UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 1997
Commission File Number 1-12784
AMLI RESIDENTIAL PROPERTIES TRUST
(Exact name of registrant as specified in its charter)
Maryland 36-3925916
(State of Organization) (I.R.S. Employer Identification No.)
125 South Wacker Drive, Suite 3100,
Chicago, Illinois 60606
(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code: (312) 443-1477
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months and (2) has been subject to such
filing requirements for the past 90 days. Yes ( X ) No ( )
The number of the Registrant's Common Shares of Beneficial Interest
outstanding was 14,871,067 as of June 30, 1997.
<PAGE>
INDEX
PART I: FINANCIAL INFORMATION
Item 1: Financial Statements (Unaudited)
Consolidated Balance Sheets as of
June 30, 1997 and December 31, 1996. . . . . . . . 3
Consolidated Statements of Operations for
the three and six months ended June 30, 1997
and 1996 . . . . . . . . . . . . . . . . . . . . . 5
Consolidated Statements of Cash Flows for
the six months ended June 30, 1997 and
1996 . . . . . . . . . . . . . . . . . . . . . . . 7
Notes to Consolidated Financial Statements . . . . . 9
Item 2: Management's Discussion and
Analysis of Financial Condition and
Results of Operations. . . . . . . . . . . . . . . 25
PART II: OTHER INFORMATION
Item 4. Submission of Matters to a Vote of
Security Holders . . . . . . . . . . . . . . . . . 35
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . 35
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . 36
<PAGE>
<TABLE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMLI RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED BALANCE SHEETS
JUNE 30, 1997 AND DECEMBER 31, 1996
(UNAUDITED)
(Dollars in thousands, except share data)
<CAPTION>
JUNE 30, DECEMBER 31,
1997 1996
---------- ------------
<S> <C> <C>
ASSETS:
Rental apartments:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 63,356 59,854
Depreciable property . . . . . . . . . . . . . . . . . . . . . . . . . . . 403,790 373,140
---------- ----------
467,146 432,994
Less accumulated depreciation. . . . . . . . . . . . . . . . . . . . . . . (56,731) (50,478)
---------- ----------
410,415 382,516
Property under development . . . . . . . . . . . . . . . . . . . . . . . . . 68,007 62,525
Investments in partnerships. . . . . . . . . . . . . . . . . . . . . . . . . 40,257 30,669
Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . 461 10,291
Security deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,730 1,737
Deferred expenses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,881 2,139
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,633 14,480
---------- ----------
Total Assets $ 536,384 504,357
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY:
LIABILITIES:
Debt (note 5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 238,061 202,013
Accrued interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . 1,216 1,161
Accrued real estate taxes payable. . . . . . . . . . . . . . . . . . . . . . 5,854 6,978
Construction costs payable . . . . . . . . . . . . . . . . . . . . . . . . . 5,030 2,263
Security deposits and prepaid rents. . . . . . . . . . . . . . . . . . . . . 2,223 2,757
Other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,625 2,292
---------- ----------
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . 254,009 217,464
---------- ----------
<PAGE>
AMLI RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED BALANCE SHEETS - CONTINUED
JUNE 30, DECEMBER 31,
1997 1996
---------- ------------
Commitments and contingencies
Minority interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,243 44,871
---------- ----------
SHAREHOLDERS' EQUITY:
Preferred shares of beneficial interest, $.01 par value,
1,500,000 authorized, 1,200,000 issued and
1,100,000 outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . 11 11
Shares of beneficial interest, $.01 par value, 148,500,000
authorized, 14,871,067 and 14,812,035 common shares issued
and outstanding, respectively. . . . . . . . . . . . . . . . . . . . . . . 149 148
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . 303,197 301,584
Employees and trustees notes . . . . . . . . . . . . . . . . . . . . . . . . (3,307) (486)
Retained earnings (deficit). . . . . . . . . . . . . . . . . . . . . . . . . 4,570 (5,455)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (67,488) (53,780)
---------- ----------
Total shareholders' equity . . . . . . . . . . . . . . . . . . . . 237,132 242,022
---------- ----------
Total Liabilities and Shareholders' Equity . . . . . . . . . . . . $ 536,384 504,357
========== ==========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
AMLI RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
(Dollars in thousands, except share data)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
------------------------ ------------------------
1997 1996 1997 1996
--------- -------- --------- --------
<S> <C> <C> <C> <C>
Revenues:
Property:
Rental . . . . . . . . . . . . . . . . . . . . . $ 19,281 17,766 37,961 35,197
Other. . . . . . . . . . . . . . . . . . . . . . 1,019 814 1,994 1,525
Interest and share of income from
Service Companies . . . . . . . . . . . . . . . . 253 106 517 217
Other interest . . . . . . . . . . . . . . . . . . 120 53 227 125
Share of income from co-investment
partnerships. . . . . . . . . . . . . . . . . . . 166 129 333 209
Fees from co-investment partnerships
and other . . . . . . . . . . . . . . . . . . . . 474 379 1,131 672
-------- -------- -------- --------
Total revenues . . . . . . . . . . . . . . 21,313 19,247 42,163 37,945
-------- -------- -------- --------
Expenses:
Personnel. . . . . . . . . . . . . . . . . . . . . 1,822 1,727 3,545 3,321
Advertising and promotion. . . . . . . . . . . . . 482 478 989 950
Utilities. . . . . . . . . . . . . . . . . . . . . 909 1,001 1,934 2,067
Building repairs and maintenance and
maintenance services. . . . . . . . . . . . . . . 1,407 1,182 2,563 2,297
Landscaping and grounds maintenance. . . . . . . . 515 524 879 855
Real estate taxes. . . . . . . . . . . . . . . . . 2,312 2,173 4,634 4,293
Insurance. . . . . . . . . . . . . . . . . . . . . 200 253 398 487
Property management fees . . . . . . . . . . . . . 517 464 1,008 918
Other operating expenses . . . . . . . . . . . . . 236 296 511 601
Interest . . . . . . . . . . . . . . . . . . . . . 2,886 2,996 5,532 5,814
Amortization of deferred costs . . . . . . . . . . 87 400 330 851
Depreciation . . . . . . . . . . . . . . . . . . . 3,196 2,726 6,253 5,395
General and administrative . . . . . . . . . . . . 706 532 1,473 1,128
-------- -------- -------- --------
Total expenses . . . . . . . . . . . . . . 15,275 14,752 30,049 28,977
-------- -------- -------- --------
<PAGE>
AMLI RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS - CONTINUED
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
------------------------ ------------------------
1997 1996 1997 1996
--------- -------- --------- --------
Income before non-recurring gain . . . . . . . . . . 6,038 4,495 12,114 8,968
Nonrecurring gain. . . . . . . . . . . . . . . . . . -- 584 -- 584
-------- -------- -------- --------
Income before minority interest and
extraordinary item . . . . . . . . . . . . . . . . 6,038 5,079 12,114 9,552
Minority interest. . . . . . . . . . . . . . . . . . 958 920 1,911 1,727
-------- -------- -------- --------
Income before extraordinary item . . . . . . . . . . 5,080 4,159 10,203 7,825
Extraordinary item -
loss on early extinguishment of debt
(net of minority interest) . . . . . . . . . . . . 177 1,118 177 1,118
-------- -------- -------- --------
Net income . . . . . . . . . . . . . . . . 4,903 3,041 10,026 6,707
Less income attributable to Series A
preferred shares . . . . . . . . . . . . . . . . . 473 473 946 800
-------- -------- -------- --------
Net income attributable to
common shares. . . . . . . . . . . . . . $ 4,430 2,568 9,080 5,907
======== ======== ======== ========
Net income per common share:
Before extraordinary item. . . . . . . . . . . . . $ .31 .31 .62 .60
Extraordinary item . . . . . . . . . . . . . . . . $ (.01) (.09) (.01) (.09)
Net income per common share. . . . . . . . . . . . $ .30 .22 .61 .51
Dividends declared and paid per common share . . . . $ .43 .43 .86 .86
======== ======== ======== ========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
AMLI RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
(Dollars in thousands)
<CAPTION>
1997 1996
-------- --------
<S> <C> <C>
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,026 6,707
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,253 5,395
Amortization of deferred costs . . . . . . . . . . . . . . . . . . . . . . . . 330 851
Income from partnerships . . . . . . . . . . . . . . . . . . . . . . . . . . . (333) (209)
(Income) loss from Service Companies . . . . . . . . . . . . . . . . . . . . . (77) 151
Non-recurring gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- (584)
Loss on early extinguishment of debt . . . . . . . . . . . . . . . . . . . . . 211 1,365
Minority interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,877 1,480
Changes in assets and liabilities:
Increase in deferred costs . . . . . . . . . . . . . . . . . . . . . . . . . . (272) --
Decrease (increase) in security deposits . . . . . . . . . . . . . . . . . . . 7 (1)
Decrease (increase) in other assets. . . . . . . . . . . . . . . . . . . . . . 970 (806)
Increase (decrease) in accrued interest payable. . . . . . . . . . . . . . . . 55 (238)
Decrease in accrued real estate taxes. . . . . . . . . . . . . . . . . . . . . (1,124) (1,394)
Decrease in tenant security deposits and prepaid rents . . . . . . . . . . . . (534) (248)
(Decrease) increase in other liabilities . . . . . . . . . . . . . . . . . . . (667) 478
-------- -------
Net cash provided by operating activities. . . . . . . . . . . . . . . . 16,722 12,947
-------- -------
Cash flows for investing activities:
Investments in partnerships. . . . . . . . . . . . . . . . . . . . . . . . . . . (9,492) (11,347)
Cash distributions from partnerships . . . . . . . . . . . . . . . . . . . . . . 1,311 528
Payments from (advances to) affiliates . . . . . . . . . . . . . . . . . . . . . 1,027 (2,675)
Earnest money deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (75) 450
Capital expenditures - existing properties . . . . . . . . . . . . . . . . . . . (1,880) (727)
Acquisition properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,231) --
Properties under development, net of reimbursable
co-investors' costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (25,240) (21,653)
Increase in construction costs payable . . . . . . . . . . . . . . . . . . . . . 2,767 452
-------- -------
Net cash used in investing activities. . . . . . . . . . . . . . . . . . (42,813) (34,972)
-------- -------
<PAGE>
AMLI RESIDENTIAL PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
1997 1996
-------- --------
Cash flows from financing activities:
Debt proceeds, net of financing costs. . . . . . . . . . . . . . . . . . . . . . 79,938 127,045
Debt repayments, including prepayment penalties. . . . . . . . . . . . . . . . . (45,107) (116,439)
Proceeds from shares offering, net of issuance costs . . . . . . . . . . . . . . (57) 23,918
Net proceeds from treasury lock contracts. . . . . . . . . . . . . . . . . . . . -- 1,424
Net proceeds from sale of interest rate cap contracts. . . . . . . . . . . . . . -- 1,310
Net proceeds from Executive Share Purchase Plan. . . . . . . . . . . . . . . . . 249 --
Employee notes for stock purchase. . . . . . . . . . . . . . . . . . . . . . . . (2,500) --
Principal receipts on employee notes . . . . . . . . . . . . . . . . . . . . . . 7 --
Distributions to minority interest . . . . . . . . . . . . . . . . . . . . . . . (2,561) (2,366)
Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,708) (10,687)
-------- -------
Net cash provided by financing activities. . . . . . . . . . . . . . . . 16,261 24,205
-------- -------
Net (decrease) increase in cash and cash equivalents . . . . . . . . . . . . . . . (9,830) 2,180
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . 10,291 2,279
-------- -------
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . $ 461 4,459
======== =======
Supplemental disclosure of cash flow information:
Cash paid for mortgage and other interest, net of amounts capitalized. . . . . . $ 5,477 6,052
======== ========
<FN>
See accompanying notes to consolidated financial statements.
</TABLE>
<PAGE>
AMLI RESIDENTIAL PROPERTIES TRUST
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 1997 AND 1996
(Unaudited)
(Dollars in thousands, except share data)
1. ORGANIZATION AND BASIS OF PRESENTATION
Organization
AMLI Residential Properties Trust (the "Company") commenced
operations upon the completion of its initial public offering on February
15, 1994. In the opinion of management, all adjustments, which include
only normal recurring adjustments necessary to present fairly the financial
position at June 30, 1997 and December 31, 1996 and the results of
operations and cash flows for the periods presented, have been made.
Certain information and note disclosures normally included in the
Company's annual financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted. These
consolidated financial statements should be read in conjunction with the
financial statements and notes thereto included in the Company's December
31, 1996 Annual Report on Form 10-K filed with the Securities and Exchange
Commission. The results for the six months ended June 30, 1997 are not
necessarily indicative of expected results for the entire year.
The consolidated financial statements include the accounts of the
Company and AMLI Residential Properties, L. P. (the "Operating Partnership"
which holds the operating assets of the Company). The Company is the sole
general partner and owns an 84% majority interest in the Operating
Partnership. The limited partners hold Operating Partnership units ("OP
Units") which are convertible into shares of the Company on a one-for-one
basis, subject to certain limitations. Through June 30, 1997, 203,317 OP
Units have been converted to Common Shares (34,252 during the six months
ended June 30, 1997).
During the first half of 1997, a total of 24,780 new common shares
were issued to certain officers and trustees pursuant to the Company's
Executive Share Purchase Plan.
In February 1997, the Company provided recourse loans totalling
$2,500 to four Officers/Trustees, as approved by the Board of Trustees, for
the purchase on the open market of 105,000 of the Company's common shares
of beneficial interests. These loans bear interest at 6.23% and have a
term of nine years from February 28, 1997.
On March 13, 1997, the Operating Partnership issued 45,549 OP Units
and paid $2,520 in cash for the acquisition of 29 acres of land and 40
apartment units in Gwinnett County, Georgia.
On March 25, 1997, the Operating Partnership issued 43,819 OP Units
and paid $1,915 in cash for the purchase of AMLI at Verandah, a 538-unit
apartment community in Arlington, Texas. This property was acquired
through a co-investment partnership in which the Operating Partnership owns
a 35% interest.
At June 30, 1997, there were a total of 14,871,067 common shares and
1,100,000 preferred shares issued and outstanding, and the Company owned
15,971,067 OP Units (approximately 84% of the total 18,976,280 OP Units
outstanding).
<PAGE>
The Company's management has made a number of estimates and
assumptions relating to the reporting of assets and liabilities, disclosure
of contingent assets and liabilities and the reported amounts of revenues
and expenses during the report periods to prepare these financial
statements in conformity with generally accepted accounting principles.
Actual amounts realized or paid could differ from these estimates.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Real Estate Assets and Depreciation
Real estate assets are stated at cost less accumulated depreciation.
Ordinary repairs and maintenance are expensed as incurred; replacements
having an estimated useful life of at least one year and betterments are
capitalized and depreciated over their estimated useful lives.
Depreciation is computed on a straight-line basis over useful lives of the
properties (buildings and related land improvements -- 40 years; furniture,
fixtures and equipment -- 5 - 15 years). Eighteen of the twenty-four
completed, wholly-owned communities are pledged to secure debt (see note
5).
In conjunction with acquisitions of stabilized properties, it is the
Company's policy to provide in its acquisition budgets adequate funds to
complete any deferred maintenance items and to otherwise make the
properties acquired competitive with comparable newly-constructed
properties. In some cases the Company will provide in its acquisition
budget additional funds to upgrade or otherwise improve new acquisitions.
Such costs are capitalized in accordance with the Company's policy.
On June 11, 1997, the Company acquired Paces North, a 152 apartment
home community adjacent to AMLI at Vinings in Smyrna, Georgia. The
operations of Paces North will be combined with AMLI at Vinings and the
newly combined community will contain a total of 360 apartment homes. The
purchase price of $8,900 was paid in cash. In addition, the Company
anticipates that it will spend approximately $250 for capital improvements.
Losses in carrying values of investment assets are provided by
management when the losses become apparent and the investment asset is
considered impaired. Management evaluates its investment properties at
least quarterly to assess whether any impairment indications are present,
comparing undiscounted future cash flows with the carrying amount of the
asset. If any investment asset is considered impaired, a loss is provided
to reduce the carrying value of the property to its estimated value.
Management believes that no assets are impaired; therefore, no such losses
have been required to be recognized or provided in the accompanying
consolidated financial statements.
Properties Under Development
Land being planned for development and all apartment homes in a new
community or new phase are reported as "property under development" until
the entire community or new phase is substantially complete and stabilized
(generally 95% occupancy). Upon stabilization, all apartment homes in the
community or new phase are reported as "rental apartments".
Regardless of whether or not 95% occupancy is achieved, a community
or new phase will be reported as "rental apartments" no later than six
months following substantial completion of construction.
