 1.9% for the same period. The positive performance in total revenue was the result of a 2.4% increase in rental income, and a 1.5% decrease in other income. The rise in rental income is the result of increases in collected rent per occupied unit and occupancy of 1.0% and 1.3%, respectively. Sequentially, comparing the current quarter to the fourth quarter of 2004, total revenue and expenses increased 0.1% and 1.7%, respectively, leading to a decrease in NOI of 0.9%. The increase in total revenue was the result of a 2.5% decrease in other income, as rental income grew by 0.3%. The increase in rental income was due to a 0.3% increase in collected rent per occupied unit; occupancy was unchanged at 95.1%. The challenge in Atlanta remains absorption of new supply, with 15,956 units permitted for the year ended February 2005, which represents a 37% increase from the same period of a year ago, and a 4.1% increase to the existing apartment stock. An improving employment outlook provides optimism that demand will be able to keep up with the new supply. For the year ended February 2005 employment posted a gain of 21,400 jobs, or a modest 1.0% growth rate compared to net job loss over the past three years. CHICAGO ------- CHICAGO same community quarterly NOI for the first quarter of 2005 compared to a year ago was flat on a decrease in total revenue of 0.2%, and a 0.5% decrease in operating expenses. The revenue decrease was the result of a 0.7% increase in rental income and a 12.1% decrease in other income, primarily due to lower cable revenues. The increase in rental income was driven by a 0.7% increase in occupancy to 93.7%, while collected rent per occupied unit remained unchanged. Sequentially, comparing the current quarter to the last quarter of 2004, total revenues were down 0.6%, operating expenses increased 1.7% and NOI decreased 2.1%. Rental income was up 0.3%, while other income was down 12.3%. The change in rental income was due to a 0.2% decrease in occupancy and a 0.5% increase in collected rent per occupied unit. The employment picture continues to improve in Chicago as the metro added 24,600 jobs for the year ended February 2005, which represents a 0.7% growth rate. On the supply side, the Chicago metro issued permits for 9,131 new multi-family units, representing 1.4% of existing apartment stock, for the year ended February 2005, a 16% decrease from the same period of a year ago. It should again be noted that in Chicago a significant portion of permits issued are for 'for-sale' housing and will not directly compete with 'for-rent' product. Our market research shows approximately 1,700 institutional grade apartment units currently under construction in the Chicago metropolitan area, a very small number of new units for a market the size of Chicago. First Quarter 2005 Page 36 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SAME STORE COMMUNITIES TOTAL REVENUE - CONTINUED AUSTIN ------ AUSTIN same community total revenue, operating expenses and NOI for the first quarter of 2005 increased 0.7%, increased 15.4%, and decreased 11.7%, respectively, compared to the same period in 2004. The increase in total revenue was the result of a 1.8% increase in occupancy. Collected rents per occupied unit decreased by 0.7% over the same period last year. The increase in operating expenses is primarily due to timing variances in repairs and maintenance in 2004. On a sequential basis comparing the current quarter to the fourth quarter of 2004, total revenue decreased by 1.6%, due to decreases in rental income, other income, and occupancy of 1.4%, 4.8%, and 1.1%, respectively. Operating expenses increased by 16.1%, again primarily due to the timing of repairs and maintenance projects, resulting in a decrease in net operating income of the timing of 15.8% from last quarter. Supply and demand fundamentals continue to improve in the region as job growth continues to gain momentum. Approximately 18,700 jobs were added in the previous 12 months ended February 2005, up from a 6,800 job gain during the same period a year ago. Permit activity remains relatively stable as 2,462 permits (1.6% of existing stock) were issued for the same period. KANSAS CITY ----------- KANSAS CITY same community total revenue and NOI decreased 1.9% and 2.4%, respectively, for the first quarter of 2005 compared to the first quarter 2004. Expenses in the current quarter compared to last year decreased 1.0%. Rental income for the first quarter decreased 2.0% versus the same period of a year ago due to a decline in occupancy of 2.0% to 90.4%. Collected rent per occupied unit grew slightly by 0.1%. Other income decreased by 0.9% for the period. On a sequential basis, comparing the current quarter to the last quarter of 2004, total revenue decreased 1.5%, but operating expenses also decreased by 10.3%, leading to a NOI increase of 3.9%. Rental