At June 30, 1997, the Company's properties under development include
parcels of land in the development planning stage on which physical
construction will commence later this year or in 1998. Properties under
development are as follows:
<PAGE>
<TABLE>
<CAPTION>
NUMBER NUMBER TOTAL
OF OF EXPENDED
COMMUNITY LOCATION ACRES UNITS THRU 6/30/97
- --------- -------- ------ ------ -------------
<S> <C> <C> <C> <C>
Wholly-Owned:
Development Communities:
AMLI at Crown Colony II Topeka, KS 4 64 $ 3,503
AMLI at AutumnChase III Carrollton, TX 24 240 4,283
AMLI at Peachtree City Atlanta, GA 26 312 9,726
AMLI at Northwinds I (1) Atlanta, GA 40 400 10,640
AMLI on the Parkway Dallas, TX 10 240 1,827
AMLI at Wells Branch Austin, TX 29 576 5,671
AMLI at Oakhurst Aurora, IL 29 464 7,046
--- ----- --------
Total Development Communities 162 2,296 42,696
--- ----- --------
Land held for future development and Other:
AMLI at Fossil Creek II Ft. Worth, TX 27 520 3,287
AMLI at Northwinds II (1) Atlanta, GA 40 400 3,974
AMLI at Hedgecoxe Plano, TX 18 240 1,876
AMLI at Park Creek Gainesville, GA 20 200 1,925
AMLI at South Gwinnett Gwinnett County, GA 22 216 1,827
AMLI at Spring Creek V Atlanta, GA 20 160 1,082
Vinings Square(2) Overland Park, KS 14 156 11,340
--- ----- --------
Total land held for future development and Other 161 1,892 25,311
--- ----- --------
Total Wholly-Owned 323 4,188 68,007
--- ----- --------
Co-Investments (Company Ownership Percentage):
AMLI at Aurora Crossing (25%) Aurora, IL 18 272 22,690
AMLI at Barrett Lakes (35%) Cobb County, GA 54 446 24,399
AMLI at Fossil Creek (25%) Ft. Worth, TX 19 384 17,741
AMLI at River Park (40%) Fulton County, GA 23 222 13,897
--- ----- --------
Total Co-Investments 114 1,324 78,727
--- ----- --------
Total 437 5,512 $146,734
=== ===== ========
<PAGE>
<FN>
(1) It is the Company's intention to develop these land parcels in partnership with one or more institutional
investors.
(2) The construction and development of this property is financed entirely by the Company. The loan is
accounted for as an acquisition, development and construction loan and all costs are included in the Company's
consolidated financial statements.
</TABLE>
<PAGE>
Interest and Real Estate Tax Capitalization
Interest and real estate taxes incurred during the construction period
are capitalized and depreciated over the lives of the constructed assets.
During the six months ended June 30, 1997 and 1996 total interest
capitalized was $2,210 and $1,359, respectively. Net of amounts
capitalized, total interest incurred during the six months ended June 30,
1997 and 1996 aggregated $5,532 and $5,814, respectively.
Deferred Expenses
Deferred costs consist primarily of financing costs which are amortized
using the straight-line method over the terms of the related debt.
Amortization of deferred costs relating to properties under development are
capitalized during the construction period, and depreciated over the lives
of the constructed assets. Deferred expenses at June 30, 1997 include $52
in unamortized cost of an interest rate cap contract which limits the
Company's exposure to increasing rates on $5,845 of floating rate debt
through February 15, 1998.
Interest Rate Limitation Contracts
The Company has used interest rate caps and swaps to limit its exposure
to increases in interest rates on its floating rate debt. The Company does
not use them for trading purposes.
At June 30, 1997, the Company was a party to an interest rate cap
agreement for $5,845 notional amount which entitles the Company to receive
from a counterparty on a monthly basis the amount, if any, by which the
Company's interest payments on certain floating rate debt through February
15, 1998 exceed capped amounts. At June 30, 1997, the approximate value of
this interest rate cap agreement was $68.
OTHER ASSETS
At June 30, 1997, other assets consisted primarily of $3,500 in 13%
interest-only notes receivable from the Service Companies due in 2004,
$4,945 in other current receivables from the Service Companies and other
affiliates, $1,441 in development fees receivable from affiliated co-
investment partnerships, $550 in restricted cash, $744 in tax escrow
deposits and $750 in earnest money deposits. The Company believes that the
carrying amounts of its receivable from the Service Companies and other
affiliates reasonably approximate their fair values.
PER SHARE DATA
Net income per common share is computed based upon 14,842,247 and
11,772,837 weighted average common shares outstanding during the six months
ended June 30, 1997 and 1996, and 14,864,800 and 11,793,138 weighted
average number of common shares outstanding during the three months ended
June 30, 1997 and 1996, respectively. At June 30, 1997 there were
14,871,067 common shares and 1,100,000 preferred shares outstanding. Fully
diluted earnings per share is not presented as the impact is not material
during the three or six months ended June 30, 1997 and 1996.
RECLASSIFICATIONS
Certain amounts in the 1996 consolidated financial statements of the
Company have been reclassified to conform with the current presentation.
<PAGE>
3. INVESTMENTS IN PARTNERSHIPS AND SERVICE COMPANIES
INVESTMENTS IN PARTNERSHIPS
At June 30, 1997, the Company, as general partner or manager, owned co-
investment interests in AMLI Foundation Co-Investors, L.P.
("Foundation"); AMLI Foundation Co-Investors-II, L.P. ("Foundation II");
AMLI at Champions, L.P. ("Champions"); AMLI at Windbrooke, L.P.
("Windbrooke"); AMLI at Willeo Creek, L.P. ("Willeo Creek"); Pleasant Hill
Joint Venture ("Pleasant Hill"); Barrett Lakes Limited Liability Company
("Barrett Lakes"); AMLI at Chevy Chase, L.P. ("Chevy Chase"); AMLI at
Willowbrook, L.P. ("Willowbrook"); AMLI at River Exchange, L.P. ("River
Exchange"); Acquiport/Aurora Crossing, L.P. ("Aurora Crossing");
Acquiport/Fossil Creek, L.P. ("Fossil Creek"); AMLI at Danada, L.L.C.
("Danada"); AMLI at Verandah, L.P. ("Verandah"); and a nominal interest in
the GP Properties. These co-investment interests are accounted for using
the equity method. Investments in partnerships at June 30, 1997 and the
Company's share of income or loss for the six months ended June 30, 1997
from each (excluding the GP Properties from which the Company received
distributions and recorded income of $2) are summarized as follows:
<PAGE>
<TABLE>
Investments in partnerships at June 30, 1997 and the Company's share of income or loss for the six months ended
June 30, 1997 from each are summarized as follows:
<CAPTION>
EQUITY (DEFICIT) TOTAL COMPANY'S
------------------ NET SHARE OF
PROPERTY (COMPANY'S TOTAL COMPANY'S COMPANY'S INCOME NET INCOME
PARTNERSHIP OWNERSHIP PERCENTAGE) ASSETS TOTAL SHARE INVESTMENT (LOSS) (LOSS)
- ----------- --------------------- ------- ------- --------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Foundation AMLI at Park Place (25%) $ 19,413 6,441 1,610 1,574 197 50
Foundation II AMLI at Greenwood Forest (15%) 17,217 5,256 788 769 (29) (4)
Champions AMLI at Champions Park (15%) 12,633 3,223 483 483 50 7
Champions AMLI at Champions Centre (15%) 9,756 2,868 430 430 (40) (5)
Windbrooke AMLI at Windbrooke (15%) 17,310 5,287 793 793 (37) (6)
Willeo Creek AMLI at Willeo Creek (30%) 15,376 5,011 1,503 1,503 64 16
Chevy Chase AMLI at Chevy Chase (33%) 45,269 14,439 4,765 4,765 318 105
Pleasant Hill AMLI at Pleasant Hill (40%) 26,943 11,613 4,930 4,533 546 222
Barrett AMLI at Barrett Lakes (35%) 24,333 11,023 3,858 4,004 (75) (26)
Willowbrook AMLI at Willowbrook (40%) 37,510 11,924 4,770 4,687 103 43
River Exchange AMLI at River Park (40%) 13,756 5,967 2,387 2,356 (257) (102)
Aurora
Crossing AMLI Aurora Crossing (25%) 22,574 20,265 5,066 5,163 (178) (45)
Fossil Creek AMLI at Fossil Creek (25%) 17,772 15,144 3,786 3,840 (70) (18)
Danada AMLI at Danada (10%) 49,194 23,326 2,333 2,333 357 36
Verandah AMLI at Verandah (35%) 25,902 8,432 2,961 3,023 95 58
======= ====== ------- ------ ==== ---
$40,463 40,256 331
======= ======
GP Properties 2
---
333
===
</TABLE>
<PAGE>
<TABLE>
The fixed-rate debt financing which has been obtained from various insurance companies on behalf of these co-
investment partnerships is summarized below:
<CAPTION>
TOTAL OUTSTANDING INTEREST
PROPERTY COMMITMENT AT 6/30/97 RATE MATURITY
---------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
AMLI at Park Place $ 13,000 12,529 8.21% 10/5/99
AMLI at Greenwood Forest 11,625 11,625 8.95% 5/10/02
AMLI at Champions Park 9,500 9,029 7.26% 12/5/97
AMLI at Champions Centre 6,700 6,677 8.93% 1/1/02
AMLI at Windbrooke 11,500 11,500 9.24% 2/1/02
AMLI at Willeo Creek 10,000 9,987 6.77% 5/1/03
AMLI at Chevy Chase 29,767 29,690 6.67% 4/1/03
AMLI at Pleasant Hill 15,500 14,831 9.15% 3/1/07
AMLI at Barrett Lakes 16,680 10,489 8.50% 12/1/09
AMLI at Willowbrook 24,500 24,474 7.785% 5/1/03
AMLI at River Park 9,100 7,479 7.75% 6/27/08
AMLI at Danada 24,500 24,500 7.33% 3/1/07
AMLI at Verandah 16,940 16,940 7.55% 4/1/04
-------- -------
$199,312 189,750
======== =======
<FN>
Certain of these loans provide for monthly payments of principal and interest based on a 25 or 27 year
amortization schedule and a balloon payment at maturity. Loans against newly-completed properties provide for
payments of interest only for an initial period, with principal amortization commencing generally within two years
of completion of construction and initial lease-up.
</TABLE>
<PAGE>
<TABLE>
Investments in partnerships at December 31, 1996 and the Company's 1996 share of income or loss from each are
summarized as follows:
<CAPTION>
EQUITY (DEFICIT) TOTAL COMPANY'S
------------------ NET SHARE OF
PROPERTY (COMPANY'S TOTAL COMPANY'S COMPANY'S INCOME NET INCOME
PARTNERSHIP OWNERSHIP PERCENTAGE) ASSETS TOTAL SHARE INVESTMENT (LOSS) (LOSS)
- ----------- --------------------- ------- ------- --------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Foundation AMLI at Park Place (25%) $20,142 6,724 1,681 1,645 568 143
Foundation II AMLI at Greenwood Forest (15%) 17,731 5,525 829 809 (181) (27)
Champions AMLI at Champions Park (15%) 12,695 3,172 477 477 (183) (27)
Champions AMLI at Champions Centre (15%) 10,020 2,908 436 436 (101) (15)
Windbrooke AMLI at Windbrooke (15%) 17,600 5,574 836 836 (116) (17)
Willeo Creek AMLI at Willeo Creek (30%) 15,556 5,197 1,559 1,562 66 20
Pleasant Hill AMLI at Pleasant Hill (40%) 27,128 11,987 5,091 4,709 824 320
Barrett AMLI at Barrett Lakes (35%) 15,454 11,098 3,884 4,007 (22) (8)
Chevy Chase AMLI at Chevy Chase (33%) 45,928 15,017 4,955 4,955 170 56
Willowbrook AMLI at Willowbrook (40%) 38,125 12,382 4,953 4,876 262 105
River Exchange AMLI at River Park (40%) 10,877 6,224 2,489 2,479 51 (21)
Aurora
Crossing AMLI at Aurora Crossing (25%) 15,032 11,559 2,890 2,868 -- --
Fossil Creek AMLI at Fossil Creek (25%) 6,394 3,995 999 1,010 -- --
======= ====== ------- ------ ==== ----
$31,079 30,669 529
======= ======
GP Properties 30
----
559
====
</TABLE>
<PAGE>
Investments in Service Companies
In connection with the formation of the Company (and in June 1994 in
the case of Amli Residential Construction, Inc. ("Amrescon")), the Company
obtained 5% of the voting common stock and 100% of the nonvoting preferred
stock in the Service Companies, which provide property management,
construction, landscaping, investment advisory and asset management
services to the Company and to certain other parties. The nonvoting
preferred stock entitles the Company to approximately 95% of all cash
distributions from the Service Companies. The Company accounts for its
investments in the Service Companies using the equity method of accounting.
Summarized combined financial information of the Service Companies at
and for the six months ended June 30, 1997 and 1996 follows:
1997 1996
------- -------
Income (1) $ 4,120 2,576
General and adminis-
trative expenses (3,041) (2,281)
------- -------
1,079 295
Interest (440) (367)
Depreciation (108) (85)
Income taxes (207) 30
------- -------
Net income (loss)(2) $ 324 (127)
======= =======
Total assets $12,958 10,399
======= =======
(1) Net of construction and landscaping costs.
(2) The Company's proportionate share of the net income (loss)
of the Service Companies ($77 and $(151) for the six months ended June 30,
1997 and 1996, respectively), includes an elimination of intercompany
profit related to construction services provided by Amrescon. Including
interest income of $440 and $368, respectively, total income from the
Service Companies was $517 and $217, respectively, for the six months ended
June 30, 1997 and 1996.
Interest expense of the Service Companies relates primarily to the 13%
notes payable by Amli Management Company ("AMC") and Amli Institutional
Advisors, Inc. ("AIA") to the Company and to working capital advances made
to Amrescon.
4. RELATED PARTY TRANSACTIONS
General and administrative expenses as included in the accompanying
consolidated statements of operations include allocations of costs to the
Company from ARC and its affiliates. Such allocations are not in excess of
ARC's cost of providing services to the Company, including personnel,
occupancy and other corporate overhead. The Company and the Service
Companies have agreed to pay for a share of ARC's total occupancy cost.
During the six months ended June 30, 1997 and 1996 the Company accrued
or paid to the Service Companies fees and other costs and expenses as
follows:
1997 1996
------ ----
Management fees $1,008 918
General contractor fees 1,169 280
Interest expense 15 15
Landscaping and ground maintenance 316 308
====== ====
<PAGE>
During the six months ended June 30, 1997 and 1996 the Company earned
or received from the Service Companies other income as follows:
1997 1996
---- ----
Interest on notes receivable $228 228
Interest on advances 212 140
==== ===
During the six months ended June 30, 1997 and 1996 the Company earned or
received from co-investment partnerships other income as follows:
1997 1996
---- ----
Development fees $601 131
Acquisition fees 49 184
Disposition fees -- 66
Asset management fees 304 220
Debt placement fee 88 --
Accounting and administrative fees 8 4
Interest on advances -- 19
==== ====
The development and acquisition fees earned from co-investment
partnerships as shown above include only the venture partners' shares of
such costs, as the Company's share of the partnership's cost is eliminated.
5. DEBT
Bond financing
AMLI at Spring Creek, an 1,180-unit apartment community in Atlanta,
Georgia, secures a total of $40,750 of tax-exempt bonds. The terms of the
bonds require that a portion of the apartment units be leased to
individuals who qualify based on income levels specified by the U.S.
Government. The bonds bear interest at a variable rate that is adjusted
weekly based upon the remarketing rate for these bonds (3.90% at July 23,
1997; 3.71% average for the six months ended June 30, 1997). The credit
enhancement for the bonds was provided by a $41,297 five-year letter of
credit from Wachovia Bank which expires on October 15, 1999.
Mortgage notes payable
At June 30, 1997, the Company owed a total of $167,061 pursuant to
fourteen fixed rate mortgage notes payable to eleven financial
institutions. Each loan is secured by a first mortgage on the respective
residential apartment community and is non-recourse to the partners, except
for a $1,500 portion of one of the mortgage notes payable and another
mortgage note payable for $19,899. The loans bear interest at fixed rates
between 7.0% and 9.9%, with maturities extending through December 1, 2038.
On April 29, 1996, the Company closed on a $43,907 ten-year, 7.79% loan
provided by FNMA. The loan is secured by mortgages on two communities in
Dallas, Texas. On June 11, 1996, two seven-year loans provided by CIGNA in
the aggregate amount of $42,000 at an average interest rate of 7.31% were
funded. The net proceeds of these loans were used primarily to repay the
Lehman Whole loan and the Lehman Line of Credit. The Company incurred an
extraordinary charge of $1,365 which consists of the related unamortized
deferred costs on these repaid loans plus prepayment penalties.
<PAGE>
Other notes payable
Other notes payable are comprised of two floating rate loans due to
financial institutions aggregating $29,500 and $750 in another note
payable. These loans bear interest at the rate of 135 basis points over
LIBOR (7.0% at June 30, 1997). Of the total, $5,845 is covered by interest
rate cap for protection against increases in LIBOR above 3.875% through
February 15, 1998.
On June 27, 1997, the Company closed on a new $100,000 unsecured
revolving line of credit ("Unsecured Line") which replaced the $60,000
secured line of credit with Wachovia Bank N.A. ("Wachovia") and the $29,500
secured line of credit with First National Bank of Chicago ("First
Chicago"). The Unsecured Line carries an interest rate of LIBOR plus 135
basis points, has a term of three years with two one year extensions and
provides for reductions in interest rates based on the future credit rating
the Company is able to obtain. The group of banks that provides the
Unsecured Line is led by Wachovia and First Chicago as co-agents. The
Unsecured Line will be used for acquisitions and development activities and
for working capital needs. The Unsecured Line requires that the Company
meet various covenants typical of such an arrangement, including minimum
net worth, minimum debt service coverage and maximum debt to equity
percentage.
Of the aggregate $108,750 of other note payable, $500 is outstanding on
the $8,000 Harris Trust and Savings Bank ("Harris") line of credit, $29,000
is outstanding on the $100,000 Unsecured Line and $6,399 in letters of
credit are outstanding on the $8,000 line of credit from Harris. The total
$72,101 (net of $6,399 letters of credit) of unused credit is available to
fund future development, acquisition and working capital needs. The Harris
line of credit agreements provide for customary borrower covenants,
including among other things, minimum debt service coverage ratios and
maximum loan to value ratios.
<PAGE>
<TABLE>
The table below sets forth certain information relating to the indebtedness of the Company.
<CAPTION>
ORIGINAL BALANCE INTEREST MATURITY BALANCE
ENCUMBERED PROPERTIES AMOUNT AT 6/30/97 RATE DATE AT 12/31/96
- --------------------- ---------- ---------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C>
BOND FINANCING:
AMLI at Spring Creek $ 40,750 40,750 Tax-exempt 10/1/24 40,750
-------- ------- rate + 1.23%
MORTGAGE NOTES PAYABLE:
AMLI at the Arboretum (1) 4,800 4,385 9.90% 9/28/97 4,427
AMLI at Gleneagles 8,500 8,102 7.70% 10/31/97 8,152
AMLI at Martha's Vineyard 7,060 6,612 7.42% 11/1/97 6,669
AMLI at Reflections 4,800 4,483 7.05% 6/30/98 4,528
AMLI on Rosemeade 7,050 6,616 7.02% 10/5/98 6,682
AMLI at Sherwood 7,320 6,904 7.75% 7/1/03 6,992
AMLI at Riverbend 31,000 30,586 7.30% 7/1/03 30,815
AMLI in Great Hills 11,000 10,854 7.34% 7/1/03 10,935
AMLI at Valley Ranch 11,500 10,799 7.625% 7/10/03 10,900
AMLI at Nantucket 7,735 7,735 7.70% 6/1/04 --
AMLI at Timberglen 6,770 6,770 7.70% 6/1/04 --
AMLI at Regents Center 20,100 19,899 (2) 9/1/05 19,975
AMLI on the Green
AMLI of North Dallas (3) 43,234 42,666 7.789% 5/1/06 42,938
AMLI at Park Creek 10,322 650 7.875% 12/1/38 --
-------- ------- -------
Total Mortgage Notes Payable 181,191 167,061 153,013
-------- ------- -------
UNSECURED LINE OF CREDIT 100,000 29,000 L + 1.35% 6/27/00 --
-------- ------- -------
OTHER NOTES PAYABLE:
AMLI at Vinings
AMLI at Sope Creek -- -- L+1.35%(4) 5/31/98 7,500
-------- ------- -------
AMLI at Autumn Chase I & II
AMLI at Chase Oaks
AMLI at Gleneagles Phase II -- -- L+1.35% 2/28/98 -
-------- ------- -------
AMLI at Park Sheridan 8,000 500 L+1.35% 8/30/98 -
Unsecured 750 750 4.00% Demand 750
-------- ------- -------
Total Other Notes Payable 8,750 1,250 8,250
-------- ------- -------
Total $330,691 238,061 202,013
======== ======= =======
<PAGE>
<FN>
(1) Prepaid without penalty on July 3, 1997.
(2) $13,800 at 8.73% and $6,300 at 9.23%.
(3) Sold at a discount of $673. At June 30, 1997, the unamortized discount amount is $594.
(4) The Company has used an interest rate derivative contract to limit the interest rate to 5.23% through
February 15, 1998 on $5,845. The rate is LIBOR + 1.35% on construction loans.
</TABLE>
<PAGE>
<TABLE>
As of June 30, 1997, the scheduled maturities of the Company's debt are as follows:
<CAPTION>
FIXED RATE OTHER
BOND MORTGAGE NOTES
FINANCINGS NOTES PAYABLE PAYABLE TOTAL
----------- ------------ ------- -------
<S> <C> <C> <C> <C>
1997 . . . . . . . . . . . . . . . . $ -- 20,095 750 20,845
1998 . . . . . . . . . . . . . . . . -- 12,951 500 13,451
1999 . . . . . . . . . . . . . . . . -- 2,269 -- 2,269
2000 . . . . . . . . . . . . . . . . -- 2,441 29,000 31,441
2001 . . . . . . . . . . . . . . . . -- 2,658 -- 2,658
Thereafter . . . . . . . . . . . . . 40,750 126,647 -- 167,397
------- ------- ------- -------
$40,750 167,061 30,250 238,061
======= ======= ======= =======
</TABLE>
<PAGE>
6. COMMITMENTS AND CONTINGENCIES
In connection with the formation of Acquiport/Aurora Crossing, L.P.
and Acquiport/Fossil Creek, L.P., the Company has provided letters of
credit in the amounts of $1,223 and $1,187, respectively, as security for
its guarantee to fund all cost overruns (as defined), except for the cost
overruns that are required to be paid from additional capital commitments.
The letters of credit will expire on September 27, 1998.
The limited partnership agreement of AMLI at Verandah L.P. provides
for the redemption (at an amount determined by formula) by the partnership
of the limited partner's entire interest, in its sole discretion, at any
time after March 25, 2002, or at any time that there is a designated event
of default on related indebtedness of the partnership, which event of
default remains uncured and unwaived to the time of notice of redemption
election. The redemption amount may be paid in cash or Company shares of
beneficial interest, or any combination thereof, in the sole discretion of
the Company. The original capital contribution made by the limited partner
was $5,525,000.
7. SUBSEQUENT EVENTS
On July 9, 1997, the Company completed an offering of 1,500,000
common shares at a price of $23.4375 per share. In addition, the
underwriters exercised their over-allotment option for 194,700 shares. The
net proceeds of $37,500 were used principally to pay down the balance
outstanding under the Company's $100,000 Unsecured Line and to fund future
acquisition and development activities.
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (DOLLARS IN THOUSANDS,
EXCEPT SHARE DATA)
The following discussion is based primarily on the consolidated financial
statements of Amli Residential Properties Trust (the "Company") as of June
30, 1997 and December 31, 1996 and for the six months ended June 30, 1997
and 1996.
This information should be read in conjunction with the accompanying
unaudited consolidated financial statements and notes thereto. These
financial statements include all adjustments which are, in the opinion of
management, necessary to reflect a fair statement of the results for the
interim periods presented, and all such adjustments are of a normal
recurring nature.
On January 30, 1996, the Company issued 1,200,000 convertible preferred
shares for $20 per share, or $24,000, directly to four institutional
investors and Amli Realty Co. ("ARC") in a registered offering. During the
fourth quarter of 1996, the Company completed a public offering (the
"Second Offering") of 2,976,900 common shares. The net proceeds of the
issuance of the preferred shares and the public offering were used to
reduce the Company's debt and fund development costs. As of June 30, 1997,
the Company owned an 84% general partnership interest in the Operating
Partnership, which holds the operating assets of the Company. The limited
partners hold Operating Partnership units ("OP Units") that are convertible
into shares of the Company on a one-for-one basis, subject to certain
limitations. At June 30, 1997, the Company owned 15,971,067 OP Units and
the limited partners owned 3,005,213 OP Units. The Company has qualified,
and anticipates continuing to qualify, as a real estate investment trust
("REIT") for Federal income tax purposes.
RESULTS OF OPERATIONS
During the period from January 1, 1996 through June 30, 1997, growth in
property revenues and property operating expenses resulted from increases
at communities owned as of January 1, 1996, and from the newly-constructed
communities.
During the same period, the Company has invested in four co-investment
partnerships, which own the 600-unit AMLI at Danada in Wheaton, Illinois,
the 538-unit AMLI at Verandah in Arlington, Texas, the 592-unit AMLI at
Chevy Chase in Buffalo Grove, Illinois, and the 488-unit AMLI at
Willowbrook in Willowbrook, Illinois. In addition, on June 11, 1997, the
Company acquired a 152-unit Paces North apartment community adjacent to
AMLI at Vinings in Smyrna, Georgia. The operations of this newly-acquired
property will be combined with AMLI at Vinings.
For the six months ended June 30, 1997, net income attributable to common
shares was $9,080, or $.61 per share on total revenues of $42,163. For the
six months ended June 30, 1996, net income was $5,907 or $.51 per share on
total revenues of $37,945. Before extraordinary items caused by the early
extinguishment of debt, net income per share for the six months ended June
30, 1997 and 1996 was $.62 and $.60, respectively.
On a "same community" basis, weighted average occupancy of the apartment
homes owned wholly by the Company decreased slightly to 93.7% for the six
months ended June 30, 1997 from 94.3% in the prior year. Weighted average
collected rental rates increased by 1.6% to $658 from $647 per unit per
month for the six months ended June 30, 1997 and 1996, respectively.
Including Co-Investment Communities, weighted average occupancy of the
Company's apartment homes decreased to 93.8% for the six months ended June
30, 1997 from 94.1% in the prior year, and weighted average collected
rental rates increased by 2.0% to $669 from $656 per unit per month for the
six months ended June 30, 1997 and 1996, respectively.
<PAGE>
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
Certain statements set forth herein or incorporated by reference herein
from the Company's filings under the Securities Exchange Act of 1934, as
amended, contain forward-looking statements, including, without limitation,
statements relating to the timing and anticipated capital expenditures of
the Company's development programs. Although the Company believes that the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, the actual results may differ materially from that
set forth in the forward-looking statements. Certain factors that might
cause such differences include general economic conditions, local real
estate conditions, construction delays due to the unavailability of
construction materials, weather conditions or other delays beyond the
control of the Company. Consequently, such forward-looking statements
should be regarded solely as reflections of the Company's current operating
and development plans and estimates. These plans and estimates are subject
to revision from time to time as additional information becomes available,
and actual results may differ from those indicated in the referenced
statements.
COMPARISON OF SIX MONTHS ENDED JUNE 30, 1997 TO SIX MONTHS ENDED
JUNE 30, 1996.
Income before minority interest increased to $12,114 for the six months
ended June 30, 1997 from $9,552 for the six months ended June 30, 1996.
This increase was primarily attributable to a $4,218 increase in total
revenues, reduced by a $672 increase in property operating expenses and an
$858 increase in depreciation. Net income for the six months ended June
30, 1997 and 1996 was $10,026 and $6,707, respectively.
Total property revenues increased by $3,233, or 8.8%. On the same
community basis total property revenues increased by $787, or 2.2%.
The $985 increase in other revenues includes a $124 increase in share of
income from co-investment ventures, a $470 increase in development fees, a
$83 increase in asset management fees, and a $72 increase in interest
income from Service Companies.
Property operating expenses increased by $672, or 4.3%. On the same
community basis, property operating expenses decreased by $158 or 1.0%.
Interest expense, net of the amounts capitalized, decreased from $5,814 to
$5,532, or 4.9%.
General and administrative expenses increased from $1,128 for the six
months ended June 30, 1996 to $1,473 for the six months ended June 30,
1997. The increase is primarily attributable to increased compensation and
compensation-related costs.
LIQUIDITY AND CAPITAL RESOURCES
On June 27, 1997, the Company closed on a new $100 million unsecured
revolving line of credit ("Unsecured Line"). The credit facility carries
an interest rate of LIBOR plus 135 basis points and has a term of three
years with two one-year extensions. The bank group providing the line of
credit is led by Wachovia Bank N.A. ("Wachovia") and First National Bank of
Chicago ("First Chicago") as co-agents, and includes Harris Trust and
Savings Bank and LaSalle National Bank. The Unsecured Line replaced two
secured lines of credit with Wachovia and First Chicago, which were paid
off at the closing. At June 30, 1997, the Company had borrowings of
$29,000 on the Unsecured Line. The remaining credit availability of
$71,000 will be used, as needed, for acquisition and development
activities, as well as for general working capital purposes.
At June 30, 1997, the Company had $461 in cash and cash equivalents and
$72,101 in availability under its two bank lines of credit.
<PAGE>
For the six months ended June 30, 1997, net cash provided by operating
activities was $16,968. For the six months ended June 30, 1996, cash
provided by operating activities was $12,947. The increase was primarily
attributable to the $4,218 increase in total revenues, net of $672 increase
in operating expenses.
Cash flows used for investing activities were $43,054 for the six months
ended June 30, 1997, and net cash flows used for investing activities were
$34,972 for the six months ended June 30, 1996. The increase of $8,082 is
due largely to increased development activities and acquisition and
development for co-investment partnerships.
Net cash flows provided by financing activities were $16,256 or the six
months ended June 30, 1997. Net cash flows provided by financing
activities were $24,205 for the six months ended June 30, 1996 which
reflect net proceeds of $23,918 from preferred shares offering in January
1996.
Funds from operations is defined as income (loss) before minority interest
of the holders of OP Units and extraordinary items (computed in accordance
with generally accepted accounting principles), excluding gains (losses)
from debt restructuring and sales of property, plus certain non-cash items,
primarily depreciation. Adjustments for unconsolidated partnerships and
joint ventures are calculated to reflect funds from operations on the same
basis. Funds from operations is widely accepted in measuring the
performance of equity REITs. An understanding of the Company's funds from
operations will enhance the reader's comprehension of the Company's results
of operations and cash flows as presented in the financial statements and
data included elsewhere herein. Funds from operations should not be
considered an alternative to net income or any other GAAP measurement as a
measure of the results of the Company's operations, the Company's cash
flows or liquidity.
Funds from operations for the six months ended June 30, 1997 and 1996 are
summarized as follows:
JUNE 30,
------------------------
1997 1996
------- -------
Income before minority
interest and extraordinary
item $12,114 9,552
Depreciation 6,253 5,395
Other, net (1) 1,154 (52)
------- ------
Funds from operations $19,521 14,895
======= ======
Total shares - weighted average,
including shares issuable upon
conversion of preferred
shares and OP Units 18,928 15,500
======= ======
<PAGE>
(1) Share of co-investment partnerships' depreciation and, in 1996,
$584 gain on sale of interest rate caps.
Funds from operations as shown above is net of start-up losses at newly-
constructed communities. At some communities (such as AMLI at Pleasant
Hill and Phase IV of the AMLI at Sope Creek Crossing Apartments), the
initial lease-up has been such that there were no start-up losses.
In the typical situation, start-up losses will be recorded between the time
the first apartment homes are delivered from construction until occupancy
levels are adequate to recover all costs and expenses (including interest
but excluding depreciation). The amounts shown above for the six months
ended June 30, 1997 and 1996 are shown net of $568 and $167, respectively,
of start-up losses which, for the six months ended June 30, 1997 are
attributable to the initial lease-up of Phase III of AMLI at Regents
Center, Vinings Square, Phase II of AMLI at Crown Colony, AMLI at River
Park, AMLI at Barrett Lakes, AMLI at Aurora Crossing and AMLI at Fossil
Creek. Comparable amounts may be recorded in future quarters of 1997 and
in 1998 as initial lease-up is completed at these and other communities
currently under development.
The Company expects to pay quarterly dividends from cash available for
distribution. Until distributed, funds available for distribution will be
invested in short-term investment-grade securities or used to temporarily
reduce outstanding balances on the Company's revolving lines of credit.
The Company expects to meet its short-term liquidity requirements by using
its working capital and any portion of net cash flow from operations not
distributed currently. The Company is of the opinion that its future net
cash flows will be adequate to meet operating requirements in both the
short and the long term and provide for payment of dividends by the Company
in accordance with REIT requirements. In order to qualify as a REIT, the
Company is required to make distributions to its shareholders equal to 95%
of its REIT taxable income. The Company's 1997 estimated dividend payment
level equals an annual rate of $1.72 per share. The Company estimates that
approximately 20% of the total dividends to be paid in 1997 will be treated
as a return of capital.
The Company expects to meet certain long-term liquidity requirements such
as scheduled debt maturities, repayment of loans for construction,
development, and acquisition activities through the issuance of long-term
secured and unsecured debt and additional equity securities of the Company
(or OP Units). On July 20, 1995, the Company's shelf registration became
effective. The registration statement provided for up to an aggregate of
$200,000 of preferred shares, common shares and security warrants which the
Company may issue from time to time. During 1996 and through July 24,
1997, the Company has issued preferred shares and common shares that total
$128,467, leaving a balance of $71,533 that the Company may issue in the
future under the shelf registration statement.
During the first half of 1997, the Financial Accounting Standards Board
issued Statement of Financial Accounting Standards No. 128, "Earnings Per
Share" ("SFAS No. 128"). SFAS No. 128 requires the presentation of basic
and diluted earnings per share for companies with other than simple capital
structures. SFAS No. 128 is effective for financial statements for both
interim and annual periods ending after December 31, 1997 and early
application is not permitted. For the three and six months ended June 30,
1997, basic income per share would have approximated income per common and
unit voting common shares as presented in the accompanying consolidated
statement of operations.
<PAGE>
<TABLE>
COMPANY INDEBTEDNESS
The Company's debt as of June 30, 1997, substantially all of which is secured by first mortgages on eighteen of
the wholly-owned communities, is summarized as follows:
<CAPTION>
SUMMARY DEBT TABLE
------------------
WEIGHTED AVERAGE PERCENT
TYPE OF INDEBTEDNESS INTEREST RATE BALANCE OF TOTAL
- -------------------- ---------------------- --------- --------
<S> <C> <C> <C>
Fixed Rate Mortgages 7.77% $167,061 70.2%
Tax-Exempt Bonds (1) Tax Exempt Rate + 1.23% 40,750 17.1%
Lines of Credit (2) LIBOR + 1.35% 29,500 12.4%
Other Various 750 .3%
-------- ----
Total: $238,061 100%
======== ====
<FN>
- --------------------
(1) The tax exempt bonds bear interest at a variable tax exempt rate and mature on October 1, 2024. The
related credit enhancement expires in 1999.
(2) A total of $29,000 of the amounts borrowed under lines of credit are due in 2000.
</TABLE>
<PAGE>
DEVELOPMENT ACTIVITIES
In February 1996, the Company acquired an 80 acre land parcel in Atlanta,
Georgia for $6,000 for the development of a new community to be known as
AMLI at Northwinds. The parcel was acquired for cash and a note that was
paid off in May 1996. The Company has begun development of a 400 apartment
home community on the Atlanta site and expects to commence development of a
second 400 apartment home community in one or more additional phases on
adjacent land either for its own account or in partnership with an
institutional investor.