income decreased 1.8%, resulting from a 1.5% drop in occupancy during the quarter, while collected rent per occupied unit decreased by 0.2%. Other income increased by 2.4% from last quarter. Supply/demand fundamentals in Kansas are continuing to strengthen, as there have been positive trends in both job growth and multi-family permits. For the year ended February 2005 the Kansas City metro area gained 20,000 jobs, a positive 2.1% growth rate, and a marked improvement on the 3,200 jobs lost for the same period of a year ago. In addition, multi-family permits have trended down over the past year. For the year ended February 2005 authorized permits totaled 1,175 units, a 29% decrease over the same period of a year ago, and represents a 0.9% increase to the existing apartment stock. First Quarter 2005 Page 37 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SAME STORE COMMUNITIES TOTAL REVENUE - CONTINUED INDIANAPOLIS ------------ INDIANAPOLIS same community total revenue increased 1.1%, expenses decreased 1.8%, and NOI increased 3.1% for the first quarter 2005 versus the same period of a year ago. Rental income on a year over year basis was up 1.7%, as occupancy and collected rent per occupied unit gained 1.1% and 0.1%, respectively, compared to the same period in 2004. Other income experienced a decrease of 7.6% due to lower cable revenues. During the first quarter, traffic and rental activity decreased 8.0% and 23.2%, respectively, versus the same period of last year. Sequentially, total revenue decreased 0.5%, expenses increased 8.1%, and NOI decreased 5.7% from the fourth quarter 2004. The revenue decline was due to a 0.1% increase in rental income, as a result of a 0.1% increase in both occupancy and collected rent per occupied unit, and a decrease in other income of 8.9%. Demand fundamentals in Indianapolis appear to be gaining strength as strong job growth has returned to the metro. The BLS reported job gains of 24,400 for the year ended February 2005, a 2.9% growth rate. On the supply side 2,437 multi-family permits have been authorized over the past year, which is an 18% increase from the same period of a year ago, and represents a 2.0% increase to the existing apartment stock. HOUSTON ------- HOUSTON same community total revenue, operating expenses and NOI decreased 2.1%, 0.2%, and 3.6%, respectively, compared to the same period in 2004. Rental income for the first quarter decreased 1.5% due to a decrease in occupancy and collected rent per occupied unit of 0.8% and 0.6%, respectively. On a sequential basis, total revenue decreased 2.7% from the current quarter compared to the previous quarter, due primarily to decreases in occupancy and other income of 1.6% and 13.3%, respectively. Operating expenses increased 4.8%, primarily due to an increase of real estate taxes over last quarter. Houston continues to be faced with challenging supply fundamentals as permit activity remains high with 11,355 permits (2.4% of existing stock) issued for the year ended February 2005. On the demand side, Houston is beginning to show signs of a solid rebound as the economy improves. The market registered an increase of approximately 22,400 jobs for the twelve months ended February 2005. First Quarter 2005 Page 38 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL SAME STORE COMMUNITIES TOTAL REVENUE - CONTINUED DENVER ------ DENVER same community total revenue decreased by 1.9%, expenses increased by 1.7%, and NOI fell by 3.6% for the quarter, compared to first quarter, 2004. Rental income on a year over year basis fell 2.6%. Collected rent per occupied unit was down 2.3%, and occupancy fell to 90.2%, down 0.4% on a year over year basis. Other income limited the decline in total revenue by growing 5.2% for the quarter on higher fee collection. On a sequential basis, total revenue and expenses decreased, and NOI increased 2.9%, 9.9%, and 0.8%, respectively, from the fourth quarter 2004. The expense decrease versus the prior quarter was primarily due to lower real estate tax expense. Rental income decreased 3.2% from the fourth quarter, as collected rent per occupied unit and occupancy fell by 0.4% and 2.6%, respectively. Other income increased by 0.2% over last quarter. The Denver metro is beginning to see strengthening supply/demand fundamentals as job growth has turned positive and the authorization of multi-family permits has slowed dramatically. For the year ended February 2005, the metro area experienced a gain of 29,700 jobs, a positive 2.6% growth rate, which is in sharp contrast to the 10,000 jobs lost during the same period of one year ago. Additional positive news in Denver has been the decline in multi-family permitting over the past thirty-six months. First Quarter 2005 Page 39 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL COMPONENTS OF NOI QUARTER ENDED MARCH 31 (Dollars in thousands)