During the fourth quarter of 1996, AMLI at Barrett Lakes, a 446-unit
apartment community in Atlanta, Georgia, being developed through a co-
investment partnership, began rental operations. At June 30, 1997, the
property was 61% leased and 48% occupied. Of the total estimated
development costs of $27,800, the co-venturer has provided $16,680 of
construction and permanent financing for this development, and the
remaining costs are being funded from the Company's and the co-investor's
equity contributions.
In December 1996, the Company commenced leasing and rental operations of
AMLI at River Park, a 222 apartment home community in Atlanta, Georgia. At
June 30, 1997, AMLI at River Park was 88% leased and 77% occupied. In June
1996, this community was contributed to a co-investment joint venture. Of
the $15,400 estimated development costs, the co-venturer provided $9,100 in
the form of a loan and the remaining costs are being funded from equity
contributions from the Company and its co-investment partner.
On February 27, 1996, the Company committed to make a $12,955 construction
loan to a third party to fund the development of a 156 apartment home
community in Overland Park, Kansas. This community commenced rental
operations in February 1997 and was approximately 91% complete at June 30,
1997. The construction and development of this community is accounted for
as an acquisition, development and construction loan.
At September 30, 1996, the Company entered into a joint venture with a
large public pension fund and formed Acquiport/Aurora Crossing, L.P.
Concurrent with the formation of the partnership, AMLI contributed the 18
acre Aurora land parcel and all the improvements in place for a 272
apartment home development. The total development cost of approximately
$24,500 will be funded by equity contributions of which $7,400 was funded
on September 30, 1996. The Company owns a 25% general partnership interest
in this joint venture and received $5,545 as reimbursement of costs
incurred by the Company prior to contributing the land to the joint
venture. AMLI at Aurora Crossing began initial rental operations in
February 1997. At June 30, 1997, the community was 20% leased and 10%
occupied.
On September 30, 1996, the Company, as general partner, and for a 25%
partnership interest, entered into a co-investment partnership with a large
public pension plan and formed Acquiport/Fossil Creek, L.P. Upon formation
of the partnership, the Company contributed its 19 acre land parcel in
Forth Worth, Texas. The development of a 384 apartment home community on
this site is currently in progress. The total development costs of
approximately $23,700 will be funded from capital contributions from the
partners. At September 30, 1996, total costs incurred of $2,670 were
funded. The Company received $1,998 as reimbursement of costs incurred by
the Company prior to contributing the land to the partnership.
On October 9, 1996, the Company acquired 28.6 acres of land located in
Aurora, Illinois. The $5,014 purchase price of this parcel was paid
partially in cash ($3,429 of which has been paid by the Company and $485 of
which is payable when construction is completed) and through the issuance
of 53,140 OP Units. The Company has commenced the development of a 464
apartment home community on this site. Total development costs are
projected to be approximately $45,000.
<PAGE>
At June 30, 1997, there are eleven communities or additional phases to
existing communities including co-investment properties that are under
development. When completed, a total of 3,620 apartment homes will be
added to the Company's portfolio of rental apartments. The estimated
development costs of the seven wholly-owned communities under development
total approximately $190,000 of which $42,696 has been incurred at June 30,
1997. The Company's share of the development costs for the four co-
investment partnerships is approximately $27,800 of which $24,200 has been
funded. In addition, the Company owns five land parcels located in Atlanta
and Dallas that are in various stages of pre-development.
CAPITAL EXPENDITURES
Capital expenditures are those made for assets having a useful life in
excess of one year and include replacements (including carpeting and
appliances) and betterments, such as unit upgrades, enclosed parking
facilities and similar items.
In conjunction with acquisitions of existing properties, it is the
Company's policy to provide in its acquisition budgets adequate funds to
complete any deferred maintenance items and to otherwise make the
properties acquired competitive with comparable newly-constructed
properties. In some cases, the Company will provide in its acquisition
budget additional funds to upgrade or otherwise improve new acquisitions.
INFLATION
Virtually all apartment leases at the communities and co-investment
communities are for six or twelve months' duration. This enables the
Company to pass along inflationary increases in its operating expenses on a
timely basis. Because the Company's property operating expenses (exclusive
of depreciation and amortization) are approximately 41% of rental and other
revenue, increased inflation typically results in comparable increases in
income before interest and general and administrative expenses, so long as
rental market conditions allow increases in rental rates while maintaining
stable occupancy.
An increase in general price levels may immediately precede, or accompany,
an increase in interest rates. The Company's exposure to rising interest
rates is mitigated by the existing debt level of approximately 39% of the
Company's current total market capitalization and the high percentage (70%)
of intermediate term fixed rate debt. As a result, for the foreseeable
future, increases in interest expense resulting from increasing inflation
are anticipated to be less than future increases in income before interest
and general and administrative expenses.
<PAGE>
<TABLE>
OCCUPANCY
The following is a listing of approximate physical occupancy levels by quarter for the Company's wholly-owned
properties:
<CAPTION>
1997 1996
NUMBER ------------------------------------- ------------------------------
OF At At At At At At At At
LOCATION/PROPERTY UNITS 12/31 9/30 6/30 3/31 12/31 9/30 6/30 3/31
- ----------------- ------ ---- ---- ---- ----- ---- ---- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WHOLLY-OWNED COMMUNITIES:
- ------------------------
DALLAS/FT. WORTH, TEXAS
AMLI at Autumn Chase 450 95% 97% 95% 95% 96% 94%
AMLI at Bear Creek 350 94% 95% 92% 93% 95% 95%
AMLI at Chase Oaks 250 97% 96% 96% 96% 95% 98%
AMLI at Gleneagles 590 98% 96% 95% 98% 97% 95%
AMLI on the Green 424 93% 91% 89% 96% 98% 97%
AMLI at Nantucket 312 98% 99% 98% 97% 95% 98%
AMLI of North Dallas 1,032 97% 94% 94% 95% 97% 97%
AMLI at Reflections 212 98% 96% 99% 97% 88% 95%
AMLI on Rosemeade 236 97% 97% 98% 97% 98% 98%
AMLI on Timberglen 260 97% 97% 99% 97% 96% 97%
AMLI at Valley Ranch 460 97% 95% 92% 93% 95% 95%
------ --- --- --- --- --- --- --- ---
4,576 96% 95% 94% 96% 96% 96%
------ --- --- --- --- --- --- --- ---
AUSTIN, TEXAS
AMLI at the Arboretum 231 97% 97% 95% 96% 97% 96%
AMLI in Great Hills 344 97% 95% 94% 97% 97% 96%
AMLI at Martha's Vineyard 360 99% 97% 95% 95% 95% 95%
------ --- --- --- --- --- --- --- ---
935 98% 96% 95% 96% 96% 96%
------ --- --- --- --- --- --- --- ---
ATLANTA, GEORGIA
AMLI at Sope Creek 695 93% 96% 93% 92% 96% 95%
AMLI at Spring Creek 1,180 95% 97% 93% 97% 96% 96%
AMLI at Vinings 360 95% 93% 95% 95% 99% 99%
AMLI at West Paces 337 93% 98% 98% 95% 97% 92%
------ --- --- --- --- --- --- --- ---
2,572 94% 96% 94% 95% 96% 95%
------ --- --- --- --- --- --- --- ---
<PAGE>
1997 1996
NUMBER ------------------------------------- ------------------------------
OF At At At At At At At At
LOCATION/PROPERTY UNITS 12/31 9/30 6/30 3/31 12/31 9/30 6/30 3/31
- ----------------- ------ ---- ---- ---- ----- ---- ---- ----- -----
EASTERN KANSAS
AMLI at Alvamar 152 93% 98% 99% 98% 96% 95%
AMLI at Crown Colony 156 93% 97% 95% 96% 96% 86%
AMLI at Regents Center 424 99% 91% 90% 95% 94% 98%
AMLI at Sherwood 300 95% 98% 96% 97% 97% 89%
------ --- --- --- --- --- --- --- ---
1,032 96% 96% 94% 97% 96% 93%
------ --- --- --- --- --- --- --- ---
INDIANAPOLIS, INDIANA
AMLI at Riverbend 996 94% 92% 93% 96% 94% 94%
------ --- --- --- --- --- --- --- ---
CHICAGO, ILLINOIS
AMLI at Park Sheridan 253 92% 93% 90% 92% 907% 96%
------ ----- ----- ----- ----- ----- ----- ----- -----
Total Wholly-Owned
Communities 10,364 95.6% 95.2% 94.0% 95.6% 95.8% 95.4%
------ ----- ----- ----- ----- ----- ----- ----- -----
CO-INVESTMENT COMMUNITIES:
- -------------------------
ATLANTA, GA
AMLI at Pleasant Hill lease lease lease
(40%) (1) 502 96% 97% 95% up up up
AMLI at Towne Creek (1%) 150 90% 93% 93% 97% 97% 97%
AMLI at Willeo Creek
(30%) 242 95% 98% 95% 97% N/A N/A
------ ----- ----- ----- ----- ----- ----- ----- -----
894 95% 96% 95% 97% 97% 97%
------ ----- ----- ----- ----- ----- ----- ----- -----
CHICAGO, IL
AMLI at Chevy Chase
(33%) 592 99% 97% 93% 96% N/A N/A
AMLI at Prairie
Court (1%) 125 100% 97% 96% 97% 97% 97%
AMLI at Willowbrook (40%) 488 94% 96% 92% 94% N/A N/A
AMLI at Windbrooke (15%) 236 100% 96% 92% 97% 96% 96%
AMLI at Danada (10%) 600 93% 92% N/A N/A N/A N/A
------ ----- ----- ----- ----- ----- ----- ----- -----
2,041 96% 95% 93% 96% 96% 96%
------ ----- ----- ----- ----- ----- ----- ----- -----
DALLAS, TX
AMLI at Verandah (35%) 538 96% 94% N/A N/A N/A N/A
------ ----- ----- ----- ----- ----- ----- ----- -----
<PAGE>
1997 1996
NUMBER ------------------------------------- ------------------------------
OF At At At At At At At At
LOCATION/PROPERTY UNITS 12/31 9/30 6/30 3/31 12/31 9/30 6/30 3/31
- ----------------- ------ ---- ---- ---- ----- ---- ---- ----- -----
AUSTIN, TX
AMLI at Park Place
(25%) 588 94% 96% 97% 95% 97% 97%
------ ----- ----- ----- ----- ----- ----- ----- -----
HOUSTON, TX
AMLI at Champions
Centre (15%) 192 98% 95% 92% 98% 95% 95%
AMLI at Champions
Park (15%) 246 99% 97% 92% 95% 89% 89%
AMLI at Greenwood
Forest (15%) 316 96% 96% 93% 90% N/A N/A
------ ----- ----- ----- ----- ----- ----- ----- -----
754 98% 96% 92% 94% 92% 92%
------ ----- ----- ----- ----- ----- ----- ----- -----
Total Co-Investment
Communities 4,815 95.8% 95.5% 93.8% 95.4% 95.3% 95.3%
------ ----- ----- ----- ----- ----- ----- ----- -----
TOTAL 15,179 95.7% 95.3% 93.9% 97.2% 95.7% 91.6%
====== ===== ===== ===== ===== ===== ===== ===== =====
</TABLE>
<PAGE>
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Annual Meeting of Shareholders of Amli Residential Properties Trust was
held on April 28, 1997, for the purpose of electing three members of the
Board of Trustees and ratifying the appointment of independent auditors.
Proxies for the meeting were solicited pursuant to Section 14(a) of the
Securities Exchange Act of 1934 and there was no solicitation in opposition
to management's solicitations.
All of the management's nominees for directors as listed in the proxy
statement were elected with the following vote:
SHARES SHARES
VOTED SHARES NOT
"FOR" "WITHHELD" VOTED
---------- ---------- ---------
Stephen G. McConahey 12,425,884 255,955 2,146,864
John G. Schreiber 12,425,884 255,955 2,146,864
Allan J. Sweet 12,425,884 255,955 2,146,864
The ratification of the appointment of KPMG Peat Marwick LLP as independent
auditor was approved by the following vote:
SHARES SHARES SHARES
VOTED VOTED SHARES NOT
"FOR" "AGAINST" "ABSTAINING" VOTED
---------- --------- ------------ ---------
12,626,887 30,009 24,943 2,146,864
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
No reports on Form 8-K have been filed during the quarter ended June 30,
1997. The Exhibits filed as part of this report are listed below.
EXHIBIT NO. DOCUMENT DESCRIPTION
27. Financial Data Schedule
99. Financial and Operating Data
furnished to Shareholders and Analysts
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
AMLI RESIDENTIAL PROPERTIES TRUST
Date: August 8, 1997 By: /s/ CHARLES C. KRAFT
-----------------------------------
Charles C. Kraft
Principal Accounting Officer
Principal Financial Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
Date: August 8, 1997 By: /s/ GREGORY T. MUTZ
-----------------------------------
Gregory T. Mutz
Chairman of the Board of Trustees
Date: August 8, 1997 By: /s/ ALLAN J. SWEET
-----------------------------------
Allan J. Sweet
President and Trustee
Date: August 8, 1997 By: /s/ CHARLES C. KRAFT
-----------------------------------
Charles C. Kraft
Principal Accounting Officer
Principal Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S FORM 10-Q FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
INCLUDED IN SUCH REPORT.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 461
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 467,146
<DEPRECIATION> 56,731
<TOTAL-ASSETS> 536,384
<CURRENT-LIABILITIES> 0
<BONDS> 238,061
0
11
<COMMON> 149
<OTHER-SE> 237,132
<TOTAL-LIABILITY-AND-EQUITY> 536,384
<SALES> 0
<TOTAL-REVENUES> 42,163
<CGS> 0
<TOTAL-COSTS> 30,049
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,532
<INCOME-PRETAX> 10,203
<INCOME-TAX> 0
<INCOME-CONTINUING> 10,203
<DISCONTINUED> 0
<EXTRAORDINARY> 177
<CHANGES> 0
<NET-INCOME> 10,026
<EPS-PRIMARY> .61
<EPS-DILUTED> .61
</TABLE>
EXHIBIT 99
- ----------
AMLI RESIDENTIAL PROPERTIES TRUST
FINANCIAL AND OPERATING DATA
June 30, 1997
1. Funds from Operations
2. Statements of Operations
3. Balance Sheets
4. Selected Financial Information
5. Debt
6. Debt Maturities
7. Same Community Comparison - Wholly-Owned - three months
ended June 30, 1997 and 1996
8. Same Community Comparison - Wholly-Owned - six months
ended June 30, 1997 and 1996
9. Same Community Comparison - Wholly-Owned & Co-
Investments - three months ended June 30, 1997 and 1996
10. Same Community Comparison - Wholly-Owned & Co-
Investments - six months ended June 30, 1997 and 1996
11. Property Information
12. Development Activities
<PAGE>
<TABLE>
AMLI RESIDENTIAL PROPERTIES TRUST
FUNDS FROM OPERATIONS
Unaudited - Dollars in thousands except per share data
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
--------------------------- ---------------------------
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1997 1996 1997 1996
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
REVENUES
- --------
Property revenues:
Rental . . . . . . . . . . . . . . . . . . . $ 19,281 $17,766 $ 37,961 $ 35,197
Other. . . . . . . . . . . . . . . . . . . . 1,019 814 1,994 1,525
-------- -------- -------- --------
Total Property Revenues. . . . . . . . . 20,300 18,580 39,955 36,722
-------- -------- -------- --------
Property operating expenses. . . . . . . . . . (7,883) (7,634) (15,453) (14,871)
Property management fees . . . . . . . . . . . (517) (464) (1,008) (918)
-------- -------- -------- --------
Property expenses. . . . . . . . . . . . . (8,400) (8,098) (16,461) (15,789)
Operating expense ratio. . . . . . . . . . . . 41.4% 43.6% 41.2% 43.0%
-------- -------- -------- --------
Net operating income . . . . . . . . . . 11,900 10,482 23,494 20,933
-------- -------- -------- --------
OTHER INCOME
- ------------
Share of income (loss) from Service Cos. . . 66 (95) 77 (151)
Interest from Service Companies (1). . . . . 187 201 440 368
Other interest . . . . . . . . . . . . . . . 120 53 227 125
Share of partnerships FFO (2). . . . . . . . 820 486 1,487 742
Fee income - acquisitions and dispositions . -- 92 137 250
Fee income - developments. . . . . . . . . . 271 99 601 131
Fee income - asset management. . . . . . . . 151 143 304 220
Other. . . . . . . . . . . . . . . . . . . . 52 45 89 70
-------- -------- -------- --------
Total other income . . . . . . . . . . . 1,667 1,024 3,362 1,755
General and administrative . . . . . . . . . . (706) (532) (1,473) (1,128)
-------- -------- -------- --------
EBITDA . . . . . . . . . . . . . . . . . . . . 12,861 10,974 25,383 21,560
-------- -------- -------- --------
Interest expense . . . . . . . . . . . . . . . (2,886) (2,996) (5,532) (5,814)
Amortization of deferred costs . . . . . . . . (87) (400) (330) (851)
-------- -------- -------- --------
Funds from operations (FFO). . . . . . . . . . $ 9,888 $ 7,578 $ 19,521 $ 14,895
======== ======== ======== ========
<PAGE>
AMLI RESIDENTIAL PROPERTIES TRUST
FUNDS FROM OPERATIONS - CONTINUED
Unaudited - Dollars in thousands except per share data
THREE MONTHS ENDED SIX MONTHS ENDED
--------------------------- ---------------------------
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1997 1996 1997 1996
---------- ---------- ---------- ----------
Capital expenditures paid from FFO . . . . . . (749) (394) (1,880) (727)
Other - share of Co-investments Cap exp. . . . (66) (12) (100) (21)
-------- -------- -------- --------
Funds available for distribution (FAD) . . . . $ 9,073 $ 7,172 $ 17,541 $ 14,147
======== ======== ======== ========
FFO per share. . . . . . . . . . . . . . . . . $ 0.52 $ 0.48 $ 1.03 $ 0.96
FAD per share. . . . . . . . . . . . . . . . . $ 0.48 $ 0.46 $ 0.93 $ 0.92
Dividend per share . . . . . . . . . . . . . . $ 0.43 $ 0.43 $ 0.86 $ 0.86
Dividend as a % of FFO . . . . . . . . . . . . 82.5% 89.3% 83.5% 89.5%
Dividend as a % of FAD . . . . . . . . . . . . 89.9% 94.4% 92.5% 94.0%
<FN>
Notes:
(1) Includes $114 in quarterly interest on 13% notes receivable and interest on working capital advances.
(2) Share of income plus share of depreciation; share of depreciation for the three and six months ended
June 30, 1997 and 1996 were $654, $357, $1,154 and $532, respectively.
</TABLE>
<PAGE>
<TABLE>
AMLI RESIDENTIAL PROPERTIES TRUST
STATEMENTS OF OPERATIONS
Unaudited - Dollars in thousands except per share data
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
--------------------------- ---------------------------
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1997 1996 1997 1996
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
REVENUES
- --------
Property Revenue:
Rental . . . . . . . . . . . . . . . . . . . $ 19,281 $ 17,766 $ 37,961 $ 35,197
Other. . . . . . . . . . . . . . . . . . . . 1,019 814 1,994 1,525
Interest and share of income (loss) from
Service Cos. . . . . . . . . . . . . . . . . 253 106 517 217
Other interest . . . . . . . . . . . . . . . . 120 53 227 125
Share of income from co-investment
partnerships . . . . . . . . . . . . . . . . 166 129 333 209
Fees from co-investment partnerships . . . . . 474 379 1,131 672
-------- -------- -------- --------
Total revenues . . . . . . . . . . . . . . 21,313 19,247 42,163 37,945
-------- -------- -------- --------
EXPENSES
- --------
Personnel. . . . . . . . . . . . . . . . . . . 1,822 1,727 3,545 3,321
Advertising and promotion. . . . . . . . . . . 482 478 989 950
Utilities. . . . . . . . . . . . . . . . . . . 909 1,001 1,934 2,067
Building repairs and maintenance . . . . . . . 1,407 1,182 2,563 2,297
Landscaping and grounds maintenance. . . . . . 515 524 879 855
Real estate taxes. . . . . . . . . . . . . . . 2,312 2,173 4,634 4,293
Insurance. . . . . . . . . . . . . . . . . . . 200 253 398 487
Other operating expenses . . . . . . . . . . . 236 296 511 601
Property management fees . . . . . . . . . . . 517 464 1,008 918
Interest, net of capitalized . . . . . . . . . 2,886 2,996 5,532 5,814
Amortization of deferred costs . . . . . . . . 87 400 330 851
Depreciation of real property. . . . . . . . . 2,376 2,133 4,692 4,254
Depreciation of personal property. . . . . . . 820 593 1,561 1,141
General and administrative . . . . . . . . . . 706 532 1,473 1,128
-------- -------- -------- --------
Total expenses . . . . . . . . . . . . . . 15,275 14,752 30,049 28,977
-------- -------- -------- --------
<PAGE>
AMLI RESIDENTIAL PROPERTIES TRUST
STATEMENTS OF OPERATIONS - CONTINUED
Unaudited - Dollars in thousands except per share data
THREE MONTHS ENDED SIX MONTHS ENDED
--------------------------- ---------------------------
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1997 1996 1997 1996
---------- ---------- ---------- ----------
Non-recurring item - gain on sale of
interest rate caps . . . . . . . . . . . . . -- 584 -- 584
-------- -------- -------- --------
Income before taxes, minority interest
and extraordinary item . . . . . . . . . . . 6,038 5,079 12,114 9,552
Income taxes . . . . . . . . . . . . . . . . . -- -- -- --
-------- -------- -------- --------
Income before minority interest /
extraordinary items. . . . . . . . . . . . . 6,038 5,079 12,114 9,552
Minority interest. . . . . . . . . . . . . . . 958 920 1,911 1,727
-------- -------- -------- --------
Income before and extraordinary items. . . . . 5,080 4,159 10,203 7,825
Extraordinary items net of minority interest . (177) (1,118) (177) (1,118)
-------- -------- -------- --------
Net income . . . . . . . . . . . . . . . . . . 4,903 3,041 10,026 6,707
Net income allocable to preferred shares . . . 473 473 946 800
-------- -------- -------- --------
Net income allocable to common shares. . . . . $ 4,430 $ 2,568 $ 9,080 $ 5,907
======== ======== ======== ========
INCOME PER COMMON SHARE:
- -----------------------
Before extraordinary items . . . . . . . . . $ 0.31 $ 0.31 $ 0.62 $ 0.60
Extraordinary item . . . . . . . . . . . . . $ (0.01) $ (0.09) $ (0.01) $ (0.09)
Income per common share. . . . . . . . . . . $ 0.30 $ 0.22 $ 0.61 $ 0.51
======== ======== ======== ========
<PAGE>
AMLI RESIDENTIAL PROPERTIES TRUST
STATEMENTS OF OPERATIONS - CONTINUED
Unaudited - Dollars in thousands except per share data
THREE MONTHS ENDED SIX MONTHS ENDED
--------------------------- ---------------------------
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1997 1996 1997 1996
---------- ---------- ---------- ----------
FUNDS FROM OPERATIONS
- ---------------------
Income before taxes, minority interest
and extraordinary item . . . . . . . . . . . $ 6,038 $ 5,079 $ 12,114 $ 9,552
Depreciation of real property. . . . . . . . . 2,376 2,133 4,692 4,254
Depreciation of personal property. . . . . . . 820 593 1,561 1,141
Non-recurring items. . . . . . . . . . . . . . -- (584) -- (584)
Other - share of Co-investments depreciation . 654 357 1,154 532
-------- -------- -------- --------
Funds from operations (FFO). . . . . . . . . . $ 9,888 $ 7,578 $ 19,521 $ 14,895
FFO per share. . . . . . . . . . . . . . . . . $ 0.52 $ 0.48 $ 1.03 $ 0.96
======== ======== ======== ========
Capital expenditures paid from FFO . . . . . . (749) (394) (1,880) (727)
Other - share Co-investments capital expense . (66) (12) (100) (21)
-------- -------- -------- --------
Funds available for distribution (FAD) . . . . $ 9,073 $ 7,172 $ 17,541 $ 14,147
FAD per share. . . . . . . . . . . . . . . . . $ 0.48 $ 0.46 $ 0.93 $ 0.92
Dividends per share. . . . . . . . . . . . . . $ 0.43 $ 0.43 $ 0.86 $ 0.86
Dividends as a % of FFO. . . . . . . . . . . . 82.5% 89.3% 83.5% 89.5%
Dividends as a % of FAD. . . . . . . . . . . . 89.9% 94.4% 92.5% 94.0%
======== ======== ======== ========
<PAGE>
</TABLE>
<TABLE>
AMLI RESIDENTIAL PROPERTIES TRUST
CONDENSED BALANCE SHEETS
Unaudited - Dollars in thousands except per share data
<CAPTION>
JUNE 30, DEC. 31,
1997 1996
-------- --------
<S> <C> <C>
ASSETS
- ------
Rental apartments
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 63,356 $ 59,854
Depreciable property . . . . . . . . . . . . . . . . . . . 403,790 373,140
-------- --------
467,146 432,994
Less accumulated depreciation. . . . . . . . . . . . . . . (56,731) (50,478)
-------- --------
410,415 382,516
Properties under development . . . . . . . . . . . . . . . . 68,007 62,525
Investments in partnerships. . . . . . . . . . . . . . . . . 40,257 30,669
Cash and cash equivalents. . . . . . . . . . . . . . . . . . 461 10,291
Security deposits. . . . . . . . . . . . . . . . . . . . . . 1,730 1,737
Deferred costs, net. . . . . . . . . . . . . . . . . . . . . 2,881 2,139
Other assets . . . . . . . . . . . . . . . . . . . . . . . . 12,628 14,480
-------- --------
Total assets . . . . . . . . . . . . . . . . . . . . . . . . $536,379 $504,357
======== ========
<PAGE>
AMLI RESIDENTIAL PROPERTIES TRUST
CONDENSED BALANCE SHEETS - CONTINUED
Unaudited - Dollars in thousands except per share data
JUNE 30, DEC. 31,
1997 1996
-------- --------
LIABILITIES AND SHAREHOLDERS' EQUITY
- ------------------------------------
Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . $238,061 $202,013
Accrued interest payable . . . . . . . . . . . . . . . . . . 1,216 1,161
Accrued real estate taxes. . . . . . . . . . . . . . . . . . 5,854 6,978
Construction costs payable . . . . . . . . . . . . . . . . . 5,030 2,263
Security deposits and prepaid rents. . . . . . . . . . . . . 2,223 2,757
Other liabilities. . . . . . . . . . . . . . . . . . . . . . 1,625 2,292
-------- --------
Total liabilities. . . . . . . . . . . . . . . . . . . . 254,009 217,464
-------- --------
Minority interest. . . . . . . . . . . . . . . . . . . . . . 44,718 44,871
-------- --------
Shareholders' equity
Preferred shares, $.01 par value . . . . . . . . . . . . . 11 11
Shares of beneficial interest, $.01 par value. . . . . . . 149 148
Additional paid-in capital . . . . . . . . . . . . . . . . 300,410 301,098
Retained earnings. . . . . . . . . . . . . . . . . . . . . 4,570 (5,455)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . (67,488) (53,780)
-------- --------
Total shareholders' equity . . . . . . . . . . . . . . . 237,652 242,022
-------- --------
Total liabilities and shareholders' equity . . . . . . . . . $536,379 $504,357
======== ========
<PAGE>
</TABLE>
<TABLE>
Amli Residential Properties Trust
Selected Quarterly Financial Information
June 30, 1997
(dollars in thousands except for per share data)
<CAPTION>
Quarter Ending
-------------------------------------------------------------------------------------
June 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
1997 1997 1996 1996 1996 1996
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Total Debt $238,061 $220,964 $202,013 $233,567 $230,888 $218,267
Total Debt (1) 290,699 271,738 240,593 270,374 267,348 244,149
Total Shares and
Units Outstanding
(2) 18,976,280 18,968,168 18,862,132 15,798,892 15,796,392 15,652,892
Value per Common
Share - end of
quarter $ 23.625 $ 23.000 $23.375 $20.875 $20.750 $20.125
Total Equity
(Market Value) -
end of quarter $448,315 $436,268 $440,902 $329,802 $327,775 $315,014
Total Market
Capitalization 686,376 657,232 642,915 563,369 558,663 533,281
Total Market
Capitalization (1) 739,014 708,006 681,495 600,176 595,123 559,163
======== ======== ======== ======== ======== ========
Total Revenues (3) $ 21,313 $ 20,850 $ 20,254 $ 20,072 $ 19,247 $ 18,698
EBITDA (4) 12,861 12,522 12,155 11,580 10,974 10,586
FFO 9,888 9,633 8,954 8,160 7,578 7,317
FAD 9,073 8,468 8,175 7,694 7,172 6,975
Dividends Paid 8,158 8,111 6,794 6,792 6,731 6,322
Debt service
(net of capitalized
interest) 3,420 3,195 3,462 3,645 3,279 3,060
Interest Expense 2,886 2,646 2,935 3,167 2,996 2,818
G & A Expense 706 767 650 575 532 596
Total Shares and
Units Outstanding
- Wtd. Avg. 18,973,232 18,882,000 16,948,000 15,798,000 15,746,000 15,254,000
========== ========== ========== ========== ========== ==========
<PAGE>
Amli Residential Properties Trust
Selected Quarterly Financial Information - CONTINUED
June 30, 1997
(dollars in thousands except for per share data)
Quarter Ending
-------------------------------------------------------------------------------------
June 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
1997 1997 1996 1996 1996 1996
-------- -------- -------- -------- -------- --------
Debt Service Coverage
Ratio 3.76 3.92 3.51 3.18 3.35 3.46
Interest Coverage Ratio 4.46 4.73 4.14 3.66 3.66 3.76
Debt as % of Total
Market Capitalization 34.68% 33.62% 31.42% 41.46% 41.33% 40.93%
Debt as % of Total
Market Capitalization (1) 39.34% 38.38% 35.30% 45.05% 44.92% 43.66%
EBITDA as % of Total
Market Capitalization 7.50% 7.62% 7.56% 8.22% 7.86% 7.94%
FFO as % of Total
Market Equity 8.82% 8.83% 8.12% 9.90% 9.25% 9.29%
G&A as % of Total
Market Capitalization 0.41% 0.47% 0.40% 0.41% 0.38% 0.45%
G&A as % of Total Revenues 3.31% 3.68% 3.21% 2.86% 2.76% 3.19%
Dividends as % of FFO (5) 82.5% 84.3% 81.4% 83.2% 89.3% 89.6%
Dividends as % of FAD (5) 89.9% 95.9% 89.1% 88.3% 94.4% 94.0%
======== ======== ======== ======== ======== ========
Apartment Units -
Wholly Owned
In Operation 10,364 9,824 9,824 9,824 9,600 9,600
Under Development 2,296 2,444 1,404 1,404 884 612
Apartment Units -
Co-Investments
In Operation 4,815 4,815 3,677 3,677 3,175 2,687
Under Development 1,324 1,324 1,324 1,324 1,170 948
-------- -------- -------- -------- -------- --------
Total Units 18,799 18,407 16,229 16,229 14,829 13,847
======== ======== ======== ======== ======== ========
<FN>
(1) Including proportionate share of debt of Co-investment partnerships accounted for using the equity
method.
(2) End of the quarter - includes 1,100,000 preferred shares convertible to common shares.
(3) Excluding non-recurring gain of $960 in the third quarter of 1994, $1,564 in the third quarter of 1995
and $751 in the second quarter of 1996.
(4) Includes other income, net of G & A expenses.
(5) Based on per share amounts.
</TABLE>
<PAGE>
<TABLE>
AMLI RESIDENTIAL PROPERTIES TRUST
PORTFOLIO INDEBTEDNESS SUMMARY
June 30, 1997
(Dollars in thousands)
<CAPTION>
<S> <C> <C>
RATE ASSUMPTIONS
LIBOR 5.69%
Tax Exempt 3.55% F = Fixed Rate
V = Variable Rate
</TABLE>
<TABLE>
<CAPTION>
Maturity
Original Outstand- (years)
/Max ing Interest Maturity from
Borrower Lender Amount Balance Rate Rate Date 6/30/97
- ---------- ---------- -------- --------- --------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
F ARP, L.P.(1) Lincoln National $ 4,800 4,385 9.90% 9/28/97 0.2
F ARP, L.P. Prudential 8,500 8,102 7.70% 10/31/97 0.3
F ARP, L.P. Allstate 7,060 6,612 7.42% 11/1/97 0.3
F ARP, L.P. Prudential 4,800 4,483 7.05% 6/30/98 1.0
F ARP, L.P. Prudential 7,050 6,616 7.02% 10/5/98 1.3
F ARP, L.P. CIGNA 31,000 30,586 7.30% 7/1/03 6.0
F ARP, L.P. CIGNA 11,000 10,854 7.34% 7/1/03 6.0
F ARP, L.P. Fleet 7,320 6,904 7.75% 7/1/03 6.0
F ARP, L.P. Nationwide 11,500 10,799 7.63% 7/10/03 6.0
F ARP, L.P. Jackson National
Life Insurance
Company 7,735 7,735 7.70% 6/1/04 6.9
F ARP, L.P. Jackson National
Life Insurance
Company 6,770 6,770 7.70% 6/1/04 6.9
F ARP, L.P. TIAA 20,100 19,899 8.90% 9/1/05 8.2
F ARP, L.P. (2) FNMA 43,907 42,666 7.79% 5/1/06 8.8
F ARP, L.P. Collateral Mortgage
Ltd. 10,322 650 7.88% 12/1/38 41.4
- ------------------------------------------------------------------------------------------------------------------
V ARP, L.P. Harris Trust & Savings 8,000 500 7.04% LIBOR + 1.35% 8/30/98 1.4
V ARP, L.P. (3) Wachovia Bank/
First Chicago 100,000 29,000 7.04% LIBOR + 1.35% 6/27/00 3.2
- ------------------------------------------------------------------------------------------------------------------
<PAGE>
AMLI RESIDENTIAL PROPERTIES TRUST
PORTFOLIO INDEBTEDNESS SUMMARY - CONTINUED
Maturity
Original Outstand- (years)
/Max ing Interest Maturity from
Borrower Lender Amount Balance Rate Rate Date 6/30/97
- ---------- ---------- -------- --------- --------- ---------- -------- --------
V ARP, L.P. (4) Tax-Exempt Bonds 40,750 40,750 4.78% Tax Ex + 1.23% 9/30/99 2.5
- ------------------------------------------------------------------------------------------------------------------
F ARP, L.P. AIA 750 750 4.00% Demand -
- ------------------------------------------------------------------------------------------------------------------
TOTAL $331,364 238,061 7.15% 5.2
==================================================================================================================
Co-Investments (5) Various -- 52,638 7.80% Various 6.8
- ------------------------------------------------------------------------------------------------------------------
TOTAL including Co-Investment $331,364 $290,699 7.27% 5.5
==================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Weighted
Ave.