AMLI RESIDENTIAL CO-INVESTMENT COMPENSATION QUARTER ENDED (Dollars in thousands)

AMLI RESIDENTIAL SERVICE COMPANIES FINANCIAL INFORMATION QUARTER ENDED Unaudited (Dollars in thousands) COMBINED CONDENSED STATEMENTS OF OPERATIONS -------------------------------------------

AMLI RESIDENTIAL SERVICE COMPANIES FINANCIAL INFORMATION (Dollars in thousands) COMBINED CONDENSED FINANCIAL POSITION -------------------------------------

AMLI RESIDENTIAL STABILIZED COMMUNITIES MARCH 31, 2005

AMLI RESIDENTIAL DEVELOPMENT SUMMARY MARCH 31, 2005 (Dollars in thousands)

AMLI RESIDENTIAL DEVELOPMENT SUMMARY MARCH 31, 2005 (Dollars in thousands)

AMLI RESIDENTIAL LAND HELD FOR DEVELOPMENT OR SALE MARCH 31, 2005 Number of Apartment Market/Community Submarket Homes ---------------- --------- --------- ATLANTA, GA ----------- AMLI at: Perimeter Gardens (a) Dunwoody 247 Barrett Lakes III Kennesaw 180 AUSTIN, TX ---------- AMLI at: Anderson Mill Phase I (a) Northwest Austin 288 Anderson Mill Phase II Northwest Austin 225 FORT WORTH, TX -------------- AMLI at Fossil Lake (owned by the Service Companies) North Forth Worth 300 HOUSTON, TX ----------- AMLI at Champions II Northwest Houston 288 KANSAS CITY, KS --------------- AMLI at: Clear Creek I (a) Overland Park 288 Clear Creek II Overland Park 104 INDIANAPOLIS, IN ---------------- AMLI at Prairie Lakes (120 acres held for sale by the Service Companies) Noblesville N/A ------ Total 1,920 ====== Note: (a) In active development planning in anticipation of start of construction in 2005. First Quarter 2005 Page 58 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL ACQUISITION AND DISPOSITION SUMMARY QUARTER ENDED MARCH 31, 2005 AND YEAR ENDED DECEMBER 31, 2004 (Dollars in thousands)

AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES MARCH 31, 2005 This Quarterly Supplemental Information contains certain non-GAAP ("Generally Accepted Accounting Principles") information that is generally provided by most publicly-traded residential REITs and that we believe may be of interest and use to the investment community. Reconciliations of all non-GAAP financial measures to GAAP financial measures are included at the end of this Supplemental Operating and Financial Data. DEFINITIONS OF NON-GAAP FINANCIAL MEASURES NOI AND EBITDA -------------- Except where indicated, community revenue, community expenses, net operating income ("NOI") and earnings before interest, taxes, depreciation and amortization ("EBITDA") are computed based on various line items included in our consolidated statements of income prepared in accordance with GAAP. Where indicated, this information is presented on a basis that includes AMLI's proportionate share of the non-GAAP financial measures of its co-investment partnerships. NOI from one community is the community revenue less the community expenses for that property. NOI for all communities is the community revenue from all communities less the community expenses for all communities. EBITDA is NOI (including AMLI's proportionate share of the NOI of its co- investment partnerships) plus all fees and interest income and income from the Service Companies and gains or losses from sales or valuation of land and other income, less general and administrative expenses. COMMUNITY REVENUE ----------------- COMMUNITY REVENUE comprises that portion of total revenue collected or due from leases at AMLI's rental communities and includes any such amounts as may be reported as discontinued operations. COMMUNITY EXPENSES ------------------ COMMUNITY EXPENSES comprise that portion of total expenses that exclude losses from sales or valuation of land, expenses of the Service Companies, general and administrative expense, and interest, taxes, depreciation and amortization. Community operating expenses include amounts reported as personnel, advertising and promotion, utilities, building repairs and maintenance and services, landscaping and grounds maintenance, real estate taxes, insurance, property management, and other operating expenses, and such of these amounts as may be included in discontinued operations. First Quarter 2005 Page 61 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES - CONTINUED MARCH 31, 2005 DEFINITIONS OF NON-GAAP FINANCIAL MEASURES - CONTINUED FUNDS FROM OPERATIONS ("FFO") ----------------------------- FUNDS FROM OPERATIONS is EBITDA less interest expense (including AMLI's proportionate share of interest expense of its co-investment partnerships and amortization of deferred financing expense) and any income taxes. FFO is defined as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciable operating communities, plus depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. FFO does not represent cash flows from operations, as defined by GAAP; is not indicative that cash flows are adequate to fund all cash needs; is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations or the Company's cash flows or liquidity as defined by GAAP. FFO is widely accepted in measuring the performance of equity REITs. FFO PER SHARE is FFO divided by the fully-diluted number of Operating Partnership Units outstanding. FFO is always presented on a fully-diluted basis only. ADJUSTED FUNDS FROM OPERATIONS ("AFFO") --------------------------------------- ADJUSTED FUNDS FROM OPERATIONS is FFO less expenditures capitalized (excluding expenditures capitalized relating to the development of new property, the acquisition of additional property, or the rehab of existing property); AFFO includes AMLI's proportionate share of such expenditures capitalized by its co-investment partnerships. AFFO PER SHARE is AFFO divided by the fully-diluted number of Operating Partnership Units outstanding. AFFO per share is always presented on a fully-diluted basis only. SAME STORE COMMUNITIES ---------------------- SAME STORE COMMUNITY INFORMATION includes only such portions of community revenue, expenses, NOI or EBITDA as are generated from AMLI's same community universe, which changes each January 1 as communities with one full year of stabilized operations as of that date are added, and which may change quarterly thereafter as any components of the same community universe are sold or contributed to co-investment partnerships. First Quarter 2005 Page 62 Supplemental Information AMLI Residential Properties Trust AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES QUARTER ENDED (Dollars in thousands) RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION BETWEEN NET INCOME AND FFO AND AFFO --------------------------------------------------

AMLI RESIDENTIAL NON-GAAP FINANCIAL MEASURES QUARTER ENDED (Dollars in thousands) RECONCILIATION OF NON-GAAP FINANCIAL MEASURES RECONCILIATION BETWEEN NET INCOME AND CONSOLIDATED NOI ------------------------------------------------------

AMLI RESIDENTIAL PROPERTIES TRUST 8-K