Percent of Interest Years to
Type of Indebtedness Balance Total Interest Rate Maturity
- -------------------- -------- ----------- ---------- --------- ----------
<S> <C> <C> <C> <C>
Conventional Fixed Rate $167,061 70.2% Fixed 7.77% 6.2
Tax-exempt Variable Rate 40,750 17.1% Variable 4.78% 2.5
Credit Facilities 29,500 12.4% Variable 7.04% 3.2
Other 750 0.3% Fixed 4.00% -
-------- ------ ----- ---
Total $238,061 100.0% 7.15% 5.2
======== ====== ===== ===
<FN>
(1) Prepaid without penalty on July 3, 1997.
(2) The outstanding balance is net of $594 representing the unamortized discount from the sale of the FNMA
certificates.
(3) $5,845 has been capped based on LIBOR = 3.875% through February 15, 1998. All in rate reflects LIBOR + 135.
(4) Maturity Date shown is expiration date of Credit Enhancement. Bonds mature in 2024.
(5) Co-Investment debt represents Amli Residential's pro rata share of debt. Interest rate and maturity reflect
average numbers based on Amli's pro rata share.
</TABLE>
<PAGE>
<TABLE>
AMLI RESIDENTIAL PROPERTIES TRUST
PORTFOLIO INDEBTEDNESS SUMMARY
June 30, 1997
(Dollars in thousands)
CO-INVESTMENT DETAIL
<CAPTION>
Original/ Outstand-
Max ing Interest Maturity
Property Lender Amount Balance Rate Date 6/30/97 AMLI % AMLI $
- -------- ------ --------- ---------- -------- -------- -------- ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AMLI AT:
Champions Park Lincoln National 9,500 9,029 7.26% 12/5/97 0.4 15% $ 1,354
Park Place Prudential 13,000 12,529 8.21% 10/5/99 2.3 25% 3,132
Champions Centre Prudential 6,700 6,677 8.93% 1/1/02 4.5 15% 1,002
Windbrooke Allstate 11,500 11,500 9.24% 2/1/02 4.6 15% 1,725
Greenwood Forest Nationwide 11,625 11,625 8.95% 5/10/02 4.9 15% 1,744
Chevy Chase CIGNA 29,767 29,690 6.67% 4/1/03 5.8 33% 9,799
Willowbrook NML 24,500 24,474 7.79% 5/1/03 5.8 40% 9,789
Willeo Creek Phoenix Home Life 10,000 9,987 6.77% 5/1/03 5.8 30% 2,996
Verandah Phoenix Home Life 16,940 16,940 7.55% 4/1/04 6.8 35% 5,929
Pleasant Hill NML 15,500 14,831 9.15% 3/1/07 9.7 40% 5,932
Danada Prudential 24,500 24,500 7.33% 3/1/07 9.7 10% 2,450
River Exchange Erie Insurance 9,100 7,479 7.75% 6/27/08 11.0 40% 2,991
Barrett Lakes NML 16,680 10,489 8.50% 12/1/09 12.4 35% 3,672
Prairie Court Bonds 7,250 7,250 8.00% 12/1/99 2.4 1% 73
Towne Creek Erie Insurance 5,000 5,000 9.50% 11/30/99 2.4 1% 50
------- ------- ----- ---- ----- -------
211,562 202,000 7.80% 6.8 26.1% $52,638
======= ======= ===== ==== ===== =======
</TABLE>
<PAGE>
<TABLE>
AMLI RESIDENTIAL PROPERTIES TRUST
DEBT MATURITIES
JUNE 30, 1997
Unaudited - Dollars in thousands
<CAPTION>
There- % to
1997 1998 1999 2000 2001 after Total Total
------- ------- ------- ------- ------- -------- -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fixed Rate Mortgages $20,095 $12,951 $ 2,269 $ 2,441 $ 2,658 $126,647 $167,061 70.2%
Tax Exempt Bonds* 40,750 40,750 17.1%
Wachovia/First Chicago
Line of Credit 29,000 29,000 12.2%
Harris Line of Credit 500 500 0.2%
Other 750 750 0.3%
------- ------- ------- ------- ------- -------- -------- ------
Total Loans $20,845 $13,451 $ 2,269 $31,441 $2,658 $167,397 $238,061 100.0%
======= ======= ======= ======= ====== ======== ======== ======
Percent to Total 8.8% 5.7% 1.0% 13.2% 1.1% 70.2% 100.0% 81.9%
======= ======= ======= ====== ====== ======== ======== ======
SHARE OF CO-INVESTMENT DEBT
Prudential Ins. -
Park Place (25%) 25 53 3,054 3,132 6.0%
Nationwide Life Ins. -
Greenwood Forest (15%) 3 5 5 6 1,725 1,744 3.3%
Lincoln National Ins. -
Champions Park (15%) 1,354 1,354 2.6%
Prudential Ins. -
Champions Centre (15%) 4 9 10 11 12 956 1,002 1.9%
Allstate Life Ins. -
Windbrooke (15%) 14 16 18 20 1,657 1,725 3.3%
CIGNA -
Chevy Chase (33%) 79 165 177 189 202 8,987 9,799 18.4%
Northwestern Mutual Life Ins. -
Willowbrook (40%) 65 139 150 162 175 9,098 9,789 18.6%
Phoenix Mutual -
Willeo Creek (30%) 20 49 53 56 60 2,758 2,996 5.7%
Northwestern Mutual Life Ins. -
Pleasant Hill (40%) 17 44 49 53 58 5,711 5,932 11.3%
Northwestern Mutual Life Ins. -
Barrett Lakes (35%) 71 77 84 3,440 3,672 7.0%
<PAGE>
AMLI RESIDENTIAL PROPERTIES TRUST
DEBT MATURITIES - CONTINUED
There- % to
1997 1998 1999 2000 2001 after Total Total
------- ------- ------- ------- ------- -------- -------- ------
Erie Insurance -
River Park (40%) 20 51 55 2,865 2,991 5.7%
Prudential Ins. -
Amli at Danada (10%) 17 25 27 2,381 2,450 4.7%
Phoenix Home Life -
Amli at Verandah (35%) 55 88 94 5,692 5,929 11.3%
Central Bank, Trustee -
Prairie Court (1%) 73 73 0.1%
Erie Insurance -
Towne Creek (1%) 50 50 0.1%
------- ------- ------- ------- ------ -------- -------- ------
Total Share of
Co-Investment Loans $ 1,564 $ 476 $ 3,800 $ 735 $ 793 $ 45,270 $ 52,638 100.0%
======= ======= ======= ====== ====== ======== ======== ======
Percent to Total 3.0% 0.9% 7.2% 1.4% 1.5% 86.0% 100.0% 18.1%
======= ======= ======= ====== ====== ======== ======== ======
Total Including Share
of Co-Investment Debt $22,409 $13,927 $ 6,069 $32,176 $3,451 $212,667 $290,699 100.0%
======= ======= ======= ====== ====== ======== ======== ======
Percent to Total 7.7% 4.8% 2.1% 11.1% 1.2% 73.1% 100.0% 100.0%
====== ======= ======= ====== ====== ======== ======== ======
<FN>
* The Bonds mature in October 2024, but the credit enhancement expires on October 15, 1999.
</TABLE>
<PAGE>
<TABLE>
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES)
THREE MONTHS ENDED JUNE 30, 1997 VERSUS THREE MONTHS ENDED JUNE 30, 1996
Excluding Autumn Chase II, Gleneagles II, Crown Colony II, Regents III, Vinings Square and Vinings II
<CAPTION>
4/1/97-6/30/97 4/1/96-6/30/96
No. of --------------------------------- % --------------------------------
Apts. Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft
------- -------- -------- ---------- ------ ---------- -------- ---------
<S> <c) <C> <C> <C> <C> <C> <C> <C>
WEIGHTED AVG. OCCUPANCY
- -----------------------
Dallas 4,088 94.0% -1.3% 95.2%
Atlanta 2,420 94.3% -0.5% 94.8%
Austin 935 93.7% -0.3% 94.0%
Indianapolis 996 93.2% -0.9% 94.0%
Eastern Kansas 908 92.5% 2.0% 90.8%
Chicago 253 92.4% -3.7% 95.9%
----- ----- -----
Weighted Average 93.8% -0.7% 94.5%
------ ===== ===== =====
Total 9,600
======
WEIGHTED AVG. RENTAL RATE
- -------------------------
Dallas $630 2.8% $613
Atlanta $726 1.5% $715
Austin $641 -1.4% $650
Indianapolis $574 1.7% $564
Eastern Kansas $644 0.2% $643
Chicago $916 4.2% $879
---- ---- ----
Weighted Average $658 1.7% $647
==== ==== ====
TOTAL PROPERTY REVENUES Per Month Per Month
- ----------------------- ---------- ----------
Dallas $ 7,669,451 $625 $0.76 3.2% $ 7,432,464 $606 $0.73
Atlanta $ 5,169,299 $712 $0.76 0.6% $ 5,140,223 $708 $0.76
Austin $ 1,770,870 $631 $0.86 0.0% $ 1,771,261 $631 $0.86
Indianapolis $ 1,712,115 $573 $0.70 3.1% $ 1,660,903 $556 $0.67
Eastern Kansas $ 1,715,036 $630 $0.73 1.6% $ 1,687,305 $619 $0.72
Chicago $ 708,357 $933 $1.09 -0.4% $ 711,389 $937 $1.10
----------- ---- ----- ----- ----------- ---- -----
Total $18,745,129 $651 $0.77 1.9% $18,403,545 $639 $0.75
=========== ==== ===== ===== =========== ==== =====
<PAGE>
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES) - CONTINUED
Excluding Autumn Chase II, Gleneagles II, Crown Colony II, Regents III, Vinings Square and Vinings II
4/1/97-6/30/97 4/1/96-6/30/96
--------------------------------- % --------------------------------
Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft
-------- -------- ---------- ------ ---------- -------- ---------
PROPERTY OPERATING EXPENSES (ANNUALIZED) (ANNUALIZED)
- --------------------------- ------------ ------------
Dallas $ 3,351,611 $3,279 $3.97 -6.2% $3,574,970 $3,498 $4.23
Atlanta $ 1,812,350 $2,996 $3.21 -1.8% $1,846,501 $3,052 $3.27
Austin $ 868,710 $3,716 $5.05 11.9% $ 776,030 $3,320 $4.51
Indianapolis $ 631,542 $2,536 $3.08 2.0% $ 619,151 $2,487 $3.02
Eastern Kansas $ 700,383 $3,085 $3.59 6.7% $ 656,289 $2,891 $3.36
Chicago $ 439,931 $6,955 $8.14 1.6% $ 433,095 $6,847 $8.01
----------- ------ ----- ----- ---------- ------ -----
Total $ 7,804,526 $3,252 $3.83 -1.3% $7,906,035 $3,294 $3.88
=========== ====== ===== ===== ========== ====== =====
Operating Efficiency 41.6% 43.0%
=========== ==========
NET OPERATING INCOME PER MONTH PER MONTH
- -------------------- --------- ----------
Dallas $ 4,317,840 $352 $0.43 11.9% $ 3,857,494 $315 $0.38
Atlanta $ 3,356,949 $462 $0.50 1.9% $ 3,293,723 $454 $0.49
Austin $ 902,161 $322 $0.44 -9.4% $ 995,231 $355 $0.48
Indianapolis $ 1,080,573 $362 $0.44 3.7% $ 1,041,752 $349 $0.42
Eastern Kansas $ 1,014,653 $372 $0.43 -1.6% $ 1,031,016 $378 $0.44
Chicago $ 268,426 $354 $0.41 -3.5% $ 278,295 $367 $0.43
----------- ---- ----- ----- ----------- ---- -----
Total $10,940,602 $380 $0.45 4.2% $10,497,510 $364 $0.43
=========== ==== ===== ===== =========== ==== =====
Operating Margin 58.4% 57.0%
=========== ==========
CAPITAL EXPENDITURES (ANNUALIZED) (ANNUALIZED)
- -------------------- ------------ ------------
Dallas $ 308,727 $302 $0.37 62.7% $189,765 $186 $0.22
Atlanta $ 189,002 $312 $0.33 247.5% $ 54,391 $ 90 $0.10
Austin $ 99,832 $427 $0.58 37.8% $ 72,462 $310 $0.42
Indianapolis $ 48,328 $194 $0.24 68.2% $ 28,738 $115 $0.14
Eastern Kansas $ 57,017 $251 $0.29 175.2% $ 20,716 $ 91 $0.11
Chicago $ 30,993 $490 $0.35 14.8% $ 27,003 $427 $0.50
----------- ---- ----- ------ -------- ---- -----
Total $ 733,900 $306 $0.36 86.7% $393,075 $164 $0.19
=========== ==== ===== ====== ======== ==== =====
<PAGE>
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES) - CONTINUED
Excluding Autumn Chase II, Gleneagles II, Crown Colony II, Regents III, Vinings Square and Vinings II
4/1/97-6/30/97 4/1/96-6/30/96
--------------------------------- % --------------------------------
Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft
-------- -------- ---------- ------ ---------- -------- ---------
REPAIRS AND MAINTENANCE (ANNUALIZED) (ANNUALIZED)
- ----------------------- ------------ ------------
Dallas $ 576,489 $ 564 $0.68 -3.5% $ 597,324 $ 584 $0.71
Atlanta $ 269,727 $ 446 $0.48 20.1% $ 224,661 $ 371 $0.40
Austin $ 194,867 $ 834 $1.13 98.9% $ 97,970 $ 419 $0.57
Indianapolis $ 124,861 $ 501 $0.61 28.9% $ 96,855 $ 389 $0.47
Eastern Kansas $ 98,451 $ 434 $0.50 20.7% $ 81,534 $ 359 $0.42
Chicago $ 92,545 $1,463 $1.71 12.0% $ 82,607 $1,306 $1.53
----------- ------ ----- ------ ---------- ------ -----
Total $ 1,356,940 $ 565 $0.67 14.9% $1,180,952 $ 492 $0.58
=========== ====== ===== ====== ========== ====== =====
REAL ESTATE TAXES (ANNUALIZED) (ANNUALIZED)
- ----------------- ------------ ------------
Dallas $ 1,043,751 $1,021 $1.23 2.8% $1,014,894 $ 993 $1.20
Atlanta $ 388,360 $ 642 $0.69 -5.7% $ 411,945 $ 681 $0.73
Austin $ 215,406 $ 922 $1.25 3.9% $ 207,297 $ 887 $1.20
Indianapolis $ 171,447 $ 689 $0.84 -4.2% $ 179,025 $ 719 $0.87
Eastern Kansas $ 212,667 $ 937 $1.09 17.3% $ 181,243 $ 798 $0.93
Chicago $ 149,376 $2,362 $2.76 3.5% $ 144,375 $2,283 $2.67
----------- ------ ----- ---- ---------- ------ -----
Total $ 2,181,007 $ 909 $1.07 2.0% $2,138,779 $ 891 $1.05
=========== ====== ===== ==== ========== ====== =====
</TABLE>
<PAGE>
<TABLE>
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES)
SIX MONTHS ENDED JUNE 30, 1997 VERSUS SIX MONTHS ENDED JUNE 30, 1996
Excluding Autumn Chase II, Gleneagles II, Crown Colony II, Regents III, Vinings Square and Vinings II
<CAPTION>
1/1/97-6/30/97 1/1/96-6/30/96
No. of --------------------------------- % --------------------------------
Apts. Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft
------- -------- -------- ---------- ------ ---------- -------- ---------
<S> <c) <C> <C> <C> <C> <C> <C> <C>
WEIGHTED AVG. OCCUPANCY
- -----------------------
Dallas 4,088 94.1% -1.0% 95.1%
Atlanta 2,420 93.9% -0.5% 94.4%
Austin 935 93.6% -0.3% 93.9%
Indianapolis 996 92.5% -1.3% 93.8%
Eastern Kansas 908 92.8% 2.0% 91.0%
Chicago 253 91.8% -2.7% 94.3%
----- ----- -----
Weighted Average 93.7% -0.6% 94.3%
------ ===== ===== =====
Total 9,600
======
WEIGHTED AVG. RENTAL RATE
- -------------------------
Dallas $627 2.2% $614
Atlanta $726 1.9% $713
Austin $644 -1.0% $650
Indianapolis $573 1.4% $565
Eastern Kansas $644 0.7% $640
Chicago $922 4.3% $884
---- ---- ----
Weighted Average $658 1.6% $647
==== ==== ====
TOTAL PROPERTY REVENUES PER MONTH PER MONTH
- ----------------------- --------- ---------
Dallas $15,201,407 $620 $0.75 2.5% $14,837,079 $605 $0.73
Atlanta $10,345,112 $712 $0.75 2.2% $10,117,584 $697 $0.75
Austin $ 3,556,164 $634 $0.86 0.9% $ 3,524,430 $628 $0.85
Indianapolis $ 3,365,323 $563 $0.68 1.7% $ 3,308,090 $554 $0.67
Eastern Kansas $ 3,419,188 $628 $0.73 3.0% $ 3,319,634 $609 $0.71
Chicago $ 1,407,407 $927 $1.08 0.5% $ 1,400,548 $923 $1.08
----------- ---- ----- ---- ----------- ---- -----
Total $37,294,600 $647 $0.76 2.2% $36,507,364 $634 $0.75
=========== ==== ===== ==== =========== ==== =====
<PAGE>
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES) - CONTINUED
AND CO-INVESTMENT
Excluding Autumn Chase II, Gleneagles II, Crown Colony II, Regents III, Vinings Square and Vinings II
1/1/97-6/30/97 1/1/96-6/30/96
--------------------------------- % --------------------------------
Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft
-------- -------- ---------- ------ ---------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
PROPERTY OPERATING EXPENSES (ANNUALIZED) (ANNUALIZED)
- --------------------------- ------------ -----------
Dallas $ 6,628,811 $3,243 $3.92 -3.9% $ 6,898,065 $3,375 $4.08
Atlanta $ 3,717,700 $3,072 $3.29 0.8% $ 3,686,431 $3,047 $3.27
Austin $ 1,659,321 $3,549 $4.82 6.7% $ 1,555,338 $3,327 $4.52
Indianapolis $ 1,218,178 $2,446 $2.97 -1.4% $ 1,235,906 $2,482 $3.01
Eastern Kansas $ 1,292,822 $2,848 $3.31 2.2% $ 1,265,000 $2,786 $3.24
Chicago $ 877,886 $6,940 $8.12 -3.7% $ 911,772 $7,208 $8.43
----------- ------ ----- ----- ----------- ------ -----
Total $15,394,719 $3,207 $3.78 -1.0% $15,552,513 $3,240 $3.82
=========== ====== ===== ===== =========== ====== =====
Operating Efficiency 41.3% 42.6%
===== =====
NET OPERATING INCOME PER MONTH PER MONTH
- -------------------- --------- ---------
Dallas $ 8,572,596 $350 $0.42 8.0% $ 7,939,015 $324 $0.39
Atlanta $ 6,627,411 $456 $0.49 3.1% $ 6,431,153 $443 $0.47
Austin $ 1,896,842 $338 $0.46 -3.7% $ 1,969,092 $351 $0.48
Indianapolis $ 2,147,145 $359 $0.44 3.6% $ 2,072,184 $347 $0.42
Eastern Kansas $ 2,126,365 $390 $0.45 3.5% $ 2,054,633 $377 $0.44
Chicago $ 529,521 $349 $0.41 8.3% $ 488,775 $322 $0.38
----------- ---- ----- ----- ----------- ---- -----
Total $21,899,881 $380 $0.45 4.5% $20,954,852 $364 $0.43
=========== ==== ===== ===== =========== ==== =====
Operating Margin 58.7% 57.4%
===== =====
CAPITAL EXPENDITURES (ANNUALIZED) (ANNUALIZED)
- -------------------- ------------- ------------
Dallas $ 1,094,713 $536 $0.65 252.9% $ 310,172 $152 $0.18
Atlanta $ 332,075 $274 $0.29 88.1% $ 176,573 $146 $0.16
Austin $ 163,890 $351 $0.48 69.1% $ 96,920 $207 $0.28
Indianapolis $ 91,513 $184 $0.22 79.4% $ 51,012 $102 $0.12
Eastern Kansas $ 83,274 $183 $0.21 125.4% $ 36,941 $ 81 $0.09
Chicago $ 89,520 $708 $0.83 85.2% $ 48,333 $382 $0.45
----------- ---- ----- ------ ----------- ---- -----
Total $ 1,854,984 $386 $0.46 157.7% $ 719,951 $150 $0.18
=========== ==== ===== ====== =========== ==== =====
<PAGE>
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES) - CONTINUED
Excluding Autumn Chase II, Gleneagles II, Crown Colony II, Regents III, Vinings Square and Vinings II
1/1/97-6/30/97 1/1/96-6/30/96
--------------------------------- % --------------------------------
Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft
-------- -------- ---------- ------ ---------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
REPAIRS AND MAINTENANCE (ANNUALIZED) (ANNUALIZED)
- ----------------------- ------------ ------------
Dallas $ 1,056,556 $ 517 $0.63 -0.2% $1,058,228 $ 518 $0.63
Atlanta $ 517,355 $ 428 $0.46 15.6% $ 447,505 $ 370 $0.40
Austin $ 304,971 $ 652 $0.89 43.3% $ 212,820 $ 455 $0.62
Indianapolis $ 240,431 $ 483 $0.59 10.8% $ 217,092 $ 436 $0.53
Eastern Kansas $ 182,262 $ 401 $0.47 5.3% $ 173,074 $ 381 $0.44
Chicago $ 174,211 $1,377 $1.61 -5.0% $ 183,469 $1,450 $1.70
----------- ------ ----- ----- ---------- ------ -----
Total $ 2,475,786 $ 516 $0.61 8.0% $2,292,188 $ 478 $0.56
=========== ====== ===== ===== ========== ====== =====
REAL ESTATE TAXES (ANNUALIZED) (ANNUALIZED)
- ----------------- ------------ ------------
Dallas $ 2,070,416 $1,013 $1.22 3.8% $1,993,784 $ 975 $1.18
Atlanta $ 826,521 $ 683 $0.73 0.3% $ 823,890 $ 681 $0.73
Austin $ 430,812 $ 922 $1.25 3.9% $ 414,594 $ 887 $1.20
Indianapolis $ 342,894 $ 689 $0.84 -4.2% $ 358,050 $ 719 $0.87
Eastern Kansas $ 425,334 $ 937 $1.09 13.1% $ 375,955 $ 828 $0.96
Chicago $ 298,752 $2,362 $2.76 3.5% $ 288,750 $2,283 $2.67
----------- ------ ----- ----- ---------- ------ -----
Total $ 4,394,729 $ 916 $1.08 3.3% $4,255,023 $ 886 $1.04
=========== ====== ===== ==== ========== ====== =====
</TABLE>
<PAGE>
<TABLE>
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES)
THREE MONTHS ENDED JUNE 30, 1997 VERSUS THREE MONTHS ENDED JUNE 30, 1996
Excluding Autumn Chase II, Gleneagles II, Crown II, Regents III, Vinings Square, Vinings II, Pleasant Hill,
Chevy, Willowbrook, Barrett, River Park, Aurora, Fossil, Danada and Verandah
<CAPTION>
4/1/97-6/30/97 4/1/96-6/30/96
No. of --------------------------------- % --------------------------------
Apts. Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft
------- -------- -------- ---------- ------ ---------- -------- ---------
<S> <c) <C> <C> <C> <C> <C> <C> <C>
WEIGHTED AVG. OCCUPANCY
- -----------------------
Dallas 4,088 94.0% -1.4% 95.3%
Atlanta 2,812 94.4% -0.4% 94.8%
Austin 1,523 93.9% -1.3% 95.1%
Houston 754 94.4% 4.6% 90.2%
Indianapolis 996 93.2% -0.9% 94.0%
Eastern Kansas 908 92.5% 2.0% 90.8%
Chicago 614 94.0% -1.2% 95.2%
----- ----- -----
Weighted Average 93.9% -0.5% 94.4%
------ ===== ===== =====
Total 11,695
======
WEIGHTED AVG. RENTAL RATE
- -------------------------
Dallas $630 4.1% $606
Atlanta $725 2.5% $708
Austin $615 -2.3% $630
Houston $709 0.0% $709
Indianapolis $574 1.7% $564
Eastern Kansas $644 0.2% $643
Chicago $949 4.0% $913
---- ---- ----
Weighted Average $669 2.1% $655
==== ==== ====
TOTAL PROPERTY REVENUES Per Month Per Month
- ----------------------- ---------- ----------
Dallas $ 7,669,451 $625 $0.76 3.2% $ 7,432,464 $606 $0.73
Atlanta $ 6,023,222 $714 $0.75 0.6% $ 5,985,138 $709 $0.75
Austin $ 2,778,322 $608 $0.85 -1.3% $ 2,814,647 $616 $0.86
Houston $ 1,595,781 $705 $0.76 6.3% $ 1,500,805 $663 $0.72
Indianapolis $ 1,712,115 $573 $0.70 3.1% $ 1,660,903 $556 $0.67
Eastern Kansas $ 1,715,036 $630 $0.73 1.6% $ 1,687,305 $619 $0.72
Chicago $ 1,794,620 $974 $1.12 2.6% $ 1,748,877 $949 $1.09
----------- ---- ----- ----- ----------- ---- -----
Total $23,288,547 $664 $0.78 2.0% $22,830,138 $651 $0.76
=========== ==== ===== ===== =========== ==== =====
<PAGE>
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES) - CONTINUED
Excluding Autumn Chase II, Gleneagles II, Crown II, Regents III, Vinings Square, Vinings II, Pleasant Hill,
Chevy, Willowbrook, Barrett, River Park, Aurora, Fossil, Danada and Verandah
4/1/97-6/30/97 4/1/96-6/30/96
--------------------------------- % --------------------------------
Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft
-------- -------- ---------- ------ ---------- -------- ---------
PROPERTY OPERATING EXPENSES (ANNUALIZED) (ANNUALIZED)
- --------------------------- ------------ ------------
Dallas $ 3,351,611 $3,279 $3.97 -6.2% $ 3,574,970 $3,498 $4.23
Atlanta $ 2,176,141 $3,096 $3.25 -3.6% $ 2,257,475 $3,211 $3.37
Austin $ 1,358,045 $3,567 $5.00 10.6% $ 1,227,742 $3,225 $4.52
Houston $ 617,720 $3,277 $3.54 -20.6% $ 778,244 $4,129 $4.46
Indianapolis $ 631,542 $2,536 $3.08 2.0% $ 619,151 $2,487 $3.02
Eastern Kansas $ 700,383 $3,085 $3.59 6.7% $ 656,289 $2,891 $3.36
Chicago $ 910,721 $5,933 $6.81 2.4% $ 889,593 $5,795 $6.65
----------- ------ ----- ----- ----------- ------ -----
Total $ 9,746,163 $3,333 $3.91 -2.6% $10,003,464 $3,421 $4.01
=========== ====== ===== ===== =========== ====== =====
Operating Efficiency 41.8% 43.8%
=========== ==========
NET OPERATING INCOME PER MONTH PER MONTH
- -------------------- --------- ----------
Dallas $ 4,317,840 $352 $0.43 11.9% $ 3,857,494 $315 $0.38
Atlanta $ 3,847,081 $456 $0.48 3.2% $ 3,727,663 $442 $0.46
Austin $ 1,420,277 $311 $0.44 -10.5% $ 1,586,904 $347 $0.49
Houston $ 978,061 $432 $0.47 35.4% $ 722,561 $319 $0.35
Indianapolis $ 1,080,573 $362 $0.44 3.7% $ 1,041,752 $349 $0.42
Eastern Kansas $ 1,014,653 $372 $0.43 -1.6% $ 1,031,016 $378 $0.44
Chicago $ 883,899 $480 $0.55 2.9% $ 859,284 $466 $0.54
----------- ---- ----- ----- ----------- ---- -----
Total $13,542,384 $386 $0.45 5.6% $12,826,673 $366 $0.43
=========== ==== ===== ===== =========== ==== =====
Operating Margin 58.2% 56.2%
=========== ==========
CAPITAL EXPENDITURES (ANNUALIZED) (ANNUALIZED)
- -------------------- ------------ ------------
Dallas $ 308,727 $302 $0.37 62.7% $189,765 $186 $0.22
Atlanta $ 200,526 $285 $0.30 306.9% $ 49,279 $ 70 $0.07
Austin $ 158,611 $417 $0.58 70.3% $ 93,113 $245 $0.34
Houston $ 22,707 $120 $0.13 -20.3% $ 28,496 $151 $0.16
Indianapolis $ 48,328 $194 $0.24 68.2% $ 28,738 $115 $0.14
Eastern Kansas $ 57,017 $251 $0.29 175.2% $ 20,716 $ 91 $0.11
Chicago $ 42,325 $276 $0.32 15.8% $ 36,540 $238 $0.27
----------- ---- ----- ------ -------- ---- -----
Total $ 838,242 $287 $0.34 87.7% $446,647 $153 $0.18
=========== ==== ===== ====== ======== ==== =====
<PAGE>
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES) - CONTINUED
Excluding Autumn Chase II, Gleneagles II, Crown II, Regents III, Vinings Square, Vinings II, Pleasant Hill,
Chevy, Willowbrook, Barrett, River Park, Aurora, Fossil, Danada and Verandah
4/1/97-6/30/97 4/1/96-6/30/96
--------------------------------- % --------------------------------
Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft
-------- -------- ---------- ------ ---------- -------- ---------
REPAIRS AND MAINTENANCE (ANNUALIZED) (ANNUALIZED)
- ----------------------- ------------ ------------
Dallas $ 576,489 $ 564 $0.68 -3.5% $ 597,324 $ 584 $0.71
Atlanta $ 316,405 $ 450 $0.47 2.9% $ 307,567 $ 438 $0.46
Austin $ 280,081 $ 736 $1.03 80.0% $ 155,610 $ 409 $0.57
Houston $ 42,203 $ 224 $0.24 -21.0% $ 53,415 $ 283 $0.31
Indianapolis $ 124,861 $ 501 $0.61 28.9% $ 96,855 $ 389 $0.47
Eastern Kansas $ 98,451 $ 434 $0.50 20.7% $ 81,534 $ 359 $0.42
Chicago $ 143,894 $ 937 $1.08 13.3% $ 127,049 $ 828 $0.95
----------- ------ ----- ------ ---------- ------ -----
Total $ 1,582,385 $ 541 $0.63 11.5% $1,419,353 $ 485 $0.57
=========== ====== ===== ====== ========== ====== =====
REAL ESTATE TAXES (ANNUALIZED) (ANNUALIZED)
- ----------------- ------------ ------------
Dallas $ 1,043,751 $1,021 $1.23 2.8% $1,014,894 $ 993 $1.20
Atlanta $ 458,728 $ 653 $0.69 -5.0% $ 482,751 $ 687 $0.72
Austin $ 348,696 $ 916 $1.28 4.8% $ 332,715 $ 874 $1.23
Houston $ 163,252 $ 866 $0.94 -45.3% $ 298,704 $1,585 $1.71
Indianapolis $ 171,447 $ 689 $0.84 -4.2% $ 179,025 $ 719 $0.87
Eastern Kansas $ 212,667 $ 937 $1.09 17.3% $ 181,243 $ 798 $0.93
Chicago $ 324,696 $2,115 $2.43 11.2% $ 291,963 $1,902 $2.18
----------- ------ ----- ----- ---------- ------ -----
Total $ 2,723,237 $ 931 $1.09 -2.1% $2,781,294 $ 951 $1.12
=========== ====== ===== ==== ========== ====== =====
</TABLE>
<PAGE>
<TABLE>
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES)
SIX MONTHS ENDED JUNE 30, 1997 VERSUS SIX MONTHS ENDED JUNE 30, 1996
Excluding Autumn Chase II, Gleneagles II, Crown II, Regents III, Vinings Square, Vinings II, Pleasant Hill,
Chevy, Willowbrook, Barrett, River Park, Aurora, Fossil, Danada and Verandah
<CAPTION>
1/1/97-6/30/97 1/1/96-6/30/96
No. of --------------------------------- % --------------------------------
Apts. Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft
------- -------- -------- ---------- ------ ---------- -------- ---------
<S> <c) <C> <C> <C> <C> <C> <C> <C>
WEIGHTED AVG. OCCUPANCY
- -----------------------
Dallas 4,088 94.1% -1.1% 95.2%
Atlanta 2,812 94.0% -0.5% 94.5%
Austin 1,523 94.2% -0.5% 94.8%
Houston 754 93.7% 5.6% 88.7%
Indianapolis 996 92.5% -1.3% 93.8%
Eastern Kansas 908 92.8% 2.0% 91.0%
Chicago 614 93.3% -2.1% 95.3%
----- ----- -----
Weighted Average 93.8% -0.3% 94.1%
------ ===== ===== =====
Total 11,695
======
WEIGHTED AVG. RENTAL RATE
- -------------------------
Dallas $627 3.4% $606
Atlanta $727 3.0% $705
Austin $620 -1.7% $630
Houston $704 -1.5% $714
Indianapolis $573 1.4% $565
Eastern Kansas $644 0.7% $640
Chicago $950 3.6% $916
---- ---- ----
Weighted Average $669 2.0% $656
==== ==== ====
TOTAL PROPERTY REVENUES Per Month Per Month
- ----------------------- ---------- ----------
Dallas $15,201,407 $620 $0.75 2.5% $14,837,079 $605 $0.73
Atlanta $12,060,734 $715 $0.75 2.5% $11,764,226 $697 $0.73
Austin $ 5,581,225 $611 $0.86 -0.4% $ 5,603,171 $613 $0.86
Houston $ 3,146,478 $696 $0.75 6.5% $ 2,955,214 $653 $0.71
Indianapolis $ 3,365,323 $563 $0.68 1.7% $ 3,308,090 $554 $0.67
Eastern Kansas $ 3,419,188 $628 $0.73 3.0% $ 3,319,634 $609 $0.71
Chicago $ 3,532,454 $959 $1.10 1.6% $ 3,476,280 $944 $1.08
----------- ---- ----- ----- ----------- ---- -----
Total $46,306,080 $660 $0.77 2.3% $45,263,693 $645 $0.76
=========== ==== ===== ===== =========== ==== =====
<PAGE>
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES) - CONTINUED
Excluding Autumn Chase II, Gleneagles II, Crown II, Regents III, Vinings Square, Vinings II, Pleasant Hill,
Chevy, Willowbrook, Barrett, River Park, Aurora, Fossil, Danada and Verandah
1/1/97-6/30/97 1/1/96-6/30/96
--------------------------------- % --------------------------------
Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft
-------- -------- ---------- ------ ---------- -------- ---------
PROPERTY OPERATING EXPENSES (ANNUALIZED) (ANNUALIZED)
- --------------------------- ------------ ------------
Dallas $ 6,628,811 $3,243 $3.92 -3.9% $ 6,898,065 $3,375 $4.08
Atlanta $ 4,430,825 $3,151 $3.31 0.5% $ 4,408,833 $3,136 $3.29
Austin $ 2,586,925 $3,397 $4.76 5.1% $ 2,461,444 $3,232 $4.53
Houston $ 1,309,054 $3,472 $3.75 -14.1% $ 1,523,389 $4,041 $4.37
Indianapolis $ 1,218,178 $2,446 $2.97 -1.4% $ 1,235,906 $2,482 $3.01
Eastern Kansas $ 1,292,822 $2,848 $3.31 2.2% $ 1,265,000 $2,786 $3.24
Chicago $ 1,774,944 $5,782 $6.63 -0.3% $ 1,780,897 $5,801 $6.66
----------- ------ ----- ----- ----------- ------ -----
Total $19,241,558 $3,291 $3.86 -1.7% $19,573,533 $3,347 $3.92
=========== ====== ===== ===== =========== ====== =====
Operating Efficiency 41.6% 43.2%
=========== ==========
NET OPERATING INCOME PER MONTH PER MONTH
- -------------------- --------- ----------
Dallas $ 8,572,596 $350 $0.42 8.0% $ 7,939,015 $324 $0.39
Atlanta $ 7,629,909 $452 $0.48 3.7% $ 7,355,393 $436 $0.46
Austin $ 2,994,300 $328 $0.46 -4.7% $ 3,141,728 $344 $0.48
Houston $ 1,837,424 $406 $0.44 28.3% $ 1,431,825 $316 $0.34
Indianapolis $ 2,147,145 $359 $0.44 3.6% $ 2,072,184 $347 $0.42
Eastern Kansas $ 2,126,365 $390 $0.45 3.5% $ 2,054,633 $377 $0.44
Chicago $ 1,757,510 $477 $0.55 3.7% $ 1,695,383 $460 $0.53
----------- ---- ----- ----- ----------- ---- -----
Total $27,065,250 $386 $0.45 5.4% $25,690,160 $366 $0.43
=========== ==== ===== ===== =========== ==== =====
Operating Margin 58.4% 56.8%
=========== ==========
CAPITAL EXPENDITURES (ANNUALIZED) (ANNUALIZED)
- -------------------- ------------ ------------
Dallas $ 1,094,713 $536 $0.65 252.9% $310,172 $152 $0.18
Atlanta $ 357,053 $254 $0.27 85.0% $192,961 $137 $0.14
Austin $ 240,312 $316 $0.44 87.6% $128,070 $168 $0.24
Houston $ 38,855 $103 $0.11 -22.5% $ 50,167 $133 $0.14
Indianapolis $ 91,513 $184 $0.22 79.4% $ 51,012 $102 $0.12
Eastern Kansas $ 83,274 $183 $0.21 125.4% $ 36,941 $ 81 $0.09
Chicago $ 110,795 $361 $0.41 69.6% $ 65,340 $213 $0.24
----------- ---- ----- ------ -------- ---- -----
Total $ 2,016,516 $345 $0.40 141.6% $834,661 $143 $0.17
=========== ==== ===== ====== ======== ==== =====
<PAGE>
AMLI RESIDENTIAL PROPERTIES L.P. - "SAME COMMUNITY COMPARISON" (WHOLLY-OWNED PROPERTIES) - CONTINUED
Excluding Autumn Chase II, Gleneagles II, Crown II, Regents III, Vinings Square, Vinings II, Pleasant Hill,
Chevy, Willowbrook, Barrett, River Park, Aurora, Fossil, Danada and Verandah
1/1/97-6/30/97 1/1/96-6/30/96
--------------------------------- % --------------------------------
Amount/% Per Unit Per Sq Ft Change Amount/% Per Unit Per Sq Ft
-------- -------- ---------- ------ ---------- -------- ---------
REPAIRS AND MAINTENANCE (ANNUALIZED) (ANNUALIZED)
- ----------------------- ------------ ------------
Dallas $ 1,056,556 $ 517 $0.63 -0.2% $1,058,228 $ 518 $0.63
Atlanta $ 606,763 $ 432 $0.45 7.9% $ 562,306 $ 400 $0.42
Austin $ 450,964 $ 592 $0.83 30.9% $ 344,568 $ 452 $0.63
Houston $ 83,118 $ 220 $0.24 -27.4% $ 114,556 $ 304 $0.33
Indianapolis $ 240,431 $ 483 $0.59 10.8% $ 217,092 $ 436 $0.53
Eastern Kansas $ 182,262 $ 401 $0.47 5.3% $ 173,074 $ 381 $0.44
Chicago $ 263,888 $ 860 $0.99 -0.7% $ 265,707 $ 865 $0.99
----------- ------ ----- ------ ---------- ------ -----
Total $ 2,883,984 $ 493 $0.58 5.4% $2,735,531 $ 468 $0.55
=========== ====== ===== ====== ========== ====== =====
REAL ESTATE TAXES (ANNUALIZED) (ANNUALIZED)
- ----------------- ------------ ------------
Dallas $ 2,070,416 $1,013 $1.22 3.8% $1,993,784 $ 975 $1.18
Atlanta $ 967,254 $ 688 $0.72 0.2% $ 965,502 $ 687 $0.72
Austin $ 697,392 $ 916 $1.28 4.8% $ 665,430 $ 874 $1.23
Houston $ 438,664 $1,164 $1.26 -25.6% $ 589,407 $1,563 $1.69
Indianapolis $ 342,894 $ 689 $0.84 -4.2% $ 358,050 $ 719 $0.87
Eastern Kansas $ 425,334 $ 937 $1.09 13.1% $ 375,955 $ 828 $0.96
Chicago $ 629,697 $2,051 $2.35 7.8% $ 583,926 $1,902 $2.18
----------- ------ ----- ----- ---------- ------ -----
Total $ 5,571,651 $ 953 $1.12 0.7% $5,532,055 $ 946 $1.11
=========== ====== ===== ===== ========== ====== =====
</TABLE>
<PAGE>
<TABLE>
AMLI RESIDENTIAL PROPERTIES TRUST
PROPERTY INFORMATION
As of June 30, 1997
<CAPTION>
Qtr ended
Jun. 30, 1997
Approx- Average Qtr ended
imate Rental Rates Jun. 30,
Number Rentable Average ------------- 1997
Year Year of Area Unit Size Per Per Average
PROPERTIES Location Acquired Completed Units (Sq Ft) (Sq Ft) Unit Sq Ft Occupancy
- ---------- -------- -------- --------- ------ --------- --------- ---- ----- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DALLAS/FT.
WORTH, TX
- ----------
Amli:
at Autumn Chase Carrollton, TX 1991 1987 226 180,868 800 $644 $0.80 96.2%
at Autumn Chase II Carrollton, TX 1996 224 193,420 863 743 0.86 93.6%
at Bear Creek Euless, TX 1989 1986 350 275,010 786 575 0.73 91.9%
at Chase Oaks Plano, TX 1994 1986 250 193,736 775 661 0.85 95.2%
at Gleneagles Dallas, TX 1988 1987 326 274,300 841 634 0.75 94.2%
at Gleneagles II Dallas, TX 1997 264 247,002 936 748 0.80 91.9%
on the Green Ft. Worth, TX 1994 1990/93 424 358,560 846 682 0.81 92.1%
at Nantucket Dallas, TX 1988 1986 312 222,208 712 528 0.74 95.9%
of North Dallas Dallas, TX 1989/90 1985/86 1,032 905,590 878 634 0.72 92.7%
at Reflections Irving, TX 1993 1986 212 174,332 822 652 0.79 95.8%
on Rosemeade Dallas, TX 1990 1987 236 205,382 870 647 0.74 95.3%
on Timberglen Dallas, TX 1990 1985 260 201,198 774 583 0.75 95.9%
at Valley Ranch Irving TX 1990 1985 460 389,940 848 669 0.79 94.8%
----- --------- --- ---- ----- ------
Subtotal-Dallas/
Ft. Worth, TX 4,576 3,821,546 835 $643 $0.77 93.9%
----- --------- --- ---- ----- ------
ATLANTA, GA
- -----------
Amli:
at Sope Creek Marietta, GA 1982/83/
1995 695 632,393 910 $687 $0.75 92.8%
at Spring Creek Dunwoody, GA 1985/86/ 1,180 1,080,560 916 705 0.77 95.7%
87/89
at Vinings Atlanta, GA 1992 1985 208 229,708 1,104 773 0.70 93.1%
at Vinings-Phase II Atlanta, GA 1997 1985 152 144,532 951 465 0.49 93.4%
at West Paces Atlanta, GA 1993 1992 337 314,707 934 851 0.91 93.6%
------ --------- ----- ---- ----- ------
Subtotal-
Atlanta, GA 2,572 2,401,900 934 $710 $0.76 94.3%
------ --------- ----- ---- ----- ------
<PAGE>
Qtr ended
Jun. 30, 1997
Approx- Average Qtr ended
imate Rental Rates Jun. 30,
Number Rentable Average ------------- 1997
Year Year of Area Unit Size Per Per Average
PROPERTIES Location Acquired Completed Units (Sq Ft) (Sq Ft) Unit Sq Ft Occupancy
- ---------- -------- -------- --------- ------ --------- --------- ---- ----- -----------
AUSTIN, TEXAS
- -------------
Amli:
at the Arboretum Austin, TX 1986 1983 231 178,116 771 $673 $0.87 93.2%
in Great Hills Austin, TX 1991 1985 344 256,892 747 665 0.89 93.6%
at Martha's
Vineyard Austin, TX 1992 1986 360 253,328 704 596 0.85 94.0%
------- ------- --- ---- ----- -----
Subtotal-
Austin, TX 935 688,336 736 $641 $0.87 93.7%
------- ------- --- ---- ----- -----
EASTERN KANSAS
- --------------
Amli:
at Alvamar Lawrence, KS 1994 1989 152 125,800 828 $662 $0.80 91.2%
at Crown Colony Topeka, KS 1994 1986 156 120,984 776 555 0.72 91.5%
at Regents Center Overland Park, KS 1994 1991-95 300 274,170 914 712 0.78 93.1%
at Regents Center
III Overland Park, KS 1997 124 123,728 998 738 0.74 87.1%
at Sherwood Topeka, KS 1994 1993 300 260,340 868 613 0.71 93.2%
------ ------- --- --- ----- -----
Subtotal
-Eastern KS 1,032 905,022 877 $655 $0.75 91.9%
------ ------- --- ---- ----- -----
INDIANAPOLIS, IN
- ----------------
Amli:
at Riverbend Indianapolis, IN 1992/93 1983/85 996 820,712 824 $574 $0.70 93.2%
------ ------- --- ---- ----- -----
CHICAGO, IL
- ------------
Amli:
at Park Sheridan Chicago, IL 1989 1986 253 216,315 855 $916 $1.07 92.4%
------ ------- --- ---- ----- -----
TOTAL
PROPERTIES 10,364 8,853,831 854 $661 $0.77 93.7%
====== ========= === ==== ===== =====
<PAGE>
Qtr ended
Jun. 30, 1997
Approx- Average Qtr ended
imate Rental Rates Jun. 30,
Number Rentable Average ------------- 1997
Year Year of Area Unit Size Per Per Average
PROPERTIES Location Acquired Completed Units (Sq Ft) (Sq Ft) Unit Sq Ft Occupancy
- ---------- -------- -------- --------- ------ --------- --------- ---- ----- -----------
CO-INVESTMENT
PROPERTIES
- --------------
ATLANTA, GA
Amli:
at Pleasant Hill Atlanta,GA 1996 502 501,816 1,000 $808 $0.81 95.7%
at Towne Creek Gainesville, GA 1989 150 121,722 811 617 0.76 92.4%
at Willeo Creek Roswell, GA 1995 1989 242 297,302 1,229 786 0.64 96.5%
---- ------- ----- ---- ----- ------
Subtotal-
Atlanta, GA 894 920,840 1,030 $770 $0.75 95.4%
---- ------- ----- ---- ----- ------
CHICAGO, IL
- -----------
Amli:
at Prairie
Court Oak Park, IL 1987 125 105,578 845 $1,035 $1.22 96.0%
at Windbrooke Buffalo Grove, IL 1995 1987 236 213,160 903 940 1.04 94.8%
at Chevy Chase Buffalo Grove, IL 1996 1988 592 480,676 812 903 1.11 95.6%
at Danada Wheaton, IL 1997 1989/1991 600 521,500 869 916 1.05 88.7%
at Willowbrook Willowbrook, IL 1996 1987 488 418,404 857 879 1.02 94.3%
---- ------- --- ------ ----- -----
Subtotal-
Chicago, IL 2,041 1,739,318 852 $913 $1.07 93.2%
----- --------- --- ---- ----- -----
DALLAS/FT. WORTH
- ----------------
Amli:
at Verandah Arlington, TX 1997 1986/1991 538 394,504 733 $662 $0.90 94.3%
------ --------- --- ---- ----- -----
AUSTIN, TX
- ----------
Amli:
at Park Place Austin, TX 1994 1985 588 397,968 677 $575 $0.85 94.2%
------ --------- --- ---- ----- -----
<PAGE>
Qtr ended
Jun. 30, 1997
Approx- Average Qtr ended
imate Rental Rates Jun. 30,
Number Rentable Average ------------- 1997
Year Year of Area Unit Size Per Per Average
PROPERTIES Location Acquired Completed Units (Sq Ft) (Sq Ft) Unit Sq Ft Occupancy
- ---------- -------- -------- --------- ------ --------- --------- ---- ----- -----------
HOUSTON, TX
Amli at:
Champions Centre Houston, TX 1994 1994 192 164,480 857 $681 $0.80 95.7%
Champions Park Houston, TX 1994 1991 246 221,646 901 706 0.78 95.0%
Greenwood Forest Houston, TX 1995 1995 316 310,844 984 732 0.74 93.0%
---- ------- --- ---- ----- -----
Subtotal-
Houston, TX 754 696,970 924 $710 $0.77 94.3%
---- ---------- ---- ---- ----- -----
TOTAL CO-INVESTMENT
PROPERTIES 4,815 4,149,600 862 $786 $0.91 94.0%
====== ========== === ==== ===== =====
TOTAL 15,179 13,003,431 857 $700 $0.82 93.8%
====== ========== === ==== ===== =====
</TABLE>
<PAGE>
<TABLE>
AMLI RESIDENTIAL PROPERTIES TRUST
DEVELOPMENT ACTIVITIES
Second Quarter 1997
UNDER CONSTRUCTION AND/OR IN INITIAL LEASE UP
- ---------------------------------------------
<CAPTION>
Construc- Percent Percent
Number tion First Comple- Stabil- Construc- Leased
of Costs Percent Start Units tion izaition tion as of
Community Name Units (millions) Ownership Date Occupied Date Date Complete 7/28/97
- -------------- ------- ---------- --------- --------- -------- -------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ATLANTA, GEORGIA
AMLI at:
Barrett Lakes 446 $27.8 35% 3Q/95 4Q/96 4Q/97 2Q/98 85% 72%
River Park 222 $15.4 40% 4Q/95 4Q/96 2Q/97 4Q/97 96% 94%
Peachtree City 312 $22.2 100% 3Q/96 3Q/97 2Q/98 4Q/98 36% 13%
Northwinds I 400 $26.8 100% 3Q/96 4Q/97 3Q/98 1Q/99 16% N/A
DALLAS/FORT WORTH,
TEXAS
AMLI at:
Fossil Creek 384 $23.7 25% 3Q/96 2Q/97 1Q/98 3Q/98 73% 23%
Autumn Chase III 240 $14.4 100% 3Q/96 4Q/97 2Q/98 4Q/98 20% N/A
on the Parkway 240 $15.7 100% 1Q/97 1Q/98 4Q/98 1Q/99 2% N/A
AUSTIN, TEXAS
AMLI at:
Wells Branch 576 $36.5 100% 1Q/97 4Q/97 3Q/99 1Q/00 5% N/A
AURORA, ILLINOIS
AMLI at:
Aurora Crossing 272 $24.5 25% 2Q/96 1Q/97 4Q/97 2Q/98 90% 31%
Oakhurst North 464 $44.4 100% 1Q/97 1Q/98 3Q/99 1Q/00 3% N/A
EASTERN, KANSAS
AMLI at:
Crown Colony II 64 $3.6 100% 2Q/96 1Q/97 2Q/97 3Q/97 100% 91%
------ ------
TOTAL/AVERAGE 3,620 $255.0
====== ======
<PAGE>
AMLI RESIDENTIAL PROPERTIES TRUST
DEVELOPMENT ACTIVITIES - CONTINUED
PLANNING STAGES
- ---------------
Number
of
Community Name Units
- -------------- ------
ATLANTA, GEORGIA
AMLI at:
Northwinds
II & III 400
South Gwinnett 216
GAINESVILLE,
GEORGIA
AMLI at:
Park Creek 200
DALLAS/FORTH WORTH,
TEXAS
AMLI at:
Legacy
(Hedgecoxe) 240
Fossil Creek II 520
<FN>
The following is a "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 and Section
21E of the Securities Exchange Act of 1934. The projections contained in the table above that are not historical
facts are forward-looking statements. Risks associated with the Company's development, construction and lease-up
activities, which could impact the forward-looking statements may include: development opportunities may be
abandoned; construction costs of a community may exceed original estimates, possibly making the community
uneconomical; construction and lease-up may not be completed on schedule, resulting in increased debt service and
construction costs; estimates of the costs of improvements to bring an acquired property up to the standards
established for the market position intended for that property may prove inaccurate.
</TABLE>
